LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...
— -- A new scandal in the banking industry is undermining its image, already tarnished by rogue trading at JPMorganChase and the 2008 subprime mortgage collapse. At the heart of the scandal: ...
MEMPHIS, Tenn., April 25, 2023 /PRNewswire/ -- First Horizon Corporation (FHN) (NYSE: FHN or "First Horizon") today announced that, after June 30, 2023, US dollar LIBOR will be replaced with CME Term ...
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Here’s how the Secured Overnight Financing Rate works and why it might matter for your mortgage
Remember Libor? For decades, the London interbank offered rate was the benchmark for pricing a wide variety of loans, including adjustable-rate mortgages. But over recent years, it’s been completely ...
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