Is PacWest Bank on the brink of collapse? Experts weigh in after shares plummet 50%

Is PacWest Bank on the brink of collapse? Experts weigh in after shares plummet 50%
Is PacWest Bank on the brink of collapse? Experts weigh in after shares plummet 50%
Morgan Lieberman/Bloomberg via Getty Images

(LOS ANGELES) — Shares of PacWest Bancorp plunged more than 50% in early trading on Thursday, marking the latest spasm of financial distress after three of the nation’s 30-largest banks fell within a matter of weeks.

In all, PacWest stock has fallen more than 85% this year, erasing hundreds of millions of dollars in value.

The Los Angeles-based midsized lender is exploring “all options” as it weighs offers from potential investors as well as the sale of a $2.7 billion loan portfolio, PacWest said in a statement on Wednesday.

However, the company rejected concern about a sudden run on deposits, saying it has “not experienced out-of-the-ordinary deposit flows” since the seizure and sale of First Republic on Monday.

Deposits, PacWest said last month, increased nearly 4% over an 11-day period in late March, even after the collapse of Silicon Valley Bank had set off financial uncertainty.

As the Fed aggressively hiked interest rates over the past year, the value of long-term Treasury and mortgage bonds dropped, punching a hole in the balance sheets at some regional banks.

The failure of Silicon Valley Bank in March sent shockwaves through the financial system that days later helped bring down New York City-based Signature Bank. On Monday, First Republic fell under government control before a sale to JPMorgan Chase.

While high interest rates contributed to the collapses, each of the banks also retained a sizable portion of uninsured depositors, who tend to panic without a government backstop for their funds.

PacWest appears to fit the mold, since its balance sheet carries securities vulnerable to high interest rates and a share of its deposits are uninsured, Greg Nini, a finance professor at Drexel University, told ABC News.

“The important ingredients are those fundamentals,” he said. “It sure sounds like collapse is possible.”

PacWest has not responded to ABC News’ request for comment.

The distress at First Republic earlier this week delivered some “knock-on effects” that further destabilized the bank, Nini added.

Addressing concern about deposits that lack government protection, PacWest said on Wednesday that insured deposits make up 75% of its holdings, which marks a sharp increase from the end of last year, when just 48% of its deposits were insured.

Despite rising fear about the fate of PacWest, the significant portion of guaranteed deposits should prevent the bank from sliding into failure, Julian Vogel, a finance professor at San Jose State University, told ABC News.

“I really don’t think it should be on the brink. Those people’s money is absolutely safe,” Vogel said. “Even if the company goes down, they will get their money, period.”

“While I understand that the drop in stock price can be fear-inducing, it’s not necessarily related to the overall performance of the company on a day-to-day basis.”

Stock prices at other regional banks dropped in early trading on Thursday, suggesting that the financial fallout was not limited to PacWest. Phoenix-based Western Alliance Bancorp shares plummeted about 32%; while Salt Lake City-based Zions Bancorp fell 8%.

Since the banking trouble has been largely concentrated at regional lenders located in the Southwest, depositors could be spreading concern through word of mouth, Vogel said.

“They’re all in the same region, which means that the people that have money in PacWest likely know their neighbor or friend or somebody from the gym that has money with banks affected by First Republic or Silicon Valley Bank,” he said.

The outcome at PacWest marks a “very pivotal” moment for the financial system, Vogel said.

“This is the first time that we’re seeing a bank that really shouldn’t have anything to worry about,” Vogel said. “It’s a solid company. Depositors are mostly insured.”

“If consumers keep panicking,” he added. “Then this could be the start of a new phase and there will be a lot more ahead.”

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‘A steady deterioration’: US communities face a public housing crisis

‘A steady deterioration’: US communities face a public housing crisis
‘A steady deterioration’: US communities face a public housing crisis
Jared Kofsky/ABC News

(NEW YORK) — In Platte County, Missouri, the signs of growth are on almost every corner, with new apartment buildings and shopping centers becoming a common sight. Yet signs for affordable housing remain few and far between.

“There’s still this perception that Platte County is a rich community and that there’s no poverty in Platte County, which couldn’t be further from the truth,” said Becky Poitras of the Metro Lutheran Ministry.

Over the last decade, typical rents in Platte have risen 30 percent, pricing out residents whose income hasn’t kept up, according to an ABC News analysis of U.S. Census Bureau data.

