Fannie Mae and Freddie Mac completed 8,836 foreclosure prevention actions in February, according to the latest data from the Federal Housing Finance Association (FHFA). This brings the total to 4,424,910 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
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On March 29, President Trump made the following statements to the American people: “We will be extending our guidelines to April 30 to slow the spread [of COVID-19]. We can expect that by June 1, we will be well on our way to recovery.”
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The nationwide delinquency rate hit its highest single-month increase in history in April, according to the First Look at April mortgage performance data from Black Knight. According to Black Knight, some 3.6 million homeowners were past due on their mortgages as of the end of April (including the roughly 211,000 who were in active foreclosure)—the highest number since January 2015.
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In the week ending May 16, the advance figure for seasonally adjusted initial unemployment claims was 2,438,000, a decrease of 249,000 from the previous week's revised level.
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Foreclosure and eviction moratoriums backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) have been extended to June 30.
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Democratic Presidential candidate Joe Biden said during an interview Wednesday that there should be mortgage and rent forgiveness—across the board—during the COVID-19 pandemic, according to multiple reports.
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Delinquencies declined by 0.4% year over year in February, according to the latest CoreLogic Loan Performance Insights report, however, a spike is expected as COVID-19 continues to contribute to job losses.
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Central banks’ interventions in the pandemic economy are unprecedentedly vast—and not nearly enough.
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Apartment List found that 31% of Americans made either a partial house payment or no payment at all in May—an increase from the prior month.
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Forbearance requests have begun to slow, according to data from Black Knight, but there is a risk of May-related forbearance activity changing that trajectory.
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