BETHESDA, MD – Secretary of Housing and Urban Development Marcia Fudge recently said that the U.S. Department of Housing and Urban Development (HUD) has no near-term plans to change the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMIF).
Noting that the MMIF “has remained resilient” throughout 2020 and the COVID-19 pandemic, Secretary Fudge noted that the “FHA portfolio has experienced increased levels of seriously delinquent loans and a heightened level of loans in forbearance.”
In February, FHA extended foreclosure and eviction moratoria through June 30, 2021, and allowed longer forbearance for borrowers whose plans were expiring. HUD also has begun providing resources included in the American Rescue Plan to provide relief to homeowners.
“We continue to monitor mortgage performance trends within our portfolio, particularly related to those homeowners who are struggling financially because of the pandemic.”
The full statement can be found here: https://www.hud.gov/press/press_releases_media_advisories/hud_no_21_049.
HUD also has begun providing resources included in the American Rescue Plan to provide relief to homeowners.