As rents have risen, so too have wait times for subsidized housing: County residents placed in public housing in 2012 had waited two years on average. Last year, residents receiving housing had waited nearly twice as long.

“There are waiting lists that are so long that people don’t bother applying, and then sometimes, the waiting lists aren’t even open,” said Maggie Thomas, a colleague of Poitras.

An ABC News and ABC Owned Television Stations investigation found that dozens of counties around the country have even longer subsidized housing wait times than those in Platte.

“Today what we’re seeing is a housing crisis unlike one that we’ve seen since the mid-20th century,” said San Diego State University Assistant Professor Valerie Stahl.

As public housing becomes increasingly difficult to access, especially in areas with growing population and rising cost of living, many of those who are struggling to afford a home question how we got here.

“It’s ridiculous that the waitlist and the waiting time is this long,” said Brenell Whitfield, who has been waiting for housing in California for over a decade.

American public housing dates back to 1937, when Congress created local housing authorities to build public housing for millions of people who were struggling after the Great Depression.

In the subsequent decades, large public housing projects were constructed nationwide. But without sufficient investment, many fell into disrepair, amassing a capital needs backlog now estimated at around $70 billion, according to the National Low Income Housing Coalition.

“We’ve seen a steady deterioration of the quality of public housing since the ’80s and ’90s,” said New York University Associate Professor Jacob Faber.

The U.S. hasn’t built any large-scale public housing since the 1970s when then-President Richard Nixon put a moratorium on its construction, Faber said, preventing expansion to keep up with population growth in counties like Platte.

In the 1980s, amid negative perceptions of neglected public housing buildings and their residents, federal and local governments turned to the private market to address its public housing problem.

Instead of investing in its existing housing portfolio, the federal government launched Section 8, which aimed to deconcentrate poverty by providing vouchers for people in need of housing to use on the private real estate rental market.

“This approach reproduced the same concentrated poverty and inequalities, as discrimination in the private market led to housing segregation,” said Assistant Professor of Sociology at the University of Toronto Prentiss Dantzler, who has spent the last decade studying affordable housing in the U.S. and Canada.

“We can’t just leave it up to private market actors to solve these issues,” Dantzler said. “The government has a place in that.”

The U.S. government also tried to address its decaying housing stock through the private market, implementing the Hope VI program to give grants to developers to demolish and revitalize public housing. Thousands of units were torn down nationwide, but only about half were replaced, and many of the replacement units were unaffordable to displaced tenants, according to Prentiss Dantzler.

“A lot of the housing stock that was targeted were predominantly Black public housing residents,” Dantzler said, adding that many of these residents “were just pushed out of public housing altogether.”

In 1999, the Faircloth Amendment solidified the federal government’s shift away from public housing, halting new public housing construction and capping units at their existing levels. This legislation is still in effect today, despite recent efforts to repeal it.

“It’s an enormous problem,” Faber said, noting that tens of millions of Americans meet income eligibility requirements for housing assistance. “We simply don’t have the units.”

While most counties nationwide are at or near limits of federally funded public housing allowed under the Faircloth Amendment – with fewer units than they had 24 years ago – due to a lack of resources and a political move away from traditional public housing.

“We’ve seen this really big shift in public housing priorities towards this voucher-based system,” Faber said. Even still, he added the government is “severely underfunding” both public housing and Section 8 vouchers program.

Alantis Perkins spent over seven years on the Quincy, Mass. Section 8 waitlist. Once he finally got his voucher, he struggled to find an affordable unit that fit program guidelines in the three-month timeframe he was given to find housing.

“It was nerve-racking,” Perkins said.

Just before the deadline, Perkins was able to move into an apartment, but he now worries his rent may increase beyond the limit allowed by his voucher.

As the rental market tightens, it becomes more difficult for voucher holders like Perkins to find a place to live.

Faber and Stahl pointed to a lack of federal action to increase support for public housing and vouchers.

Under the current system for both public housing and Section 8, the U.S. Department of Housing and Urban Development provides grants to local housing authorities, but with long or closed waitlists at existing authorities and no new housing authorities being created, the volume of people seeking housing overwhelms the capacity to house them.

HUD declined multiple interview requests from ABC News, but released a statement calling for increased rental assistance funds from Congress.

Poitras said that in places like Platte County, thousands more affordable housing units are needed as growth continues. Of Missouri’s 95 housing authorities, 84 are already at their Faircloth limits or have room for few additional units, all while homelessness remains a concern.

