Stock Market News Today: Dow, S&P 500 Slip; Tesla, WeWork Stocks in Focus

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A novel way of helping Americans tap into their $32 trillion of home equity is gaining steam in the era of high rates. The method: Companies give owners cash up front in exchange for a stake in the appreciation of their homes. Homeowners don't make principal and interest payments, bypassing mortgage rates that have approached 8%. Instead, they repay the money, plus some share of the appreciation in their home, when they sell the house or refinance, or when the investment term ends.

One sign of that: the firms are packaging up their investment contracts into bonds and selling them to investors like insurance companies and money managers. Last week, Point closed on its first bond issuance to receive a rating, the company said. The $139 million worth of bonds are secured by 1,577 home equity investment contracts. As homeowners pay off their contracts, they produce a steady stream of income for investors.

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