Posted To: MND NewsWire

The list of things for the housing industry to worry about in the current COVID-19 emergency has been growing steadily over the last few weeks, but a memo from Ginnie Mae may have eased one of those concerns. Seth Appleton, Ginnie Mae’s Principal Executive Vice President has advised Ginnie Mae participants that the agency has invoked a revised version of the Pass-Through Assistance Program (“PTAP”). The Coronavirus Aid, Relief and Economic Security (CARES) Act, passed by Congress several weeks ago, mandates forbearance (temporary reprieve from payments) be available for borrowers with federally backed mortgages who are financially impacted by the emergency which has resulted in massive unemployment. The Act also imposes a 60-day moratorium on foreclosures starting on March 18, 2020. Servicers…(read more)

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Source: Mortgage News Daily