3 million Americans are skipping mortgage payments
The Federal Housing Finance Agency said Tuesday that servicers will only need to advance scheduled monthly principal and interest payments to investors for four months once a mortgage borrower has entered forbearance. The FHFA’s move will reduce some of this strain on servicers whose mortgages are backed by Fannie Mae; Freddie Mac’s policies already only required servicers to make payments to investors for four months
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Trump approves of Oracle’s effort to buy TikTok
President Donald Trump voiced support on Tuesday for Oracle Corp. to buy the U.S. operations of TikTok, adding a fresh wrinkle to the bidding for the Chinese-owned video-sharing app. Oracle, a giant in business software, has had preliminary discussions about teaming with some of ByteDance’s existing minority investors to buy TikTok’s U.S. operations but it isn’t clear how advanced the talks are, said people familiar with the matter.
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Asian markets rise, though Nikkei sinks after Japan’s record contraction
Japanese stocks sank while other Asian markets gained Monday after Japan reported a record economic contraction as the coronavirus pandemic weighed on retailing, investment and exports. The Nikkei 225 in Tokyo NIK, -0.82% fell 0.8% after the data showed the world’s third-largest economy shrank 27.8% from a year earlier in the three months ending in June.
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Coronavirus pandemic has created fragility in the U.S. financial sector
“The strains on households and business balance sheets from the economic and financial shocks since March will likely create fragilities that last for some time,” the Federal Reserve said in its latest semi-annual report on the financial sector. “Forceful early interventions have been effective in resolving liquidity stresses but we will be monitoring closely for solvency stresses among highly leveraged business borrowers" the central bank added
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Trump's hard time with China
Trump's hard time with China
US President Donald Trump on Friday said he’s having “a very hard time with China” and hasn’t decided how to handle the international trade relationship, following a call between top trade representatives of the two nations. Trump spoke in a Fox News interview, after U.S. and Chinese trade officials discussed their phase-one trade deal Thursday night.
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