When measured against outstanding first liens calculated by Inside Mortgage Finance – $11.168 trillion – that means $933.6 billion of residential loans have been impaired (to some degree) by the pandemic.
Jim Parrott: “It seems to me, it would be extremely helpful for them to add non-agency lending as acceptable collateral under these TALF programs, whether at the MBS level or at the loan level."
The loan, structured by Canyon Partners with participation from credit funds managed by affiliates of Fortress Investment Group, essentially doubled the amount of cash New Residential has on its balance sheet.
FHFA Director Mark Calabria: “Homeowners who are in COVID-19 forbearance but continue to make their mortgage payment will not be penalized. Today’s action allows homeowners to access record low mortgage rates and keeps the mortgage market functioning as efficiently as possible.”