Refining the Housing Market in Light of COVID-19

Supertitle
COVID-19

Refining the Housing Market in Light of the Impact of the Coronavirus

The Housing Finance Program team has been in close contact with policymakers and a wide range of housing finance stakeholders in a collaborative effort to identify and solve for the many economic issues arising from COVID-19. Millions of consumers—especially the financially insecure—will struggle with housing payments and face the life-changing, lasting repercussions of delinquency and default. 
 
To that end, we are working to offer effective solutions and engaging on housing finance issues that include: 
 

  • Relief, and the different methods to provide this relief: Utilize borrower relief measures such as payment forbearance, foreclosure and eviction moratoria, and relief from reporting COVID-19-driven credit events to credit reporting bureaus.
     

  • Ginnie Mae: Ensure advance funding liquidity to servicers through Federal Reserve 13(3) financing and a US Treasury backstop or other measures.
     

  • Supporting the Stability of the Housing Finance System: Continue Federal efforts to support the stability of the housing finance system, including the provision of liquidity to the secondary mortgage markets through Fed Bank MBS purchases, the relaunch of TALF, and similar measures.
     

  • Treasury’s Hardest Hit Fund: Renew with appropriate revisions and extent nationwide.
     

  • Qualified Mortgage (Q.M.) rule: Consider the Q.M. rule and other underwriting changes to address longer-term COVID-19 impacts on consumer access to sustainable mortgage credit.
     

Learn more about the Center for Financial Markets' work on COVID-19.