McLEAN, Va. - (09/09/05) -- Long-term mortgage rates showed noeffect from the massive disaster unfolding in the Gulf Coast afterHurricane Katrina, with the average for the 30-year-rate holdingsteady this week, after falling each of the previous three weeks,according to Freddie Mac. ARM rates, however, continued to decline,displaying the uncertainty of the markets. The average for thebenchmark 30-year, fixed-rate loan was unchanged this week at5.71%; while the average for the 15-year, fixed-rate mortgageslipped slightly to 5.30%, from 5.32% last week. One-year ARMaverage also slipped to 445%, form 4.48%; and the five-year ARMaverage fell to 5.24%, form 5.30%. "We expect that near-term growthwill now be a bit weaker than had been anticipated, due in verylarge part to the disruption in economic activity brought on byKatrina last week," said Frank Nothaft, chief economist at FreddieMac. "However, the federal monies that will flow into the damagedareas and the lower interest rates brought on by the disaster willstimulate economic growth next year, making up for the slowdown inthe last part of this year.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
July 2 -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
July 2 -
Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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