Chris Whalen: Mortgage Defaults May Be Worse than 2008-2009t.co/Tp8TInAXfg
— The Sounding Line (@TapsCoogan) April 29, 2020
Chris Whalen, Whalen Global Advisors Chairman and author of The Institutional Risk Analyst, recently spoke with Mortgage Media about the CARES Act stipulation that permits mortgage borrowers who’s mortgage is backed by the Fannie Mae, Freddie Mac, or Ginnie Mae to postpone mortgage payments for up to 12 months (mortgage forbearance). In a somewhat technical discussion of mortgage markets, Mr. Whalen notes that, in addition to government backed loans, regulators are pressuring private lenders to offer forbearance on non-government mortgages and even auto loans. He also fears that lending defaults to be substantially worse than in 2008 and 2009 and that, ultimately, investors and lenders will absorb the loss. Enjoy the discussion below.
📈💥📉 Goldmans still committed to the strength in equities being a Bear Market Rally
SPX 3mth Target 2400 pic.twitter.com/lY6eSzZXe5
— PiQ (@PriapusIQ) April 29, 2020
Coronavirus calamity: GDP sinks 4.8% in the first quarter to mark the biggest drop since 2008 – but the second quarter could see a record plunge (-25% to -40%.) t.co/hiCmW6kokO pic.twitter.com/diSWUbav2b
— MarketWatch Economy (@MKTWeconomics) April 29, 2020
New @CenterOnBudget projections: states are facing *$650B* in budget shortfalls over 3 years. Rainy day funds won't even come close; states need much more aid from the feds to prevent deep cuts that will harm families & communities and slow the recovery t.co/siquKk1hPV pic.twitter.com/oGXDn9MdcW
— Jon Whiten (@WhitenJon) April 29, 2020
KUDLOW SAYS HE THINKS LIQUIDITY AND CASH PHASE OF POLICIES TO HELP ECONOMY IS COMING TO AN END
— *Walter Bloomberg (@DeItaOne) April 29, 2020