Before the pandemic hit, most banks were sitting on a much healthier credit book and substantially lower levels of delinquencies and foreclosures. The mortgage industry was in a stronger position than it was going into the last financial crisis. 4 This relief, however, places a significant burden on mortgage servicers, which now have to pass along the missed borrower payments to investors. 3 As of May 31, around 4.3 million mortgages were in forbearance, representing 8.53% of the total outstanding mortgages. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, for instance, grants relief options for federally backed loans, which about 70% of homeowners have. This time around, the federal government has been quick to act to help alleviate the initial impact of COVID-19 on borrowers. Learn more about connecting for a resilient worldĮxplore the Financial services collection
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