{"id":54483,"date":"2020-07-31T10:29:47","date_gmt":"2020-07-31T15:29:47","guid":{"rendered":"https:\/\/olduvai.ca\/?p=54483"},"modified":"2020-07-31T10:29:52","modified_gmt":"2020-07-31T15:29:52","slug":"nobody-knows-how-to-ever-get-out-of-this-mess","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=54483","title":{"rendered":"Nobody Knows How to Ever Get Out of This Mess"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/wolfstreet.com\/2020\/07\/30\/nobody-knows-how-to-ever-get-out-of-this-mess-2\/\">Nobody Knows How to Ever Get Out of This Mess<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u201cExtend and Pretend\u201d forevermore.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>This is the transcript of my podcast last Sunday,\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/wolfstreet.com\/2020\/07\/26\/nobody-knows-how-to-ever-get-out-of-this-mess\/\" target=\"_blank\">THE WOLF STREET REPORT<\/a>. You can listen to it on\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=4vXhUZ60E9k\" target=\"_blank\">YouTube<\/a>, and you can find it on Apple Podcasts, Spotify, Stitcher, Google Podcasts, \u00a0iHeart Radio, and others.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Until a few months ago, most Americans didn\u2019t even know what \u201cforbearance\u201d was. Now, roughly four million home mortgages, or about 8% of all home mortgages, are in forbearance. Those four million households with mortgages in forbearance might still not fully understand what forbearance is, but they know one thing: They don\u2019t have to make mortgage payments for a while, and they get to spend that money on other things instead of sending it to the bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are forbearance deals offered by lenders for credit cards and auto loans. I don\u2019t owe any balances on my credit cards and I don\u2019t have an auto loan, but my inbox gets blasted with offers of forbearance anyway, by every bank I do business with.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">My WOLF STREET media mogul empire too. It\u2019s just a tiny business, and it doesn\u2019t owe any money, but sure enough, my bank is offering \u201cassistance\u201d with those debts that my business doesn\u2019t have.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When a lender agrees to grant the borrower forbearance, the lender agrees to not exercise its rights when the borrower doesn\u2019t make the loan payments. There is an agreement both parties sign, and this forbearance agreement determines, among other things, the period of forbearance, and what happens afterwards. And afterwards those missed payments will have to be made up somehow. Forbearance is not forgiveness.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But a forbearance agreement can be extended, if both parties agree to do so. In banker\u2019s lingo, it\u2019s called \u201cextend and pretend.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nobody Knows How to Ever Get Out of This Mess \u201cExtend and Pretend\u201d forevermore. This is the transcript of my podcast last Sunday,\u00a0THE WOLF STREET REPORT. You can listen to it on\u00a0YouTube, and you can find it on Apple Podcasts, Spotify, Stitcher, Google Podcasts, \u00a0iHeart Radio, and others. Until a few months ago, most Americans [&hellip;]<\/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":[63,30120,30121,4254],"class_list":["post-54483","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banks","tag-forbearance","tag-home-mortgages","tag-wolf-richter"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54483","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=54483"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54483\/revisions"}],"predecessor-version":[{"id":54484,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54483\/revisions\/54484"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}