California Gov. Gavin Newsom ordered the state’s 40 million residents to stay at home indefinitely in the widest-ranging directive so far of any state as it grapples with a growing novel coronavirus epidemic that has killed 150 people nationwide. The number of US coronavirus cases has topped 13,000 as testing becomes more available. Walmart will pay a bonus of up to $300 to every hourly employee and hire 150,000 new workers to reflect growing demands created by the coronavirus. And in mortgage news … A survey released by the National Association of Realtors found that 48 percent of realtors said home buyer interest has decreased due to the coronavirus. That’s triple the number from a week ago, when it was 16 percent. After reaching historic lows earlier this…
The White House is seeking $500 billion in direct payments to taxpayers to help stimulate the economy in the wake of the coronavirus crisis. The federal government is invoking wartime powers to speed the production of essential medical equipment. For the first time since the outbreak began months ago, China is reporting no new coronavirus cases. And in mortgage news … The Federal Reserve announced that it will establish an emergency lending program to help unclog a short-term credit market that has been disrupted by the coronavirus outbreak. The federal government ordered a 60-day moratorium on foreclosures and evictions for single-family homeowners with Federal Housing Administration, Fannie Mae and Freddie Mac-backed mortgages amid the coronavirus pandemic. U.S. consumers are facing what could become the biggest credit crunch since the…
U.S. Treasury Secretary Steven Mnuchin warned Republican senators that the unemployment rate could hit 20 percent if they don’t act on a proposed coronavirus rescue package. Joe Biden swept all three states holding presidential candidate primary elections and appears well on his way to being the Democratic nominee. Many former doctors, nurses and other health care workers are being asked to return to their old careers to help tackle the COVID-19 pandemic. And in mortgage news … The Federal Reserve Board announced that it will establish two “facilities” to support the flow of credit to people and businesses during the turmoil caused by the coronavirus pandemic. Mortgage applications for new home purchases dipped slightly from the previous month, but still represent a significant gain over last year, according to…
Happy St. Patrick’s Day! President Trump releases guidelines to slow coronavirus spread in 15 days, but warns crisis could stretch to summer. Democratic presidential primaries go forward in three big states amid coronavirus spread, as former Vice President Joe Biden looks to shut out Sen. Bernie Sanders. A coronavirus vaccine trial administers its first dose to a participant. And in mortgage news … The eight largest U.S. banks say they plan to use the Fed’s “discount window” to help financial institutions navigate the crisis caused by the coronavirus pandemic. The Federal Deposit Insurance Corporation announced that the early retirement and separation program offered to up to 20 percent of its workforce has been suspended as part of the agency’s response to the coronavirus. As homeowners rush to…
America is waking up to massive shutdowns to stop the spread of the coronavirus. Global central banks take sweeping action to fight coronavirus. The CDC’s latest guidance for gatherings could stop sporting events for a lot longer. And in mortgage news … Noting that “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” the Federal Reserve voted Sunday to lower the benchmark interest rate to 0 percent. That means mortgage rates could fall even farther. What the Federal Reserve did to blunt the coronavirus’ damage to the economy and why it’s prepared to do more. Calls mount for the United States to halt foreclosures and evictions amid coronavirus fallout. Italy is cancelling mortgage bills. That is less likely to happen in the United States.…
The U.S. is facing new norms as efforts to slow the spread of coronavirus are deployed. Congress is asking why the U.S. is not testing for the coronavirus as quickly as other countries. The U.S. Chamber of Commerce urged lawmakers not to pass coronavirus-related economic relief bills that were “poorly tailored to the situation.” And in mortgage news on this Friday the 13th … Rates for 30-year U.S. mortgages rose from a record low as overwhelmed lenders lifted borrowing costs to curb an onslaught of business. Fannie Mae increased its mortgage origination forecast by $300 billion for 2020 — almost all of that due to refinancings from the decline in rates. Money mag lists five factors to consider when deciding to refinance. Bank of America cut its ratings and price targets on several homebuilders and…
The U.S. suspends all travel from Europe to slow spread of coronavirus. The NBA suspends its season after a player tests positive for the coronavirus. More losses expected in the U.S. stock market in the wake of the coronavirus pandemic. And in mortgage news … America’s largest mortgage lenders are urging their borrowers to get in touch as soon as possible if making home loan payments becomes difficult because of the coronavirus health emergency. Amid coronavirus turmoil, experts weigh in on the biggest threats to housing this political season. The Federal Reserve’s rate cuts likely kickstarted an extensive policy strategy for curbing the coronavirus’s economic impact, Bank of America said Wednesday. Bank of America lists the Fed’s four main tools for combating the economic fallout from the coronavirus. Plunging mortgage rates can…
There are now at least 1,000 confirmed coronavirus cases in the United states Joe Biden wins big in Tuesday night’s primaries in six states. U.S. stock futures and Treasury yields take another hit, reflecting doubts about the ability of governments and central banks to combat the economic fallout caused by the coronavirus. And in mortgage news … Super-low interest rates are disappearing from mortgage comparison sites. Lenders appear to be increasing rates to deal with demand brought on by record-low interest rates. Lending standards tightened in February, with mortgage credit availability declining slightly in the latest Mortgage Credit Availability Index. The report from the Mortgage Bankers Association found that the MCAI fell by 0.3 percent to 181.3 in February. Mortgage Bankers double their 2020 mortgage origination forecast to reflect…
Several in the White House and Congress self-quarantine after coming in contact with the coronavirus. Global stocks and oil prices rebound after the Dow’s worst day in 12 years. And in mortgage news … The Consumer Financial Protection Bureau announced a lawsuit against Fifth Third Bank for allegedly creating fake accounts on customers’ behalf to artificially inflate sales numbers. Fifth Third officials said they reject the allegations. The lawsuit was filed the same day two Wells Fargo board members resigned amid criticism the board did too little in response to the bank’s fake account scandal. A coalition of six banking regulators announced Monday that it would support financial institutions if they are impacted by the coronavirus. House Financial Services Committee Chairwoman Maxine Waters expressed concern about the Federal Deposit…
The CDC warns against long plane trips and cruises as coronavirus cases increase. Global markets tumble in the wake of coronavirus growth in the U.S. and as northern Italy goes into lockdown. Six more states vote in Democratic presidential primaries this week. And in mortgage news … The National Association of Realtors cancelled two conferences scheduled to take place in California this month due to the emergence of the coronavirus in the state. Plummeting oil prices and mortgage rates could boost consumers’ confidence rattled by coronavirus fears Citi launches $150 million fund to support minority-owned businesses. Record-low mortgage rates could turn the traditional 30-year loan into a 20-year loan. Coming off a record week of business, Quicken Loans is seeing more customers refinance existing mortgages in exchange for a shorter duration but…
