The need for mortgage relief appears even more urgent in the wake of a record 6.65 million Americans filing first-time jobless claims last week.
The number of Americans seeking to temporarily suspend their mortgage payments spiked during the month of March, as the coronavirus crisis accelerated, shuttering businesses and leadingThose seeking relief jumped from 0.25% to 2.66% between March 2 and April 1, according to the latest survey by the Mortgage Bankers Association.
Homeownership is just one aspect of daily life that the federal government is trying to prop up as the nation reels in the face of a pandemic that has led to the deaths of more than 12,000 Americans and brought the U.S. economy to the brink of recession. Last month, the Federal Housing Finance Agency said mortgage lenders Fannie Mae and Freddie Mac would offer payment forbearance – the option to suspend mortgage payments – because of hardships related to the COVID-19 crisis. It also said the mortgage giants would suspend foreclosures and evictions of homeowners with a single-family mortgage for at least 60 days.
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