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Industry leaders have fired back sharply at Federal Housing Finance Agency director Mark Calabria’s remarks that mortgage servicers won’t need help for at least a year. Calabria also estimated that 2 million mortgage holders could miss payments by the end of May. So reports CNBC.
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“The FHFA director’s recent statements send a troubling message to borrowers, lenders, and the mortgage market,” Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said in a statement.
Loan servicers still must pay bondholders on the loans, whether or not they receive payments from the borrowers.
