"The Default Cycle Has Officially Started" [zero hedge]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: zero hedge
"The Default Cycle Has Officially Started" We didn't really need any more confirmations. In recent weeks, as the US economy came to a screeching halt because of the coronavirus pandemic, we have seen banks take over $20 billion in reserves in anticipation of a looming default wave (a five-fold increase if not nearly enough based on historical precedent)... ... Moody's predicting that as many as 30% of Americans with home loans – about 15 million households – could stop paying their mortgages if the U.S. economy remains closed through the summer or beyond... ... with the number of households that have already stopped paying their loans soaring by 1,496% in just six weeks... ... and even JPMorgan in the process of shutting down its entire net interest margin origination platform, by getting out of new loans and HELOCs and boosting the standards on new loans . These are all clear signs that a wave of mass defaults has started and is about to break all across America as tens of millions o
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