Banks across the country aid borrowers as shutdown continues
As the government shutdown continues into its 13th day, banks across the country are offering mortgage loan assistance to borrowers who may be facing a pinch. Both the Senate and the House plan to meet Tuesday, with a vote scheduled for the Senate.
Federal employees, members of the military, their families and federal contractors are among those most affected by the shutdown, according to a press release from the American Bankers Association. They may be eligible for assistance that "may include fee waivers, loan modifications, payment deadline extensions, payroll advances, low-rate and zero-rate loans as well as other accommodations,” the ABA said in its release.
The ABA list of the banks offering these services include: Atlantic Union Bank, Black Hills Community Bank, Citizens Bank, City National Bank, First Command, First Financial Bank, First Interstate Bank, First United Bank & Trust, Gate City Bank, Greenfield Cooperative Bank, Hancock Whitney Bank, Jonestown Bank & Trust, Monson Saving Bank, Regions Bank, Santander, Southern Michigan Bank, Stockman Bank, TD Bank, Union Bank and Trust, USAA, USAA and WesBanco.
The ABA plans to update the list as needed.
Home equity rates drop to lowest level in 2023
Home equity line of credit rates have dropped to the lowest level since 2023, according to recent data from the financial site Bankrate.
A Bankrate national survey of lenders shows the national average rate for a $30,000 line of credit decreased to 7.84% last week. This was the third week the rates were below 8%. The rate last year was 8.73%.
Bankrate attributes the decline to the Federal Reserve’s cut to interest rates in September, and the slow job market.
The Fed is scheduled to meet again later this month to consider further changes to interest rates. Policymakers may have less data to review, given that the federal government shutdown has already delayed the collection and reporting of a number of key reports, including the Labor Department’s monthly unemployment report.
“Homeowners considering a HELOC should be prepared for their rate to change shortly after each Fed decision,” financial analyst at Bankrate, Stephen Kates said in a statement.
Lending Tree CEO dies in ATV accident
Doug Lebda, the founder and CEO of Lending Tree, died in an all-terrain vehicle accident on Sunday, the company announced.
"We are deeply saddened by the sudden passing of Doug," the Board of Directors said in a statement on Monday. "Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers. Since founding LendingTree in 1996, Doug dedicated himself to building a company rooted in consumer empowerment, championing a mission to simplify financial decisions and fostering economic opportunity for all."
COO Scott Peyree has been appointed as CEO and Lead Independent Director Steve Ozonian has been appointed as chairman of the board effective immediately.