tommiegun54
3 years ago
PMI STOCKS IMPERILED ON SHUTDOWN OF GOVT TALK AND OVER SUPPLY OF PMI STOCKS
The "Enact" ipo(act) has loaded the PMI SECTOR with competing shares causing the market prices to fall.
Democrats Move to Avert Shutdown, but Divisions Imperil Biden’s Agenda
Democrats prepared a spending bill to keep the government funded past a Thursday deadline, but moderates dug in harder against their ambitious social safety net bill.
Asked if she were concerned about votes on the infrastructure bill, Speaker Nancy Pelosi said, “One hour at a time.”
Asked if she were concerned about votes on the infrastructure bill, Speaker Nancy Pelosi said, “One hour at a time.”Credit...T.J. Kirkpatrick for The New York Times
Emily CochraneJim Tankersley
By Emily Cochrane and Jim Tankersley
Published Sept. 29, 2021
Updated Sept. 30, 2021, 10:54 a.m. ET
Follow our live news coverage on the government shutdown and infrastructure bill.
WASHINGTON — Democrats prepared legislation on Wednesday to avert a government shutdown this week, but they were desperately trying to salvage President Biden’s domestic agenda as conservative-leaning holdouts dug in against an ambitious $3.5 trillion social safety net and climate bill that carries many of the party’s top priorities.
Congressional leaders moved to address the most immediate threat, working to complete a bill to prevent a government funding lapse at midnight on Thursday. Yet after days of intensive negotiations to bridge bitter differences in their party over Mr. Biden’s two biggest legislative priorities, the president and top Democrats appeared as far as ever from an agreement on their marquee social policy package, which the White House calls the Build Back Better plan.
That, in turn, was imperiling a $1 trillion bipartisan infrastructure bill that was scheduled for a House vote on Thursday.
The fate of the two measures could define the success of Mr. Biden’s presidency, and the intense negotiations surrounding them have posed a test of his skills as a deal maker, which he highlighted as a calling card during his campaign for the White House. But after days of personal meetings with lawmakers in the Oval Office and phone calls to key players, Mr. Biden remained far
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Dramatizing the challenge, Senator Joe Manchin III of West Virginia, a leading holdout on the social policy bill, issued a lengthy and strongly worded statement on Wednesday evening reiterating his opposition to the proposal as currently constituted, saying it amounted to “fiscal insanity.”
“While I am hopeful that common ground can be found that would result in another historic investment in our nation, I cannot — and will not — support trillions in spending or an all-or-nothing approach that ignores the brutal fiscal reality our nation faces,” Mr. Manchin wrote, denouncing an approach that he said would “vengefully tax for the sake of wishful spending.”
The statement was the polar opposite of what Mr. Biden and top Democrats had hoped to extract from Mr. Manchin and other centrist critics of the bill by week’s end — a firm public commitment to eventually vote for the social policy measure, in order to placate liberals who want to ensure its enactment.
Instead, it further enraged progressives who were already promising to oppose the infrastructure bill until Congress acted on the larger social policy plan, which Democrats plan to push through using a fast-track process known as budget reconciliation to shield it from a filibuster. They have been pressing to push off the infrastructure vote until after votes on the reconciliation bill — or, at the very least, after the centrist holdouts provided a firm sense of what they would accept in that package.
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“I assume he’s saying that the president is insane, because this is the president’s agenda,” Representative Pramila Jayapal, Democrat of Washington and the leader of the Congressional Progressive Caucus, said of Mr. Manchin. “Look, this is why we’re not voting for that bipartisan bill until we get agreement on the reconciliation bill. It’s clear we’ve got a ways to go.”
“I tell you, after that statement, we probably have even more people willing to vote ‘no’ on the bipartisan bill,” she added.
The impasse left unclear the fate of the infrastructure measure. While a handful of centrist Republicans plan to support it, G.O.P. leaders are urging their members to oppose it, leaving Democrats who hold a slim majority short of votes to pass the bill if progressives revolt.
