Person Root Tag

The MBA also said it has been lobbying for a measure that would enable cash-out refinances in forbearance to be sold to the GSEs.

Director Mark Calabria, who abandoned the Fannie and Freddie capital proposal written by his predecessor, said he expects a revised framework to be ready “very soon.”

The Federal Housing Finance Agency clarified that borrowers with Fannie Mae- or Freddie Mac-backed mortgages who have entered into forbearance plans can be eligible for a refi or new purchase once they are considered “current” on their mortgage.

The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.

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.

Eligible borrowers can add the forborne payments to the end of their loan term.

The head of the U.S. central bank said its emergency credit programs were not designed to prop businesses up over the long term.

Complaints to the bureau hit an all-time high in April. More than one in five said servicers wouldn't grant deferrals, forced borrowers into forbearance or violated other requirements of the coronavirus relief law.

The OCC is plowing ahead on plans to modernize the Community Reinvestment Act, but a growing consensus of industry and community voices says now is not the time for a major overhaul.

This stylish home in the Beverly Hills Post Office area was much more famous in the late 2000s, when comedian Ed McMahon lived there and was fighting to keep the house.