Mortgages were automatically given 12 months of forbearance, and after the forbearance period ends likely Fannie Mae will allow modifications for up to 720 dpd.

Mortgages were automatically given 12 months of forbearance, and after the forbearance period ends likely Fannie Mae will allow modifications for up to 720 dpd. We saw it happen after 08, and this modifications were still in place in 2019 when I left the industry. "Life of leisure" wasn't a comment on buying power, rather it was a comment on free time. If housing payments are a non-issue, all that is left is food and utilities. Unemployment can go a long way to covering those, often times exceeding those costs. The rest of your time is available for rest or self improvement to push yourself into a better position for when you're ready to re-enter the market. McDonald's may be a large franchise, but that doesn't mean they make great decisions. We see large businesses go under all the time. Too many bad decisions, changes in the market, etc. will have them going to the same end. Edit: McDonald's response to wage increases isn't uncommon. Many business panic and reduce labor costs immediately so they can avoid passing the costs on to the customer. We see this in many metros, such as Seattle. For the workers that get to stick around, they have a better quality of life. But those workers that weren't providing value in excess to the new wage requirements are cut and have a terribly difficult time finding a new position.