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...The flipside to higher interest rates is people also want more for their savings....
...In the US, according to numbers from the Federal Trade Commission, there were nearly 26,000 reported cases of abuse of advance-fee loans last year, costing victims nearly $75mn....
...Likewise, for auto loans, people in their 30s are now falling behind on their loans at a faster pace than during the pandemic....
...“We take domestic savings and put them into the domestic economy.”...
...Moreover, banks are much better positioned than they were in the runups to the Global Financial Crisis and Savings & Loan Crisis....
...The International Development Association (IDA) is in need of the “largest replenishment ever” of financial resources to provide cheap loans and grants to 75 developing countries, Dirk Reinermann, the bank...
...Bank of America, the nation’s second-largest lender, said as it reported results on Tuesday that new loan growth stalled in the quarter, with BofA’s chief financial officer Alastair Borthwick calling lending...
...The second point is closely related....
...JPMorgan set aside less than analysts anticipated for loan losses....
...Also important and worthwhile was a UK individual savings account to encourage people to put more of their savings in British business....
...His argument is that the excess savings built up during the pandemic acted as a wall separating the actions of the Fed from the private sector....
...Last week the US Federal Housing Finance Agency presented its report on the future of the Federal Home Loan Banks....
...Banks forecast there would be a further “moderate net tightening” of credit availability but an increase in loan demand in the second quarter....
...They have been able to charge more for loans because of the interest rates being increased by the Federal Reserve, but they haven’t been passing on these higher savings rates to depositors at the same rate...
...The NRA filed for bankruptcy in January 2021, but a federal judge dismissed the case later that year....
...Michael Bright Chief Executive, Structured Finance Association, Washington, DC, US...
...More and more market participants and pundits are betting that stalling disinflation might stop the Federal Reserve from cutting rates at all in 2024....
...At Zillow, these commissions represented about 48 per cent of total revenue in the second half of 2023, said JPMorgan. At Redfin, the figure is a little lower....
...In fact, the outlook for muni-government spending has prompted Goldman Sachs to raise its GDP growth by 0.3 percentage points for the first and second quarters of this year, and 0.1pp for all of 2024....
...The second, more important, point is that Manulife’s move shows that some players are finally getting more honest about America’s commercial real estate pain. This is welcome — and belated....
...Instead, January’s gross domestic product data, released on Wednesday, should indicate whether the country is leaving behind the recession of the second half of 2023....
...Trump appointed Mark Calabria as the head of the Federal Housing Finance Agency [the Fannie and Freddie umbrella organisation]....
...This was partly due to perceived deposit excess, which banks struggled to parlay into loans or investments....
...The deal will create the second-largest provider of mortgages and savings accounts and give Nationwide a foothold in business banking....
...First, the rise of fixed-rate loans — and pandemic savings — have stunted the impact of rate rises....
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