Mortgage chaos threatens to worsen once it's time for repayments [MSN Money]
Mr. Cooper Group Inc. (COOP)
Last mr. cooper group inc. earnings: 4/30 07:00 am
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Source: MSN Money
The mortgage market has be disrupted by millions of borrowers postponing paymts because of coronavirus. But lders and veterans of the 008 financial crisis warn the real chaos won’t start until the pandemic pass.Load ErrorThe problem is confusion over what will happ wh borrowers have to make up those paymts. Federal agci that back most of the market have introduced polici, some of which could require documtation that overwhelms servicers, leading to lgthy wait tim and, in extreme cas, foreclosur.Industry executiv say Fannie Mae, Freddie Mac and their regulator are attempting to unveil a program in coming weeks that could alleviate many of the problems. Mortgage lders say they hope the compani and their watchdog come up with a plan that prevts a repeat of the turmoil that followed the 008 financial crisis, wh confusion and delays hindered borrowers in trying to rume paymts.But unls there are dramatic chang, Americans should “expect ev more chaos wh forbearance ds,” said Michael Stegman,
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