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 · Federal Loan Forbearance Doesn't Relieve Financial Strain for All · 16 Dec 2020 podcast

In many cases, credit card issuers, for example, there are some that have already brought their deferment programs, new enrollment in those programs to an end.

So there's that divide between the loan type and there being more sort of generous terms on those that are backed by the government than those that are not.

Separately, there is also a divide between the type of people who are getting this sort of help.

For example, mortgage deferments have been widespread for the reason we stated because many of them are backed by the federal government and the CARES Act mandates that

federally backed mortgages have a pretty generous period of time in deferment.

Well, people who have mortgages, people who are homeowners, generally tend to be better off financially than people who are renters, for example.

The median family net worth of homeowners was $255,000 in 2019, compared with a median family net worth of $6,300 for renters.

So a very large difference there.

as the CARES Act was coming together, mortgage was very much at the forefront because nobody wanted to relive the housing crisis of the last downturn.

So as unemployment was starting to spike, it was very clear that one of the first things that was at risk were people's homes, those people losing their jobs.

And the CARES Act clearly sought to address that matter to try to avoid

a spike in foreclosures and the further knock-on effects that that would have on the economy.

Now, the other thing that the CARES Act mandated that pertains to pretty much all consumer debts, if lenders decided, if lenders put their customers into deferments,

They would need to essentially help to protect their credit standing, meaning that if somebody was already current with their payments before the pandemic began, they were on time with their payments, but then they enrolled in deferment and did not make the payments because they were in deferment.

So we are now seeing what essentially happens when people's deferment periods come to an end and they are unable to get back on track with paying their bills.

So, for example, with credit card issuers, I spoke with one lady who had this very issue where her deferment program had essentially come to an end with her card issuer.

And she needed to start repaying, but she was not back to working yet.

She remained unemployed.

She was unable to make her payments once deferment ended.

So she fell behind, was charged late fees, was reported as being late to the credit reporting firms.

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