Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?

Rajashri Chakrabarti, Andrew Haughwout, Donghoon Lee, William Nober, Joelle Scally and Wilbert van der Klaauw

No 20200819, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: In yesterday's post, we studied the expected debt relief from the CARES Act on mortgagors and student debt borrowers. We now turn our attention to the 63 percent of American borrowers who do not have a mortgage or student loan. These borrowers will not directly benefit from the loan forbearance provisions of the CARES Act, although they may be able to receive some types of leniency that many lenders have voluntarily provided. We ask who these borrowers are, by age, geography, race and income, and how does their financial health compare with other borrowers.

Keywords: COVID-19; CARES Act; forbearance; student loans; mortgage; delinquency; credit scores (search for similar items in EconPapers)
JEL-codes: D14 I14 (search for similar items in EconPapers)
Date: 2020-08-19
New Economics Papers: this item is included in nep-ban and nep-ure
Note: Heterogeneity Series IV: COVID-19 and Credit Market Outcomes
References: Add references at CitEc
Citations:

Downloads: (external link)
https://libertystreeteconomics.newyorkfed.org/2020 ... inancial-strain.html Full text (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednls:88602

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Liberty Street Economics from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().