Federal Reserve Bank of New York (FRBNY)

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This post examines consumers who remained in forbearance one year after the pandemic lockdowns started. The authors found that 13% of all mortgage borrowers were in forbearance for at least one month during the past year and that 35% of those participants were still in forbearance as of March 2021. More than 70% of consumers still in forbearance were not making any payments in March, suggesting that they are relatively vulnerable to serious delinquency as forbearance programs end.