...Just over 3.4 million borrowers, representing 6.4% of all mortgages outstanding, are now in forbearance plans. That’s an increase of 477,000 loans in just one week, or a nearly 9% jump, according to Black Knight, a mortgage data and analytics firm, which is running weekly tallies. ...
That's the "not surprising" part. Of course, that 3.4 million number will get a LOT larger in the next 60 days or so, so stay tuned.
Here's the part that's ugly:
...the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, announced the servicers would be bound to make these payments for 4 months. Fannie Mae usually requires payments be made for up to a year. Regardless, servicers of GSE-backed loans could still face more than $7 billion in advances, given the number of loans in forbearance thus far....That's your friendly local mortgage broker, folks. THEY have to pop 4 months of your payments even if YOU do not.
Think that's going to produce more unemployment? If you don't, how stupid ARE you??
No comments:
Post a Comment