Good morning! Today is Thursday, April 2. It’s World Autism Awareness day. U.S. stock futures rebounded this morning. Coronavirus guru Dr. Fauci gets a security detail amid threats.
And in mortgage and housing news …
HOW TO: Many homeowners believed that the mortgage relief items in the CARES Act applied to all borrowers but are quickly discovering they aren’t universally available. Homeowners in need must work with their lenders to identify the best solution for their individual situations.
MORTGAGE APPLICATIONS: It turns out people don’t apply for mortgages when you ban real estate activities and issue stay-at-home orders, as applications in coronavirus hot spots plunged last week.
SPRING BUYING SEASON: The housing market started the year strong. Now, the pandemic threatens real estate markets nationwide during the peak of buying season.
REAL ESTATE: Compass is rolling out a series of virtual tools, as the coronavirus restricts in-person home shopping.
HONESTY: FHFA director Mark Calabria says the mortgage bailout will be ‘on the honor system’ and pleads with borrowers to be honest.
RELIEF NUMBERS: Bank of America said it has agreed to allow 50,000 mortgage customers to defer payments for three months because they’ve lost income as a result of the pandemic.
WARNING SIGNALS: These mortgage borrowers will be “the first canary in the coal mine” for a coronavirus-fueled foreclosure crisis.
CREDIT REPORTING: Lenders should avoid reporting delinquent payments to credit bureaus for consumers who seek mortgage relief, according to direction from the Consumer Financial Protection Bureau.
CREDIT CARD FEES: The coronavirus is calling into question credit card swipe fees.