Federal Agencies Encourage Banks, Savings Associations and Credit Unions to Offer Responsible Small-Dollar Loans to Consumers and Small Businesses Affected by COVID-19
Five federal financial regulatory agencies today issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. The statement of the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration,…
FHFA: House Price Index Up 0.3 Percent in January; Up 5.2 Percent from Last Year
U.S. house prices rose in January, up 0.3 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 5.2 percent from January 2019 to January 2020. The previously reported 0.6 percent increase for December 2019 was revised upward to 0.7 percent. For the nine census divisions, seasonally adjusted monthly house…
SBA: Automatic Deferment on Existing SBA Disaster Loans Implemented Through End of 2020
Today, U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment. “The SBA is looking at every option…
FHFA: Enterprises Authorized to Support Additional Liquidity in the Secondary Mortgage Market
Today, to help support immediate needs for liquidity in the secondary mortgage market, the Federal Housing Finance Agency (FHFA) has authorized Fannie Mae and Freddie Mac (the Enterprises) to enter into additional dollar roll transactions (dollar roll transactions provide mortgage-backed securities investors with short-term financing of their positions, providing liquidity to these investors). Eligible collateral…
FHFA: Enterprises Directed to Grant Flexibilities for Appraisal and Employment Verifications
Today, to facilitate liquidity in the mortgage market during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020. To allow for homes to be bought, sold, and refinanced as our…
Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19
The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The agencies encourage financial institutions to work with borrowers, will not criticize institutions for doing so in a safe and sound manner,…
Pandemic Planning: Joint Questions and Answers Regarding State About the Use of Capital and Liquidity Buffers
Summary The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies), recognize the potential for Coronavirus Disease (also referred to as COVID-19) to adversely affect the customers and operations of financial institutions. On…
Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility
To support the flow of credit to households and businesses, the federal bank regulatory agencies today announced an interim final rule to ensure that financial institutions will be able to effectively use a liquidity facility recently launched by the Federal Reserve Board. The Board launched the Money Market Mutual Fund Liquidity Facility, or MMLF, yesterday…
HUD: Immediate Relief Provided for Homeowners Amid Nationwide Coronavirus Response
Suspends all foreclosure and evictions for the next 60 days U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson, in consultation with the Trump Administration and the Coronavirus Task Force, today authorized the Federal Housing Administration (FHA) to implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next…
FHFA: Foreclosures and Evictions Suspended for Enterprise-Backed Mortgages
Today, to help borrowers who are at risk of losing their home, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family…