Washington Post, Apr. 22, 2020–Heather LongThere’s growing consensus among economists and epidemiologists that the recovery period from the deadly coronavirus is going to be long — and bumpy. Hopes of …
Category: Top National News
McConnell Says He Favors Allowing States to Declare Bankruptcy
Bloomberg, Apr. 22, 2020–Steven T. Dennis, William SelwaySenate Majority Leader Mitch McConnell, R-Ky., said Wednesday he favors allowing states struggling with high public employee pension costs amid the burdens of …
Mortgage Fraud Risk Drops, But Coronavirus Could Bring New Wave
National Mortgage News, Apr. 22, 2020–Paul Centopani (subscription)The risk for mortgage application fraud fell 8.9% in the opening quarter of 2020 from the prior quarter and 26.6% from the same …
Mnuchin Says ‘We Need to Spend What It Takes’ to Overcome Coronavirus Crisis
Wall Street Journal, Apr. 22, 2020–Richard Rubin (subscription)Treasury Secretary Steven Mnuchin said he is sensitive to concerns about rising federal debt but emphasized that low interest rates and the urgency …
Weekly Mortgage Demand Stalls, Even with Interest Rates at a Record Low
CNBC, Apr. 22, 2020–Diana OlickMortgage volume appears to be settling into a new normal, as refinance demand stays high and purchase demand sits at a five-year low. Total mortgage application …
Can Government do Anything to Stop Mortgage Market Contraction?
American Banker, Apr. 21, 2020–Hannah Lang (subscription)Efforts to calm lenders’ fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it …
Cash Pours Into Distressed Real-Estate Funds as Investors Aim to ‘Play Offense’
Wall Street Journal, Apr. 21, 2020–Peter Grant (subscription)Investors are pouring billions of dollars into new real-estate funds created to buy distressed debt backed by hotels, malls, office buildings and other …
Strained U.S. Mortgage Firms Get Support but Push for Liquidity Facility
Reuters, Apr. 21, 2020–Chris Prentice, Matt ScuffhamMortgage Bankers Association CEO Bob Broeksmit said data showed a “pronounced ramp-up” in the proportion of mortgage servcing portfolios that is likely to continue. …
The Death of the Department Store: ‘Very Few Are Likely to Survive’
New York Times, Apr. 21, 2020–Sapna Maheshwari, Vanessa FriedmanAmerican department stores, once all-powerful shopping meccas that anchored malls and Main Streets across the country, have been dealt blow after blow …
Senate Passes $484B Coronavirus Relief Package
The Hill, Apr. 21, 2020–Jordain CarneyThe Senate on Tuesday approved roughly $484 billion in new coronavirus aid for small businesses and hospitals and more funding for testing, ending a lengthy …