MReport May 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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64 | TH E M R EP O RT FINAL THOUGHTS Challenging Times As the Department of the Treasury, the Consumer Financial Protection Bureau, and other government agencies work to help homeowners and ensure industry stability during the pandemic, here's what people are saying. "the market functions properly" Treasury Secretary Steven Mnuchin said the Treasury Department is looking at ways to make sure the mortgage market is stabilized. "too little too late"'s Senior Economist George Ratiu said stimulus checks to homeowners may not provide sufficient aid, as the extended suspension of the economy will be felt for weeks to come. "many more into housing insecurity" Skylar Olsen, Senior Principal Economist at Zillow, said many minority homeowners could be adversely impacted by the coronavirus in the coming months. "extraordinary and last resort option" Ginnie Mae Principal EVP Seth Appleton on the expansion of its Pass-Through Assistance Program, which advances funds to servicers facing liquidity shortfalls. "cannot shoulder the entire onus" A letter signed by 20 Republican members of the House of Representatives called on Mnuchin and the federal government to assist mortgage servicers during the COVID-19 outbreak.

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