General World News

Elizabeth Warren is holding her first hearing on student debt cancelation. Here’s what to expect.

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Summary List Placement In her first hearing as Chair of the Senate Banking Committee’s Subcommittee on Economic Policy, Sen. Elizabeth Warren of Massachusetts will address the impact of student debt on racial justice, borrowers, and the economy. On Tuesday, 11 witnesses, including Rep. Ayanna Pressley of Massachusetts and the CEO of student-loan servicer Navient, John […]

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Here are the top 15 mortgage lenders of 2020

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A perfect storm of record low interest rates and shifting consumer behavior spurred by the COVID-19 pandemic resulted in an absolutely incredible year for mortgage lenders in 2020, especially the independent mortgage banks. Virtually every IMB saw origination volumes soar in 2020, with many eclipsing $40 billion in originations, according to the Consumer Financial Protection […]

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A Computerized Map Can Predict the Next COVID-19 Outbreak

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Predicting whether an outbreak is likely to happen is now possible with the COVID-19 Outbreak Detection Tool, a map that shows the coming hotspots for the disease, if accurate data is available.  VOA’s Elizabeth Lee has the details. Producer: Elizabeth Lee details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com

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Top GOP senator says it’s ‘an impossible sell’ for Republicans to strike a deal on an infrastructure package that rolls back Trump tax cuts

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Summary List Placement Sen. Roger Wicker of Kansas, the ranking Republican on the Senate Commerce Committee, downplayed the prospect of a bipartisan deal on President Joe Biden’s infrastructure plan that included rolling back the 2017 Trump tax cuts. “It would be an almost impossible sell from the president to come to a bipartisan agreement that […]

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Fannie Mae exec Andrew Peters leaves for Lenderworks

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National mortgage services provider Lenderworks has brought on Fannie Mae‘s head of single-family strategy Andrew Peters as president, the company said Monday. Peters served as a strategy consultant for the government sponsored enterprise before rising to the position of vice president, head of single family strategy for nearly two years. The bulk of Peters’ 25 […]

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Ginnie Mae loans lead drop in forbearance to 4.66%

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Servicers’ total number of loans in forbearance fell a whopping 24 basis points to 4.66% of portfolio volume during the first full week of April, according to a survey from the Mortgage Bankers Association – one of the biggest drops in the history of the series. Ginnie Mae loans in particular dipped a massive 45 […]

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Gen Z is going to have a hard time getting rich

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Summary List Placement Gen Z is walking a rocky road to getting rich. They’re set to earn less than previous generations on stocks and bonds, reported The Economist, citing Credit Suisse’s global investment returns yearbook. In fact, the generation can expect average annual real returns of just 2% on their investment portfolios — a third […]

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A top Biden advisor says the White House doesn’t need GOP support in Congress for infrastructure package to be bipartisan

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Summary List Placement A top White House advisor said that President Joe Biden’s multitrillion-dollar infrastructure plan doesn’t need Congressional Republican support to be considered bipartisan. “If you looked up ‘bipartisan’ in the dictionary, I think it would say support from Republicans and Democrats,” Anita Dunn told the Washington Post. “It doesn’t say the Republicans have […]

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The growing support for female mortgage executives

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After speaking with several other female mortgage executives in celebration of International Women’s Day, I wanted to take the opportunity to highlight a few women leaders who are making waves. I asked them their thoughts on “the growing surge of support for women in the industry,” and am honored to share their voices. Susan Stewart, […]

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Fed Chair Jerome Powell says the greatest risk to the US economic rebound is another wave of the coronavirus

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Summary List Placement Federal Reserve Chairman Jerome Powell says the US economy is about to start growing “much more quickly,” but a resurgence in COVID-19 cases could derail that progress. Powell discussed the US economic recovery from the coronavirus pandemic with CBS’ Scott Pelley, in an interview set to be aired on 60 Minutes Sunday […]

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Maersk, the world’s largest shipping company, says the Suez Canal blockage’s economic fallout will continue into second half of May

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Summary List Placement Fallout from the Ever Given’s time lodged in the Suez Canal will “ripple” through the economy for the next few weeks or months, according to Maersk, the world’s biggest shipping company.  “We will see ripple effects continuing into the second half of May,” Lars Mikael Jensen, head of Maersk’s Global Ocean Network, […]

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The service industry is clawing for a comeback, and large chains like Taco Bell and IHOP are rolling out the perks as they scramble to hire

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Summary List Placement Restaurant chains are trying to lure back employees as COVID-19 restrictions lift across the US. As business picks up and more people become vaccinated, some companies are having trouble finding employees and they’re rolling out perks to draw in workers to deal with the job boom. Read more: These 13 grocery-delivery companies […]

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GSEs won’t buy QM loans under GSE Patch after July 1

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In Lender Letters issued on Thursday, Fannie Mae and Freddie Mac confirmed that loans purchased by the GSEs with application dates on and after July 1, 2021, must meet the standards of the Consumer Financial Protection Bureau’s Revised Qualified Mortgage Rule. In the letters, the two government sponsored enterprises state that they will follow the […]

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54 million people fell out of the global middle class last year as the K-shaped recovery went international

