Posted To: MND NewsWire

Over the weekend the Mortgage Bankers Association (MBA) sent letter to two federal financial officials asking for immediate action to counter potential negative impacts of the pandemic crisis on the mortgage sector. The letter, over the signature of MBA President and CEO Robert D. Broeksmit was sent to Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell. MBA cites the financial market volatility that has arisen following the spread of the COVID-19 virus and the pending closing of businesses and institutions which will result in millions of households possibly unable to meet their debt obligations . Some of the most significant impacts, Broeksmit said, “are occurring with respect to the nation’s system of housing finance.” He acknowledged the actions already taken…(read more)

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Source: Mortgage News Daily