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China faces increasing risks from deflation as demand crumbles under the weight of an ongoing property crisis and is threatened by continued Covid restrictions -- a stark contrast with other major economies, according to a private survey.
(Bloomberg) -- Hurricane Ian has made landfall in western Cuba, triggering floods and power outages, as it pushes toward Florida’s coastline with the threat of becoming one of the costliest US storms.
Deutsche Bank AG’s chief economist said he expects the UK to enter a “deep and long” recession as the Bank of England plays catch up to control inflation.
British lenders have begun to withdraw mortgage deals as concerns rise that the Bank of England will have to hike interest rates to support the pound.
Morgan Stanley joined other major investment banks in predicting China will likely ease Covid restrictions and reopen the country by spring next year, providing a possible boost to the economy’s recovery.
Apr 7, 2020
, Bloomberg News
(Bloomberg) -- The number of U.S. homeowners with mortgages who have stopped making payments is surging under the federal government’s new forbearance program, according to a survey from the Mortgage Bankers Association.
The total number of loans in forbearance grew to 2.66% as of April 1, according to the MBA’s Forbearance and Call Volume Survey. On March 2, the rate was 0.25%.
For loans backed by Ginnie Mae, which serves low- and moderate-income borrowers, the rate was 4.25%.
The massive increase in mortgage holders who have stopped paying came as the U.S. economy was largely shut down to help stem the spread of the coronavirus.
The government is requiring lenders handling payments on federally backed loans to give borrowers grace periods of as much as six months at a time with no penalties. Loan servicers say they’ve been flooded with borrower requesting help.
©2020 Bloomberg L.P.
