Millions Stop Paying Mortgages and Credit Cards; Commercial Plane Crashes in Pakistan.
DONALD TRUMP, PRESIDENT OF THE UNITED STATES: I think we will. I think we're going to be helping people out. We're going to be getting some money for them during the artificial -- because it really is, it's an artificial closure. But I would say there could be one more nice shot. One more nice go (ph).</s>BERMAN: President Trump telling reporters that he thinks there will be another round of economic relief, but he is refusing to offer specifics, saying the details will be announced at the appropriate time. Joining me now, CNN chief business correspondent and anchor of "Early Start," Christine Romans, and CNN anchor and correspondent Julia Chatterley. Romans, we'll get to the idea of relief in just a second. But, first, we are getting some breaking news about just how much in need people are. A sense of how many people might be defaulting or short on their mortgage and credit card payments.</s>CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: Yes, millions of people just can't scrape together the money to pay for these really important things that are the cornerstone of, you know, your kitchen table economics. For example, we know from Transunion that some 14.7 million, almost 15 million credits cards are in financial hardship programs. That is a record high. That means these are people who are working with their lenders to pause their bills, right, or to have a grace period here to pay their bills. On auto loans, it's almost 3 million who are in hardship programs because they can't get the money together. When you look at mortgages, there's this brand new information that 9 percent of all mortgages are in these forbearance plans. That's, you know, 4.75 million homeowners. You know, that's a trillion dollars of unpaid principal balance sitting there. These are people who have told their lenders, hey, I can't -- I can't manage this right now. And some of those people are not paying their May bills. About one in five are not paying their May mortgage payments. So it just gives you kind of a fine point on the damage that's happening to American families and they're really important economics.</s>BERMAN: You see how people's lives have been changed here, Julia. And, in a sense, this trickles up into the larger areas of the economy, when people can't pay their bills, which gets to the need for this relief package. Now, the president says he thinks there will be a new round of relief. But what's different between what he might be willing to sign and what Democrats and the House have already passed with their $3 trillion plan?</s>JULIA CHATTERLEY, CNN ANCHOR AND CORRESPONDENT: And this is a great point. Even the Treasury secretary said yesterday a strong likelihood of more stimulus being needed, and it is. But we then have Senate Majority Leader Mitch McConnell saying, look, we need to prevent the lawyer vultures being able to get at businesses. He also said we're going to try and stop this $600 bump up payment that we've seen on a weekly basis for insurance, unemployment insurance. There is perhaps a disincentive effect. We know that around 38 state have people that are earning equal to or more on average than they were before. But just switching that off, when you've got 39 million people claiming for first time benefits is not the answer either. So, structuring that in some way to get people -- incentivize people to get back into the workforce is the answer, not just turning it off. So they've got to meet in the middle on that, I think. Very quickly, the other thing that Treasury Secretary Mnuchin said is, despite partisan support to give small businesses between 10 and 12 weeks to spend the money, not the current eight weeks to beat bills and try and hire workers that they've got right now, it's not enough. The Democrats are fighting for 24 weeks. They need to at least meet in the middle. Challenges</s>BERMAN: Well, the Senate couldn't get the job done yesterday.</s>ROMANS: Yes.</s>BERMAN: They left without reaching a deal on that. They had a chance to get something done. They didn't. Christine Romans, there was more than 2 million new jobless claims yesterday reported. I am curious if we are starting to see any signs of jobs reemerging or economies beginning to percolating again now that some of the stay-at-home orders have been relaxed.</s>ROMANS: I feel like, John, we're trying to put in rock bottom here. We're trying to put in rock bottom in this economy. And when you look at continuing jobless claims, you know, those grew by another 2.5 million. So that meant -- those are people still on the rolls. Twenty- five million people are getting jobless benefits right now. That's just really unbelievable. And that's not showing any sign of moving lower yet. When we see that start to turn, I think that will be a really important sort of leading indicator about where we're going to go. But right now the beginning of May feels just as terrible as the end of April. And I'm hoping we're putting in the bottom here. One of the -- one of the issues is, especially for small business, you know, they're having trouble rehiring people because they don't know when they're really going to open robustly, right? They still have to find the money to pay for PPE for their employees. They have to put in dividers and change, you know, social distancing, physical distancing in their -- in their stores and their physical locations, so they've got a lot of expenses right now that they've got to manage before they're ready to really even try to get back to some sort of normality.</s>BERMAN: And also the uncertainty of what happens when and if people get sick again. There really have been very few answers as far as that goes. Christine Romans, Julia Chatterley, thank you very much for being with us. We are getting word of breaking news about a commercial aircraft that crashed in Pakistan. NEW DAY continues right now.</s>ANNOUNCER: This is CNN breaking news.</s>BERMAN: All right, welcome to our viewers in the United States and all around the world. This is NEW DAY. And we do have breaking news. Word just in that a Pakistan international airlines flight with more than 100 people on board crashed in the city of Karachi. We're just getting new video from the scene. This is the first time we've had a chance to look at this. Wow. It shows buildings on fire. You can see the impact of where this plane landed or crashed. Officials say the flight was headed from Lahore to Karachi when it vanished off radar just before it was scheduled to land.</s>CAMEROTA: CNN's Sophia Saifi joins us live now from the capital of Islamabad with the breaking details. I know it's early. What have you learned, Sophia?</s>SOPHIA SAIFI, CNN PRODUCER: Well, Alisyn, we know that this happened just a little earlier this afternoon. The flight took off from the city of Lahore to the city of Karachi, which is the most populated city of the country. Now, flights hadn't been running in Pakistan for about two and a half months. And it's only recently that Pakistan's national. END