Coronavirus: Mortgage Forbearance

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 8 April 2020

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Requests to delay mortgage payments have jumped nearly 2,000% as borrowers seek relief during coronavirus outbreak. There is help out there if you're one of the millions struggling. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Coronavirus Market Update.
0:05.0	We are recording this at 4.15 on Tuesday.
0:11.0	It will drop in your feed on Wednesday morning.
0:15.0	So after a massive 7% move Tuesday we saw stocks rise and then slide a little bit
0:22.1	just a tiny bit. we're talking about maybe a
0:24.1	tenth to a third of a percent across the board but the big headline today
0:29.6	from my perspective was when we got a tweet from from Treasury Secretary Steve Minutchen about adding 250 billion dollars to the small business part of the CARES Act. We've been talking
0:46.2	about how that program has been overrun. We have been talking about how it looked
0:51.8	like the banks were completely unprepared to
0:54.3	administer this and I understand they're getting a 5% service fee for these loans
1:00.2	without taking any risk so nice hand over to the banks.
1:03.7	I guess the banks could have waived that if they wanted to,
1:06.0	but they didn't.
1:07.3	And if you think about it, this could be a $600 billion plan now
1:10.7	if they actually get that $250 added. So it could be a 600 billion dollar
1:14.8	pool on which the banks who are doing a lousy job of servicing these loans because
1:20.1	they can't even figure out how to get them written. They are going to make $30 billion.
1:24.5	Okay, I'm done ranting.
1:26.0	I'm sorry.
1:27.2	Okay, in the Data Universe,
1:29.6	we got the March 2020 survey of consumer expectations from the New York Fed and lo and behold of course a significant
1:37.3	deterioration in expectations about the
	...

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