The stalemate & shutdown continue, all but eliminating the government release of economic news. Recall that the U.S. Treasury posted a $345 billion budget deficit in August, the largest monthly deficit of 2025 and the 2nd-worst August on record but helped by tariff revenue. This is up from July’s $291 billion deficit and has only been surpassed by last year’s $380 billion deficit. Government spending surged to $689 billion for the month. Through the first 11 months of FY2025, the U.S. deficit was up to $1.97 trillion, on track to be the 3rd-largest annual deficit in history, after 2020 and 2021. In other news, occupancy should not be a partisan issue, right? Letitiia James has been indicted for mortgage fraud. An attorney will tell you that “fraud” is difficult to prove (typically involving intent and knowledge), while critics are asking, “Why aren’t his three cabinet members being indicted for occupancy fraud as well,” or FHFA Director Bill Pulte’s father and stepmother who claimed dual homestead exemptions in Michigan and Florida. I am sure that the courts will sort things out; each case should stand on its own merits! (Today’s podcast can be found here and this week’s are sponsored by Truework, the only all-in-one, automated VOIEA platform that helps mortgage providers achieve up to 50 percent cost savings with an industry leading 75 percent completion rate. Today’s features an interview with Home Builders Institute’s Ed Brady on the home building climate, evolving workforce trends, trade misconceptions, and the strategic solutions needed to rebuild America.)
