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Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report which covered plans put into effect by mortgage servicers through April 30. The new total represents 7.3 percent of all active mortgages and accounts for $890 billion of unpaid mortgage principal. Fannie Mae and Freddie Mac guaranteed loans account for 1.91 million of total loans and $390 billion in principal. Those loans are 6.4 percent of the 27.9 million loans the GSEs have in service. There were 1.33 million Ginnie Mae (FHA and VA) loans in forbearance plans , accounting for an unpaid balance of $246 billion and 11.0 percent of the Ginnie Mae portfolio of 12.1 million loans. The remaining 933,000 loans are 7.2 percent of the 12.9 million loans being serviced
Housing News
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Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report which covered plans put into effect by mortgage servicers through April 30. The new total represents 7.3 percent of ... (read more)
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MBS Commentary
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The Employment Situation (the big jobs report out today) is the single most important piece of economic data on any given month--at least it normally is. On average, no other report has the same ability to cause volatility and momentum in the b... (read more)
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Rob Chrisman
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Huh? Your company has 20,000 square feet of office space along 635 in Dallas, or 15 in Salt Lake City, or 405 in Orange County, that’s been empty for two months? And you’re paying how much for it every month? And your workforce is more pr... (read more)
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Mortgage Rate Watch
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Mortgage rates moved slightly higher this week, but not enough to worry about too terribly much. Most lenders are still in the mid-to-low 3% range and there's not much fear about an abrupt move to significantly higher levels any time soon. Whether or... (read more)
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Housing News
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Fannie Mae's Home Purchase Sentiment Index (HPSI) plummeted 17.8 points in April. Combined with its 11.7-point loss in March the Index is at 63.0, its lowest reading since November 2011. Several of its components are now in net negative territory. Th... (read more)
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Housing News
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The Federal Housing Finance Agency (FHFA) has extended several of the " flexibilities " it announced in March to assist mortgage originators in processing loans for Fannie Mae and Freddie Mac during shutdown associated with the COVID-19 emergency. Th... (read more)
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