The Federal Reserve's $2.3 trillion loan stimulus includes plans for outstanding commercial mortgage-backed securities and newly issued collateralized loan obligations.
The share of borrowers seeking payment relief rose more than tenfold as COVID-19 concerns grew and authorities encouraged the practice, according to the Mortgage Bankers Association.
With seven in 10 rooms sitting empty amid the coronavirus outbreak, hotel and banking groups are urging policymakers to open up the Term Asset-Backed Securities Loan Facility.
With ambiguity surrounding the length of the COVID-19 outbreak and damage it will cause, consumers are becoming diffident in taking out a mortgage for a major purchase, according to Zillow.
Detroit-based mortgage giant Quicken Loans could be facing a cash crunch in coming weeks and possibly need temporary emergency federal assistance if lots of borrowers stop making payments on their home mortgages during the coronavirus pandemic, according to a news report.
There was a nearly 30% week-to-week decline in loan applications as Americans reacted to the uncertainty, both economic and medical, from the spread of COVID-19, according to the Mortgage Bankers Association.
Mortgage applications to purchase new homes took a small step back in February from record levels during the previous month, but further positive momentum could be blunted by the coronavirus.
Add continued growth in commercial and multifamily mortgage debt outstanding to the list of things that the economic fallout from the coronavirus might affect.
The Mortgage Bankers Association raised its refinance projections for 2020, a move precipitated by an application volume increase of 55.4% from one week earlier.
Mortgage credit availability dropped slightly in February, making three consecutive months of tightening, but that streak will likely end with falling interest rates, the Mortgage Bankers Association said.