General World News

Joe Manchin says he won’t support extending the $300 federal weekly unemployment benefit from Biden’s stimulus

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Summary List Placement Sen. Joe Manchin said he won’t back extending the $300 federal unemployment benefit from President Joe Biden’s stimulus, which could possibly torpedo the jobless measure once it expires on Sept. 6. “I’ll never vote for another extension as long as I know that with the vaccines, there’s not an excuse for no […]

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Why VA mortgage loans go to the bottom of the stack

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It’s been rejection after rejection for Isabel Williams’ client, a military veteran in Port St. Lucie, Florida. Since the client began the search for her dream home earlier this year, her Veterans Affairs mortgage loan offers have been rejected over a dozen times. Williams, the broker-owner of We Save Loans, said her client has all […]

General World News

The FCC has launched a $50-a-month subsidy for high-speed internet in low-income households, plus a $100 discount on a computer. Here’s who’s eligible, and how to apply.

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Summary List Placement Applications have just opened for a $3.2 billion federal initiative to subsidize high-speed internet for low-income households. The Federal Communications Commission (FCC) program offers eligible households discounts of up to $50 a month for broadband service, and up to $75 a month if the household is on Tribal lands. The program, which […]

General World News

Mortgage applications jump as rates fall to 2.96%

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After weeks of decreases, mortgage applications rose 2.1% for the week ending May 7, 2021, according to the most recent report from the Mortgage Bankers Association. Aiding the jump in mortgage applications was another sub-3% week of mortgage rates, which fell officially to 2.96%. “The decline in rates helped the refinance index reach its highest […]

General World News

The UK economy grew 2.1% in March, beating expectations as the vaccine-driven recovery picked up speed

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Summary List Placement The UK economy grew 2.1% in March, considerably more than expected by economists, as business and consumer optimism grew as COVID-19 cases fell and the vaccination drive picked up speed, according to data on Wednesday. The 2.1% month-on-month expansion in gross domestic product was above expectations for growth of 1.3% and was […]

General World News

GOP-led states are cutting $300 weekly federal unemployment benefits. Here’s the 9 states doing so this summer.

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Summary List Placement Alabama Gov. Kay Ivey announced on Monday that the state was halting its participation in federal unemployment benefits starting June 19. “We have announced the end date of our state of emergency, there are no industry shutdowns, and daycares are operating with no restrictions. Vaccinations are available for all adults. Alabama is […]

General World News

Mortgages for second homes skyrocket 178%

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The number of buyers who locked in mortgage rates for second homes soared 178% year over year in April, marking the 11th straight month of 80%-plus growth, according to a recent Redfin study. Redfin Chief Economist Daryl Fairweather said the numbers are likely exaggerated because demand for second homes dropped 24% year over year in […]

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Volume-hungry mortgage lenders loosen credit standards

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Mortgage credit availability increased by 2.2% in April as mortgage lenders fight for borrowers in an increasingly competitive market. The Mortgage Bankers Association said Tuesday that the Mortgage Credit Availability Index (MCAI) — which uses 100 as a benchmark — increased to 128.1 last month. A decline in the MCAI suggests that lending standards are tightening […]

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How Biden’s stimulus could cause some large companies to raise wages and bring childcare to the forefront

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Summary List Placement The picture of American employment — and unemployment — is a confusing one right now. Some employers say there’s a rampant labor shortage in sectors of the economy such as restaurants, with workers opting to remain on generous unemployment benefits instead of returning to work. The April jobs report on Friday showed […]

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A record 44% of small businesses struggled to hire workers in April, and more than a third raised prices, study finds

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Summary List Placement Last week’s jobs report fell significantly short of expectations, adding just 266,000 jobs to the US economy when economists had predicted 1 million.  Small businesses are no exception. The National Federation of Independent Business (NFIB), the nation’s largest small business association, released a report on Tuesday that found that while small business optimism […]

General World News

Better.com to go public via SPAC at $7.7B valuation

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The special purpose acquisition company market isn’t dead yet, apparently. SoftBank Group-backed digital lender Better.com plans to make its public debut in the fourth quarter of 2021 via SPAC, in a deal that would value the company at nearly $8 billion, the firm said Tuesday. Better.com, which offers mortgage, real estate, title and homeowner insurance […]

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Gavin Newsom wants to send direct payments to Californians from the state’s unexpected $75 billion budget surplus

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Summary List Placement At the beginning of the pandemic, California Gov. Gavin Newsom predicted his state would end up with a deficit of $54 billion. Instead it has a $75 billion surplus, and that could mean stimulus payments for Californians. On Monday, Newsom announced that California has a $75 billion budget surplus which he plans […]

General World News

Job openings hit a record high in March — showing the gap between job postings and hirings was huge even before April’s jobs report

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Summary List Placement Job openings grew to record highs in the US in March amid continued vaccination and fresh stimulus.  The data shows businesses reopening along with the country, yet last Friday’s jobs report for April indicated employers have since had trouble filling those jobs. Openings rose to 8.1 million from 7.5 million, according to Job […]

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Guild breaks into Northeast with acquisition of RMS

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Publicly traded retail mortgage lender Guild Holdings is on the hunt for acquisitions, and it’s found a juicy target in Maine-headquartered retail lender Residential Mortgage Services Holdings. The acquisition of RMS for $196.7 million (3.5x earnings) gives Guild a substantial foothold in the Northeast and a bevy of purchase business. RMS, founded in 1991, has […]

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Finance of America now offers renovation loans

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Lending and services platform Finance of America Inc. announced today the launch of Finance of America Home Improvement, a new business division offering non-mortgage financing options, including renovation loans. Finance of America’s new division offers the “Benji” portal, which gives contractors tools to expand their business. Homeowners can also use it to access financing solutions through […]

General World News

Biden said he’ll cut down on unemployment benefits, but he really might reinstate a pre-pandemic job-seeking policy

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Summary List Placement President Joe Biden announced in a speech on Monday that Americans currently receiving unemployment benefits must either take a job that is “suitable” or lose their benefits, encouraging states to reinstate a pre-pandemic policy of requiring people to search for work. “We’re going to make it clear that anyone collecting unemployment who […]

General World News

Mortgage forbearance drops to 4.36%, exits pick up steam

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The downward trend of borrowers in forbearance picked up speed in the last week of April, falling 11 basis points to 4.36% of servicers’ portfolio volume, according to the Mortgage Bankers Association. This 10th consecutive week of decreases reflects a faster rate of exits and a steady, low level of new requests. Given forbearance numbers […]

General World News

Costco and Chipotle are 2 companies raising wages during the pandemic. Here are 7 major firms that hiked pay over the past year.

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Summary List Placement Companies are gearing up for a spending rebound as the economy emerges from its year-long lockdown, and that’s going to require a whole lot of hiring. But the country added just 266,000 jobs in April, kicking a debate about a “labor shortage” up a notch and suggesting that many unemployed Americans aren’t […]

General World News

Billionaire investor Dan Loeb praised SPACs, revealed his winning bets, and predicted a surge in risky debt in his latest investor letter

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Summary List Placement Dan Loeb underscored the value of SPACs in his recent investor letter. The Third Point chief’s winning bets last quarter included Upstart and SentinelOne. Loeb expects a near-term economic boom, but predicted a surge in bad debts. See more stories on Insider’s business page. Billionaire investor Dan Loeb praised special-purpose acquisition companies […]

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Elon Musk had an unexpectedly tame SNL performance, and NBC gave the billionaire CEO free PR despite his anti-union stance and ultra-wealth

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Summary List Placement During Elon Musk’s opening monologue as Saturday Night Live host on May 9, he said “I’m making history tonight.” Musk made history in several ways during the show. He is the only person worth $184 billion — making him the second-most richest man in the world — to host. He is also […]

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Wall Street boogeymen known as ‘bond vigilantes’ have haunted Democrats for decades. But Biden has a chance to exorcise those demons, reshape the economy, and tackle climate change.

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Summary List Placement With a multi-trillion dollar relief package and an escalating vaccine rollout behind him, President Joe Biden and his administration have set their sights on the next big thing: his generational climate, infrastructure, and jobs bonanza.  After the swift passage of  the American Rescue Plan, it appears that this latest mega-spending bill may […]

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Biden’s break from neoliberalism to invest in the middle class could create ‘the mother of all economic booms’ — an economic commentator explains why

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Summary List Placement On this week’s episode of “Pitchfork Economics,” Nick Hanauer and David Goldstein talk with Anusar Farooqui, who writes probing analytic essays about economic policy on Substack under the pseudonym Policy Tensor.  Farooqui researches and thinks deeply about some of the most complex systems shaping our world today, and he’s not afraid to […]

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Nobel prize-winning economist Paul Krugman on inflation, Modern Monetary Theory, and why government underspending worries him

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Summary List Placement Inflation. Multitrillion-dollar spending proposals. The Federal Reserve’s rate strategy. The economic recovery in general. There wasn’t a lack of topics to discuss when Insider spoke with Paul Krugman, a Nobel laureate and the author of “Arguing With Zombies: Economics, Politics, and the Fight for a Better Future.” Krugman is among the world’s […]

General World News

How Biden’s historically diverse administration plans to improve workforce diversity and economic equity

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Summary List Placement President Joe Biden promised his Cabinet would be the most diverse in history. Recently released data revealed his progress.  After saying he wanted his administration to “look like America” in December last year, the 78-year-old president has mostly succeeded in his plan to diversify the executive branch, according to an analysis by […]

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What a dismal jobs report means for the housing market

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April was supposed to be the month that proved America’s economy had definitively kicked back into full gear. After all, roughly one million jobs were added in March, roughly 40% of the population had achieved vaccination, and key sectors of the economy planned large-scale reopenings. Instead, the U.S. Labor Department reported that a mere 266,000 […]

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The economist who was off by 1.8 million in Friday’s jobs report explains why she’s doubling down on her call for stellar job growth

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Summary List Placement Having the least-correct forecast for April payrolls isn’t swaying Aneta Markowska, chief economist at Jefferies. The US added just 266,000 payrolls last month, falling extremely short of the median economist estimate of 1 million jobs. Where experts were anticipating a strong pick-up in hiring through April, data suggests the easing of lockdowns […]

General World News

The April jobs report shows women are still struggling

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Summary List Placement The April jobs report came as an unpleasant surprise for many, with job growth numbers far lower than expected and unemployment rising.  Nonfarm payrolls rose by just 266,000, falling short of the 1 million forecast by economists. Unemployment rose from 6.0% to 6.1% — the opposite of an expected decline to 5.8%. […]

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The Chamber of Commerce calls for an end to $300 federal unemployment benefits after April’s lackluster jobs report

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Summary List Placement The Chamber of Commerce called for an end to the $300-per-week federal unemployment benefit on Friday, assailing it as an obstacle to the economic recovery. The influential business group cited April’s dismal jobs report that showed payrolls had not kept up March’s encouraging pace. “The disappointing jobs report makes it clear that […]

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Fannie Mae: Consumers still wary of housing market

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Fannie Mae’s Home Purchase Sentiment Index (HPSI), a composite index designed to track the housing market and consumer confidence to sell or buy a home, decreased by 2.7 points to 79 in April 2021 after four of the survey’s six components decreased month over month. Notable was the drop in sentiment towards homebuying conditions, which […]