Shoutout to the housing industry for averting a foreclosure crisis

Many people who entered the program never stopped paying their mortgage, and a majority of the exits have been with a workout plan in place.

Was this newsletter forwarded to you? Sign up here. Good afternoon —   Back in March and April of 2020, I was certain we were heading towards a foreclosure crisis similar to what we saw during the Great Recession. My wife, two young sons and I were bunkered down with my mom and stepfather in Massachusetts, hoarding toilet paper and washing our groceries.   But then an amazing thing happened. Our federal government stepped in with the CARES Act, which included an overwhelming amount of stimulus and forbearance relief for COVID-impacted homeowners. Simultaneously, the Federal Reserve lowered interest rates to zero, and will likely keep them there until 2023.   The forbearance program has been a success. Many people who entered the program never stopped paying their mortgage, and a majority of the exits have been with a workout plan in place.   In addition, low interest rates and population shifts that were accelerated by remote work have led to a home price boom that is almost unprecedented. So even if a homeowner is unable to work out their mortgage coming out of forbearance, it's very likely that they'll be able to sell their home at a gain.   There's still much to do, but all of you should give yourselves a pat on the back for keeping families in their homes, especially the servicers out there. It seems like most of us have learned the lessons of the last housing crisis.   Diego Sanchez HousingWire General Manager HW Media Chief Operating Officer Talking proptech with FinLedger Director Holden Page    In this episode, Holden Page, director at FinLedger, HW Media's fintech-focused newsroom, discusses what's happening in the proptech space and reviews some of the private market deals that have occurred over the past month. Listen now First American settles cybersecurity case with SEC    The SEC has fined First American Financial Corp. for a cybersecurity violation that led to the exposure of customers' social security numbers and sensitive financial information   Questions to Ask When Evaluating New Loan Origination Software Ready to take your loan origination software to the next level? Learn how to boost automation and deliver a faster, more borrower-friendly experience with Black Knight's Guide: "Selecting the Right Loan Origination System For Today and the Future." Download the Guide. Sponsored by Black Knight Liz Smith on the 2021 RealTrends 1000    RealTrends' Liz Smith examines the 2021 RealTrends + Tom Ferry the Thousand and America's Best Real Estate Professionals rankings. How Rocket Pro TPO continues to give its broker partners the upper hand   To remain competitive and create a better experience in this purchase environment, brokers need one thing above all: Speed. And there's one lending partner that has the solutions and resources to give LOs just that. Presented by Rocket Pro TPO Stay ahead of the competition with award-winning Pyramid Platform Pyramid Platform helps users efficiently manage their portfolio through flexible and intuitive workflows, such as REO, Acquisition & Disposition and Loss Mitigation. Navigate the real estate closing process with ease with Pyramid Platform. Learn more. Sponsored by Radian HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480 Unsubscribe Manage preferences

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