Americans struggle to delay mortgage payments as lenders 'can't handle' 1,896% spike amid coronaviru

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(Yahoo Money) While loan servicers can allow homeowners and landlords with mortgages backed by Fannie Mae and Freddie Mac to delay payments for up to a year due to the coronavirus, they haven’t been able to keep up with the demand from borrowers.

The Mortgage Bankers Association reported Tuesday morning that mortgage forbearance requests had increased by 1,896% between March 16 and March 30. This is an uptick from the week before when forbearance requests jumped by 1,270%.

Hold times for calls jumped to 17.5 minutes from under 2 minutes just three weeks ago, while the percentage of callers who hung up hit 25% from 5%, according to the MBA. ......(more)

https://www.google.com/amp/s/www.yahoo.com/amphtml/money/homeowners-struggle-to-get-mortgage-payments-delayed-140151487.html

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1. feds only cover 60% of mortgages. 40% are not covered nt