Over $54.2 Billion in Loan Volume;
Exceeds total 2019 production record in first three quarters of 2020

United Wholesale Mortgage (UWM), the #1 wholesale mortgage lender, today announced its results for the third quarter ended September 30, 2020, reporting closed loan volume exceeding $54.2 billion, an 81 percent increase from the $29.9 billion loan volume closed in the third quarter of 2019, along with net income of $1.45 billion. Through the third quarter, UWM also closed a year to date total of $127.8 billion in production, already exceeding its 2019 production record of $107.8 billion by nearly 20 percent.

Mat Ishbia, president and CEO of UWM said, “This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience. I’m grateful to the over 6,800 team members whose commitment to superior service, together with

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By Dhara Ranasinghe

LONDON, Oct 13 (Reuters)Long-dated sovereign bond yields in Italy and Greece touched fresh record lows on Tuesday, with Italian borrowing costs at an auction also hitting new all-time lows in the latest sign of solid demand for peripheral euro zone debt.

Expectations for further European Central Bank stimulus to prop up an economy hit by the coronavirus have bolstered debt markets in recent weeks.

In addition, bond issuance is not as heavy as it was a few months ago — meaning upward pressure from anticipated bond supply has eased. Most euro zone issuers have now achieved 80% or more of their gross bond issuance target for 2020, Rabobank estimates.

“That rally in peripheral bonds has meant we are near our year-end target on spreads,” said Andrew Sheets, Morgan Stanley’s chief cross-asset strategist.

“I really think this is a story about supply — the periphery

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KEY POINTS

  • Every $1,000 increase in home price pushes 150,000 buyers away: Report 
  • Rental prices have dropped by 0.1% since last month: Report
  • Homebuying is currently led by people with jobs and equity

Rising demand for homes, unprecedented levels of mortgage rates and low supply have pushed home prices out of reach for prospective homebuyers, which could make America a ‘renter nation,’ Grant Cardone, a real estate investor, told Yahoo.

“Homeownership is still dead in this country because the only people that are buying homes right now are people that have equity, great credit, and a job,” Cardone said.

For every $1,000 increase in home price, 150,000 buyers are priced out of a possible home purchase, according to a recent report by the National Association of Home Builders (NAHB).

The fall season is known to be good for real estate as home prices fall during this time. Realtor.com, however, suggests

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Daily virus cases around the world topped a record 350,000 on Friday, and US infections are ticking up.

President Donald Trump says hed like to see a bigger coronavirus relief package than what Congress is offering. He announced his first in-person event since contracting Covid-19 at the White House on Saturday, and plans to hold a rally in Florida on Monday.

India continued on a trajectory to overtake the US as the country with the most cases, as infections climbed to 6.91 million. European leaders sounded alarms about an epidemic untamed. New Covid-19 cases in the Czech Republic, hit by Europe’s worst virus outbreak, rose to a record 8,618 on Friday.

Key Developments

Global Tracker: Cases pass 36.8 million; deaths top 1.06 million US caps troubling week with deadly rebound of Covid-19 Distressed debt funds target companies facing loss of Covid aid How one of the worlds biggest slums stopped

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BlackRock, the world’s biggest money manager, made headlines early this year when it pledged to prioritize climate change in its investments and pare down its coal holdings.

But environmentalists say the company has failed to make good on this promise in a series of shareholder proposals at annual meetings this year.

Led by influential Wall Street player Larry Fink and overseeing some $7.3 trillion in assets, BlackRock in January vowed to take action to address climate change and sustainable development, raising the hopes of environmentalists.

“We applauded BlackRock for its statement at the beginning of this year…. and we acknowledge that they have taken some steps in that direction,” said Ben Cushing, who leads the Sierra Club’s financial advocacy campaign.

“But clearly it has not translated into fast-enough, or bold-enough action.”

BlackRock CEO Larry Fink leads the world's biggest money manager, which has defended its record of pushing for greener policies in corporations BlackRock CEO Larry Fink leads the world’s biggest money manager, which has defended its record of pushing for greener

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(Bloomberg) — An upcoming surge in euro-area bond sales should be more than swept up by the record amount cash of sitting idly in the economy, potentially adding fuel to the rally sweeping across the region’s debt markets.

Next week, bond offerings in the eurozone are expected to rise five-fold, with Germany, Italy and France, among others issuing a combined 30 billion euros ($35.4 billion) worth of securities, according to Commerzbank AG. That’s still less than the amount of debt coming due.

The supply also comes as excess liquidity in the euro area ballooned past the 3-trillion-euro mark for the first time ever last week, thanks to unprecedented support from the European Central Bank.



chart: Italy sells debt next week with yields at record lows


© Bloomberg
Italy sells debt next week with yields at record lows

The monetary authority’s liquidity injections have already pushed yields on some of the region’s riskiest borrowers to record lows. With speculation now growing that

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Nervous investors have bought more than 1,000 tonnes of gold this year, a record figure equivalent to the entire hoard the Swiss National Bank has stashed away in its vaults.

For centuries people have considered gold a store of value in turbulent times. In 2020 they have been buying it in droves.

Gold exchange traded funds (ETFs) recorded their tenth consecutive month of positive inflows in September for only the third time since the financial crisis. This was despite gold experiencing its biggest monthly price drop since November 2016, falling 3.6%, after reaching a new all-time high in August.

With concerns mounting about the outcome of the upcoming U.S. election and a second wave of coronavirus infections, will the precious metal retain its lustre in the fourth quarter?

Investors certainly believe so. Figures this week from

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By Joice Alves

LONDON, Oct 9 (Reuters)Rolls Royce RR.L shares on Friday were heading for their best weekly gain since listing in 1987 as the British aircraft engine maker’s plan to raise money to cope with the coronavirus travel crisis triggered bargain hunting among investors.

The value of Rolls Royce shares more than doubled in the last week to 228.90 pence, although that is still a far cry from the 690 pence they traded at before the coronavirus outbreak.

The company aims to raise a total of 5 billion pounds, including 2 billion from shareholders, to cope with a “worst case scenario”.

“(The recapitalisation plan) sets up Rolls-Royce sufficiently to navigate an uncertain recovery and removes any lingering concerns about liquidity – and even solvency,” said Berenberg analyst Andrew Gollan, keeping a “buy” rating on the stock.

Worries over a long-haul travel slump reduced Rolls Royce’s market

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WASHINGTON (AP) — New, eye-popping federal budget figures released Thursday show an enormous $3.1 trillion deficit in the just-completed fiscal year, a record swelled by coronavirus relief spending that pushed the tally of red ink to three times that of last year.



A family takes group portrait, Thursday, Oct. 8, 2020, outside of the White House in Washington. (AP Photo/Jacquelyn Martin)


© Provided by Associated Press
A family takes group portrait, Thursday, Oct. 8, 2020, outside of the White House in Washington. (AP Photo/Jacquelyn Martin)

The Congressional Budget Office released the unofficial 2020 figures Thursday, saying the deficit equaled 15% of the U.S. economy, a huge gap that was the largest since the government undertook massive borrowing to finance the final year of World War II.

The government spent $6.6 trillion last year and borrowed 48 cents of every dollar it spent, CBO said. The numbers amount to a 47% increase in spending, led by $578 billion for the Paycheck Protection Program for smaller businesses, and a $443 billion

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