So, it's week four of the government shutdown, and one of the most repeated attacks on Democrats from Trump and Republicans is this. >> The far-left faction of Senate Democrats shut down the government because we wouldn't give them hundreds of billions of dollars for healthcare benefits for illegal aliens. >> They want to reinstate free healthcare paid for by taxpayers to illegal aliens. >> They want $1.5% trillion for healthare for illegal aliens.>> Now, is there any truth to this. What Trump and the GOP a ...

We turn now to the still unending shutdown. We're now at day 23 after a dozen failed votes in the Senate to fund the government. And with the financial toll mounting for federal employees who are not being paid, some of whom are still working despite not getting a paycheck.A Republican bill to pay those essential workers, which President Trump just moments ago called a test for Democrats, failed this afternoon in the Senate. Democrats today tried to pass their own bill which would pay both furled and non-fu ...

And Emily Wilkins has the story. What do we have now, Emily. >> Well, Courtney, on day 23 of the shutdown, Republicans are trying something slightly different.They just put a bill on the floor that would have allowed federal workers who have not been furled. That means they're currently working to get their paycheck. Tomorrow, over 2 million federal workers are expected to miss their first full paycheck of the shutdown.A huge, course, a major pain point for them. But most Democrats actually voted against th ...

Top Republicans warned that air-traffic controllers would miss their paychecks next week due to the government shutdown, saying there would be no last-minute reprieve https://t.co/BUKRhwqIjy ...

Political Landscape - The radical left Democrats are perceived as holding the entire federal government hostage [1] - Republicans require at least seven Democratic votes to pass a government funding bill due to the Senate filibuster [2] - With only 53 Republicans in the Senate, bipartisan cooperation is essential for passing legislation [2] Legislative Process - Since 1975, 60 votes are needed to guarantee passage of a bill in the Senate [2] - The "nuclear option" to eliminate the filibuster rule has been suggested but faces reluctance due to potential future repercussions [3][4] - The filibuster is considered a supermajority requirement that defines the Senate [4] Government Operations - Reopening the government necessitates a bipartisan deal, which appears challenging given the current Congress [5] - GOP leaders are wary of setting a precedent that could be detrimental when Democrats regain power [4]

Core Insights - Mortgage rates have dropped to their lowest level in over a year, with the average 30-year mortgage rate at 6.19% and the 15-year rate at 5.44% [1] - The decline in mortgage rates is attributed to the 10-year Treasury yield falling below 4% and market expectations of potential Federal Reserve rate cuts [1][2] - Existing home sales increased by 1.5% in September, indicating that lower mortgage rates are encouraging buyers to enter the market [6] Mortgage Rate Trends - The average 30-year mortgage rate decreased from 6.27% to 6.19%, while the 15-year rate fell from 5.52% to 5.44% [1] - The 10-year Treasury yield, which influences mortgage rates, has remained below 4% as investors seek safe-haven assets amid concerns of a government shutdown [1] - Market expectations suggest a 99% probability of a 25 basis points rate cut by the Federal Reserve in the upcoming meeting [2] Economic Indicators - The Consumer Price Index data for September is anticipated to be released soon, which could impact future mortgage rates depending on inflation trends [5] - A hotter-than-expected inflation report may lead traders to reassess the Fed's rate-cutting trajectory, potentially increasing mortgage rates [5] - Conversely, lower inflation could further decrease mortgage rates, supporting the housing market [5]

Government Shutdown & Negotiations - Democrats are willing to negotiate with Republicans to reopen the government and reach a bipartisan spending agreement [1] - The speaker accuses Donald Trump of preventing Republican leaders from negotiating, thus prolonging the shutdown [4] - The speaker believes Trump is prioritizing golfing over engaging with Democrats to resolve the shutdown [7] - Democrats are reaching out to the White House, urging Trump to negotiate before his trip to Asia [9] Healthcare Crisis & Affordable Care Act (ACA) - Democrats insist on addressing the Republican healthcare crisis, particularly extending the Affordable Care Act tax credits [2] - Republicans' policies are causing hospitals, nursing homes, and community health centers to close [16] - A potential $536 billion cut to Medicare is looming if Congress doesn't act [16] - Over 90% of people receiving ACA tax credits make around $63,000 or less [17] - Republicans in the House have voted to repeal the Affordable Care Act more than 70 times since 2010 [38] Spending & Budget - Trump is accused of trying to divert $230 million in taxpayer funds from the Department of Justice [7] - The speaker mentions a potential $1 trillion cut to Medicaid [15] - House Republicans are considering a longer-term continuing resolution (CR) of 14 months, which Democrats find unacceptable [13][14] - Republicans are proposing cutting $17 billion from the Centers for Disease Control (CDC) and approximately $500 million from the National Institutes of Health (NIH) [18] Trust & Credibility - The speaker expresses a lack of trust in Republicans, especially regarding healthcare and cost of living issues [36] - Republicans promised to lower costs but costs have gone up, and they promised to protect Medicaid but enacted significant cuts [36][37] Impact on Federal Employees - Over 200,000 federal employees had been forced off the job prior to the government shutdown [5][27] - Federal workers are concerned about receiving their back pay due to Trump's past actions [29] Affordability & Cost of Living - The speaker emphasizes the need to lower the high cost of living, including housing, groceries, childcare, healthcare, and utilities [64] - Trump's tariffs are making life more expensive, adding thousands of dollars per year in additional expenses [37]

