Unless you are employed in one of the essential businesses, I definitely wouldn't want to be holding a mortgage right now and even at that -- things are very uncertain. IMHO, the DEMS are going to try to extend and manipulate this crisis as much as they can. Then again --- the way things are going, this will be the next bailout.
These mortgage borrowers will be ‘the first canary in the coal mine’ for a coronavirus-fueled foreclosure crisis, regulator says Just before the coronavirus pandemic reached America’s shores, the U.S. saw the lowest number of foreclosure filings in over a decade. But the economic downturn the disease outbreak has since caused could lead many Americans into foreclosure, the regulator of Fannie Mae FNMA, -5.03% and Freddie Mac FMCC, -3.41% said.
During an interview with CNBC Wednesday, Federal Housing Finance Agency Director Mark Calabria warned that the U.S. mortgage industry could face significant strain in the form of delinquencies and foreclosures if the coronavirus emergency lasts for six months or longer.
“This fundamentally comes down to how long an event this is,†Calabria said.
“If this only goes on for two to three months and we see pop back in the economy and people are hired back to their old jobs by and large, then I think this will be something the industry can get through without too much stress,†he added. “But if this is something that goes on for six months or more, then I think you’re going to continue to see a lot of stress.â€
Calabria said he doesn’t expect all mortgage borrowers to be affected equally by the economic downturn. He argued that borrowers with loans backed by Fannie Mae and Freddie Mac are likely to be on stronger financial footing than people with loans backed by the Federal Housing Administration (FHA)..........
https://www.marketwatch.com/story/these-mortgage-borrowers-will-be-the-first-canary-in-the-coal-mine-for-a-coronavirus-fueled-foreclosure-crisis-regulator-says-2020-04-01?mod=home-page
