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Posted by Bear900/CA on 11/21/20 4:41pm
ĢSEs = Government Sponsored Enterprises = Fannie, Freddie, and Ginnie Mae who buy the loans that lenders generate so the banks can keep lending. Basically, the government buys these loans.
After the 2006 meltdown, taxpayers bailed them out to the tune of $178 billion! The problem is if one goes down they all will.
At least for now refi customers will foot the bill.
With millions of jobs and businesses permanently gone, the current recession will be hard to pull through even if the virus completely goes away. Not to be a Debbie downer, but you do know that the average working person won't be vaccinated till 2nd or 3rd quarter of next year? We have yet to hit max unemployment, imo.
Without additional forbearances, high unemployment, and the lingering virus, we're still in for a long rough time. This is just my opinion from living through a lifetime of recessions, this being among one of the worst. Not a political statement of any sort.
For now, just try to stay safe and alive! |
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