On March 24 HUD released an industry update and provided questions and answers for Office of Multifamily Housing Stakeholders.
CMF Newslinks Archive
Citi Could Be Stuck With Troubled Casino Loan as Mortgage Market Seizes Up
Wall Street Journal, Mar. 24, 2020–Peter Grant, Katherine Sayre (subscription)The market for issuing securities backed by commercial mortgages has frozen up, leaving some of the biggest names on Wall Street …
White House, Senate Reach Deal on $2 Trillion Stimulus Package
The Hill, Mar. 25, 2020–Alexander Bolton, Jordain CarneyThe revamped Senate proposal will inject approximately $2 trillion into the economy, providing tax rebates, four months expanded unemployment benefits and a slew …
MBA Urges Feds to Take Immediate Further Steps on Market Stabilization, Liquidity
The Mortgage Bankers Association on Sunday asked the Treasury Department and the Federal Reserve to take immediate further actions ensure orderly functioning of the housing finance market in response to the “extreme volatility” in financial markets arising from the spread of the coronavirus.
FDIC Chair Calls for FASB to Delay CECL Rule Amid Pandemic
Federal Deposit Insurance Corp. Chair Jelena McWilliams, in a Mar. 19 letter to the Financial Accounting Standards Board, urged FASB to delay or postpone implementation of its current expected credit losses accounting rules.
REITs Aren’t Dead
DS News, Mar. 19, 2020–Seth WelbornAs the role of non-bank lenders has shifted in the past few years, regulators are considered allowing further growth for these mortgage institutions and REITs. …
Real Estate Billionaire’s Bleak Mortgage Warning Looks Timely
Bloomberg News, March 24, 2020–Marcus Ashworth The U.S. commercial real estate sector could be the next shoe to drop for the Federal Reserve; it may need some emergency triage. https://www.washingtonpost.com/business/real-estate-billionaires-bleak-mortgage-warning-looks-timely/2020/03/24/ef7d8648-6de7-11ea-a156-0048b62cdb51_story.html
MBA, Trade Groups Ask Treasury to Delay Like-Kind Exchange Deadlines
The Mortgage Bankers Association and other industry trade groups asked the Treasury Department and the Internal Revenue Service to delay deadlines applicable to like-kind exchanges currently underway to ensure liquidity in real estate markets during the coronavirus pandemic.
SL Green’s $815 Million Deal to Sell New York City Office Tower Falls Apart
Wall Street Journal, March 24, 2020–Konrad Putzier (subscription)Real estate giant SL Green Realty Corp.’s agreement to sell the former New York Daily News headquarters for $815 million has collapsed after …
Preserving Affordable Housing
Washington Post, March 19, 2020–Haisten Willis While efforts to create new affordable housing generate debate and policy proposals nationwide, a less discussed issue is how to preserve and improve the …