A group of Bank of America bankers is leaving the company to start an independent private-equity firm, BofA has confirmed. The group, led by Travis Hain, will split from BAML Capital Partners, BofA’s and Merrill Lynch’s combined private-equity unit, this summer. The new firm will raise cash from outside investors, but also will manage about $1.4bn of BofA’s private-equity portfolio, bank spokeswoman Jackie Fitzgerald says.
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The housing market is signaling there will be an economic recession by the 2020 election, according to Benn Steil, director of international economics at the Council on Foreign Relations. “When income fails to keep pace with home prices, the latter must fall back,” the post said. “Falling home prices, in turn, drive down household spending.”
Last month, the California Association of Realtors predicted a slow down for the state’s housing market in 2020. According to a recent report by CoreLogic, cooling home sales are already here. In fact, August marked the fewest home sales for that month in four years.