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#mortgage

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Public
Nonilex

I thought they were trying to save money 🤔

Under #Trump, the #Consumer #FinancialProtection Bureau #CFPB has dropped nearly a dozen enforcement cases brought during the #Biden admin, ending lawsuits against #banks & #lenders for a variety of financial practices that the #watchdog agency no longer considers #illegal.

But on Wed, the bureau went a step further: It is seeking to GIVE BACK $105k that a #mortgage lender paid to settle #racial #discrimination claims….

#law
nytimes.com/2025/03/26/busines

Russell Vought, the acting director of the Consumer Financial Protection Bureau, criticized the case against Townstone Financial, which the agency had brought during President Trump’s first term.
The New York Times · Consumer Bureau Seeks to Undo Settlement and Repay Mortgage LenderBy Stacy Cowley
Public
Nonilex

US #CentralBank holds #InterestRates steady

#TheFed said it will slow the pace of the drawdown of its balance sheet, as it faces challenges in assessing #market liquidity….

Stmnt: "The Cmte will continue reducing its holdings of #Treasury #securities & agency #debt & #mortgage‑backed securities. Beginning in April, the Cmte will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $25B to $5B."

#economy
reuters.com/world/us/fed-meeti

Continued thread
Public
Nonilex

For decades, Canadian political leaders have crowed about that restrictive #financial #regulatory model. They argue that fending off foreign entrants in the country’s #mortgage market helped the country largely avoid the 2008 collapse south of its border.

In light of #Trump’s criticism, Maggie Cheung, a spox for the Canadian Bankers Assn, was quick to point out that foreign #banks were an integral part of the banking landscape.

#disinformation#RevengePolitics#USpol
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CelloMom On Cars

"#ClimateChange is the reason millions of Americans have had their #HomeInsurance plans dropped, according to a report U.S. Senators reviewed at the final Budget Committee hearing of the legislative session.

“When insurance becomes unavailable, it can be impossible to get a #mortgage,“ Budget Committee Chairman Sen. Sheldon Whitehouse (D) Rhode Island said."

kcrg.com/2024/12/19/senate-rep

This is not much covered in mainstream news.

KCRG · Senate report: Climate change main reason for home insurance policy dropsBy Lacey Reeves
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CelloMom On Cars

#ClimateChange drives up insurance costs — and missed mortgage payments

"New study finds a $500 #insurance hike boosts #mortgage delinquencies by 20%, stressing housing impact of changing climate.

Because more than two-thirds of mortgages are backed by the federal government, it’s taxpayers who could be left holding the bag from rising climate-caused delinquencies."

lailluminator.com/2024/11/20/c

Louisiana Illuminator · Climate change drives up insurance costs — and missed mortgage payments • Louisiana IlluminatorPremium increases are a symptom of a broader insurance crisis plaguing real estate markets across America. Experts say it's fueled, in large part, by the disastrous effects of human-caused climate change. 
Public
Emeritus Prof Christopher May

So UK inflation is up again for October, now at 2.3% annualised, back above the BoE./MPC target, giving more ammunition to the interest rate 'hawks' to keep the rates high... the upward trend seems to be driven by energy price rises, but for the BoE/MPC you can bet the focus will be on public sector wage rises.... and the budget related NI rise coming.

So again, if you were hoping your mortgage payment might go down any time soon, think again

#interestrates #inflation #mortgage
h/t FT

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CelloMom On Cars

"The couple hoped to buy another home. But after using the buyout money to pay off the rest of their #mortgage and with housing costs rising, they could not find anything they could afford.

They were forced to rent instead and found their new rent much higher than their old monthly mortgage payments. The couple now has no buffer for surprise expenses. At 66 and 73, they feel they’re starting over. "

whyy.org/articles/climate-chan

WHYY · Over 60? Climate change could be coming for your nest eggBy Sophia Schmidt
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CelloMom On Cars

"#HomeInsurance is becoming unaffordable for a growing number of #Australian households as increased climate threats drive up their premiums, potentially putting billions of dollars in #mortgage loans at risk, a report said on Monday.

As of March 2024, 15% of Australian households were experiencing home insurance affordability stress, which is defined as having premiums that cost more than four weeks' of their incomes, the report from the Actuaries Institute found."

reuters.com/world/asia-pacific

Replied in thread
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CelloMom On Cars

"Higher premiums are also just the tip of the iceberg of the financial risks of #ClimateChange. When state-run, last-resort insurance programs become overburdened, taxpayers end up footing the bill. A dwindling tax base and a foreclosure crisis in vulnerable areas could create risks for regional banks and spread risk to the broader economy. Without insurance, there is no #mortgage market."

pressdemocrat.com/article/opin

The Santa Rosa Press Democrat · Fabian: To understand climate change, all you need is an insurance policyBy CARLY FABIAN
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CelloMom On Cars

The next #mortgage crisis is brought by #ClimateChange

"Properties become increasingly expensive to insure and then they become #uninsurable.

And once they become uninsurable, they become unmortgageable. And once buyers can’t get mortgages for those properties, the values crash — because you’ll now only have cash buyers on the demand side."

thehill.com/newsletters/sustai
#HomeInsurance

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Emeritus Prof Christopher May

Hey, #JeremyHunt... this is a real element of the #housingcriris - sub-standard housing; tinkering with #mortgage deposits to stoke house price #inflation will do nothing to address this problem...

We have a lot of rubbish housing that people (often renters) are being forced to live in, while you & your #landlord chums refuse to maintain dwellings properly.

What we need is an enforceable landlords' 'duty to maintain' alongside a better insulation scheme for owners.

theguardian.com/society/2024/f

The Guardian · Almost 10m UK households living in ‘cold, damp, poorly insulated homes’By Tobi Thomas
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Emeritus Prof Christopher May

So in a #housingcrisis partly patterned by asset price #inflation (we need to stop calling rising house prices 'growth'), #JeremyHunt's new wheeze is the 99% #mortgage.

So two serious problems here;

a) won't take much to tip people into negative equity (which is fine as long as they don't need to sell);

b) part of any market's inflationary drive is the extent of levering of funds available to stoke demand;

highly levered mortgages will be inflationary & so add to, not reduce, the problem!

Public
Emeritus Prof Christopher May

Here's a #Housingcrisis Q. for you:

The number of properties for (private) rent is at a 14 year low.

Private #landlords are selling up being unable to make a profit at current #mortgage levels.

This suggests (to FT) that commercial 'build-to-rent' firms may now expand their operations to respond to demand.

So the Q. is: are #renters better off renting from individual landlords or from large rental firms?

There are many other vital issues in #housing, but this may become a big(get) issue?

Public
Emeritus Prof Christopher May

While #mortgage #debt may be an ongoing problem in a (sustained) period of high #interestrates, as Claer Barrett (FT) points out this is actually overshadowed by the non-housing household debt in the UK - Mortgages £16bn vs. other debt(s) at £22bn... with Citizens Advice Bureau now seeing more & more people with debt problems relating to borrowing to pay utility & other household bills...

The #Tories economic mismanagement (under the badge #austerity) has impoverished ever more of us.

#GTTO
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