Mortgage Tech Demo Day

In a half-day format, technology companies will demo their platforms and answer questions. You can tune in for the whole demo day, or strategically drop in on sessions to learn about specific solutions.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

Road to the one-click mortgage

This white paper will outline how leveraging a credential-based data provider can save money for lenders, reduce friction for borrowers, speed time to close, and overall bring lenders one step closer to a one-click mortgage.

Politics & Money

Senate committee approves Trump advisor Judy Shelton for Fed board

Shelton supports greater coordination between the White House and Fed

Judy Shelton, the controversial nominee to an empty seat on the Federal Reserve’s Board of Governors, won narrow approval on Tuesday in a Senate Banking Committee vote. She now advances to consideration by the full Senate.

Shelton, a Fed critic who has advocated for greater coordination between the White House and the central bank that sets the nation’s monetary policy, was an advisor to the campaign of President Donald Trump in 2016. For decades she has advocated for a return to the gold standard, putting her far outside the mainstream of American economists.

The Fed, so far impervious to Trump’s attempts to influence monetary policy, has provided steady support to the economy as the worst public health crisis in more than a century – the COVID-19 pandemic – caused the steepest recession since the Great Depression.

Among other actions, Chairman Jerome Powell announced in March the central bank would start buying Treasuries and mortgage-backed bonds to support the housing finance system. The purchases have driven home-loan interest rates to a series of new lows including last week when the average rate fell below 3% for the first time.

“Amid the chaos of the Trump administration, the U.S. Federal Reserve has stood out as an island of professionalism,” Bloomberg said in an editorial published before the Senate vote. “If the Senate Banking Committee wants to keep it that way, it should think twice before confirming Judy Shelton’s nomination to the Fed’s Board of Governors.”

Shelton has written dozens of books and articles over three decades advocating positions such as a return to the gold standard, a monetary policy abandoned by the U.S. almost five decades ago.

She was opposed to monetary easing in the years after the Great Recession, when President Barack Obama was in the White House, then reversed course and called for reductions when Trump began demanding the Fed cut rates to below zero last year.

After Trump nominated her in July, Shelton advocated for policy coordination between the Fed and the White House, which would break a decades-long tradition of Fed independence that economists credit with keeping inflation – and mortgage rates – near historic lows.

“It would be in keeping with its historical mandate if the Fed were to pursue a more coordinated relationship with both Congress and the president,” she wrote in a Wall Street Journal column on Sept. 16.

The Senate committee also voted to approve a second Trump nominee to the Fed, Christopher Waller, the director of research at the Federal Reserve Bank of St. Louis. Waller had broad support on the committee.

Leave a comment

Most Popular Articles

How the Delta variant may impact the housing market

How should you look at data on the housing market to tell if things are returning to normal? HousingWire’s lead analyst answers. HW+ Premium Content

Jul 29, 2021 By

Latest Articles

Mortgage lenders are loosening standards on jumbos

Banks moved to ease lending standards for most mortgage loan products during the second quarter, according to a survey published this week by the Federal Reserve Board

Aug 02, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please