Good morning! Today is Friday, March 27. Global stocks pause following record three-day rally on Wall Street as U.S overtakes China as the world’s most active coronavirus hotspot. Federal Reserve Chairman Jerome Powell told media the U.S. economy can’t reopen until the coronavirus pandemic is under control.
And in mortgage and housing news …
RELIEF BILL: An analyst tells The Mortgage Note that the $2 trillion relief bill expected to be passed by the House today basically means nobody has to pay their mortgage for six months, if not a year.
INDEPENDENT MORTGAGE LENDERS: The massive $2 trillion COVID-19 relief bill leaves non-bank lenders on the outside looking in when it comes to government providing cash to back loans that lower- to middle-class borrowers may have trouble paying.
CASH CRUNCH: The federal government is determined to prevent the coronavirus pandemic from setting off another mortgage meltdown.
WHAT TO DO: Treasury Secretary created a task force to give recommendations by Monday on what to do about a liquidity shortfall that may soon confront mortgage lenders.
FALLING: After two weeks of increases, mortgage rates dropped this week amid a flurry of activity by the Federal Reserve and the federal government.
NARROW FOCUS: United Wholesale Mortgage President and CEO Matt Ishbia said his company is purposely avoiding mortgages that serve lower and some middle-income Americans.
TITLE UNDERWRITERS: Title insurers show relative strength as Coronavirus spreads.
MANAGING DEBT: AARP offers advice on deferring mortgage payments, refinancing and other personal finance issues in the wake of the coronavirus.
HISTORY LESSON: What we can learn from the 1918 pandemic regarding restricting public spaces and social interaction in the age of coronavirus.
SCAM ALERT: Freddie Mac warns against scams targeting homeowners worried about their ability to pay their mortgages.