HousingWire, Apr. 28, 2020–Ben LaneAccording to the company, wholesale lending was a small part of its overall lending and it is shifting its focus to those larger channels.https://www.housingwire.com/articles/mr-cooper-shutters-wholesale-lending-channel/
Category: Top National News
Cost of GSEs’ Mortgage Market Support May Be Too Steep for Lenders
American Banker, Apr. 28, 2020–Hannah Lang (subscription)Lenders welcomed the Federal Housing Finance Agency’s recent announcement that Fannie Mae and Freddie Mac can buy loans already in forbearance, but that relief …
Waiting for Loan Modifications is ‘Like Watching a Tsunami Build’
National Mortgage News, Apr. 28, 2020–Bonnie Sinnock (subscription)The government-sponsored enterprises are focusing on how loans can be repaid after the federal forbearance period ends, and projections for loan modification volumes …
Fed Expected to Pledge Aggressive Action as Economic Distress Worsens
Wall Street Journal, Apr. 29, 2020–Nick Timiraos (subscription)Federal Reserve officials will update their assessment of the contracting U.S. economy Wednesday and could spell out how their policies will support an …
The U.S. Plans to Give $500 Billion to Large Companies. It Won’t Require them to Preserve Jobs or Limit Executive Pay
Washington Post, Apr. 28, 2020–Jeff Stein, Peter WhoriskeyA Federal Reserve program expected to begin within weeks will provide hundreds of billions in emergency aid to large American corporations without requiring …
Mnuchin Warns Some U.S. Firms Could Face Criminal Liability over Coronavirus Loans
Reuters, Apr. 28, 2020–David Lawder, Susan HeaveyThe U.S. Treasury Department will audit every loan for more than $2 million given under the Paycheck Protection Program for businesses hurt by the …
How the Coronavirus is Changing the HELOC Lending Market
National Mortgage News, Apr. 28, 2020–Brad Finkelstein (subscription)Is JPMorgan Chase an outlier or the canary in the coal mine when it comes to home equity lending during the coronavirus spread? …
Retail Tenants, Landlords Clash Over Proposed Pandemic Rent Clauses
Wall Street Journal, Apr. 28, 2020–Esther Fung (subscription)Some retail tenants are aiming to rewrite their leases to include pandemic escape clauses and other additional forms of relief, setting up a …
Homeowners Fear They May Owe Hefty Lump-Sum Payment on Mortgages
CBS News, Apr. 28, 2020–Khristopher L. BrooksAs more people fall behind, consumer protection groups say they are getting complaints from other homeowners who have obtained a measure of federal mortgage …
Share of U.S. Mortgages in Loan Forbearance Jumps to 7 Percent in Mid-April
World Property Journal, Apr. 28, 2020–Michael GerrityAccording to the Mortgage Bankers Association’s latest Forbearance and Call Volume Survey, the number of U.S. loans now in forbearance increased from 5.95% of …