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Summary List Placement As economies turn toward reopening and recovery, the coronavirus’ economic toll is coming into focus. The picture is incredibly bleak. The distribution of COVID-19 vaccines presents a clear end to the pandemic, but new data from the Pew Research Center suggests that returning to pre-pandemic unemployment levels is only the first step […]

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Richer countries have most available vaccine doses as the global recovery becomes K-shaped

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Summary List Placement The vaccine race has intensified wealth inequality across the globe. Bloomberg’s Vaccine Tracker found that the world’s wealthiest countries are vaccinating at 25 times the rate of the poorest countries. The database has thus far tracked more than 726 million doses administered in 154 countries.  So far, per the tracker, about 5% […]

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Biden just released a $1.5 trillion ‘skinny budget’ separate from his stimulus and infrastructure plans. It breaks down how he wants to govern.

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Summary List Placement The White House unveiled its initial $1.5 trillion budget proposal on Friday. The plan represents a an early glimpse into President Joe Biden’s domestic spending priorities, ramping up spending on education, health, and climate initiatives. It’s Biden’s first budgetary pitch to Congress, which can also reshape it it in a process that […]

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New York’s wealthiest residents are considering fleeing to Florida ahead of income-tax hikes in the state, according to a report

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Summary List Placement New York’s mega-millionaires are set to start paying the nation’s highest income-tax rates, and some are already considering moving to states with lower taxes, CNBC reported Thursday. This includes Florida, which doesn’t have a personal-income tax. New York Gov. Andrew Cuomo revealed plans on Thursday to hike personal-income tax for those earning more […]

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Expansion Plan by World’s Largest Contract Chipmaker Won’t Ease Global Shortage: Experts

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Plans by the world’s largest contract chipmaker for a record $100 billion capacity expansion will just mildly dent a growing worldwide shortage of semiconductors for gear such as high-speed notebook computers, 5G smartphones and newer vehicles, tech experts believe. Taiwan Semiconductor Manufacturing Co. said in an April 1 legal notice to the Taipei stock exchange […]

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CEO group says Biden should stick to ‘real infrastructure’ and ‘leave the rest of the stuff for something else’

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Summary List Placement President Joe Biden’s $2.3 trillion infrastructure plan is ambitious. It includes funding for things like climate change and research initiatives, and an influential business lobbying group wants Biden to scale things way back. Josh Bolten, chief executive officer of Business Roundtable, which represents CEOs of the largest US companies, said in an […]

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JPMorgan Chase adds exec to correspondent team

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JPMorgan Chase has appointed Bhavesh Patel to lead client management for the bank’s correspondent lending channel. As director of client management, Patel will focus on improving the client experience and driving future growth for the business, which is growing at a faster rate than the bank’s more traditional retail arm. He will report to Terry […]

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Looser mortgage credit may give first-time buyers a chance

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Mortgage credit showed signs of loosening up in March, and with it, more availability for lower credit scores and high LTV products to enter the housing market, the Mortgage Bankers Association said in a report on Thursday. The group’s Mortgage Credit Availability Index rose .6% to 125.4 last month, a positive indicator after pandemic-driven factors plunged the […]

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Millions of Americans will struggle to get back into the workforce and they’ll need support, Fed’s Powell says

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Summary List Placement A full rebound from the coronavirus recession won’t be as simple as recouping every lost job, Federal Reserve Chair Jerome Powell said Thursday. The US economy is decidedly on the path to recovery. The March jobs report beat estimates and other indicators signal activity is bouncing back thanks to reopening and new […]

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Why one of Wall Street’s titans is on the side of the tax reformers — and maybe Joe Biden and Janet Yellen

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Summary List Placement Tax policy has taken center stage in recent weeks. President Joe Biden is aiming to lift tax rates on wealthy Americans and corporations in order to offset the costs of his $2.3 trillion infrastructure proposal. Republicans have balked at the plan, arguing such changes cut into the country’s global competitiveness. One of […]

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65% of voters support corporate tax hikes to pay for Biden’s infrastructure plan, new poll finds

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Summary List Placement The $2.3 trillion infrastructure plan President Joe Biden unveiled last week includes a proposed corporate tax hike to 28%, and voters seem to like it, even a significant minority of Republicans. A Morning Consult/Politico poll released on Wednesday found that 65% of all voters support corporate tax hikes to pay for Biden’s infrastructure […]

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Mortgage rates drop slightly to 3.13%

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The average U.S. mortgage rate dropped five basis points last week to 3.13%, according to Freddie Mac’s Primary Mortgage Market Survey. It’s the first decline in mortgage rates in two months. Sam Khater, Freddie Mac’s chief economist, pointed to a modest decline in treasury yields as the leading factor behind last week’s drop. Traders were […]

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US weekly jobless claims climb to 744,000 as unemployment remains persistently high

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Summary List Placement The number of Americans filing for unemployment benefits ticked higher last week as hiring slowed after surging through March. New filings for unemployment benefits totaled an unadjusted 744,000 for the week that ended Saturday, the Labor Department said. Economists surveyed by Bloomberg expected a reading of 680,000 claims. The reading marks a […]