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)…
FHFA: First Quarter Foreclosure Prevention and Refinance Report Released for the Enterprises
The Federal Housing Finance Agency (FHFA) today released its first quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 26,910 foreclosure prevention actions in the first quarter of 2020, bringing to 4.4 million the number of troubled homeowners who have been helped during conservatorships. Of…
CFPB: Interim Final Rule Issued on Loss Mitigation Options for Homeowners Recovering from Pandemic-Related Financial Hardships
The Consumer Financial Protection Bureau (Bureau) issued today an interim final rule (IFR) that will make it easier for consumers to transition out of financial hardship caused by the COVID-19 pandemic and easier for mortgage servicers to assist those consumers. The CARES Act provides forbearance relief for consumers with federally-backed mortgage loans. The mortgage industry…
HUD: FHA Extends Foreclosure and Eviction Moratorium for Single Family Homeowners for Additional Two Months
Extension Through August 31, 2020, Provides More Security for Homeowners Impacted by the Coronavirus Outbreak Today, the Federal Housing Administration (FHA) announced a two-month extension of its foreclosure and eviction moratorium through August 31, 2020, for homeowners with FHA-insured Single Family mortgages. This extension provides additional security and peace of mind to homeowners that they will not…