McLEAN Va. - (07/15/05) --Home mortgage rates tipped upwardsthis week, continuing their see-saw ride, according to Freddie Mac.The average for the benchmark 30-year mortgage rose to 5.66% thisweek, from 5.62% last week; while the average for the 15-year,fixed-rate loan moved to 5.25%, from 5.20%. ARM rates were mixed,with the average for the one-year ARM inching to 4.39%, from 4.33%last week; and the average for the five-year ARM falling to 5.15%,from 5.19%. Analysts attributed the rate increases of the past twoweeks to financial markets moving to a view that the economy willexpand at a stronger pace this year than previously believed. "Overthe past few weeks, financial markets have been gearing up forgreater growth in the economy, which ultimately leads to higherinflation rates," said Frank Nothaft, chief economist for FreddieMac.
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Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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