"The insights from this report help us think about potential gaps in the loss mitigation waterfall and the types of homeowners who may benefit from targeted support when they experience a crisis."
"More than 90% of HAF funds nationwide went to homeowners with incomes below their area median income. Beneficiaries were concentrated in communities hit hardest by the pandemic."
The Mortgage Bankers Association's report reveals the significance of the Homeowner Assistance Fund (HAF) in aiding homeowners during the pandemic. While most borrowers exited forbearance by the end of 2021, many vulnerable homeowners relied on HAF for additional support. The program, created in 2021, distributed funds primarily to lower-income households, with over 90% of assistance going to those below the area median income. The report emphasizes the need for targeted support for homeowners facing financial crises.
Read at www.housingwire.com
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