On September 27, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Mortgage Refinances and Forbearances. The Request indicates that the CFPB is considering making the COVID...more
On August 12, in a 6-3 decision, the U.S. Supreme Court issued an order enjoining the portion of a New York State statute which provided that tenants could establish that they had suffered COVID-related economic hardship by...more
On June 28, the Consumer Financial Protection Bureau (CFPB) issued a new rule (Rule) setting forth loss mitigation/loan modification steps residential mortgage loan servicers must take in regard to mortgage loan borrowers due...more
The Small Business Administration (“SBA”) has made an adjustment to its guidance to provide that entities which have concluded a bankruptcy proceeding are not, for purposes of PPP eligibility, considered in bankruptcy....more
On Tuesday, March 30, the President signed the PPP Extension Act of 2021, extending the deadline for submitting PPP loan applications from March 31, 2021 to May 31, 2021.
Significantly, the Act also gives SBA until June...more
On Thursday, February 25, a Federal judge in the Eastern District of Texas ruled that the CDC tenant eviction order is unconstitutional, but did not enjoin the order. The case was brought by seven Texas landlords against...more
Buchalter’s February 16 COVID Alert reported that the federal government had extended the FHA, VA and USDA timelines for single-family foreclosure and eviction moratoria and forbearance periods to June 30, 2021. On February...more
3/1/2021
/ Arizona ,
California ,
Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FHFA ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
GSE ,
Moratorium ,
Oregon ,
USDA ,
Veterans Administration ,
Washington
Following last week’s FHFA announcement extending the Fannie Mae and Freddie Mac foreclosure and eviction moratoria and their deadlines for applying for COVID-related forbearance, the White House announced on February 16 that...more
2/18/2021
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FHFA ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
Moratorium ,
USDA ,
Veterans Administration
On February 9, the Federal Home Finance Agency announced extensions of time until March 31, 2021 for the Freddie Mac and Fannie Mae COVID-related foreclosure and eviction moratoria, and allowed an additional three months of...more
2/12/2021
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Department of Agriculture ,
Department of Veterans Affairs ,
Eviction ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FHFA ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
GSE ,
Moratorium
On January 6, 2021, Treasury issued two new Interim Final Rules (IFRs) addressing the new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act’s (Act) creation of PPP Second Draw Loans, and the Act’s various...more
The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both...more
The Federal Reserve has issued amended For Profit and Non-Profit Frequently Asked Questions for the Main Street Lending Program, addressing the key dates for the end of the program in December, 2020. These dates are driven...more
The Federal Reserve has issued amended FAQs for the for-profit and non-profit Main Street Lending Programs. The FAQs address the following:
• Restrictions on underlying credit facilities for MSELF Upsize Tranches;
•...more
On October 20, the Consumer Financial Protection Bureau (CFPB) issued a final rule extending the Government Sponsored Enterprise “GSE Patch”, which was set to expire on January 10, 2021. The GSE Patch is now extended until...more
On October 2, the SBA issued SBA Procedural Notice 5000-20057, Paycheck Protection Program Loans and Changes of Ownership (“Notice”). A link to the Notice is set out below. The Notice sets forth SBA procedural...more
10/6/2020
/ Borrowers ,
Change of Ownership ,
Coronavirus/COVID-19 ,
Covered Transactions ,
Escrow Accounts ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Publicly-Traded Companies ,
SBA
The past decade has taught lenders much about regulatory enforcement risk. In the fallout of the 2008 financial crisis and collapse of the housing and related markets, the Department of Justice and other agencies...more
9/16/2020
/ Bank Fraud ,
Bank Secrecy Act ,
CARES Act ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
Due Diligence ,
Due Process ,
Entrapment ,
Estoppel ,
False Claims Act (FCA) ,
Fraud ,
Indictments ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
Mail Fraud ,
Paycheck Protection Program (PPP) ,
SBA ,
TARP ,
Underwriting ,
Whistleblowers ,
Wire Fraud
The Centers for Disease Control and Prevention has issued an order titled “Temporary Halt in Residential Evictions To Prevent the Further Spread of COVID-19” (“Order”) forbidding evictions of residential tenants who do not...more
9/8/2020
/ CARES Act ,
Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Economic Impact Payments ,
Eviction ,
IRS ,
Landlords ,
Loss of Income ,
Moratorium ,
New Guidance ,
Property Owners ,
Public Health Service (PHS) ,
Relief Measures
On August 27, HUD announced that it is extending its Covid-related foreclosure and eviction moratoriums for FHA insured loans set to expire on August 31, until December 31, 2020, and issued a Mortgagee Letter implementing the...more
On July 28, the Federal Reserve announced that many of its emergency lending facilities, including the Main Street Lending Program’s New Loan Facility, Priority Loan Facility, Expanded Loan Facility, Nonprofit Organization...more
On July 23, SBA announced that lenders may begin submitting PPP loan forgiveness requests to SBA on August 10. To assist lenders, SBA issued a Procedural Notice with new guidance regarding lenders’ reviews of forgiveness...more
The Federal Reserve has announced that the Main Street Lending Program will now be available to non-profits such as educational institutions, hospitals, and social service organizations, and has issued a set of Frequently...more
On June 8, the Federal Housing Finance Agency (FHFA) announced that it is extending the available date of certain Covid-19 related origination process flexibility modifications for Fannie Mae and Freddie Mac customers. These...more
Wednesday evening, July 1, the House by unanimous voice vote passed a bill already approved unanimously by the Senate that will extend the period to obtain PPP loans until August 8, 2020. President Trump is expected to sign...more
By a near-unanimous 417-1 vote, the House has passed the PPP Flexibility Act, which if enacted would, among other things, extend the time to utilize Payroll Protection Program (PPP) loan proceeds and obtain forgiveness,...more
On May 27, the Alternative Reference Rates Committee (ARCC) published recommendations for the transition from LIBOR in different financial transactions, including residential mortgage transactions. Given prior pronouncements...more