National Mortgage News, Apr. 16, 2020–Kate Berry (subscription)The nation’s largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop …
Category: Top National News
Mnuchin Under Growing Pressure to Help Struggling Mortgage Companies
Wall Street Journal, Apr. 16, 2020–Andrew Ackerman (subscription)Treasury Secretary Steven Mnuchin is under growing pressure from industry officials and members of Congress to ease strains on mortgage companies as millions …
Trump’s Libertarian Housing Regulator Refuses to Bail Out Mortgage Firms with Public Money
Politico, Apr. 16, 2020–Katy O’DonnellFederal Housing Finance Agency Director Mark Calabria has long been on a crusade to shrink the footprint of Fannie Mae and Freddie Mac. (MBA mention)https://www.politico.com/news/2020/04/16/trump-calabria-housing-189237
Will Mortgage Servicers Get a Hail Mary Line of Credit Like Borrowers?
Orange County Register, Apr. 16, 2020–Jeff LazersonToo many mortgage servicers and mortgage borrowers find themselves in a frightening bind because of government actions to contain the novel coronavirus. (MBA mention)https://www.ocregister.com/2020/04/16/will-mortgage-servicers-get-a-hail-mary-line-of-credit-like-borrowers/
Funding Exhausted for $350 Billion Small-Business Paycheck Protection Program
Wall Street Journal, Apr. 16, 2020–Andrew Duehren (subscription)A $350 billion loan program for small businesses hurt by the coronavirus pandemic ran out of money Thursday morning as Republicans and Democrats …
Top Democrats, State Banking Regulators Now Also Pushing Government to Help Struggling Mortgage Servicers
HousingWire, Apr. 16, 2020–Ben LaneThe government is now officially receiving pressure from all sides to create a forbearance liquidity facility for mortgage servicers.https://www.housingwire.com/articles/top-democrats-state-banking-regulators-now-also-pushing-government-to-help-struggling-mortgage-servicers/
HUD’s Carson Says He Wants Money for Hard-Hit Mortgage Servicers
Bloomberg, Apr. 16, 2020–Elizabeth Dexheimer, Vivek ShankarHUD Secretary Ben Carson said money should be set aside to help mortgage-servicing companies that are at risk of failing as millions of borrowers …
CFPB Rulemaking Engine Churns On Through Coronavirus
American Banker, Apr. 15, 2020–Kate Berry (subscription)The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.https://www.americanbanker.com/news/cfpb-rulemaking-engine-churns-on-through-coronavirus
Coronavirus Puts New Spin on Crisis-Era MSR Valuations
National Mortgage News, Apr. 15, 2020–Bonnie Sinnock (subscription)Declines in mortgage servicing rights valuations at JPMorgan Chase and Wells Fargo point to the resurgence of a dilemma that came up during …
Key Democrats Urge Munuchin, Powell to Rescue Mortgage Servicers
Bloomberg, Apr. 15, 2020–Elizabeth DexheimerThe Fed and Treasury should use powers given to them under recent stimulus measures to provide liquidity to servicers facing shortfalls, House Financial Services Chairwoman Maxine …