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On August 13, the Judicial Council of California voted to end two temporary emergency rules governing evictions and judicial foreclosures. The first rule prohibited the issuance of summons or entering of defaults in eviction actions unless the case involved public health and safety issues, and required that trials be set at least 60 days after a request for a trial. The second emergency rule stayed all pending judicial foreclosure actions other than those involving issues of public health and safety, tolled the statute of limitations on filing such actions, and ext...

After a substantial decline last week, the number of borrowers in coronavirus-related mortgage bailout programs dropped by a lot less this week.

It’s a signal that homeowners still need a lot more help in order to recover from the ongoing economic ills of the pandemic. There are also indications that a new foreclosure crisis could be on the horizon.

As of this week, 3.7 million borrowers are still in government and private sector mortgage forbearance programs. That’s about 7% of all active mortgages, according to Black Knight, a mortgage technology and data firm. The...

Fabian Ramirez needs more time to catch up on the rent he couldn’t pay when the coronavirus outbreak put him out of work last spring. He’s in the hole by more than $5,000 — a burden for a laborer with a family to feed.

“It’s a lot,” said Ramirez of Sacramento, who took home about $2,200 a month from his work before the outbreak and had little savings.

His options depend in part on whether Gov. Gavin Newsom and California state lawmakers can reach a deal over the next week to extend renter protections that expire Sept. 2.

If they can’t make an agreement, up to 4 millio...

Ready or not, California is poised to end its historic ban on evictions and foreclosures, a possibility that has lawmakers rushing to extend the measure.

Remarks released this week by California Chief Justice Tani Cantil-Sakauye indicate that the temporary ban could be lifted as soon as Aug. 14, when the state Judicial Council will vote again.

In April, the Judicial Council ruled that California courts would not process orders related to commercial and residential evictions and foreclosures. Now, Cantil-Sakuye said the matter should turn to the legislature “for...

California Attorney General Xavier Becerra issued a letter to 33 mortgage servicers, reminding them of their obligations to homeowners and tenants under the state's Homeowner Bill of Rights. The letter comes as homeowners throughout the state brace for a wave of COVID-19 related foreclosures and post-foreclosure evictions.

"As the dual economic and public health crises continue, many California homeowners may fall behind on their mortgage payments," Becerra wrote in his letter. "During times like these, we must rely on laws, such as the California Homeowner Bill of...

Anthem’s second-quarter profit doubled to nearly $2.3 billion, as a pandemic-induced drop in claims and a new business pushed the Blue Cross-Blue Shield insurer’s earnings past expectations.

The insurer’s stock jumped 6% at the start of trading Wednesday, erasing about half of the loss it had incurred so far this year.

The nation’s second-largest insurer also said Wednesday it was leaving its 2020 earnings forecast unchanged, following a pattern established by its competitors. Insurers haven’t touched their guidance despite big quarterly earnings growth because they...

A statewide moratorium on evicting tenants during the coronavirus pandemic could end in the next 2 ½ weeks, triggering what some fear could be “a wave of evictions” unless lawmakers reinstate the ban.

California Chief Justice Tani Cantil-Sakauye, who chairs the state Judicial Council, announced Friday, July 24, that she plans to hold a vote “very soon,” with the ban expected to end on Aug. 14. She said it’s up to the governor and state lawmakers to fashion future tenant protections during the pandemic.

The Judicial Council, which oversees the state’s court system, im...

Coronavirus-linked business shutdowns have more than doubled the number of Southern California homeowners who are missing mortgage payments.

CoreLogic reports 6% of borrowers in Los Angeles and Orange counties in April were late 30 days or more with their mortgage payments vs. 2.3% delinquent a year earlier. In the Inland Empire, 7.1% of borrowers were at least up 30 days late vs. 3.5% in April 2019.

“Stay at home” orders began throttling the economy in the late winter, forcing many employers to cut jobs. Southern California unemployment was 17% in May.

It’s not just...

US mulls endangered status for Nevada plant in mine fight

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Thousands in Silicon Valley in danger of eviction as end of California moratorium nears

More than 43,000 households in the heart of Silicon Valley face eviction in the next few months even as local technology companies’ valuations soar, according to new research published Wednesday, in what could become a national crisis as eviction moratoriums expire during the coronavirus pandemic.

With eviction bans scheduled to end next month, la...

Alicia Moore, a recently evicted tenant in Nashville, Tennessee, is one of thousands who've lost their housing due to the pandemic. Experts say millions more could be at risk without federal action. (Annie Pancak | Law360)

On March 27, the U.S. government responded to the coronavirus pandemic with historic legislation that included, among other things, a moratorium on evicting renters who live in federally backed housing.

The $2 trillion package known as the CARES Act also provided foreclosure protections, stimulus checks and a $600-per-week bump to unemployment ben...

The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses caused by the coronavirus crisis.

Anna Sweeney, the BoE’s executive director for insurance, said the sector has remained robust in the face of the COVID-19 pandemic’s impact on assets they hold and on liabilities.

“The highest level of uncertainty remains around business interruption,” she told a City & Financial online event.

Britain’s Financial Cond...

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