Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May.
A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.
Republicans balked at measures like an overdraft fee ban and interest rate cap in the recent stimulus bill, but Sen. Sherrod Brown, D-Ohio, isn’t done trying to add such proposals to future relief packages.
Researchers predict that the rate will rise in step with unemployment rate projections.
Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown.
The Department of Housing and Urban Development's 60-day foreclosure halt for Federal Housing Administration borrowers is too short to help reverse mortgage borrowers, a letter from consumer groups stated.
While the mortgage market began the year healthy, lenders and borrowers need to prepare for the impacts of the coming coronavirus recession.
As financial hardships mount with the COVID-19 outbreak, Fannie Mae and Freddie Mac released their plans for mortgage borrowers impacted by the pandemic.
Kansas Gov. Laura Kelly on Wednesday announced she was banning evictions and foreclosures for the next six weeks, adding to her administration's response to the unprecedented crisis caused by COVID-19.
The temporary foreclosure moratorium on loans backed by HUD, Fannie Mae and Freddie Mac comes after lawmakers and housing advocates had pushed for steps to avoid consumers getting booted from their homes.