Loan Payment Relief Granted to 7% of U.S. Mortgage Borrowers

About 3.5 million U.S. homeowners -- 6.99% of borrowers -- received payment relief because of losses tied to the coronavirus outbreak, up from 5.95% a week earlier, according to the Mortgage Bankers Association.

Loans backed by Ginnie Mae -- mostly made to borrowers with lower credit scores and smaller down payments -- had the highest rate in forbearance at 9.73%, according to the Washington-based trade group’s survey covering the period through April 19. Other governnent-backed loans, by Fannie Mae and Freddie Mac, had a 5.46% forbearance rate. For privately issued loans, held by banks or other investors, 7.52% ...