On June 24 NAR, as part of a broad coalition, sent a letter to Secretary Carson and Director Calabria. The letter express the signarories' deep concern over recent policy changes regarding the treatment of mortgages that have closed but entered forbearance prior to being sold to the Government Sponsored Enterprises or insured by the Federal Housing Administration (FHA). These changes will further reduce access to credit for borrowers of color and those living in communities hardest hit by the coronavirus, thereby having a deleterious pro-cyclical effect rather than playing the critical countercyclical role that these government-backed institutions played in the last crisis.
Coalition Letter to HUD Director Carson and FHFA Secretary Calabria Regarding GSE and FHA Mortgage Forbearance Indemnification
Issue Date: June 24, 2020
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