General World News

Los Angeles Bids Farewell to Legendary Master of the Duduk

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Los Angeles has bid farewell to Jivan Gasparyan, an Armenian musician and composer who was known as the master of the duduk, an Armenian woodwind instrument. Angelina Bagdasaryan has the story, narrated by Anna Rice. Camera: Vazgen Varzhabetian.  details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com

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People are moving back to NYC, but not to San Francisco — and the migration to the Sun Belt looks permanent

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Summary List Placement The second stage of pandemic-era migration has begun in the US. The pandemic and related lockdowns sparked a mass exodus from densely populated cities, as millions of Americans moved throughout the crisis, with many fleeing metropolitan areas. The vaccine-led reopening is far along enough now that some of these trends are reversing […]

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Freddie Mac posts $3.7B in net income for Q2 2021

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Freddie Mac reported $3.7 billion in net income in the second quarter of 2021, exceeding each of the previous four quarters. The government sponsored entity said the increase was due to higher net revenues and a credit reserve release. Its net revenues increased $1.7 billion year-over-year to $5.9 billion, due to continued growth and strong […]

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Mortgage rates creep up slightly to 2.80%

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The average 30-year fixed-rate mortgage increased slightly to 2.80% for the week ending on July 29, halting a streak of weekly declines, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS. According to Sam Khater, chief economist at Freddie Mac, while there is some uncertainty about the Covid-19 Delta variant, the housing market […]

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US jobless claims slide to 400,000 as recovery trudges forward slower than expected

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Summary List Placement Filings for unemployment insurance fell last week, signaling the labor market’s recovery is back on track after an unexpected increase the week prior. Jobless claims slid to 400,000 last week, the Labor Department announced Thursday. The median estimate from economists surveyed by Bloomberg was for a decline to 385,000 claims. The previous […]

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Oakland homeowner alleges appraiser bias

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An Oakland homeowner says the home valuation process failed her due to the color of her skin, according to a complaint filed with U.S. Department of Housing and Urban Development. Cora Robinson, who is Black, claims that appraiser Thomas Kearney violated the Fair Housing Act by undervaluing her home by over $400,000. Kearney’s valuation, the […]

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The 9 best young adult books, according to a high schooler

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  Summary List Placement As a high school junior and writer, I’ve been obsessed with books since I was coordinated enough to hold one. Beyond reading for fun, books also helped me spark my creativity, expand my vocabulary, and understand my identity. Having experienced the power of reading firsthand, I always actively encourage children and […]

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FHA Introduces Simplified COVID-19 Recovery “Waterfall”

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As was alluded to in June, the FHA late last week published a fully revised version of their “waterfall” loss mitigation options for borrowers coming to the end of their forbearance period. In order to streamline the process, the administration is scrapping their old waterfall framework and is instead providing two options for servicers processing […]

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AOC on Sinema blocking $3.5 trillion infrastructure bill: ‘Good luck tanking your own party’s investment’

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Summary List Placement Rep. Alexandria Ocasio-Cortez took aim at Sen. Kyrsten Sinema of Arizona, a fellow Democrat, after Sinema came out against her party’s $3.5 trillion infrastructure bill. Sinema told the Arizona Republic in a statement that she thinks the bill is too costly, and “will work in good faith to develop this legislation with my […]

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Kyrsten Sinema blocks Democrats’ plan to spend $3.5 trillion on infrastructure, setting up major cuts

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Summary List Placement Sen. Kyrsten Sinema of Arizona came out in opposition to the Democratic $3.5 trillion spending blueprint, virtually ensuring her party will be forced to make substantial cuts to get her onboard. In a statement to the Arizona Republic, the moderate Democrat said while she supported efforts to bolster the country’s economic competitiveness […]

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Why is Ginnie Mae attacking nonbanks?

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It is rare to see a regulator so afraid of its own programs as we are witnessing at Ginnie Mae. In an alarming move, Ginnie Mae has unleashed a plan that, if implemented, will significantly alter the mortgage markets and raise costs on loans that the majority of first-time homebuyers and minority homebuyers depend on. […]

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Key Republican senators, Biden agree on ‘major issues’ to move forward with infrastructure deal

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Summary List Placement GOP Sen. Rob Portman announced that a group of Republican senators and the White House have reached an agreement on “major issues” to move forward with an infrastructure plan.  “We’re prepared to move forward,” Portman said, according to Bloomberg reporter Erik Wasson. Another GOP negotiator, Sen. Susan Collins, said she was “delighted” […]

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Strong refi business, low rates aren’t growing reverse mortgage audience

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While the reverse mortgage industry has seen strong business numbers for most of the past year with endorsements largely staying above 4,000 loans a month, the amount of Home Equity Conversion Mortgage (HECM)-to-HECM refinance transactions being done alongside other market factors frankly outside of the reverse mortgage industry’s control are doing very little to commensurately […]

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AOC, other Democrats push at the last minute for Biden to extend federal eviction ban with millions at housing risk in 3 days

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Summary List Placement Democrats in Congress are starting to ramp up pressure on the Biden administration to extend an eviction moratorium that ends in three days, given that only a small fraction of rental aid has flowed out from a stimulus program. Sen. Dick Durbin of Illinois, the second-ranked Senate Democrat, said the Biden administration […]

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I’m the mayor of Providence, Rhode Island. Our city is starting a guaranteed income program to fight back against poverty — and the rest of the US should take notice.

