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05/23/2023

The Treasury Department could issue $700 billion in T-bills within weeks of a debt-ceiling deal, draining liquidity from markets
Story by [email protected] (Filip De Mott) • Yesterday 4:19 PM

The Treasury will have to replenish its cash after the debt ceiling is lifted, Goldman Sachs said.
It may sell up to $700 billion in T-bills to rebuild its coffers withing six to eight weeks of a debt deal.
That could drain liquidity out of markets in a short period of time.

The Treasury Department will issue $600 billion-$700 billion in T-bills weeks after lawmakers agree to lift the debt ceiling, Goldman Sachs estimated.

President Joe Biden and Republicans in Congress have yet to reach a deal, but Treasury Secretary Janet Yellen reiterated her warning that the government will run out of money as soon as June 1.

House Speaker Kevin McCarthy indicated Monday ahead of his meeting with Biden that a deal could be made before the June deadline.

Overall, Goldman expects the Treasury will supply the market with more than $1 trillion of T-bills on a net basis this year.

That will pull liquidity out of financial markets. In a separate note, analysts at Bank of America recently said that would have an equivalent impact on the economy as a Federal Reserve rate hike of 25 basis points.

That comes as the banking sector is still grappling with the fallout of Silicon Valley Bank's collapse, which led to deposits fleeing regional banks. Meanwhile, more than a year of Fed rate hikes has also drawn money from bank accounts and into higher-yielding money market funds.

Goldman estimated that bank reserves would drop by $400 billion-$500 billion due to the Treasury rebuilding its cash balance, continued deposit outflows, and the Fed's ongoing quantitative tightening program.

05/23/2023

The US's AAA credit rating could be at risk even if it keeps making bond payments but can't meet other obligations
Story by [email protected] (Filip De Mott) • 54m ago

Despite partisan friction, the two sides have struck a positive tone about the negotiations, indicating that a deal may be in sight. For this reason, Moody Investors Service, Fitch Ratings and S&P Global Ratings — the latter of which downgraded the US following 2011's debt ceiling standoff — are all maintaining their steady outlook.

But with time running short, a default still remains on the table. Previously in March, Republicans had offered the idea of avoiding the crisis by "prioritizing debt," or paying off certain obligations ahead of others. For instance, the government could keep making payments on bonds while skipping payments to some contractors.

Further delays on a debt ceiling resolution could do more than harm US credit. According to Goldman Sachs, even if a default is avoided, liquidity could be drained as markets help restore the Treasury Department's cash balance. As of last week, the Treasury General Account had $60.6 billion, a significant drop from the previous week's $114 billion.

05/23/2023

What’s a Good First-Time Home Buyer Credit Score?
By: Valencia Higuera Reviewed By: Aleksandra Kadzielawski
April 24, 2023 -

Buying a home is a major milestone—but it can also be an overwhelming process as a first-time home buyer. Credit plays a key role in getting approved for a loan, and your score also impacts your mortgage rate and terms. However, first-time home buyer credit score requirements can vary by loan program.

Here’s a look at what you need to know about first-time home buyer credit scores.

First time home buyer credit score requirements
Credit score requirements for a mortgage loan aren’t one-size-fits-all. The score you need depends on several factors, and each type of loan has a specific minimum. In addition, some lenders set their own minimums. Generally speaking, you’ll need a minimum credit score between 500 and 620.

But even though some lenders and loan programs allow lower scores, improving your credit score can help you secure a lower interest rate, thus increasing your purchasing power.

It’s important to understand the different factors making up your score. Payment history is the biggest component, making up 35% of your score. Therefore, paying your bills on time every month can boost your rating.

The amount you owe (credit utilization ratio) is another significant component, making up 30% of your score. Credit utilization is the percentage of your revolving credit in use. To calculate your percentage, add up your revolving credit balances and divide this number by your total available credit. To improve your ratio, pay off credit card balances in full every month, or keep balances below 30% of your credit limit.

Other factors making up your credit score include the length of credit history (15%), types of credit accounts (10%), and new credit applications (10%). Therefore, it takes years of responsible credit use to build good credit, and diversifying your credit can improve your rating too.

However, don’t apply for credit unnecessarily. Each hard inquiry can reduce your credit score by a few points.

What is the easiest home loan type to qualify for?
Since first-time home buyer credit score requirements vary by program, some loans are easier to qualify for with a less-than-perfect score. Here are the credit requirements for four common mortgage programs.

