New CFPB director Bessent orders agency to stop working

Plus: Single-family serious delinquency rates increased in December

February 05, 2025

Happy Wednesday! Today's newsletter is 778 words, a 3-minute read. Let’s dive in…

Disclaimer: Average mortgage rates as of Feb 04, 2025. © MND Daily Rate Index.

1. New CFPB director Bessent orders agency to stop working

Scott Bessent, who was confirmed as Treasury secretary last week, has been named acting director of the Consumer Financial Protection Bureau. Bessent replaces Rohit Chopra, who was fired on Saturday.

  • In an internal email, staff members were instructed to immediately cease much of the bureau's work, "unless expressly approved by the Acting Director or required by law".

That includes a halt on issuing or approving proposed or final rules or guidance, and suspending the effective dates of all final rules that have been issued but have not yet become effective.

2. Fannie and Freddie: Single-family serious delinquency rates increased in December

Freddie Mac reported that the Single-Family serious delinquency rate in December was 0.59%, up from 0.56% November. Freddie's rate is up year-over-year from 0.55% in December 2023, however, this is below the pre-pandemic level of 0.60%.

Freddie's serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

Fannie Mae reported that the Single-Family serious delinquency rate in December was 0.56%, up from 0.53% in November. The serious delinquency rate is up year-over-year from 0.55% in December 2023, however, this is below the pre-pandemic lows of 0.65%.

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3. More Nuggets

💸 Real estate brokerages and the rise of the revenue share model. (HousingWire)

🏢 This is the largest office-to-residential conversion in the US — and it just launched leasing. (NYPost)

🚨 OCMBC appoints new president after exec is charged with murder, DUI. (BankingDive)

☄️ This asteroid has a 1-in-63 chance of hitting the Earth in 2032. May the odds be in our favor. (EconomicTimes)

4. Homebuilders cheer delay of Trump trade tariffs

Homebuilders are applauding President Trump’s decision to pause the planned 25% tariffs on imports from both Canada and Mexico for 30 days.

Previously, these tariffs would have nearly doubled existing duties on softwood lumber from Canada — a key homebuilding material — and also imposed a 25% tariff on a wide range of Mexican goods. These Mexican imports include various construction supplies essential to residential building projects.

“We commend President Trump for reaching an agreement with Canada and Mexico to delay the proposed tariffs, avoiding additional strain on a housing market already facing affordability challenges. Stability and certainty are essential for American businesses, consumers, and the strength of our economy. We urge all parties to remain committed to productive dialogue to prevent new tariffs on construction materials critical to housing our nation.”

NAHB Press Release

5. Fed ends two Wells Fargo orders tied to mortgage practices

The Federal Reserve terminated two mortgage-related enforcement actions against Wells Fargo from more than a decade ago, the central bank said yesterday.

These enforcement actions date back to 2011, when the Fed assessed an $85 million civil penalty against Wells Fargo over allegations that employees steered potential prime borrowers into more costly subprime loans. It also accused the firms of falsifying income information in mortgage applications. At the time, it was the central bank’s largest penalty in a consumer-protection enforcement action.

“Wells Fargo is a different company today, and the resolution of these two longstanding Federal Reserve consent orders is another indication that our team is establishing the right processes and controls to meet our regulators’ and our own expectations,” Chief Executive Officer Charlie Scharf said in a statement.

☀️ You’re all caught up. See you on Friday!

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