Given the size and scope of COVID-19 relief programs, combined with more powerful oversight authorities in the CARES Act, we expect congressional oversight of COVID-19 related issues to become a high priority for Congress for both the remainder of this year and beyond as the economy recovers from the effects of the pandemic.

While the fight against COVID-19 rightfully demands the attention of our industry, it is important we not lose sight of the transition away from LIBOR. At the Structured Finance Association, we are helping manage this transition and today launch a series of LIBOR pieces by our in-house industry experts.

The president signed the Paycheck Protection Program and Healthcare Enhancement Act after the House passed the bill by a margin of 388-5 on April 23 and the Senate passed the bill by unanimous consent on April 21. The $484 billion package provided funding for the Small Business Association’s Paycheck Protection Program, as well as for hospitals and COVID-19 testing.

Ginnie Mae recently announced that it would create a liquidity facility of last resort, and on Monday provided further guidance to industry participants on how the Pass Through Assistance Program for COVID-19 (PTAP/C19) will operate. Ginnie Mae ‘s PTAP/C19 is the first—and to date, only—Federal liquidity facility for mortgage servicers.

Extraordinary times call for extraordinary measures. And the Fed continues to respond appropriately. On April 9, the Federal Reserve once again drew on its full range of authorities to expand and establish lending facilities to provide up to $2.3 trillion in loans to stabilize households, communities and businesses of all sizes during the pandemic crisis and to “ensure that the eventual recovery is as vigorous as possible”.

SFA’s CEO illustrates why innovative thinking coupled with bold action is vital to the economic health of US households and businesses in the wake of Covid-19.

Regulatory Flexibility on Good-Faith Compliance Efforts for Mortgage Servicers Reaching out to Borrowers for COVID-19 Forbearance Options, Industry Requests Servicing Liquidity Facility

The ink from President Trump’s pen had barely dried after signing the CARES Act when lawmakers started to publicly float ideas for a fourth coronavirus relief bill.

On March 27, the House of Representatives approved, and President Donald Trump signed, the CARES Act into law. This is the third piece of legislation to address the coronavirus pandemic and follows enactment of the Families First Coronavirus Response Act and a Coronavirus Preparedness and the Response Supplemental Appropriations Act earlier this month.

Late Wednesday night, March 25, the Senate passed the third piece of legislation aimed to combat the economic consequences of the COVID-19 pandemic.