A report from CNBC. "A broad coalition of mortgage and finance industry leaders on Saturday sent a plea to federal regulators, asking for desperately needed cash to keep the mortgage system running during the coronavirus pandemic, as requests from borrowers for the federal mortgage forbearance program are pouring in at an alarming rate. Mr. Cooper, the largest nonbank servicer in the nation, with close to 4 million mostly government-backed loans has already granted more than 80,000 forbearances, and the requests keep flooding in."

"Jay Bray, Mr. Cooper’s CEO, helped federal regulators set up the plan. He said he was told there would be federal cash for servicers, but that part of the deal never made it to the final act. 'It’s frankly frustrating and ridiculous that we do not have a solution in place,' said Bray. 'There is going to be complete chaos. We’re the largest nonbank. We have a strong balance sheet, but for the industry as a whole you’re going to start seeing problems soon.'"

"'It’s just going to create more fear within the nonbank servicing sector. The banks that service them are going to start to not lend,' said Bray. 'Ultimately that impacts homeowners. They won’t be able to be served because these companies will be in the middle of a crisis. We’ve seen a lot of businesses close their doors, and if you start closing the doors of servicers you’re impacting people’s lives much more than other sectors. You’re talking about their homes. It’s the largest asset they have.'"

From USA Today. "Americans struggling to pay their mortgages because they’ve lost a job or income during the coronavirus pandemic can put off that bill for up to a year due to the CARES Act. But while the measures should be creating a feeling of relief, many borrowers have been left anxious because of confusing messages from the government and banks."

"Some homeowners say Wells Fargo, Bank of America and Chase have told them they have to repay those postponed payments – known as forbearance – in a lump sum once three months are up. It’s an unexpected demand they fear could put them deeper in debt as millions are laid off and watching their retirement savings plunge with the stock market."

"Anthony Adams is one of the uneasy Americans who is confused and worried about the rules. He is late on his mortgage payment to Wells Fargo after the coronavirus pandemic crimped sales at his family’s bakery in Orlando, Florida, forcing him out of a job. Wells Fargo offered Adams a 90-day deferment on his mortgage, which is backed by the U.S. Department of Veterans Affairs, but the 49-year-old was surprised when Wells Fargo told him he’d still owe three months’ worth of payments – plus the current month – once that forbearance period was up. Adams declines to say what his payments are."

"Adams says he doesn’t know what programs Wells Fargo will offer by the time he reaches day 91, and that makes him anxious because he fears slipping into foreclosure at that point. 'I feel like I’m in this odd Catch-22,' Adams says. 'I can get some immediate relief from postponing a mortgage payment, but the cost of that relief will put me further into debt.'"

"Debrena Jackson-Gandy, 53, doesn’t know whether her loan is owned by her bank or serviced by it. She is the owner of Masterminds, a personal development company in Seattle. The business events she had planned for the next three months were canceled, hurting her company’s revenue and leaving her struggling to pay her mortgage, she said. Her husband has also lost income."

"When she looked up relief options on the Bank of America website, she thought that she could add deferred payments to the end of her loan. But the bank told her she’d have to pay in a lump sum after 90 days when she called them. 'It was really shocking,' Jackson-Gandy says."

The Half Moon Bay Review in California. "Forbearance is not forgiveness. Rather, homeowners who have been directly affected by COVID-19 have a 90-day grace period to defer loan payments. Some lenders will expect payments at the end of these three months, which could be extended depending on the trajectory of the pandemic, while others will tack the sum on to the end of the mortgage."

"21 Century broker Steven Hyman, who writes a regular real estate column for the Review, said that the 'devil’s in the details' when it comes to repayment schemes. Homeowners should be clear about whether they will owe all deferred payments at the end of the forbearance period, Hyman said, as such an arrangement could prove a major hurdle for those who have lost jobs or substantial portions of their income amid the novel coronavirus outbreak. Clear Blue Real Estate Founder David Oliphant echoed these concerns."

"'At day 91, most lenders are still expecting those three (monthly) payments,' Oliphant said. 'That’s probably not achievable for most people.'"

The Orange County Register in California. "The Inland Empire housing market is among the nation’s least-capable of withstanding coronavirus fallout, one ranking suggests. Analysts at Attom Data Solutions graded U.S. counties for their housing market’s financial stability based on three metrics: affordability (share of local incomes needed to buy a home takes); equity (how many homeowners were 'underwater' — where the mortgage is larger than the home’s value); and payment-making abilities (foreclosure activity measured by filings as a share of homes, before coronavirus hit)."

"On this scorecard, Riverside County was graded with the third-lowest stability of the 50 U.S. counties with the largest populations. It’s not a cheap place to live. A $387,500 median selling price in the first quarter led to the 11th worst affordability with 61% of income required to buy. Owners are mid-range with debt-levels ranking No. 22 for underwater properties at 9.6% of all mortgaged homes. And payments were being missed ranking the county No. 11 for foreclosure activity — 0.12% of all homes."

"San Bernardino County ranked 10th-least stable among the 50 counties. Its $335,000 median pushed it to No. 16 worst for affordability with 47.8% of pay needed to buy. The county ranked No. 26 for underwater properties — 7.7% of mortgaged homes. And No. 9 for foreclosure activity — 0.13% of homes. Los Angeles County was middle-of-the-pack at No. 25. Its $621,500 median price home ranked it ninth-worst for affordability at 64.1%. However, it was third-lowest for underwater properties at 4.5% and No. 28 for foreclosure activity at 0.07%."

"Orange County was five rankings better than L.A. at No. 20. Its $735,000 median ranked it second-worst for affordability at 80.3% of income. On the upside, it ranked No. 41 for underwater properties (5.3%) and No. 41 for foreclosure activity (0.05%)."

"This grading of risk levels isn’t simply about high home prices. Note that the lowest risk was found in Harris County in Texas (where Houston is) with a $219,688 median and No. 42 rank for affordability among the 50 counties. Most at risk? Florida’s Broward County (think Fort Lauderdale) with a roughly national average $257,000 median and a mid-range No. 30 affordability ranking."

The Daily Northwestern in Illinois. "When the COVID-19 pandemic began disrupting incomes, Evanston residents turned to the city for support to keep up on rent and mortgage payments. However, aldermen are saying comprehensive relief to citizens is outside the means of the city. Ald. Donald Wilson (4th) told the Daily the city did not have the legal authority nor the financial means to suspend or pay residents’ housing costs."

"Mary Ellen Ball, CEO of fair housing not-for-profit Open Communities, said she had seen a 'massive increase' in the number of residents seeking relief. 'People are terrified,' Ball said. 'Right now people don’t know if they will have a job, if they will make rent, if they will make a mortgage payment.'"