Andrew Ackerman

speaker

348 appearances 7 recordings 1 series first heard Mar 2019 last heard Aug 2022

Andrew Ackerman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Mortgage Forbearance Safety Net Misses One Million Borrowers · 17 Sep 2020 podcast

If you talk to counselors and some of the consumers we talk to, they would say that, I mean, they describe this as kind of a bureaucratic nightmare, to be honest.

Everything has happened kind of quickly.

If you talk to the lenders, they say they're moving quickly.

to kind of implement this forbearance plan on a scale that's never been envisioned for forbearance before.

So they're hiring people to take calls.

The end result is, at least initially, the hold times were significant.

People were waiting a long time to get someone on the phone.

When they did get people on the phone, their calls might be dropped, or they'd be sent to voicemail at the servicer, and then they wouldn't hear back.

So you have to kind of

call the main number again.

Unfortunately, a lot of the servicers, the way they're set up, you can't just call one representative at the servicer.

So you just kind of are dealing with somebody different every time.

They're following a script.

So what they can say can be kind of very tightly controlled.

And if it's filled with jargon, people who aren't very sophisticated, or even people who are sophisticated and just don't know a lot about the mortgage market,

You know, it can be very confusing.

These terms are not, it's not intuitive.

That's the peculiar thing.

There are significant numbers or what I would, I think it's fair to characterize as significant.

There's about 250,000 people who were in forbearance at one point since the pandemic.

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