Financial regulators on Friday issued a joint policy statement granting flexibility to mortgage servicers to work with borrowers struggling as a result of the coronavirus pandemic.
Since the Federal Housing Finance Agency launched a credit risk transfer program for Fannie Mae and Freddie Mac in 2013, the enterprises have transferred $115 billion in credit risk to private investors, amounting to about 3.3% of unpaid principal balance, the FHFA said today.
The Federal Housing Administration yesterday announced relief for FHA mortgage borrowers unable to make payments because of the coronavirus pandemic.
The Federal Housing Finance Agency today took action to grant additional flexibility to Fannie Mae and Freddie Mac to help expedite loan processing during the pandemic.
With many borrowers now taking advantage of nationwide forbearance programs as they struggle to make their monthly mortgage payments, Ginnie Mae announced today that it will take action to ensure liquidity in the mortgage-backed securities market during the coronavirus pandemic.
In communications to lenders today, Fannie Mae and Freddie Mac announced a new home retention workout option that would allow eligible borrowers who have resolved a temporary hardship and resumed their monthly mortgage payments to make payment deferrals if they cannot afford a full reinstatement or repayment plan to bring the loan current.
ABA joined several financial and mortgage industry trade associations in a letter to the Federal Reserve, HUD, FHFA, the CFPB, the U.S. Treasury Department and the White House today to provide the industry’s view on responding to the many challenges COVID-19 poses to the mortgage markets and to borrowers.
To help ensure liquidity in the secondary mortgage market, the Federal Housing Finance Agency today directed Fannie Mae and Freddie Mac to engage in additional dollar roll transactions, which would provide investors in mortgage-backed securities with short-term financing of their positions.
To help provide relief to homeowners who may be facing financial hardships as a result of the coronavirus pandemic, the Federal Housing Finance Agency today announced that it has directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days for enterprise-backed single-family mortgages.
The share of current and performing first-lien mortgages in the fourth quarter of 2019 was 96.5%, up from 95.8% a year ago, according to the Mortgage Metrics Report released by the OCC.