General World News

Mortgage forbearance rate continues to drop

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The U.S. forbearance rate fell nine basis points last week to 5.37% of servicers’ portfolio volume, according to a survey from the Mortgage Bankers Association on Monday. While this decline may be the largest drop in forbearance share in the past nine weeks, it is only the second in that same time period – the first being on Dec. 14 […]

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Yellen tells Congress that raising the federal minimum wage to $15 would have ‘minimal’ impact on jobs

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Summary List Placement Treasury Secretary nominee Janet Yellen said that a $15 minimum wage increase will not have significant effects on the job market, responding to concerns from Republican lawmakers. In her confirmation hearing on Tuesday, Yellen addressed President-elect Joe Biden’s announcement to increase the federal minimum wage to $15 an hour in his stimulus […]

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Biden will move to implement his $2 trillion climate plan on day 1 to bolster the economy and kick off the new administration’s fight against climate change

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Summary List Placement Climate change is at the top of President-elect Joe Biden’s funding agenda once he assumes office on Wednesday, as the new administration looks to add jobs to the economy while combating the warming climate. In his $1.7 trillion climate proposal, Biden plans on reversing many of President Donald Trump’s actions that relate […]

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FHFA extends foreclosure, eviction moratorium to February

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The Federal Housing Finance Agency announced Tuesday that Fannie Mae and Freddie Mac will once again extend moratoriums on single-family foreclosures and real estate owned evictions, this time until Feb. 28, 2021. “To keep our communities safe, and families in their homes during the COVID-19 pandemic, FHFA is extending Fannie Mae and Freddie Mac’s foreclosure […]

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Turkey Hits Twitter, Pinterest with Advertising Bans

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Turkey imposed advertising bans Tuesday on Twitter, Periscope and Pinterest for not complying with a new law requiring social media companies to appoint a local representative to handle content removal orders.   The rules that went into effect in October have drawn criticism from human rights and media freedom groups who argue Turkey’s government is […]

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Should Social Media Platforms Lose Legal Protection?

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The decision by social media giants to police more content, along with banning U.S. President Donald Trump and some of his supporters from posting, is intensifying a debate in Europe over how to regulate platforms such as Facebook and Twitter. The hotly contested debate has mostly focused on whether governments should intervene to censor and […]

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Fashion Illustrator Thanks NYC Nurses Through Art

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New York City-based fashion illustrator and writer Rebecca Moses decided to turn a quarantine art project into a gift to all New York City nurses. Nina Vishneva has the story, narrated by Anna Rice. Camera: Natalia Latukhina, Alexander Barash details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com

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Mortgage underwriting challenges in the pandemic

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In December, AmTrust Title Insurance Company announced the hiring of seasoned underwriter Mary Shelley as its midwest region agency underwriter. We took the opportunity to talk to Shelley, who has 35 years experience in the field, about the challenges underwriters have faced during this pandemic period. “The COVID-19 pandemic resulted in a lack of access […]

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Billionaire investor Ray Dalio warned the US could be on the verge of civil war — Now a prominent market bear is saying investors should monitor this under-the-radar bubble, which could trigger unrest

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Summary List Placement Several big-name investors have started raising concerns about market bubbles, identifying frothy behavior in certain asset classes, from technology stocks, to SPACs, to small-caps and Bitcoin. But there is one bubble that seems to be flying under investors’ radars: food prices. Société Générale’s market strategist, Albert Edwards, thinks there is a bubble […]

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Prepare for the rise in mortgage rates

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As the calendar flipped to 2021, it didn’t take long for the rise in mortgage rates. Just two weeks into the new year, Freddie Mac reported that mortgage rates climbed 14 basis points to 2.79%, a dramatic contrast to 2020, a year in which mortgage rates set record lows 16 times. Economists across the housing […]

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‘Dr. Doom’ economist Nouriel Roubini warns Biden’s presidency will suffer civil unrest and cyberattacks by Russia and China during his term

