MReport April 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS Controlling the Outbreak It is a turbulent time for both the housing and mortgage industry. Insiders express their concerns over the impact the virus is having on housing and efforts to help homeowners. "good step forward" House Financial Services Committee member Patrick McHenry voiced praise of the Yes in My Backyard Act, which aims to alleviate affordability and housing shortage concerns. The bill was approved by the House of Representatives in March. "not keeping up" Sam Khater, Freddie Mac's Chief Economist, on the inventory challenges currently facing the housing market. "running out of ammunition" Mark Hamrick,'s Senior Economic Analyst, said the Fed doesn't have many options left to combat economic downturns following its latest 50-basis points cut to interest rates. "helicopter money" Cameron Beane, Head of Pricing and Secondary Markets for TD Bank, said payments to Americans in the proposed COVID-19 stimulus package will be critical for many homeowners. "the last hurrah" Holden Lewis, Home and Mortgage Specialist, NerdWallet, said the Census Bureau's new-home sales data could be the last positive report for a while due to the virus.

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