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Saks Fifth Avenue: Foreclosure lawsuit won’t impact store | Local News

The owner of Saks Fifth Avenue in Beachwood Place is the target of a foreclosure lawsuit by his lender. The lockdown will have no impact on operations at Beachwood Place, according to a spokesperson.

Saks Beachwood Leasehold LLC, a Delaware limited liability company headquartered in Los Angeles, is the target of an October 6 foreclosure case in Cuyahoga County Common Plea Court over the location of Beachwood Place.

The 11-page complaint filed by Scott Lesser of Miller Canfield Paddock and Stone, PLC, of ​​Troy, Mich., States that Lesser represents Wilmington Trust, as trustee in trust for the holders of the Hudson’s Bay Simon JV Trust 1015-HBS, and concerns commercial mortgage certificates of passage. Hudson’s Bay, founded in 1670 and the oldest continuously operating company in North America, acquired Saks in 2013.

“The proceedings initiated by CMBS lenders have no impact on Saks Fifth Avenue, its stores or its operations,” a Hudson’s Bay spokeswoman Simon wrote in a statement to the Cleveland Jewish News on Nov. 23. “It’s just a next step for the lenders to put pressure on HBS, the owner of the buildings. HBS is disappointed that in the context of a global health crisis, lenders are choosing litigation over cooperation. That said, HBS remains committed to resolving issues with lenders out of court. “

The spokesperson also forwarded a statement from Saks Fifth Avenue.

“This is a dispute between our owner within the framework of the JV HBS and his lender,” the statement read. “It has no impact on our business or our operations. We look forward to continuing to serve our customers in the Cleveland area.

On the part of the plaintiff, Lesser seeks an “foreclosure in rem of a commercial mortgage, the appointment of a receiver and other equitable measures”.

Cuyahoga County Treasurer W. Christopher Murray II is also named as a defendant because of the privileges Cuyahoga County holds on the property.

The complaint states that on July 22, 2015, Saks Beachwood Leasehold entered into a commercial loan with three banks for $ 846,229,996 and delivered three promissory notes along with a loan agreement and other documents.

“The borrowers are jointly and severally liable under the notes,” says the complaint.

The three original lenders assigned the loan to the applicant on November 23, 2015.

On July 31, 2017, the lender and the borrowers entered into a loan extension, extending the loan until July 31, 2020 through “three successive one-year extension options”.

“No other extension option is available under the loan agreement,” according to the complaint.

“The loan is in default because the borrower has not made the monthly debt service payment due April 1, 2020 and all subsequent monthly debt service payments due thereafter,” the complaint states. .

The lender called the entire loan on June 12, 2020, according to the complaint, stating that “the entire debt was immediately due and payable.”

The borrower leased the property to Saks & Company, LLC, of ​​Delaware, a non-party in the lawsuit.

“The tenant operator (…) has not paid any rent due to the borrower since March 2020”, indicates the complaint.

Financial details included in the complaint total over $ 1 billion, including the original loan of $ 846 million, plus $ 25.4 million in interest, $ 17.2 million in default interest and 109 , $ 8 million of estimated return maintenance.

Additionally, Lesser provided calculations for daily interest of $ 117,357.11 and daily default interest of $ 94,025.55, resulting in total daily interest of $ 211,383.06.

The lender demanded that “all property, real, personal or intangible, described in the mortgage be sold and that the lender be paid on that sale.”

Judge Cassandra Collier-Williams has allowed Saks Beachwood LLC until December 9 to propose, argue or file its response.

Other Ohio stores include Polaris Fashion Place in Columbus, W. 5th Street in Cincinnati, and Saks OFF Fifth at Aurora Farms Premium Outlets in Aurora.

United States: President Joe Biden signs order to lift Trump’s Muslim travel ban

A blow to the actions of his predecessor Donald Trump to limit immigration, US President Joe Biden on Wednesday ended the “travel ban for Muslims”, which blocked travel to the United States from several predominantly Muslim and African country.

Hours after taking office, Biden signed 17 memoranda and executive order proclamations on Wednesday, including ending the travel ban on Muslims.

He called on the State Department to restart visa processing for people from affected countries and develop ways to address the damage to those who have been prevented from coming to the United States due to the ban, reported the New York Times.

Implemented in 2017 during Trump’s first week in office, the Muslim ban initially restricted travel from seven Muslim-majority countries: Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen.

The ban has been the subject of several court challenges, but the Supreme Court in 2018 upheld the final version of the measure.

The travel ban for Muslims so far restricts citizens of 12 countries – Iran, Libya, Syria, Yemen, Somalia, Nigeria, Myanmar, Eritrea, Kyrgyzstan, Sudan, Tanzania and North Korea – and some Venezuelan officials and relatives to obtain a wide range of US visas, NPR reported.

With another executive order, Biden strengthened the Deferred Action Program for Childhood Arrivals that protects immigrants brought to the United States as children, often referred to as Dreamers, from deportation.

Another executive order revoked the Trump administration’s plan to exclude non-nationals from the census count, and another overturns a Trump executive order that pushed aggressive efforts to find and deport unauthorized immigrants.

Biden also halted construction of Trump’s border wall with Mexico. The order includes an “immediate termination” of the declaration of national emergency that allowed the Trump administration to redirect billions of dollars to the wall.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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Iraq signs $ 2 billion oil prepayment deal with Chinese ZenHua Oil

Through Salma El Wardany to 1/3/2021

Abdul Mahid and Xi Jinping

(Bloomberg) – Iraq has selected Chinese company for multibillion-dollar oil supply deal, as Arab nation seeks funds to support economy reeling from collapsing energy prices caused by the coronavirus.

SOMO, which oversees Iraq’s oil exports, chose a Chinese company after receiving offers from several traders, the state Iraqi news agency reported, citing an interview with SOMO chief Alaa Al- Yasiri. Although the INA did not name the company or say whether Prime Minister Mustafa al-Kadhimi had signed the agreement, Bloomberg reported last month that ZhenHua Oil Co., a subsidiary of the world’s largest defense contractor in the ‘Chinese state, was the winner.

“There was intense competition between two European and Chinese companies, and the Chinese company won,” INA said quoting Al-Yasiri.

This is the first time that Baghdad has sought an early repayment agreement, in which the oil is effectively used as collateral for a loan. It is also the latest example of China’s lending to struggling oil producers through trading companies and state-controlled banks.

SOMO has offered to supply about 130,000 barrels of crude per day for five years, according to a letter it sent to traders in November. He wanted an upfront payment for a year of supply, which at current prices would bring in more than $ 2 billion, according to Bloomberg’s calculations. The winner has the option of when to ship the crude for a year, Al-Yasiri said. This mechanism has been approved by the cabinet, he said.

A spokesperson for the prime minister did not immediately respond to a request for comment.

While all major oil exporters have been hit by the drop in prices since March, Iraq is in one of the weakest positions. OPEC’s largest producer after Saudi Arabia, its economy was predicted by the International Monetary Fund to contract by 11% last year. The government weakened the dinar by nearly 20% against the dollar in December – the first devaluation since the US-led invasion in 2003 – as its foreign exchange reserves dwindled.

Iraq’s woes make it harder for the government to raise funds more conventionally through the bond market. The country’s dollar yields average 8.2%, one of the highest levels of any sovereign.

The oil supply deal has generated widespread interest among major traders, according to people familiar with the matter. The contract will be one of the largest of its kind in recent history and it allows the winner to ship rough wherever they want for a year. Normally, Middle Eastern crude is sold with strict clauses preventing traders and refiners from reselling the barrels in different regions.

“Iraq got $ 2 billion interest-free with a premium on the price,” Al-Yasiri said. “The flexibility that Iraq has given to companies is the freedom to determine the loading day of shipments, the export destination, the possibility of resale.”

The Organization of the Petroleum Exporting Countries is due to meet on Monday to assess production levels. While the group of 13 countries have cut production since April to support prices, Iraq has repeatedly exceeded its quota, angering Saudi Arabia.

Although these cuts pushed up the price of oil, it still fell about 25% last year. Brent is trading at $ 51.80 a barrel, well below what Iraq needs to balance its budget.

Now is the perfect time to get involved in IP financing

Intellectual property lending is a financing transaction in which a borrower receives funds secured against the value of their intellectual property. Usually, intellectual property pledged as collateral (re-registered in the name of the lender) is granted patents. Due to the low density of biotechnology / medical technology patents (a direct, often 1: 1 relationship exists between patents and revenues), royalty funding is actually an intellectual property loan and there is a market of several billion dollars for such loans.

Biotechnology is a perfect industry for intellectual property lending as it is capital-hungry and valuations / access to capital are determined by events. A good drug trial (or a pandemic) can act as a catalyst for promising companies to easily raise funds. A failed trial or an underprivileged therapeutic area can destroy value overnight in a way rarely seen in other industries; and with that the ability to finance growth or repositioning is lost. Often times, companies can have strong IP, but for various reasons, low commercial traction, these are the companies that are best suited for IP financing.

PI guaranteed

In most situations (apart from royalty financing), intellectual property is not the only collateral for the lender. This is for three main reasons, depending on the character of the lender:

  • Capital weighting: Intellectual property has zero value in terms of regulatory capital weighting for banks. As such, it can provide a convenient liquidation value, but has no value for risk-weighted loans. As a result, banking unions generally do not place any direct lending value on intellectual property in their collateral pools.
  • Valuation: intellectual property is difficult to value and even more difficult to monetize if necessary. This means that very few lenders can assign an LTV to a patent portfolio or reassess it by recognizing when it has depreciated. Plus, very few advisors can either, as valuations are often idiosyncratic and event-driven.
  • LTV / First Loss Cushion: Given the low cash flow profile of borrowers in this market, lenders prefer a first loss cushion. In this regard, they prefer an IP loan to be a component of a larger financing where it serves as a “top-up” for LTV purposes. When intellectual property is the primary funded asset, a PE / VC capital cushion is a useful safety net and often a prerequisite. In this case, the lender is betting that the equity wants to keep its value and that as such, it will not allow a default.

Two frameworks for outright intellectual property lending

Intellectual property loans against patent portfolios in the absence of a capital buffer or other assets are rare these days. Typically, these are only provided by a handful of expert private financiers, such as hedge funds or specialist lenders. In these cases, the LTV, cost, and covenants of the loan are determined by an analysis of the quality of the patents and, ideally, evidence of infringement that would allow the defaulting lender to challenge the patents against third parties or sell to them to recover their principal and interest.

Counterfeit-based valuation analysis works well for mature borrowers with older deployed technologies, but not so well for growing companies that innovate. For this reason, the market for intellectual property loans is divided into loans based on intellectual property litigation and loans focused on financing venture capital.

Counterfeit-based funding is more common in technology than in life sciences where, for FDA / EMA approved innovations, there is an active licensing and pre-launch funding ecosystem. Additionally, for mature companies with disappointing commercial traction, public markets offer a variety of options, including rights issues and structured private equity deals (like PIPES).

Despite this, there are pockets of great value for litigation-oriented financiers, especially where life sciences converge with technology. In this context, interesting growth areas exist in the application of AI to drug development. One example was the spin-out (and subsequent buyout) of the AIM-listed e-therapeutics patent portfolio of a special-purpose EAP called Searchbolt whose mission was to monetize the value of licenses to technology companies by using the network analysis search functionality.

Venture capital finance focuses on emerging innovations and can be seen as analogous to the venture capital loan market, as it largely serves the same customer base and offers similar ‘medium / high warrants’ prices. .

Against this background, a study by the British Private Equity & Venture Capital Association showed that around $ 1 billion of venture finance was executed in Europe during the period 1999-2009 with 538 deals concluded and average loans included. between 1 and 3 million pounds. Lenders have focused on companies that could either become profitable quickly or those with favorable risk capital.

Biotechnology was a big slice of the pie, although the number of deals was low, as biotech companies typically seek larger loans (around £ 5million) and this poses a concentration risk for lenders.

Most of these deals benefited from venture capital sponsors and therefore were not outright IP financing. Plain and straightforward IP financing secured from future license revenues does exist, but often in the context of enterprise (with shared IP rights) and property loan arrangements provided by specialist property groups intellectual property in a handful of hedge funds and specialist funds.

Significant transactions: Theranos and Patient Capital

One of the most prominent intellectual property loans in the biotechnology sector was Fortress Investment Group’s $ 100 million loan to Theranos in December 2017. The loan guarantee was a portfolio of 726 high quality patents granted. that post-bankruptcy seems to prove. be a very valuable asset from a litigation and licensing perspective.

In the UK, meanwhile, the dramatic collapse of Neil Woodford’s Patient Capital appears to have delivered the 19 life sciences holdings that included the cream of UK biotech into the hands of Acacia Research, possibly the world’s most successful patent monetization entity. It was a deal funded by Starboard, one of the world’s most successful activist investors.

Beyond Woodford, the biotech sector’s asynchronous funding cycle, the tsunami of public funding unleashed by governments keen to spur healthcare innovation, and an impending global recession are laying the groundwork for a decade of financing of intellectual property. In this environment, struggling biotechnology companies will seek to support themselves by monetizing their patents and growing companies will try to feed themselves by making the most of their intellectual capital.

This article first appeared in I AM. For more information please visit https://www.iam-media.com/corporate/subscribe

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TD Bank sees ‘incredible demand’ for PPP loans as businesses wait for new financing

Congressional leaders and White House officials are moving closer to a new round of funding to help those affected by the COVID-19 crisis. Chris Giamo, Head of Commercial Banking at TD Bank, joins Yahoo Finance to discuss.

Video transcript

ALEXIS CHRISTOFOROUS: Leaders in Congress and the White House say they are, I quote, very close to signing a new round of relief funding aimed at helping millions of people affected by the coronavirus pandemic. Much of that, more money for small business and the payroll protection program, which we know ran out of money in the middle of last week.

I want to talk about it now with Chris Giamo. He runs the commercial bank of TD Bank. Hello, Chris. Thank you for being with us. First, where are your bank’s small business loans? Are you reviewing the applications? Has a business ever received money?

CHRIS GIAMO: Yeah, well, hello, and it’s good to be with you two this morning. So at TD Bank, like many banks, we have been very active in this important program and have really seen incredible demand from our customers, seeing an extraordinary number of requests. We are proud to have been able to secure financing for over 26,000 of our clients, being truly one of the top five banks in terms of clients reached through this program and one of the top 10 financing banks across the country.

BRIAN SOZZI: Chris, when you talk to these small businesses, what’s their plan to get back into business?

CHRIS GIAMO: You know, that’s a great question. This is something that we are really focused on. You know, we pride ourselves on giving our clients trusted advice. And this program, while essential, is only a measure. It’s a tool for them to kind of provide a gap before they can reopen. So I think it is essential that companies focus on their planning around this gradual reopening of the country and on how their companies are going to participate in it.

ALEXIS CHRISTOFOROUS: Chris, I’d like to hear your thoughts on some of the criticism this program has received, saying that a lot of big companies, the ones we wouldn’t consider small businesses, were getting some of the funding, including Ruth’s Chris Steak House, Shake Shack. They got a loan of $ 10 million. They came out this morning to say that they are going to return this money after a lot of criticism. But, you know, was it a loophole in the system here that allowed companies as large as these to get money from the small business loan program?

CHRIS GIAMO: You know, that’s a good question, and I think anytime you try to stand up for something so big and important in a quick period of time, there will always be unintended consequences.

I am thinking of two things. I think for the most part those dollars are going for their intended use, to keep wages open and keep people out of unemployment and just fill businesses for that two, three month period until they can. have a gradual reopening.

I think businesses have a certain responsibility to be good corporate citizens in this area and if they don’t need the money or if they haven’t necessarily been affected by this pandemic to the point where they need to government assistance, they really shouldn’t apply.

ALEXIS CHRISTOFOROUS: Also, we know Congress says it’s near another stimulus round here, and that stimulus round would be more relief for small businesses. What would be your message to lawmakers at this time? What would you like to see TD and other banks across the country see in this law?

CHRIS GIAMO: Well, I think it was a very important program, and like I said, I think it’s really a bridge for companies to come together until the reopening. So I think it’s extremely important.

I hope the program is reopened and paid off. And I think if they could avoid the complexities – you know, that, again, was put in place very quickly, and it took a while for the banks to organize themselves to handle these requests in volumes. that they were receiving. And any new additions or filters that go into the program could cause additional delays and complexities.

Most of the banks right now – like I said, we’re very proud to have reached a lot of our customers. We don’t want a customer to be left behind. And I think all organizations certainly have a backlog of applications that they would be prepared to deal with on an expedited basis if the program reopened in the same form it was launched.

BRIAN SOZZI: Chris, many sources I have spoken to suggest that even despite government help, we envision a potential wave of bankruptcies in many industries over the next two to three months. Do you see this when you talk to customers? Does this sound like an option?

CHRIS GIAMO: You know it’s probably too early to tell, but I would say a lot of these entrepreneurial businesses really aren’t built and they don’t have the track record to support 1/12 or 2/12 of their gross income for be either significantly impacted or, in some cases, disappear completely. So, you know, like I said earlier, this program and other state and local programs are going to be critical.

That being said, I think the business leaders themselves are going to have to really go into crisis management mode and see how they can take their businesses and pivot to be able to handle this in the short term but how they position themselves in the longer term. . But I think there will be a long economic impact on businesses, both commercially and on our consumers.

ALEXIS CHRISTOFOROUS: All right, Chris Giamo, head of commercial banking at TD Bank, thank you for your time this morning. Good luck with the program.

CHRIS GIAMO: Thank you.

Biden changes PPP rules to help smaller U.S. businesses

For some people sole owners, obtain a Paycheque Protection Program Loan during the pandemic was a bit of a wild ride.

First, some were unable to obtain membership from banks because their the loan amount was too small; lenders do more when they lend more, of course. Others found that when they found a lender to take them on, the amount they qualified for was paltry compared to what they expected. Some would have qualified for only $ 1.

The Biden administration announced today a series of fixes– including a change in the loan formula for sole proprietors and an exclusive lending window for smaller borrowers – which should allow for a more equitable distribution of relief funds. The rebate program, which was relaunched on Jan. 11, has so far granted more than $ 140 billion to approximately 1.9 million small businesses, with an average loan size of $ 73,000.

Here are the latest changes in detail:

  1. An exclusive 14-day application period, from February 24, for companies and associations with less than 20 employees. The SBA said in a statement that it would still process any requests that lenders had already submitted to the agency before the start of the exclusivity period.
  2. A change in the PPP loan amount formula for individual businesses, independent contractors and self-employed workers, allowing them to use the gross income line on their Schedule C tax forms. Previously, businesses had to remove taxes and other expenses of the calculation. The SBA is also setting aside $ 1 billion for these types of businesses in low to moderate income communities. The changes are expected to take effect the first week of March.
  3. The SBA will allow access to the loan program regardless of a borrower’s federal student loan default status. Borrowers who have been convicted of a non-fraudulent felony will also be allowed access to the program, as long as they were not incarcerated at the time of their application. Both changes come into effect the first week of March.
  4. Immigrant entrepreneurs who legally reside in the United States and pay taxes will also be eligible to apply for PPP loans. This has always been the case, but the Biden administration noted that a lack of guidance from the SBA created an inconsistency in access for holders of an Individual Tax Identification Number (ITIN) like holders. of the green card or people in the United States on a visa.. To ensure this, the SBA notes that it will begin, starting the first week of March, allowing business owners to use their ITIN to apply for the program.

Keith Hall, president and CEO of the National Association of Self-Employed Workers, applauded the changes. “The revised PPP calculation and reforms released today are good news not only for self-employed workers, but also for the countless additional small businesses that will now be eligible to apply for the loans they need to survive during this pandemic in course, “he said in a statement. .

Hall further praised the exclusive lending period for smaller borrowers. But he also argued that there is still a lot to be done to help smaller businesses; he encourages lawmakers to keep pushing for another stimulus package. Currently, members of Congress are negotiating what they plan to include – or given recent upbeat economic news, wondering if more relief is needed. Whatever the outcome, Hall said, with the pandemic and vaccine issues still crowded – as well as the potential for coronavirus variants to thwart a recovery – “this can’t be the end of support for the small business community. “.

Phishing campaign spoofs SBA loan offer

COVID-19[feminine
,
Cybercriminalité
,
Gestion de la fraude et cybercriminalité

Malwarebytes déclare qu’une campagne est conçue pour voler les informations d’identification bancaires

E-mail de phishing qui usurpe un programme de prêt SBA pour les entreprises touchées par COVID-19 (Source : Malwarebytes)

Malwarebytes rapporte qu’une campagne de phishing récemment découverte usurpe une offre de prêt de la US Small Business Administration dans le but de voler des informations d’identification bancaires et d’autres données personnelles.

Voir également: Webinaire en direct aujourd’hui | Risque de tiers : « Vous avez été violé – Comment puis-je vous faire confiance ? »

Cette campagne semble avoir commencé début août, rapporte la société de sécurité. Une autre attaque de phishing en avril a également utilisé des messages SBA falsifiés, mais elle a été créée pour diffuser un compte-gouttes appelé ChargeurGu, qui est utilisé pour distribuer d’autres logiciels malveillants.

Depuis le COVID-19[feminine pandémie a commencé, la SBA a supervisé le programme de protection de la paie pour aider à canaliser les prêts aux petites entreprises américaines qui ont été perturbées. Des fraudeurs ont utilisé les images et les logos de l’agence dans le cadre de campagnes de fraude conçues pour collecter les informations d’identification des victimes ou voler des informations financières (voir : Les dernières campagnes de phishing usurpent la Réserve fédérale, SBA).

Le programme de protection de la paie a expiré au début du mois d’août. Le Congrès et l’administration Trump discutent de l’opportunité de poursuivre le programme dans un nouveau cycle de mesures de relance, selon États-Unis aujourd’hui.

Fausses demandes de prêt

Dans la campagne d’hameçonnage découverte par Malwarebytes, les victimes sont invitées à remplir un formulaire « d’assistance pour les prêts en cas de catastrophe » ci-joint qui demande des informations personnelles et bancaires. Le document usurpe les demandes de prêt légitimes de la SBA.

“Il s’agit … d’un stratagème assez intelligent et audacieux qui incite les gens à remplir un formulaire complet contenant des informations hautement personnelles, y compris des coordonnées bancaires”, note Jerome Segura, directeur des renseignements sur les menaces chez Malwarebytes, dans le rapport.

Programme d’hameçonnage de la SBA

Les messages falsifiés ont une adresse e-mail SBA légitime intégrée dans le corps de l’e-mail, selon le rapport. Mais si la victime appuie sur le bouton de réponse, elle voit une adresse malveillante légèrement différente. Les analystes de Malwarebytes ont découvert que le domaine associé à cette adresse e-mail frauduleuse, gov-sba[.]us, was registered on July 31 and is not associated with the SBA.

To create the attached fake PDF loan application, the scammers seem to have uploaded the legitimate loan documents from the SBA government official website and then created their own version. The Malwarebytes report notes that the original was created with Adobe Acrobat, while the spoofed version was designed with an app called Skia – a graphics library for Chrome.

Fake SBA loan application (Source: Malwarebytes)

The Malwarebytes report notes that these types of government-backed loan applications are typically printed and mailed to the SBA and not returned by email.

Fraudsters are apparently trying to collect information through the loan form that they can then use to commit fraud, researchers say.

Pattern difficult to detect

Since this phishing scam closely spoofs the SBA’s email address and loan application, it might prove difficult to detect that it is fraudulent, the Malwarebytes report says.

The security company recommends that those who receive an email regarding a loan application to call the SBA to verify its legitimacy.

United States Department of Justice and the SBA have published notices warning against such regimes.


Consumers Credit Union chooses Baker Hill NextGen® as FinTech partner

CARMEL, Ind., February 16, 2021 / PRNewswire / – Baker’s Hill, the leading financial technology provider providing solutions for loan origination, risk management and analysis, announces a new partnership with Consumers Credit Union. The Kalamazoo, MichiganThe based credit union chose Baker Hill NextGen®, the unified solution from Baker Hill, to support its growth, update lending procedures and leverage member data to improve efficiency and member experience.

Consumers have now celebrated their 70th anniversary since their inception in 1951. In the office and online, they currently serve over 108,000 members in the West. Michigan with 22 pitches and more $ 1.4 billion in total assets. The credit union has experienced an average annual growth of 18% over the past 35 years and looks forward to continuing this trajectory by expanding its services in Grand Rapids and other emerging markets in 2021. Through its partnership with Baker Hill, Consumers will increase its commercial lending volume, manage its portfolio based on risk and communicate with members through online applications and an online portal.

“Our team met several different vendors and after seeing the demonstrations on site we were very impressed with the Baker Hill platform,” said Steve owens, director of consumer loans. “Not only does their corporate culture align with ours, but their level of transparency and the ease of use of the system were decisive in the decision. to treat.”

The consumers’ decision to switch to Baker Hill NextGen® will replace an existing technology system. As the team rolls out the Baker Hill NextGen® products, the focus will be on increasing efficiency across the credit union, as well as expanding functionality. existing online and mobile presence. Consumers will also benefit from Baker Hill’s supplier partnership with Compliance Systems Inc.

“Baker Hill is thrilled to have the opportunity to work with Consumers Credit Union to provide even more opportunities to its members,” said Jean M. Deignan, President and CEO of Baker Hill. “The alignment of our two teams in terms of goals and visions for this partnership is already incredibly rewarding.”

With over 35 years of industry expertise, Baker Hill provides advice and support to new and existing clients facing an increasing volume of demand. As financial institutions seek to remain strong during a time of heightened uncertainty, Baker Hill is also a resource and leader for portfolio risk management systems.

For more information on Baker Hill NextGen®, visit www.bakerhill.com.

About Baker Hill
Baker Hill is the expert solution for loan origination, portfolio and relationship risk management, CECL and analytics for financial institutions in United States. The company offers a single unified platform with modern solutions to streamline loan origination and portfolio risk management for commercial, small business and consumer loans. The Baker Hill NextGen® platform also provides sophisticated analytics and marketing solutions that support sound business decisions to mitigate risk, drive growth and maximize profitability.

About the consumer credit union
Based at Kalamazoo, Michigan, Consumers Credit Union is a full-service financial institution and a leader in digital banking technology, mortgages and business lending. Consumers have over $ 1.4 billion in assets and has experienced average annual growth of 18% for more than 35 years. Locally owned since 1951, Consumers serves more than 108,000 individuals and businesses through 22 offices located in Kalamazoo, Battle stream, Grand Rapids, Cold water, Holland, and Havre du Sud, with members’ access to 30,000 free ATMs in the CO-OP network across the country. For more details, visit www.consumerscu.org. Editors, please refer to Consumers Credit Union abbreviated Consumers, rather than CCU. Thank you!

Media contact
Haley williams, Public and corporate communications specialist
[email protected], 317.814.1245

SOURCE Baker Hill

Related links

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Kelechi Nwakali: How former Arsenal World Cup winner Nigeria got trapped in work permit hell

There are many reasons why a player may struggle to live up to the status of “wondekid”. Bad attitude, injuries, bad relationship with a manager, the wrong move at the wrong time, the pressures of expectations – the list goes on.

Kelechi Nwakali maybe ticks some of those boxes, but the main reason the Nigerian midfielder has yet to live up to the hype is a word that scares everyone’s hearts – red tape.

