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  • Mortgage fraud rings trigger do‐not‐use lists across NJ, MD, NY

Mortgage fraud rings trigger do‐not‐use lists across NJ, MD, NY

Plus: Trump accuses Sen. Adam Schiff of mortgage fraud

July 16, 2025

🌞 Buongiorno. Let's get to it. Today’s newsletter is 620 words, a 2.5-minute read.

Disclaimer: Average mortgage rates as of July 15, 2025. © MND Daily Rate Index.

1. Trump accuses Sen. Adam Schiff of mortgage fraud

President Trump accused Sen. Adam Schiff (D-California) of mortgage fraud Tuesday, and a senior administration official said that a criminal case had been referred to the Justice Department, in a sharp escalation of the White House’s attacks on vocal critics.

  • Schiff had led impeachment proceedings against Trump as a House member before he was elected to the Senate last fall.

In a message on Truth Social, Trump said Fannie Mae’s financial crimes division found Schiff had a “sustained pattern of possible Mortgage Fraud,” which the president claimed, without providing specifics, had involved misstating which home Schiff used as a primary residence, helping him secure a cheaper mortgage.

2. Inflation picks up to 2.7% as tariffs start to seep into prices

Inflation picked up in June, a potential sign that companies are starting to pass tariff costs on to consumers. Consumer prices rose 2.7% in June from a year earlier, the Labor Department said Tuesday, faster than May’s increase of 2.4%.

The numbers were right in line with the Dow Jones consensus, though the annual rate is the highest since February and still above the Federal Reserve’s 2% target.

"Inflation has begun to show the first signs of tariff pass-through," said Ellen Zentner, chief economic strategist at Morgan Stanley. "While services inflation continues to moderate, the acceleration in tariff-exposed goods in June is likely the first of greater price pressures to come. The Fed will want to hold steady as it awaits more data."

Related: JPMorgan’s Dimon: Fed independence ‘absolutely critical’

3. More Nuggets

💰 Marjorie Taylor Greene calls for end to capital gains tax on primary home sales. (Newsweek)

💸 Down Payment Resource CEO explodes DPA myths. (NMP)

🏚️ What if America’s red states are about to lose their cheap-housing advantage? (CityJournal)

📊 Nearly one-third of major U.S. housing markets now see falling home prices. (CNBC)

💼 After the Bayview deal, what’s the refi strategy for Guild Mortgage? (HousingWire)

4. Realtor.com acquires collaborative home search app Zenlist

Move Inc., the parent company of Realtor.com, has acquired Zenlist, a real estate technology company known for its collaborative search tools for agents and homebuyers.

  • Zenlist is a mobile-first app that enables agents and homebuyers to search properties together. Zenlist has more than 35,000 users and multiple brokerage and MLS partnerships.

“We’re excited to join the team at Realtor.com and view this acquisition as an incredible opportunity for our customers and team,” MacLeod said. “By tapping into Realtor.com’s trusted brand and scale, we’ll be able to enhance our platform, broaden our offerings and continue delivering top-tier services and tools to even more industry partners and professionals.”

5. Mortgage fraud rings trigger do‑not‑use lists across NJ, MD, NY

Fannie Mae has issued a fraud alert warning of a mortgage scheme involving inflated appraisals and fraudulent refinances on small investment properties in New Jersey and surrounding states. .

The scam centers on deed transfers to LLCs, fake leases, and unrecorded hard money loans to secure inflated limited cash-out refinances.

In response, Non-QM lenders are blacklisting dozens of appraisers and nearly 200 borrowers and entities. Some lenders have suspended lending in areas like Baltimore, Brooklyn, and parts of New Jersey and New York.

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

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