Investors who are fighting the politicization of America’s banks scored a rare win last week with a Securities and Exchange Commission (SEC) ruling that allowed a shareholder proposal in favor of political and religious diversity at JPMorgan Chase to go forward, despite the bank’s objections. On March 29, the SEC green-lighted a shareholder proposal that…
Shareholders Say JPMorgan Chase Has ‘Disturbing Trend’ of Political Bias
April 5, 2023
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Mortgage Demand Slumps Despite Drop in Mortgage Rates
Despite the 30-year mortgage rate falling to a seven-week low, applications to purchase a residential property tumbled for the first time in a month. For the week ending March 31, U.S. mortgage applications declined 4.1 percent, the first weekly drop since the week ending Feb. 24, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage…
JPMorgan CEO Says Bank Crisis Not Over, America Shifting Into a ‘Vicious Cycle’
JPMorgan CEO Jamie Dimon said in a letter to shareholders that the U.S. banking crisis is not over, and that even when it does end, its impact will linger for years, while warning that America seems to moving into a “vicious cycle.” “As I write this letter, the current crisis is not yet over, and…
Gold Ascends Above $2,000, Approaching All-Time High: Peter Schiff Weighs In
The price of gold surged to $2,020 per ounce on Tuesday, driven by the recent banking scares and concerns over rising inflation. This marks the third time in history that the precious metal has pierced the $2,000 level; the first was in August 2020, when gold reached its all-time high of $2,075 per ounce. Experts…
Gold Approaches All-Time High as It Passes $2,000 Level
The price of gold surged to $2,020 per ounce on Tuesday, driven by the recent banking scares and concerns over rising inflation. This marks the third time in history that the precious metal has pierced the $2,000 level; the first was in August 2020, when gold reached its all-time high of $2,075 per ounce. Experts…
FDIC Looking to Sell $60 Billion Loan Portfolio It Acquired From Failed Signature Bank
April 4, 2023
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The Federal Deposit Insurance Corporation (FDIC) is looking to sell a $60 billion loan portfolio in the new few months, which it acquired in receivership following the collapse of Signature Bank last month. The portfolio mainly consists of commercial real estate loans (CRE), commercial loans, and a small pool of single-family residential loans, the FDIC said in a statement….
Rental Market Bust Just Around the Corner, Experts Warn
April 4, 2023
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The collapse of the U.S. rental market is just around the corner, some real estate experts warn. Rental prices finally dropped to pre-pandemic levels last month after millions of Americans struggled to keep up with skyrocketing housing costs since the start of the pandemic. In a series of recent tweets, Nick Gerli, the CEO & Founder of…
Home Prices Suddenly Jump After 7 Months Of Declines
April 3, 2023
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U.S. home prices have suddenly jumped after seven months of declines, according to a recent report. Home prices rose 0.16 percent nationally in February compared to January, when adjusted for seasonality, according to Black Knight’s latest Mortgage Monitor Report from April 3. This was the first monthly increase after seven months of declining housing costs. A…
WWE and UFC Agree to Massive Merger Creating $21 Billion Company
World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) have agreed to merge and create a newly combined wrestling entertainment company. The new entity will be called “NewCo,” until it is named at a later date, and will be listed on the New York Stock Exchange as TKO. WWE and Endeavor, the parent company of…
America’s Biggest Banks Experience Massive Deposit Withdrawals
America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
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