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See Insider's picks for the best mortgage lenders »Insider's Featured Mortgage Lenders Rocket Mortgage by Quicken LoansAmeriSave Mortgage Corporation MortgagesNew American Funding Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Only a handful of US states require financial education in high schools, and those requirements are thin. The Consumer Financial Protection Bureau has free, easy-to-navigate content about tons of financial products, including mortgages. The Consumer Financial Protection Bureau has free, easy-to-navigate content about tons of financial products, including mortgages. There's a dearth of consumer education built into our financial systems (likely by design).

☆ Softbank-backed doValue to focus on M&A in 2023 - CEO
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - Italy's doValue (DOVA.MI) will focus on merger and acquisitions (M&A) in 2023, as it expects a wave of consolidation in the market of problem loan managers, its chief executive Andrea Mangoni said. "Our priority for this year is M&A," Mangoni told an analyst call. He added that the Verona-based debt management firm will look at deals in Italy and Spain, as both markets are fragmented. In Italy doValue competes with peers such as Elliott-backed Gardant or Prelios, owned by U.S. fund Davidson Kempner Capital Management. DK is currently discussing a possible sale of Prelios to Andrea Pignataro's ION Group, which in 2021 bought credit data and bad loan recovery firm Cerved.

☆ Pakistan approves circular debt management plan, extra surcharge on electricity
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

KARACHI, Pakistan, Feb 10 (Reuters) - Pakistan's Economic Co-ordination Committee on Friday approved a plan it is negotiating with the International Monetary Fund to slash its circular debt, a form of public debt that builds up in the power sector due to subsidies and unpaid bills. The committee, led by Finance Minister Ishaq Dar, also approved an additional surcharge of Rs 1 per unit of electricity for FY 2023-24 to recover an estimated 76 billion Pakistani rupees ($282.81 million) in power sector liabilities. Pakistan and the IMF are to resume talks online next week they said on Friday, after ten days of face-to-face discussions in Islamabad on how to keep the country afloat ended without a deal. ($1 = 268.7300 Pakistani rupees)Reporting by Ariba Shahid, writing by Shilpa Jamkhandikar editing by Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

When asked about the matter at a news conference after the end of the U.S. central bank's latest policy meeting on Wednesday, Powell declined to say whether Fed officials had begun planning for a possible default. "If there were pressures pushing the funds rate higher the (Fed market desk) would automatically add reserves to deal with that," William English, a Yale School of Management professor, said in a recent interview. As head of the Fed's monetary affairs division at the time, it was English who briefed officials in 2011 on possible options. The approach "appeared acceptable" to Fed officials previously, and was included in a draft statement the central bank had prepared in the event a debt limit compromise was not reached. But I don't want to say what I would and wouldn't do, if we have to actually deal with a catastrophe."

☆ Morning Bid: Ugly duckling
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Anshuman DagaWhile Chinese economic data didn't come in worse than markets had feared, investors still couldn't come to terms with the scale of the economic pain being felt in the world's second-largest economy. Asian stock markets dipped and the broad-based MSCI's Asia Pacific share index outside Japan (.MIAPJ0000PUS) retreated away from seven-month highs, and Chinese equities stocks also retreated. European and UK stock futures, however, pointed to a steady start. The FTSE 100 (.FTSE) is just a whisker away from its record high of 7,903.5 points. Tuesday's batch of economic data coming up include UK jobs numbers, German inflation and Germany's ZEW economic sentiment survey.

To determine the best debt consolidation loan offers for bad credit, Select compared dozens of lenders by credit score requirements, interest rates, fees, repayment terms and other factors. The best debt consolidation loans for bad creditBest overall: AchieveAchieve Best for people without a credit history: UpstartUpstart Best for flexible repayment terms: UpgradeUpgrade Best for fast approval: LendingPointLendingPoint Best for low origination fees: AvantSubscribe to the Select Newsletter! Most debt consolidation loans for bad credit can charge interest of up to 36%, but Achieve's highest interest rate is considerably lower. It's possible to qualify for a debt consolidation loan with bad credit (a credit score of under 670). Our methodologyTo determine which debt consolidation loans are the best for consumers with bad credit, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions.

