[20200513]IN11385_新冠肺炎相关的宽容对联邦抵押贷款金融体系的影响.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Impact of COVID-19-Related Forbearances on the Federal Mortgage Finance System Andrew P. Scott Analyst in Financial Economics May 13, 2020 One of the major economic impacts of the Coronavirus Disease 2019 (COVID-19) pandemic has been loss of income, which has left many Americans unable to repay their financial obligationsincluding their mortgage payments. In response, regulators have encouraged financial institutions to work with customers to allow them to defer payments on mortgages through a process known as forbearance. Provisions in the CARES Act (P.L. 116-136) require mortgage servicers to provide several months of forbearance to borrowers (at the borrowers requests, after they demonstrate a COVID-19-related financial hardship) with a federally backed mortgage. This Insight explains the term federally backed mortgage and examines some of the potential impacts that forbearance on these mortgages may have on the mortgage finance system. What Is a Federally Backed Mortgage? With respect to the CARES Act, a federally backed mortgage generally includes mortgages that are either insured, guaranteed, or