(Bloomberg) -- Nonbank financial firms spent years lobbying against tougher regulation and stricter capital requirements, arguing that their emerging dominance in mortgage lending didn’t pose a risk to the financial system.Now, many of those companies say they are in desperate need of a bailout to stave off bankruptcy and a potential collapse of the U.S. housing market.Any rescue might not come quickly, as regulators are holding off on providing additional help to see if policies already put in place ease the industry’s expected cash crunch, according to people familiar with the matter. That could lead to anxious moments for Quicken Loans, Freedom Mortgage, Mr Cooper Group Inc. and other nonbank mortgage firms.Read More: U.S. Holds Off on Extending Virus Aid to Mortgage ServicersFederal mortgage watchdogs didn’t predict a pandemic like coronavirus grinding the economy to halt, but many of them did see a potential nonbank liquidity crisis coming. Their efforts to...
Alicia Levine, BNY Mellon Chief Strategist, joins Yahoo Finance’s Alexis Christoforous, Brian Sozzi and Jared Blikre to discuss the latest market action....
Deep oil output cuts by OPEC and other producing nations would not be enough to prevent a huge build in global crude inventories in the second quarter as measures to contain the coronavirus lead to "unprecedented" demand loss, the head of the International Energy Agency, Fatih Birol, said. A production cut of as much as 10 million barrels per day (bpd) that might be discussed by OPEC and other producers next week would still result in a 15 million barrel daily build in the second quarter, Birol told Reuters. The head of the international energy watchdog urged Saudi Arabia, the de-facto OPEC leader and current head of the Group of 20 major economies, to discuss ways to stabilise the oil market with all G20 members....
Investment bank Goldman Sachs has been analyzing the market performance, and has a mixed outlook for the year – not necessarily bad news for the long term, but an acknowledgement that we’re not completely certain what the economic cycle has in store. David Kostin, Goldman Sachs' chief U.S. equity strategist, predicts that the market has not found its true bottom yet, and has to meet three conditions before it can. Kostin notes that the current peak-to-trough time, of just 23 trading days, is an order of magnitude faster than the median – which stands at 17 months. But there is hope on the horizon: Kostin also believes that the S&P can finish out the year at 3,000.The three conditions Kostin sees as essential to a true market bottom are: A slow in the viral spread in the US, allowing investors to understand the actual economic impact; evidence that policy actions by...
Dr. Sampson Davis, an Emergency Room Physician, joins Yahoo Finance’s Alexis Christoforous and Brian Sozzi to discuss what hospitals looks like amid the coronavirus outbreak....
