Peter Russell

Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancing

5 years ago

Wells Fargo is now requiring new customers to bring at least $1 million in balances if they want to refinance a jumbo mortgage, up from a previous level of $250,000, according to people with knowledge of the policy.
The change came in a July 1 overhaul of lending guidelines that broadly lowered barriers to the product for existing customers, while making it far harder for new ones to qualify, said the people, who declined to be identified speaking about the move.
“They don’t want to take somebody else’s balance sheet and put it in on theirs,” said one of the sources. “We’re very busy and they wanted to slow down the number of loans coming in.”

Breaking News

TikTok transparency report shows it removed 49 million videos and had 500 government requests

5 years ago

TikTok’s latest transparency report shows that it took down 49 million videos for content violations from July 2019 to December 2019.
It also received over 500 government requests during that time, up from 296 in the first of half 2019.
It says none of them were from China or Hong Kong.

Breaking News

Saudi Arabia considering canceling hajj because of coronavirus, report says

5 years ago

Saudi Arabia is considering canceling the annual hajj pilgrimage this year because of the coronavirus pandemic, the Financial Times reported.
The hajj, which involves traveling to the holy city of Mecca, is a mandatory ritual for all observant Muslims who can afford the trip and physically complete the journey to the Arabian peninsula.

Tech

UK looks to challenge Elon Musk’s Starlink after winning bid for bankrupt satellite company OneWeb

5 years ago

The U.K. has pledged to invest $500 million in bankrupt satellite-broadband company OneWeb.
OneWeb is developing a satellite network that’s designed to beam high-speed, low latency internet to Earth.

Lemonade reaches $3 billion market cap after shares soar more than 138% on its IPO day

5 years ago

Shares of Lemonade, an digital insurance company, soared more than 138% in its Thursday market debut.
The company’s stock opened at $50.06 after pricing at $29 per share Wednesday.
Lemonade offers insurance to renters and homeowners with the use of artificial intelligence and chatbots.

Millennials are piling into stock trading in Asia. Here’s how to make the most of your money

5 years ago

Last week, major U.S. indices recorded their best quarter in decades. The Dow Jones closed up 17.77% on June 30 to notch its best three months since 1987. The S&P 500 ended up 19.95%, a high not seen since 1998. The Nasdaq finished higher by 30.63%, its greatest gain since 1999.

Here’s an easy, low-cost way to build a retirement plan like the pros

5 years ago

The ideal retirement strategy uses a guaranteed pot of money for living expenses and ensures investment assets don’t run out.
Everyday retirees can approximate this plan with Social Security income and by withdrawing investment money according to a simple formula published by the IRS.
There are risks, such as large unforeseen expenses.

Breaking News

Blowout jobs report may have missed a troubling trend linked to coronavirus

5 years ago

“The data was collected through the middle of June,” the firm’s chief market strategist told CNBC’s “Trading Nation” late last week. “It was really the second half of June when we saw states like where I am here in Texas start to reverse their opening up plans. That did not get captured in this number completely.”

Uncategorized

The Fed is buying some of the biggest companies’ bonds, raising questions over why

5 years ago

The Federal Reserve is continuing to buy corporate bonds, following up on a pledge it made in March.
Corporate America titans such as Microsoft, Apple and Home Depot have been among the beneficiaries.
Questions have been raised over “moral hazard” as the Fed buys debt from companies that don’t seem to need the central bank’s help.

Breaking News

WHO warns coronavirus pandemic is speeding up as countries ease lockdown rules: ‘The worst is yet to come’

5 years ago

“Although many countries have made some progress, globally, the pandemic is actually speeding up,” WHO chief Tedros Adhanom Ghebreyesus said during a virtual news conference.
The virus has infected more than 10.1 million people around the world and killed at least 502,634 people, according to data compiled by Johns Hopkins University.
“The single most important intervention is … tracing and quarantine contacts,” he said. “Six months since the virus started, it could be like a broken record to say exactly the same thing, but the same thing works. Test, test, isolate, quarantine cases.”

Peter Russell

Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancing

TikTok transparency report shows it removed 49 million videos and had 500 government requests

Saudi Arabia considering canceling hajj because of coronavirus, report says

UK looks to challenge Elon Musk’s Starlink after winning bid for bankrupt satellite company OneWeb

Lemonade reaches $3 billion market cap after shares soar more than 138% on its IPO day

Millennials are piling into stock trading in Asia. Here’s how to make the most of your money

Here’s an easy, low-cost way to build a retirement plan like the pros

Blowout jobs report may have missed a troubling trend linked to coronavirus

The Fed is buying some of the biggest companies’ bonds, raising questions over why

WHO warns coronavirus pandemic is speeding up as countries ease lockdown rules: ‘The worst is yet to come’

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