{"id":52257,"date":"2020-04-07T14:13:57","date_gmt":"2020-04-07T19:13:57","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52257"},"modified":"2020-04-07T14:14:04","modified_gmt":"2020-04-07T19:14:04","slug":"worse-than-2008-we-are-being-warned-that-the-coronavirus-shutdown-could-collapse-the-mortgage-market","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52257","title":{"rendered":"Worse Than 2008: We Are Being Warned That The Coronavirus Shutdown \u201cCould Collapse The Mortgage Market\u201d"},"content":{"rendered":"\n

Worse Than 2008: We Are Being Warned That The Coronavirus Shutdown \u201cCould Collapse The Mortgage Market\u201d<\/a><\/h3>\n\n\n\n
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The cascading failures that have been set into motion by this \u201ccoronavirus shutdown\u201d are going to make the financial crisis of 2008 look like a Sunday picnic.  As you will see below, it is being estimated that unemployment in the U.S. is already higher than it was at any point during the last recession.  That means that millions of American workers no longer have paychecks coming in and won\u2019t be able to pay their mortgages.  On top of that, the CARES Act actually requires all financial institutions to allow borrowers with government-backed mortgages to defer payments for an extended period of time.  Of course this is a recipe for disaster for mortgage lenders, and industry insiders are warning that we are literally on the verge of a \u201ccollapse\u201d of the mortgage market.<\/p>\n\n\n\n

Never before in our history have we seen a jump in unemployment like we just witnessed.  If you doubt this, just check out this incredible chart<\/a>.<\/p>\n\n\n\n

Millions upon millions of American workers are now facing a future with virtually no job prospects for the foreseeable future, and former Fed Chair Janet Yellen believes that the unemployment rate in the U.S. is already up to about 13 percent<\/a>\u2026<\/p>\n\n\n\n

Former Federal Reserve Chair Janet Yellen told CNBC on Monday the economy is in the throes of an \u201cabsolutely shocking\u201d downturn that is not reflected yet in the current data.<\/p>

If it were, she said, the unemployment rate probably would be as high as 13% while the overall economic contraction would be about 30%.<\/p><\/blockquote>\n\n\n\n

If Yellen\u2019s estimate is accurate, that means that unemployment in this country is already significantly worse than it was at any point during the last recession.<\/p>\n\n\n\n

And young adults are being hit\u00a0particularly hard<\/a>\u00a0during this downturn\u2026<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Worse Than 2008: We Are Being Warned That The Coronavirus Shutdown \u201cCould Collapse The Mortgage Market\u201d The cascading failures that have been set into motion by this \u201ccoronavirus shutdown\u201d are going to make the financial crisis of 2008 look like a Sunday picnic.  As you will see below, it is being estimated that unemployment in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[122,4901,19550,27525,824,855],"class_list":["post-52257","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-bank","tag-michael-snyder","tag-mortgage-market","tag-the-most-important-news","tag-unemployment","tag-viral-pandemic"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52257"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52257\/revisions"}],"predecessor-version":[{"id":52258,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52257\/revisions\/52258"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}