“If we don’t do something as a community to make change, we’re going to continue to have rising homelessness,” Poitras said.

Platte County Presiding Commissioner Scott Fricker acknowledged that the county’s growth has priced out residents, but he disagreed that more public housing is the solution.

“I don’t think government does a good job of owning housing and a lot of private owners don’t do a very good job either, but you can definitely use government subsidies in private development to create affordable housing,” Fricker said.

But relying on the private market to meet low-income Americans’ housing needs becomes tricky when the rental market is hot, some experts say.

“Public housing and Section 8 vouchers are a stable, affordable form of housing, and unfortunately, the private market is not providing that type of stability or affordability right now,” Stahl said.

Copyright © 2023, ABC Audio. All rights reserved.

Public health leaders warn dwindling COVID data risks less preparation for ‘the next outbreak’

Public health leaders warn dwindling COVID data risks less preparation for ‘the next outbreak’
Public health leaders warn dwindling COVID data risks less preparation for ‘the next outbreak’
TAMI CHAPPELL/AFP via Getty Images

(NEW YORK) — While COVID-19 ebbs — and many of the pandemic-era policies on surveillance data and funding wind down with it — the nation’s public health leaders warned senators on Thursday that a return to “normal” should not mean forgetting the hard lessons learned over the last three years.

When the federal government’s public health emergency expires next week, COVID-19 data collection tools will also end. Those tools have been described as vital to staying vigilant and preparing for emerging health threats.

“Infectious disease threats have been emerging at an increased pace and are increasingly complex,” Centers for Disease Control and Prevention Director Rochelle Walensky told the Senate Health, Education, Labor, and Pensions (HELP) Committee. “These diseases don’t respect national or state borders, and the increased frequency of outbreaks means that we should not be asking if we will face another serious public health threat — but when.”

Though “for many life has turned to normal after three years of COVID-19,” Walensky said it’s the mission of public health to “remain response-ready to protect Americans from any resolving or emerging health threat,” which can only be done by “actively supporting the core capabilities of public health.”

Thursday’s hearing was part of the process to reauthorize the Pandemic and All-Hazards Preparedness Act, which was first signed into law in 2006 and has been regularly reauthorized since then.

“The approaching end of the public health emergency once again reminds us that policy changes and funding are essential to the readiness of future bio-threats. The CDC will continue to closely monitor COVID-19 and provide the information to which we have access,” Walensky said.

She and other panelists emphasized that caveat: The limited access to data that comes along with a return to “normal” threatens to kneecap future surveillance efforts.

“We will adapt to limitations and utilize tried-and-true systems to monitor other respiratory diseases, to keep our eye on COVID-19,” Walensky said, “but there are data we will no longer have available because they will no longer be submitted to us. For example, certain data for a national picture of health disparities both for race and ethnicity and along urban and rural lines.”

“We will make do,” the CDC director said. “However this should worry us all, primarily because of what it says about the visibility we will have into the next outbreak. We will be back to square one — having to build and negotiate surveillance capacity while we fight a pathogen.”

Dawn O’Connell, the U.S. Department of Health and Human Services’ assistant secretary for preparedness and response, said that the U.S. actually was more prepared for COVID-19 than it would’ve been for other types of pandemics because of two prior respiratory outbreaks.

Neglecting to further that work would put the country at a big risk, O’Connell said.

“This is one of my biggest worries, is that we are losing time in preparing for the next pandemic,” she said. “I know it doesn’t feel like it, but the one place we were lucky when it came to the coronavirus is we had already done a lot of the early work on that because of SARS and MERS. We need to get the same head start.”

That’s something some senators looked to explicate in their line of questioning, with Sen. Bernie Sanders, I-Vt., interjecting: “Are you telling us that we have not done the kind of work you would like to see done in preparation for what might be coming?”

“Correct,” O’Connell said.

Another tragedy briefly cast a shadow over Thursday’s hearing, as Walensky opened her remarks by noting that one of the CDC’s employees was killed Wednesday in a mass shooting in Atlanta.

Amy St. Pierre “was a valued member of our team at the Division of Reproductive Health where she worked every day to save the lives of mothers and infants,” Walensky said.

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Corey Taylor reveals Slipknot song he “vetoed” from live set

Corey Taylor reveals Slipknot song he “vetoed” from live set
Corey Taylor reveals Slipknot song he “vetoed” from live set
ABC/Randy Holmes

Corey Taylor apparently tried to “veto” a classic Slipknot tune from the band’s set list.

