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
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 …
Banks Agree With California To Stop Foreclosures For 90 Days In Coronavirus Crisis
NPR, March 25, 2020–Nathan RottCalifornia has reached a deal with several financial institutions, including four of the country’s five largest banks, to provide relief to homeowners affected by the coronavirus …
Risky U.S. Mortgages Face Reckoning in Market Spooked by Crisis
Bloomberg, Mar. 25, 2020–Prashant GopalAs America heads into a deep recession, the $11 trillion residential mortgage market is in crisis.https://www.bloomberg.com/news/features/2020-03-25/risky-u-s-mortgages-face-reckoning-in-market-spooked-by-crisis?srnd=premium
Homeowners Who Can’t Pay their Mortgages are Getting Help
Dallas Morning News, Mar. 25, 2020–Steve BrownMajor lenders are offering a moratorium on payments for borrowers who have lost their jobs or been furloughed from work. “If they have been …