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Coronavirus/COVID-19 › Financial Distress › Forbearance Agreements

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

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The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Bradley Arant Boult Cummings LLP

Interplay of the Cares Act's Forbearance Framework and Regulation X's Loss Mitigation Rules

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On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more

Bradley Arant Boult Cummings LLP

The CARES Act at Six Months: What’s Ahead for the Mortgage Industry

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The CARES Act provided historic, temporary relief to mortgage holders facing Covid-19-related financial troubles. R. Aaron Chastain, partner at Bradley Arant Boult Cummings LLP, looks at where mortgage lenders and servicers...more

Bradley Arant Boult Cummings LLP

COVID-19 Mortgage Servicing Trends Report

Bradley Arant Boult Cummings LLP on

Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more

Hinshaw & Culbertson - Consumer Crossroads

New York Courts Lift Suspension of Foreclosure Proceedings, Add Additional Conference Requirement

Hinshaw & Culbertson - Consumer Crossroads on

On July 24, 2020, the New York State Courts issued Administrative Order 157/20 (AO/157/20). Effective July 27, 2020, AO/157/20 removes the formal suspension of all residential foreclosures, but keeps a limited suspension of...more

Mayer Brown

Federal Housing Agencies and GSEs Announce Updates to COVID-19 Relief Measures for Mortgage Loan Borrowers

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In recent weeks, the US federal housing agencies and government-sponsored enterprises (GSEs) that insure, guarantee, or purchase “federally backed mortgage loans” covered by Section 4022 of the CARES Act (Act) have continued...more

Ballard Spahr LLP

Fannie Mae Updates Guidance on the Limiting of Servicing Advance Obligations

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In a prior alert, we reported that in view of the ability of mortgage loan borrowers to obtain payment forbearances under the CARES Act, the Federal Housing Finance Agency (FHFA) limited the advance obligation of Fannie Mae...more

Ballard Spahr LLP

New York Senate Bill Amends Expanded Forbearance Relief Granted by Previous Bill

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As noted in our alert on June 9, 2020, New York Senate Bill S8243C was delivered to the Governor on June 5, 2020. The same day, New York Senate Bill S8428 was also delivered to Governor Andrew Cuomo....more

Mayer Brown

Mortgage Servicers Are Getting the Short End of the Stick Under the CARES Act

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Many of you have read about the power of the president to invoke the Defense Production Act to acquire products or direct the activities of suppliers based on a finding that it is necessary for the federal government to...more

Ballard Spahr LLP

VA Temporarily Suspends Property Inspection Requirements for Loans with Cares Act Forbearance

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The U.S. Department of Veterans Affairs (VA) issued Loan Guaranty Circular 26-20-21 to announce the temporary suspension of property inspections for loans subject to a CARES Act forbearance. ...more

Ballard Spahr LLP

For Borrowers with a Forbearance, Fannie Mae and Freddie Mac Address their Eligibility for New Loans

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On May 19, 2020, Fannie Mae in an update to Lender Letter 2020-03 and Freddie Mac in Bulletin 2020-17 announced temporary eligibility requirements for new purchase and refinance transactions involving borrowers affected by...more

Morgan Lewis - All Things FinReg

FHFA Announces Extension on Moratorium on Foreclosures and Evictions; Provides New COVID-19 Forbearance Payment Deferral Repayment...

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The Federal Housing Finance Agency (FHFA) announced on May 14 that Fannie Mae and Freddie Mac (the GSEs) are extending their moratorium on foreclosures and evictions until at least June 30, 2020. ...more

Morgan Lewis

COVID-19: What Servicers Should Know About Managing Mortgage Loan Forbearances

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Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. ...more

Burr & Forman

GSEs are Now Able to Purchase Loans in Forbearance — to Some Extent

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On April 22, 2020, the Federal Housing Finance Agency announced that it is allowing Fannie Mae and Freddie Mac (the “GSEs”) to purchase loans that go into forbearance within the first month after closing. Previously, the GSEs...more

Robins Kaplan LLP

Financial Daily Dose 4.21.2020 | Top Story: Oil Prices Dip to Negative as Global Demand Dries Up During Pandemic

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Monday saw U.S. oil prices take an unprecedented plunge into negative territory, as “concerns grew that storage tanks in the United States were near capacity and unable to hold all the unused code” (with the “bizarre movement...more

Spilman Thomas & Battle, PLLC

Ginnie Mae and COVID-19

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Amidst the rising number of mortgage loan forbearances due to COVID-19, Ginnie Mae has stepped in to limit the damage to issuers with its PTAP/C19 program....more

McGlinchey Stafford

New York Issues Series of Executive Orders Providing Relief to Borrowers Impacted by COVID-19

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On March 7, 2020, Governor Andrew Cuomo issued Executive Order 202 declaring a state of emergency for the entire State of New York as a result of the COVID-19 pandemic. Since that time, the Governor has issued a series of...more

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