News & Analysis as of

CARES Act Department of Veterans Affairs

Orrick, Herrington & Sutcliffe LLP

VA announces updates to loan repayment relief for borrowers affected by Covid-19

On February 9, the Department of Veterans Affairs (VA) issued a circular to consolidate updates related to VA’s disaster modification and loan deferment options. Effective February 9, the circular reiterates the options for...more

King & Spalding

Oversight Subcommittee on the Coronavirus Crisis Continues to Actively Investigate the Previous Administration’s Pandemic Response

King & Spalding on

When announcing the Democratic members of the Select Subcommittee on the Coronavirus Crisis for the 117th Congress, Chairman Jim Clyburn (D-SC) stated that, “In order to improve our nation’s response, the Select Subcommittee...more

Ballard Spahr LLP

VA Expands Deferment Option for Borrowers Missing Payments Due to COVID-19

Ballard Spahr LLP on

In its Loan Guaranty Circular 26-21-07 the U.S. Department of Veterans Affairs (VA) expanded a temporary loss mitigation option....more

Bradley Arant Boult Cummings LLP

When Do CARES Act Forbearance Rights and Foreclosure Moratoriums End?

The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with federally backed mortgage loans. Among these are forbearance protections for borrowers...more

Ballard Spahr LLP

VA Allows Deferments as Loss Mitigation Options for Borrowers with COVID-19 Forbearances

Ballard Spahr LLP on

In Loan Guaranty Circular 26-20-33, the U.S. Department of Veterans Affairs temporarily authorized the use of deferments as a loss mitigation option for borrowers with a COVID-19 forbearance....more

Pillsbury Winthrop Shaw Pittman LLP

GAO Report on Section 3610 Reimbursement

While GAO does not make any recommendations in its report, it provides a useful overview of the federal government’s implementation of Section 3610. Agencies made relatively little use of their Section 3610 authority...more

McGlinchey Stafford

Federal Agencies Extend Moratoriums Through the End of 2020

McGlinchey Stafford on

Two federal enterprises who purchase and securitize mortgages, Fannie Mae and Freddie Mac, along with three federal agencies who make, guarantee, and insure mortgage loans, the Department of Housing and Urban Development...more

Bradley Arant Boult Cummings LLP

No Foreclosures or Evictions on Federally Backed Mortgage Loans until 2021

Borrowers with federally backed mortgage loans facing financial difficulty can breathe a little easier today. All of the federal agencies regulating such loans have announced that they will extend the moratoriums on...more

Faegre Drinker Biddle & Reath LLP

Regulatory Agency and Selected Accreditor Resources for Higher Education Institutions Regarding COVID-19 Pandemic (Updated #7)

Updated as of August 27, 2020 - Higher education institutions worldwide are striving to meet their students’ educational needs while working to reduce and decelerate the spread of COVID-19, commonly known as the...more

McGlinchey Stafford

The Federal Foreclosure Moratorium is Extended

McGlinchey Stafford on

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, PL 116-136, enacted March 27, 2020, a federally backed mortgage loan was subject to a foreclosure moratorium from March 18, 2020, through May 17, 2020....more

Ballard Spahr LLP

VA Extends Foreclosure Moratorium

Ballard Spahr LLP on

On May 15, 2020, the U.S. Department of Veterans Affairs (VA) issued Loan Guaranty Circular 26-20-18, dated May 14, 2020, to impose a further foreclosure moratorium on VA-guaranteed loans through June 30, 2020....more

PilieroMazza PLLC

Weekly Update Newsletter - April 2020

PilieroMazza PLLC on

SMALL BUSINESS PROGRAMS & ADVISORY SERVICES - CRS Examines COVID-19 Stimulus Assistance to Small Businesses - The Congressional Research Service (CRS) released a report on COVID-19 small business stimulus assistance. The...more

Bricker Graydon LLP

Construction services included in the CARES Act

Bricker Graydon LLP on

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act is a $2 trillion package to battle the harmful effects of the COVID-19 pandemic and to provide...more

Akin Gump Strauss Hauer & Feld LLP

COVID-19 Policy Update #5

Senate Considers Phase 3, Aims for Passage As Soon As Possible - With more states issuing orders for residents to stay at home and businesses to close, the Senate failed to agree to a procedural motion on Phase 3 of the...more

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