Federal and state regulatory agencies on Friday issued a statement conceding the need for regulatory flexibility as mortgage servicers work with struggling homeowners affected by the coronavirus pandemic.
The Mortgage Bankers Association and a broad coalition of organizations representing financial industry and affordable housing advocates on Saturday released a statement calling on government regulators to provide a source of liquidity to those mortgage servicers that may need additional capacity to support homeowners and renters impacted by COVID-19.
The Mortgage Bankers Association joined other industry trade groups in a letter Monday to the Federal Communications Commission, arguing that mortgage servicing calls (and other financial institution notices) should be deemed emergency calls by the FCC and exempt from the Telephone Consumer Protection Act during the COVID19 emergency.
Fannie Mae and Freddie Mac will offer multifamily property owners mortgage forbearance if they suspend all evictions for renters unable to pay rent due to coronavirus, the Federal Housing Finance Agency announced Monday.
The Federal Reserve, in its most aggressive actions yet, announced further steps this morning to mitigate the economic impact of the coronavirus pandemic, including actions strongly advocated for over the weekend by the Mortgage Bankers Association.