Just over 3.4 million borrowers, representing 6.4% of all mortgages outstanding, are now in forbearance plans.
That’s an increase of 477,000 loans in just one week, or a nearly 9% jump, according to Black Knight, a mortgage data and analytics firm, which is running weekly tallies.
These forbearances represent $754 billion in unpaid principal and include 5.6% of all Fannie Mae and Freddie Mac loans and 8.9% of all FHA/VA loans.
Last week, the IRS began issuing stimulus payments to Americans. Individuals are eligible for $1,200, while married joint filers could collect $2,400. Households are entitled to $500 per qualifying child.
More than 200 public companies applied for at least $854.7 million from the government program that was billed as emergency funding for small businesses without access to other sources of capital, according to data analytics firm FactSquared.
Apple lost $100 billion in value on Monday, while Microsoft’s market cap plunged by $83.6 billion
The broader market had its worst day since the 2008 financial crisis, because of concerns about coronavirus and plunging oil prices.
Tesla dropped 14%.
On March 3, Bitcoin (BTC) price gained the most on speculation that the US Federal Reserve, as well as other central banks, will be supporting markets even as concerns of the coronavirus outbreak continue to grow.
The 27 EU members want a “Recovery Fund,” but they have yet to figure out how to finance it, how big it should be, and what it should be made of.
The heads of state will have an initial discussion on the matter, but they are not expected to reach a conclusion Thursday, two other European officials told CNBC Wednesday.
Netflix reported its Q1 2020 earnings after the bell on Tuesday.
The company showed a huge uptick in new subscribers, which it attributed to people staying at home due to the coronavirus pandemic.
CEO Reed Hastings also praised rival Disney’s execution in launching its new streaming service, Disney+, last fall.
A partnership between the money remittance company and the crypto services firm was first announced back in June when Ripple agreed to provide MoneyGram with US$50 million in order to support its payments product, On-Demand Liquidity, or xRapid, as it is sometimes referred to as.
The latest efforts stoke renewed concern about how the company, which makes the majority of its money from targeted advertising, can get masses to trust it with their health information.
Boeing fell more than 6% to lead the Dow lower while Chevron and Exxon Mobil dropped more than 4% each. Energy, real estate and utilities were the worst-performing sectors in the S&P 500, falling more than 3% each.
