'Which Consumer Lenders Are (and Aren’t) Helping the Most' diff viewer (6/7)

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Which Consumer Lenders Are (and Aren’t) Helping the Most	Which Consumer Lenders Are (and Aren’t) Helping the Most
2020-06-17 04:22:17 UTC	2020-06-17 15:01:18 UTC (about 11 hours later)
On Sunday morning, Goldman Sachs, the financial partner on the new Apple credit card, said it would allow all cardholders who asked for help to skip their March credit card bill. The interest would disappear, never to be charged. And Goldman would foot the bill itself, as the financial backer of the partnership.	On Sunday morning, Goldman Sachs, the financial partner on the new Apple credit card, said it would allow all cardholders who asked for help to skip their March credit card bill. The interest would disappear, never to be charged. And Goldman would foot the bill itself, as the financial backer of the partnership.
On Sunday afternoon, I went to the largest credit card issuers, auto lenders and mortgage servicers and essentially asked them to match it: Would they do the same, for everyone, and declare a one-month — or longer — pause on bills and interest?	On Sunday afternoon, I went to the largest credit card issuers, auto lenders and mortgage servicers and essentially asked them to match it: Would they do the same, for everyone, and declare a one-month — or longer — pause on bills and interest?
Several replied right away and said they would allow people to skip payments, interest free. They include American Express (cards), and Capital One (auto loans and cards). I’m glad to hear it, given that federal regulators more or less demanded last week that banks show some leniency.	Several replied right away and said they would allow people to skip payments, interest free. They include American Express (cards), and Capital One (auto loans and cards). I’m glad to hear it, given that federal regulators more or less demanded last week that banks show some leniency.
Here’s one surprising company that would not make an ironclad commitment: the auto lending giant Ally Bank, which was the beneficiary of a federal bailout during the last financial crisis. Ally did say it would work with customers to identify their specific challenges and tailor solutions for them, but would not pause bills unilaterally.	Here’s one surprising company that would not make an ironclad commitment: the auto lending giant Ally Bank, which was the beneficiary of a federal bailout during the last financial crisis. Ally did say it would work with customers to identify their specific challenges and tailor solutions for them, but would not pause bills unilaterally.
“As has been our practice during previous periods of hardship, we are not using a one-size-fits-all approach,” a company spokeswoman said in an emailed statement on Monday. But this isn’t shaping up to be like past hardships. Statements like this — from companies that would not exist but for their own recent rescues — are baffling. And case-by-case solutions may quickly become impractical: Call centers may have to shut down, and they are likely to soon be overwhelmed with people seeking relief.	“As has been our practice during previous periods of hardship, we are not using a one-size-fits-all approach,” a company spokeswoman said in an emailed statement on Monday. But this isn’t shaping up to be like past hardships. Statements like this — from companies that would not exist but for their own recent rescues — are baffling. And case-by-case solutions may quickly become impractical: Call centers may have to shut down, and they are likely to soon be overwhelmed with people seeking relief.
Economic circumstances may quickly outrun any concerns about which lender is offering what incremental assistance this week, so the fact that large companies will not just hit a giant pause button for everyone is deeply disappointing.	Economic circumstances may quickly outrun any concerns about which lender is offering what incremental assistance this week, so the fact that large companies will not just hit a giant pause button for everyone is deeply disappointing.
Yes, Goldman has a small fraction of the number of nonbusiness customers that other large financial institutions do. And yes, this is a pretty easy good-will win for the company, whose reputation took it on the chin during the last meltdown.	Yes, Goldman has a small fraction of the number of nonbusiness customers that other large financial institutions do. And yes, this is a pretty easy good-will win for the company, whose reputation took it on the chin during the last meltdown.
But if Goldman can see the light, so can other financial giants. A few hours after my initial contact with Ally, a spokeswoman followed up and said that given the fluidity of the situation, it was looking at other options for helping.	But if Goldman can see the light, so can other financial giants. A few hours after my initial contact with Ally, a spokeswoman followed up and said that given the fluidity of the situation, it was looking at other options for helping.
I suspect that if you communicate with a company yourself about a payment and interest pause — even the ones that say they’ll help — it may not agree to do so right away. Word of the leniency may not have spread to front-line service representatives yet, who themselves are probably questioning whether they should even be at work. Hats off to them for showing up and trying to help.	I suspect that if you communicate with a company yourself about a payment and interest pause — even the ones that say they’ll help — it may not agree to do so right away. Word of the leniency may not have spread to front-line service representatives yet, who themselves are probably questioning whether they should even be at work. Hats off to them for showing up and trying to help.
If any of the above lenders turn you down, gently remind them that their corporate representatives have been out in public saying that one-month waivers are possible, and contact me if they refuse to help you.	If any of the above lenders turn you down, gently remind them that their corporate representatives have been out in public saying that one-month waivers are possible, and contact me if they refuse to help you.
