Some mortgage lenders have violated fair housing laws by discriminating against African Americans and women when granting pricing exceptions, according to a report from the Consumer Financial Protection Bureau.
A congressional report released last week provided evidence that the Treasury Department had advised banks to focus on existing customers during the early days of the Paycheck Protection Program, a finding that the Treasury Department denied.
With the first of two six-month forbearance periods available through the CARES Act ending, some borrowers have been exiting forbearance without contacting their mortgage servicers, one factor contributing to a recent drop in loan forbearances, according to the Mortgage Bankers Association.
With the first of two six-month forbearance periods available through the CARES Act ending, some borrowers have been exiting forbearance without contacting their mortgage servicers, one factor contributing to a recent drop in loan forbearances.
Even after being cautioned about issues, some mortgage servicers continued to provide borrowers with misleading or limited information about forbearance options on their websites, according to a report from the U.S. Department of Housing and Urban Development’s Office of Inspector General.
JPMorgan Chase said Tuesday that a number of its employees and customers may have abused the Paycheck Protection Program and other coronavirus stimulus programs.
At least there won’t be a government shutdown. But as lawmakers straggle back to Washington for an abbreviated preelection session, hopes are dimming for another coronavirus relief bill – or much else.
Bipartisan Capitol Hill talks have only just begun on a sweeping renewal of coronavirus legislation, but areas of likely agreement – and flashpoints of discord – are becoming apparent as the package starts to take shape.
The price tag for the next COVID-19 aid package could quickly swell above $1 trillion as White House officials negotiate with Congress over money to reopen schools, prop up small businesses, boost virus testing and keep cash flowing to Americans while the virus crisis deepens in the U.S.
The Federal Reserve Bank of Boston has released instructions and documents lenders will use in the Main Street Lending Program, but the program’s launch date still has not been announced.
Connecticut renters and homeowners could miss $366 million in mortgage and rental payments during the coronavirus pandemic without government assistance, according to a study by the Federal Reserve Bank of Boson’s New England Public Policy Center.
Continuity offers cloud-based platforms that provide regulatory and risk-management support to financial services companies, and its chief regulatory officer Pam Perdue has been kept busy during the coronavirus crisis figuring out the dozens of regulatory directives issued so far.
Facing an unknown but undoubtedly large number of homeowners and commercial mortgage borrowers needing forbearance thanks to the coronavirus-caused economic crisis, a coalition of the mortgage and housing industry’s biggest trade groups is asking the federal government for help.
With final guidelines not published until after 5 p.m. yesterday, uncertainty has surrounded the launch of a $349 billion rescue loan program created by the CARES Act to help stop the collapse of thousands of small businesses nation-wide.
The CARES Act and an interim final rule by bank regulators provided conflicting guidance on CECL implentation, prompting federal bank regulators to issue another joint statement clarifying the rule.
Just days after the $2 trillion CARES Act created a $349 billion small business loan product and before lenders start accepting applications this week, details of the Paycheck Protection Program the law created have come into focus.
Banking and lending will feel impacts from the $2 trillion federal Coronavirus Aid, Relief and Economic Security (CARES) Act passed last week, most notably the new loan U.S. Small Business Administration loan program.
Millions of owners face April 1 due dates for rent, mortgage, credit card and other payments. Some have been granted leniency from landlords and lenders. But even then, there are other business and personal bills that are owed.
Commercial landlords will get a tax break on building upgrades under the stimulus package awaiting final approval by the U.S. House of Representatives.
