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Bloomberg: Mortgage Defaults Could Pile Up at Pace That Dwarfs 2008

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.

It’s a vicious cycle here, landlords who depend on renters who can’t pay their rent now will result in landlords not being able to cover their mortgage–and anyone with a service job that is a homeowner that’s furloughed/laid off will also likely face default as well.

While I’m not sure if this will “dwarf ’08”, there most certainly has to be major action taken to prevent even something that’s half as bad as ’08.


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