DS News

DS News December 2020

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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Page 75 of 100

74 74 INVESTMENT GOVERNMENT PROPERTY PRESERVATION INDUSTRY UPDATES FHFA EXTENDS FORECLOSURE MORATORIUM FHFA announced the fourth extension of its foreclosure and eviction moratorium through "at least" January 31. According to a news release, this extension will continue the moratorium on single- family foreclosures and real estate-owned (REO) evictions until at least January 31, 2021. It applies to GSE-backed, single-family mortgages only. FHFA says the REO eviction moratorium applies to properties that have been acquired by a GSE through foreclosure or deed-in-lieu of foreclosure transactions. "Extending Fannie Mae and Freddie Mac's foreclosure and eviction moratoriums through January 2021 keeps borrowers safe during the pandemic," FHFA Director Mark Calabria said. "is extension gives peace of mind to the more than 28 million homeowners with a [GSE]-backed mortgage." FHFA at this juncture projects additional expenses of $1.1 to $1.7 billion for the GSEs due to the existing COVID-19 foreclosure moratorium and this extension. is is in addition to the $6 billion in costs already incurred. FHFA says it will continue to monitor the coronavirus' effect on the mortgage industry and update its policies as needed. In a previous statement, Fannie Mae said it "has taken a number of actions to help homeowners and renters facing financial hardship due to COVID-19. In addition to suspending foreclosures and evictions affecting homeowners, Fannie Mae extended eviction protections to multifamily renters when the property owner received a forbearance. It also reminded homeowners they are never required to repay missed payments after a forbearance period all at once, shared tips to help homeowners avoid foreclosure fraud or scams, and announced a new COVID-19 payment- deferral option to help homeowners who are ready to resume their monthly mortgage payments following a COVID-19 forbearance. "ese and other resources we make available are part of our ongoing Here to Help education effort, aimed at helping homeowners and renters impacted by COVID-19 understand the options available to them." To understand the government's protection and assistance offered to those having trouble paying their mortgage, please visit the joint Department of Housing and Urban Development, FHFA, and the Consumer Financial Protection Bureau website at cfpb.gov/housing. Journal

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