Wall Street Journal, May 1, 2020–Andrew Ackerman (subscription)Fannie Mae, the government-controlled mortgage finance giant, reported a steep drop in income as it set aside more money for expected loan losses, …
Category: Top National News
U.S. Homeowners are Increasingly Delaying Mortgage Payments
Bloomberg, May 1, 2020–John GittelsohnAbout 7.3% of U.S. mortgages entered forbearance plans in April, providing temporary relief to more than 3.8 million borrowers who have lost income during the coronavirus …
Mr. Cooper Has Nearly 200,000 Customers in Forbearance But is Not Longer Worried About Liquidity
HousingWire, Apr. 30, 2020–Ben LaneAccording to CEO Jay Bray, Mr. Cooper is now in position to not need to lean on government sources for funding, whether it’s a Treasury or …
Borrowers Risk Losing Their Homes as Unpaid Mortgage Bills Pile Up
Orange County Register, Apr. 30, 2020–Jeff LazersonIn the seven short weeks since President Trump declared the coronavirus emergency, 3.5 million homeowners (7% of approximately 50 million total borrowers) are already …
Profits Drop in 1Q, But Freddie Mac is ‘Withstanding the Crisis’
National Mortgage News, Apr. 30, 2020–Paul Centopani (subscription)While Freddie Mac stabilized liquidity in mortgage markets, coronavirus-related credit losses drove the GSE’s income down in the first quarter of 2020.https://www.nationalmortgagenews.com/news/freddie-macs-first-quarter-earnings-2020
Here’s How Many Millions Will Be ‘Seriously Delinquent’ In Mortgage Payments When We Reach Peak Unemployment
Forbes, Apr. 30, 2020–Amy DobsonIn the moderate, or ‘baseline’ scenario, an estimated 3 million borrowers could be more than 90 days behind on payments (90 days is what they define …
Liability Shield for Businesses Emerges as New Fight over Reopening
The Hill, Apr. 30, 2020–Alex Gangitano, John KruzelThe business community is pressuring the White House and Congress to shield companies from lawsuits as they seek to reopen, setting up a …
Fannie-Freddie Escape Plan at Risk of Collapse in Mortgage Chaos
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 …
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