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Treasury’s new housing plan includes redirected COVID-19 funds to boost affordable supply

Housing Wire

They include the reallocation of funds originally earmarked for relief from the economic impacts of the COVID-19 pandemic for affordable housing construction, as well as new provisions for the 2021 American Rescue Plan (ARP) Emergency Rental Assistance (ERA) program to clarify the use of such funds for affordable housing.

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Ginnie Mae extends some COVID-19 policies

Housing Wire

In order to continue protecting the healthy functioning of the housing finance market as the impact of COVID-19 lingers, issuers still need these prudent flexibilities to help manage persistent operational challenges,” said Alanna McCargo, president of Ginnie Mae, in a statement.

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FHA adds 40-year loan term to COVID-19 arsenal

Housing Wire

The Federal Housing Administration told mortgage servicers that they can now offer a 40-year loan term as a COVID-19 recovery option. Lopa Kolluri, FHA principal deputy assistant secretary for housing, said in a statement that the administration has already seen “strong results” as a result of its COVID-19 recovery options.

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FHA Introduces Simplified COVID-19 Recovery “Waterfall”

Housing Wire

Meanwhile, the COVID-19 recovery modification option will extend the terms of a mortgage to 360 months at a fixed rate, while attempting to decrease a borrower’s monthly principal and interest by 25%. “As The post FHA Introduces Simplified COVID-19 Recovery “Waterfall” appeared first on HousingWire.

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Is mortgage credit really too tight since COVID-19?

Housing Wire

Since the onset of COVID-19, the Twittersphere has been ripe with rumor and speculation that the financial requirements to qualify for a mortgage have become increasingly more rigorous since the crisis and this would put a damper on the housing market. The post Is mortgage credit really too tight since COVID-19?

Mortgages 477
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Industry leaders are working on successors to Covid-19 partial claims  

Housing Wire

Housing sector leaders acknowledge that some borrowers are still struggling to pay their mortgages after being hit by layoffs and other issues caused by the Covid-19 pandemic. That’s why industry leaders are working on new solutions to the loss mitigation toolkit, including successors for the Covid-19 partial claim options.

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PNC Bank breached COVID-19 payment deferral agreement: suit

Housing Wire

PNC Bank allegedly breached Fannie Mae ’s COVID-19 payment deferral agreement by continuing to charge homeowners who opted for the home retention option for past-due monthly principal and interest payments. The post PNC Bank breached COVID-19 payment deferral agreement: suit appeared first on HousingWire.

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