Subprime mortgages making a comeback
CNNMoney: Borrowers with bad credit were shut out of the mortgage market after the housing bubble burst, but now a handful of small lenders are starting to offer subprime loans again. But this time around, the loans are much more costly. Now, lenders are charging interest rates of as high as 8 to 10 percent and requiring borrowers to make down payments of as much as 25 to 35 percent.
All big U.S. banks but one pass Fed's health test
Reuters: U.S. big banks have enough capital buffers to withstand a drastic economic downturn, the Federal Reserve said on Thursday, announcing that 29 out of 30 major banks met the minimum hurdle in its annual health check. All of the big banks except for Zions Bancorp stayed above the 5 percent requirement for top-tier capital in the latest round of stress tests.
Starbucks Evenings to offer more adult beverage options
Bloomberg Businessweek: Starbucks Corp. wants you in the evening too, and to acheive that, it's bringing out the booze. The coffee chain plans to roll out alcoholic beverages to thousands of stores over the next few years as part of a program it calls Starbucks Evenings, which starts after 4 p.m. A few things for consumers to note: The options will be bottled beer or wine, not cocktails, and the selection will vary to meet "local taste preferences," according to a spokesperson.