If the coronavirus crisis goes on for more than six to eight weeks, FHFA Director Mark Calabria sees mortgage servicers under “a lot of stress.”

The GSEs have extended their forbearance programs to include multifamily borrowers and renters experiencing hardship due to COVID-19.

Borrowers are entitled to forbearance if unable to make their monthly mortgage payment due to the virus, the FHFA has reminded servicers.

Freddie promotes Donna Corley as EVP of single-family business.

The liquid assets required of nonbank seller/servicers will rise from 3.5 basis points to 4.0 bps for the unpaid principal balance of their enterprise servicing.

Most of the decline in bank GSE servicing was recorded at Wells Fargo, Chase and Bank of America. Big nonbank gainers included NewRez, Quick-en, Matrix Financial and PennyMac. (Includes two data charts.)

One of the key jobs of the Financial Stability Oversight Council is to make suggestions and recommendations to regulators to avoid SIFI designations, the FHFA director said.

The severity of some of the proposals in FHFA’s request for information on PACE financing suggests the agency intends to take some drastic steps.

The FHFA director said Fannie Mae and Freddie Mac may fully exit conservatorship as early as 2022. Meanwhile, on FHLBank membership to non-banks, Calabria said the agency will soon be putting out a request for information.

Over the last decade, the U.S. has averaged nearly 56,000 wildfires a year, covering more than 6.5 million acres, and destroying thousands of homes. The problem is acute enough that discussions are underway to create a reinsurance market for wildfire damage.