The mortgage market remained unsettled as the coronavirus damaged the U.S. economy and lenders weighed their options. The Fed came to the rescue with liquidity measures but fears regarding nonbanks persist.
Proposed legislation in New York could reduce legal uncertainties and economic difficulties associated with moving legacy adjustable-rate mortgages away from the London Inter-Bank Offered Rate.
The closure of nonessential businesses to contain the spread of the coronavirus has affected mortgage loan closings in counties where recording offices have shuttered.
The industry has once again written to Congress requesting that guarantee fees be used only as originally intended: as a critical risk management tool to protect against potential mortgage credit losses.
In a plan that began at least as far back as 2016, the FHLBanks actively considered buying one of the government-sponsored enterprises. Even senior staff at Treasury and FHFA were involved.
Asked what levels of capital would be necessary in order to release Fannie and Freddie from conservatorships, Treasury and FHFA said it is “premature” to comment on specific levels.
Mortgage service providers are seeking a clarification from the Federal Communications Commission on the definition of an “automatic telephone dialing system” in light of differing court interpretations.
Just like previous budgets proposed by President Trump, the 2021 version stands little chance of getting passed by Congress. But it does provide a win-dow into the administration’s priorities.
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