Author: Money Mechanics

Since a Zero Hedge tweet saying that ARM loans now make up 41% of mortgages held by U.S. banks went viral on Sunday night, the mortgage community has been abuzz with confusion. HousingWire Lead Analyst Logan Mohtashami addressed the rumors in this episode of the HousingWire Daily podcast on Monday. “That tweet set off a firestorm,” Mohtashami said. The reality? “If you look at the purchase application data, whenever rates go up, the ARM percentages do pick up, but they’re like never above 10%, where in 2002 to 2005 that thing rose up. But the debt, the mortgage growth volumes,…

Key Takeaways Donald Trump moved to fire a Federal Reserve governor on Tuesday, accusing her of illegally listing multiple properties as her primary residence on mortgage applications in 2021. Primary residences typically receive lower mortgage rates because borrowers are less likely to default on payments. Your primary home is the address that appears on your driver’s license and tax information, and is where you receive mail. Life changes like marriages or job relocations can cause borrowers to inadvertently list multiple primary homes, but criminal prosecution is rare, one expert said. The federal government would like to remind everyone that only…

Key Takeaways Kohl’s reported profit ahead of forecasts and raised its guidance, citing success in its efforts to turn around the struggling retailer.The company’s comparable sales also declined less than anticipated.Kohl’s gave a profit outlook that exceeded forecasts. Kohl’s (KSS) shares soared 20% Wednesday as the struggling retailer posted second-quarter profit well above expectations and raised its outlook as its turnaround plan showed positive results. The company reported adjusted earnings per share (EPS) of $0.56, well above the $0.31 that analysts surveyed by Visible Alpha were looking for. Revenue dipped more than 5% year-over-year to $3.35 billion, short of forecasts.…

Key Takeaways If you have a joint checking account, the joint account holder typically takes over the account and has immediate access to the funds after providing proof of your death to the bank. If you have an individual account, the funds may go to your beneficiary or the executor of your estate to distribute the funds. Without a joint account holder, beneficiary, or executor named in your will, the account goes to probate court, where the court may handle the distribution of the funds. After you pass away, the ownership of your checking account may pass to the joint…

A key priority for the CFPB is preserving relationship banking in an era of increasing digitization. Over the last year, we have been carefully studying trends in how people access cash and coins. While our banking system was designed for people to access their own cash for free through their own bank or credit union, the CFPB has found that people are paying more for their cash, not only at out-of-network ATMs, but also at places like grocery stores and retailers that previously provided access for free.Our financial system is critical infrastructure for our economy and society. It’s what facilitates…

Key Takeaways MongoDB shares soared Wednesday after the database software provider lifted its outlook and topped Wall Street’s quarterly sales expectations.The stock has consolidated near the key 50- and 200-day moving averages in recent weeks, potentially signaling accumulation by larger market participants ahead of the company’s quarterly report.Investors should watch crucial overhead areas on MongoDB’s chart around $295, $350, and $440, while also monitoring major support levels near $252 and $215. MongoDB (MDB) shares soared over 30% Wednesday morning after the database software provider lifted its full-year outlook and topped Wall Street’s quarterly sales expectations. The company said revenue from…

(Oil Price)– Plutonium material from dismantled U.S. nuclear warheads from the Cold War could be offered to American power firms as a fuel to potentially use in advanced nuclear technologies, under a draft plan of the Trump Administration. The U.S. does not use plutonium in nuclear power facilities. In the past, plutonium has been converted into fuel for commercial reactors in the United States only for short test runs. Now the Trump Administration, which looks to give impetus to nuclear energy, considers making available 20 metric tons of plutonium from dismantled nuclear warheads to U.S. power firms, Reuters reports, citing a…

Key Takeaways According to Guinness World Records, between 2021 and 2023 Elon Musk suffered the greatest loss of a personal fortune in history. His loss, which was on paper and due primarily to a drop in Tesla’s share price, amounted to nearly $200 billion. Since that time Musk has recouped his losses and is believed to be the world’s richest man by a considerable margin. Elon Musk is referred to as “the world’s richest man” so frequently that you might think he trademarked the phrase. But the South Africa-born billionaire also holds another distinction: the largest loss ever of a…

Key Takeaways Kansas City Chiefs tight end Travis Kelce has a net worth of about $90 million, according to Celebrity Net Worth.In 2024, Kelce signed a new two-year $34.2 million deal with the Chiefs, with an average yearly salary of $17 million.Kelce has partnered with brands including Nike, Bud Light, State Farm, Experian, Pfizer, and DirecTV, among others.Kelce’s investments include Formula One racing team, Alpine, Cholula Hot Sauce, Hydrow, PlayersTV, and RealTruck. Kansas City Chiefs’ Travis Kelce is among the top three highest-paid tight ends in the NFL as of 2025. He was the highest-paid tight end in the 2024…

Key Takeaways U.S. equities were slightly higher at midday following the release of more corporate earnings reports and as the market waited for today’s financial results from Nvidia.Kohl’s beat profit expectations and raised its outlook as the retailer’s turnaround plan lifted results.High coffee prices led J.M. Smucker to a quarterly loss. U.S. equities were higher and little changed at midday as the market weighed the latest corporate earnings news and awaited this afternoon’s key report from Nvidia (NVDA). The Dow Jones Industrial Average, S&P 500, and Nasdaq were all up.  Kohl’s (KSS) shares took off after the struggling retailer easily…