Between the Great Recession and the COVID-19 pandemic, much has been learned about loss mitigation tools and their effectiveness in helping homeowners, mortgage servicers, and the housing finance industry navigate major hardships and crises. When someone loses their home, it is often because something in their life has gone wrong, like unemployment, divorce, illness, or the death of a borrower or coborrower. Through the pandemic, 8 million households took advantage of forbearance, which allowed struggling borrowers to temporarily suspend their mortgage payments because of a hardship. Recent data indicate the Coronavirus, Aid, Relief, and Economic Security Act likely prevented a large wave of foreclosures, aided by ultra-low mortgage rates. Many homeowners reduced monthly payments by refinancing to a lower rate; others struggling at the end of forbearance became eligible for loan modifications where the servicer reduced the rate, extended the loan term, reduced the interest-bearing principal, or provided a combination of these options. But with mortgage interest rates rising over the last year, new, long-term solutions should be explored to enable relief for homeowners who might struggle in the next downturn. Panelists in this virtual event will explore what the future of loss mitigation can look like and present options for policymakers on how to keep borrowers in their homes when they experience unforeseen hardships.

Opening remarks

• Janneke Ratcliffe, Vice President, Housing Finance Policy Center, Urban Institute

Loss Mitigation in a Rising Rate Environment

• Michael Bright, Chief Executive Officer, Structured Finance Association
• Kurt Johnson, Chief Risk and Compliance Officer, Mr. Cooper
• Tom Land, Vice President Agency Relations - Government Servicing, JPMorgan Chase & Co.
• Ted Tozer, Nonresident Fellow, Housing Finance Policy Center, Urban Institute
• Karan Kaul, Principal Research Associate, Housing Finance Policy Center, Urban Institute (moderator)

Normalizing Forbearance

• Steven Bailey, Senior Managing Director and Chief Servicing Officer, PennyMac
• Meg Burns, Executive Vice President, Housing Policy Council
• Laurie Goodman, Institute Fellow, Housing Finance Policy Center, Urban Institute
• Brendan Kelleher, Associate Director, Loan Administration, Mortgage Bankers Association
• Bonnie Sinnock, Capital Markets Editor, National Mortgage News (moderator)

What Does This Mean for Consumers and Equity?

• Vanessa Gail Perry, Nonresident Fellow, Housing Finance Policy Center, Urban Institute; Professor, George Washington University School of Business
• Lisa Sitkin, Senior Staff Attorney, National Housing Law Project
• Bonnie Sinnock, Capital Markets Editor, National Mortgage News (moderator)

We strive to host inclusive, accessible events that enable all individuals, including individuals with disabilities, to engage fully. Please email [email protected] if you require any accommodations or. have any questions about this event.