Community Good Works
With the coronavirus pandemic crashing into Massachusetts like a tidal wave, several area banks stepped forward to help cushion the blow to their communities.
Union Carpenters Told to Down Tools Statewide
The North Atlantic States Regional Council of Carpenters on Thursday evening directed all of its members to stop working on construction sites in Massachusetts from April 6 “until it is safe to do so.”
Without Guidance for Lenders, Critical Small Business Loans Could Be Delayed
By late afternoon on Thursday, banks and credit unions had not received final guidance on the new small business lending program created by the CARES Act, putting the program’s Friday start date in jeopardy for many lenders.
House Passes Eviction, Foreclosure Moratorium
The House on Thursday afternoon passed a bill to put a moratorium on evictions and foreclosures during the coronavirus emergency, quickly advancing the bill to the Senate.
Bank Regulators Clarify CECL Delays
The CARES Act and an interim final rule by bank regulators provided conflicting guidance on CECL implentation, prompting federal bank regulators to issue another joint statement clarifying the rule.
Industrial Real Estate Market Continued to Grow in Q1
Demand for industrial real estate remained strong in eastern Massachusetts with leasing activity contributing to a 1-million-square-foot uptick in absorption during the first quarter.
Mass. Unemployment Claims Surge for Second Week
The number of Massachusetts residents who have filed initial claims for unemployment has jumped again, this time by over 180,000.
Advocates Criticize Senate’s Tenant, Homeowner Protection Bill
A legal aid advocacy group flagged concerns Wednesday that a housing security bill advancing in the Massachusetts Senate contains gaps that leave some tenants vulnerable during a state of emergency.
Rosengren Sketches Dire Picture of Economy
The unemployment rate will likely rise at least as high as it did in the wake of the 2008 financial crisis and the country’s GDP appears on track for two quarters of negative growth as the coronavirus pandemic continues to take its toll, the head of the Federal Reserve Bank of Boston said Wednesday.
State Lists Real Estate as an ‘Essential Service’
Massachusetts’ real estate agents are now able to reopen their brick-and-mortar offices after the Baker administration updated the state’s list of essential services during the COVID-19 pandemic.
New Listings Dropped 11 Percent as Virus Hit
New home listings in Massachusetts dropped over 11 percent year-over-year in March, according to data provided to Banker & Tradesman by the state’s largest multiple listings service.
Senate Panel Backs Eviction Ban, Homeowner Protections 15-0
The Senate Ways and Means Committee-backed bill would ban evictions and late fees for apartment renters who can prove they were financially hurt by the COVID-19 pandemic.
Hotels Expected to Lead Commercial Loan Defaults
Economic disruption associated with the COVID-19 pandemic will hit the hotel sector hardest of any commercial real estate sector with nearly 35 percent of mortgages likely to default by 2024, according to an analysis released this week.
Applications for $350B Small Biz Loans Start Friday
Just days after the CARES Act created a $349 billion small business loan product and before lenders start accepting applications this week, details of the Paycheck Protection Program have come into focus.
‘Non-Essential’ Businesses Closed Until May 4
Gov. Charlie Baker has announced all non-essential businesses will continue to be barred from reopening their physical locations until May 4.
Office Tenants Take a Step Back Amid Uncertainty
Boston’s once-booming office market is starting to reflect concerns of a global recession, as tenants pull back on leasing activity.
What Should Lenders Know About the CARES Act?
Banking and lending will feel impacts from the $2 trillion federal Coronavirus Aid, Relief and Economic Security (CARES) Act passed last week, most notably the new loan U.S. Small Business Administration loan program.
Somerville Bans Evictions, Apartment Showings
The city of Somerville has issued a moratorium on both residential and commercial evictions and a halt on apartment showings for the duration of the COVID-19 emergency.
MBA: Margin Calls Jeopardize Morgage Lenders
The Mortgage Bankers Association has asked federal regulators to address a growing concern caused by broker-dealers making margin calls on mortgage lenders’ hedge positions, an issue the MBA said is threatening mortgage lenders across the U.S.
Banks Get Extension to File Annual, Quarterly Call Reports
With federal and state regulators encouraging banks and credit unions to support customers during the coronavirus pandemic, agencies have in turn relaxed some of the filing deadlines for financial institutions.
This Week’s Newspaper
