Forbearances Rise After Three Weeks of Declines

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago After three weeks of declining mortgage loan forbearance activity, forbearances surged again this week, according to the McDash Flash Forbearance Tracker from Black Knight. As of the data released Friday, 8.8% of all active mortgage loans are in a state of forbearance.This is up from 8.7% of loans that were in active forbearance as of the previous week.Forbearances peaked the week of May 22 before falling for about three weeks. However, the increases experienced over the past five days have reversed more than half of the declines experienced over the previous few weeks.In total, about 79,000 additional loans went into forbearance this week, bringing the total number of loans in forbearance to 4.68 million.Today’s loan forbearance numbers mean servicers will have to pay $3.5 billion per month on behalf of GSE-backed loan holders, plus an additional $1.4 billion in taxes and insurance on behalf of these loans.The FHFA has mandated that servicers will not have to pay more than four months of principal and interest payments for GSE-backed loans in COVID-19-related forbearance. However, this means servicers could have to pay up to $8.4 billion in total principal and interest payments.This week, 25,000 GSE-backed loans went into forbearance, while 42,000 FHA/VA loans entered forbearance, and a little more than 12,000 loans in the private market entered forbearance plans.About 6.9% of GSE-backed loans are now in forbearance, while 12.5% of FHA/VA loans and 9.6% of private label and bank portfolio loans are in forbearance.Across the market, the loans in forbearance now make up a little more than $1 trillion in unpaid principal balance (UPB). Loans at the GSEs account for $405 billion of that UPB. FHA and VA loans in forbearance total 258 billion in UPB, and loans in forbearance in the private market total $361 billion in UPB. Share Save  Print This Post June 26, 2020 1,678 Views Related Articles The Best Markets For Residential Property Investors 2 days ago Forbearances Rise After Three Weeks of Declines in Daily Dose, Featured, Foreclosure, News About Author: Krista F. Brock Subscribe The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. center_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Forbearances Rise After Three Weeks of Declines Previous: Increasing Productivity for Mortgage Servicers Next: The Week Ahead: The Fed’s, Treasury’s Response to COVID-19 Data Provider Black Knight to Acquire Top of Mind 2 days ago housing market 2020 Mortgage Forbearance 2020-06-26 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Tagged with: housing market 2020 Mortgage Forbearancelast_img read more

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Coffee shop openings set to slow, says report

first_imgThe torrent of new store openings from the big coffee shop and sandwich chains is set to slow to a trickle as consumers tighten their purse strings because of the recession.According to a consumer survey commissioned for a new report by Key Note, 42% of people said they were likely to cut back on visiting coffee and sandwich shops in the future as a result of the recession – a development predicted to dramatically slow growth in the market in the next five years. The sector will also be hit by the ageing UK population, saturation in prime locations and increased competition from other retailers, such as department stores and supermarkets.The Coffee & Sandwich Shops Report predicts that the number of stores operated by the top 12 coffee shop brands will increase by 26% over the next five years from 2,980 to 3,760 in 2013. The number of stores operated by the top 13 branded sandwich shop chains is predicted to grow by 13% from 3,780 stores to 4,265. This is a much slower rate than in recent years.”Among the coffee majors, only Starbucks has so far announced any outlet closures. Most of the major coffee- and sandwich-shop operators are likely to scale back their plans for further outlet openings,” said the report. “Profitability at coffee and sandwich shops is likely to suffer, as special offers are used more often to attract customers.”last_img read more

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Indonesia begins large-scale trials of COVID-19 blood plasma therapy

first_imgHe said 364 COVID-19 patients would be recruited for the clinical trials, which were expected to end within three months. He added that convalescent plasma had been shown to be effective in small studies on the treatment of certain infectious diseases, including Ebola and SARSConvalescent plasma can only be administered to COVID-19 patients in emergency situations or for research purposes. Research into its effectiveness and safety is ongoing, but some early results have been encouraging.Slamet said randomized controlled trials would be necessary to prove the treatment’s efficacy. Read also: Experts warn of COVID-19 quackery, false cures“The researchers’ main focus is on the safety and the efficacy of the therapy. For that, Litbangkes supports any efforts from clinicians to perform the convalescent therapy on COVID-19 patients,” he said.The therapy will use blood plasma extracted from recovered patients. The plasma will be injected into severely ill COVID-19 patients in the hope that it will give their immune systems a boost.David H. Muldjono, a researcher from the Eijkman Institute for Molecular Biology, said that convalescent plasma therapy could be performed on COVID-19 patients who showed moderate to heavy symptoms with pneumonia and hypoxia.  “It’s a therapy. It has not yet been clinically tested globally and does not have any protocols. So we don’t give it in the context of prevention,” he said, adding that the therapy was only for treatment purposes.Subjects of the trial must be at least 18 years old and be currently suffering moderate to heavy symptoms of COVID-19. Subjects will be injected with 200 milliliters of blood plasma twice a day for three days and will be closely monitored for 28 days. The clinical trials are being conducted by Litbangkes in partnership with the Eijkman Institute, the Research and Technology Ministry, the National Research and Innovation Agency (BRIN), the Indonesian Red Cross (PMI), the Food and Drug Monitoring Agency (BPOM) and several hospitals. (trn)Topics : The Health Ministry’s Health Research and Development Agency (Litbangkes) began large-scale clinical trials of convalescent blood plasma therapy on COVID-19 patients on Tuesday.Litbangkes acting head Slamet said Fatmawati General Hospital in South Jakarta; Hasan Sadikin hospital in Bandung, West Java; Dr. Ramelan hospital in Surabaya; and Sidoarjo regional hospital in East Java would host the clinical trials. He added that 20 other hospitals would soon follow.“We open the opportunity for interested hospitals to quickly contact Litbangkes so that we can put them on the list [for clinical trials],” Slamet said on Wednesday, as quoted by kompas.com.last_img read more

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