MBA continues to monitor the potential spread and impact of the coronavirus. In this week’s communication, you will find several updates pertaining to industry efforts to provide relief to both our members and their customers. Also in this week’s communication, you will find several critical updates related to other industry activities.
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.
Six federal agencies on Sunday issued a joint statement encouraging financial institutions to “work constructively” with borrowers affected by the coronavirus pandemic and said they “will not criticize” loan modifications made in a “safe and sound” manner.
How the health, social and economic impacts of the coronavirus outbreak flow through to commercial and multifamily properties remains clouded in uncertainty – mainly because of the uncertainty about the virus itself and our public and private responses to it. One thing that is clear is that different property types and different markets will be affected differently.
Existing home sales rebounded in February to their highest level since Feb. 2007, the National Association of Realtors reported Friday.