General World News

The Dept. of Transportation will prioritize climate change in support of Biden’s $2 trillion infrastructure plan, Buttigieg tells Congress

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Summary List Placement Transportation Secretary nominee Pete Buttigieg told lawmakers during his confirmation hearing on Thursday that he will prioritize climate change as part of the Department of Transportation’s support for President Joe Biden’s infrastructure plans. Biden has proposed a $2 trillion investment in infrastructure, according to his website, with the intent to create “the […]

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CoStar and private equity group battle for CoreLogic

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Nearly three months after CoreLogic confirmed it was exploring multiple acquisition offers following the rejection of a hostile takeover bid, the data giant is now evaluating the final two bidders. Citing anonymous sources, Bloomberg reported that CoStar Group and a private equity group led by Warburg Pincus are currently competing for the data provider, though […]

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As he takes office, President Biden faces a unique economic crisis — and the chance to redefine economics forever

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Summary List Placement Millions of us who remember President Barack Obama’s inauguration in January of 2009 can recall the deep feeling of anxiety that hummed in the background of the event. Our nation was facing an unprecedented economic collapse, and there was a genuine sense that the global economy could be completely wiped out.  I […]

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Chase sees huge digital adoption in home lending business

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The following is an excerpt from an interview originally published by FinLedger with Rohan Amin, Chief Information Officer of Chase’s Consumer & Community Banking unit. The complete interview is available here. When the coronavirus pandemic hit in 2020, banks were among the many institutions moving quickly to adapt to all the changes that came with […]

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From stimulus checks to larger food stamps, here’s everything that’s in Biden’s 3rd wave of executive actions

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Summary List Placement President Joe Biden is planning another wave of executive actions, set to address the financial struggles facing millions of Americans as the pandemic continues. “The American people cannot afford to wait,” Brian Deese, the White House National Economic Council Director told reporters on a Thursday evening call. “So many are hanging by […]

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United Wholesale Mortgage makes public debut

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After ringing the bell of the New York Stock Exchange on Friday morning, Mat Ishbia’s United Wholesale Mortgage (UWM) is a publicly traded company. UWM, the second-largest mortgage originator in America, debuted trading at $11.95. By 10:45 a.m. EST, it was trading at $11.65. UWM’s entrance to the public markets caps a wild six months […]

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US consumer spending leaps as late-December stimulus hits households, Bank of America says

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Summary List Placement Credit- and debit-card spending accelerated through the first two weeks of January as stimulus passed by President Donald Trump bolstered households’ balance sheets. Card spending climbed 6% from the year-ago period over the week that ended January 16, Bank of America said in a Thursday note, citing aggregated card data. The climb […]

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2020 ends with 3.4 million loans in delinquency

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The final delinquency tally for December is in, with data revealing that by year’s end, 1.54 million more delinquent and 1.7 million more seriously delinquent mortgages were reported than at the start of 2020, according to a report from Black Knight. With nearly 2 million extra overdue loans in the pipe, that’s approximately 3.4 million […]

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Judge Says Amazon Won’t Have to Restore Parler Web Service

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Amazon won’t be forced to immediately restore web service to Parler after a federal judge ruled Thursday against a plea to reinstate the fast-growing social media app, which is favored by followers of former President Donald Trump. U.S. District Judge Barbara Rothstein in Seattle said she was not dismissing Parler’s “substantive underlying claims” against Amazon […]

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Janet Yellen isn’t likely to immediately revive the Fed’s expired relief programs, report says

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Summary List Placement Various Federal Reserve lending facilities left to expire under former Treasury Secretary Steven Mnuchin are likely to stay closed in the immediate future. Janet Yellen, President Joe Biden’s nominee for Treasury Secretary, indicated she won’t work to reopen the closed 13(3) programs unless Congress allows for such action, Bloomberg reported on Thursday, […]

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900,000 people filed for unemployment the week before Biden took office. Here is how the administration is planning to help jobless Americans.

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Summary List Placement President Joe Biden inherited an ailing labor market, with 900,000 people filing unemployment claims the week before he took office. But the new president has plans to address the issue and provide relief for jobless Americans. Before COVID-19 hit, unemployment claims were touching highs of around 695,000, but have consistently soared above […]

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Nancy Pelosi says House Democrats will be ‘completely ready to go’ to pass Biden’s stimulus package during the first week of February

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Summary List Placement House Speaker Nancy Pelosi said at her weekly press conference on Thursday that Democrats will be prepared to act swiftly on another coronavirus relief package during the first week of February. “We’ll be doing our committee work all next week so that we are completely ready to go to the floor when […]

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Mortgage rates hold steady at 2.77%

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The average mortgage rate for a 30-year fixed loan fell two basis points last week to 2.77%, according to Freddie Mac’s Primary Mortgage Market Survey. Now 12 basis points above the record low set Jan. 7, rates more closely resemble those seen over two months ago. The 15-year fixed mortgage rate also shifted downward to 2.21 […]

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US weekly jobless claims slide to 900,000 as coronavirus fallout continues into the Biden presidency

