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.

The COVID-19 pandemic’s longer-term impact on residential mortgage-backed securities remains uncertain, but for now DBRS Morningstar’s outlook for the residential property assessed clean energy asset-backed securities sector remains stable.

For banks with assets between $10 billion and $100 billion, the average exposure is 165% of capital.

A new CFPB rule will expedite the forbearance and loss-mitigation process for consumers suffering financial hardship from the pandemic.

Activity in the Paycheck Protection Program has waned, but some argue that many small businesses, especially those owned by minorities, will miss out if the June 30 application deadline isn't extended.

Compared with the week prior, approximately 57,000 fewer loans from all investor types were forborne.

Potential sales last month rose compared with April as homes became more affordable due to low mortgage rates.

The inability of Democrats and Republicans to agree on a chairperson and lack of sufficient personnel have made it harder for the commission to do its job — hold Treasury and the Fed accountable for implementing the coronavirus relief law, observers say.

The FHFA and FHA both announced for the second time that they were delaying the freeze to protect borrowers and renters during the coronavirus pandemic.

The availability of some loans used to build homes dried up due to the coronavirus. Opening up the economy may help if it doesn't lead to a spike in infections, and if consumer demand persists.

The Fed chairman updated senators about the agency's new credit facility for midsize firms struggling in the pandemic. He also left open the possibility of additional stress tests to gauge the industry’s coronavirus response.