News & Analysis as of

Relief Measures Mortgages Financial Institutions

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

Hudson Cook, LLP

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Mortgage

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the Mortgage industry. So, what happened in 2022?...more

Harris Beach PLLC

New York State Addresses Residential Mortgage Forbearance Procedures - Update

Harris Beach PLLC on

Update: As noted, New York State enacted Banking Law §9-x on June 17, 2020 as a means of providing forbearance relief to mortgagors that were experiencing financial hardship as a result of the COVID-19 pandemic. Recently,...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

McGlinchey Stafford

COVID Law Imposes Forbearance and Loss Mitigation Requirements

McGlinchey Stafford on

On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

Tucker Arensberg, P.C.

Cares Act Mortgage Forbearances: Where is the Peak?

Tucker Arensberg, P.C. on

On April 16, 2020, Black Knight Inc., a leading provider of mortgage and lending analytics, reported that 5.5% or 2.9 million homeowners have entered into CARES Act Forbearance Plans. As of May 7, 2020, Black Knight Services...more

Holland & Knight LLP

IRS Provides Relief for Securitized Mortgage Loan Modifications Anticipated from COVID-19

Holland & Knight LLP on

The Internal Revenue Service (IRS) issued Revenue Procedure 2020-26 on April 13, 2020, providing relief to certain securitization vehicles, including investment trusts and real estate mortgage investment conduits (REMICs),...more

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During the Coronavirus Pandemic: Tips for Negotiating Forbearance Agreements

In many cases, borrowers and lenders are working together to weather this crisis. A forbearance agreement is often the first step—after a pre-negotiation agreement is entered into. A forbearance agreement can benefit both...more

Harris Beach PLLC

COVID-19 Mortgage Forbearance Available to Fannie Mae and Freddie Mac Multifamily Property Owners

Harris Beach PLLC on

As part of the federal government COVID-19 economic mitigation response, the Federal Housing Finance Authority (FHFA) has announced that Fannie Mae and Freddie Mac will offer mortgage forbearance to multifamily property...more

Hogan Lovells

COVID-19: Summary of National Forbearance Measures in Europe - April 2020

Hogan Lovells on

INTRODUCTION - The current situation is fast-moving. The information below reflects our understanding of forbearance measures and other reliefs related to the COVID-19 pandemic as at 2 April 2020. In many cases the...more

Morgan Lewis

New Jersey Governor Announces Mortgage Payment Relief, Financial Protections for Residents

Morgan Lewis on

In response to the coronavirus (COVID-19) pandemic, New Jersey Governor Phil Murphy has announced an initiative whereby participating financial institutions will provide mortgage forbearance and financial protections for New...more

Ballard Spahr LLP

California Governor and Financial Services Agree to COVID-19 Consumer Relief

Ballard Spahr LLP on

On Wednesday, March 25, 2020, California Governor Gavin Newsom and a long list of mortgage lenders and servicers—including major banks and nearly 200 state-chartered banks, credit unions, and servicers—reached an agreement to...more

Morrison & Foerster LLP

Patchwork Of Coronavirus (COVID-19) Mortgage And Rent Forbearance Efforts Creates Challenges For Mortgage Lenders And Servicers

As consumers and businesses face ever-worsening financial conditions in the wake of the COVID-19 pandemic, federal agencies and some states and localities have stepped in to provide foreclosure and eviction relief. Not...more

Ballard Spahr LLP

NYDFS Emergency Regulations Require 90-Day Mortgage Forbearance, Waiver Of ATM, Overdraft, Credit Card Late Fees For Borrowers...

Ballard Spahr LLP on

In response to New York Governor Cuomo’s Executive Order 202.9 issued on March 21, the New York Department of Financial Services (DFS) has adopted new regulations to provide emergency relief to individuals who can demonstrate...more

Ballard Spahr LLP

NYDFS Adopts Emergency Regulation Requiring COVID-19 Mortgage Loan Forbearance

Ballard Spahr LLP on

On March 24, 2020 the New York State Department of Financial Services (NYDFS) adopted on an emergency basis a regulation that requires New York-regulated banking organizations and New York-regulated mortgage servicers subject...more

Cole Schotz

COVID – 19 Update: New York Residential Mortgage And Other Banking Relief

Cole Schotz on

On March 21st New York Governor Andrew Cuomo issued an executive order which seeks to protect individuals who experience financial hardship as a result of the COVID-19 pandemic. The executive order does the following: 1....more

Chartwell Law

In the Face of the COVID-19 Pandemic's Impact on Business and Policyholders, the New York Department of Financial Services Sets...

Chartwell Law on

The World Health Organization’s (“WHO”) formal declaration that the spread of the novel coronavirus COVID-19 is now a pandemic, accompanied by the United States’ Federal Government and individual states’ “state of emergency”...more

Seyfarth Shaw LLP

FHFA and GSEs Issue Guidance on Assistance to Renters and Borrowers Impacted by COVID-19

Seyfarth Shaw LLP on

On March 24, 2020, in response to the growing anticipation that renters in multifamily properties are being negatively impacted by the implications of the Coronavirus Disease 2019 (“COVID-19”), the Federal Housing Finance...more

Akerman LLP

Foreclosure Holds Impacting Statute Of Limitations

Akerman LLP on

The COVID-19 crisis has led to foreclosure moratoriums at the regulatory, executive, and judicial level. Servicers should consider that compliance with these, regardless of level, may not protect them from later challenges to...more

Morgan Lewis - All Things FinReg

Foreclosures and Evictions Temporarily Suspended for Fannie and Freddie Mortgages

The Federal Housing Finance Agency (FHFA) and the US Department of Housing and Urban Development (HUD) announced on March 18 that they have directed Fannie Mae and Freddie Mac, the government sponsored enterprises (GSEs), to...more

Ballard Spahr LLP

Fannie, Freddie, and HUD Suspend Foreclosures and Evictions; Fannie and Freddie Announce Further Measures

Ballard Spahr LLP on

As previously reported, on March 18, 2020, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions in connection with single-family mortgages for at least 60 days, and...more

Lowndes

HUD and FHA Announce Foreclosure Moratoriums

Lowndes on

Effective immediately, the U.S. Department of Housing and Urban Development (HUD) has issued a moratorium on all foreclosures of FHA-insured single family homes for the next sixty days (through May 17, 2020)....more

23 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide