Skip to main content

Key Democrats Ask Mnuchin, Powell to Help Mortgage Servicers

Apr 16, 2020
Hand coming up out of water.
Director of Events

Key Democrats are advocating for more to be done by Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell to help mortgage servicers stay afloat during the heavy wave of missed payments by homeowners.
 
House Financial Services Chairwoman Maxine Waters and Sherrod Brown, a top Democrat on the Senate Banking Committee, called for the Fed and Treasury to provide liquidity to servicers who are struggling with missed payments.
 
"Mortgage servicers are expected to face increased strain as millions of homeowners and renters lose jobs, are furloughed, or see reduced hours, all of which will keep them from making mortgage and rent payments, as a result of this public health crisis. We must not allow the pandemic to destabilize critical markets, including our housing market," the lawmakers wrote in their letter.
 
Non-bank mortagge servicers have been facing added hardship during the COVID-19 crisis. Both Powell and Mnuchin have issued statements acknowledging that they are aware of the issues servicers are facing, however, no action has been taken by either agency. 
 

 

 

 
About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Apr 16, 2020
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024