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.
Fannie issued $167.49 billion in short-term debt through Aug. 31, compared to $550.47 billion for all of 2019. Meanwhile, its long-term debt issuance expanded to $165.72 billion from $21.55 billion.
The payment deferral option will go a long way in providing a much more seamless way for borrowers to get back on track in paying their mortgages, according to the CEOs of Fannie and Freddie.
The GSE expanded its footprint in the long-term debt market this year, issuing $165.72 billion of instruments as of Aug. 31, compared to $21.55 billion for all of 2019.