watch video at: https://www.cnbc.com/2022/03/30/unexpected-costs-when-buying-your-first-home-this-spring.html
Category Archives: Mortgage Information
It’s been over a year since lenders and the federal government stepped in to help Americans stay in their homes amid the global health and economic crisis caused by the Covid-19 pandemic. And many Americans still need that support.
About 2.1 million homeowners are still in forbearance plans that suspend their mortgage payments, according to Mortgage Bankers Association’s latest data. And about 1.8 million families are not in forbearance, but are already at least 90 days delinquent on paying their mortgages as of April, according to the latest data from Black Knight, which monitors mortgage data.
But those protections are running short on time. President Joe Biden extended the federal foreclosure moratorium earlier this year, but that will expire on June 30, 2021. Many of the forbearance programs on federally backed loans are set to lapse this fall.
n a hearing Wednesday, Senators asked the CEOs of several major banks about what they plan to do to help Americans caught in this situation. Here’s what the heads of Bank of America, Chase and Wells Fargo said.
Since February 2020, jumbo mortgage originations have plunged 57 percent, according to data from the Mortgage Bankers Association (MBA). https://www.msn.com/en-us/finance/realestate/lenders-are-slowly-starting-to-offer-jumbo-mortgages-again/ar-BB16ESKD
The once-robust market for jumbo loans, and some other types of loans, collapsed at the onset of the pandemic. Lenders worried about the ability of borrowers to repay their loans as unemployment skyrocketed.
“There was no secondary market to purchase these loans and the banks can only hold so many on their balance sheets,” says Mitch Ohlbaum, real estate broker and president of Macoy Capital in Beverly Hills, California. “In fact, there was no secondary market for jumbo loans, non-QM loans, private loans or much of anything to be honest.”