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In April FHA paid 203,000 missed mortgage payments for 34,400 borrowers for $314,000,000
Posted on 5/10/25 at 7:40 am
Posted on 5/10/25 at 7:40 am
These go on the back of loans as silent 2nds or even 3rds in some cases but I bet you had no idea just how massive the issue of forbearance became under Biden.
For context FHA was averaging about 2500 of these a month for ~12000 aggregate payments in late 2019. These numbers were before FHA enacted emergency forbearance programs due to Covid. Biden used that emergency declaration to kick the can down the road of foreclosures even when Covid was long over. Some people bought houses and have not made a mortgage payment in 3-4 years yet have been consistently bailed out.
Trump just put an end to this but gave FHA until October to end it so those numbers will start dropping soon while FHA foreclosures rise.
For context FHA was averaging about 2500 of these a month for ~12000 aggregate payments in late 2019. These numbers were before FHA enacted emergency forbearance programs due to Covid. Biden used that emergency declaration to kick the can down the road of foreclosures even when Covid was long over. Some people bought houses and have not made a mortgage payment in 3-4 years yet have been consistently bailed out.
Trump just put an end to this but gave FHA until October to end it so those numbers will start dropping soon while FHA foreclosures rise.
Loading Twitter/X Embed...
If tweet fails to load, click here. This post was edited on 5/10/25 at 8:13 am
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Posted on 5/10/25 at 7:56 am to stout
I would put damn good money on the fact that the vast, vast majority of these “forbearance“ payments were made for minority borrowers. Remember, everything the Biden administration did was done “with equity in mind."
In other words, this was a completely unconstitutional and racist program.
In other words, this was a completely unconstitutional and racist program.
Posted on 5/10/25 at 8:00 am to stout
Housing market could never correct from the rapid price increases since 2020 when you had the fed gov quietly propping up nonpayers. This is a boil that needed to be lanced a long time ago.
Posted on 5/10/25 at 8:01 am to MMauler
Probably right. I would like to see the statistics
Posted on 5/10/25 at 8:04 am to Lightning
quote:
Housing market could never correct from the rapid price increases since 2020 when you had the fed gov quietly propping up nonpayers. This is a boil that needed to be lanced a long time ago.
quote:
Continued Support (2023–2024): In fiscal year 2024 alone, FHA assisted more than 592,000 borrowers in staying in their homes through various home retention solutions. This is in addition to the 2.7 million forbearances granted and 1.7 million home retention solutions offered since 2020
592000 borrowers were assisted even long after CV was over. You are correct that this absolutely added fuel to the fire and made prices skyrocket.
Posted on 5/10/25 at 8:05 am to MMauler
quote:
I would put damn good money on the fact that the vast, vast majority of these “forbearance“ payments were made for minority borrowers. Remember, everything the Biden administration did was done “with equity in mind."
And you'd win your bet. It's likely that a lot of the loans are to non-citizens as well. I'm glad I don't have wake up every morning and think of some way to fix this.
Praise to them that honestly try.
Posted on 5/10/25 at 8:06 am to stout
There’s no source for this? Just the social media ramblings of Mr. John Comiskey? Whoever he is…
Posted on 5/10/25 at 8:11 am to 4cubbies
He referenced the data source in the tweet. The MBS aka mortgage-backed securities data. You can go find it yourself and I am sure CoreLogic and the MBA will soon follow with their data. Both are the top sources of market data in the RE industry.
Also, this guy is a legit source and has been tracking forbearance info for years using all of the above mentioned data sources.
Go back to crying about criminals being in jail for their crimes
Also, this guy is a legit source and has been tracking forbearance info for years using all of the above mentioned data sources.
Go back to crying about criminals being in jail for their crimes
Posted on 5/10/25 at 8:16 am to stout
Weird that he wouldn’t include the source of his data if he’s making ther claims.
Or maybe he knows lots of people believe whatever he tweets out.
Oh I just saw the last thing you wrote.
why are you so emotional about me asking for a source? It’s not personal.
Or maybe he knows lots of people believe whatever he tweets out.
Oh I just saw the last thing you wrote.
why are you so emotional about me asking for a source? It’s not personal. This post was edited on 5/10/25 at 8:17 am
Posted on 5/10/25 at 8:19 am to 4cubbies
quote:
Weird that he wouldn’t include the source of his data if he’s making ther claims.
He did include it, though.
As a teacher, are you not familiar with naming your source?
Why are you so stupid?
Please leave and quit hijacking my thread with your bullshite.
ETA:
He can't make these numbers up because these loans are FHA backed making the info Congressionally mandated information.
This post was edited on 5/10/25 at 8:22 am
Posted on 5/10/25 at 8:25 am to stout
Average payment= $314,000,000.00 / 203,000 payments = $1,546.80 / paymet,
Posted on 5/10/25 at 8:32 am to Victor R Franko
quote:
= $1,546.80 / paymet,
That is with zero penalties and fees and that money turns into an interest free second for the borrower
quote:
While on an FHA forbearance plan, servicers are required to waive all late charges, fees, and penalties that would have accrued during the forbearance period. This means that borrowers should not incur extra costs solely due to entering into a forbearance agreement.
quote:
Although additional fees are waived during forbearance, borrowers are still responsible for repaying the missed or reduced payments after the forbearance period ends. The FHA offers several options to assist with this, such as the COVID-19 Standalone Partial Claim. This option allows borrowers to defer repayment of the missed amounts through a zero-interest, no-fee junior lien on the property, which becomes payable when the mortgage is paid off, the property is sold, or the mortgage matures.
Posted on 5/10/25 at 8:49 am to stout
So, if Trump were to EO a moratorium on new applicants, tighten the rules and foreclose on those that are seriously deep in the hole, in one fell swoop he could reduce the high cost of housing by dumping a few hundred thousand homes on the market at a greatly reduced cost in about a year.