Nwakali signed for Arsenal as a teenager in 2016, having played a leading role in Nigeria’s triumph in the Under-17 World Cup in Chile the previous year.

Nigeria were the undisputed star of the competition, scoring 23 goals in seven matches, including a 5-1 group stage loss to hosts Chile, beating Australia 6-0 in the round of 16, beating Brazil 3- 0 in the last eight, beating Mexico 4-2 in the semi-finals before beating Mali 2-0 in a Pan-African final.

The team had two main stars: Victor Osimhen, who won the Golden Boot with a mammoth of 10 goals; and Nwakali, the midfield dynamo who won the Ballon d’Or for best player.

The trophy was won by several players who went on to become major stars, including Landon Donovan, Cesc Fabregas and Toni Kroos.

However, while Osimhen was one of the most requested strikers in world football last summer, making a big blow to Napoli after impressing in Lille, Nwakali instead fell off the radar of world football.

Indeed, the 22-year-old is now on loan to Spain’s second division Alcorcon from La Liga club Huesca.

Kelechi Nwakali Nigeria

He had joined Arsenal from Diamond Football Academy in Nigeria, but work permit issues kept him from playing in the Premier League. Instead, he had to spend time on loan in the Netherlands with MVV Maastricht and VVV-Venlo.

Arriving in England from outside Europe with no experience at the senior international level, Nwakali was left in limbo due to paperwork issues, but he says he was targeted by some fans, who saw to mistakenly his lack of playing time as a waste of his talent.

His own U17 coach, former Nigeria international Emmanuel Amuneke, appeared to echo these claims about Nwakali’s attitude, telling Goal in April 2020: “There is no doubt about Nwakali’s talent.

“All he has to do is counsel himself and realize that when you forget the root that made you successful, you start to lose the beauty of what made you who you are.

“A lot of Nigerians expect his progress but it is unfortunate because of what he has been through over the years. He also has to check out the lifestyle he leads and know that without football he cannot is nobody.

Nwakali rejected these personal attacks, arguing that there was nothing to be done about his inability to break through at Arsenal in his youth.

“It was mentally tough not playing for a year, so going through all of that and coming on the internet to see someone say I’m galvanizing, was hurtful,” he told the BBC in September 2020. “A lot of Nigerian fans felt like I was just sitting around doing nothing.”

A loan to Porto in 2018-19 was meant to be his chance to step into the European spotlight, but he never played for Portugal’s first team, making just 16 appearances for Porto B.

Things got even worse in March 2019, when he found himself stranded in Nigeria due to even more visa problems.

Kelechi Nwakali Huesca

Manager Gernot Rohr had called the player up to face Seychelles in a 2019 Africa Cup of Nations qualifier. Nwakali did not play and soon found himself again at the mercy of the administration.

“I didn’t have a Portuguese Resident Card, it wasn’t ready before I left, but I had to come to this game as it was my first official call-up for the Super Eagles. I was stuck in Nigeria for three month, he told the BBC .

“It was difficult to get a visa for Portugal, I couldn’t go back to my club for three months and at the end of the season nobody wanted to take me, they said I had not played.

“I learned a lesson that it is important for you to be successful first in your club, the national team is important, but important decisions have to be made, it will help my career in the future and I have not taken the right one at the right time. “

Arsenal ultimately appeared to decide that Nwakali’s troubles were more problematic than they were, and in September 2019 he was cleared to leave.

The player himself did not appear to have any ill will, writing on Instagram: “I have saved a lot of my time here and everyone involved at the club has been great to me.

“I just want to say a big thank you and goodbye, because it’s time to move on, time for another chapter and another challenge.”

He admitted in an interview with TribalFootball last year it was a tear to leave Arsenal, but the need to establish and take root as a first-team player was greater.

“It was difficult for me to leave because they wanted me to stay,” Nwakali said. “But at the same time, I needed to have a place where I could call my home, where I could continue to develop my game.”

Nwakali is now taking small steps towards this goal.

Settled in Spain with a three-year contract at Huesca and the prospect of regular football for the rest of the campaign at Alcorcon, the Nigerians are now hoping that one of their most promising players of recent years can finally start playing. become good.

Here are some of the other articles from Goals Forgotten Men Series:

Tosic and Ljajic: The Lost Boys of Man Utd

Missing hotels and military service: the story of Arsenal pariah Park Chu-young

Chelsea’s future of endless loans: Baba Rahman’s downfall

Three managers, no Premier League goals and a bizarre Neighbors cameo: Milan Jovanovic’s nightmare at Liverpool

Henrique: Guardiola’s € 8million forgotten Barcelona spare

Fines for speeding, swaps and sushi burritos: Andre Santos’ strange career at Arsenal

Kakuta: Chelsea’s forgotten prodigy who could have been a star for Lampard

‘My daughter’s face changed color’ – How Nolito went from perfect Pep transfer to worst signing at Man City

Pedro Leon: How potential Real Madrid star became Mourinho’s punching bag

From Man Utd title winner to Cyprus exit after 17 days: Alexander Buttner’s downfall

The 13% unemployment rate for the Memphis Banks Weather Region


Many borrowers struggle to repay their loans when the economy goes downhill. But so far, the region’s community banks have weathered the summer storm. This is another sign that Memphis’ economy has split into a sort of two-city story.

Problem loans are not considered excessive for Greater Memphis banks, even though the coronavirus storm has caused unemployment to skyrocket.

Many borrowers struggle to repay their loans when the economy goes downhill. But so far, community banks in the region have weathered the summer slowdown without racking up large volumes of delinquent loans.

This is another sign that Memphis’s economy has split into a sort of two-city story.

Logistics, professional services and healthcare companies drive Memphis’ economy by $ 77 billion, as bars, restaurants, hotels and many stores struggle after tourism and daily travel moved back.

Banks see both sides. As of June 30, problematic loans from community banks in the region stood at $ 72.1 million, up 5.4% from the $ 68.4 million in problem loans recorded a year earlier. reports the Federal Reserve Bank of St. Louis.

The 5% increase in problem loans over the course of a year is notable, but as a measure of distress, 5% is nothing compared to the bank’s weakness after the 2008 financial crash. in late 2007 and late 2008, the volume of problem loans at community banks jumped 48% to $ 69 million, according to the same St. Louis Fed report.

“What we are going through is nothing like what we saw in 2008,” said Bill Harter, senior vice president of FirstBank in East Memphis. “2008. Boom. Everything stopped. This time it’s different. There is always a demand (for loans) there.

Jobs abolished, loans

If banks stay healthy, the loans can help businesses in the region pull the economy out of recession next year, when researchers expect a cure for the virus to be available.

Encouraging people to travel and work from their desks rather than from their homes should lead employers to recall thousands of inactive workers. Currently, a record 82,000 residents are unemployed in metropolitan Memphis, pushing the unemployment rate to 13%, the the highest level here for over 80 years.

Despite the layoffs, many businesses remain open. Loan demand has not weakened. Loans from community banks in the region totaled $ 6.6 billion in the quarter ended June 30, compared to $ 6.2 billion in the same period last year. This equates to a 6.5% gain in lending volume during a period when the region’s unemployment rate soared – 10.7% in May, 11.9% in June, 13% in July. The St. Louis Fed’s loan numbers are for community banks with assets of less than $ 5 billion, a level that excludes large banks such as Memphis-based First Horizon.

Unemployment has risen and the economy has slowed after mayors and governors ordered non-essential businesses to shut down in the spring in a bid to slow the spread of the virus among people working nearby.

Once the orders were lifted, area employers filled about 10,000 jobs in a matter of weeks, according to labor market reports, bringing the total number of salaried jobs to about 610,500 in the metro area. These new jobs appeared mainly in June. They seem to have been factored into the lending surge. Businesses borrowed to speed things up.

Despite the midsummer rise, Memphis lenders in September appear cautious. They point out that it is not clear whether the trend will continue in the fall:

  • On the one hand, the sudden closure devastated the city’s large tourism-related businesses, such as hotels and nightclubs. Many are still in shock.

“After going through a challenge like this, a challenge we’ve never seen before with the coronavirus, there are people who aren’t nearly where they were in 2019,” said Harold Byrd, president of the Bank of Bartlett, comparing sales volumes in companies this year to last year.

  • On the other hand, consumer spending held steady during the summer and even fueled a increased gun sales in the Memphis area. Bankers are crediting federal aid, including $ 1,200 stimulus checks for households and paycheck protection program loans for some businesses. “Much of the loan growth that occurred in the second quarter could be tied to PPP lending,” said Robert Shaw Jr., managing director of Paragon Bank in East Memphis.
  • But this stimulus is over. The US Congress has yet to decide what to do.

“We have a lot of challenges to overcome this,” said Jeff Hudson, president of FirstBank for the Memphis market. “The government responded with aid programs. They relax. I don’t know how well we’re going to do or when we’re going to know how well we’re going to do. Time will tell us.”

Banks are growing despite the economic climate

With the end of the stimulus and hundreds of companies barely hanging on, bankers say they are ready for a deeper downturn.

So far, however, the deeper plunge has not started. Indeed, some banks have developed, taking the position of being ready for economic recovery when a cure for viruses is underway. For example:

  • First Horizon absorbed Louisiana-based Iberiabank to rank 36th among US banks.
  • Curt Gabardi, a former senior executive at the former Union Planters National Bank, is take control at small First Commercial and branching out into the main office district of East Memphis. The bank is based in Jackson, Mississippi.
  • FirstBank has hired former Iberia specialists in commercial and industrial loans. Nashville-based FirstBank, organized by West Tennessee healthcare entrepreneur Jim Ayres, has been one of the state’s fastest growing banks. He financed the construction of Memphis the TraVure project from developer Ray Gill in Germantown, the last large office building to be built in the area. The bank’s main branch in Memphis is located at TraVure.

Sectors are doing well

With loan volumes on the rise and problem loans still not a threat, Memphis banks are focusing on areas of the economy that are still doing well.

“Right now, given the nature of where we are in the suburbs and what we’re involved in with house building and mortgages, and those are in full swing, we don’t mind. let’s come out great, ”Byrd said.

This year through August, 634 newly built homes sold on average for about $ 355,100, compared to 602 new homes sold last year during the same period, reported the Memphis Area Association of Realtors.

Among existing homes, 11,685 changed hands this year through August, a decrease of 5.9% from the same period last year. August sales fell 5.1%. The Memphis real estate group attributes the drop to an insufficient number of homes for sale as the Memphians stay put during the crisis.

At the same time, demand for housing has jumped, causing transaction prices to rise 9% in one year. The typical existing home is now changing hands for over $ 197,000 in the Fayette, Shelby and Tipton County markets monitored by the Memphis Real Estate Group.

Ted Evanoff, Business Columnist for The Commercial Appeal, can be reached at [email protected] and (901) 529-2292.

Habitat for Humanity dedicates Parkersburg home | News, Sports, Jobs

Xzantheia Watson and her son stand on the porch of their new Habitat for Humanity home, which opened on Saturday. (Photo provided)

PARKERSBURG – A Habitat for Humanity home, the first completed since the start of the pandemic, was dedicated Saturday on 11th Avenue in South Parkersburg to the family of Xzantheia Watson.

“We are delighted to dedicate the first Habitat house in 2020”, Alvin Phillips, executive director said. “Xzantheia has worked extremely hard to help build Habitat homes since April 2019, and we are happy to celebrate this milestone with her today. “

Phillips praised the community for their efforts in completing the house despite the COVID-19 pandemic.

“COVID presented challenges for us, but thanks to our dedicated volunteers and staff, in addition to our generous community, another house has been completed,” he said.

Several organizations in the region have done their part to help.

Alvin Phillips, executive director of Habitat for Humanity, praised the community for their efforts in completing the home despite the COVID-19 setbacks, at the home’s inauguration on Saturday, House 107. ( Photo provided)

DuPont sponsored the house and nearly 70 DuPont Washington Works employees helped with the construction.

“In 2019, Habitat for Humanity International and DuPont entered into a nationwide partnership to bring the power of DuPont employees and donated building materials to the construction site,” said a press release.

This house was the start of the partnership in the region.

The Wood County Rotary Club helped paint the house and donated the lighting. Wincore Windows Co. LLC donated windows and doors and helped secure donations for siding and shutters.

The folks at M&S ​​Concrete volunteered to lay the sidewalk, steps and parking area.

“Throughout the project, community volunteers invested over 1,400 hours to help make the Watson family’s dream of homeownership come true. the statement said.

Funding for the house comes from the Dominion Energy Charitable Foundation, McDonough Foundation, West Virginia Housing Development Fund, and the US Department of Housing and Development.

“Habitat partners with homebuyers who are committed to providing hours of equity, taking homeowner training courses, and meeting all of the requirements of homeownership. When the home is finished, buyers pay a reasonable mortgage payment, with no interest on their loan. Habitat does not offer a helping hand, but a helping hand, to those who are ready and able to enter into the partnership ”, the statement said.

The next dedication will be in Williamstown later this year.

Businesses wishing to get involved or sponsor can call (304) 422-7907 or visit www.habitatmov.com.

Candice Black can be contacted at [email protected]

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Gray Television acquires Quincy Media for $ 925 million in cash – deadline

Streamer Gray television Monday acquired a small family business Quincy Media for $ 925 million in cash as part of a deal that will bring it with stations in 102 markets reaching more than 25% of U.S. TV households.

Atlanta-based Gray said Monday its portfolio will include the top-ranked stations in 77 markets and the top or second in 93 markets according to Comscore’s all-day average ratings for 2020.

Gray stocks were up 2.7% to $ 17.51 ​​by mid-morning.

“We are honored and touched to have been chosen by Quincy shareholders to acquire their great business,” said Hilton Howell, Jr., Executive Chairman and CEO of Gray. “Gray will become a stronger company with an even larger platform of high quality television stations to better serve the public interest first.”

The deal follows a series of acquisitions in the resort’s space in recent years that have turned groups like Nexstar, Sinclair and EW Scripps into giants. Recently, Allen Media entered into broadcasting agreements.

“Many of our shareholders, board members and employees are descendants of two families who have been in the company for 95 years and in the media business for over 100 years. The goal has always been to serve our communities with the best of information, public service and community engagement. It’s a heritage we’re very proud of, ”said Ralph Oakley, CEO of privately-held Quincy, Illinois, which has local digital stations and platforms in 16 markets, primarily in the Midwest.

The companies noted that Gray and Quincy both retain local control over programming and operational decisions, including in local news operations, programming, community engagement and public service.

Gray said the stations it will acquire are:

WPTA (ABC / NBC) and WISE (CW) in Fort Wayne, Indiana (DMA 104)

WEEK (NBC / ABC / CW) in Peoria, Illinois (DMA 118)

WREX (NBC / CW) in Rockford, Illinois (DMA 132)

KBJR (NBC / CBS) and KDLH (CW) in Duluth, Minnesota (DMA 136)

KTIV (NBC / CW) in Sioux City, Iowa (DMA 147)

KTTC (NBC / CW) in Rochester-Mason City, Minnesota-Iowa (DMA 156)

WBNG (CBS / CW) in Binghamton, New York (DMA 158)

WVVA (NBC / CW) in Bluefield-Beckley, West Virginia (DMA 162)

WGEM (NBC / FOX / CW) in Quincy, Illinois (DMA 172)

To satisfy regulators, Gray will divest Quincy stations in markets where it has overlapping stations, including Tucson, Arizona, Madison, Cedar Rapids, Iowa and a few others.

Wells Fargo Securities will market the stations to third parties in transactions which may be cash sales, station exchanges, or a combination of the two.

Gray to acquire Quincy’s Heroes & Icons subsidiary WSJV in South Bend, Indiana and WGEM (AM) / – FM in Quincy, Illinois.

Gray will not acquire Quincy’s press business, which will be divested prior to closing. It intends to finance the operation, net of the proceeds of the sale, with cash and / or new debts. Wells Fargo has provided a debt financing commitment for an additional loan to fund up to the total purchase price of $ 925 million.

Gray predicts that its strong free cash flow generation throughout 2021 will allow it to continue deleveraging after closing and expects the total leverage ratio, net of all cash and net of sales proceeds. sales, which is approximately 4 times greater than the operating cash flow for the eight quarters. to flow.

Current Mortgage Rates – February 15, 2021: Interest Rates on Fixed Rate Loans Rise

Image source: Getty Images

As mid-February approaches, mortgage rates increased slightly today for fixed rate loan options. If you’re shopping for a home loan, here’s what you need to know about average mortgage rates as of February 15, 2021.

Mortgage type Interest rate of the day
30-year fixed mortgage 2.835%
20-year fixed mortgage 2.593%
15-year fixed mortgage 2.235%
5/1 ARM 3.210%

The data source: The Ascent National Mortgage Interest Rate Tracker.

30-year mortgage rates

The average 30 year mortgage rate today is 2.835%, up 0.008% from Friday’s average of 2.827%. If you borrow at today’s average rate, you would have a monthly principal and interest payment of $ 413 for every $ 100,000 borrowed. Over the life of the loan, your total interest charges would be $ 48,593 per $ 100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.593%, up 0.033% from Friday’s average of 2.560%. For every $ 100,000 borrowed at today’s average rate, your total monthly payment of principal and interest would be $ 534. The total interest charge would be $ 28,267 per $ 100,000 borrowed at today’s average rate.

As you can see, you pay more per month for the 20 year fixed rate loan than you do for the 30 year fixed rate loan. The shorter repayment period explains the higher monthly payment. This is also the reason why the total interest is so much lower, since you pay interest much less for a long time.

15-year mortgage rates

The average 15-year mortgage rate today is 2.235%, up 0.006% from Friday’s average of 2.229%. At today’s average rate, you would pay $ 654 per month in principal and interest for $ 100,000 borrowed. For every $ 100,000 you borrow at today’s average rate, the total interest charge would be $ 17,790.

A 15-year mortgage means paying interest for even less than the 20- or 30-year loan options. Of course, since you significantly reduce your repayment period, your monthly mortgage payments are higher even if the total costs over time are lower.

5/1 arm

The average ARM rate 5/1 is 3.210%, down 0.054% from Friday’s average of 3.264%. This rate is higher than the average interest rate for a 30-year fixed rate mortgage. Since rates start to rise and will almost inevitably rise when they start to adjust, it is not a good idea to take out this type of loan right now.

Should I lock in my mortgage rate now?

A mortgage rate freeze guarantees you a certain interest rate for a specified period of time – typically 30 days, but you may be able to guarantee your rate for up to 60 days. You will usually pay a fee to lock in your mortgage rate, but this way you are protected in the event of a rate hike before your mortgage closes.

If you plan to close your home within the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they are very competitive. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your mortgage if rates drop before you close, and while rates today are still quite low, we don’t know if rates will go up or down. over the next few months. As such, it is beneficial to:

  • LOCK if closing in 7 days
  • LOCK if closing in 15 days
  • LOCK if closing in 30 days
  • FLOAT if closing in 45 days
  • FLOAT if closing in 60 days

To find out what rates are available to you, compare the rates of at least three of the best mortgage lenders before shutting himself in.

A historic opportunity to potentially save thousands on your mortgage

There is a good chance that interest rates will not stay at multi-decade lows any longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger to buy a new home.

Our expert recommends this company to find a low rate – and in fact he used them himself for refi (twice!). Click here to find out more and see your rate. While this does not influence our opinions on the products, we do receive compensation from partners whose offers appear here. We are by your side, always. See our full advertiser disclosure here.

The Motley Fool owns and recommends MasterCard and Visa, and recommends American Express. We strongly believe in the Golden Rule, which is why the editorial opinions are our own and have not been previously reviewed, endorsed or endorsed by the advertisers included. The Ascent does not cover all the offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Snapshot of the IPO

Equity Type Issue price Size of the problem Lot size Open problem Problem Close
Kotyark View profile SME IPO 51 11.26 2000 21-10 25-10
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Samor Reality 62 13-10 62.60 62.45 0.73 64.00 3.23
Promax power ten 12-10 13.35 11.55 15.5 15.44 54.40
ABSL AMC 712 11-10 697.50 699.65 -1.73 658.50 -7.51
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country = India page generated = 2021-10-23 14:17:10

Pocono outdoor calendar, Sunday August 2, 2020

4-H virtual day camp: The Monroe County 4-H program will offer a four-week virtual 4-H day camp for youth ages 8 to 12. 4-H Science Fun Summer is August 5; August 12; August 19 from 10:00 a.m. to 11:30 a.m. The last session will take place on August 26 from 6:00 p.m. to 7:30 p.m. Participants will learn the basics of gardening, healthy animals, spotted flies, and stormwater education. Day camp is free for registered Monroe County 4-H members. Non-4-H members can also participate by joining 4-H (must pay an educational resource fee of $ 20.00, per child, per year). Registration required before July 20. Once registered, a kit of supplies will be available for pickup. For full workshop descriptions and registration information / flyers, call the Penn State Extension Office at 570-421-6430.

Stroud Children’s Camp: 9 a.m. to 3 p.m. Monday to Friday, through August 7 at Dansbury Park, Day Street, East Stroudsburg. For children aged 6 to 12. Activities include outdoor recreation, arts and crafts, active and passive games, sports, water games, speakers and special events. The goal of StroudKids is to provide a safe and enjoyable atmosphere built around age-appropriate activities that help children develop positive social and leisure skills. Information and registration: srosrc.org, [email protected] or 570-426-1512.

Outdoor Yoga with Gee: Learn to connect movement with breathing, integrating mind, body and soul. Three types of sessions: Soft Yoga, Family and All Levels. Bring a mat or blanket and blocks if you have them. We cannot lend material at this time due to sanitation standards.

– Soft yoga: from 10 a.m. to 11 a.m. on Sunday, except the first of the month. Perfect for beginners, seniors and those who enjoy relaxing and restorative yoga.

– Family yoga: 6:30 p.m. to 7:30 p.m. on Tuesdays. For parents and their children to learn and have fun together (from 8 years old).

– Yoga for all levels: from 6.30 p.m. to 7.30 p.m. on Thursdays. For people who just like a little challenge with their yoga.

Meet at the Jay Albertson Park kiosk, Avenue C and North Fifth Street (across Wallace Street from the pond). In case of bad weather, tickets will be transferred one week in advance of your choice. Information: srosrc.org, [email protected] or 570-426-1512.

Shawnee Community Concert Series: 7 p.m. to 8 p.m. Tuesday to September 15 at the Shawnee Inn and Golf Resort, Grand Lawn, 100 Shawnee Inn Drive, Shawnee-on-Delaware. The concerts feature different artists each week, are free and suitable for families. Bring a chair / blanket and follow the recommended social distance of six feet and enjoy these performances. Community concerts are open to the public. To free; donations accepted for musicians. Information: [email protected] or 800-742-9633.

Wednesday walk: 12:15 – 1:15 p.m. Wednesdays at the start of the Levee Loop trail with open space and Stroud area recreation. These interpretive walks offer companionship, conversation and knowledge of nature. Relax, get some fresh air and take in the views of the season. Free but you have to register in advance so that we have a count. Pre-registration compulsory. Information: srosrc.org, [email protected] or 570-426-1512.

Bridge the Gap, Pond Paddle: Until August 16, Pocono Environmental Education Center, 538 Emery Road, Dingmans Ferry. Join PEEC for a paddle around its ponds. Beginners are welcome. Dress appropriately – you might get wet. Call ahead to reserve a boat. Funding for this program is provided by the William Penn Foundation. This event takes place on certain dates in June, July and August. To free. Information: [email protected], 570-828-2319 or peec.org.

Frolic Frolic: August 9, Pocono Environmental Education Center, 538 Emery Road, Dingmans Ferry. Spend the afternoon at the PEEC ponds and streams. Learn about frog friends and gently grab and release hopping amphibians. Wear boots and plan to be wet and muddy. Cost: $ 5 per person. Information: [email protected], 570-828-2319 or peec.org.

Bug exploration: August 2, Pocono Environmental Education Center, 538 Emery Road, Dingmans Ferry. Insects are everywhere. Visit PEEC to see some insects on the trails and find out what makes them so unique. Cost: $ 5 per person. Information: [email protected], 570-828-2319 or peec.org.

Geological hike: 1 p.m. to 3 p.m. Sept. 13, Pocono Environmental Education Center, 538 Emery Road, Dingmans Ferry. Hike the Fossil Trail with Paul Kovalski, aka. “Dr. Dinosaur” as he discusses the geology of the area and what makes the park unique. Cost: $ 5 per person, non-members; and free for PEEC members. Information: peec @ peec. org, 570-828-2319 or peec.org.

My yard was a jungle – here’s how to kill weeds for an outdoor oasis

It didn’t take long after my husband and I moved into our two bedroom bungalow in Denver to be overwhelmed by the amount of work our new home needed. Of course, when you buy a renovator, you are well aware of the weeks or months of DIY projects on the horizon. We were prepared for the necessary practical work on the interiors.

But the ever-increasing challenges of outdoor space caught us off guard.

We bought our house in the fall, but in the spring bloom it was an obvious mess: no one had touched the garden in ages and neither of us knew anything about gardening.

We postponed tackling the backyard for a year, and by the time we were ready to take out the pruners, what had once been an average inconvenience had turned into a veritable sprouting disaster. Our enemies: three types of invasive trees, including the badly named tree of paradise, a lawn composed mainly of weeds, and the devil’s favorite plant, Virginia creeper.

Three years later, we have managed to turn most of the fiasco into something wonderful. How did we do this? Read on to find out how to get started and kill these weeds for real.

Start slowly

Take out your favorite meditation app and hit play before removing a single bush.

“Take a deep breath and know that recovering your backyard from weeds is doable but won’t happen overnight,” says Amy enfield, a consumer horticulturalist with ScottsMiracle-Gro.

“Take on one area of ​​the yard at a time,” advises Enfield. “Start by salvaging the back patio or cleaning the landscaped beds.”

There are two strategies here: do the more difficult and stressful thing first, or choose something small and easy to quickly feel accomplished. There is no wrong choice. To start somewhere.

Make good use of the weedkiller

It is not enough to pull out the weeds. To kill them for good, you’ll want to hit the weeds with a punch: spray them with a weed killer before pulling them out. (And then spray the area again.)

This is because perennial weeds, which come back year after year, have deep and complex root systems.

“If you don’t remove the entire root system, weeds can grow back from the remaining pieces,” explains Joe tomasiello, the Managing Director of Florida Lawn Maintenance Company Dean’s services.

A herbicide ensures that your “weeds are killed right down to the roots,” says Tomasiello.

There is a lot of debate about the safety of commercial weed spraying, so you could make your own with ingredients you have at home rather than buying one in store. Whichever approach you prefer, now is the time to go scorched earth on your, well, earth.

Get rid of your weeds quickly

Tempted to leave all the weeds pulled up in piles on your lawn? We understood. But leaving a pile of weeds only perpetuates the problem.

“Poor weed control can actually cause these seeds to spread, leaving you exactly where you started,” says Tomasiello.

If you sprayed them with a herbicide, your weeds are 100% dead. But if you pull them by hand, the plants are “still alive and can spread,” he says.

Destroy your weeds by burning them or placing them in a black garbage bag and leaving it in the sun for at least two weeks.

Check with your city for disposal options or try the landfill

Unfortunately, many dumpster companies restrict what materials you can throw in their trash cans, and they often throw out things like trees, excessive bushes, or dirt. Or maybe you just don’t want to put $ 460 in a dumpster. Fair enough!

