The spread of COVID-19 has caused the U.S.—and the world, for that matter—to come to a screeching halt.
The virus, which was declared a pandemic by the World Health Organization on March 11, has caused havoc on Wall Street, closed restaurants, bars, and slowed the economic activity to a crawl. There are currently more than 16,000 cases of COVID-19 and has caused more than 200 deaths in the U.S.
In response to the disruption caused by the coronavirus, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Conference of State Bank Supervisors, issued a joined statement in March saying financial institutions need to work to meet the needs of the consumers.
Now, the fear of recession is becoming a real possibility, as Mark Zandi, Chief Economist at Moody’s Analytics told Bloomberg there is now a 60% chance the U.S. economy heads into a recession in 2020.
“Housing is being buffeted by two gale forces moving in opposite directions,” Zandi told Bloomberg. “The question is, what’s the end result of all that? In all likelihood, the recession will trump the lower rates.”
Leaders from across the housing and mortgage industries spoke to MReport about COVID-19’s ripple effect on the stock market, investors, and mortgage rates.
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