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More Americans getting turned down for loans, Fed data shows

Published Mon, 13 Jan 2025 12:15:51 GMT

By Alex Tanzi | BloombergAmericans are increasingly likely to get turned down when they apply for credit, according to a new Federal Reserve survey that shows the combined impact of high interest rates and a cautious turn among the country’s lenders.The rejection rate for loan applicants jumped to 21.8% in the 12 months through June, the highest level in five years, according to the latest edition of the Fed survey, which is published every four months. Overall credit applications declined to the lowest level since October 2020.In the previous survey, published in February before the collapse of Silicon Valley Bank and other US lenders, the rejection rate was 17.3%. The increase since then has been broad-based across age groups, and highest among those with credit scores below 680.In auto loans, for the first time since the survey began in 2013, the rejection rate — which climbed to 14.2% from 9.1% — exceeded the application rate.What’s more, almost one-third of auto-loan applicants...

Coroner rules prison death of former Cal State basketball player as suicide

Published Mon, 13 Jan 2025 12:15:51 GMT

Michele Carson, 25, of West Covina met Justin Burns at Cal State Fullerton and they dated off and on for about five years. (Photo courtesy of John Carson)The Clark County Office of the Coroner/Medical Examiner ruled the death of Justin Burns, in prison, as a suicide. (Photo courtesy of the Nevada Department of Corrections)Show Caption of ExpandAn ex-Cal State Fullerton basketball player serving time for the 2010 murder of his former girlfriend killed himself, authorities said.Justin Burns died from asphyxia due to strangulation, according to the Clark County Office of the Coroner/Medical Examiner.The 39-year-old Burns died June 8 at High Desert State Prison where he was serving time for the second-degree murder of Michele Carson, 25, of West Covina.Carson’s father, John Carson, said he found out Friday from a Las Vegas reporter that Burn’s death was a suicide.“I am relieved that I will no longer have to attend parole hearings and worry about Burns getting out of prison and murdering...

Southern California Rabbit fire now smoldering and 45% contained

Published Mon, 13 Jan 2025 12:15:51 GMT

Containment of the Rabbit fire in the Beaumont and Lakeview area of Riverside County more than doubled overnight into Monday, even as the number of acres grew, the Cal Fire/Riverside County Fire Department said.A firefighter sprays down the remaining hot spots on Monday, July 17, 2023, due to the Gavilan Hills bush fire that erupted on Saturday near Lake Mathews (Photo by Anjali Sharif-Paul, The Sun/SCNG)A Cal Fire truck drives past the burned Gavilan Hills fire area on Monday, July 17, 2023. (Photo by Anjali Sharif-Paul, The Sun/SCNG)A firefighter sprays down the remaining hot spots on Monday, July 17, 2023, at the Gavilan Hills brush fire. (Photo by Anjali Sharif-Paul, The Sun/SCNG)Burnt bush branches contrast against the white ash ground and pink fire retardant spray on Monday, July 17, 2023, where the Gavilan Hills bush fire erupted on Saturday. (Photo by Anjali Sharif-Paul, The Sun/SCNG)A car drives past the burnt Gavilan Hills brush fire Monday, July 17, 2023. (Photo by Anja...

Opinion: Ever-increasing storms don’t have to be this catastrophic

Published Mon, 13 Jan 2025 12:15:51 GMT

Imagine trying to build a boat while it’s already at sea and taking on water. You rush from springing leak to springing leak, haunted by a vague sense that a storm is coming but with no idea how big it will be or how long it will last.This more or less describes how the United States is approaching the growing flood threat posed by a warmer atmosphere that holds more water, subjecting the country to bouts of torrential, catastrophic rainfall. Lives are being lost and property destroyed partly because we’re moving too slowly to embrace proven solutions to bolster our infrastructure against disasters that are becoming increasingly routine.Last week in Vermont and New York’s Hudson Valley, months’ worth of rain fell in hours, overwhelming antiquated water-management infrastructure, resulting in widespread flooding that took at least one life and wiped out roads, bridges, houses and more. Both places had experienced severe flooding before and had taken modest steps to avoid it. Those ef...

California Hot Wheels designer to be inducted into Automotive Hall of Fame

Published Mon, 13 Jan 2025 12:15:51 GMT

It started with 16 model cars in 1968 — and from there, an iconic toy brand was born.That brand, of course, is Hot Wheels, the tiny Mattel cars that became one of the most popular toys in the country.And Redondo Beach’s Larry Wood is part of that legacy.Wood, now 81 years old, worked as a Mattel designer for decades, beginning in 1969. His first Hot Wheels designs hit the market in 1970, and he continued working at Mattel, which is based in El Segundo, until he retired in 2019.Wood is well-known among Hot Wheels collectors — and later this week, he will be inducted into the Automotive Hall of Fame in Detroit. The ceremony is Thursday, June 20.“I don’t know where that came from,” the Redondo resident said in a recent interview at his Long Beach garage, where he works daily on his vintage cars, surrounded by Hot Wheels memorabilia. “But all I can figure is I made so many guys play with them through the years and some of them became car guys.”Wood could not put a number on how many Hot...

