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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

1 hour ago - World

Former spy Steele defends controversial Trump Russia dossier

Former U.K. intelligence officer Christopher Steele arrives at the High Court in London in July 2020. Photo: Tolga Akmen/AFP via Getty Images

The author of the "Steele Dossier," containing unverified claims about former President Trump told ABC News he stands by his controversial report, according to excerpts from an upcoming documentary published Sunday.

Why it matters: Former U.K. intelligence officer Christopher Steele's dossier was used as part of former special counsel Robert Mueller's investigation into the Trump campaign's alleged links to Russia's government.

Ina Fried, author of Login
5 hours ago - Technology

Intel CEO sees making own chips as a matter of national security

Pat Gelsinger. Photo: Axios on HBO

Intel CEO Pat Gelsinger is putting the pressure on the U.S. government to help subsidize chip manufacturing, insisting the current reliance on plants in Taiwan and Korea as "geopolitically unstable."

Why it matters: There is bipartisan support for funding the domestic semiconductor industry, but Congress has yet to sign the check. The Senate has passed the CHIPS Act that includes $52 billion in semiconductor investment, but it has yet to pass the House.

Updated 5 hours ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

Children are among a group of 17 missionaries kidnapped in Port-au-Prince, Haiti, per a statement from Christian Aid Ministries Sunday.

The latest: "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children," the Ohio-based group said. Haitian police inspector Frantz Champagne on Sunday identified the 400 Mawozo gang as the group responsible, in a statement to AP.