Economy

President Biden used a rare meeting with Federal Reserve Chair Jerome Powell to declare that he’s respecting the central bank’s independence — while simultaneously shifting responsibility for taming decades-high inflation ahead of the November midterms.

Former FHFA director Mark Calabria said the mortgage market was a “ticking time bomb” on track for a 2008-like crisis. Other experts foresee a tamer end to the bull housing market.

The world’s richest nation is waking up to an unpleasant and unfamiliar sensation: It’s getting poorer.

Without sustained price relief, a downturn is possible for later this year, rather than in the second half of 2023.

Preliminary data from the trade group indicates that mortgage lenders an average of 5 basis points earned per loan as costs reached an all-time high.

Mark Calabria, who oversaw the two government giants under Trump and was fired by the Biden administration, said in a recent interview that the government-sponsored enterprises are once again at risk of insolvency.

Calls for “reform” in times of high liquidity ignore the scalability of the system, and the need to have it around in times of trouble.

While longtime non-QM companies have originated mortgages in the segment for years, new contenders have come into the market as the number of potential customers who fit into the category grows.