WASHINGTON - (07/27/04) -- Mortgage rates are ticking up, whichmay be one big reason sales of previously occupied homes remainedhot during June. Sales unexpectedly rose to a record 6.95 millionannual pace in June, and in the process have pushed prices to theirhighest ever. Existing home purchases increased 2.1% from a 6.81million-unit rate in May, the National Association of Realtorssaid. The median selling price rose 5.2% to a record $191,800.Analysts are crediting the still relatively low interest rates withmore people holding jobs as the drivers for the ongoing surge inhome sales. Home sales this year are expected to surpass the recordset in 2003.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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