CNBC, May 11, 2020–Ilana PolyakAccording to the Reverse Mortgage Insight, which gathers data on the industry, applications for home equity conversion mortgage, or HECM, the most common type of reverse …
Category: Top National News
Stewart’s Layoffs, Other Cost-Cutting Measures Expected to Save $60M
National Mortgage News, May 11, 2020–Brad Finkelstein (subscription)Stewart Information Services, the smallest of the four national title insurance underwriters, initiated some cost-cutting measures that will save it $60 million on …
Lenders Worry They Could be Stuck with Billions in PPP Loans
American Banker, May 11, 2020–Jim Dobbs (subscription)Banks could end up holding many low-rate Paycheck Protection Program loans on their books for two years, and dealing with irate borrowers who failed …
CFPB Gets Earful from Consumers About Mortgage Servicers
National Mortgage News, May 10, 2020–Kate Berry (subscription)Complaints to the bureau hit a record high in April. More than one in five said servicers wouldn’t grant deferrals, forced borrowers into …
WeWork’s Woes Cause Mortgage-Backed Bonds to Tumble
Financial Times, May 10, 2020–Joe Rennison, Eric PlattWeWork’s move to skip rent payments and renegotiate hundreds of its leases is rippling into the commercial mortgage market, sending the price of …
The Mortgage Market Never Got Fixed After 2008. Now It’s Breaking Again
Wall Street Journal, May 9, 2020–Ben Eisen (subscription)Many mortgage companies are nonbanks that don’t have deposits or other business lines to cushion them amid the coronavirus pandemic.https://www.wsj.com/articles/the-mortgage-market-never-got-fixed-after-2008-now-its-breaking-again-11588977078?mod=hp_lead_pos1
J.C. Penney to File for Bankruptcy as Soon as Next Week, Sources Say
Reuters, May 8, 2020–Mike Spector, Jessica DiNapoliJ.C. Penney Co Inc is preparing to file for bankruptcy protection as soon as next week with plans to permanently close about a quarter …
Stand-Alone MIs Have a Strong 1Q, But Coronavirus Makes the Future Murky
National Mortgage News, May 8, 2020–Brad Finkelstein (subscription)Three of the four had fewer new notices of delinquency for the quarter, but that should change going forward.https://www.nationalmortgagenews.com/news/stand-alone-mis-have-strong-1q-but-coronavirus-makes-the-future-murky
Wave of U.S. Bankruptcies Builds Toward Worst Run in Many Years
Bloomberg, May 7, 2020–Eliza Ronalds-Hannon, Katherine Doherty, Davide ScigliuzzoFirst, J. Crew. Now Neiman Marcus. Flashing red: J.C. Penney, Hertz and many more.https://www.bloomberg.com/news/articles/2020-05-07/wave-of-bankruptcies-builds-as-debt-and-virus-clobber-companies
California Homeowners Can Get Up to 10 Months to Make Up Missed Payments Or Sell
Orange County Register, May 7, 2020–Jeff LazersonIf you are in trouble, contact your mortgage servicer. Find out who owns your mortgage. Explain your plight. Find out what forbearance, mortgage modification …