dChan
Anonymous ID: a16a3e Dec. 7, 2020, 7:27 a.m. No.19543   🗄️.is đź”—kun   >>9627 >>9669 >>9685

Mortgage Industry Soars to Record With $4.4 Trillion in Loans

 

Nearly $4.4 trillion of home mortgages are set to be originated this year, according to data provider Black Knight Inc. That record amount is about $300 billion more than the most optimistic forecast among estimates from Fannie Mae, Freddie Mac, and the Mortgage Bankers Association.

 

The Federal Reserve has helped fuel a housing rally by keeping interest rates low and buying mortgage bonds to stimulate the economy.The previous originations record was set in 2003, when the Fed cut interest rates and spurred a boom in refinancings that led to $3.8 trillion of new mortgages that year. Roughly 6.4 million homeowners have refinanced their mortgages this year through September, a figure that Black Knight experts to top 9 million by year’s end.

 

Profit margins are at record levels in the mortgage industry, prompting at least nine companies to either go public this year or plan to do so in the coming months.

 

Next year could be even better for the industry, with more than $4.5 trillion of projected originations, according to a team of mortgage researchers at Bank of America Corp

https://www.bnnbloomberg.ca/mortgage-industry-soars-to-record-with-4-4-trillion-in-loans-1.1532874

Anonymous ID: a16a3e Dec. 7, 2020, 9:35 a.m. No.19584   🗄️.is đź”—kun   >>9627 >>9669 >>9685

Merrill to pay $26 million to New Hampshire, former NH Governor to settle churning allegations

 

New Hampshire is ordering Merrill Lynch to pay $26.25 million in fines and restitution to the state and to an investor, the former Governor of New Hampshire, who claimed he suffered losses at the hands of a former Boston-based broker, to settle allegations including unauthorized and excessive trading.

 

It is the largest monetary sanction in the state’s history and the second largest FINRA settlement in at least a decade. Merrill Lynch, which is a subsidiary of Bank of America, was also cited for failure to supervise and ordered to maintain compliance undertakings specifically put in place to address the compliance failures uncovered by New Hampshire’s investigation.

 

Separately, the state securities regulator has permanently barred former Merrill Lynch broker, Charles Kenahan, from the securities business in New Hampshire. The state’s investigation found that Kenahan “traded without authorization, missmarked trade confirmations, excessively traded stocks and Initial Public Offerings, over charged commissions, and inappropriately traded inverse and leveraged products,” according to the press release on Monday.

 

The misconduct, according to the state regulator, “lead to high commissions for Merrill Lynch and Kenahan and heavy losses for the investor.” “This case is about an abuse of trust committed by Merrill Lynch and Kenahan,” Jeff Spill, the deputy director and head of enforcement for New Hampshire’s Bureau of Securities Regulation, said. “Ultimately, Kenahan’s recommendations benefited Kenahan and Merrill Lynch and not the investor,” Spill said.

 

“We have enhanced our policies and monitoring systems over the last several years to more closely monitor certain types of client account activity,” a spokesman for Merrill Lynch said in an email to CNBC.

bullshit….compliance (or what is left of those depts) knows what you do when you do it….enforcing any action because of it has ALWAYS been the issue

 

CNBC first reported in July that New Hampshire state authorities were investigating the Boston-based Merrill Lynch and at least one former top broker over customer complaints of alleged misconduct that resulted in staggering losses. At that time, the state regulator had approached Merrill Lynch with its findings and settlement talks were underway.

moar

https://www.cnbc.com/2020/12/07/merrill-lynch-to-pay-26point25-million-to-settle-churning-allegations-.html

Anonymous ID: a16a3e Dec. 7, 2020, 9:37 a.m. No.19586   🗄️.is đź”—kun

>>19578

They keep walking it out and drawing back….

I just want to see it that's all.

Heard all those stories from muh frens in the 2 gulf wars about some of that shit on a lower level.

bring it on!!!

Anonymous ID: a16a3e Dec. 7, 2020, 9:46 a.m. No.19588   🗄️.is đź”—kun   >>9627 >>9669 >>9685

U.S. Slaps Sanctions on 14 Chinese Officials Over Hong Kong Crackdown

 

The United States on Monday imposed financial sanctions and a travel ban on 14 Chinese officials over their alleged role in Beijing's disqualification last month of elected opposition legislators in Hong Kong. The move, which was first reported by Reuters overnight and sent Asian stock markets lower, targeted the vice chairpersons of the National People’s Congress Standing Committee (NPCSC), the top decision-making body of the Chinese legislature.

 

The action was widely seen as part of an effort by outgoing President Donald Trump to cement his tough-on-China legacy and also box president-elect Joe Biden, before he takes office on Jan. 20, into hardline positions on Beijing at a time of bipartisan anti-China sentiment in Congress. The Trump administration earlier slapped sanctions on Hong Kong Chief Executive Carrie Lam, the Asian financial hub’s current and former police chiefs and other top officials in August for what it said was their role in curtailing freedoms in a crackdown on the territory’s pro-democracy movement.

 

"Beijing’s unrelenting assault against Hong Kong’s democratic processes has gutted its Legislative Council, rendering the body a rubber stamp devoid of meaningful opposition," U.S. Secretary of State Mike Pompeo said in a statement.

 

Hong Kong’s Beijing-backed government last month expelled four opposition members from its legislature after China’s parliament gave city authorities new powers to curb dissent. The move triggered mass resignations by pro-democracy opposition lawmakers in the former British colony.

 

White House national security adviser Robert O’Brien said in November the expulsion showed the “One Country, Two Systems” formula, under which Hong Kong’s autonomy was to be safeguarded after Britain handed the territory back to China in 1997, was now “merely a fig leaf”, and he promised further U.S. action.

 

Pompeo said the NPCSC has effectively "neutered" the ability of people in Hong Kong to choose their elected representatives. "These actions demonstrate once again Beijing’s complete disregard for its international commitments under the Sino-British Joint Declaration, a U.N.-registered treaty."

 

Beijing's action heightened alarm in the West. The Five Eyes intelligence-sharing group - comprised of Australia, Britain, Canada, New Zealand and the United States - said last month the move appeared to be part of a campaign to silence critics, and called on China to reverse course.

 

The sanctions prohibit the 14 individuals and their immediate members from traveling to the United States. Any assets the officials might have within the United States will be blocked and U.S. individuals and companies will be banned from dealing with them.

https://www.usnews.com/news/world/articles/2020-12-07/us-designates-14-chinese-officials-in-hong-kong-related-sanctions