With Democrats in control of Congress, Sens. Jack Reed, Sherrod Brown and Patrick Leahy have reintroduced a 2020 bill with an eye toward including some of its language in the American Rescue Plan.
Ocwen Financial took another loss in the fourth quarter of 2020. The nonbank also received a cash infusion from Oaktree Capital Management with plans to grow.
From a market perspective, all those forbearances are cumulative. Fannie Mae and Freddie Mae estimate that one in four of the borrowers who entered into forbearance continued to make their payments...
Because of the terms of the CARES Act, not only are borrowers in forbearance allowed to skip their monthly payments, but servicers are prevented from reporting their mortgages as past due.
New Treasury Secretary Janet Yellen has yet to pick who will lead housing policy and GSE reform in the Biden administration. However, liberal think tanks may be a good place to look.