On Tuesday, the Federal Housing Finance Agency announced temporary guidance from the GSEs to improve access to credit for borrowers who previously had entered forbearance. On Wednesday, FHFA released its highly anticipated proposal outlining a new capital framework for Fannie Mae and Freddie Mac.
Mortgage Bankers Association Vice Chair Kristy Fercho testified Friday before a House subcommittee on the real estate finance industry’s response to the coronavirus pandemic, saying mortgage servicers adapted to changing customer needs quickly and asking Congress to give the industry additional flexibility to address evolving market conditions.
Existing home sales plunged in April, as much of the U.S. economy and housing market bore the brunt of the COVID-19 pandemic’s social distancing and closures. There was an 18 percent drop in the seasonally adjusted, annualized pace of home sales, the largest single month decline since July 2010.
STR and Tourism Economics once again updated their hotel sector forecast. They now expect a 57.5 percent revenue per available room decline this year and a 48 percent RevPAR increase next year.