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GSEs Update Foreclosure Prevention Actions

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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The Way We Were: COVID-19’s Impact on Appraisals

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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Mortgage Delinquencies Experience Historic Spike

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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Rising Unemployment Leading to Increased Risks For Homeowners

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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Government Agencies Extend Foreclosure, Eviction Moratoriums

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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Biden Calls for Federal Mortgage, Rent Bailout

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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Prepping for a Delinquency Spike

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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Terminal Deflation Is Coming

Central banks’ interventions in the pandemic economy are unprecedentedly vast—and not nearly enough.

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Homeowners Struggling to Make Mortgage Payments

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 Due for Another Surge

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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