Homeowners who are in forbearance due to the coronavirus pandemic have gained a new payment deferral option from Fannie Mae and Freddie Mac. So reports Fox Business.

Bill Bodnar of The Mortgage Market Guide discusses the Treasury's announcement that it is going to need at least $3 trillion through the end of the third quarter to help pay for the economic stimulus.

As of May 7, nearly 4.1 million homeowners are in forbearance plans, representing 7.7% of all active mortgages. Together, they account for $890 billion in unpaid principal and includes 6.4% of all GSE-backed loans and 11% of all FHA/VA loans. That’s according to recent data from Black Knight.