Financial Data and Key Metrics Changes - Bankwell reported GAAP net income of $10.1 million, or $1.27 per share, up from $9.1 million, or $1.15 per share in the previous quarter [3] - Pre-provision net revenue return on assets was 1.7%, an increase of 27 basis points from the prior quarter [3] - Net interest income reached $26 million, while non-interest income increased to $2.5 million, driven by $1.4 million in SBA sales gains [7] - Net interest margin expanded to 3.34%, up 24 basis points over the prior quarter [7] - Efficiency ratio improved to 51.4%, down from 56.1% in the previous quarter [6][10] Business Line Data and Key Metrics Changes - The SBA division saw gains on sale rise to $1.4 million for the quarter, with total SBA originations of $22 million [5] - Year-to-date non-interest income, including SBA gains on sale, totaled $6 million [5] - Loan originations remained strong, with $220 million funded in the third quarter, bringing year-to-date fundings to just over $500 million [4] Market Data and Key Metrics Changes - Non-performing assets as a percentage of total assets fell to 56 basis points compared to 78 basis points last quarter [5][11] - Special mention loan balances decreased by $30 million [6] - Total assets reached $3.2 billion, slightly up from the previous quarter [11] Company Strategy and Development Direction - The company aims to diversify income streams and improve the deposit base while attracting talented banking professionals [16] - Bankwell is focusing on closing out pandemic-era credits with no further losses, with non-performing assets significantly reduced from 207 basis points a year ago [16] - The company is strategically increasing the proportion of variable rate loans from just over 20% to 35% [9] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook on credit for the upcoming quarters, with continued improvement in credit trends [4] - The government shutdown may temporarily impact SBA results, but the company remains a preferred lender and can continue to underwrite SBA credits [34] - The company anticipates flat loan growth for the year due to elevated payoffs, while affirming non-interest income guidance of $7 million-$8 million [15] Other Important Information - The allowance for credit losses remains at 110 basis points of total loans, with coverage of non-performing loans increasing to 177% [11] - The company expects $1.25 billion in time deposits to reprice favorably over the next 12 months by approximately 27 basis points, with an annualized incremental benefit of about $3.4 million [9] Q&A Session Summary Question: What is the current loan pricing and outlook for payoffs? - Management indicated that year-to-date originations have a weighted average rate of 7.86% and that strong loan demand continues, although timing and velocity of payoffs are affecting net loan growth [20][21] Question: How is the core deposit initiative developing? - Management reported that newly hired teams are starting to produce and add deposits, with full production expected by 2026 [26] Question: What is the impact of the government shutdown on SBA contributions? - Management noted that the duration of the shutdown will determine its impact, but they are currently able to underwrite SBA credits despite a temporary freeze on guarantees [34]

Transportation Secretary Sean Duffy warned that flight disruptions would continue across the US as the government shutdown drags into its fourth week https://t.co/i3mKMRRqtu ...

Economic Impact and Industry Trends - The slowing economy is affecting residential lending, with potential government shutdowns negatively impacting U.S. GDP [1] - Agency loans are being sold to aggregators, indicating a loss of market share for Freddie Mac and Fannie Mae [7] - PennyMac reported a 15% year-over-year increase in volume to $36.5 billion, with profitability nearly doubling from the prior quarter [7] Product Innovations and Offerings - Flyhomes introduced a Buy Before You Sell program that allows clients to access home equity before selling, saving them $12,500 on average [2] - PHH Mortgage launched the FlexIQ Non-Agency program suite, replacing previous non-QM offerings [9][10] - JMAC Lending's Limited Docs Non-QM program simplifies borrower qualification with a streamlined process [11] Technology and Compliance - An integrated approach to mortgage technology is transforming lender and servicer operations, enhancing customer experiences [4] - ActiveComply highlighted potential compliance pitfalls in social media strategies for mortgage institutions [3] Market Dynamics and Regulatory Environment - The Federal Reserve proposed easing capital requirements for major Wall Street banks, which could result in a 3% to 7% increase in total capital [16] - The potential for GSEs to purchase up to $300 billion of their own securities is being discussed to lower mortgage rates [13][14]