This Market...

[Jim in CT]

Originally Posted by wdmso

Thats my point the seagulls will swoop in on the foreclosures of the little guy who would have been saved if his mortgage payments and interest and penalties were waved , till this was over , but he got was a 1000 bucks

i suspect, though don’t know for sure, that banks will be willing to give people who are severely impacted by this, a few months. banks don’t foreclose when you miss a payment or two, if there’s any reasonable chance you’ll get back in your feet, it’s better and cheaper for the banks to work with you. Id bet a lot that we don’t see foreclosures like we did in 2008. Giving everyone a little money does help the bartenders in the end, not because their 1,000 saves them, but because it increases the chance that things recover quicker.


there’s also a lot more to the aid than 1,000 checks to individuals. All kinds of loans and grants to small business. that will also help. minimizing unemployment is a high priority here, and helping businesses with a short term cash crunch, will keep unemployment down.
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[wdmso]

Originally Posted by Jim in CT

i suspect, though don’t know for sure, that banks will be willing to give people who are severely impacted by this, a few months. banks don’t foreclose when you miss a payment or two, if there’s any reasonable chance you’ll get back in your feet, it’s better and cheaper for the banks to work with you. Id bet a lot that we don’t see foreclosures like we did in 2008. Giving everyone a little money does help the bartenders in the end, not because their 1,000 saves them, but because it increases the chance that things recover quicker.


there’s also a lot more to the aid than 1,000 checks to individuals. All kinds of loans and grants to small business. that will also help. minimizing unemployment is a high priority here, and helping businesses with a short term cash crunch, will keep unemployment down.
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I have no faith that banks will defer anything.. you get 3 months behind on a mortgage plus late fees and your credit score destroyed you'll never recover even if you get back to work

[Jim in CT]

Originally Posted by wdmso

I have no faith that banks will defer anything.. you get 3 months behind on a mortgage plus late fees and your credit score destroyed you'll never recover even if you get back to work

we will see. obviously we both hope that people
impacted the most are given a chance to recover.

People claw their way back all the time. it’s not easy or quick, but it happens.

my hope is that the relief package provides loans to banks to allow them to be more forgiving than usual.

Saw that Amazon is hiring 100,000 new employees right away, that’s big.

like you, i’m lucky enough to not be too impacted, i can work from home. I wish everyone was as secure.
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[spence]

Originally Posted by Jim in CT

my hope is that the relief package provides loans to banks to allow them to be more forgiving than usual
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Banks will likely be just as forgiving as they are legally required to be.
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[Jim in CT]

Originally Posted by spence

Banks will likely be just as forgiving as they are legally required to be.
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That's not what happened after 2008...

[Ian]

Originally Posted by Jim in CT

That's not what happened after 2008...

Go on...
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[Jim in CT]

Originally Posted by Ian

Go on...
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there were all kinds of efforts by banks to find ways to help
people stay in their homes. i had neighbors with a nice house who struggled , they worked with the bank for over a year. not everything was mandated by law, there was a lot of back
and forth negotiating.

it’s much cheaper and easier
for banks to keep existing homeowners in their homes, then to try to foreclose and sell.
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[Jim in CT]

Originally Posted by spence

Banks will likely be just as forgiving as they are legally required to be.
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Bank Of America going beyond...

https://www.foxbusiness.com/markets/...navirus-crisis
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