Federal Housing Finance Agency Director Mark Calabria, responding to intense industry pressure, has offered mortgage servicers some relief. So reports Politico.

The immediate impact of the coronavirus pandemic on the housing market will be a reduction in spring sales activity and a moderation of price appreciation, says First American Chief Economist Mark Fleming.

As of April 16, more than 2.9 million homeowners are in forbearance plans, representing 5.5% of all active mortgages. Together, they account for $651 billion in unpaid principal and includes 4.9% of all GSE-backed loans and 7.6% of all FHA/VA loans.