RMBS servicers to “work for free” under virus rescue bill

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By Jennifer Kang
26 Mar 2020

The $2tr coronavirus relief bill passed by the US Senate on Wednesday has mortgage servicers worrying that they are set to bear the brunt of the cost of the 90 days of mortgage forbearance set out in the legislation.

The 880 page bill is focused on aiding unemployed Americans and struggling small businesses, and includes $250bn dedicated towards unemployment insurance benefits and $350bn set aside for business owners. 

Sources applauded the Senate’s swift action to help struggling consumers, who have been the foundation of the recovery ...

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