Economy

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

If Trump is reelected, his administration would likely move forward with privatizing Fannie Mae and Freddie Mac and relaxing key rules, while a Joe Biden presidency would likely try to expand homeownership access and borrower protections.

Five months of remote work, bedroom-to-desk commutes and child-populated home offices have failed to ignite a great Bay Area exodus, but over in Lake Tahoe, July home sales more than doubled over last year.

Meanwhile, July saw a record surge in existing-home sales, while mortgages in serious delinquency were on the rise

There were questions about the GSEs' use of structured credit risk transfers in the single-family market given an earlier pandemic-related market disruption.

Uncertainty over the economy, the pandemic and politics are keeping existing owners from listing their homes.

Lenders initially won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in.

The higher charge on mortgages refinanced through Fannie Mae and Freddie Mac is supposed to cushion against a crisis but could contribute to one as the fees are passed on to struggling consumers.

Recent changes to housing policy and uncertainty regarding the coronavirus could slow that growth.

Both refinancings and purchases will be stronger than what Fannie Mae had previously forecast.

Federal Housing Administration mortgages — the affordable path to homeownership for many first-time buyers, minorities and low-income Americans — now have the highest delinquency rate in at least four decades.

A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.

As more borrowers exit their plans, fewer than 4 million loans sit in forbearance, according to Black Knight.

The FHFA director’s move this week to impose an “adverse market fee” of 0.5% on most refinanced mortgages will shift billions out of the hands of American consumers and into the hands of Fannie Mae and Freddie Mac — and their private shareholders.

The Tri-COG Land Bank, a multicommunity effort to get abandoned and blighted properties back on the tax rolls, has sold its first property.

The city of Birmingham plans to set aside nearly $1 million in the 2021 budget to prop up the underperforming CrossPlex Village development in Five Points West, city officials said.

Borrowers will likely have to put more assets on the line to get forbearance extensions.

But the 30-year fixed remains below 3%, which should continue to support increased demand.

The new “adverse market fee” for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn’t necessary and will hurt borrowers’ ability to tap into low rates.

Developer Parkway Corp. has closed on $187 million in funding through commercial real estate finance firm Meridian Capital Group to build a Center City Philadelphia office tower for law partnership Morgan, Lewis & Bockius.