Economy

The Federal Reserve Board should create a dedicated facility for mortgage servicers to access in order to make required advances, industry participants and observers, including its largest trade group, said.

The $16 trillion U.S. mortgage market — epicenter of the last global financial crisis — is suddenly experiencing its worst turmoil in more than a decade, setting off alarms across the financial industry and prompting the Federal Reserve to intervene.

Realtors are taking advantage of nearly every type of modern technology to maintain the embers of the real estate market.

The coronavirus pandemic is threatening to put a damper on the Marin County, Calif., real estate market as it enters its normally busy spring season, with the nation facing economic uncertainty and a "shelter in place" order forcing the cancellation of many house events.

The real estate market, particularly in the so-called luxury tier, has been struggling for years.

The Federal Housing Finance Agency authorized the government-sponsored enterprises to lend additional support to the mortgage-backed securities market and temporarily allow some flexibility in lending requirements to address coronavirus-related concerns.

While the mortgage market began the year healthy, lenders and borrowers need to prepare for the impacts of the coming coronavirus recession.

The coronavirus pandemic has created confusion, delays and uncertainty in housing projects around the Bay Area, despite a crushing need for new homes from an industry deemed essential to work through the regional lock-down.

The California Association of Realtors told its members Friday to stop all face-to-face sales activities including showings, listing appointments, open houses and property inspections due to coronavirus concerns.

With increased economic distress because of the coronavirus, lenders are likely to see an increase of borrowers looking for a mortgage rescission, arguing they are eligible for an extended filing time frame.