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Freddie Mac has published research examining the characteristics of borrowers who took advantage of the availability of forbearance plans in the early part of the COVID-19 pandemic. Mortgage forbearance temporarily removes the obligation for borrowers to make their monthly mortgage payment. Forbearance plans are typically used by borrowers who experienced a sudden loss of employment, a reduction in income or damage from a natural disaster. Freddie Mac looked at internal loan-level servicing information on forbearance of its mortgages during three different periods , comparing COVID forbearance rates from March to June 2020 against a baseline period running from January 2019 to February 2020 and the 2017 storms and recovery from August to December 2017. For that later period only loans eligible
Housing News
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Freddie Mac has published research examining the characteristics of borrowers who took advantage of the availability of forbearance plans in the early part of the COVID-19 pandemic. Mortgage forbearance temporarily removes the obligation for borrower... (read more)
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Housing News
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Residential construction data for October was mixed. The U.S. Census Bureau and Department of Housing and Urban Development reported that the rate of permitting flattened and completions declined. Housing starts, usually considered the key number, co... (read more)
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Rob Chrisman
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If you had 20 million close friends, and each one owed $500k on their house, the total would be $10 trillion of mortgage debt. Coincidentally, that is how much mortgage debt is out there in the United States. (Doesn’t every MLO wish all that de... (read more)
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Housing News
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The Mortgage Bankers Association's (MBA's) November 2020 economic forecast ups the ante from its rosy October version. Its revisions are due to the strong pace of home sales and low interest rates which continue to fuel a refinancing boom. MBA has in... (read more)
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Mortgage Rate Watch
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Mortgage rates were little-changed today, with the average lender only microscopically better than yesterday. That means few loan seekers will notice any difference from yesterday. That leaves us in line with the low rate levels seen immediately foll... (read more)
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MBS Commentary
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Yields Give Up Early Lead But Remain Near 2-Week Lows
Today ended up being about as big of a roller coaster as we could expect in the absence of any significant data, events, or market movement. In othe... (read more)
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