“This really is a national-scale emergency,” he added.įratantoni projected that if one-quarter of U.S. “But it wasn’t designed for something like this. “There have been plenty of natural disasters where this system performs well,” said Mike Fratantoni, chief economist at the Mortgage Bankers Association. Without a steady stream of mortgage payments, servicers will be unable to pay investors who purchased bonds funded by the revenue from thousands of mortgages packaged together. Industry advocates warn that without a federal intervention, an extended downturn could set off a chain of economic and financial crises akin to the 2007-08 panic and recession.
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