from Liberty Street Economics
– this post authored by Andrew F. Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw
In our first post in this series we showed that mortgage provisions under the CARES ACT and its subsequent extensions resulted in a rapid take-up of mortgage forbearances, under which borrowers had the option to pause or reduce debt service payments without inducing a delinquency notation on their credit reports. Here we examine the forbearance take-up rate of a group of mortgage borrowers we expect to have been particularly hard hit by the pandemic recession: small business owners.
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