Trump Considers Letting Homeowners Delay Mortgage Payments

Trump Considers Letting Homeowners Delay Mortgage Payments

(Bloomberg) -- The Trump administration is considering a plan to allow homeowners whose income was cut by the coronavirus to delay mortgage payments. Still to be decided is a mechanism for borrowers to catch up.The government also will have to determine how to advance money to mortgage servicers so that investors in mortgage-backed securities get their guaranteed payments. “Tens of billions” in short-term financing may be needed, said Michael Fratantoni, chief economist at the Mortgage Bankers Association. Other real estate-related trade groups also are involved in the discussions.“This is so big,” Fratantoni said. “We’re thinking of the potential of several months of payments for a lot of homeowners.”The proposal could follow the model of previous forbearance programs after critical disasters, he said. Borrowers in areas hit by storms have been allowed to pause payments for a period of time. The White House has been in touch with mortgage lenders to discuss...

BioNTech (BNTX) Skyrockets on Coronavirus Vaccine Hopes; One Analyst Remains Cautious

Hopes for the swift development of a vaccine for the coronavirus got a boost on Monday.BioNTech (BNTX) announced that it will begin a global clinical development program called Project Lightspeed, for its COVID-19 mRNA-based vaccine, BNT162, in late April 2020. Fortunately, BioNTech's coronavirus vaccine program also got the hand it needs. The company has struck a strategic clinical development and commercialization deal with biotech Fosun Pharma. The China-based firm will retain the vaccine’s commercialization rights in China, while BioNTech will keep the rights for the rest of the world. The company will receive a $50 million investment from Fosun, in return for a holding of 1,580,777 shares in BioNtech (implying a price of $31.6 per share). On top of the welcome development, BioNTech also disclosed that it is currently in advanced talks with Pfizer concerning further development of the Vaccine outside China. Deal terms were not disclosed.In reaction, BioNTech shares skyrocketed...