Affordability Runs High. Interest rates may have soared the last two months, but it didn't deter home buyers much. Those consumers found the most buyer-friendly market since 1973, according to the National Association of Realtors housing affordability index released May 10. The index, which measures affordability factors for all home buyers, was 140.9 in the first quarter of 1994, compared to 132.5 during the same period a year ago. When an index measures 100, a family earning the median income has exactly the amount needed to purchase a median-priced resale home, using conventional financing and 20% down payment. Despite a slight dip in the affordability index for January, February and March, compared to the previous quarter, NAR said affordability has not been as consistently favorable since early 1973. NAR's first-time home buyer's index shows that the qualifying income needed for conventional financing covering 90% of a $91,300 starter home was $26,666. Yet the median income of prime first-time buyers was $24,436, a difference of $2,230.
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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.
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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.
July 2 -
A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
July 2