3.26.20
The U.S. mortgage finance system is in dire need of aid from the Fed to offset the upcoming deluge of missed payments from borrowers struggling during the coronavirus pandemic. The $2 trillion stimulus package passed by the Senate on Wednesday included $454 billion for the Treasury Department to support the Fed’s emergency lending programs, including a facility for large corporations. Still, there is no requirement for lending to mortgage servicers, meaning the mortgage finance industry will now look to the Fed for support.
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