More than 50 credit unions and banks in Connecticut have agreed to offer mortgage relief to the state’s residents and businesses experiencing hardships due to the coronavirus pandemic.
In another indication the coronavirus is softening the housing market, applications for purchase mortgages fell by 11 percent nationwide last week, according to the Mortgage Bankers Association.
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.
Just days after the $2 trillion CARES Act created a $349 billion small business loan product and before lenders start accepting applications this week, details of the Paycheck Protection Program the law created have come into focus.
Gov. Ned Lamont has issued a new executive order solving a problem that could have plagued homebuyers and sellers trying to get transaction documents notarized.
The Connecticut Department of Revenue Services is moving to put more cash in businesses’ pockets as their sales dry up due to the coronavirus pandemic.
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.
Millions of owners face April 1 due dates for rent, mortgage, credit card and other payments. Some have been granted leniency from landlords and lenders. But even then, there are other business and personal bills that are owed.
Macy’s says it will stop paying tens of thousands of employees who were thrown out of work when the chain closed its stores March 18 in response to collapsing sales during the pandemic.
Live-streamed house tours. Three hundred and sixty-degree photos of rooms. Video chats with clients. Welcome to the world of buying and selling real estate in Connecticut put under quasi-quarantine to fight the coronavirus.
Connecticut political leaders had mixed views – and lots of questions – after President Donald Trump said Saturday a coronavirus quarantine might be needed for residents of their state, as well as New York and New Jersey.
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.
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 that became subject to CECL this year can delay implementing the standard for two years following an interim final rule issued by federal bank regulators on March 27.
Connecticut businesses and nonprofits harmed by the cononavirus pandemic can begin applying for short-term, no-interest loans. Real estate firms, however, are exempted.
As small businesses continue to deal with the impact of the coronavirus pandemic, more financing resources have become available to help them survive.
Amid a scarcity of tests for the coronavirus, Gov. Ned Lamont has issued a ban on gatherings of more than five people, a move likely to force an end to most open houses.
Commercial landlords will get a tax break on building upgrades under the stimulus package awaiting final approval by the U.S. House of Representatives.
The federal financial regulatory agencies are encouraging banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19.
A major Fairfield County landlord has declared it won’t raise rents for tenants renewing leases that expire this spring, as part of efforts to deal with fallout from the coronavirus pandemic.