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My mortgage company offered a 3-month deferral. What they don't tell you is that they will report you late to the credit reporting bureaus for each month you don't pay until those 3 months are paid. Tens of Millions of people are about have their credit rating destroyed.
I thought the stimulus bill had a provision to suspend negative reports to credit reporting agencies. Did that not make it into the final bill?
My mortgage company offered a 3-month deferral. What they don't tell you is that they will report you late to the credit reporting bureaus for each month you don't pay until those 3 months are paid. Tens of Millions of people are about have their credit rating destroyed.
Frankly, there needs to be an executive order suspending the credit bureaus reporting for the next 3-6 months. Everyone's credit score and payment history should be frozen today.
I am not sure what mortgage company your mortgage is with, but if your mortgage is owned by a federal "entity" like Fannie Mae, Freddie Mac or is an FHA loan, your suspension will not be reported.
My loan is owned by Fannie Mae and serviced by Wells Fargo. If I request a suspension through Wells Fargo, this is the language on the Wells Fargo web site for my particular loan.
Quote:
1. Your payments will be suspended for the next 3 months
2. We won't charge late fees 3. We won't report a past-due status for this account to the consumer reporting agencies
4. At the end of the initial 3-month payment suspension, we will guide you on the next steps which may include: a continuation of the payment suspension; moving the missed payments to end of the loan; or a modification to address longer-term financial changes that may impact your ability to keep up with the monthly payments
5. We will not take foreclosure activity during this period
Now, if your mortgage is owned by a private lender, these rules don't apply. It is up to your lender to withhold the suspension from the credit reporting agencies.
Here is a link to find out if Fannie Mae owns your mortgage.
If we let it rip through the populace it would kill a lot of people...
That's "Plan B."
We're currently executing "Plan A", flattening the curve at great economic & societal cost. The number dead might be about that 0.67%, or ~220,000 people, assuming the deaths work out the way some think they will.
Under Plan B, everyone gets sick over the same 2 month period -- all ~330,000,000 souls in the USA.
Compared to Plan A, many more die under Plan B. Why? The low death rate of ~0.67% under Plan A includes access to medical care and a hospital bed for those who need it. Under Plan B, you have to assume no ambulance, no paramedic, no hospital bed and no medical care, because the virus rips through the populace like a California wild fire during the Santa Ana Winds. Most everyone who dies does so at home in their own bed.
How many die? Who knows. An order of magnitude more? Probably. Maybe many multiples of that. It's all speculation.
Moreover, there probably would be massive social unrest. Essentially every household would be sick at the same time, so no one goes to work - not even the so-called "essential" employees in essential jobs.
Once the survivors start to feel well enough to work, things kinda sorta get going again. Senior managers and company executives, who tend to be older, will disproportionately be dead, taking with them very valuable - perhaps irreplaceable - human capital.
By the way, "Plan B" is probably what happens in many 3rd world countries, especially in Africa. Ecuador's largest city has been hit hard. People frantically carry their sick relatives from hospital to hospital, being turned away with no space, only to bring the sick home to die in bed. No morgue will take away the dead; the corpses stay at home until they start to smell, and people just carry them out and put them on the sidewalk or corner.
I agree. Now you have scientists saying the virus may live on the coastal waters too...
What this means is it can blow through the air. how far they did not say.
So it can live on trees, grass, basically anything external of your home...
Just to be clear, a virus is NOT alive. It cannot LIVE in water, on trees, grass, etc. Because it was never alive in the first place, it cannot be killed.
At this point it's almost irrelevant what happens with the virus, the bubble economy has already had been burst. There will not be a recovery, and any Fed "stimulus" and QE will just makes things worse.
I need you to mark this post and have the guts to come back here in a year and then two and then three and take the humiliation.
Just to be clear, a virus is NOT alive. It cannot LIVE in water, on trees, grass, etc. Because it was never alive in the first place, it cannot be killed.
But they can be destroyed and in other cases neutralized.
But they can be destroyed and in other cases neutralized.
Yes, absolutely - I should have added that. Thanks for clarifying.
Washing with soap & water is probably the easiest thing to do - the virus is encapsulated in a coating of fat (lipid). Soap, as we all know, does a great job at breaking this down so the virus is destroyed. Ditto for alcohol and other sanitizers.
As a side note, not all viruses (virii?) have a lipid coat. The Norovirus, which is virus on cruise ships that causes a bad stomach/intestinal ailment, does not have a lipid coating. That's why alcohol-based sanitizers are not as effective on them - but other sanitizing chemicals work well.
There's no way in hell that we're avoiding a reckoning for 3 years.
Says you and a tiny handful of people who follow a few jokers on the internet and shortwave radio.
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