Coronavirus Could Decimate Mortgage Servicing Industry

Mortgage Servicers Expect Annihilation Due To The Coronavirus And Are Lining Up For Trump Bailouts

coronavirus
Mortgage servicers are already waiting in line for their corporate welfare checks from the Trump administration. The Mortgage Bankers Association said deferred and late mortgage payments because of the coronavirus could trigger a financial nightmare for mortgage servicers.
Fannie Mae and Freddie Mac have instructed servicers to suspend all foreclosure actions and evictions for at least 60 days. 
HUD who handles FHA mortgage loans also soon followed suit.
However, not all mortgage loans are included in the Trump Administration moratorium. 
The MBA sent a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell begging the government for a bailout. 
MBA CEO Robert D. Broeksmit asked for the Federal Reserve and Treasury to develop a liquidity plan to support the mortgage servicing sector.

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