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SeattleRain @lemmy.world
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finance.yahoo.com Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets

Measured against the normal metrics, the U.S. is in the middle of a fluctuating housing market right now. Existing-home sales in 2023 fell 19% from the prior year to their lowest level in nearly three...

Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
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Half of large U.S. banks are failing on operational risk, secret report finds

https://fortune.com/2024/07/21/bank-operational-risk-occ-report/

A key U.S. regulator has privately found half of the major banks it oversees have an inadequate grasp of a broad swath of potential risks from cyber attacks to employee blunders, according to people familiar with the matter.

In the confidential assessments, the Office of the Comptroller of the Currency said 11 of the 22 large banks it supervises have “insufficient” or “weak” management of so-called operational risk, said the people, who asked not to be identified because the information isn’t public.

That contributed to about one-third of the banks rating three or worse on a five-point scale for their overall management, the people said. The scores are the latest sign that U.S. regulators are concerned about the level of risk at the country’s largest banks in wake of a series of failures last year.

Operational risk is one of the categories by which regulators evaluate overall risk at the banks they oversee. Each bank’s individual ratings are closely held, but regulators sometimes use aggregate data on banks’ grades to highlight areas of concern in discussions with other agencies and the industry.

At the OCC, the operational-risk assessment feeds into a report card known as CAMELS ratings, grading firms on a one-to-five scale for each component — capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk. Those grades create an overall rating that determines the degree of scrutiny or leeway a firm faces, including the activities it can engage in and how much capital it has to hold.

The OCC didn’t comment specifically on the nonpublic findings. In a statement, the regulator said that Acting Comptroller Michael Hsu has “consistently discussed the need for banks to guard against complacency and actively manage their risks in order to build and maintain trust in the federal banking system.”

Operational risk is meant to cover a range of potential threats to banks beyond loans going bad or market swings causing losses. That can include anything from employee mistakes and legal troubles to natural disasters and technology snafus. Banks have to show regulators plans for managing such risks, and they have to hold capital against those threats, a requirement that’s long been debated because they’re harder to measure than credit or market risks.

The harsh grades are part of sweeping regulatory scrutiny in the wake of the record-setting bank failures last year, after which regulators vowed to do more to identify and act on problems. The OCC’s large bank portfolio ranges from regional lenders with at least $50 billion in assets to the megabanks with trillions.

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Kamala Harris Launches Presidential Bid: ‘My Intention Is to Earn and Win This Nomination’
  • Bro what are you on about. Kamala came in dead last in the 2020 primary. She's has a enormous amounts of baggage like jailing kids and parents for skipping school.

    She's more right wing that Biden. Why would anyone vote for diet Republican when they can have the real thing.

  • These are the people that can foreclose on you for parking on the curb.

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    The unhoused are bad for real estate values.

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    Traders see the odds of a Fed rate cut by September at 100%
  • So what, let inflation run it's course. It's deflation that's deadly. The Fed is trying to prevent a labor uprising by trying to suppress prices because they know the government nor corporations will ever willingly raise wages. Sorry but that ship sailed a decade ago. Inflation primarily hurts investors with large holdings in securities and actually helps those that are indebted. Most Americans are deeply in debt and would be helped by inflation once a union keeps their wages following inflation.

  • Blackstone has filed to foreclose on the 33-story McGraw-Hill skyscraper in the Hell's Kitchen neighborhood of Manhattan

    The debt was originally financed by Signature Bank

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    Traders see the odds of a Fed rate cut by September at 100%
  • I actually think it will happen. They know they've tanked the labor market and actually shrank the money supply the first time since the Great Depression. They're playing Russian roulette now with another depression and they know it.

  • People living alone and cohabitation growing.
  • There's really not. Exotic mortgages are being hidden by private equity offer DSCRs. As well as AirBnBs deregulating the hotel industry. The number of people in the US didn't increase. And yes COVID caused building to stop for a year but that doesn't explain a 40% price jump 4 years later.

  • Anon notices
  • Dogs are loving, cats are apathetic. People that grew up with loving parents prefer dogs as they are well equipped to provide the nurturing they themselves were given. People that were emotionally neglected as children prefer cats because that lack of bonding is familiar to them.

  • People living alone and cohabitation growing.

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    www.cnbc.com Traders see the odds of a Fed rate cut by September at 100%

    The probabilities are based on trading in CME fed funds futures contracts.

    Traders see the odds of a Fed rate cut by September at 100%
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    Trump Blows a Kiss as Hulk Hogan Rips His Shirt Onstage in Surreal RNC Scene
  • Gawker was an online news/celebrity gossip site that ran in the early 2000's. They were pretty notorious for some of their unethical practices. Like finding the unique IMEI numbers of celebrities' cell phones in Manhattan then tracking them and putting their real time locations online in a user friendly map causing them to get ambushed by fans while doing errands like shopping or getting a haircuts.

    They made enemies with billionaire Peter Thiel by outing him as homosexual when they published his text messages sent to a male sex worker he was patronizing.

