ABSTRACT

COVID-19 Housing Protections: Mortgage Forbearance and Other Federal Efforts Have Reduced Default and Foreclosure Risks, Report to Congressional Committees   [open pdf - 1MB]

From the Highlights: "Millions of mortgage borrowers continue to experience financial challenges and potential housing instability during the COVID-19 [coronavirus disease 2019] pandemic. To address these concerns, Congress, federal agencies, and the enterprises provided borrowers with options to temporarily suspend their mortgage payments and placed a moratorium on foreclosures. Both provisions begin to expire in the coming months. The CARES [Coronavirus Aid, Relief, and Economic Security] Act includes a provision for GAO [Government Accountability Office] to monitor federal efforts related to COVID-19. This report examines (1) the extent to which mortgage forbearance may have contributed to housing stability during the pandemic, (2) federal efforts to promote awareness of forbearance among delinquent borrowers, and (3) federal efforts to limit mortgage default and foreclosure risks after federal mortgage forbearance and foreclosure protections expire."

Report Number:
GAO-21-554
Publisher:
Date:
2021-07
Series:
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: https://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations