Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Subprime Loan Borrowers Are Missing Car Payments · 6 Apr 2021 podcast

Credit reporting firms and many lenders define people as being subprime borrowers. voice-verified

when they have credit scores that are in this range. voice-verified

And what we're seeing is that these borrowers are performing very differently with their loans than people with higher credit scores, specifically that a greater share of people with low credit scores are falling behind and that that share is increasing and has been increasing now for several months. voice-verified

There has been a big difference between the relief offered to people who have mortgages and student loans than those who have auto loans, credit cards, and personal loans. voice-verified

And it's important to point this out because it really kind of is the foundation in part for what's going on right now with subprime auto loan borrowers. voice-verified

So a federal law that went into effect last year at the beginning of the pandemic essentially requires that voice-verified

that people who have federally backed mortgages or federal student loans, that they can get relief in the form of forbearance or deferment, and that they could get that relief for a long time. voice-verified

Many of these people are still in voice-verified

some type of forbearance program that does not require payments. voice-verified

However, this federal law did not have such a requirement for auto loans and other types of consumer credit. voice-verified

What that meant was it was entirely up to the lenders themselves to decide voice-verified

whether to offer deferment or other types of relief to struggling customers and for how long to offer that help for and who would get it. voice-verified

There could be lenders that were offering help, but were not offering it to all their borrowers. voice-verified

So borrowers in general, including subprime borrowers over the past year, have gotten a variety of relief when it comes to their car loans. voice-verified

So again, this relief has really been the lender's decision about how much to offer, to whom to offer it, and for how long to offer it. voice-verified

In most cases, the relief has essentially allowed people to not make their payments voice-verified

for one, two, or three months and not risk having their car repossessed and also not have a situation where the lender was reporting them late to the credit reporting firms, which would then result in their credit scores falling. voice-verified

So that relief certainly is significant with regards to protecting people's credit voice-verified

and their ability to hold on to their cars. voice-verified

But it cannot be said that that was offered by all lenders. voice-verified

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