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May 22, 2020 | 9% of All Mortgages are in COVID-19 Forbearance Plans
Mike 'Mish' Shedlock
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
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Key Points
- As of May 19, 2020, 4.75 million homeowners , 9.0% of all mortgages, have entered into COVID-19 mortgage forbearance plans.
- The unpaid principal balance is over $1 trillion.
- An estimated 7.1% of all GSE-backed loans and 12.6% of FHA/VA mortgages are now in forbearance.
- 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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Mish
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Mike 'Mish' Shedlock May 22nd, 2020
Posted In: Mish Talk