FHFA: Foreclosure and Eviction Moratorium Extended through August
Today, to help borrowers and renters who are 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 their single-family moratorium on foreclosures and evictions until at least August 31, 2020. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only….
OCC: Bank Preemption from COVID-19 Relief Programs
OCC Bulletin 2020-62| June 17, 2020 Summary Federal, state, and local governments have taken many actions to respond to the economic disruption caused by the spread of COVID-19. While the Office of the Comptroller of the Currency (OCC) recognizes that a wide range of stakeholders, including state and local governments, have an important role to play in…
FHFA: Translated COVID-19 Resources Now Available in Six Langugages
COVID-19 Servicing Scripts and Mortgage Assistance Application translations now available To help limited English proficiency (LEP) borrowers who are experiencing mortgage-related difficulties due to the coronavirus national emergency, today the Federal Housing Finance Agency (FHFA) added new translations to the Mortgage Translations website. Site visitors can now choose English, Spanish, traditional Chinese, Vietnamese, Korean, or Tagalog when accessing…
EDA: $400,000 Invested in CARES Act Funding to Boost Economic Development Programs in Eight Counties in Northeast Mississippi
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $400,000 CARES Act Recovery Assistance grant to the Three Rivers Planning & Development District, Pontotoc, Mississippi, to update economic development plans and fortify programs to assist communities in responding to the coronavirus pandemic. “The Trump Administration is eager to allocate these essential…
SBA: Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Nonprofits Impacted by COVID-19
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. “The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses…
SBA and Treasury: New and Revised Guidance Regarding the Paycheck Protection Program Announced
The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP). This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past…
FHFA: COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Extended Through July
The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities extended until at least July 31st include: Alternative appraisals on purchase and rate term refinance loans; Alternative methods for verifying employment before loan…
HUD: Remaining $2.96 Billion in CAREs Act Funding Provided for Homeless Populations Amid Coronavirus Recovery
$4 Billion total in Emergency Solutions Grants (ESG) targeted toward communities with high homeless populations or individuals at risk of becoming homeless U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced the allocation of $2.96 billion in Emergency Solutions Grants (ESG) funding to support homeless Americans and individuals at risk of…
SBA: Joint Statement Regarding Enactment of the Paycheck Protection Program Flexibility Act
SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today following the enactment of the Paycheck Protection Program (PPP) Flexibility Act: “We want to thank President Trump for his leadership and commend Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working on a bipartisan basis to pass this legislation for small businesses participating in the…
Federal Reserve: Main Street Lending Program Expanded to Allow More Small- and Medium-Sized Businesses to Receive Support
The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing…