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...Leffler’s innovation gave lower and middle class people an ownership stake in American capitalism....
...Americans depend....
...One FT reader points out that British American Tobacco looks cheap on a like-for-like basis, compared with Altria in the US, and offers a dividend touching 10 per cent....
...A plan by the UK-headquartered group to retain staff through so-called special capital should attract income tax rather than the lower-rate corporation tax as the firm intended, the court in London has ruled...
...On the contrary, US officials wasted months denying the scale of their subprime mortgage losses, prompting Japanese officials to complain to me — with justifiable irritation — that the Americans were refusing...
...Fidelity has the lions’ share, with $500bn of the total....
...Fixed-rate mortgages, at around 2 per cent, are still relatively low, though it’s hard for Americans to get loans....
...There are also online tools to help people work out whether they can buy in certain areas, such as an interactive map provided by the Canada Mortgage and Housing Corporation....
...Mortgage delinquencies are at their lowest level in since 1979, and the CFPB has obtained $16bn consumer relief in little over a decade for nearly 192mn Americans, a record that far surpasses the achievements...
...But critics insist the rules are an unwarranted assault on an American success story....
...You put a couple of bucks in an American pocket. That American reaches into the pocket, takes those bucks out and spends them....
...Sumitomo Mitsui Banking Corporation has named Clarke Adams as head of high-yield capital markets and Matt Burke as head of leveraged finance origination....
...It was a similar story among non-financial corporations where outstanding bonds reached a record $16.6tn in 2021, more than double the amount in 2008....
...What we didn’t like was the shareholder structure, in which buyers of the American depositary shares owned a stake in a Caymans corporation that had indirect exposure in the onshore companies that operate...
...Before 2008, the average daily trading volumes were about $150-175bn, or equal to about 2 per cent of the assets of the entire American commercial banking industry....
...Even credit card companies are jumping in, with American Express offering $250 to new current account customers....
...That trend is roughly true for homeowners too, who in the US now mostly have fixed-rate mortgages....
...The president of the United Auto Workers Union recently brokered major contracts with the Big Three American carmakers....
...JPM is saying no to more cheap, jumbo mortgages. It is saying yes to relationships with more affluent Americans valuable to its wealth management business. The FDIC has made this highly worthwhile....
...That fund would buy American companies with the potential to expand in China....
...The good news is that the CRE problems do not seem to be nearly as grave as the issues in subprime mortgages in 2008....
...But for Sarah Alvarez, remote working on her New York job as a mortgage broker has proved smooth....
...The American people are “probably as confused about banking as ever and that has consequences,” he added....
...Its funding costs also rose rapidly and it racked up large paper losses on its mortgage book and other long-dated assets....
...From the first, he focused on entrepreneurs and strivers, starting with extra-large mortgages before growing into a full-service private bank....
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