Home Affordable Refinancing Program News Today

Homeowners can wind up with an underwater mortgage when home values drop and the amount of their mortgage is higher than their home’s current value.

Mortgage payment holidays were introduced in the UK March 2020 to help households who might have struggled with mortgage payments during the Covid-19 pandemic. Using transaction-level data, this column finds that payment holidays supported consumption during the pandemic for more financially vulnerable households, while more financially stable households on a payment holiday