News & Analysis as of

Federal Housing Administration (FHA) CARES Act

Cadwalader, Wickersham & Taft LLP

Stay Just a Little Bit Longer: Not Jackson Browne but the Statute of Limitations

The Second Department recently held  in Trento 67, LLC v. OneWest Bank, N.A., et. al  that the FHA COVID-19 moratorium constituted a stay of foreclosures for federally-backed mortgages, and thus tolled the statute of...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need To Know - May 2021

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REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

Lowenstein Sandler LLP

Residential Evictions: What Tenants Need To Know (Spanish)- April 2021

Lowenstein Sandler LLP on

CIERRES PATRONALES- ¿Puedo ser excluido de mi casa durante la emergencia COVID-19? No. Dos órdenes gubernamentales diferentes impiden los cierres patronales en este momento. La Orden del Estado El 19 de marzo de...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need To Know - UPDATED December 2020 #2

Lowenstein Sandler LLP on

REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

Bilzin Sumberg

Legal Challenges Greet New Moratorium on Residential Evictions, Foreclosures

Bilzin Sumberg on

On September 4, the Centers for Disease Control (CDC) imposed a moratorium on residential foreclosures and evictions through the end of this year. The move quickly followed comments by the Trump administration that it would...more

Steptoe & Johnson PLLC

West Virginia Foreclosures in the Age of Corona

Steptoe & Johnson PLLC on

Economic turmoil brought on by the coronavirus pandemic has created much concern about a potential rise in residential foreclosures. On August 5, 2020, Governor Jim Justice followed his presentation on school reopening...more

White and Williams LLP

CDC Issues Moratorium on Residential Evictions Through 2020

White and Williams LLP on

On September 1, 2020, the Centers for Disease Control and Prevention (CDC) announced that it was issuing an order (CDC Order) to temporarily halt residential evictions to prevent the further spread of COVID-19. The CDC Order...more

Ballard Spahr LLP

PPP Lenders and Fraudulent Borrowers: False Claims Act Liability and AML Risk

Ballard Spahr LLP on

Can BSA/AML Requirements Lead to Deemed Knowledge of Borrower Fraud? The first two weeks of August brought a milestone of sorts in the ongoing recovery from the economic downturn brought on by the COVID-19 pandemic. The...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

Foley & Lardner LLP

President Trump Issues Four Executive Actions As Deadlock on Coronavirus Aid Continues

Foley & Lardner LLP on

On Saturday, August 8, President Donald Trump issued an executive order and three executive memoranda as negotiations for an additional bipartisan COVID-19 relief plan stalled in Washington. These actions follow more than two...more

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need To Know-UPDATED August, 2020

REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which immediately...more

Morgan Lewis - All Things FinReg

CFPB Issues Interim Final Rule Regarding Loss Mitigation Options for Homeowners Impacted by COVID-19

The Consumer Financial Protection Bureau (CFPB or Bureau) issued an interim final rule (IFR) on June 23, 2020 that temporarily permits mortgage servicers to offer to borrowers impacted by the coronavirus (COVID-19) pandemic...more

Mayer Brown

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

Mayer Brown on

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

Lowenstein Sandler LLP

Residential Evictions: What Homeowners Need to Know

This document is for informational purposes only, is not intended as legal advice, and does not substitute for consulting with a lawyer about specific facts and circumstances. This document does not constitute a solicitation,...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

Hinshaw & Culbertson - Consumer Crossroads

Inspection by HUD's Inspector General of FHA Mortgage Servicers' Websites Reveals Incomplete, Inconsistent, and Unclear CARES Act...

The U.S. Department of Housing and Urban Development's (HUD) Office of Inspector General issued a COVID-19 bulletin for homeowners that revealed the HUD has been monitoring what readily accessible information FHA mortgage...more

Davis Wright Tremaine LLP

One Month In – Updates on Mortgage Relief Efforts and Guidance

It’s been a month since the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. Although much of the focus and public scrutiny has been on small business relief, the number of mortgage borrowers...more

Ballard Spahr LLP

Senators Advocate for Mortgage Servicer Liquidity Assistance

Ballard Spahr LLP on

A bipartisan group of U.S. senators sent a letter dated April 8, 2020 to U.S. Department of Treasury Secretary Steven Mnuchin, in his capacity as Chair of the Financial Stability Oversight Council (FSOC), urging prompt action...more

Bradley Arant Boult Cummings LLP

Credit Reporting Requirements and COVID-19 – CFPB and FHA Weigh In

We’ve been tracking regulatory developments related to credit reporting for loans where borrowers have been affected by the coronavirus outbreak. On April 1, the CFPB issued a statement about credit reporting for loans...more

Ballard Spahr LLP

FHA Announces Additional Loss Mitigation Options Based on CARES Act

Ballard Spahr LLP on

In Mortgagee Letter 2020-06, dated April 1, 2020, the U.S. Department of Housing and Urban Development (HUD) announced further loss mitigation options for FHA loans based on the Coronavirus Aid, Relief, and Economic Security...more

Buchalter

Buchalter Client Alert COVID-19: CARES Act Mortgage Related Provisions, FHA Mortgagee Letters and Q and A’s, Ginnie Mae...

Buchalter on

In just the last few days, there have been numerous new COVID-19 related developments regarding mortgage lending and servicing: CARES ACT - The new CARES Act has created significant restrictions and requirements...more

Ballard Spahr LLP

The CARES Act Requires Residential Mortgage Forbearance Relief

Ballard Spahr LLP on

The CARES Act permits borrowers with federally backed residential mortgage loans to request a forbearance from making payments for up to 180 days, with the ability to request an extension for an additional 180-day period. The...more

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