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cover of episode COVID-19: Bankruptcy Risk for Nonbanks

COVID-19: Bankruptcy Risk for Nonbanks

2020/4/10
logo of podcast Real Estate News: Real Estate Investing Podcast

Real Estate News: Real Estate Investing Podcast

Shownotes Transcript

Forbearance will help save property owners who can’t pay their mortgage, but who’s going to save the mortgage service companies that have to pay the bond holders? Major players in the housing industry say that without a bailout, companies like Quicken Loans, Freedom Mortgage, Mr. Cooper, and other nonbank mortgage companies could have a serious liquidity problem. FHFA Director, Mark Calabria, doesn’t agree. He says there’s no evidence of a systemic failure among nonbanks.   The pandemic has triggered concerns about another foreclosure crisis because of all the job losses. That prompted the creation of a mortgage forbearance program for homeowners as part of the $2 trillion Cares Act.   www.NewsForInvestors.com)