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.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · More Relief for Homeowners, But Renters' Eviction Deadline Looms · 26 Jul 2021 podcast

So that just means that if you suffered a hardship during the pandemic in the early days and you called up your servicer and said, hey, I cannot make my payments.

They said, no problem.

You can skip your payments.

They did it in three-month increments, but you could skip your payments and then make them up later.

People who did that early in the pandemic are going to reach the limit of those programs soon.

You have to enroll in a forbearance program by the end of September.

So there is that deadline, but we're not seeing an uptick.

We're seeing a sort of steady decline in the number of people who are under a forbearance plan of some kind.

There's 1.5 million borrowers out of 53 million or so people who are seriously delinquent.

And the vast majority of those people are in a forbearance plan.

What they're offering is a reduction in monthly payments by up to 25% monthly principal and interest payments.

And the way they would do that is they would extend the term of the loan.

So if you got a mortgage five years ago, if it was a 30-year fixed rate mortgage, which is what most of the mortgages are in this country, it'd effectively be a 35-year mortgage or up to a 35-year mortgage.

You just extend the term for 30 years from today.

or from whenever these people start doing this.

And then you'd lock in, it'd be effectively a refi because you'd lock in the current market rate.

They're basically telling servicers they have to offer this to people who are coming out of forbearance and can't make their pre-pandemic payment.

And it's just one of the options that the borrowers have to kind of consider that the servicers have to offer the borrowers.

The people who are eligible are going to be people who have federally backed mortgages.

Now, what they're doing is in alignment with some of the steps that Fannie and Freddie have already taken.

Showing 41–60 of 348 · page 3 of 18