Forbearance Worked, as Foreclosures Hit Record Lows in the Second Half of 2020

Under the CARES Act, mortgage borrowers were given the option to put their home loans into forbearance on the basis of experiencing an economic hardship. Mortgage lenders were required to approve forbearance requests without demanding documentation of those hardships. Now, data from the Federal Reserve Bank of New York shows that forbearance did its job.

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