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It’s not too late for coronavirus financial relief and other tips from the mailbag

It’s not too late for coronavirus financial relief and other tips from the mailbag

The mailbag is full of notes from people with all-too-common financial dilemmas these days.

I’ll try to help some of the letter writers in the hope that the answers help you too.

Question from David H. in Short Pump, Virginia:  When I lost my job early in the pandemic, there seemed to be a lot of help out there from banks and credit-card companies for people who were unemployed. But we didn’t need help then, because my wife was working for [a major airline].

She was part of the layoffs they just announced. I’m making money working on some projects, but it’s not enough.  I don’t want to fall behind on the mortgage and the bills. But what can I say to my lenders now, so far into the pandemic, that would persuade them to help me, and why would they help me anyway if we have almost no income and don’t know when that will change?

Answer: Don’t worry about optics; push on.

Mortgage forbearance on federally backed mortgages was part of the CARES Act, the initial coronavirus stimulus package, and you should be able to pause mortgage payments for up to 12 months, in 180-day chunks, by contacting the lender about a COVID hardship.

Generally speaking, lenders have shown a willingness to hold off on missed mortgage payments by adding them to the back end of the loan. Let’s say you have 12 years remaining on the loan, meaning it would be paid off in October 2032 if you don’t hit the brakes; if you pause payments for six months, you will still owe 12 years of payments and you will pay things off in the spring of 2033. That’s effectively like accessing your home equity to get you through trouble.

That said, terms and conditions can vary,

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Your Funds: Mailbag: It’s not too late for COVID financial relief | Column

Your Funds: Mailbag: It’s not too late for COVID financial relief | Column

The mailbag is full of notes from people with all-too-common financial dilemmas these days.

I’ll try to help some of the letter writers in the hope that the answers help you too.

Question from David H. in Short Pump: When I lost my job early in the pandemic, there seemed to be a lot of help out there from banks and credit card companies for people who were unemployed. But we didn’t need help then, because my wife was working for [a major airline].

She was part of the layoffs they just announced. I’m making money working on some projects, but it’s not enough. I don’t want to fall behind on the mortgage and the bills, but what can I say to my lenders now, so far into the pandemic, that they will help me, and why would they help me anyway if we have almost no income and don’t know when that will change?

Answer: Don’t worry about optics; push on.

Mortgage forbearance on federally backed mortgages was part of the CARES Act, the initial coronavirus stimulus package, and you should be able to pause mortgage payments for up to 12 months, in 180-day chunks, by contacting the lender about a virus hardship.

Generally speaking, lenders have shown a willingness to hold off on missed mortgage payments by adding them to the back end of the loan. Let’s say you have 12 years remaining on the loan, meaning it would be paid off in October 2032 if you don’t hit the brakes. If you pause payments for six months, you will still owe 12 years of payments and you will pay things off in the spring of 2033. That’s effectively like accessing your home equity to get you through trouble.

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Trump prepares roughly $1.8 trillion economic relief offer to Pelosi, administration officials say

Trump prepares roughly $1.8 trillion economic relief offer to Pelosi, administration officials say

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a castle on top of a building: The White House is seen in Washington, early Tuesday, the morning after President Trump returned from the hospital where he was treated for COVID-19.


© J. Scott Applewhite
The White House is seen in Washington, early Tuesday, the morning after President Trump returned from the hospital where he was treated for COVID-19.

President Trump made the stunning announcement that he and First Lady Melania Trump had tested positive for COVID-19 early Friday, Oct. 2. Since that time, several others in Trump’s circle have tested positive for the virus. Here’s the latest about what we know:

  2:31 p.m.  

Trump won’t travel over weekend, ending Florida rally plan

By Bloomberg News

President Trump will remain at the White House this weekend, people familiar with the matter said, after he said he wanted to hold rallies in Florida and Pennsylvania despite questions over the stage of his recovery from COVID-19.

Trump, who told Fox’s Sean Hannity late Thursday that he wanted to hold rallies Saturday and Sunday, won’t travel until Monday at the earliest, said the people, who spoke on condition of anonymity.

Trump has been eager to return to the campaign trail, as Democratic nominee Joe Biden widens his lead just weeks before the Nov. 3 election. Trump has released recorded video messages saying he’s well, and his physician said in a statement Wednesday that the president had been free of symptoms for the previous 24 hours.

