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Volume 18 | Issue 123 | Wednesday, June 26, 2019

The Lede

 

Administration Establishes Council on Affordable Housing

President Trump yesterday signed an Executive Order establishing the White House Council on Eliminating Barriers to Affordable Housing, and named HUD Secretary Ben Carson as its chair.

 

Top National News

 
Programs and Tactics to Help You Afford to Buy a Home

Bankrate.com, June 25, 2019--Natalie Campisi
"The lack of affordable housing is presenting significant challenges to families across the country. We need to explore how the lending community can better partner with public, private, and non-profit stakeholders to ensure more Americans have access to homes they can afford," said Robert D. Broeksmit, MBA President.

Push to Overhaul Fannie, Freddie Nudges Up Mortgage Costs

Wall Street Journal, June 25, 2019--Andrew Ackerman, Ben Eisen (subscription)
Investor anxiety about a Trump administration push to overhaul housing finance is showing up in prices in the market for mortgage-backed securities.

Lawmakers Spar over Whether Fannie, Freddie are SIFIs

National Mortgage News, June 25, 2019--Hannah Lang (subscription)
While lawmakers on both sides of the aisle agreed Tuesday that Fannie Mae and Freddie Mac are "too big to fail," they debated whether the two government-sponsored enterprises should be formally labeled as systemically important financial institutions.

Fed's Powell: Trade Uncertainty, Global Growth Worries Could Prompt Rate Cuts

Wall Street Journal, June 25, 2019--Nick Timiraos (subscription)
Federal Reserve officials are debating whether uncertainty over the Trump administration's trade policy will cause the economy to slow and warrant rate cuts later this year, Fed Chairman Jerome Powell said Tuesday.

New Studies Track Generation Z's Views on Homeownership

National Mortgage Professional, June 25, 2019--Phil Hall
The newest entrants into the homeownership arena is the Generation Z demographic of 18- to 24-year-olds, and a pair of new data studies offer insight into how this sector views the American Dream.

Real Estate Appraiser Wins Invasion of Privacy Lawsuit Against CoesterVMS

HousingWire, June 25, 2019--Jessica Guerin
It's been a rough couple of months for Brian Coester, and it doesn't seem like things are turning around just yet. The owner of the now defunct CoesterVMS, once one of the largest AMCs in the country, just lost a legal battle with an appraiser who sued Coester for hacking into his email, and now Coester will likely be forced to cough up damages.

Residential Finance News

 
Rates Drop, Applications Rise in MBA Weekly Survey

Mortgage applications increased last week as mortgage rates fell to nearly two-year lows, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending June 21.

May New Home Sales Drop Despite Low Rates, Home Builder Discounts

New home sales in May fell by nearly 8 percent from April and by nearly 4 percent from a year ago, HUD and the Census Bureau reported yesterday.

Home Prices Continue to Slow, Even Drop

Home price appreciation continued to slow this spring, with one report even suggesting that in many markets, home prices are dropping.

June Consumer Confidence Down Nearly 10 Points

The Conference Board, New York, said its monthly Consumer Confidence Index fell by nearly 10 points in June to its lowest level since September 2017 amid uncertainty over economic conditions and the longer-term outlook.

Commercial/Multifamily News

 
Searching for a Solution to Rental Affordability Challenges

The Harvard University Joint Center for Housing Studies' State of the Nation's Housing report said overall rents rose at a 3.6 percent annual rate in early 2019, twice the pace of overall inflation.

Dealmaker: Eldorado Resorts, Caesars Entertainment to Merge in $17B Deal

Hotel and casino firm Eldorado Resorts, Reno, Nev., agreed to buy Caesar's Entertainment, Las Vegas, in a $17.3 billion cash-and-stock deal.

MBA News

 
MBA Condominium Lending Workshop in D.C. July 18

The Mortgage Bankers Association's annual Condominium Workshop takes place Thursday, July 18 at the Marriott Marquis in Washington, D.C.

MBA Diversity and Inclusion Residential Leadership Awards Deadline July 19

The Mortgage Bankers Association is accepting applications and nominations for its annual Diversity and Inclusion Leadership Awards. Application deadline is Friday, July 19.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.