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Summary List Placement Economist Nouriel Roubini expects Joe Biden’s presidency to face civil unrest and cyberattacks. Russia and China will launch cyberattacks against the US and spread false information, he said. He’s worried Donald Trump could execute military action in Iran, making things difficult for Biden. Visit Business Insider’s homepage for more stories. Joe Biden’s […]

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The EU could throw out its landmark trade deal with China over concerns about Beijing’s human rights record

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Summary List Placement A leading member of the European Parliament has raised significant concerns about the EU’s landmark investment deal with China over its alleged human rights abuses and fears that it could harm relations with the new Biden administration. The EU-China investment deal aims to liberalize trade between Beijing and Brussels and was struck […]

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One measure of unemployment suggests Biden’s $1.9 trillion stimulus plan could do more harm than good, says one top Wall Street strategist

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Summary List Placement The US economy is receiving fresh fiscal support after months of plodding negotiations. But one measure of the labor market suggests the massive stimulus is unnecessary and potentially harmful to future growth, according to James Paulsen, chief investment strategist at The Leuthold Group. The country is already reaping the benefits of the […]

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Elvis Presley’s Graceland Starting Live Virtual Tours

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Elvis Presley’s Graceland is now offering live online tours for fans around the world, including those who can’t travel to the Tennessee tourist attraction during the coronavirus pandemic. Graceland said the two-hour guided tours will take virtual visitors into Presley’s former Memphis home, which has been turned into a museum, and through the Meditation Garden, […]

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Biden’s $1.9 trillion stimulus plan is set to collide with Republicans — and it could force Democrats to scrap measures like a $15 minimum wage

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Summary List Placement President-elect Joe Biden rolled out a $1.9 trillion federal rescue package on Thursday, a measure aimed at helping individuals, businesses, and local governments weather the economic shock of the pandemic. It contains an array of relief provisions that Democrats have championed for months in past proposals. They include a $1,400 boost to […]

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December’s $600 stimulus boosted spending by 30% — and Biden’s new plan calls for checks twice as large

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Summary List Placement President-elect Joe Biden introduced his plan for a $1.9 trillion stimulus package on Thursday. Called “The American Rescue Plan,” the package would provide another infusion of federal aid to stimulate the economy as the pandemic continues to sweep the nation. That includes a $1,400 top-up for stimulus checks, bringing the total distributed […]

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Wells Fargo continues to cede mortgage market share

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Wells Fargo, the second-biggest mortgage lender in the nation, continued to cede market share to nonbank rivals in the fourth quarter of 2020. The lender originated $53.94 billion in the fourth quarter, a 12.5% decline from the prior quarter, when the bank originated $61.6 billion in mortgages. It also represents a not-insignificant decline from the […]

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Lori Gottlieb’s book ‘Maybe You Should Talk To Someone’ has helped many people, including me, feel more comfortable with going to therapy — here are her best tips on starting therapy during a pandemic

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  Summary List Placement Like many people, I started going to virtual therapy in 2020. It helped me find direction and feel more relaxed, even if no other variables in my life changed.  Reading therapist Lori Gottlieb’s bestselling book, “Maybe You Should Talk To Someone,” was what first inspired me to consider going to therapy. […]

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Billionaires Tom Steyer, Mark Cuban support more checks for Americans in Biden’s $1.9 trillion stimulus proposal

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Summary List Placement President-elect Joe Biden presented a $1.9 trillion stimulus plan on Thursday evening, which included $1,400 direct payments, $350 billion in aid to state and local governments, and vaccine distribution funds. Some billionaires have been advocating for more stimulus packages for months, including Tom Steyer. The former hedge fund manager and liberal activist […]

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JPMorgan Chase amps up correspondent lending

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JPMorgan Chase, the nation’s largest depository bank, increased mortgage origination volume to $32.5 billion in the fourth quarter, a 12% gain on the prior quarter. But that doesn’t quite tell the whole story. The Jamie Dimon-led bank increased overall mortgage origination volume primarily through its correspondent channel, according to the earnings report issued this week. […]

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Joe Biden’s stimulus plan would enact $400 weekly federal unemployment benefits through September 2021 — and it may continue beyond that date

