The Meaning of Mortgage Forbearance
Using its formidable trove of non-public data, the Federal Reserve Bank of New York has released a series of staff reports assessing the status of mortgage forbearance, concluding that forbearance has ameliorated the negative impact of the pandemic for borrowers (if not exactly for servicers and investors) but that serious-delinquency levels akin to the Great Recession still appear likely as forbearance ends.

GSE-052021.pdf