“The plan is to bring the bill to the floor,” Speaker Nancy Pelosi told reporters, returning to Capitol Hill after huddling at the White House with Mr. Biden and Senator Chuck Schumer of New York, the majority leader. Asked whether she was concerned about the votes, she added, “One hour at a time.”
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She spoke shortly after the House passed legislation lifting the statutory limit on federal borrowing until Dec. 16, 2022, an effort to avert a catastrophic federal debt default next month when the Treasury Department says it will breach the current cap.
Senate Republicans blocked a Democratic effort to pair the increase with a spending bill to keep the government funded, and are likely to oppose the House-passed bill, which was approved on a nearly party-line vote of 219 to 212 on Wednesday.
But even as the debt ceiling remained unresolved, Senate leaders scheduled a series of votes for Thursday morning on legislation that would keep the government open through early December and provide crucial aid for disaster relief efforts and Afghan refugees. The House is expected to take up the legislation soon afterward to avoid a shutdown Thursday night.
Politics Updates
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Sept. 30, 2021, 11:17 a.m. ET1 hour ago
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The Senate will vote on a Republican bid to curtail help for Afghans who were evacuated during the U.S. withdrawal.
Paring back the $3.5 trillion social policy bill would be tough, but there are possibilities.
Manchin and Sinema: Two key Democrats whose votes could decide the fate of Biden’s agenda.
Much of the urgency on Wednesday was focused on salvaging the president’s agenda, after Mr. Biden and his aides cleared his schedule on Wednesday in an attempt to broker a deal among Democrats.
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Some Democrats have complained this week that the president has not engaged in talks to their satisfaction. He welcomed groups of progressives and moderates to the White House last week, for example, but met with each separately, as opposed to holding a group negotiating session.
And efforts by Mr. Biden and his team to pressure Mr. Manchin and Senator Kyrsten Sinema of Arizona, another Democratic holdout on the reconciliation bill, appear to have fallen flat. Officials have been working for days to persuade the pair to specify how much they would be willing to spend on the package, calculating that such a commitment would allay the worries of progressives now refusing to support the infrastructure bill.
“Joe Biden is the only president in American history to have passed a relief package of the significance of the American Rescue Plan with zero margin for error in the Senate and three votes to spare in the House,” said Andrew Bates, a spokesman for the White House, referring to the $1.9 trillion pandemic relief package that became law in March. “He knows how to make his case, he knows how to count votes, and he knows how to deliver for the American middle class.”
Both Ms. Sinema and Mr. Manchin visited the White House on Tuesday, but after their meetings, neither they nor White House officials would enumerate the contours of a bill they could support. Top White House officials also trekked to Capitol Hill on Wednesday to huddle privately with Ms. Sinema for more than two hours.
“The president felt it was constructive, felt they moved the ball forward, felt there was an agreement, that we’re at a pivotal moment,” Jen Psaki, the White House press secretary, told reporters on Tuesday, characterizing the meetings. “It’s important to continue to finalize the path forward to get the job done for the American people.”
Mr. Biden held conversations with various lawmakers throughout the day on Wednesday and planned to continue them on Thursday, White House officials said.
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Senator Kyrsten Sinema of Arizona and other centrist holdouts haven’t provided a firm sense of what they would accept in the reconciliation bill.
Senator Kyrsten Sinema of Arizona and other centrist holdouts haven’t provided a firm sense of what they would accept in the reconciliation bill.Credit...Sarahbeth Maney/The New York Times
Privately, administration officials said Mr. Biden was continuing to take an encouraging role with Mr. Manchin and Ms. Sinema, and not demanding they agree to anything immediately. Both senators have yet to publicly do so, even as liberal Democrats continue to publicly fume over the reticent.
In his statement on Wednesday, Mr. Manchin said he wanted to set income thresholds for many of the social program expansions Democrats have proposed. He suggested that he would be open to undoing some components of the 2017 tax cut.
