Mortgage Roundup (4/8/20) – No Relief, Forbearance & Price Lags

Good morning! Today is Wednesday, April 8. The U.S. reported its highest daily death toll from coronavirus, rising to 12,910. The White House is putting together plans to reopen the U.S. economy, and Amazon suspends its delivery service that competes with UPS and Fed Ex to focus on a surge in orders. 

And in mortgage and housing news …

NO HELP FOR YOU: Responding to industry warnings of a looming cash crisis among non-bank mortgage lenders, the head of the Federal Housing Finance Agency said he sees “zero evidence” that the federal government needs to intervene and declares concerns “spin.” 

FORBEARANCE PLEASE: Mortgage forbearance requests skyrocketed in early days after the passage of the CARES Act as homeowners seek financial relief in the face of the coronavirus pandemic.

LAGGING PRICES: Two new housing reports came out, with one forecasting an average home price increase of just 1.9 percent across the United States through the first quarter of 2021 due to massive unemployment and other economic impacts associated with the coronavirus pandemic. 

YIMBY/NIMBY: As the conversation turns toward longer-term recovery, how will the sometimes fractious housing movement respond?

HOMEBUYING: The new normal of homebuying in a pandemic features agents as therapists, drive-up closings, and lots and lots of hand washing.

LIQUIDITY HELP: FHFA won’t provide servicer liquidity, but Director Calabria says GSEs may pull servicing from struggling companies

DAMAGE RANKINGS: The coronavirus is expected to damage these housing markets most, according to a new report. 

ASSISTANCE OUT OF REACH: Many struggling homeowners are not getting the mortgage relief promised. 

REPRIEVE VS. REALITY: New York Gov. Cuomo’s mortgage relief order is spurring confusion and disappointment for many homeowners.

BUYING LOW: The coronavirus pandemic will provide opportunity for some real estate investors