The Consumer Financial Protection Bureau (CFPB) plans to crack down on payday lenders, moving to regulate high-interest, low dollar loans that are made by storefront lenders to an estimated 12 million lower-income households living paycheck to paycheck.
Authored by Scott Minerd, Global CIO, Guggenheim Investments,
The G7 countries’ finance ministers recently ended their two-day meeting in Sendai, Japan, without an agreement on any economic policy issues, including those surrounding the recent sharp appreciation of the yen. The unwillingness of policymakers to address Japan's fervent appeals for exchange rate intervention may inadvertently hasten the implementation of helicopter money by Japan and other industrialized nations.
Yesterday JPMorgan's chief executive for corporate and investment banking, Daniel Pinto, sparked hope that the collapse in investment banking revenue and profits plaguing the banking industry in the first quarter had ended, when he said that JPM is on track for a mid-teens percentage increase in markets revenue in Q2 compared with a weak period a year earlier (he also added that compensation in fixed-income is down 25% over the past five years and headcount is down 10%).
Spike in Defaults Looming: Remaining Interest-Only Alt-A Loans Set to Recast to Full Payment of Principal and Interest
Now, isn't this interesting...