Speaking with the All Things Music podcast, Taylor shares that he at one pointed wanted to stop playing the song “Wait and Bleed” live.

“I’m not the one who vetoes these things,” Taylor explains. “I vetoed one song for a half a tour … ‘Wait And Bleed,’ because I was f****** tired of playing it. I was like, ‘Man, can we do one run where we don’t play it?'”

“Wait and Bleed” was released as Slipknot’s first-ever single in 1999, and is one of Taylor and company’s most-played live songs. Despite whatever veto Taylor made at one point, Slipknot continues to include “Wait and Bleed” on the set list, and the frontman even plays it during his solo concerts.

“I can’t escape it,” Taylor says. “People love that song.”

“It’s not a bad song, it’s just old,” he continues. “I, like everybody else who makes music, I love the fact that we have legacy stuff, but, man, I f****** played that for every f****** concert.”

Copyright © 2023, ABC Audio. All rights reserved.

Sonic Youth’s Thurston Moore announces ’Sonic Life’ memoir

Sonic Youth’s Thurston Moore announces ’Sonic Life’ memoir
Sonic Youth’s Thurston Moore announces ’Sonic Life’ memoir
Paul Bergen/Redferns

Sonic Youth frontman Thurston Moore has announced a memoir.

The aptly titled Sonic Life will be released October 24. In a Facebook post, Moore describes the book as “the story of my childhood and teenage years as I fell in love with music (for the most part unbridled rock ‘n’ roll) and how it drove me to New York City, where I would co-found Sonic Youth.”

“It’s an adventure that would take me around the globe throughout the 1980s, 90s and onward, engaging with the magic music of visionaries, artists, and wild angels turning the world on its ear,” Moore shares.

Sonic Life isn’t the first memoir from a Sonic Youth member. Bassist Kim Gordon put out an autobiography called Girl in a Band in 2015.

Moore and Gordon were married for 27 years before separating in 2011. Sonic Youth has been inactive since.

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Miley Cyrus’ “Flowers” is now fastest song to hit 1 billion streams in Spotify history

Miley Cyrus’ “Flowers” is now fastest song to hit 1 billion streams in Spotify history
Miley Cyrus’ “Flowers” is now fastest song to hit 1 billion streams in Spotify history
Graphic courtesy of Spotify

Miley Cyrus can buy herself flowers, but she wasn’t able to rack up 1 billion streams for her song of the same name all by herself — her fans helped her do it.

The song has now become the fastest song to hit the billion-stream mark in Spotify history. It was released on January 12, or 112 days ago. “Flowers” had previously set the record for the most-streamed song in a single week.

The previous record for the fastest song by a solo artist to hit 1 billion streams on Spotify was 118 days, set last summer by Harry Styles‘ “As It Was.”

“Flowers” was the first single from Miley’s current album, Endless Summer Vacation. It topped the Billboard Hot 100 chart for eight weeks.

Copyright © 2023, ABC Audio. All rights reserved.

Trump seeks to move hush-money case to federal court because he was president during alleged crime

Trump seeks to move hush-money case to federal court because he was president during alleged crime
Trump seeks to move hush-money case to federal court because he was president during alleged crime
Andy Buchanan/AFP via Getty Images

(NEW YORK) — Former President Donald Trump on Thursday sought to move his New York City criminal case to federal court since, his lawyers said, “the indictment charges [him] for conduct committed while he was President of the United States that was within the ‘color of his office.'”

Trump has pleaded not guilty to a 34-count indictment charging him with falsifying business records in connection with hush money paid to adult film actress Stormy Daniels before the 2016 presidential election.

Trump’s then-personal attorney Michael Cohen wrote the check and Trump reimbursed him with a series of monthly payments.

“This case is unprecedented in our nation’s history. Never before has a local elected prosecutor criminally prosecuted a defendant either for conduct that occurred entirely while the defendant was the sitting President of the United States or for conduct that related to federal campaign contribution laws,” Trump’s defense attorney Susan Necheles wrote in the motion.

Trump’s filing called the indictment “politically motivated” — brought because Manhattan District Attorney Alvin Bragg “disfavored President’s Trump’s acts and policies as President of the United States.”

Necheles argued federal courts have so-called “protective jurisdiction” over this case.

Trump himself has maintained prosecutors have “no case” and wrote on social media last month, “There was nothing done illegally!”

