Forbearance activity rises for first time in six weeks
Over 3.6 million borrowers sit in coronavirus-related forbearance with portfolio and private-label securitized loans driving the week's increase, according to Black Knight.
Coronavirus
CRE delinquency rates and debt improve, hospitality sector still lags
Overall debt outstanding for delinquent commercial and multifamily mortgages cut down in September as more of the economy opens further with lodging and retail far behind, according to the Mortgage Bankers Association.
Fed’s Wells Fargo review should consider forbearance snafu: Warren
Customers suffered when they were placed in mortgage relief plans without their consent, the Massachusetts senator says. She urged the Federal Reserve to take the blunder into account as it weighs when to lift other sanctions against the bank.
Life insurers may see mortgage losses above fiscal crisis levels
Delinquencies will rise due to the severe effects of the pandemic on the commercial property sector, Fitch said.
Cuomo extends eviction, foreclosure protections to 2021
Gov. Andrew M. Cuomo on Monday announced he will extend the eviction moratorium — set to expire Oct. 1 — to next year, continuing protections for tenants as well as homeowners who have been unable to pay rent and mortgage during the public health crisis.
CRE concerns intensify as stimulus programs expire
Commercial real estate loans are vulnerable as financial assistance for tenants winds down and might not be fully renewed. Late rent payments could rise, leading lenders to press landlords to pay up.
Lawmakers urge Fed, Treasury to let CRE borrowers tap Main Street loans
Commercial real estate companies are among those left out of the Federal Reserve’s middle-market relief program, but House members said they need government-backed financing to navigate the pandemic as much as anyone.
![Fed Chairman Jerome Powell said the central bank had previously concluded that asset-based borrowers were able to secure financing elsewhere. Treasury Secretary Steven Mnuchin said “small hotels do not fit into [the Main Street Lending Program] because they already have other indebtedness.”](https://vip.arizent.com/ab/wp-content/uploads/sites/4/2020/09/powell-jerome-mnuchin-steven-bl-092220.png?w=432)
Laurel Road sponsors $250.2M student-loan ABS offering
The loans, which are not federally guaranteed, are refinancings of student-loan debt held by prime borrowers primarily with advanced medical degrees.
Weekly Wrap: Fewer college football crowds mean more hotel woes
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17
By
Glen Fest
Calabria to Congress: If you don’t like crisis fee, then fund GSEs
Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.
Trepp: Near-term CRE maturities may be driving ‘strategic’ defaults
A new report on bank-held commercial real estate and C&I loans indicates troubled borrowers may be skipping payments on loans they won't be able to refinance or extend over the next year, leading to a potential wave of defaults over the next four to six quarters.
By
Glen Fest
Forbearance rate takes biggest plunge in a month
After flattening over the three prior weeks, the number of loans going into coronavirus-related forbearance dove at a rate not seen since early August, according to the Mortgage Bankers Association.
Election 2020: What GOP holding Senate would mean for financial services
Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans' retaining control of the chamber would be defending against the disruption of a Democratic blue wave.
Trio of consumer lenders launch first 2020 ABS deals
Liberty Lending, Upstart Network and Regional Management Corp. are looking to price bonds backed by pools of unsecured consumer loans, amid market worries about the sectors' potential challenges during the COVID-19 outbreak.
By
Glen Fest
Reduction in deferrals a promising sign for credit
More consumer and commercial borrowers are paying their loans, increasing the likelihood that charge-offs will be manageable for banks despite the ongoing pandemic.
As Fed helps businesses, Democrats ask: What about consumers?
The Senate Banking Committee met Wednesday to review central bank lending facilities such as the Main Street Lending Program, which provides bank-issued loans to middle-market firms. But some lawmakers on the panel said the focus of pandemic relief has been misplaced.
Forbearances decline overall, but share of Ginnie Mae loans increased
"The current economic crisis continues to disproportionately impact borrowers with FHA and VA loans," said Mike Fratantoni, the MBA's senior vice president and chief economist.
CPS credit quality improves, but pandemic risks remain in new deal
Both Moody's and DBRS Morningstar project elevated credit-loss levels for the auto lender, compared to prior deals, due to COVID-19 uncertainties
By
Glen Fest
Online loans are holding up better than expected
Fintech lenders that reported a surge in missed payments at the start of the pandemic have seen credit quality rebound substantially since. But credit performance could still deteriorate if high unemployment persists and Congress fails to enact more relief measures.
Opinion: Trump’s eviction ban doesn’t go far enough
An emergency expansion of federal rental assistance would cost between $12 billion and $16 billion a month, depending on whether enhanced unemployment benefits are extended alongside. That is a bargain in comparison with the $2.2 trillion price of the last coronavirus relief package.
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