Mark Calabria on *Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted*
Macro Musings with David Beckworth
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The Role of the Fed in the Recovery From the 2008 Pandemic
In 2008, there were a number of programs that were rolled out in 2008. The general consensus is they work poorly and are expensive and cumbersome. So we recognized it unlike 2008 where it would take six months of paperwork back and forth. We saw very little evidence of it being abused. They were probably about a fourth of people who continued to make their mortgage payment the entire time they were in forbearance. It really created this incentive for people to pay it back.
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