June 16, 2017
- Shortly after taking office, President Donald Trump ordered the U.S. Treasury Department to assess the U.S. financial market. Steven Mnuchin, U.S. Treasury Secretary, found a need for specific immediate actions which will provide “much-needed relief.” The detailed report also calls for a reversion to the use of “private mortgage investor capital in secondary markets.” Mnuchin and his team met with members of the finance and banking community which allowed the U.S. agency to produce a 150 page report explaining the problems and potential solutions of the U.S. finance system.
- The Federal Open Market Committee announced at least a .25% hike in the mortgage rates. This decision was nearly unanimous; the president of the committee, Neel Kashkari was the outlier. This hike comes to no surprise to many mortgage lenders and economists.
- The United States’ Department of Housing and Urban Development (HUD) released its Coordinated Entry Guidebook. HUD’s guidebook seeks to ensure that families and individuals that are misplaced from their homes receive the adequate help they need. To aid in this process, the guide focuses on four key principals “access, assessment, prioritization, and referral.”