Hello, LOs!
Concerns surrounding the Omicron surge — as well as pressure from lawmakers — led the Biden administration to hit pause on student loan payments this week.
Some wondered, why not do away with mortgages, too? They took to Twitter to give President Joe Biden their thoughts on the matter.
One user asked Biden, "You going to forgive my mortgage?"
He continued, "Look, I agree that the cost associated with a college education is tremendous but don't take out a loan you can't afford to pay back. Think things out, do the math, can you afford it or not."
Another user pleaded, "Why not pay our mortgages too?"
Mortgages were paused for over 7 million borrowers during the pandemic and, as Mortgage Reporter Flávia Furlan Nunes reported, most experts do not expect a huge wave of foreclosures.
But mortgage servicers are in a serious crunch. Black Knight data shows that roughly 450,000 forbearance plan expirations are expected to occur through the end of 2021, representing more than a third of active plans.
Meanwhile, the Consumer Financial Protection Bureau's additional procedural safeguards for mortgage servicers expire at the end of this year, and the watchdog agency has repeatedly said it will be keeping a close eye on how servicers navigate the end of forbearance.
All eyes are now on the Homeowners Assistance Fund, which allocates $10 billion to prevent homeowners from falling behind on their mortgage, losing utility services, or being displaced.
Have a great holiday weekend!
Georgia Kromrei
Senior Mortgage Reporter, HousingWire
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