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☆ Mortgage demand rebounds, even as interest rates hit the highest level in over a month
▼ + stars: | 2023-04-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The recent softening in home prices may be helping homebuyers swallow higher mortgage rates. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "As a result of the higher yields, mortgage rates increased for the second straight week to their highest level in over a month." Despite higher rates, mortgage applications to buy a home, which had plummeted the week before, rose 5% last week. Mortgage rates fell slightly to start this week, as investors digested news of regional bank earnings as well as concern over the debt ceiling.

☆ Ex-Harvard Professor Sentenced in China Ties Case
▼ + stars: | 2023-04-26 | by ( Gina Kolata | ) www.nytimes.com time to read: +3 min

For his work on nanotechnology, he had been seen by some as a contender for the Nobel Prize. But he also secretly accepted money from China, which had established a government initiative, the Thousand Talents program, to gain access to scientific knowledge and expertise, often paying scientists lavishly. When questioned about his involvement with Thousand Talents in 2018 by federal investigators, he denied it. Why It MattersDr. Lieber’s conviction in December 2021 resulted from the China Initiative, an effort launched in 2018, under the Trump administration, to identify scientists suspected of sharing sensitive information with China. But critics said that the China Initiative had unfairly targeted academic researchers of Asian descent.

Former President Donald J. Trump provided the first look at his post-presidency business dealings on Friday with a new personal financial disclosure. Though light on specifics, the documents filed with the Federal Election Commission revealed lower-than-expected values on his social media company, two additional hefty bank loans and a new income stream for former first lady Melania Trump. The former president filed his disclosure after requesting multiple extensions. The financial disclosure shows cumulative income from January 2021 to Dec. 15, 2022, as required by the Federal Election Commission, and the value of assets as of December 2022, according to a person familiar with the documents. Trump’s social media company takes a valuation hitThe disclosure valued the parent company of Truth Social, the former president’s social media platform and personal megaphone, at between $5 million and $25 million.

WASHINGTON — The Justice Department confirmed on Wednesday it had seized the Russia-linked online criminal marketplace Genesis Market, working in conjunction with international law enforcement and the Treasury Department. The announcements from Justice and Treasury came a day after the FBI and a consortium of international law enforcement authorities shut down Genesis Market. The international marketplace steals private information from victims' devices and offers it for sale, Treasury said in a release Wednesday. "Today's takedown of Genesis Market is a demonstration of the FBI's commitment to disrupting and dismantling key services used by criminals to facilitate cybercrime," FBI Director Christopher Wray said in a statement. "Treasury will continue to work closely with our law enforcement colleagues to disrupt this activity and hold malign cyber actors accountable."

☆ Cybercrime marketplace Genesis Market shut by FBI, international law enforcement
▼ + stars: | 2023-04-04 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

A seal reading "Department of Justice Federal Bureau of Investigation" is displayed on the J. Edgar Hoover FBI building in Washington, DC, August 9, 2022. The FBI and other law enforcement agencies on Tuesday seized the domain names for Genesis Market, a cybercrime marketplace which allowed criminals to impersonate customers on websites ranging from Amazon to Fidelity . On Tuesday, Genesis' normal login page was replaced with a takedown notice, urging users to contact the FBI if they had further information about Genesis' administrators or operations. Genesis was a "big fish," said cybersecurity researcher Matthew Gracey-McMinn at Netacea, and its shutdown was a shot across the bow to other threat actors in the space. In 2021, at least 350,000 "bots" were available on Genesis' platform, according to a Netacea report.

☆ Clearview AI scraped 30 billion images from Facebook and gave them to cops: it puts everyone into a 'perpetual police line-up'
▼ + stars: | 2023-04-03 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +9 min

Clearview AI scraped 30 billion photos from Facebook to build its facial recognition database. Representatives for Clearview AI did not immediately respond to Insider's request for comment. Since then, the spokesperson told Insider, Meta has "made significant investments in technology" and devotes "substantial team resources to combating unauthorized scraping on Facebook products." CNN reported Clearview AI last year claimed the company's clients include "more than 3,100 US agencies, including the FBI and Department of Homeland Security." "You don't know what you have to hide," Guariglia told Insider.

