Banking and Lending
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.
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.
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.
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.
The Connecticut Department of Economic and Community Development has launched a $25 million loan program to provide funding to nonprofits and small businesses affected by the coronavirus crisis.
Tens of thousands of Connecticut residents filed for unemployment in the last two weeks according to new figures released by the U.S. Department of Labor Thursday morning, showing the rapid onset of the coronavirus pandemic’s economic effects.
As financial institutions and mortgage servicers are being asked to support borrowers facing financial hardships from the coronavirus crisis, a group representing state bank regulators have asked the federal government to create a liquidity facility for mortgage servicers.
Last week was the first where the coronavirus suddenly became very real for much of America, and it shows in mortgage application data from the Mortgage Bankers Association.
State workers in Connecticut are processing 20 times the number of unemployment claims they normally process, a deluge caused by the coronavirus, officials said Wednesday.