With plenty of uncertainties and pressure in the mortgage market, many industry professionals are constantly waiting to find out what the future holds. Treasury Secretary Steven Mnuchin offered reassurances Monday regarding stability in the mortgage industry and the added pressure that mortgage servicers are facing.
"We’re going to make sure that the market functions properly," he told reporters at a White House briefing according to Bloomberg
Mnuchin also revealed that there have been discussions between the Treasury Department and the Federal Housing Finance Agency about the mortgage market and the crisis it is facing due to the effects of the COVID-19 pandemic. He revealed that each department has the "appropriate people" on the job and they are cognizant of the issue.
Servicers have been inundated with a number of forbearance requests and it has become evident that there isn't enough support. Though, there appears to be some help on the way.