The latest release of the Federal Reserve’s Senior Loan Officer Opinion survey reveals that the COVID-19 pandemic and its widespread economic hardship caused many banks to elevate their qualification standards across all credit classes of household and business loans.
News in covid 19
Federal Housing Finance Agency Adds New 0.5% Fee to Refinance Mortgages Effective September 1st
On Thursday, August 13th, 2020, The Federal Housing Finance Agency (FHFA), along with the two governmental sponsored enterprises, Fannie Mae and Freddie Mac announced that effective September 1st, that any refinance mortgage loan sold Fannie Mae or Freddie Mac will include a new adverse-market refinance fee of 0.5%.
Respondents to FEA’s Weekly Order Survey are Reporting Slightly Slower Sales
Dealers responding to the Weekly Order Survey are reporting that while their businesses remain steady to strong, the pace was slightly slower than in previous weeks.
Builders Struggles with Acquisition, Development and Construction Financing Continued in Q2 of 2020
The results of the latest National Association of Home Builders financing for Acquisition, Development and Construction (AD&C) survey reveals that credit continued to tighten in the second quarter of 2020.
Multifamily/Commercial Borrowing Declines -48% in Second Quarter of 2020
According to the Mortgage Bankers Association year-over-year commercial and multifamily mortgage loan originations were -48% lower in the second quarter of 2020. A decline of -31% from the first quarter of 2020.
The Forest Products Association of Canada Offers the Canadian Government Ideas on how to Jump Start the Economy Using Forestry Products
The Forest Products Association of Canada (FPAC) has been working closely with the Canadian federal government to help form policies and programs to keep forest products businesses operating, workers safe and the essential products supply chain moving forward, during the challenges presented by the COVID-19 pandemic.
German Log Exports Impacted by COVID-19 and Other Factors During First Half of 2020
The German log market has been extremely unpredictable during the first half of 2020. The year started with high demand from the export market and the supply of fresh green logs in tight supply.
Mercer Celgar Workers in Castlegar Return to Work
According to Rose Leslie, a spokesperson for Mercer Celgar, at least 215 of the workers laid off during the temporary shutdown of the Castlegar mill in the beginning of July, have returned to work as of July 31st.
No COVID-19 Cases Reported During British Columbia’s Seedling Planting Season
The Western Forestry Contractor Association (WFCA) is reporting that summer seedling planting season in British Columbia is in the process of winding down. There are just 20 million fall seedlings out of the 300 million trees planned for this year remaining to be planted.
Canadian Consumer Confidence on the Rise
According to the Bloomberg Nanos Canadian Confidence Index, (BNCCI), a composite that measure the financial health and economic expectations, consumer sentiment in Canada turned positive for the first time since the COVID-19 pandemic began, with wide spread gains being experienced across regions and age groups.