A correction to yesterday’s Commentary regarding the next holiday (Memorial Day) being two months out. Several emailed that Memorial Day is actually three months away! Overheard here in Texas the hallways at the TMBA Secondary Conference: “So if we don’t let athletes bet on games that they have the ability to influence, why do we allow Congress to invest in companies they regulate?” Here at the conference, the wise use of technology is definitely an important topic (today’s Mortgages With Millennials focuses on this), as are the desirability of better mortgage regulations rather than more regulations, how many politicians seem more focused on their reelection prospects rather than bettering things, and the role of Ginnie Mae, Fannie Mae, and Freddie Mac going forward. (Found here, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite's three core products
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The mortgage industry has come a long way from March of 2020, when the Federal Reserve pledged to buy “unlimited” amounts of Treasuries and MBS to stabilize the credit markets. The Fed started to shrink its balance sheet earlier this summer, and at the start of this month ramped up to a reduction rate of $95 billion per month ($60 billion of Treasuries and $35 billion of MBS) with plans to end its purchases of MBS from early payoff proceeds next week. The Fed’s actions in March of 2020 helped stave off margin calls for many lenders, though several European countries are now providing billions of euros in margin call support to European energy companies that need at least $1.5 trillion to cover the cost of their exposure to soaring gas prices. Margin calls eat into companies’ capital, and mortgage companies need all the cash they can get in this higher interest rate environment that has shocked borrower demand and subdued sales. Time on the market for homes i