Associated Press

The New York Times calls Quicken Loans "the new mortgage machine," citing the firm's rank as the second-largest originator of mortgages, which issues $96 billion per year in new mortgage debt.

But the lender is making less flattering headlines too, like those that reference the Justice Department's allegation that the firm misrepresented customers' credit scores or real estate appraisals in order to qualify for Federal Housing Administration insurance.

Why it matters: The Quicken Loans story is that of the modern housing market. Zealous oversight from Justice and the FHFA have scared big banks from the market, opening the door for small companies to enter and take advantage of government programs like FHA-insured loans.

We're seeing the government become an increasingly entrenched player in the housing market—it owns or insures 3 out of every 5 mortgages in the country—and continues to be a major insurer of new loans. FHA loans have also soared in popularity, to capture more than 30% of new mortgages.

Republicans are between a rock and a hard place: The GOP's ideological instinct is to extricate government from industry where it can, as Donald Trump's recent decision to make FHA loans more expensive shows. But making mortgages more expensive for people will not necessarily be popular. Meanwhile, there have been several government efforts in recent years to lure back private capital into housing finance, and their results have been uneven at best.

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Updated 24 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 31,245,797 — Total deaths: 963,693— Total recoveries: 21,394,593Map.
  2. U.S.: Total confirmed cases as of 1 a.m. ET: 6,856,884 — Total deaths: 199,865 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Texas and Louisiana face fresh flood threat from Tropical Storm Beta

Tropical Storm Beta slowly approaching the Texas coast on Monday. Photo: National Weather Service/Twitter

Tropical Storm Beta crossed the Texas coast near the southern end of the Matagorda Peninsula late Monday, the National Hurricane Center said, bringing with it the risk of "life-threatening storm surge" and flooding to parts of Texas and Louisiana.

What's happening: Texas Gov. Greg Abbott (R) made a disaster declaration and Louisiana Gov. John Bel Edwards (D) declared a state of emergency, as the states began feeling the impact of the slow-moving storm — which was causing coastal flooding along the bays near Houston and Galveston in Texas, and the Gulf of Mexico Monday, per the National Weather Service.

Louisville police declare state of emergency as Breonna Taylor decision looms

A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

The Louisville police chief declared in a memo obtained by news outlets a "state of emergency" for the department on Monday to prepare for Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

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