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FHA extends help for homeowners fighting pandemic

The Federal Housing Administration has announced additional measures to help homeowners with FHA-insured mortgages who are struggling financially due to the COVID-19 pandemic. These measures will provide additional, immediate relief while also expanding outreach and home retention options for struggling homeowners who are disproportionately people of color.

  • Extending single family foreclosure and eviction moratoria through July 31, 2021
  • Extending COVID-19 forbearance request timeframes. New requests between July 1 and September 30, 2021, can be for forbearance of up to six months.
  • COVID-19 advance loan modification (new)
  • Home equity conversion mortgage COVID-19 extensions of up to six months when the request is received between July 1 and September&nbps;30, 2021; an additional three month extension is offered for HECMs that received an extension between July 1, 2020, and September 30, 2020.


CDC extends eviction moratorium one last time

The Centers for Disease Control yesterday extended the nationwide ban on evictions for a month to help millions of tenants unable to make rent payments during the coronavirus pandemic, but said this is the last time it plans to do so.

Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, extended the evictions moratorium from June 30 until July 31, 2021.


House votes to overturn OCC True Lender Rule

The House of Representatives yesterday voted under the Congressional Review Act to overturn the OCC's True Lender Rule, following similar action by the Senate on May 11. President Biden is expected to sign the resolution. Once the president approves the joint resolution, the True Lender Rule will be voided, and the OCC will not be able to adopt a similar measure without congressional approval.

Acting Comptroller of the Currency Michael J. Hsu issued a statement following the House vote that the OCC will consider policy options, consistent with the Congressional Review Act, that protect consumers while expanding financial inclusion.


Student loan and mortgage debt relief scam victims to receive relief funds

The Federal Trade Commission has announced it is sending refunds totaling more than $223,000 to people who lost money to a student loan and mortgage debt relief operation.

The FTC alleged that A1 DocPrep Inc., Streamlined Marketing, and their owner, Horman Ardalan, falsely claimed to be from the Department of Education, and promised to reduce borrowers’ monthly payments or forgive their student loans in exchange for illegal upfront fees, according a complaint filed by the FTC in September 2017. The FTC also alleged the defendants targeted distressed homeowners by making false promises that they would provide mortgage relief and prevent foreclosure.

The FTC is mailing 136 checks to consumers who previously filed a complaint with law enforcement. The checks average $1,641 each.


NCUA Board approves three agenda items

The National Credit Union Administration Board (NCUA) met yesterday and unanimously approved the three items on its agenda:

  • A final rule that removes the prohibition on the capitalization of interest in connection with loan workouts and modifications.
  • A final rule that would phase-in the day-one adverse effects on regulatory capital that may result from the adoption of the current expected credit losses accounting methodology over a three-year period.
  • An extension of the current 18 percent federal credit union loan interest rate ceiling until March 10, 2023.
  • Press release
  • UPDATE on publication and effective date: The NCUA's rule removing the prohibition on the capitalization of interest for loan workouts and modifications was published at 86 FR 34611 in the 6/30/2021 Federal Register, with an effective date of 7/30/2021.


June SCOOS results

The Federal Reserve's June 2021 Senior Credit Officer Opinion Survey on Dealer Financing Terms collected qualitative information on changes in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives markets. In addition to the core questions, the survey included a set of special questions about the use of synthetic prime brokerage (PB) arrangements as well as risk management associated with the provision of such services by prime brokers to a broad range of clients.

The 23 institutions participating in the survey account for almost all dealer financing of dollar-denominated securities to non-dealers and are the most active intermediaries in OTC derivatives markets. The survey was conducted between May 11, 2021, and May 24, 2021. The core questions asked about changes between mid-February 2021 and mid-May 2021.

  • Survey questions
  • 06/25/2021

    Emergency rental assistance FAQs updated

    Treasury has released guidance in the form of updated FAQs and a fact sheet to continue supporting the rapid deployment of Emergency Rental Assistance by states, territories, localities, and tribal governments. The FAQs build on prior actions to provide state and local governments with the tools they need to deliver relief to renters in need by helping grantees with implementation and best practices.


    HUD proposes to reinstate 2013 FHA Discriminatory Effects Standard

    In 2020, HUD published a rule titled “HUD's Implementation of the Fair Housing Act's Disparate Impact Standard." Prior to the effective date of the 2020 rule, the U.S. District Court for the District of Massachusetts issued a preliminary injunction in Massachusetts Fair Housing Center v. HUD, staying HUD's implementation and enforcement of the rule. Consequently, the 2020 Rule never took effect. After reconsidering the 2020 Rule, HUD is proposing to recodify its previously promulgated rule titled, “Implementation of the Fair Housing Act's Discriminatory Effects Standard,” which, as of the date of publication of this Proposed Rule, remains in effect due to the preliminary injunction. HUD believes the 2013 Rule better states Fair Housing Act jurisprudence and is more consistent with the Fair Housing Act's remedial purposes.

    HUD's proposal to recodify the 2013 rule has been published at 86 FR 33590 in this morning's Federal Register. Comments on the proposal are due by August 24, 2021.


    Minority credit unions grow

    The National Credit Union Administration yesterday issued its eighth annual report to Congress on the composition and financial performance of the minority depository institutions (MDI) supervised by the NCUA in 2020. Among the report’s highlights, the number of MDI credit unions grew in 2020, and these credit unions expanded membership and increased lending. Shares and deposits were up, as were total assets.


    Calabria resigns after SCOTUS decision

    Yesterday, the Supreme Court, in its Collins v. Yellen decision, followed its precedent in Seila Law LLC v. Consumer Financial Protection Bureau, declaring the provision in the Housing and Economic Recovery Act of 2008 making the Director of the Federal Housing Finance Agency subject to removal by the president only for cause to be unconstitutional. The SCOTUS decision allowed the president to remove Mark Calabria at will, and Calabria resigned, issuing a statement wishing his successor "all the best in fixing the remaining flaws of the housing finance system... "

    Yesterday evening, the FHFA issued a press release announcing that the president has appointed Sandra L. Thompson as the Acting Director of the agency effective immediately. Ms. Thompson has served since March 2013 as Deputy Director of the Division of Housing Mission and Goals (DHMG). As the Deputy Director, Thompson oversaw FHFA’s housing and regulatory policy, capital policy, financial analysis, fair lending and all mission activities for Fannie Mae, Freddie Mac and the Federal Home Loan Banks.


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