We study how intermediaries – mortgage servicers – shaped the implementation of mortgage forbearance during the COVID-19 pandemic and use servicer-level variation to trace out the causal effects of forbearance on borrowers. Forbearance provision varied widely across servicers. Small servicers, nonbanks, and especially nonbanks with small liquidity buffers, facilitated fewer forbearances and saw a higher incidence of forbearance-related complaints. Easier access to forbearance substantially increased mortgage nonpayment but also reduced delinquencies outside of forbearance. Part of the liquidity from forbearance was used to reduce credit card debt, but most was saved or used for nondurable consumption.

中文翻译：

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债务减免中的中介摩擦：来自 CARES 法案宽容的证据


我们研究中介机构（抵押贷款服务商）如何在 COVID-19 大流行期间影响抵押贷款宽限的实施，并利用服务机构层面的变化来追踪贷款宽限对借款人的因果影响。不同服务商的宽容规定差异很大。小型服务机构、非银行机构，尤其是流动性缓冲较小的非银行机构，促成了较少的延期付款，并且与延期付款相关的投诉发生率较高。更容易获得延期付款大大增加了抵押贷款拖欠率，但也减少了延期付款之外的拖欠情况。宽限期产生的部分流动性被用于减少信用卡债务，但大部分被储蓄或用于非耐用消费。