Defense attorney Todd Blanche informed Judge Juan Merchan, who is presiding over the case in New York state Supreme Court, about Trump’s intention at the conclusion of a hearing earlier Thursday related to a protective order in the case.

Prosecutors did not immediately address it. A spokeswoman for Bragg said later Thursday that “we are reviewing the notice of removal and will file an appropriate response in court.”

Merchan asked in court that both sides agree to a trial date in either February or March 2024, putting Trump’s trial in the middle of primary season as he seeks the presidency for a third time.

Once the date is set, the judge said no one associated with the case, including Trump, should schedule anything to interfere.

“He cannot agree to any speaking engagements, appearances,” Merchan said.

Merchan agreed to a request from the Manhattan district attorney’s office for an order meant to prevent Trump from attacking certain individuals associated with the case or speaking about specific evidence obtained through discovery. But he said he would not stop Trump from speaking generally about the case on the campaign trail.

“I’m straining to give him every opportunity to make his candidacy,” Merchan said. “This is not a gag order.”

Merchan also agreed with the district attorney’s office to set up a virtual hearing Trump will be required to attend at which the protective order will be read to him.

Assistant District Attorney Catherine McCaw said in court that Trump “has an extensive history” of making inflammatory remarks about witnesses, prosecutors and others associated with legal matters pending against him. However, she said, Trump will continue to have “many avenues” to discuss the case.

Blanche said he did not object to an order “limiting dissemination” of evidence by Trump on social media but he insisted Trump’s public defense “may include commentary on evidence.”

“Obviously Mr. Trump is different,” Merchan conceded. “It would be foolish of me to say he isn’t. He’s a former president and he’s running again.”

The judge added that Trump’s special status comes with a responsibility to recognize “his words do have consequences.”

Copyright © 2023, ABC Audio. All rights reserved.

Yes, ‘Guardians of the Galaxy Vol. 3’ has after-credits scenes

Yes, ‘Guardians of the Galaxy Vol. 3’ has after-credits scenes
Yes, ‘Guardians of the Galaxy Vol. 3’ has after-credits scenes
Marvel Studios

As with nearly every movie in the Marvel Cinematic Universe since 2008’s Iron Man, audiences champing at the bit to see Guardians of the Galaxy Vol. 3 might be curious as to whether the new movie has after-credits scenes — and possibly budgeting their beverage intake accordingly.

That’s due in no small part to writer-director James Gunn stuffing an MCU-best 5 such sequences at the close of Guardians of the Galaxy Vol. 2.

The short answer is yes.

There are three reasons to stay in your seat after the final Guardians film ends — if you count a key bit of text on the screen concerning whether or not you may see one particular character elsewhere in the MCU in the future.

Other than that text tease, without giving away any spoilers, there is both a mid-credits scene and an after-credits scene.

Guardians of the Galaxy Vol. 3 hits theaters Friday from Marvel Studios, which is owned by ABC News’ parent company, Disney.

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FDA considers whether a birth control pill could be sold over the counter

FDA considers whether a birth control pill could be sold over the counter
FDA considers whether a birth control pill could be sold over the counter
Courtesy of Angela Maske

(WASHINGTON) — Angela Maske was a college freshman in Washington, D.C., when she first had trouble getting a prescription for birth control pills.

Her Catholic-affiliated university wouldn’t prescribe the medication to students as a sexual contraceptive, so Maske spent three months looking for another doctor’s appointment.

More recently, her telehealth provider stopped servicing her area, sending Maske scrambling to find another provider and a new prescription on short notice while juggling a full-time job.

Maske now works with Free the Pill, a coalition of advocates that’s spent years dedicated entirely to increasing public access to contraception — a goal they say is critical to people already struggling to access health care, find time off work or arrange for child care to make a doctor’s appointment.

“It’s just frustrating because (getting a prescription) feels like yet another barrier that people have to go through to access essential care to control their reproductive and sexual autonomy,” said Maske.

The Food and Drug Administration is on the cusp of deciding whether at least one type of hormonal birth control — a progestin-only drug called “Opill” by French drugmaker HRA Pharma — is safe enough to be sold over the counter without a prescription and without age restrictions.

First approved by the FDA in 1973, Opill is type of hormonal birth control pill known as the “minipill,” which poses fewer risks than combination pills that rely on estrogen. Still, buyers would have to screen themselves for any health risk factors, much as they would other over-the-counter medications.

