Washington Post, Mar. 27, 2020–Renae MerleWithout federal assistance, said Bob Broeksmit, President and CEO of the Mortgage Bankers Association, a large industry trade group, some mortgage servicers say they could …
Category: Top National News
The Price Tag for Keeping 29 Million Families in Their Homes: $162 Billion
Urban Institute, Mar. 27, 2020–Karan Kaul, Laurie GoodmanWe’ve quantified the cost of housing assistance for both renters and homeowners and laid out scenarios that range in cost from $40.5 to …
Mortgage Lender Angel Oak Axes 70% of Its Staff
Bloomberg, Mar. 27, 2020–Shahien Nasiripour, Claire Boston, Sridhar NatarajanOne of the largest U.S. mortgage firms catering to riskier borrowers slashed 70% of its workforce, signaling a deep slowdown in that …
Mortgage Industry Seeks Billions in Federal Help as Homeowners Stop Paying Their Loans
Washington Post, Mar. 27, 2020–Renae MerleWithout federal assistance, said Bob Broeksmit, President and CEO of the Mortgage Bankers Association, a large industry trade group, some mortgage servicers say they could …
Will the Pandemic Lead to a Wave of Bank Failures?
American Banker, Mar. 26, 2020–Brendan Pedersen (subscription)An uptick in closings is likely, but how many institutions go under and how fast will depend on a variety of factors, including the …
Mnuchin Forms Task Force to Confront Mortgage Firms’ Liquidity
Bloomberg, Mar. 26, 2020–Jesse WestbrookTreasury Secretary Steven Mnuchin said he has formed a task force of U.S. financial regulators to deal with the liquidity shortfall that mortgage service firms may …
It was the Worst Week for the Economy in Decades. The Pain is Just Beginning
Washington Post, Mar. 26, 2020–Heather LongWhat sets this downturn apart is how rapidly the virus — and the economic pain — have spread. It remains a wide open question whether …
Those Working in Battered Industries May Not Get their Mortgage Approved
OC Register (Calif.), Mar. 26, 2020–Jeff LazersonIn just one week, subprime lending came screeching to a halt as investors worried about risk in an economy shaken by the coronavirus outbreak. …
The $2 Trillion Stimulus Will Slam the Mortgage Industry–Unless the Fed Comes to the Rescue
CNN Business, Mar. 26, 2020–Matt EganThe problem is that mortgage servicers, even after granting homeowners forbearance, are still on the hook with investors to continue paying principal and interest on …
Mortgage Rates Head Back Down as Federal Reserve Becomes Major Buyer of Mortgage-Backed Securities
Washington Post, Mar. 26, 2020–Kathy OrtonMortgage rates have bounced around a lot lately, making it difficult to know where they are headed. Last week, they spiked to their highest levels …