[Gustan Cho]

This video features an interview with Congressman Jared Moskowitz regarding several pressing political developments, including the defiance of a congressional subpoena and redistricting concerns in Florida.Key HighlightsPam Bondi Subpoena Defiance: Rep. Moskowitz discusses the failure of former Attorney General Pam Bondi to appear for a scheduled deposition on April 14th (0:07–0:19). He argues that if Republicans hold to the same standards they applied to the Clintons, she must be held in contempt for failing to comply with a lawful congressional subpoena (0:29–0:50).Investigation Questions: The Congressman outlines several critical questions for Bondi, including her involvement in handling Epstein-related documents and alleged political interference within the White House (2:16–3:42).Trump vs. The Pope: The discussion shifts to the public feud between Donald Trump and the Pope. Rep. Moskowitz suggests this conflict, following social media imagery, is a “distraction from distractions” used to shift the narrative away from other pressing issues like the economy or foreign conflicts (7:14–9:55).Redistricting in Florida: Addressing a potential special legislative session in Florida, Rep. Moskowitz expresses concerns about further gerrymandering. He identifies his own district as a target due to its status as the state’s closest swing seat (11:26–14:20), and emphasizes that voters previously passed constitutional amendments to ensure fair districts, which he fears may be bypassed by the current court dynamics (13:36–14:06).

https://youtu.be/FYm145LKCGw?si=AQSk8Io47EZ1OV0O

[Gustan Cho]

🔍 VIDEO SUMMARY:🚨 Minnesota Impeachment Showdown: Walz & Ellison Under Fire Over BILLIONS in Fraud 🚨
Minnesota lawmakers just took a MAJOR step toward impeachment proceedings against Governor Tim Walz and Attorney General Keith Ellison — but the effort hit a dramatic roadblock.
In a tense House Rules Committee hearing, impeachment resolutions tied to the multi-billion dollar Feeding Our Future fraud scandal ended in an 8–8 deadlock, with Republicans pushing forward and Democrats shutting it down.
But that didn’t stop the accusations…
This video breaks down the most explosive moments from the hearing, including:
Lawmakers alleging a “systematic breakdown in governance”Claims that the Walz administration ignored whistleblower warningsTestimony that employees who tried to stop fraud were “marginalized or threatened”Questions surrounding Attorney General Keith Ellison’s connections to individuals tied to the fraud networkThe constitutional argument: Minnesota’s House holds the SOLE power of impeachment
Meanwhile, Democrats blasted the entire effort as a “political stunt” and “a waste of time,” while Governor Walz dismissed the push, saying it’s “more likely the sun will rise in the west” than impeachment going anywhere.
Despite the failed vote, supporters are NOT backing down — promising to continue pursuing accountability for what some lawmakers say could be billions lost in taxpayer funds.
The big question remains:👉 Was this a legitimate push for accountability… or pure political theater?
Watch the full breakdown and decide for yourself.
🔥 KEY TOPICS COVERED:Minnesota impeachment inquiry, Tim Walz impeachment, Keith Ellison controversy, Feeding Our Future fraud, Minnesota fraud scandal, whistleblower testimony, government corruption, House Rules Committee vote, political accountability
💬 Drop your thoughts below — should this move forward or is this DOA?
⚠️ DISCLAIMER:This is not legal advice. Some links are affiliate links, which support the channel at no extra cost.#bodycam​ #policeinteraction​ #lawreaction​ #legalanalysis​ #youtubestrategy​

https://youtu.be/f3bVGzqF-Go?si=LLa-Apiaohy2ncZ3

[Gustan Cho]

The housing market is more likely to **Level off or gradually decelerate** than to completely collapse nationwide. The most significant issue is affordability rather than a repeat of the crash of 2007. Current predictions suggest that the national housing market will not see any significant increases or decreases in the average price of a home in 2026. Mortgage rates remain high enough to keep a significant amount of the buying population out of the housing market.

What is the most likely future prospect?

