Hang on, this is gonna be bad......

[marmar]

https://m.

Mortgage Defaults Could Pile Up at Pace That Dwarfs 2008

Mortgage lenders are preparing for the biggest wave of delinquencies in history. If the plan to buy time works, they may avert an even worse crisis: Mass foreclosures and mortgage market mayhem.

Borrowers who lost income from the coronavirus -- already a skyrocketing number, with a record 10 million new jobless claims -- 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 it’s not a payment holiday. Eventually, they’ll have to make it all up.

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, according to an estimate by Mark Zandi, chief economist for Moody’s Analytics. .........(more)

https://news.bloomberglaw.com/banking-law/home-lenders-brace-for-up-to-15-million-u-s-mortgage-defaults

[uponit7771]

1. K&R, Looks like the BEGGING of notable pain will start around end of April we'll see then what

... MAGA Cultist thing of Red Don when shit gets broke

[sop]

2. And how about all those car loans?

"Americans owe more than $1.2 trillion in auto loan debt. Auto debt makes up 9.5% of American consumer debt. On average, Americans take out about $51 billion in 2.3 million new auto loans each month." (Jan 10, 2020)

[captain queeg]

5. My son wants me to help him get a car this summer

He’s been keeping an eye on used car prices. He said some models are already selling for $5k less than a month ago. I think there’ll be some great deals out there for people who still have any money.

[sop]

6. I bought a new car in December, 2008, when new car sales were at the lowest point in history.

They had a $5000 discount on the model I wanted from the manufacturer (Toyota), and the dealer discounted it $2500 more. Best deal I ever got on a car. It will be a real buyers' market this summer, especially on lease returns and trade-ins.

[kozar]

3. I read an article today that forbearance

on mortgages was included in the stimulus..I called my bank and they asked same questions as article stated.
For reference, I read it on raw Story and followed link, link provided below,everything from article was proven true from my experience, we dont have Covid 19 as I shut down my house a month ago,but all I had to do was answer how Corvid19 affected me financially, which it has as my hcp daughter does not go today services anymore,hence I need to buy more snacks and lunches that they provided, my wife's fathers estate was scheduled for auction on April 18,,which was cancelled.. and my bank bowed quickly.


So maybe there are things being withheld form us to protect those who take our money? hmmm.. Great observation and link marmar!



https://www.rawstory.com/2020/04/most-homeowners-can-skip-mortgage-payments-for-up-to-a-year-regardless-of-what-their-banks-say/

Koz

[Wellstone ruled]

4. Here is a stat that will

shake the crap out of Nevada's Political Establishment. We are near the bottom when it comes to Home Ownership. Last numbers were 37% of total. The rest are Renters,Renters without a paycheck.

BTW,Mnuchin is one of the Largest Rental Housing owners. So the shit is about to hit the fan shortly.

[Yo_Mama_Been_Loggin]

7. #Trumpslump

[captain queeg]

8. I hope that sticks

Along with Trump virus.