The number of borrowers in government covid-related mortgage bailout programs is shrinking, but those in private-label or bank bailouts is rising.
The number of mortgages in active forbearance programs, where borrowers delay their monthly payments for at least three months, declined by 26,000 last week or 0.7%, according to Black Knight, a mortgage technology and data firm.
This suggests that there is still pain ahead in the mortgage market, as some borrowers are simply not recovering enough financially to afford their home loans. The government plan under the CARES Act, which includes borrowers with loans backed by Fannie Mae, Freddie Mac, FHA and VA , is designed as an initial three-month plan with potential three-month extensions up to a year. Three-quarters of borrowers still in forbearance are in extensions from their initial periods.
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