HUD: New CAREs Act Multifamily Mortgage Payment Relief Implemented to Maintain and Preserve Affordable Rental Housing
Multifamily borrowers can request up to 90 days of mortgage payment forbearance from their servicer Today, the U.S. Department of Housing and Urban Development (HUD) announced it is issuing new mortgage payment relief guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for borrowers with multifamily mortgages insured by the Federal Housing…
CFPB: Video Released on How Mortgage Forbearance Works under the CAREs Act
The Consumer Financial Protection Bureau (Bureau) has released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic. The Bureau has also issued additional information for consumers on mortgage and student loan payment relief and how to avoid scams. Below are the resources for consumers:…
Federal Agencies Encourage Mortgage Servicers to Work with Struggling Homeowners Affected by COVID-19
The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency. The actions announced today by the agencies inform servicers of the agencies’ flexible supervisory and enforcement…
HUD: New CAREs Act Mortgage Payment Relief Issued for FHA Single Family Homeowners
Mortgage servicers instructed to offer deferred or reduced mortgage payments by as much as 6 months to start. The U.S. Department of Housing and Urban Development today announced a tailored set of mortgage payment relief options for single family homeowners with FHA-insured mortgages who are experiencing financial hardship as a result of the COVID-19 National…
FHFA: Loan Processing Flexibilities Authorized for Fannie Mae and Freddie Mac Customers
The Federal Housing Finance Agency (FHFA) today announced several loan processing flexibilities from Fannie Mae and Freddie Mac (The Enterprises) designed to help their customers. The flexibilities announced by the Enterprises include: Allowing desktop appraisals on new construction loans; Allowing flexibility on demonstrating construction has been completed (alternative to the Completion Report); Allowing flexibility for…
FHFA: More Than 4.4 Million Homeowners Helped Since Conservatorship
The Federal Housing Finance Agency (FHFA) today released its fourth quarter 2019 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 25,930 foreclosure prevention actions in the fourth quarter of 2019, bringing to 4.407 million the number of troubled homeowners who have been helped during conservatorships. The report also shows that nearly 40 percent…
FHFA: Enterprises Authorized to Support Additional Liquidity in the Secondary Mortgage Market
Today, to help support immediate needs for liquidity in the secondary mortgage market, the Federal Housing Finance Agency (FHFA) has authorized Fannie Mae and Freddie Mac (the Enterprises) to enter into additional dollar roll transactions (dollar roll transactions provide mortgage-backed securities investors with short-term financing of their positions, providing liquidity to these investors). Eligible collateral…
HUD: Immediate Relief Provided for Homeowners Amid Nationwide Coronavirus Response
Suspends all foreclosure and evictions for the next 60 days U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson, in consultation with the Trump Administration and the Coronavirus Task Force, today authorized the Federal Housing Administration (FHA) to implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next…
FHFA: Foreclosures and Evictions Suspended for Enterprise-Backed Mortgages
Today, to help borrowers who are at risk of losing their home, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family…
CFPB: Director Kraninger Statement on Joint HUD-FHFA Announcement on Foreclosure and Eviction Moratorium
Consumer Financial Protection Bureau Director Kathleen L. Kraninger made the following statement today after the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency announced a moratorium on foreclosures and evictions: “The actions taken today by HUD and FHFA are timely and an important step in providing assurance to consumers. I…