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Mortgage Lenders Brace For Missed Payments

Mortgage companies are anticipating a wave of customers who won’t be able to make payments due to job loss or illness related to COVID-19. “The companies, such as Quicken Loans Inc. and Mr. Cooper Group Inc., expect a wave of missed payments from borrowers as early as next month that will force them to come up with tens of billions of dollars on short notice,” according to The Wall Street Journal. “The mortgage firms are on the hook to continue paying principal and interest on the mortgages they service even if homeowners are in arrears.”

Read the whole story at The Wall Street Journal »

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