Tag Archives: forbearance

Covid mortgage bailouts are expiring fast, but here’s why a foreclosure crisis is unlikely

By | September 11, 2021

Extraordinarily high levels of home equity, thanks to the recent runup in home prices, has struggling borrowers in a far better position now than they were at the start of the pandemic. The number of active mortgage forbearance plans, in which borrowers were allowed to delay their monthly payments, fell by more than 5% from the previous week,… Read More »

Mortgage bailout swells to 4.1 million borrowers, but demand is slowing

By | May 8, 2020

“After surging at the beginning of April and then rising again near the 15th — when most mortgages become past due and late fees are charged — the number of new forbearance requests has declined in recent weeks,” said Ben Graboske, president of Black Knight Data & Analytics. “What remains an open question at this point is to what… Read More »

Mortgage forbearance reaches close to 7% of loans: Mortgage Bankers Association survey

By | April 27, 2020

Almost 7% of mortgages are now in forbearance, according to a new survey. Some 6.99% of home loan borrowers are putting off mortgage payments with forbearance agreements, up from only 0.25% of loans before the pandemic set in the week of March 2, according to the Mortgage Bankers Association’s weekly forbearance and call volume survey, based on 38.3… Read More »

Mortgage forbearance surged on April 1: report

By | April 9, 2020

The federal government has instructed lenders handling mortgages backed by the government to give borrowers up to six months grace periods, and loan servicers have been inundated with calls from borrowers. Some states are taking similar measures. In New York, Gov. Andrew Cuomo signed an executive order that required state-regulated banks to communicate to borrowers how to receive 90 days… Read More »

Mortgage industry fires back at regulator who refuses to help servicers getting slammed by payment delay requests

By | April 8, 2020

Industry observers were concerned by his comments. “We see this interview as counterproductive to efforts to stabilize the economy and housing finance,” wrote Jaret Seiberg, financial services and housing policy analyst for Cowen Washington Research Group. “It is only going to increase concerns about the stability of servicers and reduce the willingness of lenders to originate mortgages, including… Read More »

Americans struggle to delay mortgage payments as lenders ‘can’t handle’ 1,896% spike amid coronavirus

By | April 7, 2020

While loan servicers can allow homeowners and landlords with mortgages backed by Fannie Mae and Freddie Mac to delay payments for up to a year due to the coronavirus, they haven’t been able to keep up with the demand from borrowers. The Mortgage Bankers Association reported Tuesday morning that mortgage forbearance requests had increased by 1,896% between March… Read More »

Mortgage Crisis Prompts U.S. to Weigh Harder Line With Borrowers

By | April 3, 2020

With a wave of U.S. mortgage borrowers expected to seek reprieves from monthly payments, regulators are taking steps to make it easier for firms that service the loans and bracing for the reality that they may have to take a harder line in specifying who qualifies for relief. The likely surge in coronavirus-fueled forbearance requests has been exacerbated… Read More »