President Donald Trump is quadrupling down on his ire toward the Federal Reserve’s rate hikes. On the Tarmac at Erie International Airport, he blamed Wednesday’s market meltdown on the Fed, telling reporters, "The Fed is making a mistake," and saying, "I think the Fed has gone crazy."
A top retail bank executive for Wells Fargo is packing her bags and leaving the big bank behind. According to the Wall Street Journal, Wells Fargo Western Region Regional Banking Executive Lisa Stevens is leaving Wells Fargo later this month for unknown reasons.
Over the weekend, California became the first state to mandate that publicly held companies based in the state have at least two to three women on their boards of directors. The new law mandates that all publicly traded companies with headquarters in the state to have at least one woman on their boards by the end of next year and that by 2021, companies with at least five board directors will have to include two or three women or face financial penalties.
The Federal Reverse raised interest rates for the third time this year, pushing rates up by .25% to 2.25%. Strong economic growth and a booming job market have led to the eighth rate hike since 2015, as the Fed tries to rein in the acceleration of inflation.
Trevor Traina, tech entrepreneur and U.S. ambassador to Austria, is listing his San Francisco home for rent. According to an article in The Wall Street Journal by Katherine Clarke, when it lists, the home will be the most expensive rental in all of San Francisco’s backbreakingly expensive rental market. This one takes the cake in more ways than one.
The federal tax overhaul brought to life a new tax break for investments in low-income areas dubbed, "opportunity zones." Real estate investors appear excited to deploy capital in these areas and are positioning themselves to develop various kinds of real estate in these areas.
After the results of new inspections came in, the New York City Housing Authority announced that it needs $31.8 billion to fix its decrepit housing stock. According to the Wall Street Journal, this is an increase of nearly $7 billion over previous estimates.
Commercial real estate mega-company Cushman & Wakefield filed for IPO, the next step on its path to ascending to the top rung with CBRE and JLL. Last year, Cushman’s revenue was $6.92 billion. In 2017, CBRE registered $14.2 billion and JLL registered $7.9 billion in revenue.
According to Verizon’s 2019 Data Breach Investigations Report, 10% of the 2,013 breaches that occurred in 2018 were within the financial industry. Personal data was compromised in 43% of those breaches, which were largely attributed to privilege misuse, errors or unsecure web applications.
Rising interest rates often cause homebuyers to think twice about moving forward with a mortgage. In April, mortgage applications fell more than 7% after 30-year fixed mortgage rates reached a high for the month.