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/
Category: Top National News
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 …
ATTOM: March Foreclosure Report Reflects Calm Before the Storm
ATTOM Data Solutions, Irvine, Calif., released its quarterly U.S. Foreclosure Market Report, which showed 156,253 U.S. properties with a foreclosure filing during the first quarter, up 42 percent from the previous quarter but down 3 percent from a year ago.
The Impact of the Coronavirus on Mortgage Refinancings
Urban Institute, Apr. 15, 2020–Laurie Goodman, Aaron KleinThis brief outlines potential solutions to five roadblocks that interfere with refinancing in the current no-contact environment: title search, verifying employment, appraisals, closing …
CEO of Mortgage Giant Quicken Loans Explains How Struggling Homeownwers Can ‘Skip the Payment’
CNBC, Apr. 15, 2020–Matthew J. Belvedere Quicken Loans CEO Jay Farner told CNBC on Wednesday the company wants to educate people that if they “skip the payment,” they’ll still have …