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Scott turner calls HUD headquarters ‘ugliest building in DC’
Plus: Lennar says the spring selling season is off to a soft start
☕️ Monday morning, back at it! Today’s newsletter is 793 words, a 3-minute read.
Disclaimer: Average mortgage rates as of Mar 21, 2025. © MND Daily Rate Index.
1. Scott turner calls HUD headquarters ‘ugliest building in DC’
Housing and Urban Development (HUD) Secretary Scott Turner is no fan of the massive Weaver office building that houses his agency, and he is hoping to relocate.
“You know, HUD is known as the ugliest building in D.C., which is not a mantra I like,” Turner told Fox News’s in a Monday interview at the HUD headquarters. “We want to create an environment here, including our building, where people want to be proud of where they come to work and carry out the mission and the assignment that we have.”
Asked if that meant “moving everybody out” to a new location, Turner said yes and said he’s had discussions with the General Services Administration (GSA), which manages federal office space, among other duties.
2. Trump doubles down on Fed rate cut pressure
President Trump pressured the Federal Reserve to lower interest rates for the second time this week after it held off.
“Egg prices are WAY DOWN from the Biden inspired prices [sic] if just a few weeks ago. ‘Groceries’ and Gasoline are down, also. Now, if the Fed would do the right thing and lower interest rates, that would be great!!!” the president said on Truth Social.
The Fed announced Wednesday that it would keep rates steady at a 4.25 percent to 4.5 percent range, even with some indications that the economy might be leaning toward a slowdown. He highlighted that the administration is set to unleash a new batch of reciprocal tariffs April 2.
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3. More Nuggets
🚫 Florida explores ditching property tax as home prices soar. (WSJ)
✌️ Real estate companies ditch DEI. (The RealDeal)
🔨 Home flipping declines again in 2024 as profits remain low. (Attom)
📲 Rocket vs Zillow: The battle for ‘super app’ supremacy. (HousingWire)
4. Lennar says the spring selling season is off to a soft start
Lennar told investors on Friday that their spring selling season is off to a soft start.
“We do not see the seasonal pickup typically associated with the beginning of the spring selling season. So we continue to lean into our machine focusing on converting leads and appointments and adjusting incentives as needed to maintain sales pace. These adjustments came in the form of mortgage rate buydowns, price reductions, and closing cost assistance”
In Q1 2025, Lennar spent a record 13% of home sale prices on incentives, the highest since 2009. This helped maintain order volume year-over-year, though at the cost of margins. Gross margin fell to 18.7%, its lowest in over a decade, and further compression is expected.
5. Whistleblower suit accuses Marlin Mortgage of fraud
A former Marlin Mortgage executive claims he was fired for questioning a January mortgage servicing transfer he says defrauded investors.
Steve Stone, Marlin’s former COO, alleges the deal to move a servicing portfolio from Servicemac to Mr. Cooper had “no economic justification…at least for Voya,” the investor managing pension funds for Maryland teachers and employees. The switch, he claims, will cost Voya over $500,000.
Stone says the transfer was designed to personally benefit CEO Andrew Weber, who allegedly pocketed millions through a secret side deal—money he used to buy a 64-foot yacht named JuJu, according to the lawsuit.
After raising concerns and emailing leadership, Stone was terminated. He’s suing for whistleblower retaliation and seeking over $1 million in damages. Marlin denies the claims, calling them “entirely without merit.”
☀️ You’re all caught up. See you on Wednesday!
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