Good morning! Today is Tuesday, April 21. President Trump says he will suspend immigration into the U.S. to protect jobs amid coronavirus fallout. Georgia will reopen gyms, hair salons, and bowling alleys this week. North Korea’s leader, Kim Jong Un, is reportedly in grave danger after surgery.
And in mortgage and housing news …
NEW LISTINGS: The number of new houses going on the market is plummeting as the coronavirus pandemic wears on, according to an analysis released by Redfin.
FORBEARANCE SPIKE: The number of loans in forbearance continues to rise as borrowers cope with economic hardship caused by the coronavirus pandemic.
CALABRIA WRONG: Federal Housing Finance Agency Director Mark Calabria said on April 1 he expected 300,000 Fannie Mae and Freddie Mac loans – or 1 percent of their mortgages – to go into forbearance in April. Less than three weeks later, he’s way, way off.
CREDIT MONITORING: The three major credit-reporting agencies announced that consumers can get free weekly credit reports from now through April 2021.
FANNIE AND FREDDIE RESCUE: Fannie Mae and Freddie Mac may soon buy home loans in forbearance to help out mortgage firms facing a cash crunch as millions of Americans struggling with fallout from the coronavirus suspend their monthly payments.
LIQUIDITY BACKSTOP: Despite recent comments by a federal official who questioned the need to aid the mortgage sector, servicers are holding out hope that a government liquidity backstop could still be rolled out within days.
CORONA CREDIT: How you can protect your credit score during the coronavirus pandemic.
TIGHTENING STANDARDS: Mortgages are still cheap, but harder to come by.
CASH-OUT REFINANCING: Stressed homeowners find cash-out mortgage refinances harder to get.
LENDER REQUIREMENT ROUNDUP: If you’re trying to refinance your mortgage, here’s what lenders say will get you approved.
CORONA BARGAINS: If you’re a cash buyer, now might be the time to invest in real estate.