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PLUS: Too Big To Fail 2023, Mainstream Fintech Brands
Hey Basis Pointers, JPMorgan CEO Jamie Dimon surely rekindled the 'Too Big To Fail' bank debate today, saying: 'I don't even know what that means anymore.'

Let the outrage flow. Or read this post to check your argument against big banks. It's worth careful thought. Big banks are critical systemic safety partners to regulators. This post asks key questions on this topic.

Speaking of big finance, our analysis shows Mr. Cooper just tied with Wells Fargo as America's top mortgage servicer, with a $937 billion portfolio after buying Homepoint.

Congrats to Mr. Cooper. This piece also covers how Sagent is the fintech powering this nearly $1 trillion in mortgage servicing. Mr. Cooper has 20% Sagent equity and 2 board seats to help deliver on the final frontier of mortgage innovation.

Haven't heard of Sagent? It's deals like this that help fintech brands go mainstream, which JD Power reports is happening more lately.

Have a great day, and I'm curious: what's your take on how big is too big for banks or mortgage servicers?

Julian

Top consumer finance regulator Rohit Chopra actually sounds fintech friendly here

I want to see a world where people can refinance their auto loans or mortgages and move their credit card debt more easily, that will decrease stickiness, that will increase prepayment risk. But that’s a world that I think ultimately is still better.
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Treasury chief Janet Yellen puts debt ceiling chaos into one critical sentence

Bloomberg's interview with Treasury chief Janet Yellen today covers debt ceiling and bank crisis, and the roles of Treasury and Congress.
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Digital bank app CEO Chris Britt on niche Chime serves, how they make money, why Americans don't trust banks

Big banks do a pretty good job with high income, high FICO score folks who have big deposits and are credit worthy, but for most Americans, the 65% that live paycheck to paycheck, the only way that big banks can make the math work on serving them is by being very punitive on fees.
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MTV News anchors reminisce on coolest media job ever as show ends after 36 years

36 years after MTV News changed the face of cable news, its star correspondents — Kurt Loder, Tabitha Soren, John Norris, SuChin Pak, Chris Connelly, Alison Stewart and Gideon Yago — reminisce about the pre-internet golden years of the coolest media job ever.
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Twitter’s likely new CEO is ‘tough as nails’ NBC ad chief Linda Yaccarino

Linda Yaccarino, current head of advertising and partnerships for NBCUniversal, has been angling for Twitter CEO job and telling friends she wants it.
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Debt Ceiling Default Shock: Mortgage rates 8.4%, Unemployment 8.3%, Home Sales down 23% (CHARTS)

Zillow-says-mortgage-rates-would-rise-to-8.4-in-a-U.S.-default-scenario-The-Basis-Point
U.S. debt default unlikely but Zillow scenarios show housing shock if it does happen. Here are charts from Zillow economics team.
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