It's Friday desk clearing time for this blogger. "Nonbank financial firms spent years lobbying against tougher regulation and stricter capital requirements, arguing that their emerging dominance in mortgage lending didn’t pose a risk to the financial system. Now, many of those companies say they are in desperate need of a bailout to stave off bankruptcy and a potential collapse of the U.S. housing market. When government-owned Ginnie Mae tried to require stress tests and higher capital and liquidity requirements, some 'nonbanks were violently opposed to the idea,' said former Ginnie president Michael Bright. One small lender told Bright that if an event similar to the proposed stress scenario were to take place, he’d just hand Ginnie the keys to his firm."

"Market condition: severe. That’s Bank of America Corp.’s new assessment of a corner of the U.S. mortgage industry facing a deluge of applications from homeowners looking to shore up their finances. 'If you’re a homeowner, you’ve always been told that one of the easiest ways to access cash in a pinch is to tap the equity in your home,' Nations Lending Chief Executive Officer Jeremy Sopko said. 'In a normal environment, this is absolutely true. But this is no normal environment. And so fear is building.'"

"Bank of America significantly tightened its standards for loans to homeowners wanting to borrow against their equity. The minimal credit score it’ll accept from borrowers is now 720, up from 660. JPMorgan, meanwhile, may boost its minimum credit score for new Helocs to 720 as well, up from 680, and is also considering other changes, such as limiting approvals to customers who already have a mortgage or checking account with the bank, said a person with knowledge of the matter. The bank’s goal is to slash application volume by as much as 75%."

"Struggling homeowners are flooding their mortgage companies with requests for help. Many are having a hard time getting it. Homeowners say they are waiting hours on the phone just to reach a real person. When they do, some are told that getting an answer could take weeks. 'I’m frustrated and scared,' said Chris Colgan, a real-estate agent from Northern Virginia. He said he called his servicer some 15 times in the past month."

"In San Antonio, there are 2,165 short-term rentals registered with the city.. Eric Perez, who rents out five properties near downtown San Antonio, said bookings have plummeted since the outbreak began. Taxes and other bills are looming. 'It’s quite a burden to carry five mortgages,' he said."

"Kelly Martinez and her husband started renting out a house in Alta Vista on Airbnb in December. Along with the mortgage, there are also utilities to pay for and loans they took out to furnish the house, she said. 'We were doing great up until the end of February,' Martinez said. 'Then boom, boom, boom — everyone canceled. Business has completely dried up.'"

"Recent deals show some sellers are in need of liquidity and willing to negotiate. In New York City only two luxury home sellers managed to strike deals last week. And they had an average listing discount of 33%, according to Olshan Realty. One such market is California’s Silicon Valley. Now, homes are selling with discounts of $50,000 or more off their asking price, said Kalena Masching, a Bay Area agent with Redfin. Mary Lou Wertz, co-founder of Maison Real Estate, in Charleston, South Carolina, said the climate of uncertainty has brought negotiating to another level. Buyers are even asking for price concessions at the closing table, she said."

"'I’ve never seen it before,' Ms. Wertz said, and sellers are acquiescing because otherwise the buyer is 'going to walk away.'"

"Real estate listings are drying up, open houses have been canceled, and buyers are staying home. One more pillar of the Canadian economy is under threat from the coronavirus pandemic. In Vancouver, some sellers haven’t caught up with reality, says Ian Watt, who specializes in condos at Sutton Group West Coast Realty.'We’re still seeing a dozen listings a day in the downtown core, it’s ridiculous,' he says. 'Why would anyone do it? No buyers are out, period.'"

"A group representing 15 Jersey Estate Agents are appealing for support from government, claiming the island’s housing market has been 'all but destroyed' by the coronavirus outbreak. The Jersey Estate Agents Association warn the situation could be worse than the 2008 financial crash. 'We really feel as though we’re being left in limbo. The government have kept money side in the rainy day fund. We’re appealing to government now to use that money for the purpose of giving. You need to act now,' said Gill Hunt, President, Jersey Estate Agents Association."

"The health crisis because of the COVID-19 pandemic is only set to worsen in Cambodia in the coming months, though more deleterious may be the looming economic crisis. The housing bubble has now burst and a debt crisis will only worsen; the escape valve of migration to Thailand is no longer an option. Quite simply, the government doesn’t have the money to bail out the entire economy."

"The Realtors Association of Jamaica has, for the time being, been holding up to the COVID-19 invasion, but there are fears among the leadership that things could get really bad soon. According to the president, Andrew James, basically, what has been happening is that some customers have been watching the market, and their assumption is that as the situation is now, maybe in another three to six months they will not be able to meet their loan payments."

"He said that if that happens, a number of properties would be going up for auction, and will be going on the private treaties list. 'So there are those persons who say they will wait and see. Persons who may even have put down a deposit are now saying, 'Hold on, hold on, I don't want to go any further until I know what is happening, because chances are I might not have a chance to pay down the loan,' and so on,' he stated."

"'So, as far as the realtors are concerned, they are in an awkward situation right now: Realtors are only paid by commissions,' he added."

"According to him, the high-scale apartments are mostly investments, like apartments and town houses which are bought by people investing in a second home, or one which their children will eventually own after they leave college. 'Then you have the young professionals who continue to rent their homes, while they buy these apartments for the short term (like Airbnb) for prices that cover the market prices,' he pointed out. What is happening now is that the short-term market is, I regret to say, drying up. A lot of people have invested in Airbnb, but with nobody travelling and flights not coming in, these properties might now be turned into long-term rentals,' he informed the Observer."

"'Because, if you have a mortgage to pay, you might not have a choice but to keep it locked up with nobody to rent it, so you have to go long-term,' he added."