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If I am not borrowing money, the impact of higher rates isn’t a big direct hit to my lifestyle or spending. But if I had a credit card from Kohl’s, paying 30 percent would sure dissuade me from buying something and putting it on “layaway.” Lowe’s? 28.99 percent. Nordstrom’s is over 31 percent! With credit card debt moving about $1 trillion for the first time ever, something has to slow down, right? Today I head to Las Vegas, forecast 103 degrees, and I have already been fielding emails about lenders are selling servicing, busy further cutting costs, or making sure they collect money that is due them (like appraisal fees, as noted in this STRATMOR piece). Some companies are looking to acquire or be acquired. Mergers and acquisitions don’t only happen with lenders. For example, yesterday, in the compliance consulting biz, Firstline Compliance announced that Mark Wilson, Managing Partner, and Dustin Pfluger, Partner and Mortgage Banking Pra ....
Some things are fortuitous. For example, if Sting hadn’t been in Montserrat windsurfing when Dire Straits was recording “Money for Nothing,” would we have ever heard the iconic “I want my MTV” 38 years ago? Some things don’t go so smoothly, like insurance in places like California and Florida. Farmers Insurance is the latest home insurer to pull out of Florida’s market, labeling the move as a business decision that was “necessary to effectively manage risk exposure,” per the company’s statement provided to Fortune. Shortly after, AAA announced it’d reduce its presence in Florida. And some things are neither fortuitous nor bad, but just are. Occasionally I am asked about branch models, especially as companies, realizing that summer is passing with no huge uptick in sales and no great reduction in interest rates, are once again examining overhead and what kind of branch makes the most sense. I turned to STRATMOR ....