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Government Now Guarantees 98% of New Mortgage Debt

Friday, Jun 12 2020
Lending
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Since the coronavirus hit, the federal government has taken on an even bigger role as a backstop for the $11 trillion housing debt market, according to Barclays. So reports MarketWatch.

The U.S. government guaranteed 98% of total residential mortgage-backed security issuance over the past two months, up from 91% in all of 2019, Barclays credit researcher Dennis Lee wrote in a note to clients.

COVID-19 has “completely upended” what had been a developing trend away from loans guaranteed by housing giants Freddie Mac, Fannie Mae and Ginnie Mae, Lee wrote.

Read the full article from MarketWatch.

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