Analysis: 1.4 Million GSE Mortgages In Forbearance
Mark Calabria appears to have misjudged the burden the coronavirus pandemic is going to have on the mortgage industry. Calabria, the director of the Federal Housing Finance Agency, told HousingWire earlier this month that he expected about 1 million mortgages backed by Freddie Mac and Fannie Mae to go into forbearance. Financial technology firm Black Knight found that there were nearly 1.4 million Fannie and Freddie loans in forbearance as of Friday, April 19 β representing 4.9 percent of their mortgages. βIn these times, it is essential to both our industry and for the benefit of the entire U.S. economy to have a clear understanding of the magnitude of the mortgage forbearance situation,β Black Knight CEO Anthony Jabbour said. Calabria has been…