Treasury Secretary Steven Mnuchin has formed a task force to recommend ways to ease a cash crunch that is expected to afflict mortgage firms as homeowners stop making payments on their home loans
Mortgage firms are bracing for a wave of missed payments starting April 1 as borrowers lose their jobs as a result of the coronavirus epidemic. The firms, which collect money from borrowers on behalf of investors, are concerned they will have to come up with tens of billions of dollars on short notice, a daunting task since most are nonbank firms that don’t have access to emergency lending from the Federal Reserve.
The cash crunch comes as regulators and Congress take steps to allow homeowners harmed by the outbreak of the coronavirus to seek “forbearance,” or agreements of up to 12 months allowing them to miss some payments and make them up later. Although the servicers are repaid by the government, that process can be lengthy for some government-backed mortgage bonds, particularly pools of mortgages backed by Ginnie Mae, which guarantees some $2.137 trillion of debt.
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