Bloomberg, Apr. 29, 2020–Elizabeth DexheimerFannie Mae and Freddie Mac face strong headwinds from the mayhem coronavirus has spread through the mortgage market, complicating the Trump administration’s plans to free them …
Category: Top National News
Guaranteed Rate to Pay $15 Million to Settle Claims of FHA, VA Loan Violations
HousingWire, Apr. 29, 2020–Ben LaneThe Department of Justice announced Wednesday that Guaranteed Rate, one of the nation’s largest consumer direct lenders, has reached an agreement to settle charges that the …
In Face of Coronavirus, Bankers Apply Lessons from Natural Disasters
American Banker, Apr. 29, 2020–John Engen (subscription)Industry veterans have drawn from their experiences with wildfires, earthquakes and hurricanes to fashion their responses to the pandemic.https://www.americanbanker.com/news/in-face-of-coronavirus-bankers-apply-lessons-from-natural-disasters
Cost of GSEs’ Mortgage Market Support May Be Too Steep for Lenders
American Banker, Apr. 28, 2020–Hannah Lang (subscription)Lenders welcomed the Federal Housing Finance Agency’s recent announcement that Fannie Mae and Freddie Mac can buy loans already in forbearance, but that relief …
Waiting for Loan Modifications is ‘Like Watching a Tsunami Build’
National Mortgage News, Apr. 28, 2020–Bonnie Sinnock (subscription)The government-sponsored enterprises are focusing on how loans can be repaid after the federal forbearance period ends, and projections for loan modification volumes …
Mnuchin Warns Some U.S. Firms Could Face Criminal Liability over Coronavirus Loans
Reuters, Apr. 28, 2020–David Lawder, Susan HeaveyThe U.S. Treasury Department will audit every loan for more than $2 million given under the Paycheck Protection Program for businesses hurt by the …
How the Coronavirus is Changing the HELOC Lending Market
National Mortgage News, Apr. 28, 2020–Brad Finkelstein (subscription)Is JPMorgan Chase an outlier or the canary in the coal mine when it comes to home equity lending during the coronavirus spread? …
Homeowners Fear They May Owe Hefty Lump-Sum Payment on Mortgages
CBS News, Apr. 28, 2020–Khristopher L. BrooksAs more people fall behind, consumer protection groups say they are getting complaints from other homeowners who have obtained a measure of federal mortgage …
Mortgage Chaos Threatens to Worsen Once It’s Time for Repayments
Bloomberg, Apr. 28, 2020–Joe LightLenders and veterans of the 2008 financial crisis warn the real chaos won’t start until the pandemic passes. Bob Broeksmit, chief executive officer of the Mortgage …
Bankers Rebuke S.B.A. as Loan System Crashes in Flood of Applications
New York Times, Apr. 27, 2020–Stacy CowleyMinutes after a $310 billion aid program for small companies opened for business on Monday, the online portal for submitting applications crashed. And it …