Banks Warn of Growing Energy-Related Risks in Mortgage Portfolios
Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
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Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
South Korea’s top financial watchdog attempted to revive optimism over the nation’s corporate reform initiatives to investors in New York while soothing concerns over the short-selling ban.
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Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Feb 13, 2024
BNN Bloomberg
,As the Canadian housing market braces for possible interest rate cuts this year, Housing Minister Sean Fraser says the mission remains the same, to build as many homes as possible, as fast as possible.
In a press conference Tuesday with Minister of Finance Chrystia Freeland, Fraser spoke about the impact interest rates have on restricting housing supply. He explained that based on conversations he has had with developers, a cut in interest rates would spur developers to “start those projects that are marginal today.”
“Regardless of whether interest rates remain where they are, or come down a whole point or half a point or whatever may happen, the course of action remains the same because we know we need to build millions of homes,” Fraser said.
He added that the interest rate environment “doesn’t change the mission.”
There is a need to simplify the building process at the municipal level, Fraser said, as well as ensuring efficient spending on infrastructure investments and reducing red tape.
“We need to make the math work for builders by getting rid of the GST, recapitalizing (the) Canada Mortgage Bond program (and) putting low-cost financing through the Apartment Construction Loan program into the system,” he explained.
Fraser also mentioned the critical need to invest in affordable housing.
“We need to do everything we can as quick as we can to build as many homes as we can, and that’s going to be true today and six months from now regardless of what we have in the interest rate environment that we’re dealing with,” he said.
Freedland said in the press conference that “supply is at the heart of the challenge,” and that a major objective is increasing the speed of construction.