Yale School of Management

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FHFA Allows Payment Deferral for Forbearance Payments While Extending Foreclosure and Eviction Moratoria

May 26, 2020

On May 13, the Federal Housing Finance Agency (FHFA) announced that homeowners who take advantage of COVID-19 mortgage forbearance will have the option to defer payment of the missed amounts until the home is sold or refinanced, or the mortgage matures, once they return to making their normal monthly mortgage payments. The next day, the FHFA announced an extension of its foreclosure and eviction moratoria to June 30.

Continue reading “FHFA Allows Payment Deferral for Forbearance Payments While Extending Foreclosure and Eviction Moratoria”

Bank of Japan Increases Liquidity Measures

May 26, 2020

On May 22, the Bank of Japan (BOJ) extended and expanded its “Special Program to Support Financing in Response to the Novel Coronavirus (COVID-19)” to 75 trillion yen (about $700 billion). This includes three programs: (1) $186 billion in Outright Purchases of Commercial Paper and Corporate Bonds, (2) $233 billion for the Special Funds-Supplying Operations, and (3) $279 billion for the recently launched New Fund-Provisioning Measure to support small and medium-sized enterprises. The duration of the measures was extended by six months from September 30, 2020 to March 31, 2021. On March 16, the BoJ had announced emergency measures to facilitate corporate financing that included the first two measures (For details on the third measure, see this YPFS blog post). 

Continue reading “Bank of Japan Increases Liquidity Measures”

FHFA Allows Payment Deferral for Forbearance Payments While Extending Foreclosure and Eviction Moratoria

May 26, 2020

On May 13, the Federal Housing Finance Agency (FHFA) announced that homeowners who take advantage of COVID-19 mortgage forbearance will have the option to defer payment of the missed amounts until the home is sold or refinanced, or the mortgage matures, once they return to making their normal monthly mortgage payments. The next day, the FHFA announced an extension of its foreclosure and eviction moratoria to June 30.

Continue reading “FHFA Allows Payment Deferral for Forbearance Payments While Extending Foreclosure and Eviction Moratoria”

Bank of Japan Increases Liquidity Measures

May 26, 2020

On May 22, the Bank of Japan (BOJ) extended and expanded its “Special Program to Support Financing in Response to the Novel Coronavirus (COVID-19)” to 75 trillion yen (about $700 billion). This includes three programs: (1) $186 billion in Outright Purchases of Commercial Paper and Corporate Bonds, (2) $233 billion for the Special Funds-Supplying Operations, and (3) $279 billion for the recently launched New Fund-Provisioning Measure to support small and medium-sized enterprises. The duration of the measures was extended by six months from September 30, 2020 to March 31, 2021. On March 16, the BoJ had announced emergency measures to facilitate corporate financing that included the first two measures (For details on the third measure, see this YPFS blog post). 

Continue reading “Bank of Japan Increases Liquidity Measures”