Democrats call for halt of Fannie Mae, Freddie Mac privatization

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1. Democrats call for halt of Fannie Mae, Freddie Mac privatization

Senate Democrats led by Sen. Elizabeth Warren have called on the Trump administration to halt the reprivatization of Fannie Mae and Freddie Mac, which finance 70 percent of the nation’s mortgage market and entered federal conservatorship after the 2008 financial crisis.

They warned that neither the federal housing administration nor the administration have produced a study of what impact releasing Fannie and Freddie from government conservatorship would have on mortgage rates and the housing market more broadly.

2. Employers added 139,000 jobs in May as labor market remains steady

The labor market persevered in May, continuing a consistent run of job creation that has outlasted inflation, interest rate increases and now an on-again-off-again trade war.

Employers added 139,000 jobs last month, the Labor Department reported Friday, about in line with economists’ expectations. The unemployment rate remained at 4.2 percent.

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3. More Nuggets

👀 Trump presses Fed chief Powell to cut interest rate by full point despite strong jobs report. (CNBC)

📉 Mortgage rates jump back toward 7% after jobs report. (MND)

🏘️ Luxury home values have hit $1.8M, bucking the spring slowdown. (Zillow)

🤖 How AI is creeping into our personal lives. (theHustle)

🔥 New California wildfire homeowner assistance program includes reverse mortgages. (HousingWire)

4. There are over 1M active listings in the U.S. now

For the first time since winter 2019, U.S. housing inventory has crossed the one million mark. Active listings jumped to 1,036,101 homes in May, up 31.5% year-over-year and 8% from April, according to Realtor.com’s May 2025 Monthly Housing Trends Report,. Here’s more key data from the report:

• Total unsold homes, including those under contract, are up 20.8% YoY

• The median listing price is $440,000, up 2.0% MoM and 0.1% YoY

• The median days on market are 51 days, 6 days longer than last year

• 19.1% of listings saw price cuts, the highest May share since at least 2016

• The median list price per square foot is $234, up 0.5% MoM and 0.6% YoY

• Only 22 of the largest metros have returned to 2017–2019 levels, and all of them are in the South or West.

5. PMR sues Canopy Mortgage over alleged poaching scheme by former employees

Premier Mortgage Resources is suing rival lender Canopy Mortgage, alleging a poaching scheme led by a former PMR manager and his sons, according to reporting by National Mortgage News.

The Idaho-based lender claims Curt Lillibridge and his sons—Riley, Keil, and Cameron—resigned in December 2023 and immediately joined Canopy, where they allegedly recruited colleagues and diverted loans in progress.

PMR accuses Canopy of misappropriating confidential loan data, leading to millions in lost revenue and the closure of its Everett, Washington branch. The lawsuit includes claims of tortious interference and seeks arbitration against the Lillibridges.

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

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