In two comment letters to the Federal Housing Finance Agency last week, the American Bankers Association weighed in on proposed changes to liquidity requirements for Fannie Mae and Freddie Mac, as well as proposed changes to resolution planning requirements for the two GSEs.
More than 10% of respondents in a recent Federal Reserve Bank of Philadelphia survey said they had entered mortgage forbearance at some point during the pandemic, with 6.4% currently in a forbearance plan and 4.1% reporting they had previously been in forbearance since March 1, 2020.
As expected, the Consumer Financial Protection Bureau today proposed to delay the mandatory compliance date of the General Qualified Mortgage final rule from July 1, 2021, to Oct. 1, 2022.
At his confirmation hearing to serve as the next director of the Consumer Financial Protection Bureau today, Rohit Chopra told lawmakers he has “a completely open mind” about changes to the Qualified Mortgage rules, adding that he will “look to what the statute says and what Congress’ goals are” as the bureau reviews the rules.
The number of homeowners that are behind on their mortgage has doubled since the beginning of the pandemic, with 6% of mortgages in delinquency as of December 2020, according to a new report issued by the CFPB today.
In a letter to the Federal Housing Finance Agency today, the American Bankers Association cautioned against using housing goals for Fannie Mae and Freddie Mac as a proxy to reduce the GSEs’ purchase of certain loan types in an effort to shrink their overall footprint.
The American Bankers Association today offered feedback to the Federal Housing Finance Agency on appraisal-related policies and practices for Fannie Mae and Freddie Mac, noting that it “fully supports creating new alternatives to the traditional appraisals available in the market today.”
The Federal Housing Finance Agency announced yesterday that it would extend through March 31, a moratorium on foreclosures and real estate owned evictions for single-family mortgages backed by Fannie Mae or Freddie Mac. The current moratorium was set to expire on March 31.
The housing market has been a relative bright spot in an otherwise highly disrupted economy.
As the Consumer Financial Protection Bureau considers whether to revisit its recent final rules regarding the definition of Qualified Mortgage and the establishment of a “seasoned QM” category of loans, it issued a statement today addressing the compliance deadlines associated with these rules.