Home prices are high because in many markets there is not enough supply, but the rate of price increases is slowing. One of the major predictions expects home prices in the United States to increase 0.7% in 2026. Another major prediction expects national home prices to grow by nearly 0% which is symptomatic of a trend that is far from a collapse.

The primary factor for poor affordability is high mortgage rates. Even if prices stop increasing, high interest rates in the mid 6% range leave painful borrowing costs that keep first-time buyers in rental situations for longer.

Why is a crash improbable?

Most crashes are preceded by a forced selling, loss of jobs, and a backlog of foreclosures. Forecasts suggest that type of breakdown will occur and result in a collapse of the housing market. The prevailing prediction, but forecasters are Breakdown, slowing sales, balanced inventory, and small price reductions.

That being said, prices in the housing market may decline in certain local markets. The areas with the most new construction, areas with lower demand, specifically parts of the West Coast and the Sun Belt, are likely to see a more significant decline in prices than the national average.

Rent for the sake of ownership

A larger proportion of the population may remain renters if the cost of housing relative to wage increases does not change.

Numerous sources indicate that due to home prices and rents growing faster than income, jobs and income of many households are no longer in equilibrium which makes affordability worse and leaves households jobs priced out.

Still, that does not imply homeownership disappears. It likely becomes more segmented, with buyers narrowed down to households with stronger income, spending bigger amounts, family support, or in relocation to areas with cheaper housing and lower interest home\loan options and special loan assistance.

On your “prices need to collapse” view

A reset is understandable, but broad collapse will also hurt recent buyers, sellers needing to take equity from their housing to move, builders, lenders, and local municipalities that depend on property taxes. Instead of 2007, more realistic pathway would be to have slow appreciation, income gradually capturing over time, and increased housing supply.

In other words, what goes up does not come down fast with housing because shelter is still needed and supply is slow to respond. Unless there is an extreme increase in unemployment or credits, housing markets typically.

Dollar and gold

There are no indications that the U.S. dollar will likely be backed by gold or gold-silver in the near future. For many decades, The U.S. has functioned on a fiat currency system, and the return to a metal-backed dollar is not a policy path to be prospectively supported.

https://www.youtube.com/watch?v=CuiOR8RMPzk

[Gustan Cho]

“Recent reports allege that Bryon Noem participated in online bimbofication fetish forums and exchanged photos and messages with models.

The reporting says Bryon Noem was allegedly involved in online “bimbofication” fetish forums, where some participants eroticize exaggerated doll-like femininity and use fake breasts, pink clothing, and similar role-play. The most detailed accounts come from a Daily Mail investigation summarized by outlets like People and Yahoo, which say the report included photos, messages, and alleged payments of at least $25,000.

What Is Claimed

According to those reports, the allegations include:

• Photos of Bryon Noem in women’s clothing with oversized fake breasts made to look like balloons.
• Participation in online fetish chats under a pseudonym, “Jason Jackson”.
• Alleged spending of at least $25,000 communicating with online fetish models.

What Is Not Confirmed

These are allegations from a media report, not independently established facts from a court finding or an official investigation, as far as I can tell from the sources I found. Some coverage also notes the family’s response: Kristi Noem’s representatives said she was “blindsided” and asked for privacy and prayers.

https://www.youtube.com/watch?v=x4Fa9oPM03I

[Gustan Cho]

The mortgage business is showing signs of recovery for 2026. Recovery appears to be a slow reset rather than a rapid rebound. Business activity is picking up slightly due to rising affordability, increased mortgage applications over several periods, and predictions of higher origination volume.

Key indicators of Recovery

• Mortgage origination volume: The Mortgage Bankers Association (MBA) predicts the volume of single-family mortgages will increase by 8% to $2.2 trillion in 2026 (compared to 2025), with the purchase origination volume increasing by 7.7% to $1.46 trillion and the refinance origination volume increasing by 9.2% to $737 billion. Other forecasts (e.g., Fannie Mae, iEmergent) suggest mortgage origination volume will be close to $2.3 trillion, driven by support for previously unmet needs.
• Mortgage applications and demand: Applications show a year-over-year increase. For instance, purchase applications have risen for multiple weeks. Refinance activity increases whenever rates dip, with a significant rise in refinancing compared to 2025. Lenders’ confidence in buyers grows as rates drop. However, the overall trend suggests rates will increase.

