Based on data compiled by Credible, mortgage rates for home purchases have risen across all key terms since yesterday. Rates last updated on March 17, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an […]
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Mortgage rates drop amid bank closure fears: Freddie Mac
Mortgage rates dropped this week after the closures of Silicon Valley Bank (SVB) and Signature Bank spread fears across the banking sector and raised speculation about the interest rate environment, analysts said. The average rate for a 30-year fixed-rate mortgage decreased to 6.6% for the week ending March 16, according […]
Silicon Valley Bank’s holding company files for Chapter 11 bankruptcy protection in NY
SVB Financial Group has filed for Chapter 11 bankruptcy protection in a New York court after Silicon Valley Bank collapsed last week, upending the world of tech startups. The company said in a statement that SVB Securities and SVB Capital’s funds and general partner entities are not included in the […]
March Madness will cost employers $17B this year as workers slack off
The cost of lost worker productivity for employers due to March Madness will reach an eye-popping amount this year, Challenger, Gray & Christmas estimated. In the report released Tuesday, the global outplacement firm estimated that employers will see $17.3 billion in costs from lost productivity from workers distracted by college […]
Bentley is going electric whether you like it or not
Bentley just had its best year ever. The luxury automaker sold 15,174 vehicles worldwide and turned a profit of $752 million, both all-time records for the brand. Profits increased 82% over the prior year driven by a 20.9% return on sales, which benefited from an increasing number of high specification […]
How First Republic rescue, Silicon Valley Bank could cost Main Street America
The nation’s biggest banks are pumping roughly $30 billion into First Republic following the collateral damage from the collapse of Silicon Valley Bank (SVB) and Signature Bank. JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Truist are some of the major banks making over $1 billion worth of uninsured […]
Silicon Valley Bank had no official chief risk officer ahead of collapse but employed DEI executive
Silicon Valley Bank (SVB) did not have a chief risk officer for the last eight months of 2022 as it barreled toward collapse – even as it employed a chief diversity officer over the same period. SVB Chief Risk Officer Laura Izurieta entered into an agreement with the bank to […]
Here’s what’s in the EU’s green industrial plan
The European Commission laid out its green industrial plan on Thursday, designed to ensure that Europe is a leading producer of clean technologies and not just a global frontrunner in cutting carbon dioxide emissions. Race is On The European Union plan is a bid to boost Europe’s industrial competitiveness – […]
South Carolina comptroller facing heat for $3.5B accounting error over 10 years
South Carolina lawmakers began efforts Thursday to fire Comptroller General Richard Eckstrom after a $3.5 billion accounting blunder. The move comes one day after Eckstrom was strongly advised to quit or be fired. The 74-year-old seasoned public accountant told senators in March he unintentionally exaggerated the state’s cash position by […]
Big week for money market funds amidst financial turmoil
The financial turmoil of the past week sent investors running for safety. They ran to money market funds. That fund sector attracted their biggest weekly influx of cash since the early part of the COVID-19 pandemic, according to data reported by Bloomberg. US money-market funds in the week up to […]