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Summary List Placement Filings for US unemployment benefits declined last week as America’s labor-market recovery made sluggish progress amid elevated COVID-19 case counts. New US jobless claims totaled an unadjusted 900,000 for the week that ended Saturday, the Labor Department announced Thursday. Economists surveyed by Bloomberg expected 935,000 filings for the period. The reading lands […]

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Biden freezes all federal regulatory proposals, including Mnuchin’s controversial crypto wallet legislation, until his new administration can review them

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Summary List Placement Joe Biden halted all last-minute rules from Trump’s administration, including those for cryptocurrency. Hours after Biden’s inauguration ceremony, the order was circulated in a memo to all federal agencies. Controversial crypto regulations proposed by Steve Mnuchin on December 18 were met with criticism. Sign up here our daily newsletter, 10 Things Before […]

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Twitter Says It Locked Account of China’s US Embassy Over Xinjiang-Related Tweet

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Twitter has locked the account of China’s U.S. embassy for a tweet that defended China’s policies in the Xinjiang region, which the U.S. social media platform said violated the firm’s policy against “dehumanization.”  The Chinese Embassy account, @ChineseEmbinUS, posted a tweet this month that said that Uighur women were no longer “baby making machines,” citing […]

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Corporate America is pausing its financial support for the 147 GOP lawmakers who challenged Biden’s victory. Here are all the S&P 500 companies who gave them money — and then stopped.

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Summary List Placement On January 6, Congress convened a joint session to formally certify President Joseph Biden’s Electoral College victory, but it was quickly interrupted by a group of Republican objectors who argued, based on little more than conspiracy theories, that Congress shouldn’t proceed because there had been widespread election fraud. In total, 147 Republicans […]

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Americans want Biden to prioritize aid for small businesses. Here’s how his stimulus proposal would provide relief.

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Summary List Placement Small businesses have been hit hard throughout the pandemic, and President Joe Biden intends to provide relief through his stimulus proposal unveiled last Thursday. But questions remain on the timeline for businesses to recover and how effective Biden’s plan will be once implemented. In the American Rescue Plan Biden unveiled last week, […]

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HUD declares FHA once again backing DACA mortgages

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In one of former President Donald Trump administration’s last acts, the U.S. Department of Housing and Urban Development declared Wednesday that the Federal Housing Administration will once again back mortgages for immigrants under the Deferred Action for Childhood Arrivals (DACA) program. HUD said DACA recipients who are legally permitted to work in the U.S. are […]

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Biden faces a set of massive economic and health crises — and his stimulus plan will test a vow to work with Congressional Republicans

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Summary List Placement Now sworn in, President Joe Biden is inheriting a set of extraordinary crises that will test his new administration from its earliest days. A raging pandemic continues devastating the nation with daily infections and hospitalizations near record levels a year. The official US death tolls hit 400,000 people this week, nearly the […]

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Official US Government Social Media Accounts Switch to New Administration

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When Joe Biden was sworn in as the 46th U.S. president Wednesday, he inherited several social media accounts, including the @POTUS, @WhiteHouse, @FLOTUS and @VP Twitter accounts.    Unlike after the last inauguration in 2017, when then-President Barack Obama’s followers were transferred to his successor Donald Trump, Biden inherited none of the @POTUS account’s existing […]

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Rising costs, COVID cases dip builder confidence

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Homebuilder confidence in the U.S. fell to a four-month low in January as builders expressed concerns about higher house prices, COVID-related supply chain issues and construction costs. Builder confidence in single-family homes dropped to 83 in January from 86 in December, according to the National Association of Home Builders and Wells Fargo Housing Market Index. It’s the second straight […]

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Biden will ask the Dept. of Education on his first day to extend the pause on federal student loan payments through the end of September

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Summary List Placement President-elect Joe Biden plans to ask the Department of Education on Wednesday to extend the pause on federal student loan payments through September 30, marking his first move to act on student debt in America. The extension applies to the 42 million federal student loan borrowers in the country. In a call […]

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FHFA ponders climate risk for Fannie and Freddie

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The Federal Housing Finance Agency (FHFA) announced Tuesday that it is requesting input on the current and future risk of natural disasters and climate change on Fannie Mae and Freddie Mac, especially as it relates to the housing financial system overall. The Request for Input (RFI) – available for comments until Apr. 19, 2021 – opens […]

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Mortgage applications decrease as rates move higher

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Mortgage applications decreased 1.9% for the week ending Jan. 15 from one week earlier, per data from the Mortgage Bankers Association’s weekly survey. The drop comes after a robust 16.7% jump in applications the prior week. The 30-year fixed rate rose to 2.92%, its highest level since last November. Additionally, the 15-year fixed rate increased […]

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Palestinian High-Tech Sector Takes Off

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In the West Bank and Gaza Strip, dozens of Palestinian high-tech startups are flourishing. Some are branches of international companies, others are all Palestinian. High-tech also offers new possibilities for Israeli-Palestinian cooperation. Linda Gradstein reports for VOA from Jerusalem. Camera: Ricki Rosen    details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com

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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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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 […]