You’re in luck: Many cities offer garden waste collection or drop-off points, Enfield says. (Keep in mind that you may need to purchase special garden waste bags for your weeds and branches.)

Determining the schedule for your city can save you a small amount of money. And if you can’t find any information online, go ahead and call: not all shows are advertised.

No chance? All is not lost, especially if you have access to a truck.

“If you’re looking to get rid of large tree branches and other larger garbage, talk to your local dump,” says Tomasiello. “Most municipal landfills allow you to get rid of large waste for free or for a small fee. “

You can also search for disposal companies. While the restrictions can make your search more difficult, you can usually find a company happy to take your trash in exchange for money.

Keep control of yard maintenance

You’ve emptied your pile of weeds. Congratulations! But if you don’t take proactive steps now, you’ll be back to square one in a year.

“Once you’ve recovered your backyard from weeds, it’s important to stay on top of the situation,” says Enfield. “A small weed problem can quickly turn into a big weed problem if not controlled early.”

While you can use your leftover herbicide to stay on top of the new growth, you can also use good old-fashioned manual labor. Devoting an hour or two every weekend to weed removal will keep your garden in good shape. And as the years go by and fewer weeds are laying seeds on your lawn, you’ll find that you’ll spend less time pulling and more time hanging out.

Grow something new

One of the best ways to keep weeds away is to plant new shoots. What you choose depends on your aesthetic goals.

If you’re a traditionalist, a beautiful, lush, grassy yard “will choke out any weeds that try to sprout,” says Tomasiello.

Make sure you choose the perfect grass for your area, aerate your dirt, and fertilize regularly. Don’t know how to grow a lawn? (Don’t worry, we were too.) Your local garden center will offer some great advice.

You can also choose to landscap your lawn and use mulch or stones to keep the rest of the dirt weed-free. This eco-friendly option requires the use of local plants to create a natural landscape that uses less water, thus helping the environment (and your outdoor appeal).

Don’t let an overgrown lawn overwhelm you. By taking a deep breath and tackling your issues one by one, you will soon have your disputed space.

Jailed loan broker downplays role in wine fraud

By Christopher Crosby (Jun 17, 2020, 5:16 p.m. BST) – A jailed wine broker has denied scamming more than 100 investors with a fraudulent scheme that promised high returns on loans, telling a judge he was only following instructions from its business partner.

Stephen Burton claimed in a defense filed in the High Court on June 12 that he was a “figurehead” of Bordeaux Cellars London Ltd. who knew the wines. But he leaned on his former partner to get loans for the business, he said.

Investors accused Burton and the company of fooling them into injecting some $ 6.7 million into a loan program on the promise of …

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Tips for avoiding these common budgeting mistakes – Forbes Advisor

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

Editor’s Note: This article covers common mistakes you can make when creating and tracking a personal budget. We also have resources if you need to give every dollar a job to do in response to coronavirus (COVID-19) or if you need to budget as variable income concert worker.

You did it: you did the hard work of budgeting. Now you plan to stick with it on the path to your financial well-being.

But how do you deal with the “bumps” in your budget when they arise? Bumps can cause you to slip off the road if you’re not careful. However, with a little knowledge and planning, you can avoid budgetary vagaries and stay on the path to a better financial future.

Take a look at the following common budgeting mistakes. Once you know these mistakes and how to avoid them, you’ll have solid financial knowledge to help you make better decisions today, tomorrow, and for years to come.

Budgeting mistake # 1: skimping on emergency savings

If you only budget your monthly expenses and not your savings, your budget can be doomed from the start. Life happens when we are busy making other plans, and every reasonable budget needs an item for emergency savings. If you are one of the 39% of Americans who don’t have an extra $ 400 in the bank for unexpected “twists and turns” in life, you’ll put pressure on your overall finances trying to cover the costs.

To avoid this budgeting error, build your emergency savings a priority. Experts recommend an emergency fund of six weeks of your take-home pay, but you can start small to move your savings efforts forward. Try to set small, achievable goals first, like $ 25 per paycheck or 5% of your income. Then set a savings goal like $ 250. Once you’ve hit that savings goal, set a new goal.

To get the most out of your savings habit, compare savings accounts to be sure you get the best return on your money while keeping it safe. By creating attainable progressive savings goals, you’ll smile while you top up your emergency savings with an amount that will make you feel secure.

Budgeting Mistake # 2: Relying on Guesses

Creating a budget using guesswork leaves a lot of room for error. Bulletproof the budget starts with knowing what is your actual cost of living each month. And of course, it’s tedious to sit down with all of your invoices and recurring charges to get the exact numbers. These numbers are the key to a budget that works and grows with your household, your income, your dreams and your future.

To avoid this budgeting mistake, take an hour (just an hour) and keep track of all your monthly expenses. Start with your fixed expenses, like your rent or mortgage. Be sure to consult your bank and credit card accounts, including how much money you withdraw from the ATM in cash. Just one hour can help you make sure your budget is real and accurately reflects all of your monthly obligations.

Budgeting Mistake # 3: Not Tracking Your Spending

A budget is not a tool to be defined and forgotten. For a budget to be successful, it is essential that you diligently track where your money is going and what it is buying each month. If you don’t keep track of your discretionary spending, even the small purchases you make on coffee or a snack, you could be disrupting your budget.

To avoid this budgeting mistake, start small. Set a reasonable goal to track your spending for a month. This practice will give you a clear idea of ​​where your money is going. From there, you can make adjustments. You might even consider using budgeting apps to make it easier to keep track of expenses each month. The easier it is to keep track of your spending, the easier it will be to develop good budgeting habits.

Budgeting Mistake # 4: Not Budgeting for Wiggle Room

Every budget needs a little room to breathe. If you don’t create wiggle room in your budget, you could sabotage your budget with feelings of deprivation and discouragement when life’s financial vagaries arise.

To avoid this budgeting mistake, add a built-in cushion to your monthly budget up front. You can do this easily by adding a line to your monthly budget that represents between 5-10% of your total expenses. At the end of the month, you might not need all that money. If you do, you’ve built it in and there’s no sweat. If it turns out that it is extra money, you can use these funds to increase your emergency or retirement savings, or to pay off your debts.

Budgeting Mistake # 5: Suppressing the Fun

Living on a budget might seem like there’s no room for fun, but letting fun outside your budget could be one of your biggest mistakes. There is nothing wrong with wanting to repay loans and credit card as quickly as possible, but you also need the money that gives you time to enjoy the world beyond your budget. You deserve to have fun every once in a while.

To avoid this budgeting mistake, add some fun to your budget. Make “fun” a budget line and a budget for how much you want to set aside for things like a movie with friends or other activities that bring you joy. If you’re worried about having too much fun, start small and move up to a monthly number that gives you a balance between financial responsibility and a well-lived life.

Budget mistake # 6: forgetting your family

When you share a household, it is natural that you share a financial life with this person in some ways. It’s easy, however, to forget to talk about the budget when the hustle and bustle of everyday life occupies you both. Without frequent conversations about goals and a budget to help you reach those goals, spending can go wrong and progress can slow down.

To avoid this budget mistake, find a way that works for your relationship to talk about money on a regular basis. Maybe it’s a casual meal where you can share your goals and progress in a relaxed environment. It can be a shared spreadsheet where you and your partner track spending and spending. The key is to keep the dialogue going and identify potential budget issues before they have a chance to derail your dreams.

Even if you don’t agree on every aspect of your budget, a small compromise can go a long way in keeping your budget on track.

Budgeting Mistake # 7: Having Unrealistic Expectations

When you sit down to budget, it might seem like enough to fill all the numbers. You want to put money every month in your student loans and you want to pay extra for the payment of your car. But numbers on paper may not work in practice. Don’t sabotage your chances of budget success by being unrealistic about your expectations.

To avoid this budgeting mistake, set a time to review your budget each month. Be honest with yourself about why you may have missed specific financial goals. If you’re hitting all of your goals, ask yourself if you’re feeling helpless and missing out on things that brought you joy to save money. The best budget is the one that balances your lofty goals and the life you live every day.

A monthly review can help you set realistic goals and prepare for success as you hit them month after month.

Budgeting mistake # 8: not updating your budget

Maybe you are crushing all your budget expectations: your emergency savings are increasing. You have fun and don’t feel deprived. Yet no matter how far you are doing with your financial goals, every budget should be updated on occasion. It might be time to update yours.

To avoid this budgeting mistake, set calendar reminders to review your budget. Your ideal initial review interval might be at the end of the first trimester of your budget year or 90 days in. Make your exam schedule a schedule that helps you feel confident about your budget numbers.

It is also wise to review your budget anytime you are experiencing life changes. Getting a promotion, moving, or incurring an unforeseen major expense are all great times to give your budget once again the updates that might be needed. Whether you find that you can spend more or need to spend less, there is always a budget adjustment to keep your financial goals on track.

Budgeting mistake # 9: skipping retirement savings

You may have been so wrapped up in monthly spending and paying off your debt that your retirement savings have been abandoned. Even though retirement may seem like an event in the distant future, you’ll want to start saving now.

To avoid this budgeting mistake, make sure you take advantage of any employer sponsored retirement plans. Review correspondence with employers, especially for accounts like 401 (k) plans, to take full advantage of what is essentially free money. And don’t forget the different personal retirement savings plan options like IRA which can speed up your savings. Try to retire automatic savings, you are therefore achieving your immediate financial goals for the life you envision in your future.

Knowledge is power. Now you have nine common budgeting mistakes on your radar, along with tips to help you avoid them. As you move forward with your budget, remember that every budget is an integral part of your financial plan. It requires care and nutrition. Adjustments and attention. You and your budget are a team working together to design the present you need and the future you want.

Beware of Small Business Administration loan scams

(WIVB) – Homeland security officials are warning consumers to beware of scams related to the Small Business Program stemming from the COVID-19 pandemic.

These loans can mean free money for legitimate businesses and scammers.

When the government implemented the Payroll Protection Program to help businesses affected by the pandemic, it implemented a loan forgiveness for business owners who used the money correctly.

But crooks using stolen identities can let innocent victims hold the bag.

Jennifer Majdanik was stunned when she opened an email from her credit card company, informing her that a credit reporting agency had received a request for information regarding a loan application.

She then did a Google search and found that the request had been made by the Small Business Administration, responding to someone with their most sensitive personal information.

“I asked them to remove this investigation from my report because it was not me, and it was a fraud,” said Majdanik. “The woman on the phone said she got a lot of those calls today.”

Majdanik also notified the three major credit bureaus and asked them to freeze his credit reports.

Just the right move. said Robert Dunn of the Consumer Credit Counseling Service, because of how it can affect your credit score.

“A thorough investigation negatively impacts your credit, shows up on your credit report for two years and is something important to watch out for,” Dunn said.

Of the options for protecting your finances when you suspect identity theft, Dunn says Majdanik has taken the more aggressive approach.

“I would say at a minimum, consider a ‘fraud alert’ and maybe even a ‘credit freeze’ that will completely lock out your credit report or lock your credit report,” Dunn said. “No one can open accounts, or you yourself cannot open new accounts while this freeze is activated.”

Envoy Mortgage Partners with Cloudvirga to Improve

IRVINE, Calif., October 09, 2019 (GLOBE NEWSWIRE) – To enhance the digital mortgage experience, Cloudvirga, a provider of digital mortgage software, and Envoy Mortgage Ltd, a national independent mortgage lender serving retail originators, has partnered to deliver the Cloudvirga digital mortgage platform to Envoy mortgage agents and borrowers.

Envoy Mortgage, in its ongoing efforts to improve the experiences of originators and borrowers, was looking for a solution that would modernize its digital application, help reduce costs, increase transparency, and reduce closing times by half or more. Envoy chose Cloudvirga because it achieved these goals by providing a world-class experience for consumers and loan originators through its automated workflow for lenders.

New technology partnership reflects a decision by Envoy Mortgage’s management team to prioritize the implementation of an integrated infrastructure solution to improve the efficiency, effectiveness and productivity of loan originators in an increasingly competitive market.

“We are delighted that Envoy Mortgage has chosen to partner with Cloudvirga for a highly automated loan manufacturing experience to help further increase the efficiency of its loan originators,” said Dan Sogorka, CEO of Cloudvirga . “We look forward to supporting Envoy Mortgage’s commitment to enabling consumers to find the best possible loan options and close them quickly and effortlessly. “

The Cloudvirga digital mortgage platform reduces the time required for traditional mortgage closing by streamlining the digital mortgage application process for loan officers and consumers. Today, Cloudvirga’s technology powers nearly $ 200 billion in loans per year and is used by ten of the country’s top 40 donors.

“This commitment, along with an overhaul of internal processes, will translate into a real transformation, positioning us very well for the future,” said Dan Mulberry, CIO of Envoy Mortgage. “This ensures that our loan originators can provide referral sources and borrowers with a great experience from start to finish. The platform also guides consumers through a smart workflow that automatically fills out the loan application and immediately begins verifying borrower data for a single, streamlined experience.

For more information on Cloudvirga, visit cloudvirga.com, and to learn more about Envoy Mortgage, visit envoymortgage.com.

About Cloudvirga
The Cloudvirga digital mortgage platform uniquely combines a world-class borrower experience with an automated lender workflow that dramatically lowers overall loan costs, increases transparency, and reduces loan closing time. ready. Led by top fintech veterans with a background in building successful mortgage technologies, Cloudvirga’s customer base includes ten of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $ 77 million from some of the country’s leading lenders and private equity firms. For more information visit cloudvirga.com.

About the Envoy mortgage
Founded in 1997, Envoy Mortgage is an independent, national mortgage lender headquartered in Houston, Texas, dedicated exclusively to serving retail originators to enable them to serve their clients and grow their businesses. As a Fannie, Freddie and Ginnie Authorized Dealer / Repairer, Envoy offers a full menu of loaner products with locations across the United States. the technology needed to support all functions of the mortgage process. More information is available at envoymortgage.com. Envoy Mortgage, Ltd. NMLS # 6666.

Media contact:
Jack McHugh
[email protected]

A photo accompanying this announcement is available on https://www.globenewswire.com/NewsRoom/AttachmentNg/8188a25c-fbac-43c4-9b87-98864cfe161e

Second Stimulus Check: With no relief in sight, here are 6 places to turn for financial help

The long-awaited second round of stimulus is still on the table, but the timeline for which Americans would actually see a new round of aid is still hanging in Congress.

Previously it was the presidential and legislative elections slow down the decision, but with the results coming slowly, it seems that leaders are starting to focus again on stimulus options. Senate Majority Leader Mitch McConnell said he was pushing for a new coronavirus aid bill to be settled by the end of the year.

However, it is still unclear when these checks would actually hit Americans’ wallets. And while a previous Bankrate survey revealed that the $ 1,200 check would not keep struggling Americans going for a month, the stimulus would certainly help cover basic day-to-day needs and other timely payments.

If you have been financially affected by the pandemic, here are six places you can turn to for relief.

1. Communicate with your creditors and lenders

If you’re having trouble making payments on your credit cards or loans, call your creditors and lenders to see if they’ll offer help. For example, you might be able to receive a forbearance, which might help you familiarize yourself with other large payments.

Currently, mortgage borrowers can get forbearance up to one year under the CARES Act and some banks and credit issuers even offer help to their struggling customers – just ask.

2. Search local community assistance programs

Sometimes help is just around the corner, but you just need to do a little research beforehand to find it.

A good resource for accessing help is 211.org, which connects people to local aid programs. For example, 211 can help you find food, pay housing bills, or other essential services. They can even help you secure free or more affordable internet.

You can also call them on 211 and you will be connected with someone who will help you find help nearby. United Way, for example, is one of the many partners that 211 can put you in touch with. The Salvation Army is another organization that can help you if you need housing or food assistance.

3. Use your emergency savings

Emergency fund are there for situations exactly like this – so consider using them to help you cope during tough times. While it may sting to see your balance go down, it’s a better alternative to accumulating debt.

When deciding where to use your emergency funds, ask yourself: is the purchase or payment in question really necessary for survival? This can help you limit your spending of emergency funds so that they are only used for the real necessities.

4. Consider a Coronavirus Hardship Loan

Loans for difficulties related to the coronavirus, a type of personal loan, were created in response by banks and credit unions to help their communities. Unlike regular personal loans, these loans are designed as short-term relief: they offer better terms, but they also offer smaller loan amounts that need to be repaid sooner. Typically, hardship loans are $ 5,000 or less.

The advantage of taking out this type of personal loan is that the interest rates are lower, they are funded quickly after approval, and you can defer your first payment for up to 90 days.

These types of loans can really help you get short-term relief, but remember that you still have to pay them back or it could add to your debt. Generally, here is what is required to qualify for a hardship loan:

  • You will need a credit history that demonstrates positive behavior.
  • Usually, you must be a member of the bank or credit union you are applying for the loan from.
  • Some banks or credit unions may have deposit or income requirements.

To apply for a hardship loan, contact your bank or credit union to see if the financial institution offers them.

5. Try to negotiate your bills

If you are having trouble paying some or all of your bills, try to negotiate them rather than not paying them completely. You can do it the old-fashioned way by calling your service provider, explaining your situation, and hoping they’ll give you a break. Or there are services, such as Trim and Truebill, which do the negotiation for you.

It probably won’t be a godsend, but it could seriously lower your bills and who doesn’t like to save a few bucks here and there?

6. You can make an early withdrawal from your 401 (k) without penalty, but you should try to avoid it.

If you’ve exhausted your emergency fund and would rather not take out a loan, you may want to consider withdrawing funds from your 401 (k). As a general rule, this is neither advisable nor beneficial as it comes with a 10% early withdrawal penalty if you withdraw before the official retirement age of 59 ½. However, it is currently waived until December 31, 2020 under the CARES Act.

Only qualified persons will be able to benefit from the exemption from this penalty on withdrawals up to $ 100,000.

You will need to meet one of these criteria:

  • You have experienced a layoff, time off, or reduced hours as a direct or indirect result of the coronavirus.
  • You or someone in your household has been diagnosed with COVID-19.
  • You cannot work because you have to take care of your child.
  • You had to close your business or cut your hours due to the pandemic.
  • You have suffered adverse financial consequences related to COVID-19.

While not having to pay the early withdrawal fee can make this option tempting, it’s important to consider how an early withdrawal might affect your retirement plan in the future.

For example, avoiding the 10% fee might sound like a good deal now, but that doesn’t factor in all of the compound interest that you would miss if you left the funds behind. According to a 2017 study by Mass Mutual, tapping into your retirement savings early could not only delay your retirement, but also reduce your overall savings by up to 14%.

Learn more:

NAR: Black homebuyers more likely to be turned down for mortgages than white homebuyers

NAR officials say data reinforces need to implement key housing policy initiatives to address persistent gaps in minority homeownership

Berks County, Pennsylvania – Minority homeownership lags stubbornly behind the national rate, with black Americans facing some of the toughest hurdles in achieving this essential part of the American Dream, according to the National Association of Realtors®. Black Americans’ homeownership rate of 42% is almost 30% lower than that of white Americans at 69.8%. The homeownership rate in the United States is 64.2%, with the rates for Asian and Hispanic Americans being 60.7% and 48.1%, respectively.[i].

Housing statistics for Berks County are similar with homeownership rates 77% white alone, 64.9% Asian, 43.8% Hispanic or Latino and only 37.3% blacks or African Americans; as recorded by the US Census Bureau 2019 American Communities Survey, 5-year estimates

NAR Running and Buying a Home in America Sneak Peek The report examines the homeownership rate among each breed in 2019 using data from the American Community Survey by state and changes in the homeownership rate by breed from 2009 to 2019. At l Using data from the 2020 Home Buyers and Sellers Profile data, the report examines the characteristics of who buys homes, why they buy, what they buy, and the financial history of buyers based on race.

“These data reinforce the need to implement key policy initiatives developed by the NAR in collaboration with the Urban Institute and the National Association of Real Estate Brokers to close the black property gap,” said the president of the NAR , Charlie Oppler, real estate agent.® of Franklin Lakes, NJ, and the CEO of Prominent Properties Sotheby’s International Realty. “More specifically, this five-point plan drawn up in 2019 calls on the nation to: advance political solutions at the local level; address the constraints and affordability of housing supply; promote an equitable and accessible housing finance system; providing other education and counseling initiatives for tenants and millennials ready for mortgages; and focus on sustainable home ownership and preservation initiatives.

When it comes to nationwide housing affordability, 43% of black households can afford the typical home compared to 63% of white households, 71% of Asian households and 54% of Hispanic households, according to the ‘study. Wide differences in affordability exist between states. For example, over 60% of black households can afford to buy a home in Alaska, Kansas, Nebraska, South Dakota, and Vermont. However, less than a third of black households can afford to buy a home in California, Colorado, Hawaii, Massachusetts, Montana, Nevada, Oregon, Utah, Washington State, Washington State, USA. Wyoming and the District of Columbia. There are only four states where less than half of white households can afford a home: California, Hawaii, Oregon, and Washington state. More than half of Asian households can afford a home in all but six states – California, Colorado, Hawaii, Montana, North Dakota, Wyoming – and the District of Columbia.

Almost a quarter of Asian Americans: 23% – and one in five Hispanic Americans: 18% – have bought a multigenerational home, with “spending time with aging parents” and “saving money. money ”listed as the main reasons for these decisions. Fifteen percent of black Americans and 10% of white Americans have purchased a multi-generational home, as both segments said the primary driver was adult children or parents returning to the home. Black and Asian Americans were more likely to say that “wanting a house larger than multiple incomes could afford together” was an important reason for buying a multi-generational home.

Black households are more than twice as likely as white households to have student loan debt at 43% vs. 21% with median student loan debt for black households of $ 40,000 compared to $ 30,000 for white households. For homebuyers with student debt, this is one of the biggest barriers to saving for a down payment. Black applicants were turned down for mortgages at a rate 2.5 times higher than white applicants at 10% vs. 4%, respectively.

Black Americans and Hispanics, 15% and 10%, were three and twice as likely, respectively, as whites and Asian Americans at 5% each, to tap into their 401 (k) or their pension fund as a source of down payment for a home purchase. Such actions can have a negative impact on the future growth of wealth and the realization of savings. Conversely, nearly four in ten White Americans at 37% used the funds from the sale of their primary residence as a down payment for a house compared to only 21% of Hispanics, 18% of Asians and 17% of blacks. Americans.

“The strong performance of the residential housing market during the pandemic has helped homeowners enjoy a significant increase in their wealth via approximately $ 1 trillion in additional equity over the past year,” said Lawrence Yun, NAR Chief Economist. However, as an indicator of the K-shaped economic recovery, more potential first-time buyers – many of whom are minorities – feel discouraged by disproportionate job losses. Essentially, the price of home ownership a house is being taken away from them due to the rapid rise in house prices resulting from a historically low housing stock.For black Americans, in general, the greater likelihood of having student loan debt, combined with income household costs and accumulated savings compared to the national average, adds to the challenge. ”

NAR believes policy proposals like the Biden administration’s first-time buyer tax credit of up to $ 15,000 would help address many of these underlying issues. Under the proposal, homebuyers would receive the tax credit when purchasing the home, rather than having to wait to file their federal income taxes the following year. NAR also believes that the first-time purchase tax credit should be accompanied by incentives to create more affordable housing units to prevent the credit from further exacerbating the current shortage.

The study noted that for those who said they had witnessed or experienced discrimination in a real estate transaction, 41% of black respondents said they faced more stringent requirements because of their race. This compares to 27% of Asian respondents, 19% of Hispanic respondents, and 16% of white respondents. About a third of black homebuyers and a quarter of Asian homebuyers said they had witnessed or experienced discrimination with the type of loan product on offer.

About 7 in 10 White Americans said they bought a home in a neighborhood where the majority of residents were of the same race. However, only about a quarter of black, Hispanic and Asian Americans said the same.

NAR strives to ensure that real estate agents® are active leaders in the fight against prejudice and discrimination. Last year, NAR started to implement its fair housing program “ACT” regime, – which emphasizes responsibility, culture change and training. As part of this plan, NAR released a new interactive training platform – Fairhaven – designed to help fight discrimination in the US real estate market. In addition, NAR has developed a implicit bias training video with strategies to help real estate agents® overcome prejudices in their daily interactions.

Check out NAR’s Snapshot of Shopping and Home Buying in America here: https://www.nar.realtor/research-and-statistics/research-reports/a-snapshot-of-race-and-homebuying-in-america.

Learn more about NAR’s fair housing initiatives by visiting https://www.nar.realtor/fair-housing.

The national association of real estate agents® is the largest trade association in the United States, representing over 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Fed must ignore tantrums and let rates rise longer term

The author is CEO and Chief Investment Officer of Richard Bernstein Advisors

The Ferber Method, a sleep training technique, teaches babies to self-soothe and fall asleep on their own. It is as much a training technique for new parents to ignore their baby’s crying as it is for the child to learn to fend for themselves.

The US Federal Reserve should consider Ferberization bond investors and ignore the future “Conical crises” such as the market disruption that occurred when the central bank announced a tightening of monetary policy in 2013. The long-term health and competitiveness of the US economy may depend on the appeasement ability of bond investors to face facts.

The slope of the yield curve is a simple model of the profitability of credit. Banks pay short-term rates on deposits and other sources of funds and receive long-term rates by issuing mortgages, business loans, and other loan arrangements.

A steeper curve is therefore a simple measure of better bank profit margins and has, in past cycles, stimulated greater willingness to lend. Historically, the Fed’s survey of senior bank lending officials shows that banks are more willing to lend to the real economy when the yield curve is steeper.

With this simple model of bank profits in mind, the textbooks highlight the Fed’s control over short-term interest rates as a tool to control lending. The Fed cuts the cost of funding banks and boosts credit when it cuts interest rates. But it raises financing rates and cuts loans when it raises short-term rates. Coupling lower short-term rates with a steeper yield curve can be a powerful boost to bank lending.

However, the policies of this cycle have been unique. As US short-term interest rates are close to zero, the Fed has tried to stimulate the economy further by buying longer-term bonds and lowering long-term interest rates. These actions have indeed reduced the costs of long-term borrowing in the economy, but the willingness of banks to lend has been limited because credit lines have been tight and risk premiums low.

In previous cycles, banks might have been willing to lend despite a relatively flat yield curve, as they could improve narrow credit lines using leverage. However, regulations after the financial crisis now limit their ability to use leverage.

This combination of policies and regulations has fueled some of the growth in private lending. Private lenders are not subject to regulated leverage constraints and therefore can lend profitably despite a flat curve. The growth of private credit effectively reflects an involuntary disintermediation of the traditional banking system. This means that much of the liquidity destined for the real economy has been trapped in the financial economy.

The yield curve has started to steepen and the Fed should freely allow long-term interest rates to rise so that monetary policies benefit the real economy more fully. Allowing long-term rate hikes would not only begin to dampen financial speculation as risk-free rates rise, but could simultaneously encourage bank lending to the real economy.

Hence the need for the Fed to Ferberiser bond investors. Banks’ willingness to lend begins to improve as the curve begins to steepen, but some economists suggest the central bank should continue with its current strategy of lowering long-term interest rates due to the potential for a disruptive “taper tantrum” from bond investors. . The Fed must ignore investors’ tantrums and allow them to calm down.

