Nearly 3 million borrowers have been granted mortgage relief, and the industry is crying for help
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More than 2.9 million homeowners have taken advantage of a program designed to provide relief to holders of government-backed mortgages, part of the coronavirus CARES Act relief package.
This represents 5.5% of all active mortgages, according to Black Knight, a mortgage data and analytics company that is now tracking the growing numbers daily.
The program allows borrowers to delay their monthly payments for a year. Those payments are then tacked on to the end of the loan, or paid back over time in a mortgage modification. Borrowers must tell their mortgage servicers that they have had financial hardship due to the coronavirus pandemic, but they do not have to provide any proof.
The 2.9 million loans in forbearance as of Thursday account for $651 billion in unpaid principal and include 4.9% of all government-sponsored enterprise loans (Fannie Mae and Freddie Mac) …continued .
[Source: CNBC News]