Mortgage industry fires back at regulator who won't help servicers slammed by payment delay requests
Loan servicers are being slammed by requests from homeowners to delay their monthly mortgage payments as the coronavirus forces millions of people out of work. Yet one of the industry's top regulators vehemently denies that those servicers need any help.
Last week, Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said in an interview on CNBC that a liquidity facility for servicers might be necessary after a few months – but not now. Mortgage servicers, who collect borrowers' monthly payments, are still required to pay the bondholders on those loans, whether borrowers pay or not. Calabria estimated there could possibly be 2 million borrowers missing payments by the end of May. But forbearance requests have already topped 2 million, according to a report released Tuesday by the Mortgage Bankers Association. Servicers say they desperately need help to make those payments.
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