Posted To: MND NewsWire

In this third article summarizing an analysis by Black Knight of the potential impacts of the COVID-19 pandemic housing the company looks at mortgage defaults and servicing. It also reviews some of the actions that have already been taken to curb potential harm to housing and makes suggestions about ways technology can be of help. Part 1 of this series can be read here and Part 2 here. Layoffs and business closures have sent unemployment claims soaring by an aggregate of more than 17 million over the last three weeks and will certainly have an impact on mortgage delinquencies. FHA and the GSE’s Fannie Mae and Freddie Mac quickly directed servicers to make forbearance available to distressed borrowers and the $2 billion Federal CARES Act will provide funds that may help homeowners with mortgage…(read more)

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Source: Mortgage News Daily