Good morning! Today is Monday, March 23, and families are making the long commute to tables, desks and couches to start their second week of working remotely and homeschooling. Coincidentally, on this day 10 years ago, the Obama administration unveiled a plan to take over up to $1 trillion in sour mortgage securities with the help of private investors.
Now, in more recent mortgage and housing news …
The mortgage industry urged the Treasury Department and Federal Reserve to take additional emergency steps to ensure money is available to lenders at a time when borrowers may be slow to make their mortgage payments amid the COVID-19 pandemic.
Five federal banking agencies and a trade group for state banking regulators issued guidance Sunday encouraging banks to make loan modifications for borrowers affected by the coronavirus. The agencies said banks will not be required to categorize those modifications as troubled debt restructurings.
On the same day the government announced 281,000 Americans filed jobless claims last week amid the coronavirus pandemic, United Wholesale Mortgage President and Chief Executive Officer Mat Ishbia declared “Everyone’s winning right now” in the mortgage market.
Are construction projects essential or nonessential? That all depends on where you live.
U.S. mortgage rates surge again as lenders look to stem demand. The spread of the coronavirus will likely see both demand and rates begin to fall.
Americans went on a home-buying spree in the month before the coronavirus slammed the brakes on the economy.
Housing developers warn that the effects of the coronavirus pandemic could trigger penalty clauses that threaten the completion of projects and require state and federal intervention.
Time will tell how the coronavirus impacts the housing market. Housing Wire looks at two areas to monitor.
New York Gov. Cuomo’s call for mortgage relief catches banks off guard.
The future of the real estate market looks challenging. Here are a few things you can do to prepare for future market shifts.
REMAX will allow brokers to defer franchise fees in April. The company is withdrawing its Q1 and full-year 2020 guidance amid uncertainty around COVID-19.