Delinquencies among borrowers for past-due mortgages are soaring, a sign that Americans are struggling to pay their bills due to a wave of layoffs or lost income from the coronavirus pandemic.
For context, it took more than 18 months before the first 1.6 million homeowners became delinquent during the Great Recession, says Andy Walden, economist and director of market research at Black Knight. And there is still potential for a second wave of delinquencies in May, he added.
The CARES Act, passed in March, allows homeowners to suspend their mortgage payments for up to a year on federally-backed mortgages. But it doesn’t protect mortgages that aren’t backed by the government, which make up about half of all mortgages in the U.S. The CARES Act also prevented lenders from beginning foreclosure proceedings on federally backed loans for at least 60 days after March 18.
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