Mortgage default and debt crisis around the corner?

I’m not paying much attention to the housing market right now, but it does seem as though some big things are afoot:

• The CARES act lets people with mortgages under ~$500k (or ~$750k in wealthier areas) delay payments by up to a year. There’s not a clear picture of what happens after the delay, and it seems that the government and banks are sorting that out right now. Options include expecting back payments when the year is up, or adding the missed months to the end of the mortgage.

• Larger mortgages (so-called “jumbo loans”) are not covered by the CARES act and are not backed by the federal government.

• Apparently 6.4% of loans that aren't backed by the federal government, (including jumbo loans) were in forbearance as of April 12. [1]

• A lot of banks are no longer issuing jumbo loans. Apparently jumbo loan issuances were down 37% in March. [4] Remembering 2008, investors are skittish about buying new mortgage-backed securities at a time when a lot of people might not be able to make their mortgage payments.

• I did find that homes sales in CA are down about half relative to the same week last year [2]. In SF home sales are down by about 80%. [3] Listings on the market in SF have dropped by about half.

• Home prices haven’t budged by much yet, at least in SF [3]

• 26 million Americans filed for unemployment in the last few weeks.

For those of you who follow finance much more closely than I do, I’m curious:

• What’s going to happen to people who have jumbo loans who can’t make their payments? Are banks modifying loan terms to extend the term of the mortgage, or are some of these people headed for foreclosure?

• What does this mean in terms of people buying homes in the Bay Area, where you need either wheelbarrows of cash or a jumbo loan to buy a house?

• Is there likely to be another debt crisis driven by mortgage defaults in the next year or so?

[1] https://finance.yahoo.com/news/skipping-mortage-payments-isn-t-150002108.html
[2] https://www.mba.org/2020-press-releases/april/mortgage-applications-decrease-in-latest-mba-weekly-survey-x263483
[3] https://www.bayareamarketreports.com/trend/san-francisco-home-prices-market-trends-news
[4] https://www.bloomberg.com/news/articles/2020-04-21/well-heeled-mortgage-borrowers-face-cold-shoulder-from-lenders