FDA’s panel of scientific advisers are expected to meet next week to discuss the application, and if the agency signs off the drug in coming weeks, the product could be on shelves this summer.

“It is just super exciting that we’ve gotten here at this moment. It’s really historic,” said Kelly Blanchard, president of Ibis Reproductive Health, an advocacy organization that has long called for over-the-counter birth control pills.

Blanchard said she hopes other types of birth control pills will follow suit and that states embrace laws requiring insurance companies to cover the costs. Currently, federal law requires free contraception “as prescribed” by a health care provider, although some states have pushed their own mandates for insurance to cover over-the-counter options as well.

The question over increased access to birth control comes amid a heated national debate on women’s reproductive rights with the overruling of Roe vs. Wade, which guaranteed a constitutional right to abortion. At least 15 states have barred nearly all abortions so far.

This week, New York Democratic Gov. Kathy Hochul signed a law that authorizes pharmacists to dispense hormonal birth control. Patients there can now rely on a single long-standing order from a doctor, rather than having to return for an updated prescription; if the person does not have a health care provider, the pharmacist could dispense the drug anyway with instructions to consult a doctor.

The vast majority of Americans back widespread access to birth control. Two-thirds of adult women under 50 say they are using some form of contraception, with a third of those relying on birth control pills, according to a 2022 KFF (Kaiser Family Foundation) survey.

Most patients also believe they can screen themselves for risk factors when it comes to hormonal birth control. According to KFF, an estimated 77% of women under 50 say they want birth control pills available without a doctor’s prescription if research shows it’s safe and effective.

One concern is that patients will forgo routine examinations if doctors can be cut out of the process. Still, HRA Pharma’s federal application for Opill solicited significant support from the medical community, anti-poverty organizations and reproductive-rights advocates that say increasing access to family planning will benefit millions of people, particularly those in rural areas and people of color who struggle to access any health care.

The American Medical Association, for example, told the FDA that decades of data shows the benefits of “widespread, nonprescription availability far outweigh the limited risk associated with their use.”

In a separate filing, the American College of Obstetricians and Gynecologists said a patient doesn’t need to be examined or tested before taking the drug and that the birth control pill was overwhelmingly safe for most people to take on their own. And while routine exams are critical to a person’s overall health, the group says that shouldn’t be a reason to make birth control harder to access.

Opponents of the move cited medical risk and teen access as a reason to limit access.

“Even if they read the package insert, evidence documents that teenagers take risks disproportionate to their own safety needs. When this is compounded by the lack of parental notification or health provider supervision, the results could be catastrophic,” wrote an objection signed by several Catholic groups, including the US Conference of Catholic Bishops.

Maia Lopez, a 17-year-old high school junior living outside Dallas, Texas, who now works with Free the Pill as a youth advocate, said teens will have sex anyway.

Easier access to contraception and quality education about reproductive health would go farther to protect young people, she said.

“I think they underestimate teens,” Lopez said.

Copyright © 2023, ABC Audio. All rights reserved.

Music notes: Pink, Ed Sheeran and more

Music notes: Pink, Ed Sheeran and more
Music notes: Pink, Ed Sheeran and more

How does Carey Hart feel about his wife, Pink, writing songs about him? Turns out, he’s unfazed. During an appearance on The Kelly Clarkson Show Thursday, Carey reacted to Pink describing a “hard day” where she played him a personal song about their relationship. “We’ve been together 21 years,” he said. “I have very thick skin. Very little affects me. I don’t know what day she’s talking about specifically, but it’s probably just the temperature.”

In a new interview with Apple Music’s Zane Lowe, Ed Sheeran gives a glimpse into his friendship with Taylor Swift. He says they used to have jam sessions at his house when he lived in L.A. and one night it was him, Taylor, Foy Vance, Gavin DeGraw and Ellie Goulding. “And we just had a guitar and we just passed it around playing songs and like that was … I really miss doing that,” he says. “Just songwriters just hanging out and playing tunes.”

Speaking of Taylor, the rumor mill is abuzz with reports she’s dating The 1975 frontman Matty Healy. That’s not confirmed, but in other dating news, frontman of the rock band Godsmack did confirm he once dated Lady Gaga.

Ryan Tedder is teaming up with Sprite to launch the second year of the Sprite Limelight global music program. Ryan is providing a central hook and lyric that different artists from around the world will create their own songs around.

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