By our projections, more than 3 million mortgages are past due, most in Coronavirus Aid, Relief, and Economic Security (CARES) Act forbearance plans. With a federal foreclosure moratorium having expired on July 31, 2021, borrowers’ forbearance plans reaching their maximum terms, and additional safeguards for borrowers against servicers starting foreclosure expiring on January 1, 2022, examining how these mortgages are resolved is critically important. This monthly report examines the very latest figures on mortgage forbearances, evaluates home-retention options for federally insured mortgages in forbearance, and examines delinquency and foreclosure trends in the broader market.

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