Mortgages

Commercial real estate portfolios have held up better than expected during the pandemic. But rising delinquencies and fears of a delayed economic recovery are renewing questions about credit quality.

Sen. Sherrod Brown, D-Ohio, said elevating affordable housing issues, examining the financial system through a climate and racial justice "lens" and holding banks accountable for their impact on consumers will be among his priorities.

The agency that supervises Fannie Mae and Freddie Mac has pushed for revising an agreement with the Treasury Department allowing the mortgage giants to retain their profits. A deal could be out of reach once Joe Biden takes office.

The Swiss banking giant is expected to set aside $850 million for litigation costs stemming from a long-running dispute with bond issuer over the sale of mortgage-backed securities.

While some legislatures have extended provisions temporarily allowing online notaries, other lawmakers are pushing for those rules to be made permanent.

The multifamily lender named Michael Levine as board chairman, succeeding Dominick Ciampa, who held the role for 10 years. The move comes less than a week after longtime CEO Joseph Ficalora abruptly retired and was replaced by Thomas Cangemi.

Stimulus payments and deferrals have helped borrowers stay current, but lenders must brace for a capital hit when those benefits eventually run out.

The recent stimulus law’s relief for renters and extension of the federal eviction ban were meant to ward off a housing crisis. But owners of 1- to 4-unit dwellings still face mounting mortgage and property tax debts, and delinquencies could start rising soon — followed by foreclosures.

Remote online notarization helped originators close loans amid social distancing measures, but complex local laws remain a barrier to its widespread use.

The switch to Thomas Cangemi from longtime CEO Joseph Ficalora could foreshadow a push to curtail the company’s reliance on multifamily lending and the pursuit of a bank acquisition that lowers funding costs.