Mortgage Firms Brace for Wave of Missed Payments as Coronavirus Slams Homeowners – The Wall Street Journal

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Mortgage Firms Brace for Wave of Missed Payments as Coronavirus Slams Homeowners – The Wall Street Journal

WASHINGTON—Mortgage companies are bracing for a severe cash crunch when Americans who lose jobs and income because of the coronavirus pandemic stop making payments on their home loans.

The companies, such as Quicken Loans Inc. and Mr. Cooper Group Inc., expect a wave of missed payments from borrowers as early as next month that will force them to come up with tens of billions of dollars on short notice.

“It’s…

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