According to the data from latest McDash Flash Forbearance tracker, approximately 9% of all mortgages are in forbearance. The details:
- As of May 19th, 2020, 4.75 million homeowners, or ~9% of all mortgages, have entered COVID-19 forbearance.
- The unpaid principle on those loads is in excess of $1 trillion.
- An estimated 7.1% of all Government-Sponsored Enterprise (GSE) loans and 12.5% of FHA/VA mortgages are in forbearance.
The good news is that pace of increases has started to taper off. The rate of increase has now declined by 93% from the first week of April when the number of active forbearance plans increased by nearly 1.4 million in a single week.
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9% of All Mortgages are in COVID-19 Forbearance Plans