The implications of the Fed’s investment allowing long-term interest rates to rise seem clear. Much of the speculation in the US markets is in assets such as venture capital, special purpose acquisition vehicles, tech stocks, and cryptocurrencies. These are “long-term” investments that have longer-term horizons factored into their valuations. They underperform when long-term rates rise because investors demand higher returns over time. The capital would probably be redistributed towards more tangible productive assets.

Investors and policymakers should be concerned that monetary policy is fueling speculation rather than supporting the lending facilities needed to replenish US registered capital and keep the country’s economy competitive.

Like a new parent for a baby, the Fed shouldn’t be rushing to pamper bond investor crises and should let financial markets calm down. Short-term financial market volatility could cause sleepless nights, but the Fed could free up the lending capacity of the traditional banking system by letting the yield curve steepen further.

Company linked to former Rangers owner Craig Whyte made false claims to pocket £ 50,000 in Covid bailout money

A business used by the former owner of the Rangers Craig whyte to help companies cheat, the tax authorities took £ 50,000 coronavirus government bailout loan – then spent it on mostly personal use.

This led to the business being wound up after falsely claiming to have massive turnover to get the money to help struggling businesses.

A Daily Record investigation last year into the company – Fortress Restructuring Ltd – sparked Insolvency Service (INSS) and Scottish Police investigations and their shameful business dealings which were being carried out by Whyte and his father OAP , Tom.

But we can reveal a damning petition submitted by the INSS to the Session court explains how:

● Fortress was awarded the maximum of £ 50,000 after giving misleading details of a turnover of over £ 250,000.

● The company has never declared a penny of profit and has not been affected by the coronavirus.

● The £ 50,000 was not used for company business and a “substantial proportion” was allocated to personal expenses.

● Fortress has no money to repay the loans.



Tom Whyte leaves his house

The latest scandal has prompted further calls for Whyte and his father to be investigated for potential fraud offenses.

Scottish Police are believed to be set to finalize a decision on a separate investigation into suspicions of Whyte acting in a managerial role at a company while being banned from being a director.

An interim liquidator appointed by the INSS will now prepare a conduct report on the people who, according to him, control the company.

This could lead to a recommendation on criminal proceedings to be initiated either by the police or by the INSS investigation department.

After hearing the details of the INSS tribunal’s petition, Scottish Labor Economics spokesperson Monica Lennon said: ‘It is evident that there has been widespread abuse of the loan scheme. Bounce Back and this is maddening to the many honest people who have been hit hard by the pandemic.

“If the ongoing investigations find any evidence of fraud or other wrongdoing, I hope the full force of the law will be applied.”

Fortress Restructuring would have been wound up anyway due to the Record revelations in August, which was a significant part of the INSS petition.



A previous story from the Daily Record about Craig Whyte

The petition noted that Fortress websites contained deceptive material that undermined licensed insolvency practitioners.

He found no evidence that anyone employed by Fortress “or in a position of control over it” had any expertise in insolvency matters.

And it also reports a wide range of “misleading and / or objectionable marketing material” as documented in the file. Shameful services offered include writing off debts and transferring assets from one business to another.

The INSS also accuses the company of having encouraged the directors not to cooperate with the insolvency practitioners.

And his court document disputes how the Fortress website suggests admins can circumvent disqualification orders and how he can use shadow directors to distort what’s going on.

The winding-up order was granted by the sessional court after the petition was not challenged by Tom Whyte – the only director listed at Companies House for Fortress.

An INSS spokesperson said: “Following confidential inquiries, we asked the court to dissolve Fortress Restructuring Limited after finding examples of misleading marketing materials regarding their insolvency-related services.

“The company had also requested financial assistance from the government under false pretenses.

“The petitioner was concerned that the company is operating with a lack of commercial probity, including: 1. Abuse of the coronavirus rebound loan program. 2. Misleading and / or objectionable marketing material.

Craig Whyte was banned from being a corporate director for up to 15 years after owning the Rangers, which brought the club to its knees in 2012.



Our reporter in front of Tom Whyte’s house

It was discovered that he had used the proceeds from future membership sales to purchase the club.

Whyte’s autobiography, published last year, revealed contempt for an earlier seven-year ban for being a UK director imposed on him.

He wrote: “Anyone with half a brain can bypass it and that means the authorities cannot monitor them. Judgment was bulls ** t. It didn’t affect me one iota.

Despite being banned from becoming a director, he added, “I’m back in business and rebuilding my financial situation, which is a relief considering how devastating it has been. “

Neither Tom nor Craig Whyte answered phones registered on Fortress or its sister site Rescue Capital, which is designed for London.

When the Daily Record approached Tom Whyte at his home in Lanarkshire and asked him why he requested a rebound loan, he closed the door on our reporter.

A police spokesperson said: “Our investigations are continuing. “

SCB ready to extend its relief to the hotel industry

SCB ready to extend its relief to the hotel industry

Debt Relief Program May Be Extended

Customers wait to be served at a branch of Siam Commercial Bank in Bangkok.

Siam Commercial Bank (SCB) is ready to extend its debt cancellation program for the hospitality sector in case the Bank of Thailand does not extend its targeted debt relief measures which expire in June.

The central bank implemented targeted debt moratorium measures in mid-October 2020 for small and medium-sized enterprises (SMEs) with a line of credit of less than 100 million baht and having difficulty securing the loan. service their existing debts.

The targeted measures are due to end on June 30 of this year. This only applies to targeted SMEs that fail to repay loans to financial institutions because their business activities have not fully recovered.

The measures are a fitted extension of the large-scale debt relief measures rolled out by the central bank on April 23 last year to help SMEs recover from the fallout from the pandemic, which ended on October 22. 2020.

The bank is ready to extend debt relief measures to commercial borrowers who cannot service their debt due to the impact of the pandemic, especially hotel operators, on a case-by-case basis, said SCB President Sarut Ruttanaporn.

SCB, Thailand’s fourth-largest commercial lender in terms of total assets, has hospitality loans outstanding of around baht 80 billion against the bank’s total loan portfolio of 2.2 trillion.

The bank’s hospitality loan portfolio accounts for the largest portion among its local banking peers. About 90% of the total outstanding loans in the Home Loan portfolio have requested debt relief measures using various methods, including a suspension of principal and interest, such assistance being offered on a case-by-case basis. case.

“Given the good credit quality of hotel borrowers [before the pandemic emerged], we are not so concerned about the quality of the assets and most of them are expected to resume normal business activities when the government reopens the country to foreign tourist arrivals, ”Sarut said.

On average, the loan-to-value ratio of the hotel business is quite low, hovering around 40-60%, and the majority of businesses are long-time SCB clients. Most hotel borrowers recorded positive business performance, but have since stumbled due to the pandemic.

The SCB is also waiting to assess clearer details about the asset warehousing program before deciding whether or not to participate in it, he said.

The Bangkok Post previously mentioned, the asset storage program in principle allows economic operators to suspend debt repayment and temporarily transfer real estate assets, as loan collateral, to their creditors within a specified time frame.

Commercial operators would then be allowed either to lease these frozen assets to creditors to continue their business activities, or to let the creditors manage the frozen assets.

Meanwhile, SCB plans to extend an additional line of credit worth 1.5 million baht to financially troubled Pace Development Corporation Plc for the Nimit Langsuan condominium project this year, Sarut said. .

The line of credit would allow the company to complete the luxury residential project by this year and begin the transfer of condominium units next year, he said. In this scenario, Pace would pay off debts of around 5 billion baht in 2022.

It was reported in March 2020 that Pace owed SCB 11 billion baht, of which 7 billion baht included loans backed by collateral.

Pace’s total liabilities stood at 19.6 billion baht compared to total assets of 18.4 billion in March 2020. Pace’s financial problems emerged in 2017 when he defaulted on a bill payment. change, many seeing his choice to use short-term debt instruments in the capital. market to finance long-term investment projects as a source of financial stress.

Hodges Ward Elliott Adds Loan Selling Expert and Expands Company’s Capital Markets Practice

NEW YORK, September 21, 2020 / PRNewswire / – Hodges Ward Elliott (“HWE”), one of the world’s leading independent real estate brokerage and investment banking firms, with offices in new York, Atlanta, Chicago, Dallas, Miami, Los Angeles, Washington DC, and London, an industry veteran announced today Michael britvan joined the company as General manager.

In his new role, Britvan will lead the company’s loan sales advisory initiatives within the Capital Markets group, and alongside the company’s team of professionals in the United States and Europe. His focus is on specialized loan sales advice, which adds to the firm’s extensive network of lender and client relationships.

Britvan has over a decade of loan sales experience, negotiating over $ 15 billion loans on behalf of financial institutions, including banks, insurance companies, special services, funds and government clients. Most recently, Britvan served as Managing Director of Mission Capital Advisors, where he oversaw the appraisal and negotiation of performing, underperforming and nonperforming commercial, commercial, residential, commercial and equipment loans in both. United States and Latin America.

“Michael is highly regarded for his knowledge in the area of ​​loan sales advice. We are delighted that he has joined the Hodges Ward Elliott team to contribute to the success of the company, ”commented the President of HWE. Mark Elliott. Guillaume Hodges, President and CEO of HWE, notes: “Michael is well qualified to help lead the expansion of our business in the loan sales industry alongside our leading capital markets group.

“HWE’s position as a leading real estate investment banking company positions the platform for success in loan sales advisory, especially in this time of dislocation in debt capital markets,” commented Britvan, adding: “I am delighted to join this exceptional group. of professionals and look forward to supporting new and existing clients of the firm. ”

Britvan graduated from Binghamton University.

About Hodges Ward Elliott:

Hodges Ward Elliott (“HWE”) is a leading full-service real estate brokerage and advisory firm designed to facilitate global capital investment in access markets. HWE’s multidisciplinary platform includes sales, hospitality and capital markets teams, with offices in new York, Los Angeles, Atlanta and London. As a private company, HWE focuses on building long-term relationships and prides itself on its reputation for providing exceptional customer service. HWE has closed its doors $ 70 billion transactions, including more than $ 26 billion since 2015 only.

Contact: Great Ink – 212-741-2977, Tom Nolan, [email protected]

SOURCE Hodges Ward Elliott

Watch Out For These NCUA Exam ‘Hot Spots’ | 2020-10-02

Jared Ihrig, Chief Compliance Officer and CUNA Attorney Explored NCUA Exam ‘Hot Spots’ During 2020 CUNA Membership Operations and Experience Board Virtual Conference and CUNA Technology Board.

The NCUA is focused on error resolution requirements, timelines and issues regarding Regulation E, as well as overdraft opt-in disclosures for one-off ATM and debit transactions, he said. declared.

Some credit unions continue to miss the loan application registry (LAR) filing deadlines as required by the Home Mortgage Disclosure Act, and some are not updated on a quarterly basis.

Additionally, in some cases, data fields are not properly aggregated or captured in credit union loan origination systems, Ihrig says.

The reviewers also note that in some instances, credit unions fail to provide borrowers with sufficient specificity of the reasons for adverse action notices related to Settlement B, resulting in certain review findings for credit unions. .

Fair loan reviews will likely increase in 2020 and 2021, he notes.

Under the Servicemembers Civil Relief Act, the annual percentage rate reduction must occur on the effective date of active service orders, not necessarily on the date the member notifies the credit union.

Additionally, Reserve and National Guard members are covered by the Military Lending Act and the Servicemembers Civil Relief Act, says Ihrig. Some credit unions do not understand what constitutes a “covered borrower” under the Military Loans Act.

During CUNA’s discussions with the NCUA, the agency reports the second highest number of complaints about the Fair Credit Reporting Act, he said.

“It’s important to remember that if we contract with third-party vendors and there are mistakes made by our third-party vendors, it does not relieve the credit union of its responsibility in this area,” says Ihrig.

When it comes to fair loans, credit unions need to review all of their systems, including debt collection and credit scoring, to make sure they are being applied fairly.

Mortgages are another review hot spot for regulators, Ihrig says. Specific concerns include misrepresentation of credit terms and annual percentage rate, rates and payments misleadingly advertised as fixed, misrepresentation of “the existence, nature or amount of money or credit available. “For the consumer, the misrepresentation of” the existence or amount of fees or costs to the consumer “, and the number of payment periods during the entire term of the loan.

Mortgage management is also an important issue, with loss mitigation timing and disclosure requirements, notices and communications to delinquent borrowers, private mortgage insurance release requirements, calculations and disclosures. escrow account, assigns, periodic reporting requirements and borrowers in bankruptcy disclosures under scrutiny, says Ihrig.

More from #OMETechVirtual

Visit CUNA News for more conference coverage and see event highlights on Twitter via the #OMETechVirtual hashtag. Learn more about advice from CUNA, a professional, member-run society for credit union executives, at cunacouncils.org.


‘Small enough to be imprisoned’ panel discusses ethics and injustice

On November 5, the Farmer School of Business wrapped up its Executive Speaker Series, which normally features executives from large companies who serve as role models for future American business leaders.

The final installment in the series brought in a different kind of speaker – four of them, in fact, all associated with a small bank that was targeted during the 2008 financial crisis.

“Abacus: small enough to be imprisoned” is a 2017 documentary that tells the story of the charges against Abacus Federal Savings Bank, a family-owned business that supports Chinese immigrants by helping them get loans and start their own businesses in New York’s Chinatown. The documentary was nominated for an Academy Award in 2018 and was produced in part by Miami alumnus Mark Mitten.

The panel featured Mitten as one of its speakers. He explained how the idea for a documentary came about after hearing about the charges against Abacus.

“I did a little research to find out if another bank had been charged in connection with the 2008 crisis,” he said. “Then the lightning struck, meaning that no other bank had ever been charged.”

Abacus has been charged with mortgage fraud because of customer ambiguities on topics such as the difference between a gift and a loan, as well as discrepancies between the use of official and unofficial names when borrowing money. Although these are technically illegal, Abacus borrowers systematically repaid the loans, which does not happen with intentional mortgage fraud. Despite these facts, Abacus was subjected to a five-year legal battle which he ultimately won.

Jill Sung, CEO of Abacus, was one of the panel speakers. She described the absurdity of the charges against the bank by New York Attorney Cyrus Vance Jr.

“It was almost as if [Vance] was like ‘Aha! There is something wrong and I am the only one telling you that… in a year, something is going to go wrong, ”she said. “We found out that, legally, it wasn’t fair.”

After the trial, Abacus was found not guilty of all 80 charges against him.

Chanterelle Sung, another speaker, was an assistant prosecutor in the same office that sued her family’s bank. In the panel, she described how the incident strained her family, but ultimately united them under the common cause of finding justice for the bank.

“I would say the trial itself was the time when we all got together,” she said. “When something like that happened, it was a time when we all knew we had to come together. Whatever our priorities were at that time, it became our priority. “

Vera Sung is director of the bank and fourth speaker on the panel. She explained that situations like the one Abacus faced were more common than many realize.

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“All of these themes – big business versus small business, prejudice and racism – are universal. Most people don’t win these cases and justice is not served, ”she said. “Unfortunately, justice is what you can afford.”

The panel was filled with these new ideas and thoughts on the documentary and featured questions from students taking courses in business law and ethics.

While the Sung sisters spoke about the documentary and its effects on their lives and careers, they also spoke about the effect of COVID-19 on the bank.

“There are already more regulations on small banks [since the 2008 crisis]”Said Jill Sung.” I am concerned that small businesses and small clients have been under so much pressure and restrictions that I am concerned this crisis is really disrupting what is happening with these groups. “

Hannah Dove, senior director of finance and business, who helped organize the event, explained that the panel had helped her realize that discrimination on the basis of company size and race was still a relevant issue in today’s workplace.

“In ethics, we talk a lot about discrimination and racism in the workplace, but hearing their firsthand experience of how their small family bank was targeted, seeing that it was in fact a real thing, gives you a new perspective on things, ”she said. noted.

The “Small Enough to Jail” sign is still available on the Miami University Alumni Association Youtube channel. The documentary “Abacus: Small Enough to Jail” can be viewed for free on the PBS website.

@hua_shr

[email protected]


Nav report reveals smaller businesses are not treated the same when getting financing

SALT LAKE CITY, Dec 10 2020 / PRNewswire / – Today, Navigation, the smart and simple financing platform for small businesses, outlet a report showing that for very small businesses (VSEs), obtaining financing is much more difficult than for their small and medium-sized counterparts. This gap comes in the form of likelihood of approval, ability to find the right offer, resources to fulfill a request, etc.

Nav surveyed 500 small business owners and looked at their experiences and expectations of corporate finance at a time when access to capital is particularly vital. Small and medium-sized enterprises (SMEs) are already vulnerable, with liquidity reserves of only 27 days, but this year, the struggle for business survival is particularly difficult. In 2020, around 100,000 companies having closed due to COVID-19. For the context, SMEs represent 99.9% of companies in the United States, account for 1.5 million jobs per year and generate around 44% of American economic activity. VSBs make up about 17 percent of this pool, representing the first and most precarious stage of any new enterprise.

“Smaller businesses often come to the table with fewer resources and less credit experience. On top of that, the traditional banking system is not designed to meet their needs. Greg ott, CEO of Nav. “Nav’s new report suggests the same story that was evident after the last great U.S. recession: Smaller companies are the least likely to get the financing they need. Fintech fills the ecosystem gap, but we must collectively improve data connectivity, education, and support services for all SMEs to give them the opportunity to succeed. “

In this report, VSEs are defined as companies with 1 to 19 employees, small companies (SB) are defined as having 20 to 99 employees, and medium-sized companies (MB) are defined as having 100 to 500 employees. .

The main findings include:

  • Smaller businesses are the least likely to apply for a loan.
    • 27% of VSEs have applied for loans in the past 12 months, compared to 41% of VSEs and 61% of MBs
    • Only 6% of VSEs definitely plan to apply for a loan in the next 12 months, compared to 19% of VSEs and exactly 50% of MBs
  • Smaller businesses are the least likely to secured a loan. The likelihood of being approved and for the desired amount increases with the size of the business.
    • 80% of MBs were approved for the funding they requested and got the terms they wanted, compared to 69% of SBs and 68% of VSBs
  • Very small businesses are the least likely to look beyond banking for access to capital. Large businesses are much more likely than small businesses to look to the online marketplace, lending center, or online lender instead of a bank.
    • VSEs were the least likely to turn to an online lender (6%) versus 18% of VSEs and 10% of MBs
    • Meanwhile, MBs were more likely to look at an online marketplace or lending platform: 28% vs. 18% of SBs and only 6% of VSEs

This survey was carried out online within United States by Bredin on behalf of Nav between September 11 and October 1, 2020, among 500 leaders of American companies with 1 to 500 employees. See full results here.

About navigation
Navigation uses real business data to quickly match small businesses with the best loans and credit cards. The leading business financial management application, Nav’s intelligent business finance solution provides insight and opportunities for the day-to-day financial decisions that fuel their success. Nav’s solution is also leveraged by other business service providers to improve their customer experience. Learn more about Nav is available at Nav.com.

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Swansea in talks to sign USMNT Jordan Morris on loan

Swansea City in “ongoing” talks to acquire the US winger Jordan morris Seattle Sounders on a six-month loan, a source confirmed to ESPN.

The Telegraph was the first to report Swansea’s interest in Morris.

– USMNT 2021 to-do list: find an attacker, build depth behind the stars
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Stream ESPN FC Daily on ESPN + (US only)

Morris, 26, attends training camp with the United States Men’s National Team. Earlier this week, he opened up about his future, saying there were “certainly conversations” between Seattle and European clubs.

“I think for me it’s a similar position to where I was before the MLS Cup. If the right offer and the right team come up, that’s definitely something I would be interested in,” Morris said. earlier this week. “And if things don’t work out, and I end up in Seattle, I love it there and I feel like I grew up in Seattle a lot.”

Morris, who grew up near Mercer Island, Wash., Has spent his entire professional career with the Sounders, fending off offers from Werder Bremen when he signed with the Sounders in 2015. He scored 42 goals in 129 league appearances. , playoffs and cup. . During his tenure in Seattle, the Sounders won two MLS Cups and reached the final on two other occasions, including the 2020 season when Seattle lost 3-0 to the Columbus Crew.

Internationally, Morris has also made an impact, scoring 17 goals in 39 appearances. He was part of the team that won the 2017 Gold Cup, scoring the winner of the game against Jamaica.

Swansea is currently second in the English league, four points behind leaders Norwich City.

This artificial intelligence extracts emotions and shows what people are feeling

Italian artificial intelligence (AI) company specializing in natural language reading and semantics uses its AI technology to extract emotions and feelings from 63,000 English social media posts on Twitter every 24 hours to create a semantic analysis of people’s feelings during COVID-19.

Expert system collects the data in the same time frame – 10:00 a.m. EST (3:00 p.m. CET) on the same day of each week. Data is analyzed every 24 hours and interpreted by Sociometrica. The company applied the most frequently used hashtags related to the coronavirus to analyze data such as #coronalockdown, # covid19, #coronavirusuk, #stayathome, #stayhomesavelives, #coronaviruspandemic, #clapforourcarers, # isolationlife.



Walt Mayo, CEO of Expert System Group, said analysis of social media sentiment shows fear and anxiety surrounding the Corona crisis and its unfolding and efforts to combat it dominate communications.

“We have also seen more and more criticism of individual behavior seen as irresponsible and against advice to follow social distancing and other recommendations to ‘flatten the curve’, added Mayo. “But we’ve also seen growing expressions of gratitude to healthcare workers and signs of hope emerging more broadly.”

Mayo believes it is important to monitor changes in people’s sentiment, because part of the success of the antivirus strategy depends on the behavior of individuals. Based on the data, the general trend shows that fear is the most prevalent emotion.

Mayo says sentiment data from two weeks ago in early April indicated people were scared because they wanted to return to their normal lives; they insisted on obtaining answers both on the progression of the pandemic and on actions to combat the virus. “Strong criticism has been leveled at those who violate the rules of safety distancing and other behaviors [..] it would prevent the spread of the virus, ”Mayo said.

“The days leading up to Easter were a turning point, with more positive emotions correlated with a growing expression of ‘action’ around the commitment to the fight against the virus and the courage of the doctors and nurses working on the front lines of the fight and confidence in science, ”Mayo said.

On April 17, 2020, data showed positive emotions, including the hope and love expressed towards healthcare workers, showed a slight increase from 21.6% to 23.9% in 24 hours.

I support the cancellation of $ 10,000 in student debt and the “elimination of interest”

Last night at a CNN town hall in Milwaukee, President Biden spoke about student debt.

In response to a question about whether he would favor a $ 50,000 student loan forgiveness per borrower, Biden said he would not support that amount and “wouldn’t make that happen.” . Biden suggested he was against a larger amount of student loan cancellation because it would benefit borrowers who go to more expensive, more elitist private universities, “like Harvard, Yale and Penn.” And he expressed concern that the costs associated with a higher amount of student debt cancellation would make it more difficult to implement other policies, like free community college and early childhood education. childhood.

However, Biden accepted that student debt can be “debilitating.” The president reiterated his support for $ 10,000 in student loan forgiveness, an amount he has consistently supported since his presidential campaign. And he indicated that his administration would support more avenues towards a possible loan forgiveness for borrowers with larger student loan balances, especially for borrowers who volunteer or pursue a career in the public service.

Most notably, Biden has expressed support for capping or even eliminating interest on student loan debt. “We should eliminate the interest on the debts that are accumulating,” he said at the town hall event, although he did not provide a more specific policy proposal. The elimination of interest has become a more and more popular idea among some advocates of student loan borrowers, who argue that the interest cap would dramatically reduce the cost of repayment for millions of borrowers.

On the first day of his term, President Biden issued an executive order extending the interest freeze on federal student loans until September 30, 2021 – suggesting that he is well aware that he has the power to suspend interest.

Nonetheless, Biden’s mayoral statement amounted to a clear repudiation of pressure from Progressive Democrats – including Senate Majority Leader Chuck Schumer (D-NY) – and hundreds of consumer and consumer organizations. civil rights defense to convince him to cancel a $ 50,000 student loan. debt by borrower. Some progressive Democrats have expressed concern over Biden’s comments.

“The case against the cancellation of the student loan seems every day more fragile,” tweeted Representative Alexandria Ocasio-Cortez (D-NY) following Biden’s remarks. “We have the Senate Majority Leader on board to forgive $ 50,000 [in student loans]. Biden is holding back, but many of the arguments against it just don’t hold water after close inspection. We can and must do it. Keep pushing! “

Proponents of a $ 10,000 student loan cancellation argue that a smaller level of forgiveness would target relief toward low-income people. In particular, forgive $ 10,000 in student loans would eliminate all outstanding student loans for over 16 million people, or one-third of all current student loan borrowers, and would reduce the balances of 9 million other student loan borrowers by 50 percent.

Further reading

Biden opposes $ 50,000 student loan forgiveness – but supports that amount instead

Could these student loan borrowers be excluded from Biden’s forgiveness?

Can Biden cancel private student loans? 3 options

Biden backs student debt cancellation, expresses openness to executive action

Democrats are taking new steps to pressure Biden to cancel student debt – will it work?

Senators unveil sweeping bill to cancel student loan and medical debt in bankruptcy

3 reasons Biden ruled out student loan relief from Stimulus – and what it means for borrowers

6 student loan reforms that are possible with a democratic Senate

The risks of energy efficient loans

UPDATE: 4:53 p.m., November 30, 2018

Robert Unser is a 74-year-old cancer survivor with cognitive impairment and a big dilemma.

He has four so-called clean energy property assessment loans that he cannot repay and four liens on his house.

“PACE loans are energy efficiency loans that are used to fund only energy efficient home projects,” said Katy Box, attorney for the San Diego Legal Aid Society, which represents Unser.

She said high interest, high fee loans are sold door to door and funded by a first priority tax lien on a homeowner’s property.

“This means the lien takes precedence over any mortgage, over any other lien on the property,” Box said.

RELATED: Expensive Real Estate Makes Scammers Target Aged Homeowners

Homeowners statewide have complained to prosecutors and groups like the San Diego Legal Aid Society about some PACE lenders. Thousands of PACE borrowers have said they don’t understand the terms and are now struggling with loans they can’t afford to repay.

California Attorney General Xavier Becerra said the the elderly are easy targets for unscrupulous loans.

“They’re basically sitting on a gold mine,” Becerra said. “Chances are, they’ve paid off most of the mortgage, so they have a lot of equity in this house.”

San Diego County Attorney Valerie Tanney said repaying PACE loans through lien-backed property taxes put seniors in particular at risk.

“With the elderly to the extent that they have less ability to understand what it is going to cost them, then they risk losing their home,” she said.

In Unser’s case, it’s both.

Robert Unser had four PACE loans and four liens on his San Diego home as of September 27, 2018

Unser almost lost his house once. He lives on $ 11,000 in annual Social Security income. But because of PACE loans, he saw his annual property taxes drop from $ 300 to $ 17,000.

Unser seemed unsure of how he ended up with four PACE loans.

“I don’t know where it came from,” he said hesitantly. “There was a bank that wanted me to take out a loan. I said ‘Give me a few days.’ He wanted me to sign the thing uh, uh, I forget.

RELATED: The California Dream Project

Attorney Katy Box filed a lawsuit on behalf of Unser against loan providers PACE Renovate America and Renew Financial, alleging fraud and breach of contract. The lawsuit is one of many complaints filed against the two loan providers, including class actions on behalf of Los Angeles County landlords.