☆ The former CEO of Aetna shares how he plans to turn around the struggling health insurer Oscar
▼ + stars: | 2023-03-30 | by ( ) www.businessinsider.com time to read: +6 min

Oscar Health struggled to upend the entrenched health insurance industry. Oscar Health has been trying and struggling to upend the US health-insurance industry and the entrenched giants that dominate it for the past 10 years. Oscar Health incoming CEO Mark Bertolini Bridgewater AssociatesLast year, Oscar lost a $60 million contract with its first client, Health First Health Plans. Bertolini wants Oscar to disrupt health-insurance giantsMario Schlosser, founding CEO of Oscar Health Eduardo Munoz/ReutersDespite losing the Health First deal, Bertolini is betting that Oscar will disrupt the insurance industry through partnerships. Oscar has developed health plans with health systems in the past.

☆ Mortgage demand increases again, but interest rates are rising
▼ + stars: | 2023-03-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand has increased for three straight weeks now, as interest rates dropped in response to the recent bank failures. "However, mortgage rates have not dropped as much as Treasury rates due to increased MBS market volatility." Refinance demand is highly sensitive to weekly rate moves, but there are precious few borrowers right now who can still benefit from a refinance at today's higher interest rates. Today's homebuyers may be less influenced by weekly interest rate moves and more influenced by the state of the economy. Mortgage rates don't follow the Fed exactly, but they do respond to its perception of the overall economy.

Jack Daniel's Properties Inc is owned by Louisville, Kentucky-based Brown-Forman Corp (BFb.N). "I'm concerned about the First Amendment implications of your position," conservative Justice Samuel Alito told an attorney for Jack Daniel's, referring to the constitutional provision enshrining free-speech protections. "Could any reasonable person think that Jack Daniel's had approved this use of the mark?" Jack Daniel's also contested a finding by the San Francisco-based 9th U.S. "This is a standard commercial product," Kagan told a lawyer for VIP Products, Bennett Cooper.

☆ Europe didn't roll back post-2008 banking rules. That was smart
▼ + stars: | 2023-03-15 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —Shares in European banks slumped Wednesday as speculation about the health of Credit Suisse (CSGKF) reignited the market turmoil sparked by the collapse of Silicon Valley Bank. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, has fallen 13% since last Wednesday’s close. In 2018, former President Donald Trump watered down key parts of the Dodd-Frank Act, which set stricter rules for the banking sector. But European banks are required to hold capital to cover the risk of a large and sudden change in borrowing costs. “This means that European banks have less exposure to market risk on bonds, despite a similar rise in yields,” Moody’s said in its note.

☆ Mortgage rates tumble in the wake of bank failures
▼ + stars: | 2023-03-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. Mortgage rates loosely follow the yield on the 10-year Treasury , which fell to a one-month low in response to the failures of Silicon Valley Bank and Signature Bank and the ensuing ripple through the nation's banking sector. So if rates continue to drop now, buyers could return once again — but that's a big "if." "This mini banking crisis has to drive a change in consumer behavior in order to have a lasting positive impact on rates. While mortgage rates don't follow the federal funds rate exactly, they are heavily influenced by both its monetary policy and its thinking on the future of inflation.

☆ SVB fallout: Is my money safe?
▼ + stars: | 2023-03-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +6 min

New York CNN —The question on so many bank customers’ minds in the aftermath of Silicon Valley Bank’s stunning collapse: Is my money safe? US customers held at least $151.5 billion in uninsured deposits by the end of 2022, SVB’s latest annual report said. But before markets opened this week, the Biden administration took an extraordinary step, guaranteeing that SVB customers will have access to all their money starting Monday, even uninsured deposits. Many SVB customers had much more than $250,000 deposited and now that they can’t get their money, some companies are struggling to make payroll. “I don’t think people should panic, but it’s just prudent to have insured deposits versus uninsured deposits,” Hatfield said.

