Summary List Placement As one of his first actions in office, President Joe Biden extended the pause on student-loan payments through September to give borrowers financial relief during the pandemic. Education Secretary Miguel Cardona on Wednesday hinted at the possibility of extending the pause even further. “We are continuing conversations about if that’s the best […]
Summary List Placement As one of his first actions as Education Secretary, Miguel Cardona cancelled student debt for about 72,000 borrowers defrauded by for-profit schools. On Wednesday, 18,000 more got student-debt relief. The Education Department announced in a press release that it had approved 18,000 borrower defense to repayment claims for borrowers who attended ITT […]
Summary List Placement The deeply reported New York Times investigation into Amazon’s workforce issues contains a lot of fascinating data, but one number jumped out at me the most. In 2019, even before the pandemic, the turnover rate for Amazon’s hourly workers was 150%, meaning it needed to hire enough workers to replace that entire […]
Summary List Placement El Salvador’s move to classify bitcoin as legal currency has the potential to completely collapse its economy, Steve Hanke, professor of applied economics at Johns Hopkins University, said in a Kitco News interview on Tuesday. After describing President Nayib Bukele and members of government who voted to pass the bitcoin law as […]
After three straight weeks of declines, mortgage applications increased 4.2% for the week ending June 11, 2021, according to the latest report from the Mortgage Bankers Association. Both purchase and refinance applications increased, with refinances notably up 5.5%, according to Joel Kan, the MBA’s vice president of economic and industry forecasting. “The jump in refinances […]
Summary List Placement Pizza joints may soon have to raise their prices to cope with soaring ingredient costs, a New Jersey restaurant owner said. The restaurant industry is currently paying more for some ingredients because of supply-chain problems and falling production — and a shortage of workers is forcing them to push up wages, too. […]
Summary List Placement America’s richest family dynasties had a lucrative pandemic year. The top 10 richest saw their net worths grew by a median 25%, while family dynasties’ wealth grew at a rate 10 times greater than that of a typical family, according to a new report from the left-leaning Institute for Policy Studies (IPS). […]
Women in brokerage aren’t common, but Rocket Pro TPO aims to change that. By integrating programs that enhance inclusivity, the company encourages female leadership. HousingWire recently spoke with Keri Stichler, Divisional Vice President at Rocket Pro TPO, about why female leadership is crucial in the mortgage industry and how companies can advocate for inclusivity. HousingWire: […]
Non-QM lender Sprout Mortgage is setting up a distributed retail operation, and it’s picked a veteran of Wells Fargo to lead the new division. Sprout hired former Wells Fargo executive Michael Johnson to expand Sprout’s consumer and retail sales channel, the company said Tuesday. Johnson, who most recently led the depository bank’s Southeast division, will […]
Summary List Placement As bipartisan infrastructure talks plod on, funneling money to beef up IRS enforcement looks like it’ll be sticking around. Sen. Angus King, an independent of Maine who caucuses with the Democrats, told Insider on Tuesday that deciding what pay-fors make it into the final package is difficult — but suggested that funding […]
Summary List Placement With the pause on student-loan payments during the pandemic set to lift in three months, Florida Sen. Marco Rubio reintroduced a bill to defer those payments an extra year — but only if the borrower survived a terrorist attack. Last week, Rubio reintroduced the Terrorism Survivors Student Loan Deferment Act, which would […]
Houston-based nonbank mortgage lender Cornerstone Home Lending is buying Roscoe State Bank, a traditional depository bank headquartered in Roscoe, Texas. The transaction is subject to customary regulatory approvals. Financial terms of the deal were not disclosed and it’s unclear when the deal will close. The prospective merger – relatively rare for a nonbank mortgage lender – […]
Summary List Placement Lumber prices slid again on Tuesday before mounting a recovery as the pandemic-driven boom in the commodity continues to show signs of weakness. Specifically, lumber futures fell as low as $944 per thousand board feet on Tuesday before recovering above $1000. The recovery helped lumber avoid the 10th straight down day for […]
Summary List Placement At least half of US states will soon put a halt to benefits that many unemployed or underemployed workers have relied upon to keep their heads above water financially through the pandemic. More than two dozen Republican governors have announced that their states would soon begin to opt out of federal pandemic […]
Summary List Placement From fighting the climate crisis to strengthening protections against racial discrimination, President Joe Biden’s regulatory agenda released on Friday covers a lot of ground. Significantly, unlike his budget, it even mentions student-loan forgiveness. But for borrowers waiting for clarity on what will happen to their debt loads, the details are scanty. The […]
Summary List Placement Spending at US retailers slumped for the first time since February last month as more economic restrictions were reversed and Americans settled into a new sense of normal. US retail sales fell 1.3% in May, the Census Bureau said Tuesday. Economists surveyed by Bloomberg held a median estimate for a 0.7% decline. […]
Summary List Placement Chicken wings are getting much more expensive because farms are struggling to hire staff during a national labor shortage, a Buffalo, New York, restaurant owner told Fox Business Monday. “The chicken wing farms in America, they’re having trouble retaining and recruiting employees,” Greg Duell, the co-owner of a Duff’s Famous Wings restaurant […]
Summary List Placement Americans waiting to rejoin the workforce have a lot going for them. Businesses rushing to rehire are raising wages and throwing in other incentives ranging from signing bonuses to free iPhones. It’s another story for employed Americans. By some measures, their work lives are actually worsening. The sudden reopening of the US […]
Mortgages in forbearance fell for the 15th consecutive week last week to 4.04% of servicers portfolio volume ― a 12 basis point decline, according to a survey from the Mortgage Bankers Association. As of June 6, the MBA now estimates 2 million borrowers are still in some form of forbearance. Last week witnessed a steeper […]
Courtney Graham, Princeton Mortgage CMO, will speak at HousingWire’s annual engage.marketing on June 17. Graham will join Bill Dallas, president of Finance of America Mortgage, on a panel entitled Winning in a Red-Hot Purchase Market. Graham, a 2020 HousingWire Woman of Influence, led the creation of Princeton’s affinity partnership channel in 2019. That channel creates and fosters relationships […]
Summary List Placement The eviction moratorium from the Centers for Disease Control and Prevention (CDC) is set to expire at the end of June, but courts have begun overruling the ban, putting tenants at risk of eviction. New data suggests that lifting the moratorium will not only increase evictions, but also increase the spread of […]
Summary List Placement The Group of 7 summit didn’t just give leaders toasted marshmallows and sea shanty serenades: It also provided crucial momentum for a new tax measure that could revolutionize international taxation. The global minimum corporate tax rate is a measure that’s gained increased prominence amidst tax talks. It would impose a non-binding minimum […]
Summary List Placement Senate Minority Leader Mitch McConnell provided a downbeat view on the latest roughly $1 trillion infrastructure framework negotiated by a faction of centrist senators from both parties. The plan would provide just over $1 trillion in new infrastructure spending focused on roads, bridges, ports, and highways. “Maybe 50-50,” the Kentucky Republican said […]
Summary List Placement Half of all states in the country have opted out of federal unemployment benefits early, which is set to impact an estimated 4 million workers and cost states’ economies $12 billion. Four states ended their benefits on Saturday. All of those 25 states are helmed by GOP governors, but a new wrinkle […]
Mortgage operations were a make or break component of every lender’s 2020 strategy, putting operational professionals in the housing economy to test in a turbulent market. As Chief Operating Officer at Waterstone Mortgage, Rich Tucker is no stranger to the challenges of last year as he led his team through a record-shattering few months. Shortly […]
Summary List Placement Home Depot, hoping to sidestep a global shipping crisis, has contracted its own ship to transport its goods. The home-improvement store is one of many retailers grappling with shipping delays and rising costs caused by supply-chain problems. According to data from the Journal of Commerce, cited by CNBC, Home Depot is the […]
Summary List Placement Toys and cheap furniture are among consumer goods that could get more expensive in the coming months as retailers continue to grapple with surging shipping costs. According to experts quoted in a Bloomberg report, low-cost and bulky goods are more vulnerable to price hikes: They take up more room on a shipping […]
Summary List Placement Everywhere you look in the economy, there seems to be a shortage. The important things missing from shelves can be explained by factors like backed-up supply chains and a shipping crisis. But another shortage that’s emerged — with increasing prominence as America’s recovery continues its long and winding path — is labor. […]
Summary List Placement The Labor Department released its monthly Consumer Price Index (CPI) data on Thursday, revealing a 5% jump in headline consumer prices year-over-year in May, the fastest pace of increase since August 2008. That came in above the consensus economist estimate of 4.7%. Core CPI, which excludes volatile food and energy prices, rose […]
Summary List Placement As the labor shortage continues to hit industries from education and healthcare to hospitality and ride-hailing apps, companies across the US are scrambling to find perks to attract new hires. Some are offering free accommodation and college tuition to staff, while others are hiking up wages. Some are even giving rewards like free food and a $50 […]
Summary List Placement A group of Senate Democrats are ratcheting up their criticism of ongoing infrastructure negotiations with Republicans — and a few are warning they would derail a deal that omits climate change measures. At least six Democratic senators have publicly raised concern that a bill negotiated with Republicans would produce a watered-down package […]
Summary List Placement For nearly 340,000 workers on Saturday, a steady flow of federal assistance will abruptly end. Mississippi, Missouri, Alaska, and Iowa are the first four Republican-led states to scrap their federal unemployment insurance programs. They include the $300 federal supplement to unemployment checks, along with a pair of federal programs that expanded government […]
Summary List Placement Earlier this week, ProPublica published a stunning exclusive report documenting how billionaires like Elon Musk, Michael Bloomberg, and Jeff Bezos pay very little — sometimes even nothing — in income taxes. Based on a cache of confidential IRS documents, the ProPublica report found that the nation’s 25 richest Americans “saw their worth […]
Summary List Placement Following an April jobs report that fell significantly short of expectations, 25 GOP-led states announced they would be ending unemployment benefits early to incentivize people to get back to work. Both Bank of America and Goldman Sachs partially agreed that doing so will ease the labor shortage, with Goldman projecting a resultant […]
Summary List Placement Accountants in New Jersey are advising clients to leave the state because of its high living costs and corporate and property tax rates. Seventy per cent of certified public accountants (CPAs) have advised individual clients to leave the state because of the high cost of living, according to a survey by the […]
Summary List Placement People have been fleeing high-tax states like New York and California during the pandemic, leading to reports of an “exodus” to Florida and Texas — but people moving to avoid paying rates need to watch out for other surprise taxes, a tax advisor has said. Though Florida and Texas have no personal-income […]
Mortgage brokers are facing a vastly different landscape than this time last year. In 2020, the refinance boom caused lenders and brokers to go on hiring sprees, and loan originators were putting in substantial hours. Now, as refinance volume slows and we get deeper into homebuying season, purchase originations are dominating brokers’ time, resources and […]
Summary List Placement Democratic lawmakers have been keeping the pressure on President Joe Biden to cancel $50,000 in student debt per borrower. Biden just told a top Democrat to keep the calls coming. Student Debt Crisis, an advocacy organization, led an event on Wednesday to urge Biden to take action on the $1.7 trillion student-debt […]
Summary List Placement Lumber prices fell for the eighth straight day on Friday to near $1,000 per thousand board feet for the first time since March in a reprieve for ailing homebuilders and renovators. Lumber futures fell 5.61% to trade at $1,059.20 per thousand board feet on Friday. Rising lumber prices in 2021 have hit […]
Summary List Placement Lumber prices fell for the eighth straight day on Friday to near $1,000 per thousand board feet for the first time since March in a reprieve for ailing homebuilders and renovators. Lumber futures fell 5.61% to trade at $1,059.20 per thousand board feet on Friday. Rising lumber prices in 2021 have hit […]
Summary List Placement The price for a shipping container is looking a lot like a meme stock. The surge in shipping costs points to our shortage of semiconductors, lumber, chicken, chlorine, and, really, “just about everything.” The pandemic broke the supply chain last year, and the shipping companies that move stuff all over the world still […]
Summary List Placement The wealthy sitting on their savings may be helping finance the debts of poorer Americans and therefore play a role in rising inequality, according to the Chicago Booth Review. Researchers Amir Sufi, Ludwig Straub, and Atif Mian looked at the growing savings of America’s wealthiest residents, and found it isn’t going into […]
Summary List Placement Bacon is now 13% more expensive than a year ago, according to the latest data from the Bureau of Labor Statistics (BLS). And it’s not just shoppers facing higher prices: The owner of Burger King and Popeyes says prices for its key ingredients, including bacon, are rising, according to an internal report […]
Summary List Placement A bipartisan group of senators announced on Thursday evening that they had struck an early infrastructure deal, though it faces major political hurdles. The faction includes Republican Sens. Mitt Romney of Utah and Rob Portman of Ohio, as well as Democratic Sens. Joe Manchin of West Virginia, Kyrsten Sinema of Arizona, and […]
Summary List Placement Thursday brought two big numbers for the American economy: Another significant rise in inflation, and the lowest level of weekly jobless claims since the onset of the pandemic. They show the paradox that is the current economic recovery. Goods are still getting pricier — although inflation shows signs of cooling down soon […]