The Rundown: Rent in D.C. Could Be Going Down, Bank Profits On Mortgages Definitely Going Up

August 9, 2012  |  

Image: iStockphoto

-Yesterday, we had word about the ways in which banks hadn’t changed their mortgage practices when dealing with homeowners in foreclosure. Now we have the infuriating news that banks are actually making a fortune on mortgages nowadays despite record-low percentage rates. Why? Because the rates could be even lower, but the banks want to drive up profits. The Mortgage Bankers Association argues that banks incur more fees on loans than they did in the past, but less competition and sales of bundled financial products are working in their favor.

-Accessories, and accessory designers, are hot right now.

-New housing units in Washington DC may drive down rent prices in that city. DC will have 6,000 new units by the end of the year. This doesn’t mean that rent will be cheap. The average rent in DC right now is $1,501. The national average is $1,081. The average rent in Atlanta is $868.

-The New York City Mayor’s Office shut down a Trojan event in which free vibrators were being given away from “Pleasure Carts” across Manhattan. “Bloomberg doesn’t want anyone to have fun. You can’t have a giant soda. You can’t have a vibrator,” said one unhappy bar owner, Melody Henry. It’s worth reading the New York Post article about the shutdown if only to see how many awkward plays on words they can get into one small story.

-And in Olympics news,  Allyson Felix took gold in the 200-meter race. American Carmelita Jeter took the bronze. (Jamaica’s Shelly-Ann Fraser-Pryce took silver.) Also in track and field, Brittney Reese became the second American woman ever to take the top spot in the long jump and Aries Merritt won the 110-meter hurdles. Finally, the US took gold and silver in women’s beach volleyball. This was the third gold medal for Misty-May Treanor and Kerri Walsh Jennings, a first for the sport.

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