☆ Takeaways from America’s second-largest bank failure
▼ + stars: | 2023-03-11 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

New York CNN —Silicon Valley Bank’s 48-hour collapse led to the second-largest failure of a financial institution in US history. Its stunning, and seemingly rapid, fall is the largest shutdown of a US bank since Washington Mutual in 2008. “That’s because its depositors were withdrawing their money so fast that the bank was insolvent, and an intraday closure was unavoidable due to a classic bank run.”High interest rates led to its demiseTo combat rampant inflation, the central bank has been aggressively raising interest rates since 2022. When interest rates were near historical lows, the banks bought up on long-dated, seemingly low-risk Treasuries. Faced with these higher interest rates, loss of IPOs and a funding drought, SVB’s clients began pulling money out of the bank.

☆ Mortgage demand recovers slightly, despite rising interest rates
▼ + stars: | 2023-03-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher. Total mortgage application volume rose 7.4% last week, according to the Mortgage Bankers Association's seasonally adjusted index. ARMs offer lower interest rates at higher risk. Mortgage rates have moved even higher, crossing over 7%, according to a separate survey from Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year Treasury.

☆ State tax rates are not central to migration patterns, says ITEP's Matthew Gardner
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailState tax rates are not central to migration patterns, says ITEP's Matthew GardnerJared Walczak, vice president of state projects for the Tax Foundation, and Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy (ITEP), join 'Squawk Box' to discuss migration patterns due to different state tax rates, what taxes are less harmful to the economy than income taxes and more.

☆ Mortgage rates jump back over 7% as inflation fears drive yields higher
▼ + stars: | 2023-03-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates loosely follow the yield on the U.S. 10-year Treasury . "The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks," said Bob Broeksmit, president and CEO of the Mortgage Bankers Association. "After solid gains in purchase activity to begin 2023, higher rates, ongoing inflationary pressures, and economic volatility are giving some prospective homebuyers pause about entering the housing market." But that recovery has now stalled, and rising rates are only part of the picture. Unfortunately, traders will be hesitant to push rates aggressively lower until they have several successive months pointing to meaningfully lower inflation.

☆ Democrats win control of Pennsylvania House, end GOP rule in competitive swing state
▼ + stars: | 2023-02-08 | by ( ) www.cnbc.com time to read: +4 min

Reading, PA - May 10: Pennsylvania State Rep and Democratic Leader Joanna E. McClinton speaks in front of Reading City Hall. Democrats won control of the Pennsylvania House in special elections Tuesday, wresting partial power from Republicans for the first time in a dozen years in the competitive swing state. Three of those Democratic seats quickly became vacant, casting uncertainty over who actually controlled the chamber. Democrats had been expected to win Tuesday's special elections, because they had easily won the same seats last fall. That's because Republican Rep. Lynda Schlegel Culver won a special election Jan. 31 to fill a vacant state Senate seat.

☆ When a journalist's home was raided by the FBI, Glenn Beck and Tucker Carlson erroneously speculated about the government's motive. The journalist has now been charged with transporting child porn.
▼ + stars: | 2023-02-02 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +5 min

Glenn Beck, Tucker Carlson, and others initially treated the case as a part of a Biden war on journalism. An October report in Rolling Stone said that an indictment was being prepared but could not say why, noting only that "classified information" had been found on one of his laptops. Instead of updating his audience on the case, Beck released a video Thursday on how to prepare for a "HUGE cyber attack." Carlson did not address the development in Meek's case on his Wednesday broadcast. That report came after the department issued new guidance generally prohibiting investigators from targeting reporters over classified information gathered as part of their job.

☆ Mortgage demand took a big step back last week, even after interest rates fell further
▼ + stars: | 2023-02-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a stronger start to the year, mortgage demand plunged last week, despite another drop in interest rates. Total mortgage application volume fell 9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to buy a home fell 10% for the week and were 41% lower year over year. While both home prices and mortgage rates are coming down steadily, the supply of homes for sale is still quite low, and that may be keeping mortgage demand under pressure. The central bank is expected to raise its interest rate, but that doesn't necessarily raise mortgage rates.

☆ BofA Promoted 93 New MDs in Global Markets — Here Are the Names
▼ + stars: | 2023-01-26 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Bank of America announced 93 new managing directors in Global Markets on Thursday. The division in 2022 saw sales and trading revenues climb to its highest mark since 2010.Insider has all the names of the newly promoted MDs. On Thursday the bank announced a new class of 360 managing directors, including 93 from the firm's Global Markets division — up from 86 last year. The bank's Global Corporate and Investment Bank promoted 87 new MDs. BofA made $16.5 billion in 2022 from sales and trading — including a fourth-quarter record of $3.7 billion — the highest tally for the firm since 2010.

