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 …
Category: Top National News
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 …
U.S. Banks in Another Mad Grab for $310 Billion in New Small-Business Aid
Reuters, Apr. 27, 2020–Pete Schroeder, Michelle PriceU.S. banks on Monday began another chaotic dash to grab $310 billion in fresh small-business aid released by the government, after 11th-hour changes to …
Skipping Mortgage Payments Isn’t for Everyone
Bloomberg, Apr. 27, 2020–Alexis LeondisRepayment options may depend on whether the lender is a bank or non-bank, with banks that keep those loans on their books likely to be more …
The Housing Market Is Edging Dangerously Close to a $1 Trillion Reckoning
CCN, Apr. 24, 2020–W.E. MessamoreRobert Broeksmit, CEO of the Mortgage Bankers Association, urged the Federal Reserve and Treasury last month to provide liquidity to survive a cash crunch.https://www.ccn.com/the-housing-market-is-edging-dangerously-close-to-a-1-trillion-reckoning/