☆ Japan considers green transition bonds issuance for next fiscal year
▼ + stars: | 2023-01-11 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Japan plans to issue 1.6 trillion yen of such bonds in the fiscal year that ends April 2024, with an eye on those with maturity of 10 years and 20 years. "It will be like hand-to-mouth operations if we rely too much on short term government bonds," Saito said. The average duration of government bond issuance estimated for next fiscal year is eight years and one month, six months shorter that the current fiscal year. "We will appropriately conduct debt management, which centres on ascertaining market needs and allocate issuance by duration." Saito also said interest rates remain low but the current situation will not last indefinitely, as seen in spikes in overseas bond market yields.

To pay off debt fast, you need to exceed your minimum payments every month. List all of your debtIf you have multiple sources of debt — say several credit cards, student loans, and a personal loan — the first step to paying off debt is determining how much debt you have to pay off. There are two main ways you can do this:Balance transfer credit card: A balance transfer card allows borrowers to consolidate various credit card balances onto a new credit card, ideally one with a lower APR. Pay this debt off first, because when that introductory period ends, you will be on the hook for all the debt you consolidated. Debt consolidation loan: If you have other debts in addition to your credit card debt, you can look into debt consolidation loans.

Student loan debt has become such an issue that the Biden Administration has been attempting to cancel up to $20,000 in student debt per eligible borrower and has continually extended the student loan repayment pause. Ways employers are currently assisting with student debt management"Employers are increasingly offering student loan contribution plans as a direct way to help borrowers pay down student loan debt," Scruggs says. How other employers can help employees manage student loan debtOne of the simplest and most affordable ways employers can help employees is to share information on what employees need to know about their student loans. "There are many ways to help employees manage and pay down student loan debt. However, note that if you refinance federal student loans you'll lose federal protections, like the current student loan payment freeze and potential student loan forgiveness.

The cedi has lost more than 50% of its value this year , pushing up the cost of Ghana's external debt. Interest payments alone absorb between 70 and 100% of the government's revenuesHOW BIG IS GHANA'S DEBT? Ghana's public debt was 467.4 billion cedis ($37.4 billion) in September, of which 42% was domestic debt, according to the most recent central bank figures released last month. Ghana's debt-to-GDPWHO OWNS GHANA'S DEBT? The fund is yet to comment on Ghana's debt sustainability or domestic bond exchange plans.

☆ Brazil's federal public debt rises in October due to interest payments
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Nov 25 (Reuters) - Brazil's federal public debt increased in October after three consecutive months of decline, official data showed on Friday, driven by debt interest payments. The stock of federal public debt rose 26.29 billion reais from September to 5.778 trillion reais ($1.07 trillion). According to the Treasury, interest payments on public debt totaled 35.39 billion reais, overshadowing 9.11 billion reais in net redemptions of bonds. According to the Treasury, the amount is enough to pay about nine months of debt maturities. The average interest rate on the issuance of domestic federal increased to 11.8% in October from 11.7% the month before.

Presenting the West African nation's 2023 budget in parliament, Ofori-Atta said Ghana was at high risk of debt distress and has agreed on a debt management strategy with the International Monetary Fund (IMF). Investment bank Morgan Stanley said on Thursday that it expected Ghana to restructure both its domestic and external debt. "The current debt sustainability analysis conducted reveals that Ghana is now considered to be in high risk of debt distress," Ofori-Atta told lawmakers. Ghana will implement a debt exchange programme to address the challenges, he added. Despite the projected increase in revenue, Ofori-Atta said the fiscal budget would increase to 7.7% of GDP from 6.6% over the coming year.

☆ Bank of England confirms start of new gilt sale programme
▼ + stars: | 2022-11-23 | by ( David Milliken | Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +2 min

The BoE intends to offer gilts for sale on Tuesdays, Wednesdays and Fridays, giving minimum prices that it will accept before each sale. "There will be instances when the Bank could sell a larger volume of gilts if demand is particularly strong, but also times when the Bank will sell few or no gilts if there is insufficient demand," the BoE said. On days when the DMO had held a long-dated gilt auction, the BoE would only sell index-linked gilts and vice versa. The BoE said it would publish details of the gilt sales as soon as possible after each sales window closed. ($1 = 0.8312 pounds)Reporting by David Milliken, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

☆ UK bond dealers see jump in gilt issuance for 2023/24 - Reuters poll
▼ + stars: | 2022-11-16 | by ( David Milliken | ) www.reuters.com time to read: +4 min

However in the 2023/24 financial year, gilt issuance is expected to jump to 238 billion pounds, according to the median poll forecast, the second highest ever after the 486 billion pounds of issuance in 2020/21 to fund COVID-19 support measures. “It feels like there shouldn’t be too many surprises, but the gilt market remains febrile, and even small news could create oversized reactions,” he said. Gilt issuance is distinct from public sector net borrowing (PSNB), the main borrowing measure forecast by Britain’s Office for Budget Responsibility. Here GEMMs expect PSNB, excluding public-sector banks, to rise to a median 187 billion pounds, almost double the 99 billion pounds forecast by the OBR in March. Next year it is forecast to fall to 142 billion pounds, versus an OBR forecast of 50.2 billion pounds.

