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March 13, 2021, marked the one-year anniversary of President Trump s declaring COVID-19 a national emergency. Through the CARES Act, agency action and guidance, and various state laws and executive orders, governments across jurisdictions acted quickly to provide mortgage relief to homeowners at risk of default.
Even with all that regulatory and legislative might brought to bear, the inability of homeowners to pay their mortgages remains widespread and a focus of lawmakers. The Mortgage Bankers Association (MBA) reported that 5.14 percent of mortgage loans, representing 2.6 million homeowners, were in forbearance as of March 7, 2021.