Since early 2020, banks across the U.S. have been banned from foreclosing on homes as part of the federal government's efforts to assist families feeling economic pain caused by the pandemic. On Saturday, the ban will end, potentially putting thousands of families at risk. Much like the federal eviction moratorium for rental units, it has been extended several times. The scale of the potential problem is much less than the Great Recession but it's still worrisome. An estimated 1.75 million homeowners — roughly 3.5% of all homes — are in some sort of forbearance plan with their bank, according to the Mortgage Bankers Association. By comparison, about 10 million homeowners lost their homes to foreclosure after the housing bubble burst in 2008. ___ WILL THOSE 1.75 MILLION HOMEOWNERS LOSE THEIR HOMES IMMEDIATELY? Recommended Jack Grealish's girlfriend Sasha says she received 200 death threats a day August heatwave 2021: Temperatures set to soar in UK, long range Met Office forecast suggests Covid UK news – live: PM U-turns on amber watchlist as England could be 'over the edge' of third wave Not necessarily, industry officials say. Banks have little incentive, for various reasons, to put delinquent homeowners into foreclosure at the… Read full this story
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