Federal Reserve Archives

Former Maryland social media influencer sentenced to 3 years in prison for scheming to obtain over $1.2 million in COVID-19 CARES Act loans

Posted on January 12, 2024 by Chris Montcalmo

GREENBELT, MD—A Maryland man has been sentenced to prison in connection with a scheme to fraudulently obtain more than $1.2 million in federal relief loans. U.S. District Judge Deborah L. Boardman has sentenced Denish Sahadevan, a/k/a “Danny Devan,” 32, of Potomac, to three years in federal prison, followed by three years of supervised release, for wire fraud, aggravated identity theft […]

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Maryland ranked among top 10 states with largest debt increase in Q3 2023

Posted on November 9, 2023 by Chris Montcalmo

BALTIMORE, MD—With the overall consumer debt exceeding $17.3 trillion in Q3 2023, the personal-finance website WalletHub this week released its rankings of the States with the Largest & Smallest Debt Increases. Maryland came in at No. 6 on the list. Hawaii topped the list with California coming in at No. 2. To determine the states with the largest and smallest […]

Attorney General Frosh leads effort to charge precious metals dealers in $185 million scheme targeting retirement-age investors

Posted on September 29, 2020 by Chris Montcalmo

BALTIMORE, MD—Maryland Attorney General Brian E. Frosh has announced that his Securities Division has collaborated with the Commodities Futures Trading Commission (CFTC) and 29 other states in filing a complaint in the U.S. District Court for the Northern District of Texas alleging related companies Metals.com and Barrick Capital, Inc. solicited $185 million from retirement-age investors, including at least $3 million […]

Federal Reserve announces an additional $2.3 trillion in loans to support the economy, Powell predicts recovery

Posted on April 9, 2020 by Chris Montcalmo

WASHINGTON, DC—The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. “Our country’s highest priority must be to address this public health crisis, […]

7 Maryland residents being tested for coronavirus, Fed cuts rates

Posted on March 3, 2020 by Chris Montcalmo

BALTIMORE, MD—After coronavirus fears led to a stock market free-fall last week, the Federal Reserve is taking action. Here in Maryland, new reports suggest that up to seven residents are now being tested for COVID-19. Six people have died from coronavirus in Washington state and at least 100 others are sick. The Maryland Department of Health now reports that 7 […]

Baltimore mortgage rates move lower for second consecutive week

Posted on June 16, 2016 by Chris Montcalmo

by Chris Montcalmo Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates declining for the second consecutive week – both in Baltimore and nationwide. The 30-year fixed-rate mortgage averaged 3.54 percent with an average 0.5 point for the week ending June 16, 2016, down from last week when it averaged 3.60 percent. […]

Baltimore mortgage rates tick up on Fed news

Posted on May 28, 2016 by Chris Montcalmo

by Chris Montcalmo Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates up slightly from 2016 lows. The 30-year fixed-rate mortgage averaged 3.64 percent with an average 0.5 point for the week ending May 26, 2016, up from last week when it averaged 3.58 percent. A year ago at this time, the […]

Baltimore mortgage rates back near 2016 lows

Posted on May 6, 2016 by Chris Montcalmo

by Chris Montcalmo Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates falling following the Federal Reserve’s decision to stand pat last week, and other negative economic data. Mortgage rates are now hovering just above their low point for the year. The 30-year fixed-rate mortgage (FRM) averaged 3.61 percent with an […]