FHA loan
An FHA loan is the most accessible mortgage to qualify for with a low score. You can get approved with a rating as low as 500 to 580.

These loans (insured by the Federal Housing Administration) are popular among first-time home buyers because of their low down payment. If you have a credit score of 580 or higher, you could potentially buy with as little as 3.5% down. If your credit score is between 500 and 579, you’ll typically need a 10% down payment.

An FHA loan has no income limit, so you can apply whether you’re a first-time home buyer or a repeat buyer. However, you can only use an FHA loan to buy a primary residence. The only exception is when purchasing a multi-family property and living in one of the units.

Most FHA loans require mortgage insurance regardless of your down payment amount. If you put down at least 10%, you’ll only pay mortgage insurance for 11 years.

05/18/2023

REAL ESTATE
Mortgage demand drops as interest rates hit a 2-month high
PUBLISHED WED, MAY 17 20237:00 AM EDTUPDATED WED, MAY 17 20239:05 AM EDT
by:
Diana Olick

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.57% from 6.48%
Mortgage applications to purchase a home dropped 4.8% last week, compared with the previous week.
Applications to refinance a home loan fell 8% for the week.
Higher mortgage rates and a severe shortage of homes for sale are taking their toll on mortgage demand.

Mortgage applications to purchase a home dropped 4.8% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 26% lower than the same week one year ago.

“Purchase applications decreased to the slowest pace in a month, as buyers remain wary of this rate volatility, but also as for-sale inventory in many parts of the country remains scarce,” wrote Joel Kan, an MBA economist, in a release.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.57% from 6.48%, with points remaining at 0.61 (including the origination fee) for loans with a 20% down payment. That is the highest rate in two months. The 30-year fixed stood at 5.49% the same week one year ago.
Mortgage rates increased last week, even as Treasury yields were essentially flat, with the spread between the 30 year-fixed rate and the 10-year Treasury rate widening to 310 basis points.

“Mortgage rates have generally been struggling versus Treasuries since the Fed ended reinvesting its bond portfolio proceeds in late 2022,” explained Matthew Graham, chief operating officer of Mortgage News Daily. “More recently, elevated supply of mortgage debt owing to the FDIC’s various liquidation efforts have weighed on the sector.”

Applications to refinance a home loan fell a steeper 8% for the week, as refinances are much more sensitive to weekly rate changes. Demand was down 43% year over year. With rates more than twice what they were in the first years of the Covid pandemic, there are very few borrowers left who can benefit from a refinance.

05/17/2023

Por qué las grandes compañías emisoras de tarjetas de crédito suprimen datos reales de pagos en su informe de crédito
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By John McNamara – FEB 16, 2023

El año pasado, reportamos que los consumidores pagaron más de $120 billones (en inglés) anuales en intereses y tarifas en tarjetas de crédito. Desde ese momento, las tasas promedio de interés, cobradas por compañías emisoras de tarjetas de crédito, han aumentado rápidamente. Es crítico que los consumidores puedan encontrar y cambiarse a las tarjetas de crédito que ofrezcan las tasas más bajas y competitivas. Es por ello que hemos sido muy cuidadosos al examinar las barreras existentes para que haya un mercado de tarjetas de crédito justo y competitivo, especialmente en lo concerniente a los informes de crédito.

En 2020, en la CFPB notamos (en inglés) que los grandes emisores de tarjetas de crédito comenzaron deliberadamente a suprimir los datos reales de montos pagados de sus clientes, del sistema nacional de reporte del crédito. Los pagos son de hecho, y a diferencia del pago mínimo o del saldo, los montos que los prestatarios pagan cada mes. La omisión por parte de las compañías emisoras de tarjetas de estos datos reales de pago significa que, los informes de crédito de millones de personas carecen de información fundamental sobre el comportamiento de pago de tarjetas de crédito, que podría ayudar a muchos a recibir mejores ofertas financieras, y les ahorraría billones de dólares en intereses.

La mayoría de las cuentas, denominadas como “tradelines” o líneas comerciales, listadas en los informes de crédito, son tarjetas de crédito o de tiendas, las cuales representan casi el 70 por ciento de las líneas comerciales mostradas (“furnished” o recogidas en los informes) en el sistema nacional de reporte del crédito. Cuando las grandes compañías de tarjetas de crédito suprimen cualquier dato del historial de crédito de un consumidor, están potencialmente, impactando negativamente tanto al consumidor, como a la totalidad del mercado de crédito.

En mayo del 2022, les enviamos cartas (en inglés) a los CEO, o gerentes generales, de las más grandes compañías emisoras de tarjetas de crédito; JPMorgan Chase, Citibank, Bank of America, Capital One, Discover, y American Express, preguntándoles si alguna vez habían recogido información sobre pagos. A aquellos que suprimen esta información, les preguntamos el por qué ya no enviaban información completa, y si tenían planes para cambiar sus prácticas. A continuación, les mostramos parte de lo que aprendimos:

Las grandes empresas del mercado hicieron los cambios para suprimir datos en un corto período de tiempo. Aunque nuestro análisis no buscaba investigar si estas entidades explícitamente se pusieron de acuerdo para hacerlo, las respuestas que recibimos indicaron que una de estas grandes compañías emisoras de tarjetas de crédito hizo los cambios primero, y las demás la siguieron poco tiempo después. Luego de que estos cambios fueron hechos, el porcentaje de cuentas de tarjetas de crédito cuya información recogida mostraba datos actuales de pagos hechos, cayó a menos de la mitad, de un 88 por ciento en el 2013, a solamente 40 por ciento en el 2015.

05/17/2023

Medical Credit Cards and Financing Plans
MAY 04, 2023
Financial institutions and fintech companies are generating a growing number of financing mechanisms for families and individuals struggling to pay their out-of-pocket health care expenses. This report focuses on some of these alternative financing products, including medical credit cards and installment loans, that were once used primarily for elective care but now cover everything from ER visits and specialty care to regular checkups.

Financial companies market these products to healthcare providers, who are encouraged to promote them to patients. These medical credit cards and installment loans have largely replaced the low- or no-cost informal payment plans offered to patients directly by their medical providers. The growing promotion and use of medical cards and installment loans can increase the financial burden on patients who may pay more than they otherwise would pay and may compromise medical outcomes.

This report highlights some of the risks to consumers of using financing products such as medical credit cards and installment loans to pay for medical procedures and services. The report provides a background on these products, highlights potential lack of transparency and financial risks to consumers, analyzes data on deferred interest healthcare credit cards, and offers a summary of the terms for a sample of financing products.

11/08/2022

The Companies That Take Money Straight From Your Paycheck
By Ron Lieber

Some lenders and retailers have a pretty neat business model: You pay them before your wages ever hit your bank account. And sometimes they give you no choice.

At any given time, millions of workers are overdue on at least one bill. But it is the rare employer that is late in cutting its paychecks or that bounces them altogether.

Therein lies an opportunity for lending companies like Kashable and OneBlinc and for retailers that do business at sites like payrolljewelry.com and purchasingpower.com: Put yourself at the front of the repayment line by drawing directly from those reliable paychecks. Let other billers wait around to see if customers bounce a payment from their bank account or don’t bother to make one at all.
This clever maneuver is possible thanks to payroll mechanisms that go by terms like “allotment” and “split deposits.” As long as your employer allows it — and some notable big ones, like the federal government, do — employees can set it up themselves.

The customers who agree to this often lack good or any credit history. Without a better option, they put their paychecks on the line and, with a chunk of their wages every pay period, they pay for goods or repay debt within a few years. Some retailers include the cost of their payment plans in their prices and don’t technically charge interest, while the lenders charge up to a 35.99 annual percentage rate.

11/08/2022

Bank of America Tests No-Down-Payment Mortgages in Black and Hispanic Neighborhoods

By Jenny Gross

The pilot program aims to help first-time buyers in several neighborhoods obtain affordable loans.
Bank of America is offering mortgages for first-time homeowners that do not require down payments, minimum credit scores or closing costs in a program that aims to boost homeownership rates among first-time Black and Latino buyers.

Under the trial program, which was announced on Tuesday, Bank of America will offer loans to people in certain predominantly Black and Hispanic neighborhoods in Charlotte, N.C.; Dallas; Detroit; Los Angeles and Miami. Eligibility for the program, which is called the Community Affordable Loan Solution, is based on income and location, and requires no mortgage insurance.
AJ Barkley, the head of neighborhood and community lending for Bank of America, said the goal of the program was to help individuals and families, particularly Black and Hispanic people, build wealth over time.

