The massive coronavirus rescue package passed by Congress last month gave struggling homeowners the option to request up to a year’s suspension of their mortgage payments but did not include relief for mortgage servicers, which process millions of those payments every month.because they are legally required to advance funds to investors in mortgage-backed securities even when a borrower doesn’t make payments.
Calabria, a onetime economist at the libertarian Cato Institute, had previously rebuffed requests to give servicers a break, dismissing forecasts of widespread delays in mortgage payments as industry “spin.
Concerns about liquidity in the mortgage finance system have been building for years. The companies that service mortgage loans are increasingly not banks, so they don’t have banks’ access to Federal Reserve loans or strict capital requirements and deposits to fall back on.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Trump backs aid for oil and gas companiesPresident Trump in a tweet said he's instructed his Treasury secretary to craft a plan to make financial relief available to U.S. oil and gas developers 'so... does he do anything good? he caused the stupid oil crash last year. i guarantee this will backfire on him, again. Socialism now, socialism FOREVER NO.
Source: MarketWatch - 🏆 3. / 97 Read more »
As scores of public companies get small-business aid, Trump vows to take back money if help was ‘inappropriate’President Donald Trump addresses how a coronavirus aid program for small businesses has been helping big companies and Harvard University, which has a $40... My favourite line yesterday was him saying 'Well, I didn't get any'. And where is that in the legislation? The bill was a disaster and it will prove true. Publicly held companies should not get help until after the small businesses and people get adequate help. Let their investors feel the pain that the workers and small businesses feel. Many are employees of public companies and/or are also vendors/suppliers to them.
Source: MarketWatch - 🏆 3. / 97 Read more »