Colin Bishopp, vice president of corporate communications at Renew Financial, said in a written statement: “Over the past decade, we’ve helped more than 90,000 homeowners complete essential renovations that keep their families alive. more efficiently, more comfortably and safely.

“Customer complaints represent a small fraction of the thousands of homeowners who choose our home improvement financing. When we receive a complaint, we do our best to resolve the issue as quickly as possible. We are committed to serving our customers and proud of our track record. “

Renovate America also issued the following statement: “PACE financing has always been subject to underwriting criteria established by the State of California, and we have always complied with those standards. In fact, Renovate America has led the effort to pass new laws that strengthen CAPC funding by requiring income verification as part of the approval process.

Representatives from both institutions declined to comment specifically on the Unser case because it is in litigation, although Renovate America called Unser’s lawsuit unjustified.

Box disagreed.

“It is very obvious from speaking with him that he does not understand these loans,” she said. “He doesn’t understand the contracts he’s made. He doesn’t understand who he owes money to. He doesn’t know why he owes the money.

And Box said Unser didn’t need the renovations to his home that the PACE loans were supposed to cover.

“He had his kitchen renovated and he doesn’t even cook,” she said. “He receives meals on wheels. It has solar panels. He lives in his living room, his bed and chair and his TV are in his living room so I can’t imagine he uses so much electricity to need solar panels.

Box said Unser is the one who brought PACE loan entrepreneurs to his world.

“He is alone and everyone who knocks on his door invites him to come in,” she said. “And they convinced him, ‘Hey, you need these windows replaced. »You need to renovate your kitchen.

Box said Unser’s PACE loans were finalized with electronic signatures on documents sent to non-existent email accounts. Unser does not have an e-mail address, internet connection, or cell phone.

“They literally made up a fake email address for him,” she said in a lawsuit against Renew Financial and Renovate America.

Laws came into effect this year requiring more state oversight over PACE providers. They will need to consider a person’s repayment capacity before approving the loans.

But it’s too late to help Unser, who is angry and stressed as his trial unfolds.

“This thing gave me a really bad track record,” he said. “They don’t help me. They hurt me. They might as well bury me and be done with it.

San Diego senior battles loan company PACE in an attempt to save his home

The risks of energy efficient loans

Lenders sell seniors on the idea of ​​home improvement work; Sometimes homeowners don’t realize they’ve taken on debt until it’s too late.

Editor’s Note:

After this story was published, California MP Cecilia Aguiar-Curry, author a bill aimed at reforming PACE’s lending rules, issued a statement to KPBS.

“I read your excellent article on the potentially devastating impacts on consumers who are misled into signing contracts that they cannot afford under the PACE program. This year, we fought and won a battle to ensure that a potential client cannot be approved for the program in California until their ability to pay has been verified. My bill, AB 2063, co-authored by my colleague Senator Richard Roth, will protect Californian homes from unethical sales pitches from industry companies.

“Renovate America’s statement, however, puzzles me. I just can’t imagine that after repeated attempts this year to eliminate my consumer protection bill every step of the way, they have the nerve to try and convince anyone that your article’s case is. an outlier, or that they have supported anything that comes close to responsible income verification. They spent tens of thousands of dollars opposing the bill throughout, and even vetoed the governor after he passed the state Senate (37-1 ) and Assembly (79-0) with overwhelming margins.

“I support the PACE program with the increased protections we put in place for California homeowners last year. I applaud the aggressive use of the supervisory authority given to the State Department of Corporate Oversight and their partnership in crafting and adopting AB 2063. But, I must oppose the attempts. from an industry opponent to review the history of those efforts in the legislature this year. “

Here is Renovate America’s response to Aguiar-Curry’s statement:

“California passed landmark PACE legislative and regulatory reforms in 2017, and no one in the industry has fought for these laws more than us. Why did we oppose PACE legislation in 2018 when a year earlier we strongly supported it? Our objections to MP Aguiar-Curry’s PACE legislation this year concerned a number of technical aspects that have undermined the viability of PACE and have not significantly improved consumer protection. We worked productively with his office throughout the session – spending literally dozens of hours negotiating with his staff – and had a significant political disagreement that we were ready to defend and voice, not because it was the practical thing to do, but because we believed it was right.

“We strongly believe that the ability to pay according to income is imperative in determining eligibility for PACE funding. But we are now seeing unintended consequences of recent legislative and regulatory reforms that are pushing entrepreneurs to abandon PACE altogether, determining that it is too cumbersome and cumbersome as a point-of-sale offering for home improvement projects. As a result, people who could qualify for PACE and who could afford a PACE assessment simply no longer have access to it.

“We believe that it is possible to establish a strong and enforceable regulatory framework, adapted to the characteristics of PACE funding. We have sought to work with lawmakers to achieve this throughout the 2018 legislative session and are optimistic that the necessary fixes can still be made, for the simple reason that California needs PACE more than ever. . “

The SBA’s PPP has $ 128 billion. Minority owners still struggle to get their share

Federal funds for COVID-19 corporate relief have been impoverished at one time, but now there is more money than the companies receiving it.

According to the U.S. Small Business Administration, there was $ 128 billion left to lend under the paycheck protection program as of Wednesday night, with just over a week for businesses to apply in the current cycle. Applications should be sent on Saturday August 8.

But in New York City, it has been difficult to tie that pot of federal dollars to some of those most in need of funding.

In the South Bronx, a local sales agent said he had gone in person to talk about the program to predominantly Spanish-speaking auto repair owners who had not yet applied.

In Manhattan, Borough Chamber of Commerce staff are going door-to-door to spread the word, especially in upscale neighborhoods and the Lower East Side.

In north Brooklyn, loan processors have struggled to reach manufacturers who may not speak English or have digital skills.

‘The tip of the iceberg’

“All the big smart companies came in and got theirs,” said Leah Archibald, executive director of East Williamsburg-based Evergreen Exchange, which helps small businesses in the region’s industrial area. “I feel like we are missing a lot of minority and immigrant owned businesses.”

Archibald’s group maintains a list of around 1,500 companies through an annual door-to-door survey kept “as up-to-date as possible,” she said. But still, there are those his team misses.

In mid-May, Archibald noted, a Spanish-speaking colleague was delivering meals to housebound residents when he met the owner of a carpentry shop two blocks from their offices.

The carpenter, who speaks only Spanish, had attempted to apply for PPP in person at his bank, where he was told to complete the application online. He never finished the papers.

Due to the chance meeting, Archibald was able to put him in touch with a fluent Spanish-speaking community development finance institution to guide him through the process.

The carpenter got the help he needed, but the chance encounter made Archibald realize “that there are so many people falling through the cracks,” she said.

“When you see the tip of the iceberg, you know the majority of the volume is hidden,” Archibald added.

Minority-owned and women-owned businesses have struggled to get PPP funding across the country, as defenders have pointed out for months. As the end of this cycle approaches quickly, concern grows that the situation is not improving much.

In East New York, Camille Newman, director of the SBA-funded Women’s business center, is keenly aware of the low loan approval rating among minority applicants.

She said many clients in her group were turned down for various federal loans: some because of their credit scores – which is required by applicants for the SBA’s economic disaster loan program, but not for the P3. – or because they do not have the necessary documents. aligned.

“A lot of these businesses, when they started – as mom and dad, or they’re street vendors, or they sell from home – they don’t think about the documentation and how I should report my taxes, ”she said. .

Lalita Kumut, owner of the Fragrance Shop in the East Village, July 29, 2020.
Screenshot / Save our showcases Press conference

“You have to show everything you’ve got,” said Lalita Kumut, owner of The Fragrance Shop in the East Village. “They are asking for your income tax. They ask your accountant anything. You cannot ignore it.

Kumut applied for a PPP in April and has yet to see the money coming in, she said. She joined a coalition of business leaders at a press conference on Wednesday urging the state to implement rent relief for small businesses.

“I have anxiety now,” she said. “I don’t want to close my shop.

No panacea

The Paycheck Protection Program is not for everyone and should only be used by homeowners who intend to follow the rules, including spending 60% of the money on payroll and keeping workers employed for 24 weeks, Archibald said.

“It’s not free money. You really have to do this stuff, ”she said. “You have to sign a statement saying it is my intention to do so.”

Jessica Walker, president of the Manhattan Chamber of Commerce, stressed that P3s are “not a panacea for all businesses,” especially because the loan can only cover the biggest burden a business has: rent.

“Rent is a huge cost for most businesses and the PPP is designed to primarily help you pay your employees, your labor costs and only cover part of the rent,” he said. she declared. “It helps a lot of businesses, but it’s not necessarily good for all businesses.”

Nonetheless, Walker said, the House is working to reach businesses before the deadline, hosting webinars and workshops, and contacting owners by phone and in person, particularly in Harlem, Washington Heights, Inwood and Lower East Side.

“Now that we know there have been winners and losers – and in particular[…]

Christophe Le Gorju, senior director of the South Bronx Overall Economic Development Corporation, tries to get more businesses in his borough to apply, but finds it an uphill battle.

To spread the word, he visited stores along the auto repair row of Jerome Avenue where many workers speak only Spanish and are often independent contractors. Some thought – mistakenly – because they had a work visa that they couldn’t apply, and others who only stopped working briefly were not sure they were eligible.

“They thought they didn’t qualify because they had barely closed,” he said. “It’s not about shutting down the business. It is a question of loss of income.

Qatar National Bank profits fall 16% as loan loss provisions rise

DUBAI (Reuters) – Qatar National Bank, the Gulf’s largest bank by assets, on Tuesday announced a drop in annual profit of more than 16%, hit by $ 1.6 billion in write-downs over the course of ‘a year in which the region’s economy was hit by the coronavirus epidemic.

Gulf banks have faced a slowdown in business and increased loan write-downs as Covid-19 hit the region. The outlook for 2021 is uncertain due to the protracted nature of the economic recovery.

QNB reported net profit of 12 billion Qatari riyals ($ 3.30 billion) in 2020, it said in a statement, up from 14.4 billion riyals in 2019.

Profit was slightly above the average forecast of 11.7 billion riyals by seven analysts, based on data from Refinitiv.

“Given the long-term financial impacts of Covid-19, the QNB group decided to set aside an additional 5.8 billion (riyals) for loan loss provisions, a precautionary measure, which affected profit. net of the year, ”the bank said. In 2019, write-downs amounted to approximately 3.2 billion riyals.

Qatar’s economy is expected to grow 3% this year, as easing a three-year-old regional dispute will help trade, tourism and logistics, Standard Chartered said on January 6, revising its previous growth estimate. 2.1%.

Saudi Arabia and its Arab allies agreed earlier in January to end a boycott imposed in mid-2017 over allegations that Qatar supports terrorism, charges it has denied.

Qatar’s economy is expected to contract by around 2.5% in 2020, the International Monetary Fund said.

Despite the pandemic, QNB said its total assets reached a record 1,000 billion riyals, thanks to a 7% increase in loans and advances.

QNB improved its cost-to-income ratio from 25.9% to 24.3%, which the bank says is considered one of the highest ratios among large financial institutions in the Middle East region and of Africa.

(The story is passed on to fix the conversion rate in the third paragraph.)

Reporting by Saeed Azhar, editing by Louise Heavens and Jane Merriman

Can you buy a house with less than 20% down payment?

If you don’t have a lot of cash to pay up front, these low down payment loan options can help you become a homeowner. (iStock)

For many people, one of the biggest barriers to buying a home is making a down payment.

In the real estate, a deposit is the money you pay up front to buy your house or the part of the price of the house that is not included in the mortgage. The old rule of thumb was that you had to put at least 20% down to buy a house, but what if you don’t have enough for a 20% down payment?

Fortunately, there are other options available to you. If you are preparing to buy a home right now, the first thing you should do is consult with Credible to learn more about the mortgage process and determine your total costs.

For those who can’t afford a 20% down payment on their dream home, read on.

Can I get a mortgage with less than 20% down?

While a 20% down payment is generally considered the gold standard, it can be difficult for a first-time home buyer to put the amount of money aside. But the 20% rule does not always apply. There are other financial steps you can take if you don’t want to make a huge lump sum payment and take a toll on your personal finances.

The Credible multi-lender site is always a great place to start if you are looking to save money. You can compare mortgage rates and lenders from the comfort of your own home and get a picture of your monthly payments and total costs.

There are also loan options that allow for low down payments or no down payment at all.

Mortgage options without down payment

One of the best tips for first-time home buyers who are ready to become a homeowner but don’t have a lot of cash to pay up front is to choose a no-down mortgage program. There are two popular types of mortgage programs that help you save money by including your down payment cost with your loan amount. They understand:

  1. VA loans
  2. USDA loans

1. VA loans

A VA loan is backed by the Department of Veterans Affairs. This loan option is available to current and former military personnel or their surviving spouses. Although you must meet some eligibility criteria To use this type of financial aid, if you qualify, there are many advantages to choosing a VA loan program.

For starters, VA loans allow you to finance up to 100% of the purchase price of the home. Additionally, while many low down payment loan options include: private mortgage insurance (PMI) requirements, which is a additional costs this adds to your monthly payment, VA loans do not.

HOW CAN I GET OFF THE PMI ON MY MORTGAGE?

2. USDA loans

If you’re not a veteran, but still interested in exploring loan programs that offer zero percent down payment options, it’s a good idea to consider getting a USDA loan. Like VA loans, USDA loans are guaranteed by the federal government, but this time they fall under the United States Department of Agriculture (USDA).

In order to qualify for a USDA loan, you must decide to buy a house in a rural area. You can use USDA property eligibility tool to find out that a particular property qualifies. In addition, you will need an adjusted income that is within the income limits for the area where you intend to buy. Unfortunately, if you earn too much money, you will not qualify for a USDA loan.

If you think you are a candidate for either of these loan programs, visit Credible to get in touch with an experienced loan officer who can answer all of your questions about the process

WHY IT’S A GOOD IDEA TO REFINANCE YOUR MORTGAGE WHEN RATES ARE LOW

Low down payment mortgage options

If you are not a good candidate for either of these loan programs, but are still interested in to buy a house, there are also down payment mortgage options that can help you finance your ideal home. They are as follows:

  1. FHA loans
  2. Home Ready and Home Loans Possible
  3. Conventional loans

1. FHA loans

Similar to the other two types of loans that we have mentioned, FHA loans are also guaranteed by the federal government. In this case, they are backed by the Federal Housing Administration.

Although FHA loans come with fees similar to private mortgage insurance, they are often considered a good choice for first-time homebuyers as they allow for a down payment as low as 3.5% and they have more flexible credit score requirements. . If you plan to make a down payment of 3.5%, all you need is a credit score of 580, which is much lower than the conventional credit score requirement of 620.

Ready for the next step? Use a online mortgage calculator to see what your monthly payments might look like based on your budget. Credible can also help you calculate the numbers. Only enter simple information into their free online tools to compare rates and lenders and see how much home you can afford.

WHO IS EXEMPTED FROM THE NEW MORTGAGE REFINANCING FEES?

2. Home Ready and Home Possible Loans

Home Ready and Home Possible Loans are two other low down payment loan options available to first-time home buyers. These programs are offered by Fannie Mae and Freddie Mac, respectively, the two largest buyers of mortgage loans in the United States. The goal of each of these programs is to make home buying easier for first-time buyers by offering downpayment options as low as 3%.

Notably, these two programs have an income limit that is specific to the region where the house is located. However, if you qualify, these loans are offered by private mortgage lenders rather than the federal government, which means you have the flexibility to shop around and compare rates to find the one that’s right for you.

Credible can help you start the process of compare mortgage rates and lenders in the comfort of your own home.

GET A SECOND MORTGAGE? HERE’S WHAT YOU NEED TO KNOW

3. Conventional loans

Even if you are not a first-time home buyer, there is still low down payment at your disposal. Nowadays, it is possible to find a conventional loan with a down payment requirement of only 3% to 5%.

If you plan to take this route for to buy a house, your best bet is to speak to an experienced lender who can give you a recommendation based on the specifics of your financial situation.

Are you wondering what the next step is? You can use a online mortgage broker like Credible to start the mortgage pre-approval process and get a pre-approval letter without damaging your credit score.

HOW TO GET PRE-APPROVAL FOR A MORTGAGE

AvalonBay Secures $ 167 Million Loan for Arts District Project

Tim Naughton and a render of the project (Credit: OFFICEUNTITLED and AvalonBay)

AvalonBay Communities has secured $ 167 million in funding to build its 475-unit mixed-use development in the Arts District.

The loan came from a syndicate of banks led by Bank of America, according to the Los Angeles Business Journal.

The AVA Arts District project is expected to develop on a 3.75 acre site at 668 South Alameda Street. It will have 60,000 square feet of commercial space as well as its rental units. Los Angeles City Council approved the project in 2018.

Rob Rubano of Cushman & Wakefield arranged the loan, according to the report. AvalonBay started putting the financing in place before the pandemic hit, and the loan ended up being delayed for three months, he said.

“If we hadn’t started it before Covid, we would probably still be working on it,” he told the outlet.

Nationally, the pandemic caused lenders and developers to curb much of their business in the first few months. But part of that rise accelerated in the second quarter, with domestic banks providing 380 billion dollars on construction loans from April to June. Most of this money was spent on large commercial projects.

Most of the projects launched this year will take at least a few years to deliver, including AVA Arts District, which is slated for completion in 2022. [LABJ]Denis lynch

Medical school loan forgiveness programs

Our goal is to give you the tools and the confidence you need to improve your finances. While we do receive compensation from our partner lenders, whom we will always identify, all opinions are ours. Credible Operations, Inc. NMLS # 1681276, is referred to herein as “Credible”.

If you went to medical school, you probably accumulated a large amount of student loan debt. Fortunately, there are many loan waiver and repayment assistance programs available for medical schools. You may be eligible for federal, state, or local programs that can eliminate all or part of your debt.

In this post:

Federal loan forgiveness programs

For borrowers with federal student loans, there are two main forgiveness programs.

1. Discount income based repayment plan

If you have federal student loans, you may be eligible for a income based repayment plan (IDR). Depending on your income, the size of your family, and your student loan balance, signing up for an IDR plan can help you lower your monthly payments. Your loan manager will extend your repayment term from 20 to 25 years and cap your payments at a percentage of your discretionary income.

If you still have a balance after 20 to 25 years of payment, your loan manager will forgive you for the remaining balance. However, the remitted amount is taxable as income.

You can apply for an IDR plan online.

2. Delivery of the civil service loan

If you have federal student loans and work for a government agency or non-profit organization – and many hospitals are eligible – you may be eligible for Public service loan remission (PSLF). With this approach, you sign up for an IDR plan and make 10 years of on-time payments.

After 10 years, the government will completely forgive you for your remaining balance. And, unlike the surrender of the IDR plan, the released amount is not taxable as income.

Use the PSLF Help Tool to find out if you qualify and to track your progress towards loan cancellation.

National loan cancellation programs

If you have federal or private student loans, you may be eligible for one of the following national programs.

1. Repayment of the National Health Service Corps loan

Primary care medical, dental, mental and behavioral providers can obtain up to $ 50,000 in student loan repayment assistance in exchange for a two-year service engagement in an urban, rural or tribal community with a limited access to care. Federal and private student loans are eligible for the program.

Visit the Health Resources & Services Administration (HRSA) website for more information.

2. National Health Service Corps students must repay the loan

If you are pursuing a degree in allopathic or osteopathic medicine or dentistry, you may be eligible for loan repayment assistance of up to $ 120,000, payable in four installments of up to $ 30,000 per year. In return, you must agree to work for at least three years in full-time clinical practice at a site approved by the National Health Service Corps.

Visit the ARSA website for more information.

3. National Health Service Corps Substance Use Disorder Loan Repayment

To combat the opioid crisis in the country, the NHSC has launched the Substance Use Disorder Loan Repayment Program. It supports the recruitment and retention of health professionals in underserved areas. If you qualify for the program, you can get up to $ 75,000 in repayment assistance in exchange for a three-year service commitment.

To be eligible for the program, you must be working or have accepted a job offer at an NHSC-approved service site.

Visit the ARSA website for more information.

Learn more:

4. National Institutes of Health loan repayment

Health care professionals pursuing careers in biomedical or behavioral research can receive up to $ 50,000 per year in repayment assistance through the National Institutes of Health (NIH) loan repayment program. In return, you must commit to engaging in research relevant to the NIH mission.

For more information, visit the NIH website.

5. Repayment of the loan from the National Institute on Minority Health and Health Disparities

Doctoral health professionals who conduct clinical research on health disparities in non-federal research settings for at least two years could receive up to $ 50,000 per year in loan repayment assistance students.

For more information, visit the website of the National Institute on Minority Health and Disparities.

6. Loan repayment for Indian health services

If you agree to serve at least two years in health care facilities serving Native American and Native communities in Alaska, you could receive up to $ 40,000 in student loan repayment assistance. As a participant in the program, you can extend your contract each year until your student loans are paid off.

For more information, visit Indian Health Service website.

State-specific loan cancellation programs

If you don’t qualify for a federal or state program, you may still be eligible for a state-specific program.

For example, you could receive up to $ 70,000 in repayment assistance under the State of California Loan Repayment Program in exchange for a two-year full-time service commitment.

Or, Colorado health professionals who are willing to work in shortage areas can receive up to $ 90,000 in student loan repayment assistance in exchange for a three-year service commitment.

To find out if your state runs a similar program, visit the Association of American Medical Colleges database.

Learn more: 10 Best Companies to Refinance Medical School Loans

Military loan repayment programs

If you are in the US military service, you may be eligible for loan repayment assistance. For example, medical professionals who serve as officers in the military can receive up to $ 40,000 per year for up to three years in student loan repayment assistance. Contact the administrator of your military branch for information on relevant loan repayment programs.

See more : Tips for repaying medical school loans

Manage your medical school loans

While there are loan waiver and repayment assistance programs for medical schools, not everyone will qualify. If you don’t, another way to manage your debt is student loan refinancing. With this approach, you could lower your interest rate, save money, and even pay off your medical debt ahead of schedule.

If you decide that student loan refinancing is right for you, you can compare the offers of some of the best refinance lenders.

See: The Best Student Loan Refinancing Companies

Find out if refinancing is right for you
  • Compare actual rates, not rough estimates – Unlock rates from multiple lenders without impacting your credit score
  • Will not impact credit score – Checking rates on Credible takes about 2 minutes and will not impact your credit score
  • Data confidentiality – We do not sell your information, so you will not receive calls or emails from multiple lenders

See your refinancing options
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About the Author

Kat Tretina

Kat Tretina is a freelance writer covering everything from student loans to personal loans to mortgages. His work has been featured in publications like The Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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RBI sets new conditions for current accounts to improve credit discipline

The Reserve Bank of India has set new conditions for banks to open checking accounts for large borrowers to tighten credit discipline.

Borrowers’ use of multiple operating accounts – both current and cash / overdraft accounts – has been found to undermine credit discipline, the RBI said in its development policy statement on Thursday. and regulatory. “The checks and balances put in place in the existing framework for the opening of current accounts are considered insufficient,” he said, adding that the central bank had revised its guidelines to put in place appropriate guarantees.

The revised standards are also expected to introduce the requisite discipline into creditors ‘collective actions for faster resolution of tensions in borrowers’ accounts, he said.

The aim of the revised guidelines is to ensure that borrowers route their payments to and from a checking account with a bank that has the greatest exposure to the borrower, instead of having multiple checking accounts at multiple banks.

Here are the revised guidelines:

Opening of current accounts

  • For a borrower with an existing CC or OD installation

The bank cannot open a checking account for the borrower and all transactions must be routed through the credit or overdraft account.

  • For a borrower without an existing CC or OD installation

Banks can open a checking account if the total exposure to the borrower is less than Rs 5 crore. As the exposure exceeds Rs 5 crore, the borrower should notify the bank and thereafter it will be governed differently.

  • Credit facilities from Rs 5 Crore to Rs 50 Crore

Any lender can open a checking account, while non-lending banks can only open a collection account.

  • Credit facilities over Rs 50 Crore

Banks have been given the mandate to create an escrow mechanism and only the lender or the agent who manages the escrow can open the borrower’s checking account. The balances in these accounts cannot be used as a margin to benefit from credit facilities not based on funds.

While there is no prohibition on the amount or number of credits in “collection accounts”, any debit will be limited to the purpose of returning the proceeds to the escrow account.

Banks should not channel term loan withdrawal transactions that the borrower has received through current accounts and, instead, term loan funds should flow directly to the provider of goods and services.

Expenses incurred by the borrower for current operations should be channeled through the credit / overdraft account, if the borrower has one; otherwise, it must be routed through a checking account.

Conditions to benefit from the CC or OD installation

  • When a bank’s exposure to a borrower is less than 10% of the overall exposure of the banking system

Both CC and OD facilities can be used, but they can only be used for credits.

Any debit transaction can only consist of depositing funds into the borrower’s CC or OD account held with a bank that has an exposure of 10% or more of the total banking system exposure to the borrower. .

  • When a bank’s exposure to a borrower is greater than 10% of the overall exposure of the banking system

Banks can provide the borrower with a CC / OD facility. If the borrower has received loans from more than one bank and more than one bank has 10% exposure, the bank to which the funds are to be remitted can be decided by mutual agreement between the borrower and the banks.

All large borrowers who have a working capital facility split between a loan component and a cash credit component must maintain balances in each bank in all cases, including syndicated loans.

According to Ajay Shaw, partner of DSK Legal, the new terms are intended to ensure that large borrowers do not use multiple accounts and funnel money to and from them. “The RBI insists that all checking accounts be unified and for large borrowers there should be an escrow or trust and retention mechanism, with a cascade, to ensure cash flow control.”

In an extreme case, if a borrower had an escrow account in a syndicated loan and another lender is engaged, then the borrower would route all payments to the new lender and not to others, he said. declared. The RBI, according to Shaw, tries to avoid these situations.

“Banks will have to review all of their checking accounts and they have already started advising their customers to close accounts and keep only one,” he said.

An unintended consequence of the RBI’s move could be that smaller banks have a harder time collecting current account deposits, Kotak Institutional Equities said in a report.

Federal Home Loan Bank of Cincinnati Announces Director Election Results

CINCINNATI, December 11, 2020 / PRNewswire / – The Federal Home Loan Bank of Cincinnati The board of directors announced the results of the elections of the directors of the FHLB in 2020. The members elected two directors of the FHLB. Ohio, as well as two independent directors. Each director will serve a four-year term starting January 1, 2021. The Board also elected J. Lynn anderson as president.

Re-elected to the Board as Ohio the member administrators are Brady T. Burt and James j vance.

Mr. Burt is Chief Financial Officer of Bank National Park and its holding company, Park National Corp. Newark, Ohio. He was first elected to the Board of Directors in 2017. His career includes stints at Coopers & Lybrand / PwC in London, and as CFO at Vail Banks Inc. in Colorado. He joined Park National in 2007 as Accounting Director and was promoted to Financial Director in 2012. He graduated from Miami University, Oxford, Ohio. Mr. Burt is a member of the Board of Directors of Habitat for Humanity-MidOhio.

