Orla McCaffrey
speaker
593 appearances
13 recordings
1 series
first heard Mar 2020
last heard Jun 2022
Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.
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About half of people in forbearance last June, when the highest number of people were in forbearance, have now exited.
So they're current on their mortgages again.
The rate of black homeowners in forbearance, those who have agreed with their mortgage companies to postpone payments, is double the rate of homeowners overall and double the rate of white homeowners.
The data also shows that black homeowners are exiting the relief programs more slowly.
About 35% of black homeowners who were in forbearance last June have exited, so they're now current on their payments.
That's compared with a 43% rate of improvement for all homeowners.
Black households typically are less insulated from financial blows like the economic fallout of the coronavirus pandemic.
They have less liquid savings, less wealth on hand.
So there's less of a cushion there to cover an expense or expenses like multiple months of mortgage payments.
Black workers are also more
more likely to be unemployed.
The unemployment rate for them is higher than their counterparts.
And they're also more likely to be employed in industries that were hard hit by the pandemic, like the service and hospitality sectors.
So one of the homeowners I spoke to had fallen behind in his mortgage payments a couple of months before the pandemic after a job loss.
But the shutdowns related to the pandemic made it much harder for him to find another job as a maintenance worker, a building maintenance worker.
So that made him fall behind even further on payments and is one of the reasons why he's still in forbearance now.
So there are concerns that if Black homeowners do lose their homes in large enough numbers, that could cause the homeownership rate among Black Americans to decline.
And because owning a house is one of the prime ways to build wealth in America, that would also serve to either widen the racial wealth gap, which is already pretty stark, or really hinder progress in narrowing it.
So there are still some people who can't pay and have been in forbearance for quite a while since last year.
But the Consumer Financial Protection Bureau in April proposed a rule that would restrict mortgage companies from beginning the foreclosure process or moving along with it through the end of the year.
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