Live Stock Market Updates as Coronavirus Pandemic Continues

March 23, 2020
Business

Federal housing officials offer mortgage forbearance on multifamily buildings.

A federal housing regulator took steps Monday to help renters living in large apartment complexes and boost the mutual funds and hedge funds that invest in securities cobbled together from mortgages.

The Federal Financial Housing Agency ordered the two big government-backed mortgage-finance giants — Fannie Mae and Freddie Mac — to offer multifamily properties a break on mortgage payments if they hold off on evictions of renters who’ve lost a job or income because of government shutdowns.

Some cities have already enacted limits on evictions during the coronavirus crisis, but the federal agency’s order should offer relief to millions of renters worried about losing their homes during the crisis. The agency had already issued orders about single-family mortgages backed by Fannie and Freddie, imposing a foreclosure moratorium and allowing those in financial trouble to get a reprieve on mortgage payments for up to a year.

Also Monday, the agency ordered Fannie and Freddie to begin making short-term loans to investors in mortgage-backed securities, the investment vehicles comprised of bundled mortgages, according to two people familiar with the agency’s plan who were not authorized to speak publicly.

Catch up: Here’s what else is happening.

General Electric said that it will lay off 10 percent of the U.S. staff, about 2,500 people, from its aviation unit, which makes engines for military and commercial aircraft. The company has already frozen hiring and merit raises and reduced nonessential spending.
Dollar General said it would hire up to 50,000 employees by the end of April, nearly doubling its hiring rate, as it tries to meet increased demand from shoppers.

Reporting was contributed by Natalie Kitroeff, Jeanna Smialek, David Gelles, Stacey Cowley, Tiffany Hsu, Davey Alba, Niraj Chokshi, Daisuke Wakabayashi, Jack Nicas, Steve Lohr, Mike Isaac, Jim Tankersley, Matthew Goldstein, Alan Rappeport, Keith Bradsher, Ana Swanson, Sapna Maheshwari, Vanessa Friedman, Carlos Tejada, Ben Dooley, Vindu Goel, Melissa Eddy, Kevin Granville and Daniel Victor.

Article source: https://www.nytimes.com/2020/03/23/business/coronavirus-stock-market.html