Thread regarding U.S. Bank layoffs

21. S. Bank is profiteering off this crisis by jacking up refinance rates. At a time when consumers are desperate for payment relief, U.S. Bank (and Wells Fargo and Bank of America) are increasing their fat margins. The banks should be helping customers avoid default by offering streamline refinancing. Instead, they want to milk consumers to beef up profits at the expense of their customers, agencies, and the economy. They should be doing everything possible to prevent losses to FHA/VA, and FNMA/FHLMC. It is important to note that FHA streamline loans and VA interest rate reduction loans do not require income or credit qualifying or an appraisal. Unfortunately, U.S. Bank has jacked up government rates so high as to make streamline refinancing impossible.

In regard to the mortgage payment suspension program (forbearance) this is not fake news.
Everyone I know who has applied has received instant approval. U.S. Bank customers can apply on their mobile app. With that said, there are drawbacks to forbearances and the payments will have to be made up. Unless clients qualify for permanent modification, the payments will need to increase in the future to catch up. It is likely just kicking the can down the road. Also, clients that enter into a forbearance might have to wait a year to refinance due to the mortgage payment history requires of most loan program.

Banks will not defer payments unless Fanny Mae or FHA / HUD approve. This is fake news.