While the housing industry has been a bright spot during the pandemic-spurred economic crisis, many housing experts warn that the policies passed to fuel recovery could see a widening in the gap in homeownership between Black and white Americans.
As the pandemic continues to loom over the country, financial analysts are becoming more concerned about the CMBS market. “I don’t think anyone foresaw the devastation that COVID would wreak on commercial real estate and the CMBS market,” says Wells Fargo analyst and SFA CMBS Committee Co-Chair Lea Overby
One of the long-lasting impacts of the COVID-19 pandemic on the financial services world has been the new interest generated in stakeholder capitalism and ESG investing. Last Wednesday, research firm Morningstar released a report highlighting that global ESG index funds have doubled over the past three years and that sustainable index funds within the US have quadrupled to around $250 billion or around 20% of all index funds.
On July 29, SFA joined six trade groups including ACLI, AFSA, Equipment Leasing and Finance Association, Marketplace Lending Association, Mortgage Bankers Association, and the National Association of Insurance and Financial Advisors in signing a letter that was sent to House and Senate Leadership.
On Saturday, August 9, President Donald Trump signed one Executive Order and three Presidential Memorandums to provide additional resources to support American families and businesses impacted by the pandemic, as negotiations between Congress and the Trump Administration over a “Phase 4” COVID-19 relief package remain deadlocked.
The headline unemployment rate dropped to 10.2% in July, a modest improvement from June’s rate of 11.1%. The total unemployment rate, which includes all persons marginally attached to the labor force, plus total employed part time for economic reasons, dropped to 16.5% from 18% in June. Over 1.8 million jobs were added back to the economy.