I mentioned yesterday that 4 out of 3 people have trouble with math, but it doesn’t take a genius to do subtraction. 6 - .2 = 5.8, right? Wouldn’t you like to earn 5.8 percent on your money? The Federal Reserve reports that U.S. households are holding $17.9 trillion in cash and cash equivalents. If your credit union or bank is paying you (and other depositors) .2 percent on your bank account, but owns a portfolio of new Freddie or Fannie loans where borrowers are paying 6 percent, well, that is a darned nice spread. I know that I am simplifying that somewhat, but what bank wouldn’t want that? Along those lines, underwriters are keenly aware that the average monthly payment on a new car loan hit a record high of $686 in June. Household balance sheets are still in good shape after bolstering savings during the height of the pandemic, but we can expect those to ebb with inflation. (Today’s podcast is available here and is sponsored by SimpleNexus, an nCino comp
Freddie Mac has announced that it will increase homeownership opportunities for first-time homebuyers by considering on-time rent payments as part of the company’s loan purchase decisions.
Freddie Mac Takes Further Action to Help Renters Achieve Homeownership streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.