Some mortgage lenders have violated fair housing laws by discriminating against African Americans and women when granting pricing exceptions, according to a report from the Consumer Financial Protection Bureau.
With the first of two six-month forbearance periods available through the CARES Act ending, some borrowers have been exiting forbearance without contacting their mortgage servicers, one factor contributing to a recent drop in loan forbearances, according to the Mortgage Bankers Association.
JPMorgan Chase said Tuesday that a number of its employees and customers may have abused the Paycheck Protection Program and other coronavirus stimulus programs.
At least there won’t be a government shutdown. But as lawmakers straggle back to Washington for an abbreviated preelection session, hopes are dimming for another coronavirus relief bill – or much else.
The price tag for the next COVID-19 aid package could quickly swell above $1 trillion as White House officials negotiate with Congress over money to reopen schools, prop up small businesses, boost virus testing and keep cash flowing to Americans while the virus crisis deepens in the U.S.
With expanded federal jobless aid set to run out at the end of this month and a state foreclosure moratorium likely to expire almost three weeks later, concern is growing as the mortgage industry faces an uncertain summer and fall.
East Cambridge Savings Bank is among the first Massachusetts-based community banks to announce plans to participate in the Main Street Lending Program.
A stronger than expected jobs report could further scramble an already uncertain picture for passing a fifth and possibly final coronavirus aid bill. The positive statistics are feeding the wait-and-see approach of the White House and its GOP allies in Congress.
The Federal Reserve Bank of Boston has released instructions and documents lenders will use in the Main Street Lending Program, but the program’s launch date still has not been announced.
The Federal Reserve Board continues to focus on small- to medium-sized businesses as part of its ongoing efforts to maintain the U.S. economy in the wake of the COVID-19 global pandemic.
While lenders have been focusing on the Paycheck Protection Program for small businesses, the Federal Reserve Board has revamped another loan program intended to help businesses affected by the coronavirus pandemic.
As a result of efforts to stem the COVID-19 pandemic, unemployment has increased dramatically with millions Americans filing for unemployment benefits.
Federal economic impact payments began arriving in bank accounts this week, and creditors and debt collectors will not be able to seize those funds from Massachusetts residents, according to the state attorney general.
Massachusetts restaurants face a menu of unappetizing choices as they seek to stabilize their finances to offset steep declines in revenues from indoor dining bans.
As COVID-19 rapidly changes the economic landscape throughout the country, businesses and individuals are facing new and evolving challenges.
Even with the uncertainties and problems with the PPP loans and the need to work late nights and weekends to prepare, community needs have driven many lenders to commit to the program.
New, partial guidance from the federal government will allow Massachusetts to open its unemployment system up to independent contractors, gig workers and self-employed Bay Staters later this month.
Two national organizations that represent apartment landlords are asking lawmakers for a new stimulus package aimed directly at households struggling to pay the rent because of the economic effects of the COVID-19 epidemic.
Treasury Secretary Steven Mnuchin said more money is needed for the popular new $349 billion Paycheck Protection Program, which took off last Friday but was quickly swamped with applications from small buisnesses.
Facing an unknown but undoubtedly large number of homeowners and commercial mortgage borrowers needing forbearance thanks to the coronavirus-caused economic crisis, the housing industry is asking the federal government for help.
