Morning Roundup (11/29/2021)– BBB Housing Plan Explained, Forbearance Starts Up

Good Morning! Today is Monday, November 29. The new Covid-19 variant, Omicron, may be more contagious among vaccinated people but less deadly overall. Japan, Israel, and Morocco have closed their borders to foreign travelers. Mark Esper is suing the DOD for not clearing his book manuscript for publication due to sections detailing his time working under Donald Trump. And in mortgage and housing news… Build Back Better’s Implications On Housing Prices: The House version of President Biden’s “Build Back Better” plan includes about $170 billion for affordable housing and people are asking what that means. CRA Changes: As the Fed weighs making the Community Reinvestment Act race-specific, what do the data say about CRA loans? Not much. Forbearance Starts Jump: …

New York Expands CRA Requirements

New York Governor Kathy Hochul signed legislation expanding the Community Reinvestment Act (CRA) ‘s anti-redlining requirements to non-depository lenders. The New York Senate delivered the bill to Governor Hochul on Friday. Now that the bill is signed, it will become law in 90 days. The CRA is national legislation enacted in 1977 in response to the redlining of poor and minority communities by banks during the 1960s and 1970s. Several states, including Massachusetts, Illinois, and New York, have their own versions. New York’s largely mirrors the federal law. It mandates that banks help meet the credit needs of communities in which they take deposits, specifically in low- and moderate-income neighborhoods. The expansion diverges from federal law, however. A New York…