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The FHFA will allow Fannie Mae and Freddie Mac, for a limited time, to purchase loans for which the borrower has sought to postpone payments because of the economic effects of the coronavirus.

The program, created in response to the 2008 financial crisis, generated $19 billion in small-business loans. It could be used as a viable path out of the coronavirus pandemic.

The online lender, reeling from the economic fallout of the coronavirus pandemic, also said it is cutting senior executives' salaries by 25%.

Efforts to calm lenders’ fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it was during the financial crisis.

The agency said it is aligning policies for Fannie Mae- and Freddie Mac-backed loans in forbearance so that servicers are only responsible for advancing four months of missed payments.

The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.

According to a new academic research report, CLO managers have taken advantage of S&P's ratings methodology for a ratings boost on lower-rated tranches - enabling them to offer more return for what seemed like less risk.

Surging unemployment from COVID-19 shutdowns brought a rapidly rising tide of forbearance requests, according to the Mortgage Bankers Association.

Federal backing for firms facing a deluge of missed mortgage payments is still on the table despite recent comments by an official who questioned the need to help the industry.

After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic.

The Senate Banking Committee chair will work with the heads of other panels in overseeing the $2 trillion stimulus package that Congress passed last month.

The head of the Senate panel overseeing Federal Reserve and Treasury Department efforts to boost the U.S. economy urged the agencies to remember their disclosure requirements.

"We've proven we can operate with no footprint," said James Gorman, Morgan Stanley's CEO. "Can I see a future where part of every week, certainly part of every month, a lot of our employees will be at home? Absolutely."

The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.

Legislation announced Wednesday would allow credit unions to make coronavirus relief loans to businesses without fear of bumping up against the member business lending cap.

The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.

Declines in mortgage servicing rights valuations at JPMorgan Chase and Wells Fargo point to the resurgence of a dilemma that came up during the last downturn.

The Borrower Protection Program enables the two agencies to exchange information about loss mitigation efforts and consumer complaints regarding specific servicers.

The volume of COVID-19 forbearance requests has risen rapidly as operational processing has improved and hold times have contracted, according to the Mortgage Bankers Association.

Bank research reports note the loans will only apply to purchases of CLO notes backed by newly issued leveraged loans. Most recently launched deals involve warehoused or distressed secondary-market loans ineligible for TALF.