"If one quarter of borrowers seek “forbearance” agreements allowing them to push back mortgage payments by six months or more, the Mortgage Bankers Association estimates that mortgage companies will be on the hook for at least $75 billion on short notice, and possibly more than $100 billion.
“It’s going to be a liquidity tsunami,” Mr. Cooper CEO Jay Bray told the Wall Street Journal. Mr. Cooper, along with Quicken Loans, is one of the largest such nonbank lenders, which have ramped up their involvement in the home loan market following the financial crisis.
http://therealdeal.com/2020/03/24/its-going-to-be-a-liquidity-tsunami-mortgage-firms-gear-up-for-missed-payments/
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