FAST FIVE: 11 Million At Risk Of Losing Their Homes Once COVID Protections Expire
… is redlining to the point of overheating as Goldman found recently when its latest Goldman Sachs Analyst Index (GSAI) which provides a snapshot perspective on the US economy, hit an all time high.
Unfortunately for some 11 million people, the hangover will be a disaster.
According to a new report issued by the CFPB on Monday, the number of homeowners that are behind on their mortgage has doubled since the beginning of the pandemic, with 6% of mortgages in delinquency as of December 2020.
While COVID-19 relief programs have reduced the number of foreclosures and evictions thus far, the bureau estimated that 11 million families could be at risk of losing their homes as COVID-19 relief measures expire, ABA Banking Journal calculated .
On a positive note, however, the bureau found that “most borrowers that have exited forbearance have been able to resume their payments without issue.” That's hardly encouraging to the 11 million or so who will end up homeless if and when the generous covid benefits finally expire.