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Housing Wire: Fannie Mae and Freddie Mac CEOs address industry on refinance fee grievances

“Contrary to much of the criticism we have received since making this announcement, this will generally not cause mortgage payments to ‘go up.’” the letter states. “The fee applies only to refinancing borrowers, who almost always use a refinancing to lower their monthly rate,” the letter states.

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Medium: Reparations, Race, and Reputation in Credit: Rethinking the Relationship Between Credit Scores and Reports with Black Communities

Credit reports and credit scores reflect stunning racial disparities. Over a dozen studies have found that Black consumers have lower credit scores as a group than whites (listed in this policy brief). As a result, Black consumers have less access to mortgages, credit cards, and even government lending intended to help those most in need — a July 2020 study by ClimateWire found credit scores kept many Black consumers from obtaining Small Business Administration disaster relief loans. Credit reports or credit scores are also used by insurance companies, employers, and landlords, creating racial disparities in those settings as well.

Medium: Reparations, Race, and Reputation in Credit: Rethinking the Relationship Between Credit Scores and Reports with Black Communities Read More »

NPR: How The Pandemic Is Making The Gender Pay Gap Worse

It’s playing out differently this time, according to a new study by economists Titan Alon, Matthias Doepke, Jane Olmstead-Rumsey, and Michèle Tertilt. They find that this recession is hitting women harder. Between February and April 2020, male unemployment increased 9.9%; female unemployment increased 12.8%. The pandemic has ravaged in-person service jobs — at restaurants, hotels, pilates studios, retail outlets and so on — which are disproportionately done by women. Men are more likely to be able to work remotely, and male-dominated construction and manufacturing, while down, have also proven to be relatively pandemic-proof.

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NPR: Want To Refinance Your Home Loan With Record Low Rates? Get Ready For A Hefty Fee

“To raise the cost of refinancing and put a real barrier between American consumers and these lower payments is absurd at every level,” Broeksmit tells NPR. “And I just can’t understand, particularly as President Trump seeks reelection, why in the world they would do this.”

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