*Support for the Housing Market*Support for the Housing Market: The National Association of Realtors (NAR) believes the housing market is stabilizing, predicting for 2026 an almost 14% rise in sales of previously owned homes and an almost 5% rise for newly constructed homes. These predictions are tied to steady job growth, improved inventory, and fewer homes on the market. Home appreciation rates are expected to be modest, likely in the range of 0% to 4%, with home values remaining mostly flat compared to the purchasing power of the population in 2026

Compared to the 2025 peak, mortgage rates in 2026 have decreased slightly. However, they are still significantly higher than the rates that were present at the peak of the pandemic:

• The 30-year fixed mortgage rate averaged for the end of March 2026 is approximately 6.3% – 6.5%, while Monday rates have been reported as 6.38 to 6.49, with a Monday rate of 6.49% positively correlated with a Monday low rate of 6.38% earlier in the same year.
• Predictions for the year suggest an average mortgage rate of 6% to 7%, with Redfin predicting 6.3%. Some quarterly forecasts expect rates to fall to 5.9% to 6.1%. Federal government regulations on financial markets are seen as signals of stability or possible rate reductions. For homeowners currently paying 6% to 7%, lower rates have created opportunities to refinance. Rate buy-down agreements and adjustable-rate mortgages (ARMs) have also helped bridge affordability gaps for home purchases. However, it is long, slow, and uneven.
• Affordability — Historically high home prices and rates remain constraining. There are some modest improvements as wages increase and inventory levels improve in select markets. Supply remains tight in most areas.
• Volume Drivers — For many lenders, refinances and lump-sum home equity lending are expected to drive gains. Nearly 75% of lenders surveyed expect overall volume to improve. Purchase activity is expected to increase gradually, linked to life events, job-related moves, and Millennials entering the market.
• Risks — Economic uncertainty and inflationary pressures, along with slower Fed easing, could stall momentum. Some analysts call 2026 a reset year and describe it as a selective boom, with stronger Non-QM segments, rather than a full boom.

Encouraging normalization in applications, originations, and sales projections is expected in 2026 after several difficult years. Although 2023 to 2025 will not see a return to the low-rate frenzy of the early 2020s, other industry conditions will be more positive. The most current data will come from the MBA Weekly Applications Survey and Freddie Mac rate reports. Weekly data changes often due to bond market movements and economic news. If you work in the industry, you need to watch rates and stay alert to local inventory in your state, such as Minnesota.

https://www.youtube.com/watch?v=6fQxDgqmfOo

[Gustan Cho]

A servicing-aligned income program initiative that will enable compliant participation in recurring revenue streams associated with servicing loans they originate for eligible mortgage loan originators (MLOs).

This is consistent with what you have heard from originators and net branch owners. By tying a portion of compensation to the continued performance and servicing of closed loans, the program aims to provide greater stability for MLOs. This relieves MLOs from depending on front-end origination commission revenue, which is subject to market conditions (interest rates and housing demand).

Background: How Mortgage Servicing Works

Mortgage servicers take care of the collections on a borrower’s monthly payments, manage escrow accounts (where funds are held for paying taxes and insurance), deal with delinquency, modify or foreclose on a loan, and pay owners (principal + interest) of the loan (which could include Fannie Mae, Freddie Mac, or Ginnie Mae, as well as private investors). Servicers earn revenue from their loans as follows:

• Contractual servicing fees. This is generally about 25 basis points (0.25%) of the loan balance per annum and is paid from the interest portion of the borrower’s payment.
• Servicing income that is not part of the contract, which can include income from late payments, holds on funds, and certain other incentives (called “ancillary” income).
• Possible worth from Mortgage Servicing Rights (MSRs), an asset class of which some aspects can be purchased, sold, or held by lenders/investors, where MSRs grant an investor the right to service the loan and receive the associated fees.

