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Ninth Circuit Extinguishes Another Mortgage Where the Lender Had Fallen Asleep
The appeals court allows a tiny lien to wipe out a big mortgage if the bank wasn’t vigilant at the time of foreclosure.
H.R. 8366, the "Protecting Homeowners in Bankruptcy Act of 2020"
To amend title 11 of the United States Code to increase the amount of the allowable homestead exemption.
H.R. 7301, the "Emergency Housing Protections and Relief Act of 2020"
To prevent evictions, foreclosures, and unsafe housing conditions resulting from the COVID-19 pandemic, and for other purposes.
Creditors Lack Standing to Enforce the Automatic Stay in the Ninth Circuit
A subordinate lender lacked appellate standing to appeal the annulment of the automatic stay in favor of a senior lender.
Mortgages in Forbearance Fall Across All Loan Types
The Mortgage Bankers Association said that the U.S. forbearance rate measuring the share of mortgages with suspended payments fell seven basis points to 5.83 percent last week, HousingWire.com reported. “With more borrowers exiting forbearance in the prior week, the share of loans in forbearance declined across all loan types. Almost half of forbearance exits to date have been from borrowers who remained current while in forbearance, or who were reinstated by paying back past-due amounts,” said Mike Fratantoni, MBA’s senior vice president and chief economist. The share of Fannie Mae and Freddie Mac loans in forbearance fell 6 basis points last week to 3.66 percent – marking the 21st week in a row the GSEs’ forbearance rate has dropped. Though the rate for Ginnie Mae loans, which include loans backed by the Federal Housing Administration, rose slightly the week prior, last week’s rate leveled off after falling 4 basis points to 8.13 percent. Last week’s drop was largely driven by the forbearance share of portfolio loans and private label securities (PLS) and independent mortgage bank (IMB) servicers both falling 8 basis points to 8.82 percent and 6.27 percent, respectively.
