Speaking on CNBC, Navarro also did not rule out serving in a Trump administration, adding: “There will be a lot of people with private sector experience.”
Separately, Trump campaign manager Kellyanne Conway told CNBC the stock market’s rise was due to Trump’s surprise victory. She added that he would act quickly in conjunction with the Republican-led Congress to implement his plans, including lifting numerous regulations.
Will Trump Tackle Housing Finance Reform?
Housing was the talk of the campaign two presidential elections ago, but it stayed under the radar in the 2016 race, leaving plenty of room to speculate about President-elect Donald Trump’s likely mortgage policy for the next four years.
On the one hand, without a crisis, observers said there is little incentive for him to move quickly on the issue.
But the unresolved question of what to do with Fannie Mae and Freddie Mac – both in conservatorship since before Barack Obama’s election – will loom large over the future Trump administration.
Exactly how Trump would address the issue is a complete mystery. The issue was never raised on the campaign trail.
“If you read the republican party platform, it is pretty obvious the Republicans are [for] less government in housing,” said Brian Montgomery, vice chairman of The Collingwood Group and a former Federal Housing Administration commissioner.
But no one expects sweeping action because other issues are higher priority, such as health care reform.
“If you ask most lenders, the market works today,” says Patrick Sinks, the chief executive of MGIC Investment Corp. and the chairman of U.S. Mortgage Insurers, a trade group for the private mortgage insurance industry.”A lender wants to originate a loan, insure that loan and turn around and sell that loan to the GSEs and replenish their capital and start the process over again. That works. And it keeps humming along.”
As long as that remains true, the incentive to make big chances won’t be there.
“The bigger issue is what the right role for government in housing is,” Sinks said. “That’s going to take legislative action and [lawmakers in either party] just don’t seem to be in a hurry to resolve it.”
read more: http://www.nationalmortgagenews.com/news/compliance-regulation/will-trump-tackle-housing-finance-reform-1090481-1.html
Raising the Roof on Housing for Trump
“In the long run, a Trump presidency will be good for the housing and mortgage markets,” says Rick Sharga, EVP of Ten-X.
“Mr. Trump seems committed to bringing regulatory relief – and regulatory certainty – to the financial services industry, which should make more credit more available to average homebuyers who have been locked out of the market by today’s extraordinarily tight credit standards.”
Sharga notes, what might be the most interesting things to watch are how the Trump Administration deals with the Consumer Financial Protection Bureau, Fannie Mae and Freddie Mac. “It’s possible,” he says, “that at a minimum the CFPB will be restructured, moving from a single director to a committee, and with more direct Congressional oversight. There may be more focus on programs and less focus on enforcement activity. The GSE conservatorship will almost undoubtedly come to an end as well, but whether the outcome is privatization, dissolution, combination into a single quasi-government entity or something entirely different is yet to be determined.”
“The key to the housing market finally, fully recovering,” says Ten-X’s Sharga, “depends on the economy – more jobs and better wages driving household formation and homeownership. If President Trump is half as successful as his plans call for, the housing market will soar.”
Housing’s Trump Card
What might housing policy look like under the new Trump administration, and how will Trump work with Congress on housing policy?
In the limited moments that Trump has shared his thoughts on what he would do with the housing market, he stated that one of the big issues facing the housing industry is regulation.
In his speech at the National Association of Home Builders’ 2016 Midyear Board of Directors Meeting in Miami, Florida, Trump said, in particular, there is no group regulated harder than the housing industry. Trump said these regulations kill not just the small businesses but jobs in general. Trump shared that he plans to eliminate these regulations and instead implement a method of creating jobs without regulation.
Likewise, in an interview with Reuters in May, Trump said he plans to overhaul the controversial Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed in 2010 in response to the crisis.
“Dodd-Frank has made it impossible for bankers to function,” said Trump. “It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop.”
Brian Montgomery, Vice Chairman and Co-Founder of The Collingwood Group and former FHA Commissioner says, “I hope both parties and the new Administration will include on their ‘priority list’ how to bring some stability and certainty to our nation’s housing finance system that will give lenders some comfort that widening the mortgage credit aperture won’t later invite regulatory intrusion. Equally important are finding solutions to the shortage of affordable rental housing in particular for very low income families and the elderly.”
A lack of priority for housing in Congress is something those in the industry hope to see change with this newly elected house.