Servicing comprises a long-term relationship: With a 30-year mortgage, the servicer can be paid for many years, unless the loan is prepaid due to a refinance or a sale of the property. In the mortgage industry, this is a stable, predictable revenue stream compared to the unpredictable revenue from loan origination.

In the past, most of these revenue profits from servicing a loan, have gone to the lender, correspondent, or specialty servicer—and not the individual MLO who worked on the loan in question. MLOs are typically paid a single, one-time commission for their work (typically paid as a percentage of the total loan amount) at mortgage closing.

C2C’s Servicing-Aligned Program: What We Know

From the press release and subsequent articles:

• C2C is building a separately structured servicing platform (currently in advanced development) to facilitate this alignment.
• Compliant C2C-affiliated MLOs will have the opportunity to engage in recurring income opportunities related to servicing, subject to applicable laws, regulations, licensing, jurisdictions, and investor restrictions.
• The model places a premium on regulatory adherence and transparency, utilizing a proprietary tech solution to provide centralized access, reporting, and visibility throughout the loan lifecycle (including the performance of “your” loans in servicing).
• The initial rollout will be internal and may commence around July 2026.
• The model is not traditional ownership of MSRs (which are complex, capitalized, and subject to valuation fluctuations and regulatory uncertainties). This will be a “servicing-aligned” model that offers structured participation in performance-based, recurring revenues related to the loans.
• Benefits C2C mentioned include the opportunity to strengthen relationships over the long haul, retention of MLOs (Mortgage Loan Originators), and financial security during the ups and downs of market cycles—similar to the insurance agent model you mentioned, where renewals provide ongoing income.

CEO Mike Kortas described it as a long-term vision focused on not being irresponsible, expanding options for originators without disrupting the system, and remaining in alignment with all compliance and investor guidelines.

Important Caveats On Mechanics:

• The specifics of payout percentages, eligibility thresholds, vesting periods, and the method for calculating and distributing revenue (e.g., a very small percentage of the servicing fee for loans originated by the MLO and classified as performing) will not be publicly available.
• These are, and will continue to be, highly variable and subject to a multitude of legal or compliance constraints.
• The only loans included in the agreement will be those offered by C2C and its emerging servicing structure.
• Setting regulatory guardrails ahead of time is necessary: The CFPB’s Loan Originator Compensation (LO Comp) rules under Regulation Z usually prevent MLOs from being paid based on the “terms or conditions” of a transaction or on any profits (some interpretations include servicing income) that are pertinent to the transaction.
• C2C is viewing this as a compliant and structured pathway and is likely using a different entity or a profit-sharing structure that avoids the indirect, direct relationship with any specific loans.
• A comp based on profit poses risks in the absence of safe harbors and requires positive structuring.

C2C’s other programs already allow top producers or recruiters to earn income that resembles a residual from revenue sharing and the C2C 100 program, where they can receive ongoing splits from their downline MLOs’ commissions (passive participation in the structure can include 100% comp on certain loans). The new servicing program seems to reflect the aspiration of achieving true “loan-level” recurring income beyond the recruiting element.

Is This Only for C2C, or Do Competitors and Others Offer It as Well?

Individual MLOs’ residual programs aligned with servicing appear to be a C2C initiative rather than an industry-wide practice. There are no significant competitors publicizing similar models in the short time frame surrounding C2C’s announcement.

• C2C’s positioning: As one of the top independent mortgage brokerages with thousands of MLOs and net branches, C2C is pioneering the broker/correspondent channel by providing greater “ownership”- type economics without running a full brokerage.
• Additionally, the revenue share (downline-based), and his commission splits (i.e., 220+ bps) reinforce the long-term incentives, and this servicing tie-in extends it the most.
• Wider Industry:
• • Conventional models: Most mortgage brokers, correspondent lenders, and direct lenders pay MLOs commission only at the front. Servicing rights are usually retained by the lender/servicer or sold to the secondary market. MLOs do not share in the servicing fees.
  • Exemptions and alternatives: Some non-QM or specialty lenders have tried, unlike any other, to use residual or renewal-type compensation on specific portfolios, but these arrangements carry regulatory risks (LO Comp rules make it problematic to pay service income or profits tied directly to servicing).
  • A handful of smaller or independent shops entice clients with the idea of “residual income programs,” but what this usually means is recruitment-based revenue share or performance bonuses rather than actual servicing revenue share on specific loans.

