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- Opendoor CEO steps down as the meme stock continues to soar
Opendoor CEO steps down as the meme stock continues to soar
Plus: MBA pushes back on GSE merger
🌆 Happy Monday dear reader! Today's newsletter is 668 words, a 2.5-minute read.
Disclaimer: Average mortgage rates as of August 15, 2025. © MND Daily Rate Index.
1. MBA pushes back on GSE merger
The Mortgage Bankers Association is opposing proposals to merge Fannie Mae and Freddie Mac, warning that consolidation would weaken competition in the $12 trillion secondary mortgage market.
MBA Chief Economist Mike Fratantoni told HousingWire that keeping two government-sponsored enterprises ensures stability and provides lenders with alternative partners.
He argued that past concerns about risk-taking have been addressed by post-crisis reforms, including Dodd-Frank’s mortgage rules and higher capital standards that have doubled guarantee fees since 2008.
“There need to be at least two GSEs and we think competition in the secondary market is really beneficial for the system as a whole,” said MBA chief economist Mike Fratantoni. He added that rather than relying on the assumption that the government would intervene in a crisis, “it would be a much better outcome to have an explicit guarantee” — a formal, written federal commitment to backstop Fannie Mae and Freddie Mac’s mortgage securities to ensure investor confidence and market stability.
2. Opendoor CEO steps down as the meme stock continues to soar
Carrie Wheeler, the chief executive of Opendoor Technologies, announced on Friday that she's stepping down.
"The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused and charging ahead," Wheeler said in a post on X. "I believe the best thing I can do for Opendoor now is to accelerate my succession plans."
Opendoor shares spiked, with the stock up as much as 13% on Friday. Wheeler's departure comes amid Opendoor's meme stock rally that has sent the residential real estate company's share price up nearly 215% in the past month.
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3. More Nuggets
📈 More than 81% of homeowners have a mortgage rate below 6%—and they’re not budging. (Realtor.com)
💼 Edge One Capital discloses its stake In Fannie Mae and Freddie Mac. (HousingWire)
💰 Centerbridge Partners to buy MeridianLink in $2 billion deal. (WSJ)
🏘️ America’s housing market is shuddering. (The Economist)
📊 Veterans Affairs sets new record for disability and pension claims processing. (WH)
4. Appeals court allows Trump administration to resume CFPB dismantling
A federal appeals court panel on Friday overturned a judge’s block on the Trump administration’s dismantling of the Consumer Financial Protection Bureau (CFPB), paving the way for mass layoffs to resume.
The U.S. Court of Appeals for the District of Columbia Circuit panel voted 2-1 that employee unions and groups that use CFPB services have no right to bring their challenge in federal court.
It lifts a block that for months has prevented the CFPB from conducting planned layoffs affecting at least 80 percent of the bureau’s remaining workforce and terminating contracts.
5. Rocket taps mega-influencers, creators in efforts to reach homebuyers
Rocket Companies is betting big on social media stars to boost its mortgage and real estate business. The Detroit-based firm named Viral Nation, a marketing agency known for connecting brands with mega-influencers, as its social media agency of record.
The move formalizes a partnership that began with Rocket’s “Own the Dream” Super Bowl campaign, which drew 247 million views. Viral Nation will now lead Rocket’s broader social strategy, from influencer programs to community management, with an emphasis on what the companies describe as “raw, relatable” stories of homeownership.
Rocket Chief Marketing Officer Jonathan Mildenhall said the aim is to spark belief among potential buyers by showcasing ordinary people achieving their goals. Viral Nation CEO Joe Gagliese called Rocket “a culturally influential brand” poised to shape communities through storytelling.
☀️ You’re all caught up. See you on Wednesday!
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