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Summary List Placement President-elect Joe Biden rolled out a colossal $1.9 trillion economic aid package on Thursday evening. It contains numerous provisions that could assist millions of Americans, particularly the unemployed. His plan contains a $400 weekly government supplement to state unemployment checks that expires on Sept. 30 among other sweeping measures. It would be […]

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Biden’s new stimulus plan features family benefits that include an annual credit of up to $3,600

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Summary List Placement President-elect Joe Biden’s economic relief package unveiled on Thursday included yearly benefits for families with children, marking his first official step toward addressing child poverty. According to Biden’s American Rescue Plan, the Child Tax Credit will be expanded so that families with children under the age of 6 will receive $3,600 per […]

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Figure Lending lands $100M funding facility

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Mike Cagney, SoFi SoFi co-founder Mike Cagney’s latest digital mortgage operation Figure Lending closed on a $100 million funding facility from JPMorgan Chase this week. The warehouse facility will allow the company, a subsidiary of Figure Technologies, to originate conventional loans as well as jumbo loans, the company said in a statement Wednesday. In a […]

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US retail sales sank again in December as surging COVID-19 cases slammed holiday spending

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Summary List Placement Spending at US retailers contracted through the last month of 2020 as economic restrictions offset holiday-season sales. US retail sales contracted 0.7% in December, according to Census Bureau data released Friday. Economists surveyed by Bloomberg expected sales to hold steady from the month prior. While spending fell from the prior month, it […]

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The UK economy is on the brink of a double-dip recession after it shrank 2.6% in November amid surging COVID-19 cases

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Summary List Placement The UK economy shrank 2.6% in November as an increase in coronavirus infections and fresh restrictions exacted a heavy toll, official figures have shown, putting the country on track for a double-dip recession. November’s drop was considerably lower than the 5.7% contraction economists predicted in a Reuters poll. But it meant the […]

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The UK economy is on the brink of a double-dip recession after it shrank 2.6% in November amid surging COVID-19 cases

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Summary List Placement The UK economy shrank 2.6% in November as an increase in coronavirus infections and fresh restrictions exacted a heavy toll, official figures have shown, putting the country on track for a double-dip recession. November’s drop meant the economy was 8.5% smaller than it was in February 2020, having been 6.1% smaller in […]

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Trump administration will not end GSE conservatorship

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The U.S. Department of the Treasury and the Federal Housing Finance Association issued a joint statement Thursday announcing they will not restructure the taxpayers’ stake in Fannie Mae and Freddie Mac. In other words, the government-sponsored enterprises (GSEs) will not be exiting conservatorship under the current administration. In a statement establishing an agreement for ongoing […]

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Industry calls for new FHFA leadership, GSE reform

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The National Association of Realtors and other industry trade groups are calling for the reform of the government-sponsored enterprises. They also want to see a change in the leadership structure at their regulator, the Federal Housing Finance Agency. At a webinar hosted by NAR, panelists spoke about the next potential steps for removing Fannie Mae […]

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7 things that have changed forever in the mortgage industry

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The mortgage industry has not traditionally been the vanguard in the adoption of digital solutions particularly in data intelligence and applied machine learning. Investments in proper infrastructure, an innate fear of losing process control, and converting the workforce to a digitally savvy “knowledge force” have contributed to “digital apprehension” in the past. The COVID-19 pandemic served […]

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Joe Biden unveils a $1.9 trillion stimulus plan with $1,400 direct payments and federal unemployment benefits

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Summary List Placement President-elect Joe Biden laid out his plan for another $1.9 trillion economic rescue package on Thursday. Biden’s proposal includes: A $1,400 top-up for stimulus checks which will bring the total distributed amount to $2,000. $130 billion in funds to reopen schools. $350 billion in state and local assistance. Biden faces a delicate […]

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These 8 books and podcasts helped us maintain happier, healthier relationships with partners, friends, and family during the pandemic

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  Summary List Placement 2020 strained many things, including some of our closest relationships, which were pressure-tested with new challenges. Some people went through breakups, fights with family members, tensions with coworkers, or rifts in friendships. I asked my colleagues at Insider for the books, podcasts, and resources that helped them build better relationships this […]