MGIC Investment Corp. (MTG)

[tommiegun54]

TO AVOID MASSIVE FORECLOSURES IN THE COMING MONTHS CFPB HAS PROPOSED EXTENDING FORECLOSURE MORATORIUM

THE CFPB IS CONVINCED THAT OUT OF THE 3 MILLION BORROWERS IN FORBEARANCE, WILL SEE A LARGE NUMBER OF FORECLOSURES.

PMI COMPANIES ARE INCREASING LOSS RESERVES EACH QUARTER.

"Due to the COVID-19 pandemic and ensuing economic crisis, millions of families nationwide have suffered the loss of income and nearly 3 million homeowners are behind on their mortgages. The CFPB’s proposal seeks to ensure that both servicers and borrowers have the tools and time they need to work together to prevent avoidable foreclosures, recognizing that the expected surge of borrowers exiting forbearance in the fall will put mortgage servicers under strain."

https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-mortgage-servicing-changes-to-prevent-wave-of-covid-19-foreclosures/