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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

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Rep. Rashida Tlaib fends off Democratic primary challenge in Michigan

Rep. Rashida Tlaib. Photo: Chip Somodevilla/Getty Images

Michigan Rep. Rashida Tlaib won her Democratic primary against challenger Detroit City Council President Brenda Jones, according to AP.

Why it matters: Tlaib, a democratic socialist and member of "The Squad," found herself in a vulnerable position, facing off against Jones after narrowly beating her two years ago.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 18,570,858 — Total deaths: 701,316 — Total recoveries — 11,163,388Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 4,771,846 — Total deaths: 156,839 — Total recoveries: 1,528,979 — Total tests: 58,239,438Map.
  3. Public health: Moderna skirts disclosures of coronavirus vaccine costs — There’s not much good news about kids and coronavirus.
  4. Business: Auto sales may have turned a corner.
  5. Sports: The return of high school sports hangs in the balance — UConn becomes first FBS team to cancel its football season.

Shale's struggles will persist despite a rise in oil prices

Illustration: Sarah Grillo/Axios

WTI, the benchmark U.S. oil future, traded Wednesday morning at its highest since early March — highlighting how shale's crisis is seemingly over, though more bankruptcies likely lie ahead.

Why it matters: Its price at the time — $43 — is still too low for many producers to do well, though it varies from company to company.