Wall Street Journal, July 31, 2020–Julie Steinberg, Ben Eisen (subscription)Wells Fargo & Co. unloaded hundreds of millions of dollars of assets during this spring’s market collapse to stay out of …
Category: Top National News
Fannie, Freddie to Face Bank-Like Liquidity Standards Starting Sept. 1
American Banker, July 31, 2020–Hannah Lang (subscription)The mortgage giants will have to meet benchmarks for covering cash flow needs during stressed periods.https://www.americanbanker.com/news/fannie-freddie-to-face-bank-like-liquidity-standards-starting-sept-1
Sens. Warren, Schatz Press Wells Fargo on Forbearance Practices
National Mortgage News, July 30, 2020–Neil Haggerty (subscription)Two Senate Democrats are seeking details from Wells Fargo about news reports that the bank has been placing borrowers into mortgage forbearance programs …
Customers Not Finding Answers They Need Online, J.D. Power Finds
National Mortgage Professional, July 30, 2020–Keith GriffinMortgage servicers have been put to the test during the COVID-19 pandemic as a combination of historically low interest rates, record high unemployment and …
5 Mortgage-Related Policies That are in Flux Due to the Coronavirus
National Mortgage News, July 29, 2020–Bonnie Sinnock (subscription)From guidelines for remote appraisal alternatives to the ways that forbearance affects borrowers’ ability to get new loans, here are five examples of …
Is the U.S. Mortgage Industry About to Fall Off a Cliff?
Mortgage Professional America, July 29, 2020–Libby McDonaldForbearance programs permitting temporary suspension of Americans’ monthly mortgage payments have been a godsend to the more than 4 million borrowers who have made …
New Legislation Would Aid Cash-Strapped Commercial Property Owners
Wall Street Journal, July 29, 2020–Ben Eisen (subscription)The bill, expected Wednesday, would set up a government-backed funding vehicle businesses could tap to stay current on their mortgages. It is meant …
Will GOP Plan to Slash Unemployment Trigger Wave of Loan Defaults?
American Banker, July 28, 2020–Neil Haggerty, Hannah Lang (subscription)“It is something we’ve been concerned about,” said Bill Kilmer, senior vice president for legislative and political affairs at the Mortgage Bankers …
Mortgage Complaints Down During Pandemic
National Mortgage Professional, July 28, 2020–Keith GriffinNew research from LendEDU shows consumer complaints to the Consumer Financial Protection Bureau are down 4% year-over-year. That stands in stark contrast to credit …
Republican Stimulus Package May Come With a Benefit for Big Banks
New York Times, July 28, 2020–Jeanna Smialek, Emily Flitter, Peter EavisThe chairman of the Senate Banking Committee, Sen. Mike Crapo, R-Idaho, is preparing to relax capital requirements imposed in the …