“While new forbearance requests dropped slightly, the rate of exits from forbearance was at the slowest pace since MBA began tracking exit data last summer. Overall, the forbearance numbers have been little changed over the past few months. Homeowners still in forbearance are likely facing ongoing challenges with lost jobs, lost income and other impacts from the pandemic.” --Mike Fratantoni, MBA Senior Vice President and Chief Economist.

On Jan. 28, the Senate Banking Committee conducted a hearing on the nomination of Rep. Marcia Fudge (D-OH) to serve as the next HUD Secretary. Also last week, Senz. Ben Cardin (D-MD) and Rob Portman (R-OH) introduced S. 98, the Neighborhood Homes Investment Act, a bill that would create a new federal tax credit to fuel development in underserved rural and urban communities across the country.