Coronavirus

Mortgage rates reached their lowest level this week since Freddie Mac began its Primary Mortgage Market Survey in 1971, but they might not have yet gotten to their floor.

The Senate had passed the bill Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications.

The collateral in the $338 million also includes a large subset of mortgages (45% of the pool) that are considered "dirty current" loans with recent delinquent status.

The U.S. economy can escape another decadelong slog back to health if strong public measures or a vaccine curb virus surges, Federal Reserve Bank of San Francisco President Mary Daly said.

Lenders and servicers' biggest pandemic challenges revolve around clarity for loan eligibility and understanding options for their borrowers once the forbearance period ends.

Chris Dodd and Barney Frank said the legislation — nearing its 10th anniversary — put banks in position to be a stabilizing force during the coronavirus crisis.

Multifamily borrowers with loans from Fannie Mae and Freddie Mac will get an extended break for coronavirus-related hardships if they continue to give their tenants relief as well.

Contract signings to purchase previously owned homes surged in May by the most on record as mortgage rates fell and some states began to reopen from coronavirus lockdowns.

Managers of funds investing in asset-backed securities (ABS) that dislike the work-from-home (WFH) environment common since the onset of the coronavirus had better learn to adapt, because the situation will most likely continue for a while.

Nonbank servicers have been seeking more sources of cash since the coronavirus disrupted markets and elevated forbearance rates. These are some strategies they may be able to use.