American Banker, Mar. 17, 2020–Kevin Wack (subscription)The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about …
Category: Top National News
Here’s How the Mortgage Industry is Reacting to the Coronavirus
HousingWire, Mar. 17, 2020–Ben LaneSpoiler alert: Everyone is working from home.https://www.housingwire.com/articles/heres-how-the-mortgage-industry-is-reacting-to-the-coronavirus/
Mortgage Lenders Consider Plan to Suspend Payments Amid Crisis
New York Times, Mar. 17, 2020–Emily Flitter, Matthew GoldsteinA broad group of bankers and other mortgage industry participants is working on a plan to offer a temporary pause in payments …
Mnuchin Warns Virus Could Yield 20% Jobless Rate Without Action
Washington Post, Mar. 17, 2020–Josh Wingrove, Saleha Moshin, Jennifer Jacobs (Bloomberg)Treasury Secretary Steven Mnuchin raised the possibility with Republican senators that U.S. unemployment could rise to 20% without government intervention …
White House Expresses Support for Making Immediate Cash Payments to American as Part of Coronavirus Package
Washington Post, Mar. 17, 2020–Erica Werner, Jeff Stein, Mike DeBonisThe Trump administration expressed support on Tuesday for sending direct cash payments to Americans in the next two weeks as part …
Fed to Create Emergency Backstop for Commercial Debt Market
American Banker, Mar. 17, 2020–Hannah Lang (subscription)The Federal Reserve said it will use emergency authority to provide a liquidity backstop for commercial debt issuers as the coronavirus scare has raised …
Why the Housing Market Might Dodge the Recession
HousingWire, Mar. 17, 2020–Kathleen HowleyReal estate couldn’t perform its traditional rescue role last time because it was on life support.https://www.housingwire.com/articles/why-the-housing-market-might-dodge-the-recession/
New-Home Mortgage Applications Down in February and Might Slip More
National Mortgage News, MAr. 17, 2020–Brad Finkelstein (subscription)The Mortgage Bankers Association’s Builder Application Survey found that the number of consumers seeking loans to purchase a new home fell by 1% …
Coronavirus Case Closes CFPB Offices
National Mortgage Professional, Mar. 17, 2020Employees at the Washington, D.C., and New York offices of the Consumer Financial Protection Bureau have been instructed not to report to their offices and …
Fed’s Mester Says Central Bank Should Have Kept Some Rate Cut Powder Dry
Wall Street Journal, Mar. 17, 2020–Michael S. Derby (subscription)Cleveland Fed Governor Loretta Mester, the lone Federal Reserve official to oppose the central bank’s radical action on Sunday to help the …