11 Million at Risk of Losing Their Homes Once COVID Protections Expire

by Zero Hedge
Scoop Publisher Francesco Abbruzzino

 

 

With the Federal government supercharging the US consumer with now periodic massive stimulus payments – $900 billion here and $1.9 trillion there – and universal basic income handouts, it’s hardly a surprise that the US economy, where the government is now responsible for a staggering 27% of all personal income is redlining to the point of overheating as Goldman found recently when its latest Goldman Sachs Analyst Index (GSAI) which provides a snapshot perspective on the US economy, hit an all time high.

 

None of this is a surprise: when money literally drops from the sky, it would be a miracle if the economy wasn’t overheating. The question is what happens when the party stops. Unfortunately for some 11 million people, the hangover will be a disaster.

According to a new report issued by the CFPB on Monday, the number of homeowners that are behind on their mortgage has doubled since the beginning of the pandemic, with 6% of mortgages in delinquency as of December 2020. The consumer protection bureau found that total of 2.1 million mortgages are considered “seriously delinquent,” with borrowers more than 90 days behind on making their payments, and in addition, an estimated 8.8 million tenant households are behind on their rent.

 

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