FHFA: Temporary Policy Allowing Purchase of Qualified Loans in Forbearance Extended
December 31, 2020 is new expiration date To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) has approved an extension of the current temporary policy that allows for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria as set by Fannie Mae and Freddie Mac (the Enterprises). The…
EDA: $500,000 in CARES Act Recovery Assistance Invested to Support Business Recovery and Resilience Efforts Across Texas
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to the Texas Economic Development Council, Austin, Texas, to support economic recovery efforts through educational resources for local businesses responding to the coronavirus pandemic. The EDA grant is expected to create 225 jobs, retain 284 jobs, and spur $5 million…
ABA: Survey Shows Bank Customers Now Use Mobile Apps More Than Any Other Channel to Manage Their Accounts
For the first time ever*, bank customers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found bank customers preferred mobile apps both prior to and following the onset of the COVID-19…
FEMA: President Trump Approves Emergency Declaration for Florida
FEMA announced that federal emergency aid has been made available to the state of Florida to supplement state and local response efforts to the emergency conditions in the area affected by Hurricane Eta beginning on Nov. 7 and continuing. Federal funding is available to the state and local governments and certain private nonprofit organizations on a 75% federal cost-sharing basis for emergency protective measures limited to direct federal…
FHFA: Validation of Classic FICO for Use by Fannie Mae and Freddie Mac Announced
The Federal Housing Finance Agency (FHFA) today announced the validation and approval of the Classic FICO credit score model for use by Fannie Mae and Freddie Mac (the Enterprises). The validation and approval of Classic FICO by the Enterprises allows them to continue supporting the mortgage market while assessing more modern credit score models that…
Federal Reserve: Speech by Governor Brainard on Modernizing and Strengthening CRA Regulations
At the National Congress of American Indians 77th Annual Convention & Marketplace (via webcast) Good afternoon and thank you to President Fawn Sharp and Kevin Allis of the National Congress of American Indians (NCAI) for inviting me to join your discussion.1 As the oldest and largest American Indian and Alaska Native organization serving the broad interests…
ABA: Financial Services and Consumer Coalition Launches Borrower Awareness Campaign
‘Not Ok? That’s Ok’ Designed to Spur Borrowers Facing Hardship to Call Their Servicer or a Counselor Today, a broad coalition of financial services stakeholders – including mortgage servicers, trade associations, housing counseling agencies, governmental agencies, and think tanks – launched a consumer awareness campaign to reach borrowers who have missed one or more mortgage…
Census Bureau: Third Phase of Household Pulse Survey Announced
The U.S. Census Bureau today announced data collection is underway for the third phase of the experimental Household Pulse Survey. The Office of Management and Budget last month approved the Census Bureau’s request to continue the survey. No changes were made to the questionnaire for this phase. Data will be released on a biweekly basis from Nov. 18,…
Census Bureau: Third Phase of Small Business Survey Announced
The U.S. Census Bureau today announced the start of data collection for the third phase of the Small Business Pulse Survey. Results will be released weekly starting November 19, 2020, through January 14, 2021. No changes were made to the questionnaire for this phase. Data from the first and second phases of the Small Business Pulse…
Federal Reserve: Financial Profiles of Workers Most Vulnerable to Coronavirus-Related Earnings Loss in the Spring of 2020
Abstract: In spring 2020, the COVID-19 pandemic and related shutdowns had huge effects on unemployment. Using data from the Survey of Consumer Finances, we describe the financial profiles of US families whose workers were most vulnerable to coronavirus-related earnings losses in the spring of 2020, based on whether a particular worker was deemed “essential” and…