Last month Treasury Secretary Steven Mnuchin formed a task force of regulators to address how to ease the expected liquidity shortfall for mortgage firms. He asked the task force to offer recommendations by March 30. Since then little has been said about the task force other than a press release that it convened and that “Ginnie Mae and the Federal Housing Finance Agency will continue to monitor closely the markets and the condition of the nonbank entities that service Ginnie Mae, Fannie Mae and Freddie Mac MBS.”
Tired of waiting, this past weekend 15 real estate trade associations and affordable housing advocate groups called on the Federal Housing Finance Agency, the Federal Reserve and the Department of the Treasury to establish a liquidity facility for servicers that would support the foreclosure moratorium established in the CARES Act.
Read more...Multifamily Waits for Forbearance via GlobeSt