☆ Ex-Proud Boy says group 'celebrated' violence ahead of U.S. Capitol riot
▼ + stars: | 2023-01-24 | by ( Andrew Goudsward | ) www.reuters.com time to read: +3 min

“I can’t say it was ever overtly encouraged, but it was never discouraged, and when it happened it was celebrated,” Greene said of the Proud Boys' use of violence. Prosecutors allege that Pezzola was among the first rioters to breach the Capitol building after shattering a window with a stolen police shield. Lawyers for the defendants have argued that there was no plan to storm the Capitol and Proud Boys leadership directed members at previous rallies to only respond to left-wing counter protesters in self-defense. Greene acknowledged that he did not know many of the defendants and was not directed to use force by members of the Proud Boys leadership ahead of the riot at the Capitol. He described a “rising anger” in the crowd as Proud Boy leaders led the group in chants outside the Capitol.

☆ Former FBI official accused of hiding a $225,000 cash payment from an ex-foreign officer while overseeing an agency counter-intelligence division
▼ + stars: | 2023-01-23 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +4 min

A former top FBI official was charged in two jurisdictions on Monday. The ex-counter-intelligence official was charged with secretly receiving cash payments from a former foreign officer. McGonigal also traveled abroad with the official and met with foreign nationals in Europe, where the official had business interests, according to the DOJ. "Covering up your contacts with foreign nationals and hiding your personal financial relationships is a gateway to corruption," US Attorney for the District of Columbia Matthew Graves said. "There are no exceptions for anyone, including a former FBI official like Mr. McGonigal," FBI Assistant Director in Charge Michael Driscoll said in a statement.

☆ The Department of Justice charged 2 men over helping to conceal Russian oligarch Viktor Vekselberg's ownership of a $90 million superyacht
▼ + stars: | 2023-01-21 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

Richard Masters and Vladislav Osipov were charged by the Department of Justice for sanctions evasion. The US has accused the pair of trying to conceal a sanctioned oligarch's ownership of a superyacht. Masters, 52, used a fake name for Viktor Vekselberg's "Tango," calling it the "Fanta," per DoJ. Prosecutors said Vladislav Osipov and Richard Masters had facilitated the operation of Vekselberg's $90 million yacht that was seized by Spanish authorities last April. Osipov designed a "complicated ownership structure of shell companies" to mask Vekselberg's ownership of the boat, called "Tango," according to the DoJ.

Regan, who has spent the past year visiting communities struggling with water infrastructure crises — including in Alabama, Mississippi and West Virginia — acknowledged that the need is much greater. Engineers also had the forethought to build separate waste and drinking water infrastructure in Baltimore. Weather events routinely overwhelm the system, causing sinkholes that can lead to water main breaks and sewer backups in homes. Blue Water Baltimore filed a federal lawsuit against Baltimore in late 2021 over the issue. Two separate sinkholes, caused by the collapse of a stormwater tunnel and a leaking water main, led chlorination levels in the water system to drop.

☆ Two charged in Christmas Day attacks on Washington substations that cut power to 14,000
▼ + stars: | 2023-01-04 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Dennis-Romero-Circle-Byline-Template.Jpg | Dennis Romero | ) www.nbcnews.com time to read: +3 min

Two men have been charged in the Christmas Day attacks on four power substations near Tacoma, Washington, that left about 14,000 homes and businesses without power, officials said Tuesday. While federal authorities have long said the country's power grid is vulnerable to terrorists domestic and foreign, the suspects may have been motivated by the spoils of burglary, prosecutors said. The federal public defender's office for Western Washington didn't immediately respond to a request for comment. The attacks appeared to successfully target the substations' high-side switches, devices that can connect or disconnect a potent power source, authorities said in court filings. The Graham and Elk Plain substations are operated by Tacoma Power; the Kapowsin and Hemlock substations are operated by Puget Sound Energy.

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