Loan servicers are being slammed by requests from homeowners to delay their monthly mortgage payments as the coronavirus forces millions of people out of work. Yet one of the industry's top regulators vehemently denies that those servicers need any help.
Last week, Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said in an interview on CNBC that a liquidity facility for servicers might be necessary after a few months – but not now. Mortgage servicers, who collect borrowers' monthly payments, are still required to pay the bondholders on those loans, whether borrowers pay or not. Calabria estimated there could possibly be 2 million borrowers missing payments by the end of May. But forbearance requests have already topped 2 million, according to a report released Tuesday by the Mortgage Bankers Association. Servicers say they desperately need help to make those payments.
What IS necessary is capital ratio minimums for non-bank loan servicers. Otherwise, let them fail and let someone else buy the loan servicing rights. This isn't 1991 with a need for the RTC. Servicing rights can be transferred with ease .
These are retirees that are depending on the income from those pensions that fund many of these mortgages
The way to avoid this is to open the country back up. It is a fake virus like fake news. Everything in America is fake. Look at McDonalds.
Big falls coming, Mortgage companies.
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