The deadline, already extended once by the Federal Housing Finance Agency, is unlikely to get another extension.

Fannie Mae and Freddie Mac can purchase early forbearance loans until Aug. 31, but they still have to impose steep loan-level price adjustments to limit their risk of losses.

The economic effects of the pandemic have slowed refi activity for investment properties. That, in turn, has dampened prepayment speeds for 100% investment-property pools, Wells Fargo Securities said.

Rising star tapped to head nation's second largest home lender.

Freddie Mac believes the market for credit-risk transfers may never return to pre-COVID levels because of the potential impact of the pandemic on mortgage performance.

Fannie economists predict a shocking 25.3% drop in second-quarter GDP, including a 36.2% free-fall in residential fixed investment.

Economists at Fannie and Freddie are “relatively optimistic” about mortgage originations in 2020, despite the economic impact of COVID-19. But not if social distancing remains in place beyond May.

The decline in advances was concentrated among top-tier borrowers, due to their disproportionate share of FHLB borrowing. (Includes data chart.)