Read: https://www.cnbc.com/2020/04/06/coronavirus-bailout-there-is-going-to-be-complete-chaos-mortgage-ceo.html
Servicers are granting the payment deferrals to borrowers with no questions asked, as is required by the law, but the servicers still have to pay mortgage bond holders.
Borrowers don't have to pay their mortgages for 90 days without any proof of hardship. But the loan servicers still have to make payments to the bond holders. And the loan servicers don't get any forbearance or liquidity help.
"From what we are hearing, and we can’t verify it, the FHFA director instructed the GSEs not to set up a liquidity or advance facility.”
If I were into conspiracy theories, it would sound like this is a premeditated plan to destroy all mortgage loan servicers and to nationalize all mortgages for the average person. Note that this loan forbearance program is only available for government-backed mortgages.
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