“It’s amazing that something so vital as housing to the overall health of the American economy and the average American – is something Congress still can’t rally in support of resolving – especially when the risks associated with continued failure to do so are potentially so serious,” says Brian O’Reilly, The Collingwood Group President. “The facts are that housing is a critical component of overall economic health in the US. Thus, continued failure by Congress to address housing reform is reckless and irresponsible.”
Collingwood’s Montgomery adds that he hopes both sides will heed the words of Franklin Roosevelt, who on the eve of his re-election in 1936 while citing the amount of work to be done said, “we will keep our sleeves rolled up.”
read more: http://www.themreport.com/daily-dose/11-09-2016/housings-president-trump-card
Trump Victory Pushes Mortgage Rates Higher
A surprising Donald Trump victory over Hillary Clinton sent interest rates on a dizzying Mario Kart ride Tuesday night and into Wednesday. They plunged for a few hours, then roared upward. That’s where mortgage rates ended up on Wednesday: Higher.
“The market doesn’t like uncertainty, and the market had a Clinton win baked into its forecasts,” says Rick Sharga, executive vice president of Ten-X, operator of Auction.com.
Mortgage rates tend to move up and down with yields on the 10-year Treasury note. On Wednesday afternoon, the 10-year note yielded 2.01 percent, its highest level since late January. The yield was 1.83 percent a day earlier. That’s an unusually rapid rise.
The benchmark 30-year fixed-rate mortgage rose this week to 3.73 percent from 3.69 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 4.11 percent. Four weeks ago, the rate was 3.62 percent. The last time the 30-year fixed was higher was June 8, at 3.74 percent.
The 30-year fixed mortgages in this week’s survey had an average total of 0.23 discount and origination points.
Over the past 52 weeks, the 30-year fixed has averaged 3.78 percent. This week’s rate is 0.05 percentage points lower than the 52-week average.
The benchmark 15-year fixed-rate mortgage rose to 2.97 percent from 2.96 percent.
The benchmark 5/1 adjustable-rate mortgage rose to 3.15 percent from 3.14 percent.
The benchmark 30-year fixed-rate jumbo mortgage fell to 3.73 percent from 3.74 percent.
read more: http://www.bankrate.com/finance/mortgages/mortgage-analysis-110916.aspx#ixzz4PbYh8bKY
Too Little, Too Late?
President Obama’s administration is renewing the call to help lower income borrowers get home loans while it still can.
In the final months of Obama’s tenure, U.S. Treasury Department officials are laying out how reform to government-controlled mortgage finance giants Fannie Mae and Freddie Mac must include ways to make housing more affordable.
The Obama administration’s housing push comes as the most recent data indicate the housing finance system still isn’t helping poorer borrowers. A preliminary report released last Friday from Fannie Mae and Freddie Mac’s overseer, the Federal Housing Finance Agency, shows the mortgage firms, which back more than 40 percent of all mortgages, once again failed to reach their targets for serving low income borrowers.
At the same time, the gap between white and minority borrowers has widened. About 5.5 percent of mortgages to buy homes in 2015 were to black borrowers, up slightly from 2014 but far below the peak of 8.7 percent in 2006, according to federal data. Lending to Hispanic white borrowers rose to 8.3 percent from 7.9 percent in 2014 compared to 11.7 percent in 2006.
read more: http://www.bloomberg.com/news/articles/2016-11-04/obama-is-making-a-last-stab-push-to-help-loosen-mortgage-lending
Call it Bed Bath & Booze
The home and accessories retailer, Bed Bath & Beyond, plans to create a restaurant serving wine and beer at its upcoming 120,000-square-foot Liberty View Industrial Plaza store in Sunset Park, Brooklyn.
This move will expand BB&B’s offerings and allow shoppers to swig away and better experience the goods as they roam the aisles.
It will also create an eatery area that can be used by other tenants in the Salmar Properties-owned project, including Saks and Amazon.
The cafe will be in a large common area on the second floor outside its main store entrance. The large floor plan will for the first time bring together BB&B along with its Buy Buy Baby, Cost Plus World Market grocery and Harmon cosmetics divisions.
Many of the objects will be made in Brooklyn while the Market’s test kitchen will also feature Brooklyn food.
“This will be a very exciting development,” said Timothy King of CPEX, who represents the retail space in the 1.2 million- square-foot building.
Branding consultant Paul Millman of SideTrip Media filed the New York State Liquor Authority permits for a restaurant with on-premises consumption by BB&B, together with the entity “Foundry Food Brooklyn.”
read more: http://nypost.com/2016/11/08/bed-bath-beyond-answers-your-prayers-will-serve-beer-and-wine/
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