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The most destructive wildfire in California history is nowhere near done with its catastrophic rampage.Northern California's Camp Fire has already torched more than 6,400 homes and killed 29 people. If the death toll gets any worse, it will be the deadliest wildfire in California history."I'll have nightmares for the rest of my life," said Paradise resident Susan Miller, who drove through flame-lined streets to escape with her daughter.PHOTOS: 3 wildfires rage in CaliforniaBut the Camp Fire isn't the only inferno ravaging California. Fierce winds are expected to fuel two major wildfires west of Los Angeles, including one that has already killed two people in Malibu."In fact, the strongest Santa Ana winds for the south may come on Tuesday, with gusts to near hurricane force," CNN meteorologist Dave Hennen said. 829
The Justice Department is expected to make the James Comey memos available to Congress on Thursday, according to a source with knowledge of the matter.The fired FBI director wrote the memos memorializing his conversations with President Donald Trump.It was not immediately whether the memos would be provided in redacted form, unredacted in a classified setting, or some combination.CNN reported Wednesday that House Judiciary Committee Chairman Bob Goodlatte might issue a subpoena to the Justice Department demanding the memos this week.The move would escalate a feud between the Justice Department and the three GOP chairmen -- Goodlatte, House Intelligence Chairman Devin Nunes and House Oversight Chairman Trey Gowdy -- who have been demanding access to the Comey memos and other records from the Justice Department as part of their investigation into the FBI's handling of the Clinton email inquiry in 2016.Gowdy told CNN on Wednesday that there's nothing in the memos that should prevent the Justice Department from providing them to Congress. He said the redactions are minor, and the larger issue is that Congress should be given access to the memos as part of its oversight role.The-CNN-Wire 1209

The judge in Bill Cosby's indecent assault trial ruled Tuesday a jury can consider as evidence the comedian's 2005 admission that he procured Quaaludes for women he wanted to bed.Accuser Andrea Constand is one of dozens of women who have accused the former TV star of drugging and sexually assaulting them, an allegation Cosby denies.Judge Steven O'Neill's decision came amid a more than hourlong hearing, during which the jury was not present. The hearing dealt with attorney-client privilege, Fifth Amendment concerns and Cosby's defense team's plans to call one of Constand's civil attorneys to the stand, as well as a toxicologist who will dispute her account of how the drugs affected her. 702
The interest rate on the 30-year fixed-rate mortgage remained near record lows in June and is likely to stay there in July.The 30-year fixed averaged 3.33% APR in the first four weeks of June, a smidgen lower than the 3.37% average APR in May and 3.36% in April. June’s rate average was the lowest in the four-year history of NerdWallet’s daily rate survey.A mission to reduce ratesMortgage rates were remarkably anchored from April through June after the Federal Reserve intervened to stabilize rates and push them down.But the Fed’s intervention hasn’t been entirely successful: Although mortgage rates have been remarkably stable, they’re stuck at a higher-than-expected level. To put it more bluntly, rates should be lower.Since March, the central bank has bought billions of dollars’ worth of Treasurys and mortgage bonds “to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions,” as the Fed explained in a June 10 statement.Dissecting that short passage:The Fed is saying that its goal is to push interest rates, including mortgage rates, lower. That’s what “transmission of monetary policy to broader financial conditions” means.It’s trying to accomplish that goal by buying Treasurys and mortgage bonds to calm and stabilize those markets. Stabilizing markets is a method, not the goal.? MORE: How mortgage rates are determinedFed failed to make a bigger splashThe Fed has succeeded in calming the waters. That’s why there were ripples, not waves, in fixed mortgage rates from April through June. But it has only partially succeeded in its goal to push interest rates lower. For the Fed to declare victory in “fostering effective transmission of monetary policy to broader financial conditions,” mortgage rates would have to fall another half a percentage point or so.With its intervention, the Fed decreased Treasury yields and mortgage rates. But the results are unequal: Since January, the 10-year Treasury yield has fallen a little over one percentage point, while the 30-year mortgage has fallen about half a percentage point. Normally, the two would fall roughly the same amount.Rates slow to sync with TreasurysWhy haven’t mortgage rates fallen further? You might guess that lenders are keeping rates elevated to offset the risk of mortgages going into default during the COVID-19 recession. But mortgage rates tend to fall during recessions.? MORE: What COVID-19 means for mortgage ratesMaybe mortgage servicers, the companies that collect monthly payments and work with past-due borrowers, want to be paid for the increased risk they bear, and it’s translating to higher rates. Maybe an undetected economic force keeps a floor on mortgage rates, preventing the 30-year fixed from falling below 3% and lingering there.A more plausible theory is that mortgage rates will follow historical patterns and shamble lower until they’ve fallen roughly the same as Treasury yields. That’s the conclusion that Bill Emmons, economist for the Federal Reserve Bank of St. Louis, makes in a paper titled “Why Haven’t Mortgage Rates Fallen Further?”Using history as a guide, Emmons writes, “we would expect a further decline in mortgage rates of perhaps 0.5 percentage points.” If he’s right, mortgage rates might drop in July.Don’t count on it, though. Not after these two months of stability; rates might continue to tread water.More From NerdWalletCompare current mortgage ratesHow much home can I afford?Buying or selling a home during the pandemicHolden Lewis is a writer at NerdWallet. Email: hlewis@nerdwallet.com. Twitter: @HoldenL. 3623
The handwriting is on the wall: Sears appears to be nearing bankruptcy.One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment. The company added a new director who is familiar with bankruptcies and restructuring. Reports circulated that the company is talking to advisers and banks in preparation for a bankruptcy filing.Sears Holdings, the parent company of Sears and Kmart, faces an October 15 deadline to pay 4 million on its debt. CEO and primary shareholder Eddie Lampert told the company's board that it was crucial it restructure more than billion it owes "without delay," according to a recent regulatory filing. 684
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