Mortgage Forbearance Alert: 4.2 Million Mortgages In Forbearance


Mortgage Forbearance Alert: Whopping 4.2 Million Homeowners Are In Mortgage Forbearance Agreements

mortgage forbearance

Mortgage lenders across the USA have placed a whopping 4.2 million mortgage in mortgage forbearance. The Mortgage Bankers Associations says this represents 8.4% of outstanding home loans.

The numbers increased from 4.1 million mortgages last week.

The MBA says Ginnie Mae mortgages were most likely to be in forbearance. Ginnie Mae loan pools are primarily backed by the Federal Housing Administration and the Veterans Administration. Thus, Ginnie Mae had an 11.6% share of loans in forbearance. This is an increase of 11.3% from the prior week.

FHA borrowers tend to have lower credit scores and slimmer savings. As a result, they are being harder-hit by a spike in job losses.

Read more at MFI-Miami

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