On Wednesday morning the Supreme Court ruled that the statutory restrictions on the president's ability to remove the chairman of the Federal Housing Finance Agency (FHFA) violates the Constitution's separation of powers. Within hours the White House announced it would be replacing Mark Calabria who currently holds that position. The decision, in a case now known as Collins v Yellen, was similar to Seila Law v The Consumer Financial Protection Bureau (CFPB) which was decided last year in favor of the plaintiffs. Both FHFA and CFPB were created during the housing crisis and had similar independent structures, each headed by a single chairperson for a five-year term. Neither chairperson could be removed from office except for cause. The Collins case, however, had an additional component. The

June 24, 2021 Download our Mobile App: Download our Mobile App: Rob Chrisman MLO, Ops Jobs; Loan Sales, Presentation, Social Media Compliance, Workflow Tools; FHFA Leadership Change: Now What? In case you haven’t heard, the Supreme Court ruled that a U.S. president can remove the head of Federal Housing Finance Agency, in this case, Mark Calabria (who has his thoughts on the decision ). Plenty of lenders ask, “What now? Who wil... (read more) Housing News Calabria is Out at FHFA On Wednesday morning the Supreme Court ruled that the statutory restrictions on the president's ability to remove the chairman of the Federal Housing Finance Agency (FHFA) violates the Constitution's separation of powers. Within hours the White House... (read more) Housing News New Home Sales Hit 12 Month Low Despite Higher Inventory New home sales dropped for the second month in May, falling below an 800,000 unit pace for the first time in a year. The U.S. Census Bureau and the Department of Housing and Urban Development said newly constructed homes sold at a seasonally adjusted... (read more) Mortgage Rates No Easy Victories For Mortgage Rates 30 Yr. Fixed Rate 6.93% +0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.93% +0.04 0.00 15 Yr. Fixed 6.18% +0.04 0.00 30 Yr. FHA 6.44% +0.06 0.00 30 Yr. Jumbo 6.97% +0.02 0.00 7/6 SOFR ARM 6.37% +0.13 0.00 30 Yr. VA 6.45% +0.05 0.00 Updates Daily - Last Update: 6/6 15 Yr. Fixed Rate 6.18% +0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 6.85% -0.04 0.00 15 Yr. Fixed 5.99% -0.04 0.00 Updates Weekly - Last Update: 6/5 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.92% +0.06 0.69 15 Yr. Fixed 6.21% +0.09 0.72 30 Yr. Jumbo 6.94% +0.09 0.72 Updates Weekly - Last Update: 5/21 MBS / Treasuries MBS Live Recap: Bonds Snooze Through Data and Infrastructure Bill UMBS 30YR 5.5 98.63 -0.35 Price / Yield Change MBS UMBS 5.5 98.64 -0.34 UMBS 6.0 100.77 -0.23 GNMA 5.5 98.97 -0.31 GNMA 6.0 100.84 -0.13 Pricing as of: 6/6 1:43PM EST 10 Year US Treasury 4.4852 +0.0907 Price / Yield Change US Treasury 2 YR Treasury 4.038 +0.118 5 YR Treasury 4.115 +0.116 7 YR Treasury 4.296 +0.105 10 YR Treasury 4.489 +0.094 30 YR Treasury 4.944 +0.072 Pricing as of: 6/6 1:43PM EST Latest Video The 3pm Bond Report - June 24, 2021 All drivers of low inflation are still with us, says Jefferies Zervos Homebuilders down on new home sales drop President Biden announces infrastructure deal Around the Web CNBC Supply chain pressures are still a problem due to workforce shortages, manufacturing group says Reuters Biden says deal reached on infrastructure plan Reuters McConnell undecided on infrastructure plan as senators head to White House Reuters Biden administration extends residential eviction ban until end of July Calculated Risk Blog Hotels: Occupancy Rate Down 10% Compared to Same Week in 2019 Calculated Risk Blog Weekly Initial Unemployment Claims decrease to 411,000 Calculated Risk Blog Q1 GDP Growth Unchanged at 6.4% Annual Rate CNBC Biden invites infrastructure negotiators to White House as bipartisan group moves closer to a deal CNBC 10- year Treasury yield is flat ahead of jobs data CNBC Bank of England holds policy steady, hints at inflation concerns Reuters Fed's Kaplan sees 'upside risk' to inflation forecast Reuters Fed's Bullard warns may be more inflation risk to come Reuters NY Fed's Williams says U.S. economy still far from maximum employment, not the time to lift rates

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