Steering Loan Modifications Post-Pandemic
نویسندگان
چکیده
As part of federal and state relief programs created during the COVID-19 pandemic, many American households received pauses on their largest debts, particularly mortgages student loans. Others may have come to agreements with lenders, likewise pausing or altering payment other such as auto loans credit cards. This allowed allocate savings income necessary expenses, like groceries, utilities, medicine. But forbearance does not equal forgiveness. At end various periods moratoria, people will resume paying all amounts which increased account for any missed reduced payments. Yet in interim months, faced persistent unemployment dwindling household wealth. Many likely be unable debt payments, leading them into formal informal bankruptcy. Incentivizing lenders work craft successful loan modifications stave off a swell bankruptcy filings economic loss. The 2008 financial crisis showed how poorly prepared creditors were offer workouts. Now is time policymakers plan coming crash needed across consumer products. Essay sketches path that should done.
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3869961