The rate on the 30-year-mortgage hit 7.16%, the highest since 2001, according to data released this morning from the Mortgage Bankers Association.
Wells Fargo & Co. said that higher loss rates for loans it originated late last year contributed to an increase in write-offs for the period. Ally Financial Inc., the country’s second-largest auto lender, saw charge-offs for retail auto loans quadruple in the third quarter. And Fifth Third Bancorp said it’s pulling back on originations.
Today, the U.S. Department of Education (Department) announced one-time executive actions that will bring most loans managed by the Department closer to forgiveness, including credit toward the Public Service Loan Forgiveness (PSLF) Program for borrowers who have qualifying employment. This action will coincide with the July 2023 implementation of permanent fixes to PSLF through regulation.
A Fifth Circuit ruling that the Consumer Financial Protection Bureau’s funding structure is unconstitutional is rapidly turning into an enforcement headache for the agency.
Around the world and here at home, financial services are slowly moving toward open banking and open finance. A more decentralized and neutral consumer financial market structure has the potential to reshape how companies compete in the sphere.
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