Coronavirus mortgage bailout program grows again as more homeowners delay payments

As job losses from the Covid-19 pandemic mount, more and more borrowers are delaying their monthly mortgage payments and taking advantage of the government's bailout program. The numbers have been swelling at the rate of about half a million a week.

Together, they account for $841 billion in unpaid principal and make up 6.1% of all loans backed by Fannie Mae and Freddie Mac. The government's program, part of the CARES Act, which President Donald Trump signed in late March, allows borrowers to delay up to a year's worth of payments. Those payments must be made up later through either repayment plans or mortgage modifications. Government-backed loans make up about three quarters of the current mortgage market, but for borrowers without those loans, most banks and private lenders are also offering forbearance programs.

Ginnie Mae, which is behind FHA/VA loans, there is a pass through assistance program for servicers. For Fannie Mae and Freddie Mac loans, their regulator, the FHFA, recently announced that servicers would be on the hook for a maximum four months. Given still-rising numbers of forbearances, servicers of GSE-backed loans would still have to make nearly $8 billion in payments.

On the bright side, the Banks and housing oligopolies can't repossess everyone's homes. This is the perfect time for home owners to take the housing industry out of the hands of elites who OVER profit from necessity. Apartment rentals should also offer the option for ownership.

Ask the money from Communist China that causing the problem.

Problem Corona and economic of creece OK thanks

The mortgage apocalypse is a few months away. It will be much worse than 2008.

Trumps America now. DumpTrump2020 VoteBlueNoMatterWho

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