{"id":40675,"date":"2020-04-03T19:51:25","date_gmt":"2020-04-04T00:51:25","guid":{"rendered":"http:\/\/prefblog.com\/?p=40675"},"modified":"2020-04-03T19:51:25","modified_gmt":"2020-04-04T00:51:25","slug":"april-3-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40675","title":{"rendered":"April 3, 2020"},"content":{"rendered":"

Wow, no illustrations today! I can remember the halcyon days of my youth when that was normal!<\/p>\n

The US jobs number recorded a big whoopsy today<\/a>:<\/p>\n

The longest stretch of job creation in American history came to a halt last month, the Labor Department reported Friday, another reflection of the coronavirus pandemic that has brought the economy to a virtual standstill.<\/p>\n

Compared with the astounding numbers of people recently applying for unemployment benefits \u2014 nearly 10 million in the previous two weeks \u2014 the figure announced Friday was less striking: a loss of 701,000 jobs. But the data was mostly collected in the first half of the month, before stay-at-home orders began to cover much of the nation. With that, what had been a drip-drip-drip of job losses turned into a deluge.
…<\/b>
The decline in employment last month represents the biggest monthly drop since the depths of the Great Recession in 2008-9. It was paced by a net loss of 459,000 jobs in the leisure and hospitality sector.<\/p><\/blockquote>\n

The Saudis are attempting to expand the oil cartel<\/a>:<\/p>\n

Saudi Arabia is calling on Canada and other countries to participate in oil-output cuts to help halt the slide in global crude prices that is taking a heavy toll on energy-producing economies already struggling with the COVID-19 crisis.<\/p>\n

The official Saudi Press Agency reported that the kingdom urged members of the Organization of Petroleum Exporting Countries, Russia and other countries to seek an agreement to \u201crestore equilibrium\u201d in the oil market. Crude prices shot up 25 per cent on Thursday in response to that and to a comment from U.S. President Donald Trump that Saudi Arabia and Russia could be near a deal to end a price war that has flooded markets around the world.<\/p>\n

A source within OPEC+, which comprises the cartel\u2019s membership plus Russia, Mexico and other allied producers, said non-affiliated countries such as Canada and Brazil would need to join in any co-ordinated output cuts.<\/p><\/blockquote>\n

In the Credit Crunch, there were reports of mortgage servicers being reluctant to give anyone any kind of break on their mortgage, because they were at the end of a long ownership chain, contractually obliged to be tough on deadbeats unless they received instructions from somebody who needed to get instructions … it appears that the US has learned something from that<\/a>:<\/p>\n

The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency. The actions announced today by the agencies inform servicers of the agencies’ flexible supervisory and enforcement approach during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules. The policy statement and guidance issued today will facilitate mortgage servicers’ ability to place consumers in short-term payment forbearance programs such as the one established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).<\/p>\n

Under the CARES Act, borrowers in a federally backed mortgage loan experiencing a financial hardship due, directly or indirectly, to the COVID-19 pandemic, may request forbearance by making a request to their mortgage servicer and affirming that they are experiencing a financial hardship during the COVID\u201319 pandemic. In response, servicers must provide a CARES Act forbearance, that allows borrowers to defer their mortgage payments for up to 180-days and possibly longer.<\/p>\n

The policy statement clarifies that the agencies do not intend to take supervisory or enforcement action against mortgage servicers for delays in sending certain early intervention and loss mitigation notices and taking certain actions relating to loss mitigation set out in the mortgage servicing rules, provided that servicers are making good faith efforts to provide these notices and take these actions within a reasonable time.<\/p><\/blockquote>\n

Cirque de Soliel has been declared in default by S&P<\/a>:<\/p>\n

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