(source: en.wikipedia.org)
Two leading executives in the store credit card industry said they are nervous that when the federal $600-a-week bump for recipients of state unemployment benefits winds down July 31, pending Congressional action, credit card payments will decline substantially. “People got forbearance on credit cards, mortgages...
A record number of tenants and homeowners — 32 percent — missed some or all of their rent or mortgage in July, according to Apartment List, the San Francisco platform that connects renters and listings. While hopeful signs loomed last month as governors eased restrictions...
Minnesota’s Mall of America, one of the nation’s largest shopping centers, missed its third payment on its $1.4 billion mortgage, Bloomberg reported. That puts its owner, Triple Five Group, more than 60 days delinquent. The Canadian-based company failed to make its $7 million debt payment...
Trouble may be brewing in the key auto finance sector in the months ahead amid the economic fallout from the coronavirus, despite a drop in loan delinquency rates in the United States in the first quarter, a new report by credit agency Experian finds. Both...
The pandemic has decimated top and bottom lines for firms across virtually all verticals. And for firms carrying debt amid declining balance sheets and continued cash burn, there’s danger in triggering repayment as they violate covenants on that debt. As estimated by Moody’s Investors Service,...
Amid the pandemic, banks have “frozen” at least $150 billion of loans – equating to about 5 percent of their consumer portfolios. The question becomes: What happens when the freeze thaws and lenders try to get paid? Unemployment, of course, has been skyrocketing, and tens of...
As lenders provide relief for homeowners from the financial challenges of COVID-19, the number of mortgages on temporary postponement increased to 8.16 percent as of May 10, up from 7.91 percent in the prior week, according to the Mortgage Bankers Association’s (MBA) Forbearance and Call...
The College of William and Mary, hoping to court new applicants even as a financial crisis grips the world, has announced a rollback of the 3 percent tuition increase it previously put in place due to the coronavirus pandemic, according to CNBC. It isn’t alone...
Household debt has risen substantially in 2020 thus far, shooting up to $14.3 trillion, a number bypassing the height of the Great Recession by $1.6 trillion, according to a CNBC report that cited the New York Federal Reserve. However, credit card balances have dropped compared...