Government

Mortgage rates trended upward to close out the year, as Freddie Mac’s Chief Economist forecasts the housing will remain weak throughout the winter.

Freddie Mac reports the fixed-rate mortgage sliding for the sixth straight week, with the downward trend in rates resulting in a rise in refis, offsetting a week-over-week decrease in purchase activity.

With housing affordability remaining an issue nationwide, the CFPB's Making Ends Meet report—an annual survey of consumer financial health—shows many downtrends in consumers’ ability to repay their debts.

Fannie Mae and Freddie Mac will now need Federal Housing Finance Agency approval—and possibly public comment—before offering new products, in order to ensure safety and soundness standards.

“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” said Charlie Scharf, Wells Fargo’s CEO.

Under HR 7735, servicemembers, veterans, and their families will have increased access to more affordable, sustainable homeownership opportunities through the Department of Veterans Affairs.

Fannie Mae’s Economic & Strategic Research Group now forecasts recessionary conditions taking a hold of the market during Q1 2023, even after forecasting better fourth-quarter numbers due to strong GDP and personal consumption figures.

In the Bureau’s Semi-Annual Report, Director Rohit Chopra detailed the work the CFPB has accomplished, including securing $275 million in total consumer redress and $270 million in civil money penalties.

A new repayment plan will allow mortgage servicers to offer homeowners impacted by COVID-19 up to five years to repay past-due property charges.

This latest action by the Federal Reserve to raise rates is intended to remove money from the economy, reduce demand, and drive prices lower as inflation nears a 40-year high.