National Mortgage News reports that in late December 2021, a group of attorneys general from 20 states made allegations that certain mortgage servicers failed to offer borrowers a recently added Federal Housing Administration loan modification option as required.
The "Great Resignation" is sparking upheaval in the job market as the COVID-19 pandemic drags on, and no group has been impacted more than women. New LinkedIn data finds that the number of job transitions for women surged in 2021.
ADP’s National Employment Report, released September 1, showed private sector employment with greatest gains in leisure and hospitality (201,000) and education and health (59,000), with total non-farm increase at 374,000.
The Small Business Administration’s (SBA) 504 program is expected to run out of funds to support new small business loans as early as September 3. Classified as the SBA’s second largest loan program its purpose is to increase the lending capacity of lenders and provide small businesses with reliable access to capital.
Minutes released from the Federal Reserve’s July 27-28 meeting indicate officials are nearing agreement to begin scaling back the central bank’s bond buying program before the end of this year. The Fed announced back in December 2020 that it planned to keep buying at least $120 billion in treasury and mortgage-backed securities each month to help stimulate the economy.
On August 3, the Biden Administration announced a new 60-day moratorium on home evictions. The order, issued by the Centers for Disease Control and Prevention (CDC), applies to areas with high COVID-19 cases, covers about 90% of the nation's population, and expires on October 3.
The Wall Street Journal reports that investors believe that recent spikes in inflation—which is evidenced by increased prices in everything from used cars to homes to basic goods—will subside in the coming years.
In a letter to leaders of the House Financial Services Committee, the Structured Finance Association (SFA) was joined by other leading financial services industry groups in announcing support for the Adjustable Interest Rate (LIBOR) Act of 2021, which the committee is scheduled to vote on today.
On July 27, the Consumer Financial Protection Bureau (CFPB) published an issue brief reflecting that by May 2021 consumer applications for auto loans, new mortgages and credit cards had mostly returned to pre-pandemic levels.
The Wall Street Journal reports that commercial real-estate (CRE) sales this year have rebounded to pre-pandemic levels fueled by historically low interest rates and improved investor economic outlook. Multifamily properties have taken the lead with the largest sales volume this year at $92 billion, and overwhelmingly outside large cities. Investors see rents and occupancy levels remaining strong amid demand from people locked out of the housing market due to rising prices.