The Federal Housing Finance Agency Extends Three COVID-19 Pandemic Programs

The Federal Housing Finance Agency (FHFA) announced on Tuesday (2-9-21) that borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to three months. The FHFA forbearance plan initially had a 12-month expiration, however the FHFA is now allowing borrowers up to 15-months of coverage. According to the agency, eligibility for the extension is limited to borrowers who are on a COVID-19 forbearance plan as of February 28, 2021. The FHFA had previously extended its multifamily forbearance policies in December, also pushing out options for multifamily mortgages backed by the GSE’s to March 31, 2021. Alongside its forbearance announcement the FHFA also released that the enterprises are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until March 31, 2021 – one month past the previous deadline set for February 28, 2021.