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...Citi, JPMorgan and Bank of America have all gotten in....
...America’s real estate market remains stuck in the mud. Existing home sales, which make up most of the US housing market, totalled just 4.09mn units in 2023, a 30-year low....
...As a result, a record high pile of cheap loans are supposedly due to mature this year....
...Some farmers have found it tricky to secure bank loans against their slowly growing solar-grazing businesses, preventing the wider industry from growing even faster than it already is....
...Alongside America’s highways, billboards jostle for drivers’ attention....
...The risk of similar losses being uncovered at big lenders is low. Even at hard-hit Aozora, US office loans make up less than a tenth of its total loan book....
...It is a line of business several big developers have entered since banks reined in their real estate lending after the 2008 financial crisis....
...An obvious US response would be to resurrect the 1990s vision of a single free trade area across the Americas, but bipartisan hostility to big new pacts makes that impossible....
...Over the same period, post-crisis regulation and a decline in oil prices from their 2008 peak knocked the banks and energy groups that form a large part of European bourses....
...Soak it in: Bank of America frequently updates this futile but oddly charming mosaic, showing the best-performing assets each year since the turn of the century....
...A servicing company placed the loan on watch for possible default — although the Trumps have remained current on their payments....
...A European Central Bank survey showed eurozone banks have been hit by a “substantial” drop in loan demand from companies, reflecting lower investment plans....
...The S&P PMI survey started this year with three back-to-back expansionary readings after spending much of 2023 in contraction territory....
...Banks are already feeling the squeeze as bad US loans are marked to market. Rising losses and a wave of distressed asset sales look inevitable in Europe too....
...Last week the US Federal Housing Finance Agency presented its report on the future of the Federal Home Loan Banks....
...homes warm....
...Since 1975, the Home Mortgage Disclosure Act has required banks to report mortgage lending by race and ethnicity, and the Consumer Financial Protection Bureau recently issued a rule that requires lenders...
...Rating agency S&P Global cited these as a reason for downgrading five regional banks earlier this summer....
...The largest US banks lent billions of dollars less in the first quarter, in a sign that corporate borrowers are opting to whack down their debt with interest rates still at historic highs.Bank of America...
...James said in response to the judgment: “Everyday Americans cannot lie to a bank to get a mortgage to buy a home, and if they did, our government would throw the book at them....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...Last week, US deputy national security adviser for international economics Daleep Singh called for more use of America’s sovereign loan guarantee authority to lower interest rates on developing countries...
...But, as Ebrahim Poonawala of Bank of America pointed out to me, the cause of the first problem, very fast growth, was acquisitions explicitly designed to solve the second problem, the concentration in regulated...
...Sir John Armitt, chair of the National Infrastructure Commission, has hit out at a drive to push pension schemes to invest more in Britain, saying there is “no reason” funds should have a home bias....
...Non-performing loans have fallen to 5 per cent, down from a peak of perhaps 40 per cent. Their strong performance could continue, thinks Lex. Larry Fink knows something about a good comeback....
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