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IMPORTANT! Newsworthy Items You Should Be Aware Of

Posted by Kim Cronin on

IMPORTANT! Newsworthy Items You Should Be Aware Of

We have been assisting clients and publishing updated information hopefully to provide some direction in your decision making. In our mind the single most important thing you should be doing is consulting your loan documents and communicating and understanding the position lenders are taking. We are Available 24/7 to answer any questions and or provide direction. We expect to update you as often as possible during the day as we receive new directions and advice from lenders. Below is a summary of 4 newsworthy items you should be aware of:

4 newsworthy items you should be aware of:

  1. Fannie and Freddie will begin to offer Mortgage forbearance to those who do not evict renters during the pandemic; this is only for Fannie and Freddie loans at present (click here for the full article: Freddie, Fannie move to protect renters from eviction during pandemic)
  2. Governor Cuomo released an Executive order that speaks to businesses who have a financial hardship due to the COVID-19 pandemic (click here for: EO_202.9 exec order);
  3. FRED (Federal Reserve), the FDIC, OCC memo to Institutions (click here for: interagency memo FRED-OCC-FDIC)
  4. The Fed Announced TALF restart (Troubled Asset Relief Fund) through which (click here for: Fed Announces Unlimited Bond Purchases, Will Buy Apartment CMBS _ GlobeSt):
    • It is not capping the amount of Treasury or mortgage securities
    • It will begin purchasing CMBS issued by GSEs – for the first time in history & aimed at keeping liquidity in the multifamily market
    • It announced 3 additional programs – one is similar to TALF from 2008 and the other 2 focus on supporting credit to large employers through a Primary Market Corporate Credit Facility for new bond and loan issuance and a Secondary Market Corporate Credit Facility aimed at providing liquidity for outstanding corporate bonds
    • Last it announced relief to give regulators more leeway in modifying loans for borrowers hit by this crisis
 
We will soon be circulating some thoughts on SWAPS and steps you can discuss with your Banks as Swaps provide another set of complexities to deal with in the event you need relief.  In the meantime please click on the following link to download and listen to a power point presentation given by Chuck Cronin as he discusses what is currently happening in the market: Market Recon 03-24-20.  Stay tuned for more information and please reach out to us with any questions. We are here to help you!
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