![]() And how do you search for another hospitality job during a global pandemic? Now she’s living in Oregon with her mother, whose travel agency was forced to close. She has no idea when she’ll get her job back. The restaurant and beer garden where she works was forced to temporarily shut down. The coronavirus snatched away her income, as it has for millions, and replaced it with uncertainty. Laura Habberstad, a bar manager in Washington, D.C., got a reprieve from her lender but needs time to catch up. “And that means preventing foreclosures by any means necessary.” “I expect policy makers to do whatever they can to hold the line on a financial crisis,” Kapfidze said. The risks of allowing foreclosures are too great because it would damage financial markets and that could reinfect the economy, he said. The greater the fallout, the harder and more expensive it will be to stave off repossessions. If the virus recedes soon and the economy roars back to life, then the plan will help borrowers get back on track quickly. Meanwhile, lenders are operating in the dark, with no way of predicting the scope or duration of the pandemic or the damage it will wreak on the economy. This is happening in a matter of months - a matter of weeks.” “The great financial crisis happened over a number of years. “This is an unprecedented event,” said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania. economy remains closed through the summer or beyond, according to an estimate by Mark Zandi, chief economist for Moody’s Analytics. ![]() Eventually, they’ll have to make it all up.Īs many as 30% of Americans with home loans – about 15 million households –- could stop paying if the U.S. If the plan to buy time works, they may avert an even worse crisis: Mass foreclosures and mortgage market mayhem.īorrowers who lost income from the coronavirus - already a skyrocketing number, with a record 10 million new jobless claims - can ask to skip payments for as many as 180 days at a time on federally backed mortgages and avoid penalties and a hit to their credit scores. Mortgage lenders are preparing for the biggest wave of delinquencies in history. By Prashant Gopal and John Gittelsohn, Bloomberg ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |