Summary List Placement Democrats this week took the biggest step in months toward reaching a stimulus compromise, but the proposed deal lacks another round of $1,200 direct payments for millions of Americans. Congressional Democratic leaders embraced a $908 billion stimulus package on Wednesday, saying the measure should serve as a new foundation for talks with […]
Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks saw an average net gain of $5,535 on each loan they originated in the third quarter of 2020, up dramatically from the $4,548 in profit-per loan they recorded just a quarter prior, according to a new report from the Mortgage Bankers Association. “With the surge […]
The average U.S. mortgage rate for a 30-year fixed loan fell one basis point this week to 2.71%, Freddie Mac said in a report on Thursday – the lowest rate in the survey’s near 50-year history. This week’s rate broke the previous record set on Nov. 19. The average fixed rate for a 15-year mortgage also fell last week to […]
Summary List Placement The number of Americans filing for unemployment insurance fell by more than expected last week as the US labor market’s recovery showed signs of strength. New US weekly jobless claims totaled an unadjusted 712,000 for the week that ended Saturday, the Labor Department announced Thursday. Economists surveyed by Bloomberg expected a reading […]
Summary List Placement The city of Los Angeles is offering $800 to residents who live below the federal poverty line and work with food, Mayor Eric Garcetti announced Wednesday. “Employees in our food-service industry have had to make painful sacrifices — and we have to do everything possible to support them through this time of […]
In a hearing before the House Financial Services Committee Wednesday, Treasury Secretary Steven Mnuchin said no definite plans have been made for the future of Fannie Mae and Freddie Mac, but discussed the idea that they could be released from conservatorship before their full capital levels are reached. In its Final Capital Rule released in November, the […]
The Federal Housing Finance Agency extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac until Jan. 31. This marks the fourth time the government agency has extended the moratorium, now another month past its most recent deadline of Dec. 31. According to FHFA director Mark Calabria, extending Fannie Mae and Freddie Mac’s […]
Summary List Placement Gen Z was set to unseat millennials as the most educated generation ever, but that’s no sure thing after 2020. The pandemic has delayed — and set back — Gen Z’s educational progress, according to a new Bank of America Research report. It’s intensified the troubling pre-pandemic trend of learning stagnating for […]
Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program. UWM, the second-largest lender in the country, is offering rates between 1.99% and 2.5% on FHA loans, the company announced in a statement on Wednesday. The rates will be available […]
Summary List Placement President Donald Trump has less than two months left in office — and he’s been largely absent from new coronavirus relief negotiations on Capitol Hill at a precarious moment for the American economy. The recent spike of coronavirus cases is threatening to set back a recovery that still has a long way […]
Given massive year-over-year gains in home prices, the Federal Housing Administration (FHA) is increasing its 2021 loan limit in most of the U.S. to $356,362, an increase of nearly $25,000 over 2020’s loan limit of $331,760. That loan limit figure is determined as a percentage of the national conforming loan limit for Fannie Mae and Freddie Mac, which is increasing in 2021 […]
There is no place like home. The nature of the crisis this year and headed into 2021 because of the ongoing COVID-19 pandemic has emphasized that fact. Even though we love our family members, we all need our space. Housing demand continues to remain quite strong for those fortunate enough to work in industries that […]
Summary List Placement Every few decades, a new generation comes of age with the same belief — nobody understands them because they are different from the generations that came before them. And it is true, to some extent: Each generation is different and grows up in the context of a unique time. It logically follows, […]
Summary List Placement The 22 million jobs that were lost in the US during the early months of the COVID-19 pandemic won’t be regained until early 2024, according to Moody’s Analytics’ chief economist. The coronavirus pandemic has ravaged the US job sector: Nearly 69 million filings for unemployment benefits have been made since the pandemic […]
The Mortgage Bankers Association reported that applications dropped 0.6% during the week ending Nov. 27 in its latest weekly survey. The refinance index decreased as well, down 5% from the previous week but up 102% over last year’s totals from the same week. The seasonally adjusted purchase index did increase – up 9% from one […]
Summary List Placement Goldman Sachs has predicted when coronavirus vaccines will be rolled out as several candidates approach regulatory approval in advanced economies. More than 70% of people in developed economies can expect to be immunized by fall 2021, economists Daan Struyven and Sid Bhushan said. The UK will vaccinate half of its population by […]
The U.S. forbearance rate measuring the share of mortgages with suspended payments increased for the second consecutive week in nearly five months from 5.48% to 5.54%, according to the Mortgage Bankers Association. The MBA now estimates the number of homeowners in some form of mortgage forbearance increased from 2.7 million to 2.8 million this past week. Prior to […]
Summary List Placement Senate Democrats introduced a plan on Tuesday to reinstate the $600 federal unemployment benefit, signaling their priorities as Congress debates passing another round of economic relief before the end of the year. Senate Minority Leader Chuck Schumer of New York, Sen. Ron Wyden of Oregon, Sen. Sherrod Brown of Ohio, Sen. Michael […]
Summary List Placement Millions of Americans are struggling with unemployment, facing food insecurity, and at risk of eviction as coronavirus cases and deaths surge nationwide, but it’s unlikely that people will receive another round of direct payments before President-elect Joe Biden takes office in January. Congressional leaders and the White House have talked on and […]
Summary List Placement Say hello to Gen C. Short for “Generation Covid,” Gen C is the burgeoning generation following in Gen Z’s footsteps — but it’s expected to differ from the older generation in three key ways, according to a new Bank of America research report. Gen C will be the only generation to know […]
Summary List Placement The Labor Department’s weekly tally of unemployment-insurance filings has reflected inaccurate data throughout the pandemic, and jobless Americans are being underpaid through the benefits program, the Government Accountability Office said Monday. The historic number of unemployed Americans applying for benefits has skewed weekly claims figures for months, the government watchdog said in […]
Demand for housing was strong in early 2020, before the COVID-19 crisis hit. Mandated shut-down measures and the fear of what COVID would do to our economy temporarily immobilized the housing market, evinced by nine weeks of declines in the weekly purchase applications data on a year-over-year basis. Then it was as if the Housing Demographic […]
Summary List Placement The eurozone economy is going to need more monetary and fiscal support to avoid further damage from the coronavirus pandemic, the International Monetary Fund said on Monday. The United States has the highest individual death toll and infection rate from COVID-19, but Europe as a whole is not far behind, with over […]
Summary List Placement Millions of workers could lose access to paid sick and family leave if Congress does not pass another coronavirus relief package by the end of the year, Politico reported on Sunday. Up to 87 million workers could be stripped of the benefit which lawmakers approved earlier this year, according to the National […]
Summary List Placement Austan Goolsbee, a former top economic advisor to former President Barack Obama, told CNN on Sunday that it was better for Democrats to accept a smaller relief package if it meant getting federal aid out the door faster. Goolsbee, now a professor of economics at the University of Chicago, said many federal […]
Summary List Placement Janet Yellen’s decades of policymaking experience hint at how she will lead the Treasury Department through the US economic recovery. President-elect Joe Biden is reportedly set to nominate Yellen to run the department, making her the first woman to do so. Yellen was already the first woman to serve as a Federal […]
Summary List Placement The race for a safe and effective coronavirus vaccine appears to be bearing fruit nine months into a pandemic that has killed over 257,000 Americans, wrecked the US economy, and dealt a ferocious blow to Hispanic and Black communities suffering higher death rates and job losses. The nation, though, may be nearing […]
Summary List Placement The pandemic caused a massive drop in employment in the US, with a loss of 22 million jobs between February and April. While additional economic support under the CARES Act has helped some Americans financially during this time of uncertainty, many of the programs supporting workers have expired, and others are set […]
Summary List Placement Disney is laying off some 32,000 people who work for the company in the first half of 2020. In a filing this week with the US Securities and Exchange Commission, The Walt Disney Company said it would be terminating the employment of “approximately 32,000 employees,” primarily at its parks, Variety reported on […]
Summary List Placement John Fetterman, the former mayor of Braddock, was elected lieutenant governor of Pennsylvania in 2018, beating out better-funded opponents. He is not a democratic socialist, although he was a big supporter of Sen. Bernie Sanders, and he doesn’t even like the label of “progressive.” John Fetterman, Pennsylvania’s Democratic lieutenant governor who lives […]
Summary List Placement Have you thought about moving amid the coronavirus pandemic? Is your Instagram feed littered with captions reading “Surprise! We bought a house!” underneath photos of couples posing with sets of keys and whimsically colored front doors? Have you seen unbearably long lines for open houses in your own neighborhood? If it seems […]
Summary List Placement SEE ALSO: Meet the ‘K-shaped’ recession, where professional workers are largely fine and everyone else is doing awful Join the conversation about this story » NOW WATCH: How waste is dealt with on the world’s largest cruise ship details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: BusinessInsider.Com
The average U.S. mortgage rate for a 30-year fixed loan remained unchanged at 2.72% this week, Freddie Mac said in a report on Thursday – the second week in a row rates have sat at the lowest recorded level in the survey’s near 50-year history. The average fixed rate for a 15-year mortgage also remained unchanged from last week at 2.28%. […]
Summary List Placement Remote workers are being offered $10,000 to move to Tulsa, Oklahoma, for a year. As part of its Tulsa Remote program, which launched in November 2018, the city is looking for 250 new workers to relocate to the state’s second-largest city. The program aims to help fuel growth in the city. Tulsa […]
Summary List Placement Environment, Social and Governance investing hit the mainstream this year with a wide range of new investment products being launched. It is expected that ESG funds will outnumber conventional funds by 2025, according to PWC. Despite the rise in ESG products, the ‘Social’ element is the most complex to quantify. A BNP […]
Summary List Placement Treasury Secretary Steven Mnuchin is moving $455 billion in unspent stimulus money into a fund that the incoming Biden administration cannot deploy without Congress, Bloomberg reported on Tuesday. That amount includes money that Mnuchin is yanking from the Federal Reserve and unused loans for companies. The funds will be deposited into the […]
Summary List Placement Sen. Debbie Stabenow, the fourth-ranking Democrat in the upper chamber, urged immediate action on an economic aid package in the lame-duck session of Congress, even if it was a smaller measure to support people and businesses through the winter. The Michigan Democrat said there were discussions going on in a “bipartisan basis” […]
Summary List Placement Alissa Farina rode out the early days of the coronavirus pandemic in her tiny Manhattan studio. But with the inevitable sub-zero temperatures of a Northeast winter made even harsher by looming COVID-19 restrictions on dining, gyms, and social activities, the 24-year-old entrepreneur decided to move south — to save her sanity. When […]
Summary List Placement A report by the global advocacy group Tax Justice Network found that countries lose $427 billion in revenue per year from wealthy individuals and corporations evading taxes. About $245 billion of these losses stem from corporations shifting their profits to “tax-haven” countries where corporate taxes are very low or nonexistent, the report […]
Summary List Placement President-elect Joe Biden has picked Janet Yellen to head the Treasury Department, the Wall Street Journal reported on Monday. If the Senate confirms her, Yellen would be the first woman to be treasury secretary. Biden announced last week he had chosen a treasury secretary, saying it would be “someone who will be […]
Summary List Placement JPMorgan expects the US economy to shrink in the first quarter of 2021 as new lockdown measures cut into economic activity. Economists led by Michael Feroli lowered their first-quarter gross domestic product forecast to -1% on Friday, making JPMorgan the first major bank to call for a contraction at the start of […]
Summary List Placement Goldman Sachs has cut its US growth forecasts for the next two quarters, pegging their gloomier outlook on the “rapid and broad-based resurgence of the coronavirus.” The bank lowered its fourth-quarter gross domestic product forecast to 3.5% from 4.5%. Growth in the first quarter of 2021 will slow to just 1% from […]
Summary List Placement While people may be leaving urban hubs like San Francisco and New York in droves amid the coronavirus pandemic, real estate in ritzy enclaves just outside those cities is more expensive than ever. Mass migration to posh suburbs has pushed up median home prices in California and New York, the two states […]
Summary List Placement Nobel laureate Paul Krugman said President-elect Joe Biden won’t engage in Trump-style boasting and his team won’t be like the “quacks and hacks” that populate the incumbent administration. He expects US growth to boom next year, once a COVID-19 vaccine is widely distributed, but warned Biden shouldn’t become complacent about good news […]
Summary List Placement President-elect Joe Biden is on course to assume office on January 20, but the balance of power in Washington is still unresolved with a pair of Senate runoffs in Georgia just two weeks before Biden’s inauguration. In one race, Democrat Jon Ossoff is challenging Republican Sen. David Perdue, while Republican Sen. Kelly […]