Millions of Americans took advantage of the payment suspension and mortgage forbearance programs both lenders and the federal government rolled out due to the Covid-19 pandemic last year. But as these emergency programs start to wind down this year, the Consumer Financial Protection Bureau wants to put safeguards in place to ensure millions of families aren’t forced into foreclosure.
A year into the pandemic, about 2.5 million homeowners are still enrolled in some type of forbearance program, according to the Mortgage Bankers Association’s data for the week of March 21, 2020. Yet even with these programs in place, about 5% of homeowners are currently delinquent on their mortgages, the MBA found in its latest report.
Full story at CNBC.