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Kenya, US agency to proceed with $1 billion debt-for-food swap

NAIROBI, Dec 4 (Reuters) – The U.S. International Development Finance Corporation has agreed to proceed with a $1 billion debt-for-food security swap with Kenya to replace costly debt with lower-cost financing, Kenyan President William Ruto said. The East African country,…
Bankruptcy News

Mortgage rates finally moved lower last week, but that didn’t do much for demand

After rising for several weeks, mortgage rates moved decidedly lower last week, but not enough to make much of a difference in demand from current borrowers or potential homebuyers. Total mortgage application volume fell 1.4% for the week, according to…
Government News

Treasury yields move lower as end of the government shutdown nears

U.S. Treasury yields were lower on Wednesday as investors welcomed progress on bringing an end to the government shutdown. The 10-year Treasury yield was down more than 4 basis points to 4.065%. The 2-year note yield also fell more than 2 basis points to…
Editorial News

Trump CFPB takes aim at 15 states that ban medical debt on credit reports—it’s ‘salt in the wound,’ says consumer advocate

The administration of President Donald Trump is taking aim at state laws that ban the inclusion of medical debt on consumers’ credit reports. In late October, the Consumer Financial Protection Bureau released what’s known as an interpretive rule, stating that laws prohibiting…
Educational News

Consumer debt looks balanced but not student loans

During the third quarter, nominal household debt rose 1.1% quarter-over-quarter to a total of $18.6 trillion. That’s from the Federal Reserve Bank of New York’s Household Debt and Credit report. Consumers aged 18-59 took on more debt; those aged 60…
Bankruptcy News

Agencies Issue Final Rule to Modify Certain Regulatory Capital Standards

WASHINGTON – The federal bank regulatory agencies today jointly issued a final rule that modifies certain regulatory capital standards to reduce disincentives a banking organization may have to engage in lower-risk activities, such as intermediating in U.S. Treasury markets. The…
Legal News

Rising household debt balances point to worsening ‘K-shaped’ economic divide

Americans are falling deeper into debt, but not across the board. Collectively, credit card balances rose by $24 billion in the third quarter to $1.23 trillion — up 5.75% from a year earlier to a fresh all-time high, according to a new report on household…
Government News

JPMorgan’s Jamie Dimon and warns about US national debt problem, says ‘should be concerned’

Goldman Sachs CEO David Solomon recently expressed his concerns that mounting US government debt will pose more of a problem if the economy does not grow faster. David Solomon voiced his concerns on $38 trillion national debt problem, joining the…
Educational News

Education Department restructuring plan doesn’t involve student debt. Still, experts are worried

When the U.S. Department of Education announced this week that it would transfer much of its programs to other agencies, it didn’t appear that the country’s federal student loan portfolio would be impacted. However, financial aid experts and consumer advocates are still worried for…
Bankruptcy News

Attorney General James Secures Approval of Purdue Bankruptcy Plan

NEW YORK – New York Attorney General Letitia James today secured the approval of Purdue Pharma’s bankruptcy plan after U.S. Bankruptcy Judge Sean Lane confirmed the plan in a bench ruling. The approval of the plan is a significant step…