OCC: Report Shows Decline in Mortgage Performance in Third Quarter 2020
The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the third quarter of 2020. The OCC Mortgage Metrics Report, Third Quarter 2020 showed that 92.5 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
FHFA: Foreclosure and REO Eviction Moratoriums Extended
Foreclosure moratorium applies to Enterprise-backed mortgages; eviction moratorium applies to Enterprise-owned properties 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)…
HUD: Disaster Assistance Announced for Victims of Hurricane Laura
Foreclosure protection offered to displaced families The U.S. Department of Housing and Urban Development (HUD) today announced federal disaster assistance for the State of Louisiana to provide support to homeowners and low-income renters displaced from their homes in areas affected by Hurricane Laura. On August 28th, President Trump issued a major disaster declaration for the following parishes…
HUD: FHA Extends Foreclosure and Eviction Moratorium for Homeowners through Year End
Third extension will allow FHA-insured homeowners economically impacted by COVID-19 to focus on financial recovery Today, the Federal Housing Administration (FHA) announced the third extension of its foreclosure and eviction moratorium through December 31, 2020, for homeowners with FHA-insured single family mortgages covered under the Coronavirus Relief and Economic Security (CARES) Act. This extension provides an additional…
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…
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….
FHFA: Multifamily Property Owners in Forebearance Now Required to Inform Tenants of Eviction Suspension and Protections
To increase awareness of available tenant protections, the Federal Housing Finance Agency (FHFA) announced today that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac (the Enterprises) who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections during the multifamily property owner’s forbearance and repayment…
FFIEC: Joint Statement on Additional Loan Accomodations Related to COVID-19
This letter announces that the Federal Reserve and the other Federal Financial Institutions Examination Council (FFIEC) members1 have issued the attached Joint Statement on Additional Loan Accommodations Related to COVID-19. This statement discusses risk management principles relevant to institutions that work with their borrowers as loans near the end of initial loan accommodation periods related to COVID-19. The statement includes…
HUD: FHA Expands Home Retention Measures for Homeowners Financially Impacted by COVID-19
Streamlined loss mitigation options will help more homeowners avoid foreclosure The Federal Housing Administration (FHA) today announced additional home retention measures to help homeowners with FHA-insured single family mortgages who are financially impacted by the COVID-19 pandemic to bring their mortgage current at the end of their COVID-19 forbearance. Effective immediately, mortgage servicers will be able to…
HUD: Eviction Prevention and Stability Toolkit Released in Latest COVID-19 Response Effort
Toolkit is the most recent effort by the Department to identify individuals who have felt the economic impact of Coronavirus and provide a range of resources to support housing stability U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced the “Eviction Prevention and Stability Toolkit” to encourage Public Housing Authorities (PHA)…