The Federal Reserve, in its most aggressive actions to date, announced further steps yesterday to mitigate the economic impact of the coronavirus pandemic, including actions strongly advocated for over the weekend by the Mortgage Bankers Association.
Tag: Federal Reserve
Federal Agencies ‘Will not Criticize’ Coronavirus Loan Mods
Six federal agencies on Sunday issued a joint statement encouraging financial institutions to “work constructively” with borrowers affected by the coronavirus pandemic and said they “will not criticize” loan modifications made in a “safe and sound” manner.
Fed Cuts Interest Rates to Zero; Announces $700 Billion in Stimulus
The Federal Reserve on Sunday pre-empted its own regularly scheduled policy meeting this week, announcing an extraordinary full percentage point cut to the federal funds rate and sweeping purchases of government bonds and agency mortgage-backed securities.