MBA Advocacy Update
MBA remains active on efforts regarding the coronavirus (COVID-19) pandemic. In this week’s communication, you will find several updates pertaining to industry efforts to provide relief to both our members and their customers.
House Approves $2 Trillion Stimulus Bill; Trump Signs into Law
The House on Friday approved a massive $2 trillion stimulus bill aimed at injecting a much-needed boost to a U.S. economy that has been staggered by the coronavirus pandemic.
Ginnie Mae, FHA Update Servicer Policies in Coronavirus Wake
Ginnie Mae and FHA on Friday issued updates addressing mortgage servicer liquidity issues that could result from the coronavirus pandemic.
MBA Raises Concerns with SEC on Broker-Dealer Margin Call Volatility
The Mortgage Bankers Association, in a letter Sunday to the Securities and Exchange Commission and the Financial Industry Regulatory Authority, raised “urgent concern” about dramatic price volatility in the market for agency mortgage-backed securities over the past week that leading to broker-dealer margin calls on mortgage lenders’ hedge positions that are unsustainable for many such lenders.
MBA Chart of the Week: Unemployment Insurance–Initial Claims
Last week provided our first indication of just how severe the shutdown of the U.S. economy could be, as Americans combat the ongoing spread of the coronavirus.