☆ Bank of England sells £750 million worth of bonds at first QE unwind auction
▼ + stars: | 2022-11-01 | by ( ) www.cnbc.com time to read: +1 min

The Bank of England on Tuesday warned that "the prospect of self-reinforcing 'fire sale' dynamics pose a material risk to UK financial stability." The Bank of England received solid demand from investors on Tuesday at its first auction to sell government bonds from its 838 billion pound ($961 billion) quantitative easing stockpile. Investors bid for 3.26 times the 750 million pounds of gilts with a remaining maturity of three to seven years which the BoE put up for sale. During standard British government bond auctions held by the United Kingdom Debt Management Office, investors typically bid for just over twice the volume of gilts available. These auctions normally are for larger volumes of gilts than the BoE is selling at its auctions.

☆ Bank of England sells 750 mln pounds of gilts at first QE unwind auction
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 1 (Reuters) - The Bank of England received solid demand from investors on Tuesday at its first auction to sell government bonds from its 838 billion pound ($961 billion) quantitative easing stockpile. The BoE aims to sell 6 billion pounds of gilts across eight auctions in November and December, as part of a plan to reduce its gilt holdings by 80 billion pounds over 12 months through a mix of sales and not reinvesting money from maturing gilts. Investors bid for 3.26 times the 750 million pounds of gilts with a remaining maturity of three to seven years which the BoE put up for sale. During standard British government bond auctions held by the United Kingdom Debt Management Office, investors typically bid for just over twice the volume of gilts available. These auctions normally are for larger volumes of gilts than the BoE is selling at its auctions.

France, Spain and Finland said their rules are already structured to automatically take account of market tensions. The data tracked German, Italian, French, Spanish and Dutch bonds, markets which account for the vast majority of euro zone debt with nearly 8 trillion euros outstanding. So governments expect, and some formally require their primary dealers - banks that buy government debt at auctions and then sell to investors and manage its trading - to keep those tight. The euro zone is roughly 60% the size of the U.S. economy but it relies on Germany's 1.6 trillion euro bond market as a safe haven - a fraction of the $23-trillion U.S. Treasury market. Smaller governments pay premium over bigger rating peersEfforts by debt officials are welcomed by European primary dealers, whose numbers have dwindled in recent years because of shrinking profit margins and tougher regulation.

☆ Mexico's Q3 economic activity points to 2.4% annual growth -finance ministry
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Edgard GarridoMEXICO CITY, Oct 28 (Reuters) - Mexico's economic activity indicators in the third quarter point to economic growth in line with forecasts of 2.4% annual growth in 2022, the country's finance ministry said on Friday. The ministry said dynamic economic activity and a strong labor market led to "positive results" in tax collection, putting it on track to meet year-end estimates. It also said economic activity was propelled by gross fixed investment, especially in national machinery and equipment and residential construction. Refinancing strategies have managed to refinance an accumulated $78 billion, or 14% of Mexico's total debt, according to the ministry. Mexico's financial system also remained "well capitalized" and its credit market continued to show signs of recovery, the ministry said.

☆ Brazil's public debt drops for third straight month in September
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Oct 26 (Reuters) - Brazil's federal public debt fell for the third consecutive month in September, official data showed on Wednesday, with the net redemption of bonds again reducing the government's liquidity reserve. According to the Treasury, bond redemptions exceeded issuances by 76.4 billion reais ($14.29 billion). At the same time, interest payments on public debt reached 47.2 billion reais. As a result, the stock of federal public debt fell by 29.4 billion reais over August to 5.752 trillion reais. Given the recent inflationary relief in Brazil, the yield on inflation-linked bonds decreased, leading the average interest rate on the issuance of domestic federal debt to fall to 11.7% in September from 11.9% in August.