Mr. Vance is Senior Vice President and Co-Chief Investment Officer of Western & Southern Assurance Company in Cincinnati. He was first elected to the Board of Directors in 2017. He joined Western & Southern in 1994 after eight years with Eastman Kodak Co. in Rochester, New York. Mr. Vance received his Bachelor of Business Administration degree from University of Wittenberg, Springfield, Ohio, a law degree University of Cincinnati College of Law and an MBA in Finance from Indiana University. He is a member of the Ohio Bar Association. Mr. Vance is involved in a number of civic and charitable organizations in Greater Cincinnati currently Cincinnati Children’s Hospital and St. Elizabeth Hospital, and previously The Beechwood Home, the Urban League of Greater Cincinnati and the Cincinnati Nature Center.

Elected as independent directors are Kristin H. Darby and holder J. Lynn anderson.

Kristin H. Darby of Nashville, Tennessee, is newly elected to the Council. Ms. Darby joined Envision Healthcare as Chief Information Officer in 2018. Envision Healthcare is a national medical group, providing care when and where it’s needed most to over 32 million patients annually. . Ms. Darby is CPA, CFE and obtained her BS in Accounting and Management Information Systems from University of South Florida and an MBA from Henley Management College in England. She currently serves on the board of directors of the Nashville Technology Council and Advancing Women in Nashville and the Addgene Audit Committee in Cambridge, Massachusetts.

J. Lynn anderson is the retired President and CEO of the Nationwide Bank of Columbus. She was first elected to the Board of Directors in 2012 to fill a Director Member position from Ohio, then re-elected by the membership in 2013 and 2017. She is a graduate of The Ohio State University, Certified Public Accountant and is currently Chairman of the Board of Directors of Columbus-Based National Church Residences, the largest non-profit provider of affordable seniors housing in the country. In addition to her re-election, Ms. Anderson was also elected Chair of the Board of Directors. Beginning of his two-year term as Chairman of the Board January 1, 2021, and expire December 31, 2022.

The FHLB is a $ 74 billion Congressional chartered regional wholesale bank providing financial services for residential housing and economic development to 630 member financial institutions located in Kentucky, Ohio and Tennessee. He contributed $ 690 million for the creation of more than 98,000 social housing units as part of its affordable housing program since 1990. In addition, the board of directors of the FHLB has voluntarily contributed $ 25 million benefits in response to member community needs, including rebuilding homes in the event of natural disasters, mitigation of foreclosures, emergency repairs, and accessibility rehabilitation for special needs and elderly populations . The FHLB system consists of 11 district banks, is fully owned by its 7,000 shareholders of member institutions, and does not use taxpayer money.

This press release may contain forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the effects of economic market conditions on demand for FHLB products, legislative or regulatory developments regarding the FHLB system, competitive forces and other risks detailed from time to time in documents filed by the FHLB with the Securities and Exchange Commission. Forward-looking statements are valid as of the date of their publication and are not guarantees of future performance. The actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLB does not undertake to update these statements.

SOURCE Federal Home Loan Bank of Cincinnati

Related links

http://www.fhlbcin.com

Popa: Lack of dialogue and mistrust of recognized political actors in Montenegro

PODGORICA – The European Commission’s progress report on Montenegro contains a number of recommendations and guidelines that all relevant political actors should come together and work together in order to move swiftly on key EU membership reforms. ‘EU, said the head of the EU delegation in Montenegro, Oana Cristina Popa, Vijesti reported.

She said that faster progress by Montenegro on the way to the EU or closing a chapter were not the only goals, but rather the fact that any reform implemented successfully would mean a better life for the people.

She underlines that with regard to the political criteria, the lack of dialogue and the mistrust of the political actors are recognized by the European Commission.

“A complete revision of the electoral framework has not yet been carried out. The elections brought about an unprecedented change in the composition of the ruling majority. The time has come for the new parliament to assert a broad international consensus and demonstrate its commitment to Montenegro’s reform program, ”she said.

Montenegro Prime Minister Duško Marković said the 2020 Montenegro report is a real and objective picture of the country’s progress in European integration.

“We got clear guidelines on what we need to do to achieve our goal – full EU membership,” Marković said during the meeting with Popa.

Popa said it was not a political report.

“This is a working document which should help the government to create reforms,” ​​she said and added that it is essential that all parties reach consensus on the strategic objective – Montenegro’s accession to the EU

Popa and Marković agreed that the focus should be on the rule of law, justice, freedom of expression and strengthening competitiveness, economic and monetary policy in Montenegro.

The EC signs a memorandum with Montenegro: a loan of 30 million euros to limit the economic consequences of the coronavirus

The European Commission has signed a memorandum of understanding with Montenegro and has granted the first tranche of extremely advantageous loans amounting to 30 million euros, intended to limit the economic consequences caused by the coronavirus epidemic, announced today the EU Info Center.

“This is only part of the support that will be made available to Montenegro, under the macroeconomic financial assistance program, worth up to € 60 million. This type of support complements the previously approved grant of € 53 million, which the European Union provided for the equipment of emergency medical care and assistance to socially vulnerable people, entrepreneurs, businesses, the health sector and other most vulnerable sectors of Montenegro. to the coronavirus crisis, ”read the press release.

It is added that the release of the second, last tranche of credit support, up to a total of 60 million euros, will depend on compliance with the conditions set out in the memorandum of understanding, such as the strengthening of public finances, the fight against corruption, the strengthening of stability, the improvement of the business environment and the reform of social protection.

“The macro-financial support program for Montenegro is part of a three billion euro package proposed by the European Commission for ten countries emerging from the enlargement process and from the European Union’s neighborhood to help limit the consequences economic aspects of the coronavirus pandemic “, it is indicated in the press release and added that the support program would be provided for a period of 12 months.

Marović: The tone of the report is not encouraging

The executive director of the Politikon Network, a Podgorica-based think tank, Jovana Marović, said Vijesti that the assessments of the European Commission report were expected, due to the situation in the country, as well as the fact that in 2020, reforms were “on hold”.

“It was highlighted the limited progress in some areas and the big problems that all those who follow the reform processes in Montenegro have been reporting for years, which concern the work of the institutions, in particular the judiciary, transparency and accountability. The key issues therefore remain the same, ”said Marović.

She considered that the tone of the report is not encouraging, especially for the country which has entered the ninth year of negotiations with the European Union.

Genesis Q3 Digital Asset Market Report: Company Sees Significant Increase in Institutional Activity, Adds Over $ 5.2 Billion in Loan Origins

NEW YORK–() – Genesis, an industry pioneer and leader in premier digital currency brokerage services, today released its Third Quarter 2020 Digital Asset Market Report. The report features Genesis’ record quarter – with more than $ 5.2 billion in new originations, $ 2.1 billion in active loans outstanding at the end of the quarter and $ 1.0 billion in transaction volume on bilateral derivatives – as well as an analysis of trends in the company’s lending, cash, and derivatives trading desks.

The main performance highlights of the new report include:

  • Quarter-over-quarter loan origination continues to grow at an exponential rate. More than $ 5.2 billion in new Genesis creations during the third quarter marks the largest quarter on record for the company and is more than double the previous record set in the second quarter. Cumulative originations increased 61.5% from the prior quarter, bringing total originations to $ 13.6 billion since Genesis began lending in March 2018.
  • Outstanding active loans increased by approximately 50% quarter over quarter from $ 1.4 billion in Q2 2020 to $ 2.1 billion at the end of Q3.
  • Institutional lenders continue to flock to Genesis. By the end of the third quarter, the number of unique lenders had increased 47% from the end of the previous quarter and 275% from a year ago.
  • Bitcoin as a percentage of outstanding loans fell sharply in the third quarter compared to the second quarter. However, the overall size of Genesis’ loan portfolio has grown significantly. This momentum was driven by increased activity in ETH, USD and equivalents, as well as other altcoins – an impact of cash mining on DeFi protocols.
  • The derivatives office recently launched by Genesis has grown rapidly. The company recorded a total volume of bilateral derivatives (on bilateral options, futures and exchange-cleared blocks) of $ 1.0 billion in the third quarter, an increase of 150% from a partial period of the second quarter when the derivatives trading desk was launched. This increase in volume is largely the result of a rapid adoption of the company’s hedging option structures and loan franchise opening the door to bilateral credit relationships.

“This quarter, Genesis’ growth was largely driven by activity from institutional investors and other trading companies,” said Michael Moro, CEO of Genesis. “We have seen tremendous growth in the number of unique institutional lenders on the Genesis platform and, perhaps most interestingly, we have seen an increase in the number of commercial companies lending us money against collateral. Bitcoin. These savvy investors continue to find new ways to integrate digital assets into their overall strategies, which is a key indicator of a mature market.

In addition, the company officially launched its Genesis Guard third quarter service – a rapid platform focused on meeting the needs of sophisticated investors in a growing list of jurisdictions. At launch, Genesis served Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, MANA, ZCash, Horizen, XRP, and XLM. The company plans to add new assets on a monthly basis.

To read the full third quarter 2020 digital asset market report, click here. Additionally, follow these links for more information on Genesis’ recent launch of a derivatives trading desk and transformation into a prime brokerage of digital assets.

Genesis is a wholly owned subsidiary of Digital currency group. In addition to Genesis, DCG is the parent company of Grayscale investments, the world’s largest digital currency asset manager, and CoinDesk, a leading company in the media and events industry.

About Genesis

Genesis is a leading full-service digital currency brokerage firm that provides a single point of access for institutional investors and global institutional investors. The company provides sophisticated market participants with a fully integrated platform to trade digital assets in cash, futures, options, borrowing, lending and custody, creating new opportunities for returns while increasing the capital efficiency for our counterparties.

Built on the only global OTC digital asset trading company registered with the SEC and FINRA, Genesis combines unparalleled operational excellence, a seamless user experience and top-notch customer service to deliver the full suite of Global asset services investors need for their digital asset portfolios.

For more information on Genesis, please visit genèsetrading.com and follow @GenesisTrading on Twitter.


Spring housing market forecast: record buying volume

The sun is shining as I write this today and the forecast is for warmer weather. While others might be thinking of returning to the outdoors or working in the garden, our industry is gearing up for a strong spring real estate market – and the first step in that MBA expects a record year for purchase origination volume.

Demand for housing will be supported by an improving labor market, favorable demographic trends and mortgage rates which, although increasing, are still historically low. The unemployment rate, which was 6.2% in February, is expected to drop to 4.7% by the end of the year, as hiring is accelerated by an increase in consumer spending as pandemic restrictions are lifted.

Another positive sign impacting the MBA’s spring forecast for the housing market: more than 15% of the U.S. population has received at least one dose of the vaccine by this point, and recent announcements from the Biden administration indicate the pace will only increase from here.

Improving economic conditions are putting upward pressure on mortgage rates, which have shifted above 3% in recent weeks for 30-year fixed rate loans. MBA provides that the Freddie mac The survey rate will hit around 3.5% by the end of 2021. I get asked this question a lot and it’s important to remember: Freddie Mac’s weekly rate only includes purchase loans – not refinancing and the associated cost of current adverse market charges.

As long as rates stay in this neighborhood and don’t quickly climb above 4%, potential buyers are unlikely to be deterred by the modest increase. Meanwhile, the demand for refinancing will certainly cool down as the year progresses.


Making housing more affordable by closing the affordable supply gap

In recent years, the number of existing single family homes for sale has declined. But house prices have gone up. For home ownership to be a possibility for everyone, there must be a greater supply of affordable housing.

Presented by: Fannie Mae

The fact that most millennials are rapidly approaching the growing economy and growing demand from buyers adds fuel peak age for buying a first home. The largest cohort of millennials is now 29, and historically the maximum age for first-time homebuyers is 32 or 33. The MBA predicts that this wave of young buyers will support the buying market for at least the next few years.

Interestingly, the National Association of Home Builders fourth quarter 2020 survey of potential homebuyers showed that 27% of Millennials plan to buy a home in the next 12 months, up from 19% in the previous year’s survey.

Piece 1 – click to enlarge

Strong housing demand is reflected in strong year-over-year growth buy apps – up double-digit percentage points in most weeks so far this year – and in the sustained pace of home sales, with existing sales at their highest level in 15 years.

However, as industry participants are well aware, the challenge has been the lack of supply in the housing market. According to National Association of Real Estate Agents data, there were only 1.9 months of supply at the current sales rate and just over a million homes on the market across the country at the end of January.

Image2
Piece 2 – click to enlarge

The stock of new homes is on the rise, up to about four months of supply at the current sustained rate. Home builders have stepped up the pace of construction, but continue to grapple with supply chain issues, with input costs rising sharply. Wood price have increased by more than 180% since last spring, and the costs of other inputs have increased even more rapidly. According to NAHB, these increases in input costs have pushed up the cost of building a new home by more than $ 24,000 in the past year.

Unsurprisingly, the lack of inventory in the housing market has led to sharp increases in home prices across the country, with the most recent reading of the FHFAthe house price index showing a Gain of 10.8% year-on-year at the national level, with signs of further acceleration in recent months. Price appreciation has been even faster in some of the warmer western and northwest mountain markets, but overall the robust rate of appreciation in several markets is well above growth. revenues.

Again, unsurprisingly, housing is strongest in markets with the strongest fundamentals, especially demographics. Last year, the five fastest growing states in terms of population were Idaho, Arizona, Nevada, Utah and Texas. Also last year, nearly 795,000 of the 990,000 single-family housing starts nationwide were in the rapidly growing southern and western census regions.

Given the lack of inventory in the housing market, we will be closely monitoring the pace of residential construction this year. Fortunately, in addition to the United States Census Bureau data, we conduct our own new home market survey, with the publication each month of MBA Builder Applications Survey (BAS). MBA is better known Weekly survey of applicants tracks both refinancing and purchase request volumes. However, the purchase component is dominated by mortgages to purchase existing homes, as the level of existing home sales tends to be six to seven times the level of new home sales.

Image3
Piece 3 – click to enlarge

With this in mind, the MBA BAS, launched in July 2013, looks only at the volume of requests for the purchase of new homes. The sample consists of MBA members who are affiliated with home builders, representing over 30% of the new home market. Monthly results are typically released in the middle of the month, before the Census Bureau’s monthly new home sales release.

As shown in Table 4, BAS results are a good predictor of census results, and regular revisions of census data often bring the two series closer together.

Image4
Piece 4 – click to enlarge

In addition to closely monitoring the new housing market, we will also be looking for any signs that the rapid rise in house prices is causing affordability issues in various housing markets. If home prices continue to rise at rates three to four times the rate of income growth, it will slow down the buying market, especially for price-sensitive first-time buyers. Even with rates expected to remain low, a warning sign would be a sustained decline in the volume of purchase requests.

Table 5 shows the state-level trends in purchase requisition volume so far in 2021, with observations from some of the larger states. (Note the decline in activity in Texas due to the severe winter storm in February.) In 2020, we were able to use state-level data to track differential growth in states that first eased restrictions. pandemic.

We’re just starting to see new changes announced to easing restrictions on doing business, and these may well lead to further differential growth in buying activity for the real estate market this spring. year.

Exhibit 5

Image5
Piece 5 – click to enlarge

Overall, the combination of robust demand in the housing market, limited but growing supply and rapidly rising house prices will result in a strong housing market in the spring and a record high of purchasing volume for the year, according to MBA forecasts.

Just as the first tree buds signal the onset of a bountiful spring, a significant jump in the supply of newly built homes will be a telltale sign of the housing supply conditions and home selling activity that is sinking. ‘will follow. MBA predicted in February that the mortgage industry this year will come from just under $ 3 trillion in total volume, with the majority – $ 1.57 trillion – from home purchases.

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Piece 6 – click to enlarge

Man United title challenge will have to wait until they improve their defensive options in the transfer window

WEST BROMWICH, England – It took 83 seconds for West Bromwich Albion to show why Ole Gunnar Solskjaer wants – and Manchester United need – a new center-back.

Conor Gallagher swung into a hopeful center of the right and Mbaye Diagne crossed Victor Lindelof to overtake goalkeeper David De Gea. De Gea might have come looking for the cross and Diagne was all over Lindelof, but it was a terribly easy way for Premier League top scorer West Brom to break through Manchester United’s defense.

It was the 31st goal Solskjaer’s side have conceded in the league this season, placing 12th in that category. He drew 1-1 at the Hawthorns on Sunday, as United have now dropped nine points in their last five games.

– Report: Man United lose points in West Brom draw
– Notebook: Varane, Koundé at the top of United’s defensive list

“This is something we knew would happen from the kick-off. We knew they would put pressure on us and make a few touches,” said Solskjaer. “They put a cross and [Diagne] well done. We should play better, but we gave ourselves a tough start. You have 90 minutes to redeem yourself, but we only built that momentum at the end of the first half. “

There’s a lot to like about Solskjaer’s side – in particular, the resilience they show in defending themselves so often from losing positions – but not their tendency to defend as if they want to make every game as difficult as possible.

Since the start of the year, they’ve shot each other in the foot against Sheffield United, Everton and West Brom, allowing Manchester City to open up a seven-point lead at the top. If City continue their compelling run, which already has 16 consecutive wins, Solskjaer will soon be focusing on how he will close the gap.

It can be supported by the fact that United made decent progress, even going top of the league for a while in January, and that in Bruno Fernandes – who scored a spectacular equalizer at the end of the first half – he has one of the most efficient attacking midfielders in Europe. Still, they have to regain some ground somewhere if the wait for a title ends under Solskjaer’s watch, and the goals-against column would suggest central defense is an area that could be improved.

Solskjaer has invested heavily in Harry maguire and has done him captain before, but if the debate is over who should be his long-term partner, it wasn’t an afternoon that saw Lindelof do much to make his case. The Sweden international might feel fouled by Diagne for West Brom’s opener, but he should have been stronger, and the Galatasaray-loaned forward was the only one looking determined to win the center of Gallagher.

Lindelof struggled with Diagne throughout the 90 minutes and after being penalized for a clumsy foul on the halfway line, Solskjaer ran to the edge of his technical zone to shout: “Victor, think about it!” It could have been worse for Lindelof late in the day, when he was pushed back by Diagne, who arrived at the end of Conor Townsendis on the cross, but could not force it.

In the end, Solskjaer will think United should have won – especially after Sam johnstoneA wonderful save to tip Maguire’s late header over the post – but instead they paid a hefty price for a sloppy moment with barely two minutes on the clock. In contrast, the winning race to put Man City in pole position to win the title was built on a defense that conceded just two league goals in 2021. Pep Guardiola benefited from the investment in Ruben Dias in summer and Solskjaer should think in the same direction.

“I don’t think we created enough great moments to score goals,” Solskjaer said.

“We went down the sides, but maybe the cross, positioning or movement wasn’t there. We didn’t have any great moments where you thought it should have been a goal even though the ball was in his bottom third the entire time. Disappointing, of course. We came away two points short of what we wanted. It was a tough start. “

Man City will increase their lead to 10 points before United replay if they can beat Everton at Goodison Park on Wednesday. Solskjaer is not yet ready to concede the title, but the truth is that next season could present a better opportunity if continued progress can be married with the right players, including a new center-back, coming this summer.

“It’s a compliment to the boys that we got into the position we are now,” said the Norwegian. “We will not let [Manchester City] run away with – we’re playing them soon. We don’t give it early, no we don’t. “

Faced with year-end, US banks scramble to extend COVID accounting relief

WASHINGTON (Reuters) – U.S. banks are working to persuade policymakers in Washington to extend the Dec.31 expiration of an accounting waiver that has allowed lenders to give distressed borrowers more leeway on their loans, have declared several bankers and lobbyists.

FILE PHOTO: An empty street is seen in the Manhattan neighborhood during the coronavirus outbreak, New York, March 15, 2020. REUTERS / Jeenah Moon / File Photo

If Congress does not extend relief as part of a new stimulus package being discussed by lawmakers, many lenders are likely to cut back on loan modification programs, they said, making life much harder for them. up to 12 million Americans whose unemployment benefits are due to expire. about the same time.

“This provision has given credit unions and banks the reassurance that if they are working with borrowers who are in financial difficulty as a result of the pandemic, they can work with those borrowers and not be subject to surveillance scrutiny.” , said Ryan Donovan, director of advocacy. , National Association of Credit Unions. “It will go away.”

To mitigate the economic blow from COVID-19, Congress granted a federal moratorium on mortgage payments in March.

To allow lenders to defer those mortgages and voluntarily grant repayment holidays on credit cards, auto loans and the like without negative repercussions for the borrower or lender, Congress also waived an accounting rule that requires Typically modified loans are classified as “distressed debt restructurings.”

Loans classified as distressed debt restructurings are penalized by banking regulations and come under closer scrutiny by bank examiners and investors as a red flag of asset quality.

Such loans generally do not qualify as collateral with the Federal Reserve, require a range of additional information and, depending on the circumstances, may require up to twice as much capital as regular loans, according to regulatory experts.

The alternative for lenders looking to avoid a troubled debt restructuring is to foreclose on the loan.

The U.S. Congress has allowed banks to suspend this accounting treatment so they can work with borrowers, but this waiver expires on Dec.31, well before the end of federal and some state repayment moratoria and the broader crisis in debt. public health.

Lawmakers are fighting over competing stimulus packages, and some prominent Republican senators are publicly backing expanding bank regulatory relief. But on Monday, it was not clear whether any of the bills contained this provision, according to lobbyists.

Analysts at Stifel Financial Corp. said in a note Monday that they were skeptical that Congress would reach a deal this year, with the next opportunity likely being February.

REDUCED STRESS

Among banks covered by S&P Global, the median proportion of loans in forbearance in the third quarter was 2.5%, compared to about 8% in the second quarter. This downward trend indicates that borrower stress has eased since the end of June.

But if the economy performs poorly, borrowers who have come out of forbearance could face new stress, S&P Global has warned. According to estimates by think-tank The Century Foundation, about 12 million Americans face a cliff in unemployment benefits when emergency stimulus runs out on December 26.

Regulators in Washington are advising banks to continue helping borrowers even if relief expires, promising examiners will not blame them for troubled COVID-related debt restructurings.

Asked about the expiration of the relief, Jelena McWilliams, president of the Federal Deposit Insurance Corporation, told Reuters that regulators are working together “so that we can start as early as January 1”. She has not developed.

But lenders are wary of informal assurances after being punished by examiners and investors for building up troubled debt structures during the banking crisis a decade ago, Donovan of the Credit Union National Association said.

In letters to Congress this month, banking groups across the country warned that if the waiver expires, they will slow or delay changes and loans could be foreclosed.

Small businesses and consumers facing temporary disruptions in cash flow and wages will be hit the hardest, the American Bankers Association said in a letter to lawmakers last week.

The Independent Community Bankers of America has requested an extension until January 1, 2022.

Paul Merski, the group’s executive vice president, said extending the relief would cost the taxpayer nothing and should be a bipartisan affair.

“Banks have set aside significant loan loss reserves, but if you can settle the loan with the company until it gets over this pandemic, it’s better for everyone,” he said. he added.

Reporting by Pete Schroeder and Michelle Price; additional reporting by Imani Moise; Editing by Sonya Hepinstall

How the extended student loan freeze can help you eliminate your debt

How the extended student loan freeze can help you eliminate your debt

President Joe Biden has extended the government’s suspension of payments and interest on federal student loans until the end of September. And he said he wants to write off some student loan debts, at least $ 10,000 per borrower, although no action has yet been taken.

But you might not have to wait for Biden to do anything if you want to write off some of the student loan debt – and free yourself up for other big financial commitments, like take out a mortgage.

In fact, you could use the current payment freeze to get rid of student debt faster through existing government remission programs.

What government programs?

Document with the title of student loan remission.

Vitalii Vodolazskyi / Shutterstock

The government currently has two forgiveness programs to help Americans get rid of their federal student loans faster: Income-Based Payback and Public Service Loan Forgiveness.

Income-oriented repayment plans are designed to meet the needs of low-income borrowers; how much you pay on your student loans each month is determined by your income. After you’ve made your payments for at least 20 or 25 years, depending on your specific income-oriented plan, the rest of your debt is written off.

As for the Public Service Loan forgiveness program, it was created to help public service employees at all levels of government and qualified employees of non-profit organizations to repay their federal student loans. After 10 years of loyal monthly payments, any remaining debt is written off.

Here’s how borrowers from both programs can use the current suspension of student loans to their advantage: The government has decided to count the months of frozen payments as month of payment for people in these programs.

If you’re in this group, you get credit for payments you haven’t made – and get one step closer to eliminating some of your student loan balance.

What if you are not in one of these programs?

Asian beauty pointed out that the worried young woman is doing banking and administrative work, examining her student loan debt.

RP Image Factory / Shutterstock

If you do not participate in one of the federal student loan exemption programs, you will have to wait for relief. Democrats are considering a few options to provide ongoing help to the nation’s 42 million student loan borrowers.

During last year’s election campaign, Biden offered to write off a debt of $ 10,000 per person.

But as pandemic rages on, Democratic Party leaders do more for Americans struggling with student loan debt. Senate Majority Leader Chuck Schumer and Massachusetts Senator Elizabeth Warren are urging Biden to issue an executive order forgiving a $ 50,000 debt to each borrower.

But the president doesn’t want to walk around Congress to wipe out a ton of student loan debt. “I won’t make it,” Biden said at a CNN town hall on Tuesday.

“My point is this: I understand the impact of debt, and it can be debilitating,” he continued. “I am prepared to write off the debt of $ 10,000 but not of $ 50 (thousand) because I don’t think I have the authority to do so.”

Other loan relief options

Young African Couple Sitting On Sofa Calculating Invoice

Andrey_Popov / Shutterstock

If you need student debt relief at present, you may want to explore refinance your student loan. It’s quick, painless, and could save you thousands of dollars in interest.

When it comes to managing most of your balance, you can also always free up some money in your budget to spend more on paying off your loans. There are many creative ways to reduce your expenses or increase your income, including:

  • Pay less for the essentials. Living on a budget shouldn’t feel like a punishment. To download a free browser extension which automatically finds you the best deals and coupons every time you shop online.

  • Sign up for free money. Yes, it really is that simple. Try a fun rewards program which gives you gift cards and cash for the things you already do online every day, like shopping, watching videos, and searching the web.

  • Change your auto insurance. Staying at home could work in your favor with your auto insurer. While people drive much less during the pandemic, some auto insurance companies have given customers price reductions. Does yours not want to move? Shop around for a better policy and make a change.

Texas companies have received PPP loans worth more than $ 41 billion

How to get a CBN Creative Sector loan, Committee of Bankers – Nairametrics

The Central Bank of Nigeria (CBN), together with the Committee of Bankers, explained how to get creative sector loans.

The two sides have developed a Creative Industry Finance Initiative (CIFI) as part of efforts to boost job creation in Nigeria, especially among the country’s youth. The initiative is based on four pillars which include fashion, information technology, film and music.

Recall that last year, the CBN in collaboration with the Committee of Bankers unveiled the Creative Industries Funding Initiative (CIFI), which was to enable businesses to obtain loans of up to 500 million naira.

Applicants interested in the creative industry are encouraged to submit their application to their bank for approval and subsequent disbursement.

READ MORE: CBN to boost creative industry with N22 billion

How to benefit from the Creative Industries Funding Initiative (CIFI): Categories of businesses that will benefit include Fashion, information technology, film production, film distribution, music and Student loan in software engineering.

Part of the steps in applying for a loan is to prepare your business plan or your statement on the amount you want for your business.

You can get a loan of up to:

  • N3 million for a software engineering student
  • 30 million naira for a film production company
  • 500 million naira for a film distribution company
  • Cover your rental / service charges for fashion and information technology companies
  • Cover your training costs, equipment costs and rental / service costs for music companies

After preparing the business plan indicating the amount needed for the business, applicants are advised to go to the bank of their choice to apply for the loan.

