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Government Extends Mortgage Forbearance for Unemployed

With no sustained pickup in the job market, over six million Americans have been unemployed for longer than 27 weeks. Such extended periods of joblessness remain the predominant force behind high volumes of seriously past-due mortgages. With these realities weighing on an already fragile market, the federal government said Thursday it will extend the mortgage forbearance period for unemployed homeowners to a year under the Federal Housing Administration and Making Home Affordable programs.

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