Why Wasn’t there a Nonbank Mortgage Servicer Liquidity Crisis?

Lara Loewenstein

Economic Commentary, 2021, vol. 2021, issue 15, 7

Abstract: In March 2020, in the early days of the COVID-19 pandemic, many were concerned about the liquidity of nonbank mortgage servicers. As it turned out, the vast majority of these servicers did not face a liquidity crisis. In this Commentary I detail the reasons why, including lower than expected take up rates of forbearance, the role played by mortgage origination income, and the actions taken by the government-sponsored enterprises, Ginnie Mae, and housing agencies.

Keywords: COVID-19 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.26509/frbc-ec-202115

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