In a press briefing early Thursday, company CEO David Brickman noted that the number of forbearance requests have increased “significantly,” adding that he expects the readings to continue to rise.
If servicers’ cash crunch becomes critical, the onus of creating a liquidity facility would fall on the Federal Reserve and Treasury, not on the FHFA, agency Director Mark Calabria said.
At the end of the forbearance period, mortgage servicers will provide homeowners several options for making up missed payments, Fannie Mae and Freddie Mac reassured borrowers.
In a statement, MBA SVP Mike Fratantoni noted, “Forbearance requests fell relative to the prior week but remain roughly 100 times greater than the early March baseline. While the pace of job losses have slowed from the astronomical heights of just a few weeks ago, millions of people continue to file for unemployment.”
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