Government

By helping reduce foreclosures and expanding loss mitigation options, HUD’s new rule seeks to help keep more in their homes in times of economic instability.

Senators Ben Cardin (D-MD) and Todd Young (R-IN) have introduced a new initiative to help revitalize communities, announcing some 500,000 homes could be constructed, renovated and sold under the bipartisan bill.

The Fannie Mae Home Purchase Sentiment Index decreased nearly four points in February, as homebuyers and sellers expressed concern over current home-selling conditions, returning the index closer to its all-time survey low recorded in October 2022.

In a letter to President Joe Biden, Sen. Sherrod Brown, Chair of the Senate Banking Committee, has requested that the Administration utilize a “whole-of-government” approach to address housing affordability nationwide.

In April, the Five Star Institute will present its annual Government Forum, an event bringing together mortgage servicers and government officials under one roof to share their perspectives on the industry.

An upcoming Senate Banking Committee Hearing will examine actions the federal government has taken to combat the nation’s homelessness issue.

Continued economic growth and a rise in inflation have helped push mortgage rates up for the fourth consecutive week, making it difficult for potential buyers to jump into the purchase market.

According to a new ATTOM report, mortgage lending declined to its lowest point in nearly nine years in Q4 2022, while purchase loans decreased an estimated 26%.

As existing-home sales fall for the 12th consecutive month, Freddie Mac reports that the rise in rates to 6.50% has exacerbated affordability issues for homebuyers nationwide.

While unemployment and mortgage rates have both dropped recently, unsustainably high consumer spending and inflationary pressures are expected to push the economy into a recession during Q2 of 2023.