Economy

Federal Reserve officials held interest rates near zero while signaling they expect two increases by the end of 2023, pulling forward the date of liftoff and projecting a faster-than-anticipated pace of tightening as the economy recovers.

But the government-sponsored enterprise raised its total origination volume forecast for 2021 based on slightly stronger than expected refinance activity.

Residential starts rose 3.6% last month to a 1.57 million annualized rate, according to government data released Wednesday

A $28.8 billion rise in multifamily debt made up 65% of the $44.6 billion quarter-to-quarter gain, the Mortgage Bankers Association reported.

The real estate technology company had a $498 million valuation, according to PitchBook, but it could get a sizable premium to that if it were to go public.

The guidance addresses confusion related to how lenders should handle situations in which borrowers have not paid for a year and need additional help due to a natural disaster.

With residential supply severely lagging behind demand, redeveloping unused office space into multifamily properties seems like a perfect solution, but it’ll take governmental collaboration and tax breaks to make such projects financially compelling, developers say.

The Federal Housing Finance Agency said it is reviewing compensation policies for Fannie Mae and Freddie Mac and requesting feedback from the public. Some have said the $600,000 limit for executives imposed by Congress makes it hard to find talent.

According to the latest Federal Deposit Insurance Corporation (FDIC)’s “How America Banks” report, there is an estimated 7.1 million unbanked households in 2019. Given the record levels of unemployment, the pandemic has brought on the FDIC expects this number to rise. Join Joe Adler, American Banker’s Washington Bureau Chief and Leonard Chanin, Deputy to the Chairman of the FDIC as they discuss the FDIC’s stance on financial inclusion and how banks can get millions of unbanked Americans into the traditional banking system.

More than two-thirds surveyed said they expect to make less money over the next three months as price reductions ramp up along with a market shift to purchases.