1. Insurance analogy: Insurance agents get renewals because their policies with the carrier are ongoing contracts. Mortgages are like that \xe2\x80\x94 servicing lasts for years. However, the split between origination and servicing, along with the Dodd-Frank, CFPB, and GSE guidelines, has created barriers to MLOs being paid this way in large numbers.
2. Net branches, brokers, correspondents, direct lenders: This is not universal or required by regulation. Brokers (who do not fund loans themselves) have less direct control over servicing than correspondents or portfolio lenders do. Competitors like United Wholesale Mortgage (UWM), loanDepot, and other large players in the market that focus on volume incentives, servicing technology, or flat or high split commissions have not yet disclosed servicing revenue shares for MLOs. Some net branch models offer equity-like or profit-sharing structures similar to this, but typically do not provide access to direct servicer residuals.

If other businesses were to follow this path, it would most likely be in response to a competitive talent market, especially in an origination market that is moving more slowly. However, the cost of starting it is believed to be high (servicing platform, legal structure, investor approval, compliance) and poses compliance concerns. C2C is best positioned in the market, combining its high level of proprietary tech with its size.

Pros, Cons, and ConsiderationsPros (as you have noted)

• Stability: Residual income provides a buffer as rates are high and volumes are low. This represents a stream of income similar to what an annuity would pay for a book of performing loans.
• Alignment: Supports the creation of quality origination and long-lasting relationships with borrowers.
• Retention: Makes the career more appealing, especially for older MLOs who are building a “book of business”.

Cons/Risks:

• Regulatory uncertainty: It is complicated to navigate the LO Comp rules regarding the imposition of a cap on profit share.
• Loan performance dependency: borrower defaults and early refinancing are a risk.
• Eligibility and vesting: Limited to high producers or specific C2C affiliates and may involve clawbacks or a vesting period.
• Tax and accounting: Residuals would be taxable income.
• Market/execution risk: Actual payouts and scalability are uncertain.

It is a good concept that may be attractive to MLOs who want more Income certainty, but much depends on how it is executed, whether regulators permit C2C’s revenue sharing without crossing compliance lines, and how the revenue sharing is structured.

I recommend speaking to C2C leadership or the compliance team if you are an MLO considering joining C2C for the most up-to-date details on the program, who is eligible, and how much they expect it will pay out (the information available to the public is basic, and the mortgage industry, with respect to rates and regulations, evolves quickly). This can invite a lot of conversation among competitors.

If you are an MLO, I encourage you to contact C2C leadership or the compliance team to get the most up-to-date information on the program, who will be eligible, and what the expected payouts will be (public information is limited). Given the rapid evolution of the mortgage industry, particularly with rates and regulations, I anticipate this will invite conversation among competitors.

If you need me to go into detail about comp models, LO Comp regulations, or any other area, just let me know!

[Gustan Cho]

For National Faith Homebuyers’ DPA, you generally need to be mortgage-qualified for a loan that allows secondary financing, keep your monthly mortgage payment at or below 31% of your household’s gross monthly income, complete the required homebuyer education, and have at least $1,000 of your own funds. You also must be buying a home in one of the eligible cities they fund, and the property must meet Housing Quality Standards.

Where to apply

You can apply through National Faith Homebuyers’ down payment applications page, but only after you meet the eligibility requirements and have an accepted purchase agreement on a property in an eligible city. They say you should submit the contact form on that page and their downpayment department will respond within 24–48 hours.

How to start

National Faith says you can call their Detroit office at (313) 255-9500 or Atlanta office at (678) 553-3770, or use the contact form on their DPA page to begin.

Important details

Their site lists eligible cities as changing based on availability, and it includes places such as Livonia, Westland, Lincoln Park, and several Wayne County communities. The program page also notes the Wayne County DPA loan is a fixed $13,999 for existing homes and is forgivable after five years at 0% interest.

