New York Times, Apr. 9, 2020–Christopher Flavelle, John SchwartzIt’s a simple rule, designed to protect both homeowners and taxpayers: If you want publicly subsidized flood insurance, you can’t build a …
Category: Top National News
The Case for Supporting Nonbank Mortgage Servicers
National Mortgage News, Apr. 8, 2020–Jon Van Gorp (subscription)The author says without a dedicated government-funded servicing advance facility that is developed quickly to address the immediate need, there is a …
It Just Got Harder to Get, Refinance a Mortgage: Who Faces More Difficulty
Detroit Free Press, Apr. 9, 2020–Susan TomporRecord spikes in jobless claims are creating major roadblocks for consumers who thought that they’d like to save money by snagging a lower mortgage …
Calabria Does Not Expect Widespread Delinquencies Due to Coronavirus
HousingWire, Apr. 8, 2020–Ben LaneWhile some in the housing industry are expecting mortgage delinquencies to climb to 20% or more due to the impact of the coronavirus, Federal Housing Finance …
Fed Minutes Reveal Alarm Over Coronavirus Disruptions to Economy, Market
Wall Street Journal, Apr. 8, 2020–Nick TImiraos (subscription)Federal Reserve officials reacted with growing alarm to market disruptions prompted by the spreading coronavirus pandemic in March, prompting them to cut interest …
Mortgage Industry Fires Back at Regulator Who Refuses to Help Servicers Getting Slammed by Payment Delay Request
CNBC, Apr. 8, 2020–Diana OlickLoan servicers are being slammed by requests from homeowners to delay their monthly mortgage payments as the coronavirus forces millions of people out of work. Yet …
Mr. Cooper Places 86,000 Customers on Fobearance Plans
HousingWire, Apr. 7, 2020–Brena NathMr. Cooper released its initial numbers on how it’s serving its customers during the COVID-19 pandemic, announcing it has placed more than 86,000 customers on forbearance …
Brown, Warren Call on CFPB to Protect Consumers, Not Financial Firms
National Mortgage News, Apr. 7, 2020–Kate Berry (subscription)Sens. Sherrod Brown, D-Ohio, Sen. Elizabeth Warren, D-Mass., and three other members of the Senate Banking Committee urged the director of the Consumer …
Sharks Circle as Mortgage Lenders Shed Portfolios at Steep Discounts
The Real Deal (N.Y.), Apr. 7Opportunistic funds including Elliot Management and Appaloosa Management are reportedly in talks to buy discounted assets from troubled real estate investment trusts, according to Bloomberg. …
Requests to Delay Mortgage Payments Jump Nearly 2,000% as Borrowers Seek Relief During Coronavirus
CNBC, Apr. 7, 2020–Diana OlickRequests to delay mortgage payments grew by 1,270% between the week of March 2 and the week of March 16, and another 1,896% between the week …