Posted on 5/10/25 at 8:50 am to stout
I remember the subprime mortgage crisis…. I remember what caused it …. and I remember the Banks getting bailed out because they claimed the government relaxed regulatory lending requirements and encouraged lending specifically to financially-substandard borrowers .
Read Avi Gilbert’s research on the current fragility in the large banking sector. There has never been a time in American history when banking consumers were at greater risk from the lending practices of the banks they use.
Same song, different verse ….. Housing Bubble 2 has arrived
Read Avi Gilbert’s research on the current fragility in the large banking sector. There has never been a time in American history when banking consumers were at greater risk from the lending practices of the banks they use.
Same song, different verse ….. Housing Bubble 2 has arrived
quote:
alifornia Inventory of Homes for Sale Suddenly Piles Up: +51% Year-over-Year, to Highest April in Years by Wolf Richter • May 5, 2025
Active listings in San Diego +70% yoy, Los Angeles +50%, San Jose & Silicon Valley +67%; San Francisco metro +43% (highest April since at least 2016)
Unsold Inventory of Homes for Sale in Florida Pile up Further in April. Some Metros Start Seeing Gluts, Miami Still Lags a Little by Wolf Richter • May 3, 2025
Active Listings compared to April 2019: Jacksonville +23%, North Port-Sarasota +29%, Tampa +31%, Orlando +40%, Cape Coral-Fort Myers +42%, Lakeland-Winter Haven +71%.
Sales of Existing Homes Drop to Worst March since 2009. West, South, Midwest, Northeast All Get Crushed. Supply Surges to Highest since 2016 by Wolf Richter • Apr 24, 2025
The 3-year 50% price explosion caused epic demand destruction. Prices way too high. But mortgage rates back in the historically normal range above 6%.
Inventory of New Houses for Sale Stuck at Highest Level since 2007, Driven by Gluts in the South & West. Prices Fall, Incentives Soar, Sales Rise by Wolf Richter • Apr 23, 2025
Homebuilders get aggressive to sell the inventory, but prices are still far too high. In 15 Bigger Cities, Condo Prices Already -10% to -22%, 5 Are in Florida with Accelerating Drops.
Absurdity Comes Unglued by Wolf Richter • Apr 22, 2025
Austin, Oakland, St. Petersburg (FL), San Francisco, Chula Vista, Detroit, New Orleans, Denver, Jacksonville, Naples, Tampa, Mesa, Portland, Seattle.
The Spread between 10-Year Treasury Yield & Mortgage Rates Is Historically Wide and Widened Further: Some Thoughts by Wolf Richter • Apr 18, 2025
Mortgage rates are higher in relationship to the 10-year Treasury yield than they were most of the time over the past 50 years. There are reasons.
The Most Splendid Housing Bubbles in America, March 2025: The Price Drops & Gains in 33 of the Largest Housing Markets by Wolf Richter • Apr 17, 2025
Metros with YoY price drops double to 14: Austin, Tampa, San Antonio, Phoenix, Dallas, Orlando, Atlanta, Miami, Denver, Raleigh, Houston, Birmingham, Charlotte. YoY gains narrow sharply in San Diego, Los Angeles, Boston, Chicago, New York, Philadelphia, Columbus… 20 below 2022 peaks.
Shadow Inventory of Vacant Homes Suddenly Piles on the Market in Texas. New Listings, Active Listings Spike to Highest for March in Many Years by Wolf Richter • Apr 9, 2025
Houston, Dallas-Fort Worth, Austin, San Antonio: Even as sales plunge, vacant homes pile on the market that were held off the market during Covid.
Inventories of Existing Homes in Florida Spike in March to Highest since at Least 2016, Massive Jumps in Tampa, Miami, Orlando, as Buyers Are on Strike by Wolf Richter • Apr 5, 2025
These sellers have to compete with inventory of new houses that in the South is now above Housing Bust highs.
As Life Happens, “Locked-in” Homeowners Pay Off Below-4% Mortgages: Share Drops to 54%, Lowest since Q4 2020 by Wolf Richter • Apr 1, 2025
Conversely, the share of 6%-plus mortgages outstanding surges to the highest since 2016.
Posted on 5/10/25 at 8:54 am to stout
34k foreclosures wouldnt have slowed price increases
Posted on 5/10/25 at 8:58 am to SDVTiger
quote:
34k foreclosures wouldnt have slowed price increases
That was just for one month. Are you saying 34K additional homes coming to the market in a single month would not have relieved price increases?
How about the 592K for the year of 2024?
Posted on 5/10/25 at 8:59 am to HubbaBubba
quote:
he could reduce the high cost of housing by dumping a few hundred thousand homes on the market at a greatly reduced cost in about a year.
That and deport more illegals to make rentals for the families losing their houses more affordable.
Posted on 5/10/25 at 9:13 am to stout
quote:
He did include it, though.
MBS data. I’ve google lots of variates of MBS and FHA MBS data and can’t find it. Maybe you can help?
I’m totally fine with you calling me names for not being able to locate this information.
Posted on 5/10/25 at 9:13 am to stout
Betcha a lot of them will start to pay, why bother when the govt does not force the issue. Course the media will portray the families as out on the street due to mean Trump.
Posted on 5/10/25 at 9:18 am to cadillacattack
quote:
Read Avi Gilbert’s research on the current fragility in the large banking sector
Compound that with the current crisis in commercial office space and t everyone’s Spidey sense should be tingling. Yet we hear nary a peep from the media on the statu of the banks. Part of me thinks the reason Powell is holding firm on rates is so he has room to cut if the SHTF.
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