Paul Kiernan
speaker
175 appearances
3 recordings
1 series
first heard Jun 2018
last heard Aug 2021
Paul Kiernan’s voice in public audio — every appearance, attributed to the second.
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Appearances
I think that what is going to happen is that they're going to be able to get forbearance.
So they're going to be able to get probably in most cases at least three months of relief from having to make payments.
I haven't spoken with anyone who requested mortgage forbearance and the company said no.
What's happening right now, though, is people are being made to sign things that say, I understand I'm going to have to make a full payment of the months that I miss at the end of the forbearance period.
And so that's creating a lot of uncertainty and anxiety.
The Federal Housing Finance Agency says that no one who can't make a balloon payment will be required to.
So these things that they're having to sign, they may not be legally binding, but again, you
Does the homeowner know that?
Does the mortgage company representative that the homeowner is talking to know that?
And in terms of fast-tracking it, I think that this issue is being discussed by small numbers of lawmakers right now.
And they're hoping to get it into, you know, the next round of coronavirus relief, assuming that there is one, into CARES Act 2 or something like that.
My impression is that it's not something that they're going to pass on its own because, you know, it's just so important.
And further to that point, you know, what we're talking about is a potential problem that could arise most likely in six months, because that's when I think a lot of people's forbearance periods are, you know,
going to end.
And if they want to extend it for a year, the law says they can.
So it might not be for another year that they have to figure out, holy cow, how am I going to make all these payments that I missed?
But the uncertainty could affect consumer behavior.
And what economists say should really be avoided is making large numbers of people responsible for paying more for housing than they otherwise would.
Because the biggest hope for a swift economic recovery
after the coronavirus pandemic ends is all this pent up consumer demand from people who weren't able to spend as much money as they're used to and as they like to for their lifestyle surging back into the economy.
Showing 101–120 of 175 · page 6 of 9
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