Trump’s 2021 budget slashes HUD funding
Fasten your seatbelts, folks. President Trump’s 2021 budget proposal is out and it’s bound to raise the ire of many. Trump’s defense of the budget is that it will reduce the deficit. Here’s the short take: some safety-net services will be cut under the proposal and defense spending will increase.
For those in the housing industry, the main aspect of the proposed budget is a 15% cut to HUD services. The National Low Income Housing Coalition published a breakdown of the housing cuts here. For quick reference, see their budget chart. Some of the proposals are extreme. The one that really jumps out is pulling the rug out from Veterans Affairs Supportive Housing Vouchers, from last year’s $40 million all the way down to zip. Yep, as in $0. Zip, zilch, nada.
There’s bound to be a battle to get this passed intact, and of course, we wouldn’t expect anything less. NLIHC CEO and president Diane Yentel wasted no time jumping into the Twitter ring and tweeting: “With this proposal, Trump & @SecretaryCarson make clear their willingness to increase evictions and homelessness – through rent hikes and slashing or eliminating funding for programs that keep the poorest people in our country affordably and safely housed.”
Republican Rep. Jim Jordan of Ohio, member of the GOP committee for oversight reform, also thumbed in his take:
“President Trump’s budget sets the right priorities:
- Funds the wall
- Supports our military
- Cuts wasteful foreign aid
- Enacts work requirements for welfare recipients
Most importantly, it sets us on a path to a balanced budget.”
Home Point creates CXO role for NEXT alumna Ginger Wilcox
Home Point Financial, the country’s fastest-growing non-bank lender, just named NEXT alumna Ginger Wilcox as the company’s first Chief Experience Officer (CXO). The CXO role means she will be working across the organization to drive innovation and accelerate the company’s already considerable growth.
Wilcox served as a Senior Vice President at Capsilon, a leading provider of software to the mortgage industry. Capsilon was acquired by Ellie Mae in October of 2019. Before Capsilon, Ginger was part of the founding team at Sindeo, a consumer-direct mortgage startup, where she served as Chief Marketing Officer and Chief Industry Officer.
Wilcox gave some color on her journey on her LinkedIn page:
“I met Home Point over a year ago during my time at Capsilon, where the company was a customer and innovation partner. Home Point was doing something unique and I was intrigued by the vision and approach, and I was impressed by the company culture and quality of its associates at every level.”
She added: “For much of my career, I have focused on making buying, selling and financing homes easier. Simplifying home financing is complex, and when Capsilon was acquired by Ellie Mae in November, I knew I wanted to stay in the mortgage space and continue on that mission.”
Coronavirus spreads to US real estate (coverage, that is)
Question: What will be harder to stop, the coronavirus or the over-hyped, panicked real estate coverage about the coronavirus? You tell us.
While there’s no impact, yet, of the virus on the US real estate market, the contagion took hold last week when Realtor.com published a very (ahem) calm and balanced look called (cue “Jaws” music): U.S. Real Estate Market Shows Symptoms of Coronavirus Effect: What You Need to Know.
Well, this was soon followed by another, similar exploratory headline from The Real Deal: Analyzing Coronavirus Impact on US Real Estate Market. A day later, Marketwatch picked up the pace with: ‘There’s a lot of uncertainty and fear.’ Coronavirus is making it harder for some Chinese investors to buy U.S. real estate. And now, this week we get this CCN op-ed titled (hard cut to “Psycho” shower scene theme): “Coronavirus Threat Set to Trigger a Massive U.S. Housing Market Crash,” which, by the way, pulls its conclusion from the same primary sources Up NEXT mentions above. (Yawn.)
But wait, let’s back it up a few steps. The pullout of Chinese investors can’t be totally attributed to the outbreak, and it’s hardly a new trend. A recent trade war, coupled with travel restrictions, has also impacted foreign investment, but not outside of those few key metros where Chinese cash plays a large role.
Even the author of that last, incendiary headline softens at the end, saying the virus “might eventually cause a downturn in pricing and spark a potential crisis in the market.” That language is far from a “massive US housing market crash.”
Deep breaths, everyone (into your own face masks, of course).