MBA NewsLink interviewed Keith Banhazl, Victor Calanog and Nick Levidy from Moody’s, New York.
Category: News and Trends
Momentum Builds as 2nd FHLB Accepts eNotes
Last month, the Federal Home Loan Bank of Des Moines became the first of the 11-member FHLB system to announce it would accept residential mortgage electronic promissory notes—eNotes—as collateral. Now, a second FHLB has jumped on the eNotes bandwagon.
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“The job market has cooled somewhat over the past few weeks, with layoffs increasing and other indications that the economic rebound may be losing some steam because of the rising COVID-19 cases throughout the country.”
–MBA Senior Vice President and Chief Economist Mike Fratantoni.
MBA: 2019 Multifamily Lending Up 7% to Record High
Fueled by strong market fundamentals and low interest rates, 2,589 different multifamily lenders provided $364.4 billion in new mortgages in 2019 for apartment buildings with five or more units, according to the Mortgage Bankers Association’s 2019 Multifamily Lending Report.
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“The share of loans in forbearance declined by a smaller amount than in previous weeks, as the pace of borrowers exiting forbearance slowed. Although the GSE portfolio of loans in forbearance should continue to improve, Ginnie Mae’s portfolio saw an uptick of both loans in forbearance and borrowers requesting forbearance. The high level of unemployment claims in recent weeks may be playing a role, as weakness would likely impact Ginnie Mae’s portfolio first.”
–MBA Chief Economist Mike Fratantoni.
Fitch: Borrowers Skipping Payments on Home Loans More Often Than Other Debt
Residential mortgage borrowers are missing more payments and taking advantage of payment holiday programs at a higher rate than comparable-credit borrowers of auto loans and credit cards, said Fitch Ratings New York.
The CMBS Market During the Pandemic: A Conversation with Moody’s Investors Service
MBA NewsLink interviewed Keith Banhazl, Victor Calanog and Nick Levidy from Moody’s, New York.
MBA: Share of Loans in Forbearance Falls for 6th Straight Week
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans in forbearance decreased by 6 basis points to 7.74% of servicers’ volume as of July 19, from 7.80% the prior week. MBA now estimates 3.9 million homeowners are in forbearance plans.
S&P: Retail REITs Could Face Distress Until At Least 2021
S&P Global Ratings, New York, said retail real estate investment trusts, already buffeted by the coronavirus pandemic and dwindling brick-and-mortar revenues, could see an increase in downgrades in coming quarters with little chance of recovery before next year.
HUD Terminates Affirmatively Furthering Fair Housing Rule
The Trump Administration terminated the Obama-era Affirmatively Furthering Fair Housing rule, replacing it with a new rule that HUD Secretary Ben Carson said would ease burdens for local communities dealing with fair housing.