Moderate House Democrats, who helped secure a commitment for a vote this week on the infrastructure bill, warned that a failed vote would worsen the already deep mistrust between the two factions of the party.
“If the vote were to fail tomorrow or be delayed, there would be a significant breach of trust that would slow the momentum in moving forward on delivering the Biden agenda,” said Representative Stephanie Murphy of Florida, one of the moderates who sought to decouple the two plans.
Even as they labored to work out philosophical differences in their party on the bill, Democrats suffered yet another setback on Wednesday when the Senate’s top rules enforcer rejected a second proposal to include a path to legal status for about eight million undocumented immigrants in the reconciliation bill.
In a memo obtained by The New York Times, Elizabeth MacDonough, the Senate parliamentarian, wrote that the policy change “vastly outweighs its budgetary impact,” effectively disqualifying it from inclusion in a measure whose contents must have a direct impact on the federal budget.
In their latest effort, Democrats had proposed moving up the date for a process known as immigration registry, which allows otherwise law-abiding undocumented immigrants who have been in the United States continuously since a certain date to adjust their status and gain a pathway to citizenship. The current date, established in 1986, is set at Jan. 1, 1972. Democrats had sought to change that date to Jan. 1, 2010.
After days of personal meetings with lawmakers in the Oval Office and phone calls to key players, President Biden remained far short of a deal.
After days of personal meetings with lawmakers in the Oval Office and phone calls to key players, President Biden remained far short of a deal. Credit...Doug Mills/The New York Times
Last week, Ms. MacDonough rejected Democrats’ initial proposal to grant legal status to several categories of undocumented people, including those brought to the United States as children, known as Dreamers; immigrants who were granted Temporary Protected Status for humanitarian reasons; people working in the country under nonimmigrant visas; close to one million farmworkers; and millions more who are deemed “essential workers.
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She said those changes to immigration law could not be included, under the Senate rules, in the reconciliation package because they represented a “tremendous and enduring policy change that dwarfs its budgetary impact.”
Democrats said they would continue to look for alternative strategies to aid immigrants through the reconciliation proceed."
tommiegun54
3 years ago
Foreclosure Starts Rise Following Moratorium Expiration
Sep 22 2021, 1:08PM
MORTGAGE NEWS DAILY
BY: JANN SWANSON
"Delinquencies hit a new post-pandemic low in August as the national delinquency rate fell by 84,000 loans or 3.48 percent compared to July. It was 41.84 percent below the level in August of 2020. Black Knight, in its "first look" at the months loan performance data, said the 1.122 million loans that were 30 or more days past due but not in foreclosure, were down by 1.557 million on an annual basis. In January of 2020, one month before the first cases of COVID-19 were reported, the national delinquency rate was 3.3 percent.
Serious delinquencies, those loans 90 or more days past due but not in foreclosure, remain elevated, but even they have been improving steadily. Serious delinquencies fell 108,000 from July and are down more than 1 million from the level in August 2020. Still, 1.339 million loans remain in that bucket, 930,000 more than before the pandemic.
There was an uptick in foreclosure starts during the month, not surprising since the federal foreclosure moratorium ended at the end of July. The 7,000 starts represented a 69 percent increase from July and was 18.33 percent higher year-of-year. Most of these loans had been in the foreclosure process prior to the moratorium. Foreclosure activity is still well below more "normal" levels, there were 80 percent fewer starts last month than in August 2019.
The foreclosure inventory, the number of loans in the process of foreclosure, increased by 2,000 during the month to 142,000 loans. A year earlier the inventory contained nearly 200,000 distressed loans.
The single month mortality (prepayment) rate increased 9.0 percent to a 2.21 percent rate. Low interest rates continue to spur both refinance and purchase activity.
Black Knight will provide a more in-depth review of the August loan performance data in its monthly Mortgage Monitor report. It will be published on Oct. 4, 2021."
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