The traditional reading is "at the end of the mortgage" (ie, at the end of the 30 year period), not "the end of shelter-in-place". If the median age of a 30 year mortgage is 15 years, it doesn't seem unreasonable to think that borrowers will be able to pay for the payments in 15 years.

Though to be clear, there are some lenders that implementing it as "at the end of shelter-in-place", but they're in for a hard lesson.

There is also the corner case where the mortgage matures ~now, which is unfortunate, but that's not the case for most of them.

>(ie, at the end of the 30 year period)

My understanding is that the traditional reading was that the mortgages would be extended for N months, so there is no balloon payment ever; just the loan lasting a bit longer than expected.

They’re gonna pay the mortgage for three extra months, not a lump sum at the end.

That’s a sweet deferral for people: at the end of their mortgage period, their mortgage payment is worth a lot less than it is today.

It's not like this for all mortgages. Some lenders are demanding a lump sum of the 3 payments after the 90 days.

Oh, so then it's nicer than what they're doing with rent.