Speaking with GlobalCapital, Structured Finance and Securitization partner Don Macbean discussed how the COVID-19 pandemic has impacted mortgage servicers, many of whom are concerned that they will be left to pay the bulk of the cost of the 90 days of mortgage forbearance set forth in recent relief legislation. Regarding particular challenges facing non-bank servicers, Don stated, "I would note that some people in the industry feel relatively confident this will be picked up by another piece of legislation, although the likelihood of something being added to this Senate bill is very unlikely given how far along we are in the process." He noted that this was not likely a deliberate omission, but is representative of the "enormous" amount of ground Congress needed to cover in the relief package. He added, "The bill does not directly address a lot of items people think of when we say ABS, but fundamentally securitization is just a funding mechanism for small businesses and consumers. Anything that provides liquidity for consumers will flow into the ABS market and benefit our transactions." ("RMBS servicers to "work for free" under virus rescue bill," March 26, 2020)