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Ginnie Mae Will Advance Investor Payments on Non-Current Loans
Monday, April 13, 2020
The list of
things for the housing industry to worry about in the current COVID-19
emergency has been growing steadily over the last few weeks, but a memo from Ginnie
Mae may have eased one of those concerns. Seth Appleton, Ginnie Mae's Principal
Executive Vice President has advised Ginnie Mae participants that the agency has
invoked a revised version of the Pass-Through Assistance Program ("PTAP"). The
Coronavirus Aid, Relief and Economic Security (CARES) Act, passed by Congress several weeks ago, mandates forbearance
(temporary reprieve from payments) be available for borrowers with federally
backed mortgages who are financially impacted by the emergency which has
resulted in massive unemployment. The Act also imposes a 60-day moratorium on
foreclosures starting on March 18, 2020.
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