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Photo: Illustration: Aïda Amer/Axios

More than 2 million U.S. mortgage holders are now in forbearance, data from the Mortgage Bankers Association show, and forbearance requests jumped 78% for the week ending April 5.

By the numbers: The increase in requests is actually an exponential decline. Forbearance requests rose by 1,270% between the week of March 2 and the week of March 16, and another 1,896% between the week of March 16 and the week of March 30, MBA reported last week.

  • Nearly 4% of all U.S. home loans are now in forbearance, MBA said.

The state of play: "With mitigation efforts seemingly in place for at least several more weeks, job losses will continue and the number of borrowers asking for forbearance will likely continue to rise at a rapid pace," MBA chief economist Mike Fratantoni said in a statement.

Between the lines: S&P Global warned in a note Monday that "servicers may not have adequate staff in place to handle the vast work volumes, and the enormous amounts of forbearance requests will result in very large sums of capital needed to meet servicers advancing requirements."

Go deeper: Coronavirus is squeezing more people out of the housing market

Go deeper

Dion Rabouin, author of Markets
36 mins ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

Ina Fried, author of Login
2 hours ago - Technology

CES was largely irrelevant this year

Illustration: Sarah Grillo/Axios

Forced online by the pandemic and overshadowed by the attack on the Capitol, the 2021 edition of CES was mostly an afterthought as media's attention focused elsewhere.

Why it matters: The consumer electronics trade show is the cornerstone event for the Consumer Technology Association and Las Vegas has been the traditional early-January gathering place for the tech industry.

The FBI is tracing a digital trail to Capitol rioters

Illustration: Sarah Grillo

Capitol rioters, eager to share proof of their efforts with other extremists online, have so far left a digital footprint of at least 140,000 images that is making it easier for federal law enforcement officials to capture and arrest them.

The big picture: Law enforcement's use of digital tracing isn't new, and has long been at the center of fierce battles over privacy and civil liberties. The Capitol siege is opening a fresh front in that debate.