June 30, 2020
The COVID-19 pandemic continues to have a profound economic impact across the country. At present, all states are in some stage of re-opening. Nevertheless, unemployment claims remain high and there is much uncertainty about an economic recovery and – for many tenants and borrowers – concerns around how to make their next rent or loan payment.
In March, Freddie Mac implemented a forbearance relief plan that allows qualifying multifamily borrowers to defer up to three months of mortgage payments, and yesterday we announced new supplemental loan repayment options for affected borrowers. We’ve released our third report that details this program by looking at June data. Read the report.
We found that master servicers reported 1,189 forborne securitized loans, or roughly 5% of our total securitized loan population. This equates to about $7.9 billion of outstanding unpaid principal balance (UPB) and represents 2.6% of our total securitized UPB. By comparison, in our May 26 Forbearance Report, we noted a total of 1,011 forborne loans for $6.4 billion UPB. Other key findings of the report include:
Check out these links for additional information about our forbearance relief program and its impact to our multifamily securitizations.
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