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

They're at least 30 days behind or delinquent.

and they are not in a forbearance plan.

It's unique to this crisis.

Forbearance in the past has been used very narrowly for hurricanes or very regional disasters.

This time, it's being used to keep as many people nationally in their homes as possible who are harmed by the virus.

And it just means you can skip a

up to a year of payments on your mortgage, and then make them up later somehow.

There's a little bit of a complication because it applies to all federally guaranteed loans, which are most of the market, Fannie, Freddie, or FHA-backed loans.

There is a market for private loans or loans that aren't backed by the federal government.

And some of those lenders are offering these forbearances and others aren't.

But for most of the market, people can get this.

What that means is that there are a million people who have, for whatever reason, stopped paying their mortgage.

They're at least 30 days behind or delinquent.

And they are not in a forbearance plan.

This includes both borrowers with a Fannie and Freddie loan, as well as people who have a private loan, a loan from a portfolio loan with a bank or something securitized in the private markets.

That's a good question.

And I think the data is kind of murky, but from talking to lenders, some consumers, some counselors, the picture that we have is that a lot of people don't understand what forbearance means.

So they don't really know what their options are.

The other thing is that early on, especially early on and still somewhat today, the messaging from the lenders was like,

You can take a forbearance, but you're going to have to pay all of your missed payments in one lump sum at the end of the forbearance.

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