Covid-19 News & Analysis
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News items updated weekly on Thursday
Spotlight: Buckley's Covid-19 Legal Resources & Capabilities
Buckley's core strengths sit at the confluence of the most threatening risks companies of every size and in every industry now face from the pandemic and the government’s response. We feature a deep bench of industry-leading legal professionals that provide best-in-class advice through a tailored, responsive approach that delivers the legal experience of a diversified law firm.
VA re-extends foreclosure and eviction moratorium for borrowers affected by Covid-19
On December 28, the Department of Veterans Affairs issued Circular 26-20-40 , which further extends foreclosure and eviction relief for borrowers affected by Covid-19 (previously covered here ). Specifically, all properties secured by VA-guaranteed loans, including those previously secured by VA-...
InfoBytesHUD re-extends procedures to address Section 232 mortgage insurance issues
On December 28, the U.S. Department of Housing and Urban Development issued Mortgagee Letter 2020-50 , which extends interim procedures regarding site access issues related to Section 232 mortgage insurance applications during the Covid-19 pandemic (previously covered here , here and here ). The...
InfoBytesFannie Mae extends Covid-19 forbearance delegation for multi-family units through March 2021
On December 22, Fannie Mae issued Supplement 20-16 extending the expiration of its Covid-19 forbearance delegation for servicers of multi-family units until March 31, 2021. The forbearance delegation authorizes servicers to grant initial forbearances of up to 3 months, and extensions for an...
InfoBytesFHA extends Covid-19 foreclosure moratorium and other flexibilities
On December 21, FHA announced the extension of several Covid-19-related flexibilities, which were set to expire on December 31. Specifically, FHA further extended its foreclosure and eviction moratorium through February 28. The moratorium applies to homeowners with FHA-insured Title II Single...
InfoBytesFed will maintain federal funds rates due to Covid-19 effects
On December 16, the Federal Reserve Board stated it intends to keep the target range for the federal funds rate at zero to 0.25 percent until the unemployment rate lowers and inflation has risen to two percent steadily. While the Board notes that “[o]verall financial conditions remain accommodative...
InfoBytesFed extends temporary repurchase agreement facility through September 2021
On December 16, the Federal Reserve Board announced extensions of its temporary U.S. dollar liquidity swap lines, as well as the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility), through September 31, 2021. As previously covered by...
InfoBytesCourt: Lender does not owe PPP fees to law firm
On December 15, the U.S. District Court for the District of Arizona issued an order dismissing an action against a California bank over whether a law firm is entitled to a portion of the fees paid by the Small Business Administration (SBA) to lenders making loans under the Paycheck Protection...
InfoBytesSpecial Alert: CFPB redefines Qualified Mortgage; “GSE Patch” to expire
The Consumer Financial Protection Bureau last week released two final rules further defining what types of loans can be a “qualified mortgage loan” for purposes of the bureau’s Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule). The General QM Final Rule substantially revamps the general rules...
Special AlertsNevada governor issues an emergency directive regarding evictions
On December 14, the governor of Nevada issued Declaration of Emergency Directive 036 , relating to the implementation of Senate Bill 1 (previously covered here ). The directive provides that, effective December 15 through March 31, 2021, certain residential unlawful detainer or summary eviction...
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