Mortgage Roundup (2/17/21) – Biden, Rent & GSEs

Good morning! Today is Wednesday, February 17. Cold and snow is blanketing 73.2 percent of the nation this morning. The National Institute of Allergy and Infectious Diseases reports that vaccines won’t be available to the “general public” until mid- to late May or early June. New York state is suing Amazon over worker treatment during the pandemic.

And in mortgage and housing news …

EVICTION MORATORIUM: The Biden Administration announced that it will extend the Federal Housing Administration’s foreclosure and eviction moratoriums into the summer, while also extending mortgage forbearance options.

FORBEARANCE NUMBERS: The number of U.S. mortgages in forbearance dropped to 2.6 million last week after holding steady for several weeks, according to the weekly report released by the Mortgage Bankers Association. 

PA RENT RELIEF: The inside story of how Pennsylvania failed to deliver millions in coronavirus rent relief.

WARMER CLIMATES: Wealthy buyers are scooping up houses on warm-weather islands

APPRAISAL WAIVERS: The use of appraisal waivers shifted during the Covid-19 pandemic and is likely to change again. 

NONWHITE HOME OWNERSHIP: JPMorgan’s Chase Bank will double its Chase Homebuyer Grant in an effort to increase homeownership among Black and Latino communities.

GSE RISK: Fannie Mae’s CEO wants to attract risk capital to protect taxpayers

HOUSING STRESS: The Kansas Federal Reserve Board President warns that the nation could face financial stress even as the pandemic eases if homeowners and businesses fall behind on mortgages and business leases while the economy recovers. 

MORTGAGE MARKET: A TD Bank executive presents the key trends in the housing and mortgage marketsright now.

CREDIT SCORES: Here’s why you may need a higher credit score to get a mortgage today.