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.
HUD issues Mortgagee Letter regarding temporary statutory authority to insure operating loss loans under Section 223(d)
On January 15, the U.S. Department of Housing and Urban Development issued Mortgagee Letter 2021-1 to implement its temporary statutory authority to insure operating loss loans under Section 223(d) of the National Housing Act in order to mitigate the Covid-related temporary reduction of revenue of...
InfoBytesSBA addresses PPP loan review issues
On January 26, the Small Business Administration (SBA) announced that it is “taking steps to improve the First Draw Paycheck Protection Program [PPP] loan review” in order to give small businesses more time to access PPP funds. SBA acknowledged that it identified “anomalies” in approximately 4.7...
InfoBytes"CFPB order offers insight into pandemic mortgage servicing" by Jeffrey P. Naimon and H Joshua Kotin (Law360)
The U.S. Consumer Financial Protection Bureau in December issued a consent order based on alleged violations of its 2014 mortgage servicing regulations. The consent order, which also bootstraps claims of unfairness and deception to alleged technical violations of the servicing regulations —...
ArticlesCFPB issues Covid-19 supervisory highlights
On January 19, the CFPB released a special edition of Supervisory Highlights detailing the agency’s Covid-19 prioritized assessment (PA) observations. Since May 2020, the Bureau has conducted PAs in response to the pandemic in order to obtain real-time information from supervised entities operating...
InfoBytesFTC may seek civil penalties under Covid-19 Consumer Protection Act
Recently President Trump signed the Consolidated Appropriations Act, 2021 —a funding measure which extends certain emergency authorities and temporary regulatory relief contained in the CARES Act (covered by InfoBytes here )—that includes a provision under Title XIV Covid-19 Consumer Protection Act...
InfoBytesFHFA further extends foreclosure moratorium
On January 19, the FHFA announced that Fannie Mae and Freddie Mac (GSEs) will extend their moratorium on single-family foreclosures and real estate owned (REO) evictions until at least February 28 (which was set to expire on January 31, previously covered here ). The foreclosure moratorium applies...
InfoBytesSBA releases PPP guidance as portal reopens
On January 19, the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan portal re-opened to all participating lenders (covered by InfoBytes here ). To assist lenders, the SBA released an interim final rule , consolidating prior rules related to PPP loan forgiveness and...
InfoBytesFHFA extends Covid-19 flexibilities until February 28
On January 14, the FHFA announced the extension of several loan origination guidelines put in place to assist borrowers during the Covid-19 pandemic. Specifically, FHFA extended until February 28 existing guidelines related to: (i) alternative appraisal requirements on purchase and rate term...
InfoBytesPPP portal to re-open to all lenders on January 19
On January 13, the Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) loan portal will open to all eligible lenders with $1 billion or less in assets for First and Second Draw applications on January 15, with the portal fully opening on January 19 to all...
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