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Summary List Placement In January of 1964, President Lyndon B. Johnson announced the beginning of our country’s “War on Poverty” by saying, in part: “Our aim is not only to relieve the symptom of poverty, but to cure it and, above all, to prevent it.”  President Johnson’s war on poverty was ambitious, radical, and intensely optimistic […]

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Department of Education Releases $600 Million in American Rescue Plan Funds to Support Students Experiencing Homelessness

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The U.S. Department of Education (Department) today released nearly $600 million in funding under the American Rescue Plan Act’s Homeless Children and Youth (ARP-HCY) program to support students experiencing homelessness. In April, the Department released the first $200 million of the $800 million in ARP-HCY funds to states. Following the Department’s approval of state applications today, distribution […]

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Mortgage applications jump as rates plummet

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Mortgage applications increased 5.7% for the week ending July 23, mostly on the back of fast-falling mortgage rates. The 10-year Treasury yield went into free fall last week, as investors grew concerned about the rise in COVID-19 variant cases and the potential economic fallout, according to Joel Kan, MBA’s associate vice president of economic and […]

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LO commissions take a hit as refi volume slumps

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Loan officers’ wallets slightly deflated in the second quarter, with commissions earned per LO decreasing by 6% year-over-year, according to LBA Ware’s quarterly loan compensation report. Loan volume per LO also took a dive of 4%. The reason? Lenders have more LOs these days. “That meant that LOs had to share the loans a little […]

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Olympic Champ Biles Withdraws from All-around Competition

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Simone Biles will not defend her Olympic title.  The American gymnastics superstar withdrew from Thursday’s all-around competition to focus on her mental well-being.  USA Gymnastics said in a statement on Wednesday that the 24-year-old is opting to not compete. The decision comes a day after Biles removed herself from the team final following one rotation […]

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Ginnie Mae’s new liquidity standards are sorely needed

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Ginnie Mae’s recent proposal to impose liquidity and risk-based capital requirements on their single-family issuers is the right approach for ensuring the long-term financial stability of this segment of the housing finance system.  Unlike lenders or servicers for Fannie Mae and Freddie Mac, Ginnie Mae issuers are responsible for passing along payments to investors after […]

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INTERVIEW: Elizabeth Warren puts student-loan servicers on notice. The ‘days are over’ when they could do ‘a terrible job.’

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Summary List Placement Over the span of just two weeks this July, two different student loan companies shut down their services. Good, says Massachusetts Sen. Elizabeth Warren, who is holding a Senate hearing on Tuesday to discuss how to best protect borrowers as they transition to new servicers. She told Insider that other companies should consider it a warning. “The world has changed for student loan […]

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A Renewed U.S. Commitment to International Education

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Guest blog by Maureen McLaughlin, Senior Advisor and Director of International Affairs, Office of the Secretary If it wasn’t already clear before the pandemic, it should be clear now that, in today’s interconnected world, many of our biggest challenges—reducing economic and social disparities, building prosperity, supporting public health, addressing climate change, and maintaining peace—are global […]

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The Delta variant is jeopardizing the economic recovery, but Congress isn’t budging as 20 million workers are set to lose unemployment aid

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Summary List Placement Millions of Americans are still drawing federal unemployment insurance, but the end of those programs loom. That would be one thing if the economy were recovered or if the pandemic were over, but neither is the case.  Over 20 million Americans are poised to lose all jobless aid on Labor Day, per […]

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Walmart workers can now get 100% of their college tuition and book costs covered at 10 different universities and online schools

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Summary List Placement Walmart will cover all tuition and book costs for Walmart and Sam’s Club employees attending 10 colleges and other educational programs, the retail giant announced on Tuesday.  Over 1.5 million of the company’s employees can use the program, and all part-time and full-time employees are eligible starting on their first day of […]

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A server says she’s getting lousy tips because she keeps having to do other people’s jobs in the labor shortage

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Summary List Placement One restaurant worker says the labor crunch is killing tips for servers. In an interview with CNN, 58-year-old server Karen McLaughlin, who works at Provino’s Italian restaurant in Chattanooga, Tennessee, said that the lack of staff meant servers were stretched, which means customers get worse service and therefore pay lower tips. On […]