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Caring for Borrowers Outside the CARES Act: A Closer Look at Privately Held Loans

Join the Urban Institute for a discussion about the challenges of extending forbearance relief like that in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to the 30 percent of borrowers excluded from CARES Act protections because their mortgages are not backed by the federal government. Such mortgages lack uniform forbearance or repayment plans, leaving some homeowners more vulnerable to default. This is further complicated by state variation in requirements for mortgages not covered by the CARES Act. The CARES Act allows borrowers with mortgages backed by the federal government to request payment forbearance for six months and extend for another six months with minimal documentation. The options for paying back the forborne amount depend on individual circumstances, but if an increased monthly payment is not feasible, the forborne amount can be added to the end of the life of the loan. Our expert panel will explore these issues in the nonagency market, particularly the private label securitization market. The panel will also discuss which homeowners are affected by these loans and what might create greater certainty for borrowers, and, if possible, uniformity across all mortgages. 



  • Michael Bright, Chief Executive Officer, Structured Finance Association
  • Chris Hentemann, Managing Partner and Chief Investment Officer, 400 Capital Management
  • Eric Kaplan, Director, Center for Financial Markets Housing Finance Program, Milken Institute
  • Eileen Lindblom, Senior Vice President, Head of Non-Agency/RMBS, Flagstar Bank
  • Lisa Rice, President and Chief Executive Officer, National Fair Housing Alliance
  • Jay Williams, Senior Vice President, Servicing Financial Operations, Ocwen Financial Corporation
  • Laurie Goodman, Vice President and Codirector, Housing Finance Policy Center, Urban Institute (moderator)


Support for this event and the Mortgage Markets COVID-19 Collaborative is provided by Bank of America.
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Date & Time Wednesday, July 15, 2020

  • Institute Fellow