If you want, I can also help you figure out whether your income, credit, and target city likely fit the program before you apply.

nationalfaith.org

Down Payment Assistance Program | National Faith Homebuyers

Down Payment Loan | Forgivable After 5 Years | 0% Interest | Partnered with Michigan State Housing Development Authority | Contact for More Information

[Gustan Cho]

Mortgage lenders and loan originators are optimistic about 2026, seeing it as a promising year. However, this outlook depends on the performance of specific mortgage market segments.

Industry Sentiment and Volume Projections

Mortgage professionals expect 2026 to outperform recent years. The National Mortgage News Predictions 2026 survey shows most lenders are optimistic and foresee higher mortgage volumes. Among loan officers surveyed, 85% predict increased originations, with 44% expecting growth of more than 10%. 62% anticipate a moderate increase, while 15% expect a substantial rise.

Origination Volume Forecasts

Major industry associations forecast growth in total origination volume.

• Fannie Mae projects a 2026 origination volume of $2.4 trillion, up from $1.94 trillion in 2025.
• The Mortgage Bankers Association anticipates an 8% increase in total single-family mortgage origination volume in 2026, reaching $2.2 trillion.
• Emergent reports a nearly 10% increase in U.S. mortgage loan origination volume in 2026.
• Agencies cite various factors, but the following aspects are most notable.

1. Refinancings: The share of originated loans that are refinanced is expected to reach 38% in 2026, up from 29% in 2025 and 21% in 2024.
2. Specifically, the Mortgage Bankers Association forecasts a refinancing volume of $737 billion.
3. Home Equity Loans: This segment is expected to grow significantly.
4. Decline in Interest Rates: Lower mortgage rates are expected to drive higher originations.
5. An unnamed loan officer predicted, “By the 3rd quarter of 2026, we will start seeing home sales increase, and mortgage rates decrease.”
6. Growth in the Non-Qualified Mortgage (Non-QM) Market:

Non-qualified mortgages (Non-QM) remain a strong segment of the market:

• In 2025, Non-QM loans accounted for over 10% of total mortgage applications for the first time, establishing a new record.
• By 2026, the Non-QM sector is projected to reach a market share in the low teens.
• Originators are increasingly comfortable with these loans, and this trend is expected to continue despite market changes.

Industry Challenges: Despite Optimism, The Industry Continues To Face Several Challenges That Require Attention:

1. Housing Affordability: High home prices were identified by 43% of loan officers as the most significant obstacle for homebuyers in 2026, while an additional 31% cited challenges in saving for down payments.
2. Inventory Constraints: Housing shortages persist, especially in entry-level and mid-tier markets.
3. Demographic Disparities: Some analysts see first-time homebuyers as having the most growth potential, while others expect limited growth, especially among low- and moderate-income families.
4. Economic Uncertainty: Ongoing inflation and potential economic weakness remain concerns that could negatively affect loan performance.
5. Regional Variation: Respondents’ expectations for demand in 2026 vary by location, but most anticipate increases.
6. The most optimistic projections highlight refinancing and home equity lending in 2026, especially if interest rates fall.
7. These trends may help the mortgage industry address ongoing inventory and affordability challenges.
8. After several challenging years, these forecasts suggest that 2026 could be a period of growth and positive change.

[Gustan Cho]

One of my friends and former business colleague who used to work at NEXA and now works for a different mortgage brokerage did a price comparison on rates between NEXA and the other mortgage brokerage. They are on a 250 compensation plan with the wholesale lender. At NEXA we are at 2.75% yield spread compensation plan. When comparing rates, NEXA’s rates were lower than the other brokerage even though our comp plan at NEXA was higher. I heared that NEXA has volume preferred pricing versus other mortgage brokerage.

https://gustancho.com/yield-spread-premium/

gustancho.com

Yield Spread Premium Charged By Mortgage Brokers

The maximum Yield Spread Premium mortgage brokers can make is 2.75% whereas mortgage bankers are exempt and have no cap