August 5, 2022- Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, Congressman Al Green...more
Legislation requires rent payment plans, mortgage relief, and foreclosure and eviction moratoriums. Residential and many commercial landlords may not increase rent and must make rent payment plans available to eligible...more
Ginnie Mae’s newly imposed restriction on repooling of reperforming forborne loans yet again penalizes servicers acting as essential service providers in the continuing efforts to protect mortgagors facing financial hardship...more
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
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
Our Finance Group discusses expansion of the Ginnie Mae Pass-Through Assistance Program to multifamily mortgage-backed securities issuers. How often and how a multifamily MBS issuer makes a request for assistance....more
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
On April 10, Ginnie Mae issued a new All Participants Memorandum (APM) officially implementing its Pass-Through Assistance Program (PTAP/C19) for issuers under Ginnie Mae’s Single-Family program for which the COVID-19...more
Our Finance Group explains how Ginnie Mae will be implementing the Pass-Through Assistance Program during the coronavirus pandemic. Considerations for third-party lenders - Who is eligible? How often can you request...more
In an All Participants Memo dated April 10, 2020 (APM 20-03), Ginnie Mae announced that it revised and expanded its issuer assistance programs in Chapter 34 of the Mortgage Backed Securities Guide (MBS Guide) to include a...more
The economic impact of the COVID-19 pandemic has proven substantial, especially for the mortgage finance industry. Leaders across the state and federal level have implemented foreclosure moratorium policies to alleviate the...more