The financial crisis brought with it total devastation of capital and housing markets, the collapse of financial institutions that had survived both World Wars and the Great Depression, unprecedented regulation, bailouts, and a global contagion that decimated economies worldwide. New terms such as “quantitative easing” and “fiscal stimulus” became household phrases. The Federal Reserve slashed interest rates to lifetime lows and grew the balance sheet to $4.5 trillion at present from $870 billion in August 2007.
As mortgage and consumer servicers now look to the future, they must consider how the landscape, consumers, technology, and the markets have changed. A major piece of that is understanding how today’s average homeowner vastly differs from those pre-2008. Another major factor is the servicing industry’s preparedness for handling a significant default event, disaster, or crisis.
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