McLEAN, Va. - (04/20/06) -- Home loan rates rose again this weekfor the fourth week in a row, to their highest level since July of2002, according to Freddie Mac. The higher rates are weighing onmortgage lending, with the number of applications running roughly15% less than they were last year at this time, according to theMortgage Bankers Association. This week, the average for thebenchmark 30-year, fixed-rate mortgage climbed to 6.53%, from 6.49%last week; while the average for the 15-year, fixed-rate loan movedup to 6.17%, from 6.14%. ARM rates also continued their upwardclimb, with the average for the one-year ARM hitting 5.63%, from5.61% last week; and the five-year ARM rate moving to 6.16%, from6.13%. Mortgage rates drifted upward this week following therelease of the Consumer and Producer Price Indexes for March, whichcame in at the upper end of market expectations for inflation, saidFrank Nothaft, chief economist for Freddie Mac As a result ofhigher mortgage rates, housing market activity is beginning toslow, as evidenced in the lower housing starts statistics forMarch.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
April 23