American Banker, Apr. 14, 2020–Neil Haggerty (subscription)Among the legislative proposals Sen. Sherrod Brown, D-Ohio, has introduced are a bill to prohibit lenders from reporting missed payments to credit agencies during …
Category: Top National News
Private Mortgage Market Nears Unraveling, Undoing Decade of Work
Bloomberg, Apr. 14, 2020–Joe LightThe nascent market for private U.S. mortgages is teetering on the brink of collapse as the coronavirus crisis imperils years of work to lessen the government’s …
Wells Fargo Profit Decimated as Coronavirus-Led Loan Defaults Loom
Reuters, Apr. 14, 2020–Noor Zainab Hussain, Imani MoiseWells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside nearly $4 billion to cover …
America’s Largest Bank, JPMorgan Chase, Prepares For A Massive Round Of Defaults
NPR, Apr. 14, 2020–Jim ZarroliThe country’s largest bank, JPMorgan Chase, said its profit fell by 69% as it set aside $8.2 billion — the largest amount since 2010 — to …
Why It’s Suddenly More Difficult to Get a Mortgage
NBC News, Apr. 14, 2020–Martha C. WhiteAccording to the Mortgage Bankers Association, mortgage credit availability declined sharply in March. A benchmark index for mortgage credit availability dropped by 16 percent, …
‘Rent Strikes’ Could Wreak Further Havoc on Mortgage System
American Banker, Apr. 13, 2020–Hannah Lang (subscription)The prospect of so-called rent strikes compounds the precarious position for apartment building owners during the pandemic. Borrowers of federally backed multifamily loans have …
Nine in 10 Receive Mortgage Breaks
National Mortgage Professional, Apr. 13, 2020–Navi PersaudThe latest report from LendingTree revealed that more than 90 percent of people who asked for a break on their mortgages actually received it. …
Coronavirus Pandemic Fuels Rapid Increase in Missed Mortgage Payments
Wall Street Journal, Apr. 13, 2020–Andrew Ackerman (subscription)About two million homeowners are skipping their monthly mortgage payments, according to industry data released on Monday, a number that is forecast to …
Nearly 4% Of All Mortgage Loans Now In Forbearance
Forbes, Apr. 13, 2020–Aly J. YaleLoans serviced by independent mortgage banks are seeing the highest share of loans in forbearance at 4.17%. According to Mike Fratantoni, senior vice president and …
GSEs Must Finance the Default Wave
National Mortgage News, Apr. 13, 2020–Christopher Whalen (subscription)The author, chairman of Whalen Global Advisors, says the best thing FHFA can do is to allow the GSEs to operate exactly the …