Kevin Warsh comes into the Fed facing a big 'family fight' over cutting interest rates
If new Federal Reserve Chair Kevin Warsh is still itching for a "good family fight" over monetary policy, he is likely to get one if he sticks to his guns on interest rate cuts. With inflation spiking and Treasury yields surging, Warsh is likely to confront a Federal Open Market Committee in no mood to ease. In fact, several officials of late have stressed the need for the Fed to keep its options open for rate hikes ahead.
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Officials issue nearly $1 million fine after couple cuts down 38 trees
Officials have handed down a striking penalty after a couple allegedly cut down dozens of protected trees on a North Oakland hillside lot, sending a blunt message about what can happen when private development clashes with environmental protections. According to the Associated Press, on Tuesday, the Oakland City Council approved a $915,135 fine against Emeryville residents Matthew Bernard and Lynn Warner after 38 trees were removed in violation of the city's Protected Trees Ordinance.
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Milwaukee owner-occupancy rates are rising, as distant landlords sell
Homeowners are making gains because they're now buying more houses from landlords than landlords are buying from owner-occupants, property records show. And the decision by major investors to sell rather than buy homes in Milwaukee creates an opportunity, potentially adding to the pool of affordable housing in the city. The wild card is interest rates, which have slowed the increase in home purchases and effectively priced some middle income and working-class buyers out of the market.
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NYDFS says disparate impact remains in effect
Countering an Executive Order issued by President Trump and the adoption by the CFPB of its final rule revising Regulation B, the New York Department of Financial Services recently issued an Industry Letter warning the financial institutions that it regulates that they must consider disparate impact when lending. "Regulated Entities are reminded that under Section 296-a, covered credit decisions that result in a disparate impact may constitute an unlawful discriminatory practice," the agency wrote in a letter to financial institutions.
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Crypto-backed mortgages are hitting the mainstream. Here's how they work.
A crypto-backed mortgage is just one step in the tokenization of assets and the future of finance. Using bitcoin as collateral for a home loan or down payment will open the door to homeownership for potentially millions of crypto investors. This is what's about to happen.
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