Angeles National Forest plagued by closures from storms, fires, funding gaps

Published Mon, 13 Jan 2025 12:15:51 GMT

The heavily-visited Angeles National Forest is reeling due to damage from past wildfires, heavy snowpack and torrential rainstorms that have closed visitor centers, day use areas, access roads, campgrounds and hiking trails, according to data obtained during a monthlong investigation by this news group.The forest’s second most visited area, Chantry Flat in the forest’s southwest section north of Arcadia, Monrovia and Sierra Madre, has been closed since the start of the pandemic in March 2020. Last month, Angeles National Forest (ANF) Supervisor Ramon “Ray” Torres extended its closure through May 2024.Chantry Flat Road remains closed after the 2020 Bobcat Fire, and more recently, the Chantry Fire, shown here in Arcadia on Friday, July 7, 2023. Road signs and closed access gates mark the area north of Santa Anita Avenue where people are prohibited from entering the road that leads to Chantry Flat recreation zone. (Photo by Trevor Stamp, Contributing Photographer)Chantry Flat Road rema...

Southern California landslide response likely falling on county, state official says

Published Mon, 13 Jan 2025 12:15:51 GMT

It seems unlikely California will declare a state of emergency related to the slow-moving landslide that destroyed a dozen homes in Rolling Hills Estates on July 8.While a state emergency declaration isn’t out of the question, Brian Ferguson, a spokesperson for the Governor’s Office of Emergency Services, indicated during a Monday, July 17, interview that the Peartree Lane disaster is something Los Angeles County is likely able to handle on its own.“This is a very challenging disaster for the folks who live in this community,” Ferguson said. “But LA is one of the most resource-rich counties in the state, so we’re working with them to see if they can handle this on their own.”Liz Odendahl, spokesperson for Los Angeles County Supervisor Janice Hahn, and Rolling Hills Estates Mayor Britt Huff did not immediately return requests for comment Monday afternoon.Despite that an emergency declaration being unlikely, Cal OES has been on the ground in Rolling Hills Estates since the beginning o...

Man returning toy rifles is mistaken as a dangerous gunman at California mall

Published Mon, 13 Jan 2025 12:15:51 GMT

A person returning two toy rifles to a gaming business at the Promenade Temecula mall was mistaken for a dangerous gunman on Monday, July 17, prompting employees to take shelter and sheriff’s deputies to search the building from top to bottom.“There was no evidence of a crime,” Riverside County sheriff’s Sgt. Brent Irvine wrote in a news release. “This incident did not involve an active shooter event and there were no injuries reported.”Nevertheless, businesses locked their doors, employees hid and people falsely reported on social media that there was an “active shooter.”Related ArticlesCrime and Public Safety | Mother: Suspect in Georgia killings needed help for years Crime and Public Safety | Legal challenge against San Jose’s gun insurance law dealt serious blow Crime and Public Safety | Boxing champ Devin Haney arrested in Los Angeles on felony weapons charge Crime and Public Safety | After somehow surviving shoot...

Smithsonian says it canceled Asian American Literature Festival due to ‘event planning’ issues. Participants say that’s not true

Published Mon, 13 Jan 2025 12:15:51 GMT

The Smithsonian Institution’s Asian Pacific American Center abruptly canceled this year’s Asian American Literature Festival weeks before it was scheduled to begin.The center added a blue and white banner to its website with a simple message: “Due to unforeseen circumstances, AALF 2023 Ghost World has been canceled. We sincerely apologize for the inconvenience.”Officials didn’t provide additional information about the cancellation online, but Ghost World — the theme of this year’s festival — is no longer on the calendar for early August.Why the Asian Pacific American Center says it canceledWTOP reached out to officials with the center on Monday to ask if the festival was planning to reschedule. Linda St. Thomas, chief spokesperson for the Smithsonian Institution, said the event planning process “did not meet Smithsonian expectations” and the institution’s “goals for an in-person event.”“After careful review, and...

Cambridge: Q2 Earnings Snapshot

Published Mon, 13 Jan 2025 12:15:51 GMT

CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Cambridge Bancorp (CATC) on Tuesday reported second-quarter net income of $7.1 million.The Cambridge, Massachusetts-based bank said it had earnings of 91 cents per share. Earnings, adjusted for non-recurring costs, came to $1.23 per share.The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.18 per share.The bank posted revenue of $64.2 million in the period. Its revenue net of interest expense was $39.7 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $40 million.Cambridge shares have declined 30% since the beginning of the year. The stock has dropped 30% in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CATC at https://www.zacks.com/ap/CATCSource