“Extend and Pretend” forevermore.
By Wolf Richter. This is the transcript of my podcast last Sunday, THE WOLF STREET REPORT. You can listen to it on YouTube, and you can find it on Apple Podcasts, Spotify, Stitcher, Google Podcasts, iHeart Radio, and others.
Until a few months ago, most Americans didn’t even know what “forbearance” was. Now, roughly four million home mortgages, or about 8% of all home mortgages, are in forbearance. Those four million households with mortgages in forbearance might still not fully understand what forbearance is, but they know one thing: They don’t have to make mortgage payments for a while, and they get to spend that money on other things instead of sending it to the bank.
There are forbearance deals offered by lenders for credit cards and auto loans. I don’t owe any balances on my credit cards and I don’t have an auto loan, but my inbox gets blasted with offers of forbearance anyway, by every bank I do business with.
My WOLF STREET media mogul empire too. It’s just a tiny business, and it doesn’t owe any money, but sure enough, my bank is offering “assistance” with those debts that my business doesn’t have.
wolfstreet.com/2020/07/30/nobody-knows-how-to-ever-get-out-of-this-mess-2/
- AZ overturns election judgement to verify signatures
- Fifty More US Banks on the Verge of Failing
- A Full Blown US Conflict With Iran at Israel’s Insistence Is Approaching
- I am surprised a Japanese magazine would allow this to run, but it is correct…
- Inter-Bank Lending Has Stopped And We’re On The Verge Of A Crash
- “The Banks Are Melting”, And Signs Of A Major Credit Contraction Are Already Starting To Emerge
- ‘Largest Satanic Gathering in History’ Will Require Masks and Vaccinations
- New York Times: “Stolen Valor: The U.S. Volunteers in Ukraine Who Lie, Waste and Bicker. James Vasquez, in fact, was never deployed to Kuwait…”
- Bibi Netanyahu Squashes Embarrassing Anti-Christian Bill
- The market is being held up by 7 companies
Views: 0