Even if the waiver goes through smoothly, make sure your lender agrees that the skipped payment will not ruin your credit. Goldman Sachs — which extended its policy to the personal loans it issues through its Marcus online bank — has promised that the pause will not bring down your credit score.	Even if the waiver goes through smoothly, make sure your lender agrees that the skipped payment will not ruin your credit. Goldman Sachs — which extended its policy to the personal loans it issues through its Marcus online bank — has promised that the pause will not bring down your credit score.
A pause may be more complex when it comes to mortgage servicers, and possibly some auto loan servicers that have turned the loans they issued into bonds and then sold them to investors.	A pause may be more complex when it comes to mortgage servicers, and possibly some auto loan servicers that have turned the loans they issued into bonds and then sold them to investors.
“The overwhelming majority of the loans we originate and service are purchased by Fannie Mae, Freddie Mac and Ginnie Mae, which require all servicers follow their process for mortgage forbearances,” said a spokesman for Quicken Loans, the nation’s largest home loan originator. “Policymakers at the federal, state and local levels need to act now to present options that allow mortgage servicers to help homeowners whose cash flow may be impaired.”	“The overwhelming majority of the loans we originate and service are purchased by Fannie Mae, Freddie Mac and Ginnie Mae, which require all servicers follow their process for mortgage forbearances,” said a spokesman for Quicken Loans, the nation’s largest home loan originator. “Policymakers at the federal, state and local levels need to act now to present options that allow mortgage servicers to help homeowners whose cash flow may be impaired.”
General Motors also received a bailout during the last big downturn. What is it doing for customers now?	General Motors also received a bailout during the last big downturn. What is it doing for customers now?
General Motors Financial said that it was not “currently” matching Goldman’s offering to customers. Instead, it pointed me to a website saying that it would be hard to contact its representatives right now. For those who succeed, this is the policy: “Each customer’s situation is unique and we’re here to help.”	General Motors Financial said that it was not “currently” matching Goldman’s offering to customers. Instead, it pointed me to a website saying that it would be hard to contact its representatives right now. For those who succeed, this is the policy: “Each customer’s situation is unique and we’re here to help.”
At Ford Credit, according to a spokesman, people can call and pause this month’s car payment, but interest will continue to accrue.	At Ford Credit, according to a spokesman, people can call and pause this month’s car payment, but interest will continue to accrue.
Barclays has the same policy for its U.S. cardholders (and will not charge late or nonpayment fees even as interest does pile up). Bank of America will also allow skipped payments while still keeping the interest clock running for auto loan, credit card and mortgage customers.	Barclays has the same policy for its U.S. cardholders (and will not charge late or nonpayment fees even as interest does pile up). Bank of America will also allow skipped payments while still keeping the interest clock running for auto loan, credit card and mortgage customers.
Updated June 16, 2020	Updated June 16, 2020
	The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.	The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.	So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.	Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.	A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.	The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.	Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.	States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.	Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)	If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.	Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.	The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.	If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.	If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
I’m still trying to find out more from other lenders.	I’m still trying to find out more from other lenders.
I’m awaiting more detailed information from Citibank, PNC Bank, Santander and Wells Fargo. Discover said that it would match the Goldman Apple move allowing most cardholders the ability to skip a payment, but customers who already have too many late payments may not be eligible. It would not commit to waiving the accrual of interest though.	I’m awaiting more detailed information from Citibank, PNC Bank, Santander and Wells Fargo. Discover said that it would match the Goldman Apple move allowing most cardholders the ability to skip a payment, but customers who already have too many late payments may not be eligible. It would not commit to waiving the accrual of interest though.
Confusion reigns. I received changing information from JPMorgan Chase — but for now, it is not matching Goldman’s blanket waivers.	Confusion reigns. I received changing information from JPMorgan Chase — but for now, it is not matching Goldman’s blanket waivers.
The New York Times Company is handling hardship requests from subscribers in distress on a case-by-case basis, according to a spokeswoman. Much of the coronavirus coverage is not behind its subscription paywall.	The New York Times Company is handling hardship requests from subscribers in distress on a case-by-case basis, according to a spokeswoman. Much of the coronavirus coverage is not behind its subscription paywall.
A one-month pause — for bills of all kinds — might not be enough for people whose incomes fall to zero. The longer the virus shuts down large swaths of economic activity, the more the government will be considering moonshot ideas.	A one-month pause — for bills of all kinds — might not be enough for people whose incomes fall to zero. The longer the virus shuts down large swaths of economic activity, the more the government will be considering moonshot ideas.
One received the White House’s endorsement on Tuesday: Send money directly to Americans, hopefully by the end of April. It’s not clear how much money each person could get, and there may be income caps.	One received the White House’s endorsement on Tuesday: Send money directly to Americans, hopefully by the end of April. It’s not clear how much money each person could get, and there may be income caps.