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Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: Good real estate deals coming! ()
Date: April 02, 2020 11:01PM

Unlike in the 2008 financial crisis when a glut of subprime debt, layered with trillions in CDOs and CDO squareds, sent home prices to stratospheric levels before everything crashed scarring an entire generation of homebuyers, this time the housing sector is facing a far more conventional problem: the sudden and unpredictable inability of mortgage borrowers to make their scheduled monthly payments as the entire economy grinds to a halt due to the coronavirus pandemic.

And unfortunately this time the crisis will be far worse, because as Bloomberg reports mortgage lenders are preparing for the biggest wave of delinquencies in history. And unless the plan to buy time works - and as we reported earlier there is a distinct possibility the Treasury's plan to provide much needed liquidity to America's small businesses may be on the verge of collapse - an even worse crisis may be coming: mass foreclosures and mortgage market mayhem.

Borrowers who lost income from the coronavirus, which is already a skyrocketing number as the 10 million new jobless claims in the past two weeks attests, can ask to skip payments for as many as 180 days at a time on federally backed mortgages, and avoid penalties and a hit to their credit scores. But as Bloomberg notes, it’s not a payment holiday and eventually homeowners they’ll have to make it all up.

According to estimates by Moody's Analytics chief economist Mark Zandi, as many as 30% of Americans with home loans – about 15 million households – could stop paying if the U.S. economy remains closed through the summer or beyond.

Moar:

https://www.zerohedge.com/economics/here-comes-next-crisis-30-all-mortgages-will-default-biggest-wave-delinquencies-history

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Re: Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: k ()
Date: April 03, 2020 02:14AM


WRONG. THE BIGGEST MORTAGE CRISIS WAS AND IS DURING BILL CLINTON PRESIDENCY - AND HIS AGENCIES CAUSE IT


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Re: Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: djapiourfaf ()
Date: April 03, 2020 02:25PM

was vs. will

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Re: Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: So What Will Banks Do ()
Date: April 03, 2020 03:08PM

With all those houses leave them to rot when the roofs leak no power on water turned off they go to hell Congress will have to act to mandate extensions to loans thats all there is to it

Except Deemocrats will never go along with any that helps America only what destroys us

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Re: Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: Mr Potter - not the 420 kind ()
Date: April 03, 2020 03:12PM

This would be a good time to invest in real estate - especially mortgage backed derivatives and time shares.

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Re: Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: Matrix Future Strategic Command ()
Date: April 03, 2020 03:20PM

I'm starting a drive-thru reverse-foreclosure business. The Government pays the bank. The bank pays you. You own the house on the day you die and the Government gets it back when your death certificate is issued.

Simple closed loop system. Works every time. Saw it on YouTube.

As people die, new houses get issued to the people being born. As long as the Government keeps building houses and new roads and bridges and schools and hospitals and strip malls where we can get a Korean lady to give us a happy ending, this thing is bulletproof.

If we run out of houses, we release a highly contagious virus that kills old people early, and the banks can keep taking money.

This is how our healthcare system should work too.

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Re: Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: ^IDIOT^ ()
Date: April 03, 2020 06:21PM

^ that's basically a mortgage and a civil servant job package w/a VA loan

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Re: Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: not surez1 ()
Date: April 03, 2020 06:36PM

lots of good deals coming - one of the reasons we sold and have rented for over 5 years. Originally we just wanted the flexibility to be able to move and not take a bath on selling. Now it turns out, as the kids are leaving home there will be bargains a plenty for the next few years.

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Re: Here Comes The Next Crisis: Up To 30% Of All Mortgages Will Default In "Biggest Wave Of Delinquencies In History"
Posted by: bluewhoreshoe ()
Date: April 03, 2020 07:02PM

not surez1 Wrote:
-------------------------------------------------------
> lots of good deals coming - one of the reasons we
> sold and have rented for over 5 years. Originally
> we just wanted the flexibility to be able to move
> and not take a bath on selling. Now it turns out,
> as the kids are leaving home there will be
> bargains a plenty for the next few years.

Smart investor. Sat on the sideline for the big run up in the stock market and home values, Waited until after the crash to invest. Decided to go into real estate before the market bottoms out. Brilliant.

That model sounds familiar. London School of Economics? No. Not enough room for theft and third-world debauchery. Harvard or Wharton MBA? No. Only idiots use their own money. Trump University? Bingo!

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