McLEAN, Va. - (03/25/05) -- Long-term mortgage rates rose thisweek for the sixth week in a row, with the average for thebenchmark 30-year loan hitting the 6% mark for the first time ineight months, according to Freddie Mac. The average for the30-year, fixed-rate mortgage inched up to 6.01%, from 5.95% lastweek; while the average for the 15-year, fixed-rate loan moved to5.56%, from 5.47%. "Renewed concern over the threat of inflationpushed up long-term mortgage rates, while the most recent Fedstatement caused short-term rates to float upwards," said FrankNothaft, Freddie Mac's chief economist, referring to this week's 25basis point increase in the overnight Fed Funds rate. ARM ratesalso moved upwards, with the average for the five-year ARM risingto 5.35%, from 5.31% last week; and the average for the one-yearARM moving to 4.24%, from 4.20%.
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Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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