The pandemic is a humanitarian crisis. And with all crises, there is an opportunity for real systemic change. As the devastation from COVID becomes fully realized, there will be a massive wave of nonperforming loan exposure. Lenders know this is coming, but what they may not fully grasp is that they have the ability to avoid it. Refinancing these loans for credit-challenged low-income consumers to a more humane lending model for existing borrowers could change the outcome for both the lender and the borrower.
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