Government

Additionally, the Department of Housing and Urban Development announced $1 billion in funding, with a portion of the funds aimed at assisting low-income households.

The new report also covered the sharp decline in unemployment and predictions on how the unemployment rate will rise.

No date was set for a possible vote on the new Federal Housing Commissioner. Click through to see what the nominee had to say.

Chairwoman Maxine Waters, along with three fellow members, sent a letter to the nation’s largest banks seeking communication sent to borrowers on programs related to the CARES Act.

What does Richard Cordray say are some of the issues facing mortgage servicers during COVID-19?

Click through to see how many servicers took advantage of the Pass-Through Assistance Program, and the amount of funds that were forwarded, over the past month.

In their Q1 2020 financial reports, Fannie Mae and Freddie Mac noted how they are helping borrowers while juggling lost revenue.

Here's how the industry reacted to the most recent unemployment data from the Department of Labor.

The FHFA noted that borrowers in forbearance with a Fannie Mae or Freddie Mac-backed mortgage are not required to repay the missed payments in one lump sum.

This is an increase from Black Knights April 16 data, when more than 2.9 million homeowners, or 5.5% of all mortgages, have entered into COVID-19 mortgage forbearance plans.