Economist Podcasts Neither borrower nor renter be: America’s coming foreclosures
Jul 30, 2021
Alice Fullwood, The Economist's Wall Street correspondent, shares insights into America’s looming housing crisis as pandemic relief measures fade. She discusses the alarming rise in mortgage delinquency, especially among Black and Hispanic families, and the emotional toll of impending foreclosures. Meanwhile, Matt Steinglass, Europe correspondent, highlights a poignant Rijksmuseum exhibition examining the Netherlands' colonial past and slavery. The conversation also touches on Marmite's iconic status and its clever marketing that sparked national dialogue.
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Homeowner Protections
- Homeowners had two protections: a foreclosure moratorium and forbearance, allowing payment postponement.
- These protections significantly reduced foreclosures during the pandemic.
Renter Protections
- Renters also had a federal eviction moratorium, but it had loopholes.
- Local moratoriums proved more effective, showing variation in renter protection.
Foreclosure Predictions
- Predicting the foreclosure crisis impact is complex due to various factors.
- Homeowners might sell, catch up on payments, or modify mortgages, mitigating the crisis.