Good morning! Today is Tuesday, May 26. Car rental giant Hertz filed for bankruptcy. Federal lawmakers are looking to expand a wage subsidy to keep workers on payrolls and help businesses stay afloat amid the coronavirus pandemic. New coronavirus cases are slowing in most parts of the country.
And in mortgage and housing news …
MORTGAGE CREDIT TIGHTENS: Housing is often the most immediate way the Federal Reserve transmits lower interest rates to the economy, as homeowners refinance to free up cash and as home buying spurs construction and spending. But the economic downturn and pre-pandemic regulations are making lenders skittish.
REALTOR CONFIDENCE INDEX: National Association of Realtors April 2020 Realtor Confidence Index Survey shows the effect of coronavirus social distancing measures on the housing market.
FORBEARANCE GUILT: Most Americans who’ve been given a break from mortgage payments for the coronavirus crisis didn’t really need to do that and don’t feel good about it, a new survey finds.
BEACH HOUSES CANCELLED: With parties forbidden, nightclubs closed and many beaches restricting access, young New York professionals are giving up their seasonal rental shares.
FANNIE FREDDIE FATE: While the government took control of Fannie Mae and Freddie Mac during the last economic downturn, the GSEs are now at the heart of the government’s effort to assist homeowners, lenders, and servicers during COVID-19.
COMMERCIAL MORTGAGES: Real estate investors are trying to figure out the long-term impact from the pandemic on commercial properties.
MINNESOTA CONSUMER GUIDE: Minnesota released a consumer guide with information about mortgage relief options in the wake of the COVID-19 economic meltdown.
IMMIGRANT FUND: An Immigrant Neighbor Fund is providing financial grants to those ineligible for COVID-19 government relief.
HOUSING FINANCE: The coronavirus pandemic is revealing weak spots in the housing finance system.
CFPB INNOVATION: The Consumer Financial Protection Bureau issued two no-action letter templates that are intended to help institutions be more flexible in offering consumer financial products and services.
SECURITIZATION: Commercial Mortgage Backed Securities face a major test amid the coronavirus-induced economic upheaval.