TAX REFORM

Roll Call
Lobbyists miffed at House tax bill turn attention to Senate

The House Ways and Means Committee hasn't yet approved its version of the tax overhaul, but already some lobbyists, miffed by how the legislation is shaping up, say they're turning to the Senate.

Business Insider
A crucial line in Trump's new tax plan will make it a lot harder to buy a $1 million home

President Donald Trump's new tax plan just dealt a blow to many would-be homeowners. The 429-page GOP tax plan, called the "Tax Cuts and Jobs Act" was revealed on Thursday and is being billed as a boon for hard-working middle class Americans.

Politico
Tax lobbyists sprint to win changes to House bill

House Republicans kept their tax bill under wraps for as long as possible to hold back a deluge of lobbyists. After trade groups spent the weekend poring over the details, the flood is on.

McClatchy Newspapers
Election results could give Democrats new clout on tax overhaul

As Senate Republicans prepare to unveil their tax overhaul plan Thursday, they insist the political climate hasn't changed, even after Democrats' big election night on Tuesday.

The Wall Street Journal
Republican tax plan would slam California housing market

California's biggest housing markets figure to be among the losers if a Republican-sponsored tax overhaul becomes law, according to two analyses of local market data.

MarketWatch

Republican tax plan could grind affordable housing construction to a virtual halt

The tax plan proposed by Congressional Republicans will likely decimate production of new affordable rental housing, even as housing shortages across the country are driving rents higher and taking ever-larger shares of Americans' incomes.

CNN
Paul Ryan's tax dream is coming true

This is the moment House Speaker Paul Ryan has been waiting on for decades: The Republican Party is amid a massive rewrite of the US tax code that lowers rates and closes loopholes across the board.

The New York Times
Senate tax bill will keep mortgage interest deduction intact

Senate Republicans, who are set to unveil their sweeping tax rewrite today, plan to keep the mortgage interest deduction intact, a significant win for realtors and a deviation from the House bill under consideration.

The New York Times
Want kids, a degree or a home? The tax bill would cost you

To pass their immense tax giveaway to the rich, Republicans need to ensure their plan would add no more than $1.5 trillion to the deficit over the next decade. To do so, they're cutting billions of dollars in tax benefits to people trying to raise children, pay for college, buy a home or invest in renewable energy.

 

ECONOMIC NEWS

 

National Mortgage News
Sluggish construction continues to hold back housing market

As employment and home prices reach and surpass previous levels of normal economic and housing activity, building permits continued holding markets back from hitting historic norms during the third quarter, according to the National Association of Home Builders. (Subscription may be required.)

The Wall Street Journal
Americans feel like it's a better time to sell than to buy a home

For the first time in more than a decade, Americans are feeling better about selling a home than buying one. (Subscription may be required.)

The Wall Street Journal
Millennial home buyers send a chill through rental markets

Rising homeownership is adding to the jitters in the residential rental market, which has slumped recently after a long stretch near the top of the commercial real-estate industry. (Subscription may be required.)

CNBC
More housing markets are overvalued, and consumers feel the pain

The steady rise in home prices is so far showing no boundaries, and that is turning up the heat on some already overheated housing markets.

The New York Times
Detroit: From Motor City to housing incubator

The 2008 financial crisis and 2013 city bankruptcy gutted Detroit's housing market. Now, Detroit is experimenting with unorthodox ways to get people to buy homes and renovate houses.

The Washington Post
Mortgage rates quiet, awaiting tax reform outcome

Mortgage rates have settled in the past couple of weeks, waiting for the outcome of the Republican tax overhaul plan.

CNBC
Why the housing market got no Trump bump

Investor confidence soared after the 2016 election of Donald J. Trump, sending the U.S. stock market on a tear that would last a full year.

MarketWatch
How incoming Federal Reserve chair Jerome Powell could affect your mortgage

President Trump's choice for Federal Reserve chair could affect the fortunes of home owners and buyers for years to come.

 

HOUSING FINANCE NEWS

 

Bloomberg
As U.S.'s lack of homebuilding nears crisis, Fannie offers help

Fannie Mae helps borrowers buy homes. Soon it might help build them too. The mortgage-finance giant is considering a series of pilot programs to address an issue that has plagued the U.S. real-estate market for years: a lack of affordable homes. Fannie's first initiative, which hasn't been finalized, would potentially make it cheaper and simpler for prospective homebuyers to get loans to construct new residences.

HousingWire
Capital One suddenly exits mortgage and home equity business

Capital One announced Tuesday it is permanently closing its mortgage and home equity originations business.

The Washington Post
More veterans and military members are putting VA loans into service to buy homes

For most of his life, Marrio Pearson gave little thought to being a homeowner. If the 45-year-old U.S. Army veteran thought about it at all, he found plenty of reasons it was a bad idea. He thought he was too old to buy a house. He wasn't sure he would stay in Washington. He might take a job elsewhere. He figured being single made it too difficult.

American Banker
Trump team targets special 'QM' status for GSEs

When the Consumer Financial Protection Bureau finalized its mortgage underwriting rule in 2013, it granted government-backed loans an exemption. Years later, the government-backed market appears to be enjoying the benefits, sparking a debate about whether the exemption should remain. (Subscription may be required.)

 

LUMBER

Construction Dive
US finalizes Canadian softwood lumber tariffs

The U.S. Commerce Department finalized tariffs on Canadian softwood lumber Thursday, which would add duties of 20% or more, The Wall Street Journal reported.

 

OSHA

 

Construction Dive
OSHA announces electronic reporting deadline for 2016 injury and illness data

As part of the Occupational Safety and Health Administration's (OSHA) "Improve Tracking of Workplace Injuries and Illnesses" rule, certain employers in high-risk industries like construction, manufacturing and building materials must submit electronically their 2016 injury and illness data from OSHA Form 300A by Dec. 1.