>>US stocks posted their first back to back gains since February yesterday and jumped more than 13% in two days as a coronavirus stimulus deal was passed by Congress. Positive comments from New York Gov. Andrew Cuomo and a former Federal Reserve chief also lifted stocks.
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers, with the Labor Department reporting a surge to 3.28 million. The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims.
For those of you who will potentially need relief from monthly mortgage payments at this time can contact their loan servicer for assistance, and they are not generally required to provide documentation to verify their hardship. Fannie Mae, Freddie Mac and the FHA this week instructed mortgage servicers to offer borrowers facing financial hardship with options. Primarily, mortgage borrowers can request a forbearance plan, which would reduce or suspend their mortgage payments for up to 12 months, according to the agencies’ guidelines. The exact structure of a forbearance plan will depend on the borrower and servicer in question.
With Northwest Quadrant Wealth Management, I’m Tyler Simones