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62 | TH E M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST GOVERNMENT Minority Households Face Greater Risks When Moratoria Expire Black and Hispanic communities who still have not recovered from the last financial crisis are "again bearing a disproportionate burden during the pandemic," consumer advocates report. G overnment agencies responsible for protect- ing consumers have pre- cious little time to save millions of families from losing their homes—that's according to the Consumer Financial Protec- tion Bureau's (CFPB) first analysis of the impacts of the COVID-19 pandemic on housing. Bureau administrators say actions taken by both the public and private sector have, so far, prevented a devastating number of foreclosures during the height of the public health crisis. However, according to a CFBP press release, as legal protections expire in the months ahead, more than 11 mil- lion families or almost 10% of U.S. households are at risk of eviction and foreclosure. "It's common sense that safe, affordable, and stable housing pro- vides the foundation for people's well-being, financial and other- wise. Stable homes mean stable neighborhoods and communities. When people lose their homes, their lives, health, and finances are all disrupted. Even the threat of losing a family's home can force tough financial decisions, includ- ing skipping payments on food, medicine, and heat to keep a roof over their head," CFPB's Dave Uejio writes. He continues, "We also know that many, particularly in Black and Hispanic communities, have still not recovered from the last fi- nancial crisis, more than a decade ago. And those same communities are once again bearing a dispro- portionate financial and health burden during the pandemic, through no fault of their own." According to the report sum- mary, those who have fallen behind at least three months on their mortgage increased 250% to 2 million-plus households, and is now at a level not seen since the height of the Great Recession in 2010. Collectively, these households are estimated to owe almost $90 billion in deferred principal, inter- est, taxes, and insurance payments. More than 8 million rental households are behind in their rent. While there are significant differences from the last crisis (a more stable mortgage market and substantial homeowner equity) there are a significant number of households at risk of losing their housing just as the U.S. economy is poised to emerge from the pandemic—a disproportionate number of them from communi- ties of color. The CFPB report—which examines the relevant data and research on the impact of the pandemic on the rental and mort- gage market, and particularly its impact on low-income and minor- ity households—can be accessed at ConsumerFinance.gov. • The number of homeowners behind on their mortgage has doubled since the beginning of the pandemic—6% of mort- gages were delinquent as of December 2020. • More homeowners are behind on their mortgages now than at any time since 2010, which was the peak of the Great Recession. • 2.1 million homeowners are more than 90 days behind on payments, a key benchmark for being "seriously delinquent" in mortgage payments. That's five times the number of families that were more than 90 days behind on their mortgage before the pandemic began. • Black and Hispanic families are more than twice as likely to report being behind on their housing payments than white families. • An estimated 8.8 million tenant households are behind on their rent. • About 10% of renters reported that they're likely to be evicted in the next two months, with the rates highest among Black and Hispanic households.