Law and regulation

Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams.

The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.

Kansas Gov. Laura Kelly on Wednesday announced she was banning evictions and foreclosures for the next six weeks, adding to her administration's response to the unprecedented crisis caused by COVID-19.

Financial executives who visited the White House pledged to help small businesses and consumers get through any economic damage as the virus continues to spread. They also encouraged the government to support fiscal stimulus policies.

Corporations that own California properties could soon be fined for keeping homes vacant for more than three months under a proposed law to give tenants, nonprofits and cities more say over what happens to empty buildings.

Finance Minister Bill Morneau is relaxing mortgage qualification rules to make it easier for homebuyers to secure financing, a move that could give Canada's real estate market another boost.

The city's Residential Mortgage Foreclosure Diversion program, born out of the recession in 2008, has prevented nearly 14,000 foreclosures by working with lenders and homeowners to lower mortgage payments.

Mortgages guaranteed by the Department of Veterans Affairs may increase in certain regions due to a new option that can offset a broader fee increase.

In letters to Freddie Mac and Fannie Mae, six Democrats asked how the mortgage giants are factoring extreme weather into their risk modeling.

A high-profile proposal to address California's housing crisis by compelling cities to build more homes failed to pass the Senate on Wednesday, but lawmakers left the bill's author one more chance to pass the measure.