CFPB warned of the threat of widespread foreclosures and evictions following the end of government COVID-19 pandemic-related protections, absent further public or private action.
In its report, CFPB made the following findings, among others:
- the number of households behind at least three months on their mortgages has more than doubled to over 2 million - a number that was last seen at the height of the Great Recession in 2010;
- households that are behind on their mortgages owe deferred principal, interest, taxes and insurance payments totaling nearly $90 billion;
- approximately eight million households are behind in rent; and
- black and Hispanic families are more than twice as likely as white families to report that they are behind on housing payments.
Primary Sources
- CFPB Press Release: New Report From Consumer Financial Protection Bureau Finds Over 11 Million Families At Risk Of Losing Housing
- CFPB Report: Housing insecurity and the COVID-19 pandemic
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