"A federal shutdown is days away as of Friday threatening paychecks for hundreds of thousands of workers, freezing key reports like monthly jobs data and placing a layer of uncertainty over real estate transactions. Lawmakers have until Tuesday to pass a temporary funding bill, but talks are stalled. Republicans are pushing a short-term extension with no add-ons, while Democrats want it to include health care provisions such as extended Obamacare subsidies."
"Hopefully it doesn't happen at all, and the government, who we pay extremely well, gets its act together and actually works together to figure these things out, Compass Chief Evangelist Leonard Steinberg told HousingWire. The last thing anyone in America wants is another reason for America to be embarrassed by its government. Processing of government-backed loans including FHA, VA and USDA mortgages can slow when staff are furloughed or operating in a limited capacity, causing lenders to delay closings or seek alternate financing arrangements."
A federal funding lapse is imminent, threatening paychecks for hundreds of thousands of workers and freezing key economic reports such as monthly jobs data. Lawmakers face a Tuesday deadline to pass a temporary funding measure, but partisan standoffs over health care provisions and Senate 60-vote requirements impede progress. Past shutdowns, notably in 2013 and 2018-19, delayed mortgage closings and regulatory functions vital to property transactions. Government-backed mortgage processing and the National Flood Insurance Program often slow or pause during shutdowns, disrupting coastal and flood-prone closings and forcing lenders to delay closings or seek alternative financing.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]