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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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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Auto insurers State Farm, Geico, others to issue refunds
On Thursday, State Farm, the largest auto insurance company in the country, joined Allstate, Geico, Liberty Mutual, Progressive and others, in announcing refunds to its customers. State Farm said it will be returning a $2 billion dividend, with most customers receiving a 25 percent policy credit on premiums paid between March 20 and May 31.
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Mortgage rates are near record lows, but home buyers may face an uphill battle in securing them
The 30-year fixed-rate mortgage remained flat at an average of 3.33% during the week ending April 9, Freddie Mac reported Thursday. “The type of loan you’re getting is going to lead to different rates,” Danielle Hale, chief economist for Realtor.com, told MarketWatch.
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Dyson creates new portable ventilator for the British government in 10 days
Billionaire inventor Sir James Dyson's company, Dyson, has designed a new portable ventilator called Covent in 10 days at the request of UK Prime Minister Boris Johnson and has already received an order of 10,000 units from the British government to help emergency staff respond more effectively to coronavirus patients. Dyson's design now awaits regulatory approval before manufacturing can begin.
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