  2:29 p.m.  

Hope Hicks returned to the White House to help Trump – then the virus hit

By The Washington Post

When she returned to the White House on March 9 after two years away and a lucrative stint in corporate PR, Hope Hicks was supposed to be a talisman to re-create the magic of President Trump’s against-the-odds 2016 campaign.

The Russia investigation that she had been caught up in was over, the impeachment had just ended and the headlines about her

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Third-Quarter 2020 Market Commentary: Despite Uncertainty Around U.S. Election And Hard Brexit, Hope Springs Eternal For COVID-19 Vaccine And Government Relief

Third-Quarter 2020 Market Commentary: Despite Uncertainty Around U.S. Election And Hard Brexit, Hope Springs Eternal For COVID-19 Vaccine And Government Relief

Data Source: Bloomberg

Source: PxHere

3D Note: As part of our ongoing commentary concerning the coronavirus global contagion and its impact on human and global markets, we remind readers that the situation remains fluid as evidenced by volatile market reactions to most new developments, although the pace of these reactions seems to have slowed down from March/April. In addition to our bi-monthly articles and periodic podcasts, 3D has started publishing mid-month updates to our advisor partners as we navigate through the coronavirus pandemic. Please contact us if you would like to be added to the distribution list.

Market action during the third quarter was largely uneventful despite a moderate pickup in volatility and a “pause” in the global reflation trade. The first two months saw rallies in the global reflation trade, broadly represented by growth technology stocks, emerging markets, commodities/non-U.S. currencies, and corporate credit, only to see investors back away from this trade in September due to technical reasons (e.g. over-exposed long positioning in large-cap technology stocks via call option purchases and speculative non-commercial long positioning in EUR/USD) and diminishing prospects over a second U.S. pandemic relief spending program as well as rising prospects over Hard Brexit. The end of the quarter saw elevated (i.e. buy-the-dip) risk sentiment after having peaked in mid-August, prior to the early September sell-off (we wrote about this in peak in investor sentiment in mid-August titled “Market is Euphoric”).

The furious global technology growth rally that characterized the early quarter advance spilled over into the first week of September before the “trade” unwound itself following reports of a large options “whale” (later to be revealed Softbank – Japan’s publicly-traded venture capital fund) having bid up single stock call options on key technology stocks, forcing options market-makers to buy the underlying stocks in order to

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Trump prepares roughly $1.8 trillion economic relief offer to Pelosi as White House scraps scaled back approach

Trump prepares roughly $1.8 trillion economic relief offer to Pelosi as White House scraps scaled back approach

One of Trump’s top economic advisers, Larry Kudlow, said on Fox Business Network that Trump had just approved a new package, and that Treasury Secretary Steven Mnuchin would be speaking with Pelosi “hopefully to put the final touches on this.”

“The gap is narrowing. The bid and the offer, if you will, has narrowed significantly,” Kudlow said. “And, therefore, in Wall Street terms, there may be a trade for some additional assistance for the American recovery from this pandemic contraction.”

A person familiar with the situation, who spoke on condition of anonymity to discuss private negotiations, said Trump had signed off on a counter-offer to Pelosi with a pricetag around $1.8 trillion. Aside from the dollar figure, it was not immediately clear what had changed from the White House’s most recent offer of around $1.6 trillion, which Pelosi dismissed as too meager. Democrats have demanded hundreds of billions of dollars in new aid for states and cities, something Trump has long opposed.

The stock market moved slightly higher on reports of the new Trump offer, as some investors were hopeful that a new spending deal could be reached.

It was unclear if Pelosi would accept the new Trump offer. Pelosi had been pushing legislation around $2.2 trillion in the talks with Mnuchin before Trump abruptly pulled the plug on negotiations Tuesday — only to reverse course after the stock market sunk and some in his own party objected.

“Because it is so necessary to meet the needs of the American people I do hope that we will have an agreement soon,” Pelosi said on MSNBC Friday. She confirmed she would be speaking with Mnuchin later in the day.

As the coronavirus pandemic intensified in March and April, Congress approved $3 trillion in new spending to try and arrest some of

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