Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Investments

Mnuchin: GSE reform isn’t happening in 2018

But still plans to take Fannie, Freddie out of conservatorship

Back in September, during a Politico Policy Summit in Washington, U.S. Department of the Treasury Secretary Steven Mnuchin said GSE reform would be addressed in 2018.

For all of you nay-sayers who said it wouldn’t happen – you were probably right.

During an interview with Fox Business on Monday, Mnuchin confessed that reforming mortgage giants Fannie Mae and Freddie Mac probably isn’t going to happen this year, and isn’t a priority for this Congress.

“It is something that I’m very focused on,” he said in the interview. “I think it’s unlikely that this gets done in this Congress, but it is something we’re focused on.”

Mnuchin also brought up the fact that Federal Housing Finance Agency Director Mel Watt’s term is up in January, and suggested the administration will replace him with someone who will push a GSE reform agenda.

“We also have the ability to replace the FHFA [director] next year, that’s something that we’re going to look at and make sure it’s someone that supports the agenda,” Mnuchin said. “I am determined that we have a fix to the GSEs and that we don’t leave them in conservatorship the rest of the time.”

Last year, the Treasury Secretary went on the record saying GSE reform will occur during President Donald Trump’s administration. He explained that while it may not be the No. 1 priority, it is on the agenda.

In July, Mnuchin reaffirmed that GSE reform is still a priority for the Trump administration as he testified before the Housing Financial Services Committee.

However, while the secretary continues to voice its importance, no actions have been taken on GSE reform and once again, the date is being pushed back for when it might occur.

“What gets done here would need to be on a bipartisan basis,” Mnuchin said. “We’ve had conversations with both Democrats and Republicans, and unfortunately I just don’t think this is going to be a focus in this Congress. But we’ll come back to this next year and this will be a big focus of mine post the elections.”

And in addition to pushing back the date for expected reform, the administration doesn’t seem to have a clear path forward for how to accomplish it, or if it does, it’s not giving away any clues to its plans.  

“I’m not going to comment on what the form is,” Mnuchin said in the interview. “What I would say is I think having a government guarantee on a 30-year mortgage is important for liquidity in the market. There [are] various different solutions.”

Click here to see the full interview with Fox Business.

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