The massive coronavirus rescue package passed by Congress last month gave struggling homeowners the option to request up to a year’s suspension of their mortgage payments but did not include relief for mortgage servicers, which process millions of those payments every month.because they are legally required to advance funds to investors in mortgage-backed securities even when a borrower doesn’t make payments.
Calabria, a onetime economist at the libertarian Cato Institute, had previously rebuffed requests to give servicers a break, dismissing forecasts of widespread delays in mortgage payments as industry “spin.
Concerns about liquidity in the mortgage finance system have been building for years. The companies that service mortgage loans are increasingly not banks, so they don’t have banks’ access to Federal Reserve loans or strict capital requirements and deposits to fall back on.
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