☆ UK gilt yields rise as BoE pooh-poohs report of delay to bond sales
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

The FT said the BoE would probably push back the start of its gilt sales from its latest scheduled date of Oct. 31, having already delayed it from an original date of Oct. 6. Register now for FREE unlimited access to Reuters.com Register"This morning's FT report that the BoE has decided to delay MPC gilt sales ('QT') is inaccurate," a spokesperson for the central bank said. Twenty- and 30-year gilt yields , were up by less, around 4 bps on the day. The two-year yield , which is most sensitive to short-term moves by the central bank, showed the biggest rise, up 13 bps on the day. British government bond yields soared in recent weeks after the government of new Prime Minister Liz Truss announced a string of unfunded tax cuts.

☆ U.K. Treasury chief scraps nearly all government tax cut plans
▼ + stars: | 2022-10-17 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

U.K. Treasury chief Jeremy Hunt on Monday reversed most of an economic package announced by the government just weeks ago, including a planned cut to income tax. In a bid to soothe turbulent financial markets, Hunt said he was scrapping “almost all” the tax cuts announced last month and signaled public spending cuts are on the way. The unfunded tax cuts fueled investor concern about unsustainable levels of government borrowing, which pushed up government borrowing costs, raised home mortgage costs and sent the pound plummeting to an all-time low against the dollar. Hunt was under pressure to act before financial markets opened on Monday because the central bank’s support for the bond market ended Friday. The U.K. currency is now trading for roughly the same price it was on Sept. 22, the day before Kwarteng announced the tax cuts.

☆ UK finance minister seeks to stem bond rout by rushing forward tax plan
▼ + stars: | 2022-10-17 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

"The chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," the finance ministry said. Register now for FREE unlimited access to Reuters.com RegisterSterling was up about 1% against the dollar in trading in Asia. Hunt met Truss over the weekend to overhaul her original economic proposals. No chancellor should seek to do that," the former foreign and health minister told BBC television in an interview broadcast on Sunday. Goldman Sachs said on Sunday it expected Britain's economy to shrink by 1.0% in 2023, a more severe contraction than its previous forecast of a 0.4% shrinkage, as Truss's tax cuts were reversed.

☆ New UK finance minister rips up Truss’ economic plan in stunning policy reversal
▼ + stars: | 2022-10-17 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

The stunning reversal would raise £32 billion ($36 billion), he said. “No government can control markets, but every government can give certainty about the sustainability of public finances,” Hunt said. “The United Kingdom will always pay its way.”The moves represent a gutting of Prime Minister Liz Truss’ flagship policies and leave her in a perilous political position. On Friday, Truss fired Kwasi Kwarteng, her previous finance minister, and reinstated a big tax hike on corporations. “A central responsibility for any government is to do what’s necessary for economic stability,” Hunt said.

Oct 14 (Reuters) - The U.S. Treasury Department is asking primary dealers of U.S. Treasuries whether the government should buy back some of its bonds to improve liquidity in the $24 trillion market. The Treasury is also querying whether reduced volatility in the issuance of Treasury bills as a result of buybacks made for cash and maturity management purposes could be a "meaningful benefit for Treasury or investors." But it let that exclusion expire and big banks had to resume holding an extra layer of loss-absorbing capital against Treasuries and central bank deposits. The Treasury Borrowing Advisory Committee, a group of banks and investors that advise the government on its funding, has said that Treasury buybacks could enhance market liquidity and dampen swings in Treasury bill issuance and cash balances. The Treasury is posing the questions as part of its regular survey of dealers before each of its quarterly refunding announcements.

☆ US Treasury asks major banks if it should buy back U.S. government bonds
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

Oct 14 (Reuters) - The U.S. Treasury Department is asking primary dealers of U.S. Treasuries whether the government should buy back some U.S. government bonds to improve liquidity in the $24 trillion market. Investors are worried about rising volatility in bonds as the Federal Reserve rapidly raises interest rates to bring down inflation. The Treasury is also querying whether reduced volatility in the issuance of Treasury bills as a result of buybacks made for cash and maturity management purposes could be a "meaningful benefit for Treasury or investors." The Treasury Borrowing Advisory Committee (TBAC), a group of banks and investors that advise the government on its funding, has said that Treasury buybacks could enhance market liquidity and dampen swings in Treasury bill issuance and cash balances. The Treasury is posing the questions as part of its regular survey of dealers before each of its quarterly refunding announcements.

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