“It allows us to revitalize minority communities,” she said in an interview, noting that anyone looking to buy a home in one of the designated neighborhoods could apply for a loan under the program. She said that the bank aimed to expand the program to other cities in the future, and that it was also offering educational resources to help buyers navigate the process.

Black and Hispanic homeowners face a number of additional obstacles when buying homes compared with white homeowners. According to U.S. Census Bureau data for the second quarter of this year, the national Black homeownership rate was at 45 percent, while the rate of white homeownership reached 75 percent.

11/07/2022

What Is Financial Abuse?
Financial abuse is a type of domestic mistreatment where victims lose access to financial resources and often have their credit ruined.
Oct. 12, 2022,
By Beverly Harzog

October is Domestic Violence Awareness Month. People tend to associate domestic violence with physical abuse, but financial abuse can also be devastating.

One study from the Center for Financial Security showed that 99% of domestic violence survivors had also experienced financial abuse in the relationship.

Financial abuse, also called economic abuse or financial exploitation, differs from financial infidelity. Financial infidelity involves actions such as hiding a credit card account or purchasing an expensive item without discussing it with a partner. These actions do break trust, but couples can often work through it.

But financial abuse goes far beyond lying about income or hiding credit card accounts.

Financial Abuse Definition
Financial abuse is when one partner limits or prevents the other partner from accessing financial resources. The abuser then wields money like a weapon, such as limiting spending, ruining your credit or forbidding you to get a job.

Signs of Financial Abuse
A financial abuser's goal is to take control of the relationship. This type of abuse can make you feel like you couldn't support yourself (or your kids) if you left. Basically, the victim feels powerless and unable to escape from the situation.

|Refuses to share financial information: Economic abusers often take control of the family finances and take actions without your consent, such as opening new accounts or making major purchases without your knowledge.
Gets angry when you ask questions: The abuser is quick to anger when you ask about the family finances. This is an intimidation tactic to keep the victim unaware of the couple's financial status.

Limits your spending: It's not unusual for an abuser to put the victim on an allowance. In extreme cases, the amount of the allowance decreases to the point where the victim is unable to meet basic needs, such as obtaining medical care and food.

Sabotages your career: The abuser discourages the victim from obtaining employment. If the victim is employed, the abuser might show up at the workplace and harass the victim or berate them before an important meeting so they don't do well. If the abuser is successful, the victim leaves the job and becomes financially dependent on the abuser.

Ruins your credit: The abuser takes steps to destroy your good credit by making late payments – or not paying at all – on accounts in your name. Or the perpetrator commits identity theft by opening an account in your name solely to destroy your credit.

Forces a power-of-attorney agreement: This enables the abuser to sign legal documents in your name. When this happens, you can't stop the abuser from stealing your money or property.

11/07/2022

Cost to finance a $45,000 car loanThe table shows the approximate interest rates for $45,000 loans for new cars, broken down by FICO score range.
Table with 4 columns and 6 rows. Currently displaying rows 1 to 6.

FICO score APR Monthly payment Total interest paid
720–850 5.8% $865.00 $6,890.00
690–719 7% $890.00 $8,403.00
660–689 9.4% $942.00 $11,514.00
620–659 12% $1,000.00 $15,005.00
590–619 16.1% $1,098.00 $20,857.00
500–589 17.8% $1,137.00 $23,245.00

Note: As of Nov. 2, 2022
Table: Gabriel Cortes / CNBC
Source: FICO.com

11/07/2022

Stacy Cowley is a finance reporter with a focus on consumer issues and data security. She previously reported on a variety of business topics, including technology and economics,

“We must forcefully address repeat lawbreakers to alter company behavior and ensure companies realize it is cheaper, and better for their bottom line, to obey the law than to break it,” Mr. Chopra said in a speech last month.

Ed Mills, a policy analyst at Raymond James, a financial services firm, said the suit was a warning shot to the financial industry — and a reversal from the agency’s meekness during the Trump administration.

“It’s almost like a bad movie title: ‘The C.F.P.B. Is Back’ — and This Time, It’s Personal,’” Mr. Mills said. “Chopra was very clear in that speech that he did not believe that paying fines or entering consent decrees changes behavior. One of the only ways he was going to change behavior is by going after individuals for personal liability.”

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