How COVID-19 Almost Crashed the Mortgage Industry in Less than 3-Week…
No one is talking about this right now, but the re-built, robust US mortgage machine virtually crashed 3-weeks ago, and all you, the consumer heard was “The FED dropped rates to 0%” (pouring jet fuel on the proverbial fire).
No one is talking about the devaluation of mortgage-backed securities (tied to your mutual funds and retirement accounts).
No one is talking about the ~3.5 million Americans that filed for unemployment in March and in April we are trending to well over 22 million filling for unemployment in month of April causing loan servicing companies and lenders to panic about their existing portfolios and incoming loans that will fund next month knowing that some of their customers won’t be able to make their mortgage payment if they lose their job.
This presentation below explains the WHY behind what is going on. More importantly, there is info in here that can save you money if you are a homebuyer, save your business if you are a real estate agent, and save your HOME if you are a homeowner.
My hope is that this info spreads and it helps you or someone you know.
Stay safe and be well.