Photo: Richard Baker/In Pictures via Getty Images

The total number of home loans now in forbearance increased to 8.36%, according to the latest report from the Mortgage Bankers Association, and that number could be higher but many Americans aren't aware they have the option.

What it means: Fannie Mae's latest national housing survey finds that only half of mortgage holders and just a third of renters know about relief programs, including the forbearance program now available because of the CARES Act.

Details: The survey finds that just half of mortgage holders understand what forbearance is.

  • One in three don’t understand what a loan modification entails. 
  • More than 60% of homeowners with a mortgage were unaware of any mortgage payment deferral offer from their lender.

Why it matters: The increase of borrowers in forbearance has slowed rapidly in recent weeks, but could pick up steam again once more borrowers learn about the programs.

  • That could provide an additional boost to the economy, but could also spell trouble for mortgage servicers and the mortgage-backed securities market.

The big picture: The current level of borrowers taking advantage of the forbearance program means that American consumers have $7.9 billion a month available to spend that otherwise might be going to a monthly mortgage payment, according to an analysis by Cowen Research Group.

Go deeper: Coronavirus is squeezing more people out of the housing market

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Dion Rabouin, author of Markets
Aug 7, 2020 - Economy & Business

Household debt and credit delinquencies dropped during Q2

Reproduced from New York Fed Consumer Credit Panel; Chart: Axios Visuals

Americans cut back on credit cards and increased savings during the worst three-month economic period in U.S. history, as household debt fell for the first time in six years, data from the New York Fed showed.

By the numbers: Total debt declined 0.2% to $14.27 trillion in the second quarter, led by a $76 billion drop in outstanding credit-card balances.

Bill Clinton slams McConnell and Trump: "Their first value is power"

Former President Bill Clinton on Sunday called Senate Majority Leader Mitch McConnell's (R-Ky.) vow to fill Ruth Bader Ginsburg's vacant Supreme Court seat before the next presidential inauguration "superficially hypocritical."

The big picture: Clinton, who nominated Ginsburg to the court in 1993, declined to say whether he thinks Democrats should respond by adding more justices if they take back the Senate and the White House in November. Instead, he called on Republicans to "remember the example Abraham Lincoln set" by not confirming a justice in an election year.

Pelosi: Trump wants to "crush" ACA with Ginsburg replacement

House Speaker Nancy Pelosi said on ABC's "This Week" on Sunday that President Trump is rushing to replace the late Supreme Court Justice Ruth Bader Ginsburg because he "wants to crush the Affordable Care Act."

Why it matters: Pelosi wants to steer the conversation around the potential Ginsburg replacement to health care, which polls show is a top issue for voters, especially amid the coronavirus pandemic. The Trump administration has urged the courts to strike down the law, and with it, protections for millions with pre-existing conditions.