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While lawmakers and regulators have taken several steps to support homeowners and renters amid the coronavirus pandemic, a new CFPB report released Monday found that nearly 10 percent of U.S. households could face eviction and foreclosure when COVID-related relief provisions expire in the coming months.

The coronavirus relief package currently under congressional consideration includes some NAFCU-supported provisions to provide additional assistance and funds to homeowners and renters struggling to make payments amid the pandemic.

The CFPB's report on housing insecurity amid the coronavirus pandemic found that:

• more homeowners are behind on their mortgages now than at any time since 2010, which was the peak of the Great Recession;
• 2.1 million homeowners are more than 90 days behind on mortgage payments – five times more than the number who were before the pandemic – a key benchmark for being "seriously delinquent;"
• Black and Hispanic families are more than twice as likely to report being behind on their housing payments than white families;
• an estimated 8.8 million tenant households are behind on their rent; and
• nearly 10 percent of renters reported that they're likely to be evicted in the next two months, with the highest rates among Black and Hispanic households.

In a blog post on the report, CFPB Acting Director Dave Uejio highlighted ways the bureau will look to track and address these housing insecurity issues. Read the blog here.

Last week, in alignment with President Joe Biden's directive to continue to provide protections to homeowners and renters amid the pandemic, the Federal Housing Finance Agency (FHFA) extended its foreclosure and eviction moratoriums through June 30. The FHFA also extended the forbearance period, which provides an additional three-month extension, allowing borrowers to be in forbearance for up to 18 months, but is limited to borrowers who are in a COVID-19 forbearance plan as of Feb. 28.

In addition, the FHFA Monday announced it has authorized more than $1 billion – the largest amount ever – to be disbursed to the government-sponsored enterprises' (GSEs) affordable housing allocations. The Department of Housing and Urban Development (HUD) is set to receive $711 million for the Housing Trust Fund and the Treasury Department's Capital Magnet Fund will receive $383 million.

FHFA Director Dr. Mark Calabria acknowledged the record increase in house prices last year and said the GSEs' affordable housing allocations are intended to increase affordable housing options and support related efforts in communities.