For context, it took more than 18 months before the first 1.6 million homeowners became delinquent during the Great Recession, says Andy Walden, economist and director of market research at Black Knight. And there is still potential for a second wave of delinquencies in May, he added.

“The impact of COVID-19 on the housing and mortgage markets has already been substantial," Walden says. "It will be some months before we can gauge the full extent of that impact. Whatever the ultimate scope, it is almost certain the effects will resonate for many months to come.”

The CARES Act, passed in March, allows homeowners to suspend their mortgage payments for up to a year on federally-backed mortgages. But it doesn’t protect mortgages that aren’t backed by the government, which make up about half of all mortgages in the U.S.

About 3.6 million homeowners were past due on their mortgages at the end of April, the most since January 2015 as households face financial hardship. That included the roughly 211,000 borrowers who were in active foreclosure.

So these are NOT FHA loans. These are NOT first time homebuyers. These are NOT VA. These are the people financially secure enough for traditional lending. Because the CARES act doesn't protect them.