HousingWire, May 15, 2020–Ben LaneThe Securities and Exchange Commission announced Friday that it is ordering Morningstar Credit Ratings to pay a $3.5 million fine for violating conflict of interest rules …
Category: Top National News
Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds
ProPublica, May 15, 2020–Heather VogellSecurities that contain loans for properties like hotels and office buildings have inflated profits, the whistleblower claims. Adam DeSanctis, a spokesperson for the Mortgage Bankers Association, …
Fewer Borrowers are Asking for Mortgage Relief, But That Could Change With Bailout Improvements
CNBC, May 15, 2020–Diana Olick“The payment deferral option gives mortgage servicers a practical tool to help homeowners through this unprecedented time,” said Bob Broeksmit, CEO of the Mortgage Bankers Association. …
The Mortgage Market Has Caught the Virus
Urban Institute, May 14, 2020–Laurie Goodman, Jim Parrott, Bob Ryan, Mark ZandiThe authors note while the nation’s housing and mortgage markets aren’t causing the broader economic disruption in this crisis, …
Multifamily Loan Maturities Expected to Rise as Net Operating Incomes Drop
GlobeSt.com, May 14, 2020–Thomas PhillipsMaturities for multifamily loans will be up this year by double-digits during the disruption of capital markets by the COVID-19 pandemic, according to a new report …
Cash-Out Refinancing, Home Equity Lending May Come to a Halt
Orange County Register, May 14, 2020–Jeff LazersonMortgage lenders are charging more, cutting back on loan sizes or shuttering equity lending altogether. Nearly 8% of all mortgages are now in forbearance, …
One-Quarter of American Restaurants Won’t Reopen, OpenTable Says
Bloomberg, May 14, 2020–Edward LudlowOne in every four U.S. restaurants will go out of business due to the coronavirus quarantines that have battered the food-service industry, according to OpenTable.https://www.bloomberg.com/news/articles/2020-05-14/one-quarter-of-american-restaurants-won-t-reopen-opentable-says
Economic Shock of Virus Hit Lower-Income Households Harder, Fed Finds
Wall Street Journal, May 14, 2020–David Harrison (subscription)The economic shock stemming from the coronavirus pandemic hit lower-income households first and immediately left them much worse off, according to a new …
Fannie-Freddie Forbearance Rule Sows Fears of Mortgage Hangover
Bloomberg, May 14, 2020–Joe Light, Shahien NasiripourThe snafu has been triggered by the hastily drafted $2.2 trillion stimulus bill that Congress passed in March. But the law didn’t address long-standing …
Biden Backs Rent, Mortgage Forgiveness During Coronavirus Pandemic
The Hill, May 13, 2020–Sylvan LaneFormer Vice President Joe Biden, the presumptive Democratic presidential nominee, on Wednesday backed rent and mortgage forgiveness for those struggling to get by during the …