These mortgage borrowers will be ‘the first canary in the coal mine’ for a coronavirus-fueled foreclosure crisis, regulator says

Just before the coronavirus pandemic reached America’s shores, the U.S. saw the lowest number of foreclosure filings in over a decade. But the economic downturn the disease outbreak has since caused could lead many Americans into foreclosure, the regulator of Fannie Mae FNMA, -5.03% and Freddie Mac FMCC, -5.20% said.

“The place to look right now is the FHA market with the credit quality of their borrowers,” Calabria said. “They are going to be the first canary in the coal mine if you will in terms about what the broader implications are going to be.” The number of foreclosure filings will likely drop further in the coming months as many lenders have stopped foreclosure proceedings in accordance with government directives during the coronavirus crisis, said Todd Teta, chief product officer with Attom Data Solutions.

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