Coronavirus mortgage bailout shrinks further, but bank-held loans are faring worse
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The number of borrowers seeking relief on their mortgage payments has fallen for the third straight week, as more Americans go back to work and cities reopen.
As of June 16, 4.6 million homeowners were in forbearance plans, allowing them to delay their monthly payments for at least three months. This represents 8.7% of all active mortgages, down from 8.8% last week, according to a weekly survey by Black Knight, a mortgage data and technology firm. Together, those loans represent just more than $1 trillion in unpaid principal.
The numbers are down by 57,000 from last week and by 158,000 from the peak week, May 22.
Broken down by loan type, about 6.8% of all mortgages backed by Fannie Mae and Freddie Mac and 12.1% of all FHA/VA loans are currently in forbearance plans.
Loans not backed by government agencies, …continued .
[Source: CNBC News]