CARES Act

The extension of the FHA’s willingness to conditionally endorse loans with suspended payments came amid a renewed push by public and private entities to spread awareness of the CARES Act option.

The forbearance rate continued recovering in lockstep with employment improvement, according to the Mortgage Bankers Association.

Treasury Secretary Steven Mnuchin called on the Federal Reserve Thursday to let several of its emergency lending facilities expire at yearend and return unused funds provided by Congress. But the central bank wants the programs to continue.

There have been several extensions of the policy since it was put into place as a way to sustain originations amid a wave of forbearance allocated to borrowers with government-related loans.

More than six months after the CARES Act became law, the two entities joined a host of industry organizations in launching the COVID Help for Home campaign to educate borrowers on the next steps in forbearance.

The forbearance rate continued recovering in lockstep with employment improvement, according to the Mortgage Bankers Association.

Under 2.9 million borrowers sit in coronavirus-related forbearance as GSE-backed mortgages drove the latest decrease, according to Black Knight.

The forbearance rate improved to the a level not seen since early April, but getting back to pre-COVID levels will require employment gains or additional government stimulus measures, according to the Mortgage Bankers Association.

How we resolve millions of delinquent mortgages due to COVID is the only question that matters.

A booming housing market contrasts with a slow-to-improve job market, making for lopsided improvement in the number of troubled mortgages, according to numbers from the Mortgage Bankers Association.

As of the end of July, there were more than 1 million past-due mortgages not in forbearance plans, and the majority likely would have qualified for forbearance under the CARES Act.

A total of 34 states have offered coronavirus-related rental or mortgage assistance, much of which is funded by the CARES Act, according to the National Council of State Housing Agencies.

The overall forbearance rate was under 6% for the first time since April as another large swath of loans fell out of CARES Act coverage, according to the Mortgage Bankers Association.

Forbearance rates dropped below 7% for the first time in six months, but the decrease is largely due to the ending of the initial six-month term of forbearance granted by the legislation, according to the Mortgage Bankers Association.

The metro areas surrounding New York, Washington, Philadelphia and Baltimore face the highest risk of impact from the pandemic based on home affordability, equity and foreclosures.

Over 3.6 million borrowers sit in coronavirus-related forbearance with portfolio and private-label securitized loans driving the week's increase, according to Black Knight.

Customers suffered when they were placed in mortgage relief plans without their consent, the Massachusetts senator says. She urged the Federal Reserve to take the blunder into account as it weighs when to lift other sanctions against the bank.

Commercial real estate companies are among those left out of the Federal Reserve’s middle-market relief program, but House members said they need government-backed financing to navigate the pandemic as much as anyone.

Measures designed to give banks and credit unions more flexibility to help customers weather the coronavirus pandemic are set to expire Dec. 31 unless Congress renews them.

Without further government help, that rate could double again by 2022, CoreLogic said.