Wednesday, 08 April, 2020

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Category: DS News


Millions of homeowners are now financially vulnerable as a result of COVID-19, and in a Harvard Joint Center for Housing Studies report, Sharon Cornelissen and Alexander Hermann cover COVID-19’s potential. The researchers interviewed homeowners and housing stakeholders in Brockton, Massachusetts and analyzed national data on homeowners who rely on income from at-risk industries. “The effects are already being felt in Read more…


Millions of homeowners are now financially vulnerable as a result of COVID-19, and in a Harvard Joint Center for Housing Studies report, Sharon Cornelissen and Alexander Hermann cover COVID-19’s potential. The researchers interviewed homeowners and housing stakeholders in Brockton, Massachusetts and analyzed national data on homeowners who rely on income from at-risk industries. “The effects are already being felt in Read more…


In the week ahead, tune into the latest edition of DS5: Inside the Industry. Hear from Federal Housing Finance Agency (FHFA) Director Dr. Mark A. Calabria, as well as Robert Caruso, CEO of Service Mac and Allen Price, SVP, BSI Financial on how business is being done in the age of COVID-19, and what regulators are doing to assist homeowners, lenders, Read more…


The U.S. Bureau of Labor Statistics reported the unemployment rate rose to 4.4% on Friday with total employment dropping off by 701,000 in March.  The reported increase of 0.9 percentage points in March is the largest month-over-month increase since January 1975, when it rose by the same margin.  Construction saw a drop in employment in March of 29,000. Employment had Read more…


The newest edition of DS5: Inside the Industry includes insights form two of the leading subject-matter experts from the housing and mortgage industries.  Included in this episode are Dave Worrall, President, LoanCare, a ServiceLink Company and Mike Sullivan, Director of Marketing and Client Relations, Codilis and Associates PC.  Sullivan, an expert in foreclosure, bankruptcy, and REO processes, will discuss how Read more…


Under the recently signed CARES Act, borrowers do not need to show any proof of financial hardship in order to skip payments for up to a year. All homeowners would need to do is say they can’t pay, leading Federal Housing Finance Administration (FHFA) Director Mark Calabria to urge borrowers to “be honest,” CNBC reports. “We’re operating on the honor Read more…


The housing market is set to remain a bright spot in the face of a possible recession caused by the COVID-19 pandemic, according to Redfin. Because the housing market was strong going into the 2020 recession, there’s currently no reason to expect a major crash in home prices, Redfin notes. As Redfin states, the driving factors for this 2020 recession Read more…


A report by Up For Growth looks at how the recently-signed $2.2 trillion CARES Act will impact the housing market.  The report said the bill provides billions of money directed toward housing programs.  Among the funds receiving money, the Community Development Fund was given $5 billion, rental-assistance programs were given $1 billion, $50 million was set aside for housing for Read more…


In response to the COVID-19 pandemic, FEMA is extending the grace period for National Flood Insurance Program (NFIP) renewals. For customers who may be experiencing financial hardships, the agency is extending the grace period to from 30 to 120 days. This extension applies to NFIP flood insurance policies with an expiration date between February 13-June 15, 2020. To avoid a Read more…


In response to the COVID-19 pandemic, FEMA is extending the grace period for National Flood Insurance Program (NFIP) renewals. For customers who may be experiencing financial hardships, the agency is extending the grace period to from 30 to 120 days. This extension applies to NFIP flood insurance policies with an expiration date between February 13-June 15, 2020. To avoid a Read more…


At the Financial Stability Oversight Council Principals Meeting , Federal Housing Finance Agency (FHFA) Director Mark Calabria gave an update on America’s mortgage finance system, and the coronavirus outbreak’s impact on its strength. In his prepared remarks, Calabria notes that mortgage rates and sales are expected to recover after the crisis, as it is now disrupting both the primary and Read more…


Many mortgage REITs have seen large amounts of distress, according to Dominic Chu on CNBC. In this Video Spotlight, Chu discusses how two REITs, Invesco Mortgage Capital and New York Mortgage, have lost around 80% of their value in the last month, as their balancing on distressed levels. Earlier this month, REIT prices have seen a dramatic decline, opening up Read more…


President Donald Trump has signed the CARES Act, a $2.2 trillion economic relief package, into law, after the the House of Representatives passed the bill on Friday. The bill was approved in the Senate unanimously—96-0—and Senate Majority Leader Mitch McConnell (R-Kentucky) called the vote a “proud moment for the United States.” One of the largest portions of the bill is Read more…


The spread of COVID-19 has caused disruptions in the financial and economic markets. However, the Joint Center for Housing Studies of Harvard University looked at how the stresses facing the market could impact the housing industry.  Don Layton, the former CEO of Freddie Mac and the author of the piece, said many REITs specialize in mortgage-related assets, ranging from liquidized Read more…


The Consumer Financial Protection Bureau (Bureau) has announced that it is providing flexibility to enable financial companies to work with customers in need as they respond to the COVID-19 pandemic. The Bureau is postponing some data collections from industry on Bureau-related rules to allow companies to focus on responding to consumers in need and making changes to its supervisory activities Read more…