American Banker, Apr. 23, 2020–Hannah Lang (subscription)The Federal Housing Administration has provided struggling homeowners with payment flexibility and explored other measures. At the same time, the agency is mindful of …
Category: Top National News
Mnuchin Says U.S. Has No Plans for Mortgage Servicer Lifeline
Bloomberg, Apr. 23, 2020–Saleha MohsinTreasury Secretary Steven Mnuchin said the U.S. has no current plans to create a Federal Reserve facility to inject funding into non-bank mortgage servicers, as recent …
House Passes $484 Billion Relief Package after Weeks of Partisan Battles
Politico, Apr. 23, 2020–Heather Caygle, Sarah FerrisThe bill will provide an immediate $321 billion infusion for the Paycheck Protection Program, the small business rescue fund that ran out of money …
Fed to Disclose Borrowers on Business Lending Programs
Wall Street Journal, Apr. 23, 2020–Nick Timiraos (subscription)The Federal Reserve said Thursday it plans to disclose monthly the borrowers, loan amounts and interest rates on funding from several new lending …
Bracing for a Sea of Homeowners in Trouble, Attorneys General Seek More Mortgage Aid
Des Moines Register, Apr. 23, 2020–Lee RoodOn Thursday, a bipartisan group of 35 attorneys general, including Iowa’s Tom Miller, asked HUD to do more to protect millions more Americans who …
Mortgage Lenders Demand Higher Credit Scores as Coronavirus Threatens the Housing Market
Philadelphia Inquirer, Apr. 23, 2020–Natalie CampisiMortgage lenders are battling economic uncertainty by raising minimum credit scores, requiring higher down payments, triple-checking employment status, and even eliminating certain loan types altogether. …
What the FHFA Advance Cap Does–and Fails to Do–for Servicers
National Mortgage News, Apr. 22, 2020–Bonnie Sinnock (subscription)The Federal Housing Finance Agency has promised to take care of advances on principal and interest payments for coronavirus forbearances after four months, …
McConnell Says He Favors Allowing States to Declare Bankruptcy
Bloomberg, Apr. 22, 2020–Steven T. Dennis, William SelwaySenate Majority Leader Mitch McConnell, R-Ky., said Wednesday he favors allowing states struggling with high public employee pension costs amid the burdens of …
Mnuchin Says ‘We Need to Spend What It Takes’ to Overcome Coronavirus Crisis
Wall Street Journal, Apr. 22, 2020–Richard Rubin (subscription)Treasury Secretary Steven Mnuchin said he is sensitive to concerns about rising federal debt but emphasized that low interest rates and the urgency …
As CMBS Relief Inquiries Jump, How Much Forbearance Is Enough?
Commercial Property Executive, April 21, 2020–Scott Baltic, Paul FiorillaInquiries from CMBS borrowers about coronavirus-related relief have topped $100 billion, raising doubts about the current 90-day forbearance period.https://www.cpexecutive.com/post/as-cmbs-relief-inquiries-jump-how-much-forbearance-is-enough/