News Topic: foreclosures

The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the ... Read full article

Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May. ... Read full article

A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit. ... Read full article

The agency's announcement came one day after the agency said it would provide borrowers struggling to stay current with an additional payment deferral option. ... Read full article

Republicans balked at measures like an overdraft fee ban and interest rate cap in the recent stimulus bill, but Sen. Sherrod Brown, D-Ohio, isn’t done trying to add such proposals to future relief packages. ... Read full article

Mortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even worse crisis: Mass foreclosures and mortgage market mayhem. ... Read full article

Federal Housing Finance Agency Director Mark Calabria said a virus-induced financial crisis might give rise to more delinquencies and foreclosures than the 2007 subprime mortgage meltdown. ... Read full article

Utah bank is expected to launch next year; banks want to hold off regulations that would hamper efforts to keep money flowing during virus crisis. ... Read full article

The temporary foreclosure moratorium on loans backed by HUD, Fannie Mae and Freddie Mac comes after lawmakers and housing advocates had pushed for steps to avoid consumers getting booted from their homes. ... Read full article

A national moratorium would be costly to lenders and servicers, but proponents say it's needed to help cushion the economic blow of the pandemic. ... Read full article

Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting home ownership for low- and moderate-income residents. ... Read full article

Tom Marano, a former Bear Stearns banker, was apparently well compensated following the housing crisis for heading up ResCap and Ditech, both of which went into bankruptcy. ... Read full article

The Office of the Comptroller of the Currency found deficiencies related to the bank's holding period for "other real estate owned." ... Read full article

The Federal Housing Administration should monitor reverse mortgage servicers more closely and track related data that would shed light on a rise in defaults, according to a Government Accountability Office report. ... Read full article

Banks are taking back more farmland through foreclosure than at any point in the past three years as low crop prices, epic flooding and the Trump administration’s trade spat with China have left many farmers struggling to pay their debts. ... Read full article

The industry has long worried that the ability-to-repay rule gives borrowers an avenue to fight foreclosure, but one plaintiff’s experience may discourage others from trying. ... Read full article

Lenders have reduced their holdings of foreclosed one- to four-unit family residences to roughly $2.6 billion of homes, down from more than $14 billion in 2010. Economists expect the trend to continue, but there are red flags to keep an eye on. ... Read full article

Secretary of Housing and Urban Development Ben Carson appeared not to recognize a commonly known real estate term during a congressional hearing on Tuesday. ... Read full article