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Mortgage Borrowers Stop Making Payments With Economy Shut

Homes in Merrick, along Long Island's south shore.
Photographer: Johnny Milano/Bloomberg
Updated on

The number of U.S. homeowners who have stopped making mortgage payments is surging under the federal government’s new forbearance program, according to a survey from the Mortgage Bankers Association.

The percentage of loans in forbearance grew to 2.66% as of April 1, according to the MBA’s Forbearance and Call Volume Survey. On March 2, the rate was 0.25%. For loans backed by Ginnie Mae, which serves low- and moderate-income borrowers, the rate jumped to 4.25%.