The bank will discuss, analyze your request and, if successful, disburse the funds. Note that the maximum interest rate of 9% per year (all charges included) is applicable to all loans.

The loan repayment terms in the different categories are:

  • For the student loan in software engineering, it is 3 years maximum
  • For film production and distribution, it is a maximum of 10 years
  • For fashion, information technology (IT) and music, it is 10 years maximum.

For more information you can visit www.cbn.gov.ng

$ 900 Billion COVID Stimulus Bill Extends Multiple Tax Deductions, How To Get The Most College Financial Aid For Your Child

Hello, MarketWatchers. Don’t miss these featured articles:

Personal finance
My aunt stole my mom’s social security and persuaded my elderly dad to sign a power of attorney

“My father was recently very ill and in the hospital, and he was not in his state of mind.”

My dad moved his girlfriend, cousin and two kids into his 2 bedroom condo. I have trouble paying the rent. And me?

“Living in the condo will help ease a huge financial burden, as I am sometimes unable to muster two pennies to rub together. “

I did not receive a stimulus check for $ 1,200 during the first wave of COVID-19. Will I receive a check for $ 600 this time?

“With a second round of $ 600 stimulus checks announced by Congress on Sunday, will the Internal Revenue Service give me a check based on my 2019 return?”

Our building tips staff 25% more due to COVID-19. My husband wants to maintain this in 2021. I disagree. What should we do?

“I am an Upper East Side wife and mother with two children. I realize that I am very lucky.

I won $ 100,000 in 2019, but much less in 2020. Why haven’t I received a stimulus check? How is that fair?

“I also know people who made over $ 100,000 in 2019, but can’t get any stimulus because of their 2019 tax return.”

My boyfriend’s ex-wife claimed her 2 sons as tax addicts and got their stimulus checks but they live with us

“The mother of these 2 boys lost custody by the Department of Homeland Security and offered no support.”

To get the most financial assistance possible for your child, follow these steps during the second year of high school.

Five things to do now if your child will be entering college in 2023.

Your will goes beyond money and cutting your child off could backfire

Carefully consider your last message to your family so that it doesn’t leave a scar, writes psychologist Joshua Coleman.

The $ 900 billion COVID stimulus bill extends several tax deductions, including for medical and tuition fees

The legislation would also extend credits for solar-powered equipment and rechargeable electric motorcycles.

New Stimulus Bill Didn’t Extend the Pause for Student Loans Payments – But It Contains 8 Provisions That Will Affect How Families Pay For College

The $ 900 billion COVID relief program provides emergency financial assistance to students, simplifies the FAFSA form, and repeals the ban on incarcerated students from accessing the Pell Grant.

Elsewhere on MarketWatch
America First puts US economy at risk as China, Europe and world advance

Here’s how the Biden administration can restore America’s position as a business partner and leader.

Biden’s choice to replace Betsy DeVos is a former public school teacher and first-generation college graduate

Biden has pledged to reopen schools after his first 100 days in office and it looks like his education secretary, Miguel Cardona, will be a willing partner in those efforts.

A second new, more contagious strain of COVID-19 has been detected in UK from South Africa

Another even more contagious strain of coronavirus has been detected in two cases in the UK, the UK Health Secretary said at a press briefing on Wednesday.

AstraZeneca’s COVID-19 vaccine could be approved in UK “shortly after Christmas” – Oxford scientist says

The AstraZeneca-Oxford University firing approval would come as the UK grapples with a new strain of coronavirus that has sparked a wave of travel bans.

Greystone grants $ 25.9 million in Fannie Mae DUS® loans

NEW YORK, December 15, 2020 (GLOBE NEWSWIRE) – Gray stone, a leading national commercial real estate finance company, provided a total of $ 25.9 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loans to refinance two multi-family properties in the Bay Area San Francisco. The transactions were initiated by John Tilsch of Greystone’s San Francisco office, with Charlie Sosa of Suwannee Investments, Inc. acting as correspondent.

Borrowers who use Fannie Mae’s Green Rewards program commit to making real estate improvements that reduce water and energy use.

The first Fannie Mae financing, a loan of $ 8,408,000, has a fixed rate and a term of 10 years with amortization of 30 years. The non-recourse loan refinances 40 Glen Eyrie, a 34-unit garden-style apartment community in San Jose, California. Originally built in 1962, the pet-friendly property offers one and two bedroom units with amenities such as modern appliances, private outdoor living areas and on-site parking,

The second loan, in the amount of $ 17,500,000, has a 10-year fixed rate, 30-year amortization, with only three years of interest payments. The non-recourse loan refinances Skyline Vista Apartments, a pet-friendly garden-style apartment community in Pacifica, California. The property, which was built in 1964, consists of 44 two-bedroom units that offer modern appliances and upgraded finishes, built-in washers / dryers, and private outdoor living areas with views of the San Francisco Bay, as well only on site parking,

“We strive to exceed our customers’ expectations with every transaction and we earn their trust by providing exceptional conditions and flawless service,” said Mr. Tilsch. “The breadth and depth of Greystone’s multi-family lending platform is unprecedented – time and time again, we are able to offer the right financing to borrowers who wish to take advantage of the opportunities presented to them on the current market.

About Greystone
Greystone is a private, national commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these industries. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information visit www.greystone.com.

PRESS CONTACT:
Karen marotta
Gray stone
212-896-9149
[email protected]

Mortgage insurers ready to extend six-month payment deferrals in case of pandemic

Concerns about what will happen if debt relief ends before the economy rebounds

Content of the article

Homeowners who rely on postponing mortgage payments beyond the six-month break they received during the pandemic might want to reconsider their decision, as the mortgage insurers who allowed the postponements appear reluctant to extend. vacations.

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Concrete example: Canada Mortgage and Housing Corporation. The federal housing agency has allowed lenders to offer six-month deferrals on loans it insures against defaulting borrowers, but the crown corporation also said the Canadian Credit Union Association (CCUA) last month that a half-year break was probably enough.

“At this time, there are no plans to extend the deferral period,” CMHC reportedly said in response to a question from a credit union.

Hundreds of thousands of borrowers have resorted to payment deferrals during the COVID-19 pandemic, raising concerns about what will happen if those debt holidays end before the economy rebounds. A debt hangover could also dampen Canada’s overall economic recovery, as money that could be spent elsewhere goes back to paying off loans.

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  1. Evan Siddall, CEO of Canada Mortgage and Housing Corporation, said the government-backed insurance provider lost market share due to restrictions on high-risk borrowers earlier this summer .

    CMHC says its share of mortgage market has shrunk to dangerous levels due to tougher rules

  2. The stress test, which emerged as an unlikely election issue during the 2019 campaign, remains unchanged for both insured and uninsured home loans.

    What happened to Ottawa’s planned adjustment to the mortgage stress test?

  3. CMHC President and CEO Evan Siddall has warned that up to a fifth of all mortgages could be in default if the economy does not rebound.

    CMHC considers “new tools” as mortgage deferral cliff looms for borrowers

CMHC and its fellow mortgage insurers Canada Guaranty Mortgage Insurance Co. and Genworth MI Canada Inc. have also created a “Defect Management Manual,” according to the CCUA. A copy of the document that was released by the credit union group said it was meant to help lenders help borrowers – but not necessarily with a postponement.

“In developing the COVID-19 defect management manual, insurers did not see further extensions as a viable option globally,” CMHC said in its response to credit unions. “If the borrower cannot be helped with the existing (default management) tools (stable source of some income) then there are few options as there are no government programs currently available.”

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The agency added that EI could help unemployed members of credit unions resume their payments and give them time to find another job. Others might need additional help, like interest-only payments, CMHC said.

CMHC’s response followed comments from the agency’s president and CEO, Evan Siddall, who suggested the agency is preparing to manage the end of the program, rather than maintain it. Siddall said in May he had a team bracing for a fall debt deferral “cliff” when some loan repayments may start to fall again.

The circumstances could encourage the Canadian authorities to soften their positions, as has happened elsewhere. For example, the Australian Prudential Regulation Authority last month announcement it would extend regulatory relief for banks, allowing COVID-19-related deferrals to last up to 10 months.

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Canada’s Office of the Superintendent of Financial Institutions has so far said its relief for COVID-19 deferrals will only apply for a maximum period of six months, but that it “will review this treatment in the future. if needed “.

CMHC “continues to monitor the potential financial impacts of the COVID-19 pandemic and will continue to support the Government of Canada’s response to the pandemic,” a spokesperson for the agency said in an email. “Right now, we are focusing our efforts on immediate COVID-19 pandemic relief measures to support financially struggling households, housing providers and small businesses. “

A spokesperson for the finance ministry said the government would continue to monitor “all developments related to the COVID-19 outbreak and the economic disruption caused by the pandemic.”

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More than 760,000 borrowers postponed or skipped a mortgage payment during the pandemic, which equates to about 16% of mortgages in bank portfolios, according to the Canadian Bankers Association.

However, lenders have seen the number of postponements drop as part of the recent economic reopening. Genworth Canada, the country’s largest private-sector residential mortgage insurer, said earlier this month it expects the “vast majority” of deferrals to end with borrowers returning to their regular payments. .

“However, the company expects a subset of insured mortgages with deferred payments likely to default after the deferral period ends,” Genworth said in its latest financial information. “As a result, the Company and its lenders have plans in place to increase loss mitigation activities to deal with the increase in reported defaults that is expected from the fourth quarter of this year.”

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CMHC and other mortgage insurers may not currently have a blanket extension to the six-month deferral period, but borrowers could still defer payments for up to four months with a pre-existing default management tool for lenders. .

Genworth Canada also said it believes deferrals “are an effective loss mitigation strategy in the COVID-19 environment.”

Canada Guaranty on the move update to lenders said its six-month deferral program “does not remove the existing possibility of deferring up to four months throughout the life of the mortgage.”

He also said: “IIn the event that an owner requires additional assistance or requires additional payments for future hardship, Canada Guaranty will consider each request individually.

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Genworth Canada and Canada Guaranty did not respond to questions from the mail.

There are several other default management tools, such as a special payment agreement, which means that a deferral may not be an insurer’s first choice.

The default management manual gives the example of a borrower whose employer has closed its doors permanently, wiping out their income, but who may have other employment opportunities. In this case, the playbook states that a payment deferral of up to four months is “conditional recommended”, although lenders “should apply additional due diligence when assessing the feasibility of this tool in the future. case by case “.

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In-depth reporting on The Logic’s innovation economy, presented in partnership with the Financial Post.

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There was a time when reparations were actually paid – but not to those formerly enslaved

The cost of slavery and its legacy of systemic racism to generations of black Americans has been clear over the past year – seen in both the racial disparities of the pandemic and widespread protests against police brutality.

Yet every time calls for redress are made – such as they are again now – opponents retort that it would be unfair to impute a debt to those who are not personally responsible. In the words of Mitch McConnell, then Senate Majority Leader, speaking on juinteenth – the day black Americans celebrate as marking emancipation – in 2019, “I don’t think reparations for something that happened 150 years ago and for which none of us living now is responsible be a good idea.

Like a professor of public policy who studied reparations, I agree that the numbers involved are significant – I cautiously estimate the losses due to unpaid wages and lost inheritances for black descendants of slaves at approximately 20 trillion US dollars in 2021 dollars.

But what is often forgotten by those who oppose reparations is that payments for slavery have already been made – many times, in fact. And few back then complained that it was unfair to impose a debt on generations of people for which they were not personally responsible.

There is, however, an important caveat in these cases of reparations: the payments went to the former slave owners and their descendants, and not to the slaves or their legal heirs.

Extort Haiti

A striking example is the so-called “Haitian Independence Debt” which imposed reparations on revolutionary Haiti. payments to former slave owners in France.

Haitians had to pay for their independence.
API / Gamma-Rapho via Getty Images

Haiti declared independence from France in 1804, but the former colonial power refused to acknowledge the fact for another 20 years. Then in 1825, King Charles X decreed that he would recognize independence, but at a price. The price to pay would be 150 million francs – over 10 years of all Haitian government revenue. The money, the French said, was needed to compensate former slave owners for the loss of what was considered their property.

In 1883, Haiti had paid some 90 million francs in reparations. But to finance such huge payments, Haiti had to borrow 166 million francs with French banks Ternaux Grandolpe et Cie and Lafitte Rothschild Lapanonze. Interest and borrowing costs added to the total amount due to France.

The payments lasted a total of 122 years from 1825 to 1947, with the money going to over 7,900 former slave owners and their descendants in France. At the end of payments, none of the original slaves or slavers were still alive.

British “repairs”

French slave owners weren’t the only ones receiving payment for lost income, their British counterparts too – but this time from their own government.

The UK government paid reparations totaling £ 20million (equivalent to some £ 300 billion in 2018) to slave owners when it abolished slavery in 1833. Bank tycoons Nathan Mayer Rothschild and his brother-in-law Moses Montefiore arranged a government loan of $ 15 million to cover the vast sum – which represented almost half of the British government’s annual expenditure.

UK serviced these loans for 182 years from 1833 to 2015. The authors of the British reparations program imposed a reparation debt on many generations of Britons for which they were not personally responsible.

Pay for freedom

In the United States, reparations to slave owners in Washington, DC, were paid at the height of the Civil War. On April 16, 1862, President Abraham Lincoln signed the “Act for the release of certain persons held in service or at work in the District of Columbia“in the law.

He gave the former slave owners $ 300 per released slave. More … than 3,100 slaves have had their freedom paid for in this way, at a total cost of over $ 930,000 – nearly $ 25 million in today’s money.

In contrast, the former slaves received nothing if they decided to stay in the United States. The law provided for an emigration incentive of $ 100 – roughly $ 2,683 in 2021 dollars – if the former was enslaved agreed to leave the United States permanently.

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Similar examples of reparations going to individual slave owners can be found in records from countries like Denmark, the Netherlands and Sweden, as good as Argentina, Colombia, Paraguay, Venezuela, Peru and Brazil.

The French government has even set an example on how the government can conduct genealogical research to determine eligible beneficiaries. He compiled a massive six-volume collection in 1828, listing some 7,900 originals slave owners in Santo Domingo and their French descendants.

Repairs, this time backwards …

Blessed with detailed records from the US census and local archives, I think the government could do the same for black descendants of American slaves.

In the 1860 census, the last before the Civil War, the government numbered 3,853,760 slaves in the United States. Their direct descendants live among nearly 50 million black residents in the United States today.

Using historical census records to estimate the number of man, woman and child hours available to slave owners from 1776 to 1860, I estimated how much money the slaves lost given the meager wages of unskilled labor at the time, which ranged from 2 cents in 1790 to 8 cents in 1860. At a very moderate interest rate of 3%, I am arrived at an estimate of $ 20.3 trillion in 2021 for the total losses to black descendants of American slaves living today.

That’s a huge sum – about a year of United States GDP – but a number that would comfortably close the racial wealth gap. The difference is, unlike historical precedents, that this time the benefits would go to the black descendants of the slaves, and not to the slavers and their offspring.

Student Loan Payments Start Again in October – Here’s How to Prepare

As of March 2020, federal student loan payments have been suspended for millions of borrowers in the United States. But this period of temporary abstention (which President Biden expanded in January 2021) is expected to end in September, barring a last minute extension or alternative student loan relief measures. If you have federal student loans, take action now to prepare for resuming student loan payments in the not-so-distant future.

What are the benefits of federal student loan borrowers during the coronavirus pandemic?

The CARES Act and subsequent extensions provided several relief measures to help federal student loan borrowers cope with the coronavirus pandemic. For most borrowers, the three most important benefits for student loans include:

  • Eligible borrowers do not have to make payments on federal student loans or past due FFEL program loans by September 30, 2021.
  • Interest is temporarily suspended on eligible federal student loans and past due FFEL program loans until after September 30, 2021.
  • Efforts to collect delinquent federal student loans and delinquent FFEL program loans are temporarily suspended.

Private student loan borrowers are not entitled to any government mandated relief at this time. Still, that doesn’t mean private lenders aren’t willing to offer help with difficulties. If you can’t afford to repay your private student loans Right now, due to the challenges of COVID-19, you should call your lender to ask if temporary relief measures are available.

How to prepare for the end of federal student loan forbearance

It’s a good idea to start taking steps now to prepare yourself financially and mentally for resuming your monthly student loan payments. Below are four ideas you may want to consider.

1. Continue to make payments

The coronavirus pandemic has impacted household budgets across the country. Still, if you can still afford to make your student loan repayments before the federal suspension of payments is over, it could be a great way to pay off your debt faster and save money.

Kat Tretina, Certified Student Loans Advisor, explains why making manual payments on your Federal Student Loans during this time could benefit you. “Due to the CARES Act, the interest rate on federal loans is set at 0%, so any payments you make will go to principal rather than interest charges,” she says. “Making payments now will reduce the amount of interest accrued later. “

If you’re wondering how much these interest-free payments could save you in both repayment time and money, a student loan calculator can help you calculate the numbers.

2. Pay yourself

Another option you might want to consider is making student loan repayments while the monthly payments to your student loan manager are pending. Even if you can’t afford to pay off a student loan in full, you may be able to make a partial payment and put those funds in a safe deposit box. high yield savings account.

Once normal payments resume (or are about to resume), there are two options you can consider. First, you could make a lump sum payment to your agent before the interest-free period of your loan expires. You can also choose to keep the money you saved in a emergency fund or use it to provide an extra cushion in case you have trouble keeping up with your monthly payments afterwards.

However, keep in mind that everyone’s situation is different. If you have high interest rate debt or have private student loans, you may want to consider setting up money is flowing while your federal student payments are pending.

3. Asking for other types of help

Coronavirus relief isn’t the only way to get help with your federal student loans. The Department of Education offers other types of assistance to eligible student loan borrowers under normal circumstances.

For example, after this automatic forbearance period ends, you can apply to put your federal student loans into deferment status if you need to temporarily reduce or postpone your payments. Keep in mind, however, that interest can continue to accrue on your loans even if your payments are pending.

Make a request for income based repayment plan is another option you might want to consider. If you qualify, your monthly payment will adjust based on your income and family size, and you could have your remaining balance paid after 20 to 25 years of payments.

4. Determine if refinancing is right for you

Finally, you might want to see if refinance your federal student loan would benefit you financially. Refinancing a student loan can help you save money over the life of your repayment or reduce your monthly payment amount.

Of course, it is important to think carefully if refinancing is right for you – especially if you have federal student loan debt. If you decide to refinance, you will lose federal benefits such as access to income-based repayment plans and loan cancellation eligibility.

Coronavirus Student Loan Forbearance FAQ

Who can take advantage of administrative abstention?

If the Department of Education owns your loan or if you have a past due FFEL program loan, you should be eligible for administrative forbearance benefits. Student loan managers have placed eligible student loans on automatic administrative forbearance. You can call your repairman if you have any questions.

When do federal benefits expire?

The federally mandated administrative forbearance will expire on September 30, 2021. Thus, unless there is another extension or another law of Congress, the regular repayment of federal student loans (including automatic payments) will resume on October 1, 2021.

Will student loan forbearance be extended?

Education Secretary Miguel Cardona recently said he was not completely opposed to extending the break on federal payments. “We’re looking at it,” he told the Education Writers Association 2021 conference. “Obviously, we’re always going to be inspired by what the data tells us and our situation as a country in regards to the resumption of the pandemic. It’s not out of the question, but at this point it’s September 30th.

Steve Muszynski, founder and CEO of Splash Financial, predicts that student loan repayments will likely resume in October due to the rising economy and current vaccination rates. “However, it also seems plausible that the government could introduce targeted student loan cancellation at around the same time to reduce the downside of starting payments for over 40 million Americans,” he said. .

Learn more:

Magic helps women and minority businesses tackle systemic oppression during pandemic

Magic Johnson and her life insurance company have provided $ 100 million in small business loans for women and minority-owned small businesses.

EquiTrust Life Insurance, owned by Magic, has distributed loans through the Small Business Administration’s Federal Paycheck Protection Program, in partnership with MBE Capital Partners, a New Jersey-based non-bank lender that works closely with minority-owned businesses.

READ MORE: Magic Johnson turns 60 with the mind of a young con artist

Johnson was surprised when the Lakers, his former team, received a $ 4 million P3 loan from the federal government. He was delighted to hear that the team had paid off the loan.

Rumor has it that since the pandemic began in March, forcing closures everywhere, more than 90% of businesses owned by Blacks, Latinos and Hawaiians or Pacific Islanders have very little chance of securing a PPP loan. through the big banks and credit unions.

For Caucasian business owners, that’s a 97% approval rate, while Asian Americans are approved at a rate of around 75%. This is a real sign of the systemic racism of this grassroots country.

Even with a total of $ 409 billion, which included ($ 349 billion) in upfront funds as well as another ($ 60 billion) released by Congress under the CARES (Coronavirus Aid Relief And Security Act), minorities were always excluded from the loop. receive the funds necessary to keep their business afloat.

READ MORE: How Magic Johnson continues to serve helpers in the boardroom

Johnson, a renowned businessman and the greatest playmaker to ever play, led the Lakers to 5 NBA Championships during his illustrious Hall of Fame career.

The name Magic Johnson stands for star power and social awareness. From its chain of theaters and many other businesses to its ability as an executive to attract LeBron James at the Lakers and help secure the COVID 2020 Shortened World Series for LA by paying Mookie Betts what Boston wouldn’t. Magic does great things and pushes the boundaries in a relentless pursuit of success.

READ MORE: MLB Opening Day 2020: Magic’s Dodgers bless Mookie Betts with 13-year-old sack and $ 392 million

The scholar of basketball and business has always given back and to have it to make this business available at a time when many minority business owners are at their wit’s end is a merit for his education, his connection to the community and his continued dedication to combating systemic racism and improving the quality of life for future generations of African Americans.

CSOs concerned about conflicts of interest related to World Bank technical assistance loan to Guyana

The World Bank’s support for governance reforms related to Guyana’s offshore oil development has been questioned in recent months, after research by Germany-based civil society organization (CSO) (CSO) Urgewald revealed that a law firm hired by the Bank under a technical assistance loan had long-standing links with ExxonMobil, one of the companies involved in the development of the Stabroek offshore oil field in Guyana .

According to in Urgewald, the law firm Hunton Andrews Kurth was contracted by the Guyanese government and paid $ 1.2 million by the World Bank to draft the country’s new oil laws. The company has, according to Urgewald, “represented ExxonMobil for around 40 years, including as a leading lobbyist.”

Following letters sent by Guyanese and international CSOs to World Bank President David Malpass and members of the Bank’s Board of Directors, and extensive coverage by international and local media, Huntington Andrews Kurth contacted Guyana-based newspaper Kaieteur news in June to state that he had informed the Guyanese government that he “would not represent the government on the matter.” This has yet to be confirmed by the Bank or the Guyanese government, Urgewald said.

The World Bank has undermined the rule of law in Guyana and must accept some responsibility for the current constitutional crisis in which an illegal government is fraudulently trying to retain power. The World Bank loaned money to a government that did not have the legal authority to borrow that money.Melinda Janki, international lawyer

Tip of the iceberg: Supply concerns are symptomatic of wider dismay over Bank’s role in Guyana’s oil development

The Bank has so far provided a total of $ 55 million to Guyana, consisting of a development policy of $ 35 million to lend approved in 2018 to reform the country’s financial sector in anticipation of the oil boom, and a $ 20 million technical assistance loan approved in 2019 to improve governance and management of Guyana’s oil and gas development (see Observer Summer 2018).

Technical assistance to lend includes support for an ‘update of Guyana’s legal and regulatory frameworks for O&G governance and oversight [oil and gas] sector. “Guyanese groups fear that this will dilute legal protections for the environment in Guyana, which are considered a regional gold standard and have inspired many elements of the Escazú Agreement – ie the Regional Agreement on Access to Information, Public Participation and Justice in Environmental Matters in Latin America and the Caribbean.

Despite the Bank’s goals to improve governance in Guyana, the country has descended into political chaos since accepting World Bank support. Following criticism of the ruling APNU-AFC coalition and their handling of the oil contract for the Stabroek oilfield, the coalition lost a vote of no confidence in December 2018 and became an unconstitutional government in September 2019 following their refusal to hold an election. A subsequent election in March 2020 favored the opposition PPP / C party, but this was contested by the outgoing APNU-AFC coalition, although they were unable to produce any evidence, in a move that was widely contested. sentenced by international observers.

“The World Bank has undermined the rule of law in Guyana and must accept some responsibility for the current constitutional crisis in which an illegal government is fraudulently trying to retain power,” said Melinda Janki, an international lawyer based in Guyana. “The World Bank loaned money to a government that had no legal authority to borrow that money. The World Bank authorized an individual to sign the financing agreement as Minister of Finance in direct violation of the Constitution. This is direct political interference in Guyana on the part of the World Bank.

The country’s political deterioration comes as Guyanese citizens return wrote to President Malpass in June to question the World Bank’s proposal that Guyana join the Zero-Gas Flaring initiative, which paradoxically would allow Exso, a subsidiary of Exxon, to continue to practice routine flaring, before finally shut down in 2030. Esso flared over 9 billion cubic feet of associated gas in just six months off Guyana, according to to civil society observers, even though its environmental permit prohibits routine flaring. “Exxon has not provided information on flaring or taken adequate steps to prevent this harmful and unnecessary practice,” said Nikki Reisch of the US-based CSO Center for International Environmental Law.

SBA visits Paycheck Protection Program loan recipients in Wisconsin

More than 89,000 Wisconsin businesses have benefited from the Paycheck Protection Program. This was part of the funding available to small businesses through the CARES Act at the start of the pandemic.

Wisconsin businesses received $ 9.9 billion through the program.

SBA Great Lakes administrator Rob Scott visited some of the companies that have benefited from the program.

“Every business basically told us that it saved their business. It gave them the ability to keep operating to keep paying their employees to keep moving their business forward during the pandemic, ”Scott said.

The types of businesses range from restaurants to farming to manufacturing.

Scott said uncertainty was a recurring theme in just about every business he visited.

“I think everyone thinks the pandemic has lasted a lot longer than anyone thought it would be such uncertainty as to what lies ahead,” Scott said.

Some companies are also concerned about labor issues.

“You know, trying to find employees who want to come back to work or who wanted to work in general,” Scott said. “They shared a bit of these stories. Not too difficult, but a few companies said it was a slight problem.

The SBA still offers the economic disaster loan for businesses that need support at this time.

Scott is optimistic that more funding will be available in the near future.

“There’s probably going to be more economic recovery around the corner, but we’re just waiting for President Trump and Congress to certainly release it,” Scott said. “We have $ 130 billion left in the PPP fund and there are discussions that we are going to have a second round of PPP availability.”

You can find out more about the news resources available to businesses on the SBA website.

It’s not that hard. The cancellation of student debt is good.

In the 2020 Democratic presidential primary, Bernie Sanders offered to write off all student loan debt. The underlying principle was clear. Bernie doesn’t think student debt should exist because he doesn’t think higher education should be a commodity. No one should be in debt for a service that should be paid for in progressive taxation and made free at the point of service.

