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Volume 18 | Issue 128 | Wednesday, July 03, 2019

The Lede


Applications, Rates Flat in MBA Weekly Survey

Mortgage applications didn't show much movement last week, and neither did mortgage interest rates, the Mortgage Bankers Association reported this morning in its Weekly Applications Survey for the week ending June 28.


Top National News

Trump Says He Intends to Nominate Christopher Waller, Judy Shelton for Fed Board

The Hill, July 2, 2019--Brett Samuels
Waller is currently executive vice president of the Federal Reserve Bank of St. Louis, while Shelton is the U.S. executive director of the European Bank for Reconstruction and Development. Both nominees will require Senate confirmation.

No Relief Yet for Lenders Where False Claims Enforcement is Concerned

National Mortgage News, July 2, 2019--Brad Finkelstein (subscription)
Mortgage lenders might be feeling a little less stressed over False Claims Act actions being brought against them following recent headlines but there is still some work to be done before they can chill out.

Mortgage Bonds at Heart of Crisis Dwindle in Supply as New Breeds Take Root

MarketWatch, July 2, 2019--Joy Wiltermuth
Mortgage bonds packed with crisis-era home loans have dwindled to just $431.5bn from their 2007 peak of more than $2.3 trillion as home foreclosures, borrower defaults and loan repayments have trickled through the system, according to Bank of America Merrill Lynch data.

Propriety Reverse Mortgage Products Could Eclipse FHA's HECM Program in 2019

Forbes, July 2, 2019--Jamie Hopkins
The reverse mortgage market world heads in reverse away from the government created Home Equity Conversion Mortgage and towards new propriety products. This is an encouraging sign because any healthy market needs competition, innovation and variety.

Commercial Property Joins Tech Revolution as Spending Soars

Wall Street Journal, July 2, 2019--Peter Grant, Konrad Putzier (subscription)
For years, real estate technology startups watched from the fringes as big banks and venture capital firms lavished attention on financial technology firms. Now "proptech" has joined the party.

Former HUD Employee Admits to Accepting Super Bowl Tickets, Other Bribes from Government Contractor

HousingWire, July 2, 2019--Ben Lane
Kevin Jones, A long-time HUD employee, will serve two years in prison after admitting to accepting numerous bribes, including tickets to three different Super Bowls, thousands of dollars in cash and other gifts, in exchange for providing information about government contracts to a private business owner.

Rich Get Richer, Everyone Else Not So Much in Record U.S. Expansion

Reuters, July 2, 2019--Trevor Hunnicutt
Welcome to the longest U.S. economic expansion in history, one perhaps best characterized by the excesses of extreme wealth and an ever-widening chasm between the unfathomably rich and everyone else.

Residential Finance News

MBA Offices Closed July 4, July 5

Offices of the Mortgage Bankers Association will be closed this Thursday, July 4 and Friday, July 5 for the Independence Day holiday.

Redfin: June Supply of Homes Down 1st Time in 10 Months

Homes for sale nationally fell by 0.3 percent annually in June, the first annual decline since last September, reported Redfin, Seattle.

Fitch Ratings: Post-Crisis Enhancements Paying Dividends for GSEs

Fitch Ratings, New York, said numerous operational improvements made in recent years have led to lower operational risk for both Fannie Mae and Freddie Mac.

Commercial/Multifamily News

Single-Tenant Net Lease Cap Rates Drop Across Sectors

Single-tenant net lease cap rates fell across the board in the second quarter, reported The Boulder Group, Northbrook, Ill.

Dealmaker: Passco Cos. Acquires Fla. Apartments for $63M

Passco Cos., Irvine, Calif., acquired 300-unit apartment community Legacy on the Bay in Destin, Fla. for $63.45 million.

MBA News

MBA Human Resources Symposium Sept. 11-12

The Mortgage Bankers Association's annual Human Resources Symposium takes place Sept. 11-12 at the Hyatt Regency in Crystal City, Va.

Apply Now for MBA Path to Diversity Scholarship Program

The Path to Diversity Scholarship Program recognizes existing industry professionals who are seeking to advance their careers through continuing education. Recipients receive a voucher to cover course registration fees, up to a maximum of $2,000, for popular MBA Education courses and designation programs.

mPact: MBA's Network for Young Professionals

mPact is MBA's network for young professionals in the real estate finance industry. Join a community of your peers, share your experiences with others online, network with industry insiders, hone your skills or have a voice in the future of real estate finance.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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