HousingWire, Apr. 15, 2020–Ben LaneThe appraisal delay only applies to portfolio loans, but several appraisers and appraiser groups said they’re worried that the GSEs or the Federal Housing Administration could …
Category: Top National News
Key Democrats Urge Munuchin, Powell to Rescue Mortgage Servicers
Bloomberg, Apr. 15, 2020–Elizabeth DexheimerThe Fed and Treasury should use powers given to them under recent stimulus measures to provide liquidity to servicers facing shortfalls, House Financial Services Chairwoman Maxine …
Goldman’s Corporate Loans, Balance Sheet Investments Eat Away at Profits
Reuters, Apr. 15, 2020–Anirban Sen, Elizabeth Dilts MarshallGoldman Sachs Group Inc’s quarterly profit nearly halved, as it set aside more money to cover for corporate loans expected to go bust …
Bank of America Gives Dour Economic Outlook, Profit Falls
Reuters, Apr. 15, 2020–Zainab Hussain, Imani MoiseBank of America Corp reported a 48.5% drop in first-quarter net income on Wednesday, warning that it anticipated a recession because of the novel …
U.S. Economic Data Show Deep Hit in March, Collapse in April
Bloomberg, Apr. 15, 2020–Katia Dmitrieva, Reade PickertRetail sales, factory output, homebuilder sentiment all plunge, but food and beverage sales surge as Americans hunker down.https://www.bloomberg.com/news/articles/2020-04-15/u-s-retail-sales-plunged-by-record-8-7-in-march-amid-pandemic?srnd=premium
Can the Housing Market Survive COVID-19 through the First Half of 2020?
Mortgage Professional America, Apr. 15, 2020–Candyd MendozaWith housing markets taking a hard hit from the coronavirus-induced shutdown, both borrowers and lenders can expect a not-so-typical spring homebuying season, according to …
Opendoor Lays Off 35% of Staff
HousingWire, Apr. 15, 2020–Julia FalconOpendoor, which has raised more than $1 billion in funding in the last few years, laid off over 600 of its employees Wednesday as the company …
The Impact of the Coronavirus on Mortgage Refinancings
Urban Institute, Apr. 15, 2020–Laurie Goodman, Aaron KleinThis brief outlines potential solutions to five roadblocks that interfere with refinancing in the current no-contact environment: title search, verifying employment, appraisals, closing …
As Coronavirus Unfolds, New Homeowners Need Our Help More than Ever
National Mortgage News, Apr. 15, 2020–Richard Ferguson (subscription)The author, President of CBC Mortgage Agency, says helping borrowers overcome down payment barriers and other obstacles so they can afford the dream …
CEO of Mortgage Giant Quicken Loans Explains How Struggling Homeownwers Can ‘Skip the Payment’
CNBC, Apr. 15, 2020–Matthew J. Belvedere Quicken Loans CEO Jay Farner told CNBC on Wednesday the company wants to educate people that if they “skip the payment,” they’ll still have …