EDITORS NOTE: As Americans struggle to make ends meet during the COVID-19 outbreak they have to make tough choices. Do I put food on the table... or pay my mortgage? Most are going to chose food on the table, which means mortgages are not getting paid , which could snowball into another housing collapse.
NEW YORK (Reuters) - U.S. mortgage firms facing billions of dollars of missed home loan repayments are continuing to push for emergency government support as data published Monday showed a further rise in borrowers asking to halt payments.
The number of people seeking to have mortgage payments paused or reduced rose to 7.5% as of April 26 from 7.0% a week earlier as the economic effects of the novel coronavirus outbreak stretched household finances, figures from the Mortgage Bankers Association (MBA) showed. The MBA estimates that 3.8 million homeowners are now in forbearance.
The surge in delayed payments could leave mortgage service companies.... Read the rest of the article at Reuters