Mortgage loans haven’t been this hard to come by in over five years, according to new data. Getty A mortgage loan hasn’t been this hard to come by in over five years. And loans for low-credit or high-balance borrowers? Those are even rarer. According to the latest data from the Mortgage Bankers Association, overall mortgage
Month: May 2020
Friday’s grim monthly jobs report confirmed a record number of Americans out of work, but the markets took the number in stride as investors bet the worst of the pandemic and the toll it’s taken on the economy has passed. The Dow Jones Industrial Average, the Nasdaq Composite Index and the S&P 500 all posted
A Cheesecake Factory restaurant in Louisville, Kentucky. Andy Lyons | Getty Images The Cheesecake Factory swung to a loss in its fiscal first quarter as the coronavirus pandemic forced the company to close its dining rooms and furlough thousands of its workers. Shares of the company fell less than 1% in extended trading. Here’s what the
Patrick Harker, President of Philadelphia Federal Reserve Bank, during the Fed’s annual Jackson Hole symposium in Wyoming. Gerard Miller | CNBC Philadelphia Federal Reserve President Patrick Harker warned Thursday that reopening the economy too quickly could have grave consequences. The central bank official posed two scenarios: The “more optimistic” one where the economy reopens in
More than 70% of married couples choose to completely combine their finances, according to Kasey Eickmeyer, a postdoctoral researcher at Rutgers University. That means they’ll also face a lifetime of financial logistics to work through together. It’s important for couples to understand that ”marriage is a legal merger between two people,” says Kristin O’Keeffe Merrick, a financial advisor of O’Keeffe
Bill Ackman, founder and CEO of Pershing Square Capital Management. Adam Jeffery | CNBC Bill Ackman has found another typical investment for him: a high quality business with predictable cash flows, durable growth and a catalyst in the coronavirus to separate it from other stocks. Company: Restaurant Brands International Inc. (QSR) Business: A quick service restaurant
People walk along Broadway as the coronavirus keeps financial markets and businesses mostly closed on May 08, 2020 in New York City. The Bureau of Labor Statistics announced on Friday that the US economy lost 20.5 million jobs in April. This is the largest decline in jobs since the government began tracking the data in
A worker for United Parcel Service Inc. (UPS) makes deliveries on a street with closed stores in the Borough Park neighborhood in the Brooklyn, New York, April 7, 2020. Stephanie Keith | Bloomberg via Getty Images Minority, women-owned and rural small businesses may not have received loans under the Paycheck Protection Program because the Small
null Getty As discussed in our blog post dated May 4, 2020, individuals and businesses that received PPP loans and did not qualify by having the loan be “necessary to support the ongoing operations of the business” now have until May 14 to return the monies in order to receive full amnesty for all civil
Treasury Secretary Steven Mnuchin and the IRS are right: Because the hundreds of billions of dollars that businesses are getting through the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s Paycheck Protection Program (PPP) are tax-free, the expenses these funds pay for should not be tax deductible. As Mnuchin explained: “This is basically Tax 101.” Yet,
Most apartment dwellers have kept up with their rent payments so far. Getty The National Multifamily Housing Council (NMHC) found that 80.2% of apartment households made a full or partial rent payment by May 6 in its recent survey of 11.4 million units of professionally managed apartment units across the country. The data comes against
Siegfried Fischbacher (L) and Roy Horn, of the duo Siegfried & Roy. Reuters, Steve Marcus Roy Horn, half of the famed Las Vegas magic and entertainment duo Siegfried & Roy, has died of complications related to coronavirus, partner Siegfried Fischbacher said in a statement Friday. He was 75. Last month Horn tested positive for the virus that
Sarah Whitten | CNBC Consumers stocked up on board games, not Barbie dolls, amid the coronavirus pandemic, sending Mattel’s sales in the first quarter tumbling. While toy sales across the industry rose 7.6% between January and March, according to NPD data, it seems that lockdowns aren’t giving all toymakers a boost. On Tuesday, Mattel reported
Check out the companies making headlines before the bell: SeaWorld Entertainment – The theme park operator reported a quarterly loss of 72 cents per share, 2 cents wider than expected, while revenue fell below estimates. SeaWorld closed its parks in mid-March due to the coronavirus outbreak, but said it remains confident in the resiliency of
When Sunny Dreyer got a text from her boss in late March to jump into quick Zoom call, she had a sinking feeling she knew what was coming. The 32-year-old L.A. resident had just heard news that Bird, the e-scooter company, laid off hundreds of employees in an effort to save the business as the
The stock market’s coronavirus-driven bottom in late March is “definitely going to be the low” during the crisis, Wharton School professor Jeremy Siegel told CNBC on Friday. In fact, Siegel said the massive monetary policy response from the Federal Reserve, along with additional progress on treatments and possible vaccines for Covid-19, could really boost stocks next year.
There’s no better time to think about next year’s taxes than right after you file this year. Jayme Thornton | Tooga Productions | Getty Images There’s still time to submit your bank account information to the IRS to get your $1,200 stimulus payment more quickly. But that window is closing, the IRS said on Friday.
Kevin O’Leary told CNBC on Thursday that he believes around 20% of small businesses that received federal loans to weather the coronavirus pandemic won’t ultimately survive. “They’re going to go bankrupt because this loan provision is really a Feb. 15 to June 30 event and if you haven’t figured out alternate distribution strategies by then, you
Getty First, there was OK Boomer, the pejorative meme mocking older people. Then came #boomerremover, the morbid catchphrase used by some millennials and GenZers as a shorthand for the coronavirus pandemic to describe the higher vulnerability of boomers, generally, to COVID-19. Now, there’s #Grandmakiller. (Read all of Next Avenue’s COVID-19 coverage geared toward keeping older
Stressed businessman in the office. Getty Don’t let the cure be worse than the disease. You’ve heard this remark in discussions of the COVID-19 pandemic. President Trump even tweeted it. The gist of the comment is that the widespread lockdowns across the country are inflicting an economic collapse that’s arguably worse than the virus we’re trying to
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