Bessent might shift from Treasury to Fed chair

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1. Bessent might shift from Treasury to Fed chair

The race to replace Jerome Powell hasn't truly kicked off yet but there is some positioning in the background. Treasury Secretary Scott Bessent has emerged as a candidate, according to Bloomberg.

Powell's term doesn't end until May 2026 and he was nominated (by Trump) on November 2, 2017 so the timeline is still long.

The report says that 'a growing chorus' is encouraging Trump to pick Bessent and there is 'a small list' of candidates under consideration. The favorite has been Kevin Warsh, who is noted as a candidate.

2. Xpert Home Lending put on three-year probation

Mortgage broker Xpert Home Lending agreed to a May 2 consent order that hits the two-year-old firm with $185,664 in fines and a stayed revocation of its Washington consumer-loan license. CEO Alysia Jill Budd and compliance chief Richard Louis Hanlin are personally named in the deal.

State examiners said a 2023-24 review uncovered missing supervisory and anti-money-laundering plans, unlicensed branches and flawed loan disclosures. Xpert admitted to some advertising and paperwork lapses but disputes the most serious findings; regulators say the probe continues.

If any term is breached before May 2028, the state can yank the company’s license and Hanlin’s originator credential without further notice. Budd is barred from loan-origination work during the probation but may handle recruiting and back-office duties.

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3. More Nuggets

💸 Best tipping states in the U.S. (Axios)

📝 CFPB enforcement head resigns, citing ‘no intention to enforce the law’ (Reuters)

🗺️ Map shows where homebuyers can still buy homes for under $300K. (Newsweek)

💼 Zillow isn't backing down on remote work. (Inman)

🤑 Price cuts on home listings surge to 9-year high. (Realtor.com)

4. Former Real Brokerage CFO sues, alleges pregnancy discrimination

Michelle Ressler, former chief financial officer of cloud-based real-estate firm The Real Brokerage, sued the company Tuesday, claiming she was forced out after taking maternity leave.

Ms. Ressler, removed as CFO in April, alleges the firm fabricated performance issues and replaced her with a less-qualified man. The complaint, filed in U.S. District Court for the Southern District of New York, accuses Real Brokerage of gender discrimination, pregnancy discrimination and retaliation.

5. Fannie Mae: Consumer housing market sentiment hits 2025 high point

Fannie Mae’s Home Purchase Sentiment Index climbed to 73.5 in May, marking a 4.3-point increase from April and a 5.4-point gain since March. This signals a gradual, but cautious improvement in buyer confidence. Here are key points from the survey:

• 26% of consumers believe it’s a good time to buy a home, up from 23% in April and nearly double the 14% who felt the same this time last year.

• 29% of respondents expect mortgage rates to decline over the next year, a slight uptick from April’s 26%, but still well below the 45% peak optimism seen in November.

Expectations about home prices also shifted. Forty-five percent of respondents said they expect prices to rise in the next year while 34% said they would stay the same. The net share of consumers anticipating higher prices rose to 24%, a 3-point gain.

☀️ You’re all caught up. See you on Friday!

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