The FHFA has directed the GSEs to extend moratoriums on single-family foreclosures and real estate-owned evictions. The move is likely to cost the two mortgage giants between $1.1 billion and $1.7 billion.
The senator flagged the risk of improper foreclosures if servicers begin the foreclosure process before a borrower has an opportunity to either extend forbearance or be evaluated for a modification.
Four of the top five players in Fannie/Freddie servicing recorded declines in their portfolio during the third quarter, while small and mid-sized shops gained ground. (Includes two data charts.)
More than 31,000 seriously delinquent borrowers have yet to take advantage of forbearance, according to James Clyburn, chairman of the House Select Subcommittee on the Coronavirus Crisis.
Wells Fargo and Chase together accounted for more than half of all borrowers exiting forbearance in July, Wells Fargo Securities found in its deep dive into new, loan-level data on Fannie Mae’s Connecticut Avenue Securities.
Freddie told homeowners that, in addition to the traditional disaster relief options provided by the GSEs, they may be eligible for relief through COVID-related forbearance programs.