We may have reached a New Normal for mortgage markets. It is characterized by forbearances settling in at around half a million mortgages and around 2 million delinquent mortgages, with foreclosure starts around 30,000 per month. Fortunately to date, most of the 8.9 million borrowers who took up forbearance have exited. The remaining loans in forbearance or delinquency face the prospect of much less payment relief from modifications going forward without some substantial changes in existing programs.

View the Full Report