FHFA: Foreclosure and REO Eviction Moratoriums Extended
Today, to help borrowers at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least December 31, 2020. The foreclosure moratorium applies to…
CFPB: New Guide Released to Assist Non-Filers in Accessing their Economic Impact Payments
The Consumer Financial Protection Bureau (CFPB) released a guide to assist intermediaries in serving individuals to access their Economic Impact Payments (EIPs). The guide, Helping Consumers Claim the Economic Impact Payment: A guide for intermediary organizations , provides step-by-step instructions for frontline staff on how to: Discuss the EIP with their clients Determine if clients need to take…
FHFA: Agency Extends Buying Loans in Forbearance & COVID-19 Loan Processing Flexibilities
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend buying qualified loans in forbearance and several loan origination flexibilities until September 30, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on August 31, 2020….
Federal Reserve: Governor Bowman Discusses the Pandemic’s Effect on the Economy and Banking
Speech: The Pandemic’s Effect on the Economy and Banking Governor Michelle W. Bowman At the Kansas Bankers Association CEO and Senior Management Forum/Annual Meeting, Topeka, Kansas (via webcast) Good afternoon. It’s great to be with you, and I look forward to our discussion. As you all know, the COVID-19 pandemic has caused significant disruption and…
FHFA: U.S. House Prices Up 5.4 Percent from Last Year; Rise 0.8 Percent in Second Quarter Despite COVID
U.S. house prices rose 5.4 percent from the second quarter of 2019 to the second quarter of 2020 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices were up 0.8 percent in the second quarter of 2019. FHFA’s seasonally adjusted monthly index for June was up 0.9 percent from May. “Home prices grew by 5.4 percent in the…
FHFA: $6 Billion in COVID Losses Projected at Fannie Mae and Freddie Mac
Low-Balance Refinances now Exempt; Adverse Market Refinance Fee Implementation now December 1 The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac (the Enterprises) to delay the implementation date of their Adverse Market Refinance Fee until December 1, 2020. The fee was previously scheduled to take effect September 1, 2020. FHFA is…
FDIC: Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks Registered a 3.2 Percent Increase…
EDA: Over $54 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: August 21, 2020 – U.S. Department of Commerce Invests $17.8 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small…
Census Bureau: Small Business Pulse Survey Phase 2 Weekly Data Released
The U.S. Census Bureau today released new data from the second phase of the experimental Small Business Pulse Survey. Data collection began Aug. 9, 2020. Results will be released weekly starting Aug. 20 through Oct. 15, 2020. The second phase includes questions on the core concepts from the first phase of the survey, as well as…
HUD: Guidance Issued for Coronavirus Relief Funds
Department working with states and local units of governments to aid vulnerable populations amid outbreak U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today provided guidance and additional flexibility to states and units of local government who are utilizing their existing federal disaster recovery funds to support low- and moderate-income persons and…