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The amounts canceled may not clear away enough debt to help all recipients immediately qualify or improve their ability to repay, but over time the savings may bolster originations and performance.

Federal Reserve chair Jerome Powell said the central bank will remain aggressive in fighting inflation despite promising economic data.

The software for lenders is a bright spot for the fintech, which is reeling from a difficult second quarter in which it recorded a heavy loss due to an assessment of its title business.

Customers told the Consumer Financial Protection Bureau that bank customer service practices need a lot of work, but banks say more regulation would only make matters worse.

Home Partners of America, the single-family landlord owned by Blackstone Inc., will stop buying homes in 38 US cities, becoming the latest institutional investor to back away from an overheated housing market.

The company, which provides "buy before you sell" and cash offer financing, cited a challenging real estate market and grim venture-capital outlook.

Federal Reserve officials stressed the need to keep raising interest rates even as they reserved judgment on how big they should go at their meeting next month.

Cybersecurity expenses and threats

Better-than-expected economic data helped lead to the steep acceleration of the 30-year average, while the 15-year also shot up.

U.S. pending home sales fell in July for the sixth time this year to the lowest level since the start of the pandemic, extending the housing market's sharp downturn as high borrowing costs sideline prospective buyers.