    While there's little proof it's believed that Thiel along with the Republican party changed a long standing law that prevented third parties from funding other people's lawsuits.

    Regardless Gawker would get sued by Hulk Hogan when they published a private video of Hogan going into detail about his deeply held racist beliefs (saying the n-word numerous times, saying he didn't want his daughter seeing black men).

    This lead to Hulk being disavowed by the WWE. He was removed from their Hall of Fame and banned from further appearances.

    Thiel funded Hulk's defamation lawsuit as revenge for their earlier humiliation of him. A lawsuit Hulk would not have likely been about to pursue otherwise. While few would argue the merits, the damages were wildly inflated to the tune of 100's of millions. Hulk was long past his prime and even his modestly successful reality TV series was long forgotten at that point so he wasn't worth anywhere close to that amount.

    While a fair ruling would have likely left Gawker intact this pointedly vindictive one forced them into bankruptcy. They closed their doors shortly there after to the delight of the right wing.

    While many found Gawker's "Nightcrawler" like approach to journalism abhorrent. Unflinchingly procuring and publishing the most salacious celebrity gossip regardless of consequence, or newsworthy merit. Often in ethically dubious ways.

    It's none the less a large part of why they broke they Epstein story first, which many in the media now admit was an open secret. They were true to their name, willing to expose some of the most powerful people on the planet on stories that defied all convention knowing that even the most upstanding and righteous person would compromise themselves to "gawk" at it.

    I think they took a lot of pride in this, being able to bring down anyone of any race, creed, color or class to read their "dirty" tabloid. They know what your base desires want, even if you won't admit it to yourself.

    You meet people this brave (reckless?) once in a lifetime with this brutal effectiveness. Sure there's plenty of war time journalists every bit as brave but their high morals seem to keep them from getting really dirty like Gawker did.

    Maybe some will find that view offensive. None the less, if you relished the thought of a notorious child sex trafficker hanging from his cell. It's not chic online influencers and trendy memes you should thank. It's those reviled gossip hounds at Gawker. RIP ;__;

  • Officepocalypse? Office loans now account for 55% of delinquencies

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    www.newsweek.com Texas' housing market falters as prices fall, sales drop

    Home prices are dropping in Dallas and Austin as inventory levels surge, according to the new report from a real estate brokerage.

    Texas' housing market falters as prices fall, sales drop
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    www.fox8live.com Ripple effect of slumping Nola real estate market is far-reaching

    Business connected to Nola real estate market feel impact of slumping sales

    Ripple effect of slumping Nola real estate market is far-reaching
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    Today I'm grateful I'm using Linux - Global IT issues caused by Crowdstrike update causes BSOD on Windows
  • It's proving that POSIX architecture is necessary even if it requires additional computer literacy on the part of users and admins.

    The risk of hacking (which is what Crowdstrike essentially does to get so deeply embedded and be so effective at endpoint protection) a monolithic system like Windows OS is if you screw up the whole thing comes tumbling down.

  • www.westword.com Denver Leading the Country in New Home Inventory This Year

    "The rest of the country is experiencing increased inventory, but I can definitely say that our numbers are significantly high.”

    Denver Leading the Country in New Home Inventory This Year
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    Real-Estate Meltdown Strains Even the Safest Office Bonds

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    nationalmortgageprofessional.com Nearly 1 In 4 Sellers Cut Home Prices

    While home buyers continue to sit on the sidelines, Zillow's monthly report for June shows that home listings are piling up at a faster pace,  leading sellers to cut down on home prices.

    Nearly 1 In 4 Sellers Cut Home Prices
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    www.benzinga.com Fed Rate Cut Expectations Drop Mortgage Rates To 4-Month Lows: Surge In New Applications, Refinance Demand - Alexandria Real Estate (NYSE:ARE), CubeSmart (NYSE:CUBE)

    Fed rate cut expectations lead to decrease in mortgage rates, with 30-year fixed-rate at 4.37%. Mortgage demand and market reactions also increase.

    Fed Rate Cut Expectations Drop Mortgage Rates To 4-Month Lows: Surge In New Applications, Refinance Demand - Alexandria Real Estate (NYSE:ARE), CubeSmart (NYSE:CUBE)
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    therealdeal.com RBC takes steps to seize 82 apartment buildings in SF after Goldman Sachs, Ballast default

    RBC is set to take over apartments in San Francisco owned by Goldman Sachs and Ballast Investments, after loan defaults.

    RBC takes steps to seize 82 apartment buildings in SF after Goldman Sachs, Ballast default
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    www.cnbc.com Powell indicates Fed won't wait until inflation is down to 2% before cutting rates

    Monday was Powell's first public speaking appearance since the consumer price index report for June showed cooling inflation.

    Powell indicates Fed won't wait until inflation is down to 2% before cutting rates
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    Investors Keep Faith in America’s ‘Apartment King,’ Even in Tough Times

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    Back in my day we just called them flop houses.

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