A number of mortgage and real estate trade groups joined the many that denounced the storming of the U.S. Capitol as it met to process the Electoral College votes on Wednesday.
The Mortgage Bankers Association said it "condemns the vicious, lawless mob that descended on the U.S. Capitol today and wreaked havoc on our democratic process. Their actions were abhorrent and not representative of the ideals and character of America," the group's President and CEO Bob Broeksmit said in a statement. "The United States' democracy is the model for the world; those who deliberately undermine or disrespect it, or who fail to protect it, should be ashamed."
"The world is watching, and nothing can deter us from completing this peaceful transfer of power. MBA looks forward to working with the Biden-Harris administration and new Congress in the weeks and months ahead."
The Structured Finance Association also "condemns the terrible events," said CEO Michael Bright in a statement issued before Vice President Pence finished the tally of Electoral College votes. "This was a reprehensible display of cowardice. We know our Constitution is stronger than this, and we thank our leaders who will soon certify the will of the American people."
Ironically, Bright had been
Among the Trump administration officials to resign as a result of the events was Mick Mulvaney, who at one point had been the
Some in the real estate community were also quick to issue statements denouncing the day's events.
"The scenes we are watching unfold as a nation are shocking and leave us in disbelief," National Association of Realtors President Charlie Oppler said in a statement. "America's largest trade association stands with our democracy and our nation's centuries-old observance of peaceful protests and the peaceful transfer of power. What happened today at the U.S. Capitol was an assault on both."
The American Land Title Association commented the following morning. "We commend Congress for fulfilling their Constitutional duties and certifying the election following the mayhem. ALTA looks forward to working with the Biden-Harris administration and the new Congress," its CEO, Diane Tomb, said in a statement. "We will continue to support bipartisan collaboration in developing policy that provides housing opportunities for all people across America and protects the property rights of every consumer nationwide."
Housing Policy Council President Ed DeMarco, a former official in both the George W. Bush and Obama administrations — who served as the
"We look forward to a 2021 that brings the nation into a period of healing, reconciliation, and recovery. The Council welcomes the incoming Biden administration and the new Congress," DeMarco said in the HPC statement. "We pledge to be a constructive participant in ensuring the housing finance system plays its part in this restorative effort."
Yet, the events of Jan. 6 were met with a shrug by investors. Rather than the usual flight to quality and increased bond purchases during such disruptive events like the pandemic and
Even as the events were occurring, the 10-year yield stayed above 1% and opened even higher the next morning, as investors put more weight into the Democratic Party's sweep in the Georgia Senate runoff; that in turn switched control of the Senate, making it more likely a $2,000 per person stimulus check was back on the table.
However, the 10-year yield has been elevated in recent weeks compared to the depths it fell to following the start of the pandemic. But mortgage rates
"Until quantitative measures are rolled back and the COVID-19 recovery path becomes clearer, the yields on mortgage-backed securities and mortgage rates will likely be materially insulated from other market factors that would otherwise drive rates higher," a commentary from Black Knight based on the daily reports from its Optimal Blue subsidiary said on Monday.
