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Nearly 2 Million Forbearances Already
Monday, April 13, 2020
The Mortgage Bankers Association (MBA) says
the surge in unemployment claims filed since mid-March resulting from the
mitigation efforts to slow the spread of COVID-19 are straining household
budgets. Mortgage servicers are continuing to field hundreds of calls from these
homeowners who are seeking temporary forbearance from their mortgage payments.
MBA says its latest Forbearance and Call
Volume Survey shows that the percentage of loans that have been granted forbearance
jumped to 3.74 percent of all mortgages during the week of March 30 to April 5,
2020 from 2.73 percent the week before. During the week of March 2, before the
extent of the pandemic became clear, only 0.25 percent of mortgages were in
forbearance.
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