Mortgage Roundup (3/19/20) – No Foreclosures, Credit Crunch & iBuyers

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 Great Depression. Lenders and credit-reporting firms are being asked to help

Total housing starts in the United States took a dip in February, according to a monthly report released by the Census Bureau and the Department of Housing and Urban Development. They face challenges ahead due to broad economic weakening stemming from the coronavirus crisis.

Mortgage and refinance applications dropped last week as interest rates climbed slightly, according to a report released by the Mortgage Bankers Association.

The IRS has delayed tax payment deadlines for 90 days because of the coronavirus pandemic, though at this point the April 15 due date for filing returns has not changed.

Redfin is suspending its instant home-buying program amid economic turmoil caused by the coronavirus pandemic. 

Why the United States. won’t cancel mortgage payments like Italy.