New York Senator Chuck Schumer isn’t anyone’s idea of ​​a Berniecrate, so it’s no surprise that he doesn’t agree with Sanders’ idea, but he recently did. to propose that when Joe Biden takes office, he should write off the first $ 50,000 in student debt for each borrower by executive order. By the time the president-elect himself gave a version of the plan, it was so watered down that it looked like a cranky leftist’s parody of what a centrist president would do. “Up to” $ 10,000 is being forgiven under the Biden plan, but – wait – only “private, not federal” student loans. Oh, and it’s all gonna be means-tested.

Yet even this considerably less than half measure was sufficient for the resurgence of the argument that sparing graduates currently hampered by student debt would be unfair to those who have had to go through the same ordeal in the past. Let’s break this down.

The first thing to notice about this objection is that it would apply to all reform that improves the lives of people in the present. If we adopted Medicare for All, no one from then on would have to pay for private health insurance premiums, co-payments or deductibles. Would that be unfair to everyone who has had to pay lip service to all of these things in the past?

Or think of all the states that have legalized recreational marijuana. Is it unfair to all the people of those states who have had to pay fines or serve jail time for possession in the past?

It would certainly be unfair to keep people in prison who have not yet served their sentence after legalization. (That would be the equivalent of ending tuition fees without giving relief to people who were still struggling to repay their loans.) But even here, it’s important to make a fundamental distinction. The injustice of keeping people in jail for what was now legal would be a reason for releasing the prisoners. That would not be a reason to keep marijuana illegal in the future.

If a monster lives on the outskirts of town and has a habit of eating morsels of passers-by, and after it lasts for years before the town finally calls in a monster hunter to put a stop to it, do that people are walking around with missing fingers due to past monster attacks do you have a legitimate complaint? In one sense they do, and in another they don’t. It was unfair to these former victims that it took the city so long to bring in the monster hunter. It is not unfair that they finally deal with the problem.

Money cannot make up for missing fingers, but it might still be reasonable to financially compensate past victims of local government negligence. But what if we set the example and the monster kills its victims instead of just eating the finger every now and then? There’s no way to return the dead, but it would be (ahem) monstrous to take that as a reason to let the monster continue to eat people now.

After any reform that ends an injustice is passed, an abstract moral argument can still be made for some form of reparation for past victims of that injustice. In some cases, it may be a good idea to do so. In others, it may be impractical or even impossible. But whether it is reasonable or possible to compensate people who have suffered in the past, that is never a reason not to end an injustice in the present.

Thinking about what is wrong with the “injustice” argument can help us understand what is wrong with the other two most common arguments against student loan cancellation: Debt cancellation would be ” regressive ”and that would create“ moral hazard ”.

The objection of “regression” is that the borrower population is on average richer than the larger population of non-borrowers. This is true as far as it goes. While the less privileged students often have to take on a lot of debt and have no more problems than other borrowers who repay, it’s also true that most of the poor don’t even try to go to college because they know it’s too expensive.

There is also an element of truth in the concern of “moral hazard”. A student loan jubilee today would give future students who will need to take out loans to finance their studies a reason to hope that their own burdens will be alleviated later. Canceling outstanding loans without doing anything to resolve the underlying problem perpetuates the cycle of students taking out loans and struggling to repay them.

But neither gives us a good reason not to write off the current debt. Instead, they give us a great reason to create a fair system of higher education in the future – which means we should make higher education public, community colleges, and vocational schools tuition-free ( and nationalize elite private universities while we’re at it). No one should have to worry about whether or how they will be able to pay off their debts before they go to school. And it is extraordinarily unfair for someone to give up the experience altogether because of these worries. We must write off every penny of the current debt and eliminate tuition fees so no one has to take another loan again.

It may not be politically possible to achieve all aspects of this program over the next few years. If the GOP controls the Senate, Joe Biden will have a rock-solid excuse not to try to eliminate tuition fees at all levels – or even to try to deliver on his campaign promise to eliminate them for college students in Canada. two years. But none of that is a reason not to carry out the part of that agenda that Biden himself says can be dealt with by executive order.

If he cancels the first $ 10,000, he will have lost his excuse to leave the rest in place. He has to cancel everything.


Plaid’s “Income” product to extract payroll data from lenders

Plaid, a platform that helps lenders integrate consumer-authorized banking data into their systems, announced Thursday that it plans to compete in the marketplace for similar deals involving payroll data.

The company is beta testing a product called Income, which facilitates consumer-authorized reviews of payroll provider data. The company is also in talks with ADP about a possible business partnership.

This type of technology has recently caused a sensation because Fannie Mae and Freddie Mac are approaching the final approval phase of such a Finicity product. If approved, data verification performed with technology could help lenders obtain loan collateral representation and relief.

“The mortgage potential is pretty high,” said Kate Adamson, product manager at Plaid.

FinTech has had discussions about testing its new income technology with GSEs and is already testing its use for other purposes with mortgage lenders, she said.

For example, the technology may already be used to facilitate access to payroll documents that GSEs need in loan applications, Adamson said. In addition, portfolio lenders can use payroll data authorized by consumers to rate loans.

At least one mortgage lender, Veterans United, was part of the Plaid’s Income technology test group. Other types of lenders in the test group include Carputty, a company that offers auto finance, and MYRA, a personal finance platform aimed at serving immigrants. The product could also be used in conjunction with the rental of apartments.

To test the technology in mortgage lending, Plaid integrates a link into the loan application on a given lender’s point of sale system. That link then connects to an interface that allows a consumer to authorize data retrieval from their payroll systems, Adamson said.

Because Plaid also provides bank data integrations in such systems, it can store some of the information from a survey so that the consumer goes through a more efficient process on the second survey, she said. .

Plaid’s testing to date has only been done through consumers’ access to their payroll data, but if discussions with ADP are successful, data coming directly from ADP could be at stake.

“ADP and Plaid are actively working on a partnership around Consumer Authorized Payroll Data that will allow consumers to access their payroll details without a login using ADP’s API,” said Meraj Mohammad, vice chairman of ADP Ventures, in a press release.

Small Business Administration: Appeals of SBA Loan Review Decisions Under Paycheck Protection Program

B-332526

September 18, 2020

The Honorable Marco Rubio
President
The Honorable Ben Cardin
Ranking Member
Small Business and Entrepreneurship Committee
United States Senate

Honorable Nydia M. Velázquez
President
The Honorable Steve Chabot
Ranking Member
Small Business Committee

Topic: Small Business Administration: Appeals of SBA Loan Review Decisions Under Paycheck Protection Program

Pursuant to Section 801 (a) (2) (A) of Title 5, United States Code, this is our report on a major rule promulgated by the Small Business Administration (SBA) titled “Appeals of Loan Review Decisions from the United States Code. SBA under the Paycheck Protection Program ”(RIN: 3245-AH55). We received the rule on September 4, 2020. It was published in the Federal Register as an interim final rule on August 27, 2020. 85 Fed. Reg. 52883. SBA is hosting a comment period on this final rule ending September 28, 2020.

According to the SBA, the interim final rule complements previously published rules by advising borrowers and Paycheck Protection Program (PPP) lenders of the process for a PPP borrower to appeal certain loan review decisions from the SBA. SBA within the framework of the PPP with the SBA Office of Hearings and Appeals. The PPP was promulgated under the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. n ° 116-136, 134 Stat. 281 (March 27, 2020) (CARES Act), to provide loans to small businesses affected by the 2019 novel coronavirus pandemic (COVID-19).

The Congressional Review Act (CRA) requires 60 days for the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 USC § 801 (a) (3) (A). The 60-day deadline for the effective date may be waived, however, if the agency believes for good reason that the delay is impracticable, unnecessary or contrary to the public interest, and the agency incorporates a statement conclusions and its reasons in the rule. Posted. 5 USC §§ 553 (b) (3) (B), 808 (2). Here, while the SBA did not specifically mention the CRA’s 60-day deadline in the effective date requirement, the agency found a good reason to forgo notice and comment procedures. and incorporated a brief statement of reasons. Specifically, the SBA has stated that Section 1114 of the CARES Act authorizes the SBA to issue regulations to implement Title I of the CARES Act without regard to notice requirements. In addition, the SBA has determined that public notice and comment will delay the ability of PPP borrowers to fully understand the appeal process of certain SBA loan review decisions under the PPP.

Attached is our assessment of the SBA’s compliance with the procedural steps required by Section 801 (a) (1) (B) (i) through (iv) of Title 5 in relation to the rule. If you have any questions about this report or would like to contact the GAO officials responsible for the assessment work relating to the purpose of the rule, please contact Shari Brewster, Deputy General Counsel, at (202) 512-6398.

Shirley A. Jones

Associate Legal Director

Pregnant

cc: Yvonne Walters

Legal Counsel, Office of the General Counsel
Small business management

PREGNANT

REPORT UNDER 5 USC § 801 (a) (2) (A) ON A MAJOR RULE
ISSUED BY THE
SMALL BUSINESS ADMINISTRATION
ENTITLED
“APPEALS FROM SBA LOAN REVIEW DECISIONS
WITHIN THE FRAMEWORK OF THE PAY CHECK PROTECTION PROGRAM “
(RIN: 3245-AH55)

(i) Cost-benefit analysis

In its brief, the Small Business Administration (SBA) indicated that it had not prepared an analysis of the costs and benefits of the interim final rule.

(ii) Agency actions relating to the Regulatory Flexibility Act (RFA), 5 USC §§ 603-605, 607 and 609

The SBA has said the rules exempt from notice and comment are also exempt from the requirements of the RFA. According to the SBA, the interim final rule is exempt from the notice and comment procedures and the SBA is not required to perform a regulatory flexibility analysis.

(iii) Agency actions regarding sections 202-205 of the Unfunded Mandates Reform Act 1995, 2 USC §§ 1532-1535

The SBA did not discuss the law in this interim final rule. In its brief, the SBA indicated that it did not consider the preparation of a written statement under the Act to be applicable.

(iv) Other relevant information or requirements under laws and decrees

Administrative Procedure Act, 5 USC §§ 551 et seq.

The SBA has waived notice and comment procedures because, according to the SBA, Section 1114 of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) authorizes the agency to issue regulations to implement Title I of the CARES Act without taking notice of notice requirements into account. The SBA also determined that it had good reason to forgo notice and comment procedures, as advance notice and public comment would delay the ability of Paycheck Protection Program (PPP) borrowers to come to terms with certainty the appeal process for certain SBA loan review decisions under the P3.

Red Tape Reduction Act (PRA), 44 USC §§ 3501-3520

SBA has determined that the Interim Final Rule does not contain any information collection requirement under the Act.

Legal authorization of the rule

The SBA promulgated the Interim Final Rule in accordance with Section 504 of Title 5; Articles 632, 634, 637, 648, 656, 657t and 687 of Title 15; and Article 8217 of Title 38, United States Code and Public Laws 116-136, 116-139, 116-142 and 116-147.

Executive Decree No. 12 866 (Planning and Revision of Regulations)

The SBA has determined that the interim final rule is economically important under the order, but the SBA is proceeding under the emergency provision of the order due to the need to act quickly to alleviate current economic conditions. arising from the emergency of the 2019 novel coronavirus disease.

Executive Decree No. 13 132 (Federalism)

The SBA has determined that the Interim Final Rule will not have substantial direct effects on states, on national government-state relations, or on the distribution of powers and responsibilities between different levels of government. Therefore, the SBA determined that the Interim Final Rule had no implications for federalism to warrant preparation of a federalism assessment.

How a botched COVID ‘loan’ to Kodak made the company, the government look like idiots

Kodak dominated the film industry; now he can’t handle a public announcement. (Scott Olson / Getty Images)

Among the milestones of the federal government’s half-baked responses to the COVID-19 crisis, the short and unhappy lifespan of its $ 765 million loan to Kodak stands out.

We remember that President Trump, with great fanfare, announced the loan on July 28.

Trump has said from the White House that the loan will help launch Kodak Pharmaceuticals and pay for Kodak’s entry into the business of producing “critical ingredients” for COVID-19 treatments.

An important step towards American pharmaceutical independence – a very, very big, big step.

President Trump outlining deal with Kodak that never happened

He called him “one of the most important transactions in the history of the American pharmaceutical industries.

Well no. It turned out that the United States had not made the loan at all, but had only signed a “letter of interest” indicating that it could do so in the future.

Meanwhile, Kodak’s shares have soared into the stratosphere. The day before the announcement, the stock was listed at $ 2.62. The day after the announcement, it hit $ 60, before falling back to $ 33.20 at the close. On Thursday, it closed at $ 10.70.

Meanwhile, Kodak’s top executives received large stock option grants, large, well-connected investors sold stocks in wave, and a board member did donation of 3 million shares to a charity he had founded, valuing the gift at a price of $ 33.20, or approximately $ 100 million. .

With the episode turning into embarrassment as regulators and members of Congress began to investigate whether insider trading had occurred, the government agency behind the transaction – the US International Development Finance Corp. . – suspended the entire agreement on August 7. waiting.

The board of directors of the outside law firm Kodak commissioned to investigate the case, Akin Gump, has just released its report, which the company has made public.

Unsurprisingly perhaps, the report absolves Kodak executives and big investors from violating insider trading laws, though it recommends that some internal processes be tightened so that nothing like this happens again.

More interestingly, the report takes us step by step through the timeline of the potential deal. While Kodak and its executives are not doing very well, government officials, including Trump’s trade adviser Peter Navarro, are doing less well.

Let’s take a walk in this thicket. Wear your long pants and wear bug spray.

Kodak, once a powerhouse in the photography and specialty chemicals industries, was only a shadow of itself in 2019. Although it is a public company, in terms of real, it was as good as private, because a small circle of investors owned more than 60% of its shares.

Once the COVID-19 pandemic took hold, Executive Chairman and CEO Jim Continenza urged executives to “consider the opportunities … in responding to the pandemic,” the report says.

The company began manufacturing isopropyl alcohol for hand sanitizer and polyester films for face shields. He also cold-called government officials, seeking a grant to allow him to start manufacturing pharmaceuticals.

In April, Kodak came into contact with Navarro and Chris Abbott, a White House political adviser. Contacts with Navarro intensified after May 14, when Trump issued an executive order authorizing Development Finance Corp. to provide loans to companies in the COVID-19 treatment supply chain.

Kodak initially requested a grant of $ 27 million. Navarro urged the company to “think bigger” and requested a “well fleshed out” proposal by the end of May, according to the report. Kodak responded with a request of up to $ 575 million, which Navarro called “too big,” Kodak employees told Akin Gump.

By June, the plan had turned into a loan application. By this point, Navarro had apparently pulled out of the process – he canceled a scheduled June 4 call with Kodak, and they had no further contact.

At Kodak’s headquarters in Rochester, NY, the feeling was that the whole business was probably dead. But the company continued with its formal request, presumably in the hope that lightning could strike.

Discussions with the government had been relegated to a low-level official who did not appear to read the company’s applications. It wasn’t even clear that a loan would be good for Kodak, as it would require the company to raise funds on its own as a down payment.

Government official Alale Allal then visited Kodak’s manufacturing facilities on June 22. Suddenly and mysteriously, things suddenly sped up. The Development Finance Corp. said she wanted to issue a “letter of interest” backing the loan – and wanted to announce it in a public signing ceremony on July 28.

The planning for the event, including the preparation of all written materials, was “‘driven’ and ‘owned’ by the DFC,” reported Akin Gump.

The planning included issuing a media advisory on July 27, an “exclusive” given to the Wall Street Journal for publication on July 28, and a press release to be issued at the time of the ceremony at 4 p.m. on July 28. Kodak’s contribution to the press release was a canned quote from Continenza and a description of Kodak’s business.

Then things went off the rails. A low-level Kodak public relations person sent the notice to local Rochester reporters, but inexplicably removed a warning that information about the next day’s event was under embargo and replaced with the line “for broadcast. immediate “.

Local reporters immediately tweeted the language of the notice that the upcoming announcement could “change the course of history for Rochester and the American people.” A TV reporter tweet added: “Wow, that’s a promise.”

The Wall Street Journal has published its exclusive at 6 a.m. the next day. But he misleadingly reported that Kodak had “secured a $ 765 million government loan”, not that the arrangement was simply a non-binding “letter of interest” rather than a loan. The DFC issued its own press release hours earlier to correct the false impression.

Kodak stock took off, hitting $ 11.80 and hitting the $ 60 level the next day. Inside Kodak and among investment experts, the reaction to the price action has been “outright disbelief,” reported Akin Gump. Board member Jeffrey Engelberg told investigators he believed the market had “gone mad” simply because the news was about COVID-19.

As usual, Trump has greatly exaggerated the importance of this deal in the White House, calling it “an important step towards achieving American pharmaceutical independence – a very, very big, big step. “

Skepticism about Kodak’s ability to follow through on Trump’s claim was widespread, however. As my colleague David Lazarus concluded after speaking with an expert, “bringing in a company with little pharmaceutical experience as a backstop doesn’t make a lot of sense.”

It didn’t take long for Kodak’s stock option grants and trading by insiders and investors to become public. Continenza and board member Philippe Katz made major purchases in June, when talks with the government were underway, at around $ 2.22. But Akin Gump says they did not sell those shares and received permission from the company’s general counsel in advance to make the purchases.

More curious was a contribution of 3 million shares by board member George Karfunkel to Congregation Chemdas Yisroel, a charity he founded, based on the closing price of $ 33.20 on 29 July. Karfunkel told investigators that the charity did not sell any of the shares as of August 24, when they questioned him.

But investigators said they were unable to fully investigate the transfer as they did not have access to the charity’s records or to any of its officers or directors other than Karfunkel.

They concluded that while the giveaway did not violate insider trading law or company policy, “it was not recommended from a corporate governance perspective” because it raised the issue of possibility of insider trading.

Then there was the sale of over 250,000 Kodak shares by Moses Marx, the father-in-law of board member Philippe Katz, the day after the announcement.

Akin Gump says Katz informed Marx of the upcoming announcement on July 24, but by the time of the sale, the deal had become public, so Marx may not have negotiated over non-public information. Marx refused to speak with Akin Gump.

Another large investor, Southeastern Asset Management, an investment firm in Memphis, sold 4 million Kodak shares on the day of the announcement and another 30 million shares it had received on a ticket conversion. , August 4.

These sales took place after the announcement; the company said it concluded that Kodak’s price had become too high and that the company did not have access to inside information.

Although they found that Kodak and its executives appeared not to have broken any laws, investigators still found that the whole case revealed weaknesses in the company’s legal oversight. Board members weren’t entirely aware of the complexity of the insider trading rules, in part because Kodak’s legal department is understaffed.

Kodak’s public relations department is also in need of an upgrade, according to the report. During Kodak’s heyday, its PR team was almost certainly world-class. The fact that today a junior employee can divulge confidential information on a large advertisement a day before the event suggests that it is no longer made up of professionals.

This has all been bad for Kodak. The sloppy announcement makes the company appear to be run by amateurs. More seriously, a financing deal that could have really helped Kodak jump into a new business segment is still on hold due to the boondoggle.

The White House also deserves a heavy share of responsibility. He pushed for the announcement of a deal that wasn’t ready for prime time, or even for Saturday morning children’s time. Trump can boast of taking a “big step” whatever he wants, but everything he achieved this time around was a capital fiasco.

Antibody tests: what they do and how much they cost

As some states ease their closures, there is growing interest in antibody tests that can tell if you’ve been infected with the new coronavirus – and presumably, have developed some degree of immunity to the disease.

But these tests have limits, scientists warn. Of 14 antibody tests on the market, only three have provided consistently accurate results, according to an analysis carried out last month by researchers in California. as reported by the New York Times. Moreover, experts do not know how long the immune protection lasts with this new coronavirus.

Antibody tests are useful right now from a public health perspective, to determine what percentage of a population has been exposed to the novel coronavirus. They may be less significant at the individual level. The accuracy of a test depends on a number of factors, including its quality and the location of the person being tested.

Even with an accurate test, a positive antibody result is not a free pass to re-enter unrestricted daily life, scientists say. “I wouldn’t advise people, even with positive antibody tests in hand, to go back to their normal routines without thinking about social distancing,” says Daniel Larremore, assistant professor in the computer science department and the BioFrontiers Institute at the University of Colorado, Rock.

What is the antibody test?

Antibodies are proteins that attack foreign invaders in the body. The presence of antibodies to SARS-COV 2 (the virus that causes COVID-19 disease) in your blood would indicate that your immune system has been battling the new coronavirus. Antibody tests are usually done through a blood test after a person has recovered, while a nasal swab is used to diagnose an active coronavirus infection.

The accuracy of an antibody test depends on two factors: sensitivity and specificity. The sensitivity assesses whether the test can detect the antibody if it is present, and the specificity assesses whether the test can distinguish antibodies to SARS-VOC 2 from antibodies to the six other known coronaviruses, including some of the viruses that cause a cold.

A 95% specific test will give false positives 5% of the time. That is to say that in 5% of cases, it signals the presence of antibodies when there really isn’t any. False positives are more likely in places where the new coronavirus has not been spread. In a population of 1,000 people, if 1% of people have been exposed to the coronavirus, an antibody test with an accuracy of 95% will give 50 false positives and only 10 true positives. So only 1 in 6 people, or 16.6%, of people who test positive would actually have antibodies, according to a calculation for Money by Marm Kilpatrick, a professor who studies infectious diseases at the University of California at Santa Cruz.

But the results look different in a place like New York, the epicenter of the pandemic, where preliminary data from last month revealed that around 21% of residents had tested positive for antibodies. With this level of population exposed, in a test with 95% accuracy, there would be 210 people who would be true positives and 50 false positives, so 80.7% of people who tested positive would actually have antibodies.

How much does an antibody test cost?

The Trump administration demanded group and individual health insurance to cover both COVID-19 diagnosis and antibody testing without cost sharing for patients. So you may be able to get an antibody test for free, even if you haven’t reached your plan deductible for the year. That said, your health insurance plan may have a list of facilities approved for antibody testing, and if you visit one that is not on the list, you could incur additional charges.

Quest Diagnostics recently began selling antibody tests directly to the public for $ 119, plus an additional lab fee of $ 10.30. The company uses two testing platforms: one has a specificity of 98.5-99%, while the other has a specificity of 99.4%, a spokesperson told Money in an e- mail. The lower number, 98.5%, gives a 1.5% chance of a false positive. It may seem small, but in areas where a single-digit percentage of the population is exposed to COVID-19, it could cause up to half of all positives to be false positives, Kilpatrick says.

“We are committed to performing high quality testing,” a Quest spokesperson replied in an email to Money, noting that the company had performed its own quality verification tests, and that the two tests qu ‘she proposed and their performances are listed on this FDA website for authorized tests.

Where can you buy an antibody test for COVID-19

If you have private insurance, call your insurer before getting tested to be directed to an approved testing center. Many emergency care clinics now offer antibody testing, but you want to make sure you go to a place that your plan recognizes. Quest Diagnostics offers tests directly to the public online, which can be purchased without going through health insurance. After purchasing one, you go to a Quest facility to have your blood drawn.

The demand for antibody testing has attracted opportunists, Reuters recently reported. Some companies with no medical training have rushed into the market and are developing their own tests, taking advantage of federal oversight that was relaxed during the public health emergency. Consumers should investigate the accuracy of any tests they consider, experts warn. A 95% might get you an A in school, but an antibody test with that specificity isn’t the best, especially in an area with a low prevalence of the novel coronavirus.

How can states and employers use antibody testing to safely reopen?

Some governments are hoping that widespread antibody testing can help people get back to work, as the closures cripple the economy and cripple citizens’ morale. Countries, including the United States, have looked into the concept of so-called “immunity passports,” which people with antibodies would wear to allow them to resume normal life without restrictions.

But there is a risk in this strategy, scientists warn. People who receive a false positive could stop social distancing and other protective measures and put themselves and others at risk if they end up contracting the coronavirus.

Additionally, immunity passports could cause some people – such as those who cannot afford to stay at home and cannot work remotely – to actively search for infection so they can end up with antibodies. coveted, according to Alexandra L. Phelan, of the Center for Global Health Science and Security, Georgetown University Medical Center, in a recent Lancet article.

Even in the case of a true positive, it is not known how long the immunity against this new coronavirus lasts. While there have been no known cases of reinfection, we could eventually see people catching the novel coronavirus for the second time as immune protection wanes, Kilpatrick says. His best guess, based on data from other coronaviruses, is that immunity against COVID-19 can last between one and four years after infection. If a vaccine is developed within this time frame, people who have had the virus once may never get it again.

One useful way to use the most accurate antibody tests right now might be through high-risk industries, says Kilpatrick. (The pharmaceutical company Roche recently announced a test with a specificity greater than 99.8% and a sensitivity of 100%.) For example, a hospital could offer the tests anonymously to all of its nurses and allow those with antibodies to volunteer in the COVID-19 ward, knowing that some of those results could be false positives. Or a grocery store could test all employees and allow those with antibodies to volunteer to be placed at the checkout, while those without one might prefer to work on the reserve where they have no contact with them. the public.

The best way to use immunity passports would be on the basis of vaccination, says Kilpatrick. Of course, there is no way to do it now, as there is no vaccine for COVID-19. But if scientists succeed in developing one, an immunity passport based on it would reward people for their protection and that of their communities.

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How new “Blue’s Clues” host Joshua Dela Cruz is changing the face of children’s television

After Blue indices Skidooo in television history After six seasons aired from 1996 to 2006, an entire generation has grown up without the excitement of the mail and the satisfaction of finding clues.

But last month the series returned to Nickelodeon as Blue’s Clues & you with a new host, Joshua Dela Cruz, 29.

The Broadway veteran of New Milford, New Jersey was handpicked from over 3,000 prospects, including WWE wrestler John Cena. but original Blue indices Host Steve Burns believed Dela Cruz was destined to don the striped shirt for the next generation.

The choice of the Filipino American in the title role was seen as a major breakthrough for diversity in children’s television, with Dela Cruz being the first Asian American host of the iconic show.

“I never thought in a million years that such a thing would happen,” he said in our telephone interview. “I used to watch the show with my little sister and never thought I would be on TV. It was a truly humbling experience.

Feeling Blue

Born in Dubai, Dela Cruz was introduced to acting by his older sister when he was in eighth grade – and after training at the Music Theater Conservatory of the Paper Mill Playhouse in Millburn, NJ, he continued to perform on Broadway in The king and me and Aladdin.

While he loved working in the theater, he began to crave a project that could reach a wider audience. “The problem with musical theater is that it’s really expensive to see a show and bring a family to see a show, forget that,” he says. “I wanted to do something where I could use the gifts and skills I had acquired along the way to help people. And I didn’t know what it was.

When his agent told him about Blue indices, he began to recall the show with his Aladdin cast mates and realized that maybe this was the next step. “This is what I was looking for,” says Dela Cruz.

But he felt the weight of responsibility. “These are such big shoes to fill in because they are so important in people’s lives and how they grew up that I was definitely hesitant and anxious to do a good enough job,” he admits. .

Everything changed during one of the first working sessions. Steve Burns pulled me aside and said, ‘We threw you out for you. We love everything you do, everything you bring to the table, so don’t feel pressured to copy or duplicate anything that I or Donovan Patton have done in the past. It’s your home now.

With that vote of confidence from the original host, Dela Cruz sank into the role and forged her own path.

Diversity matters

Having worked on stage all his life, the audience’s late response called for a little patience. Even after the first episode of Blue’s Clues & you aired on November 11, it took a while for the ratings to arrive and know he was doing well. But then the most impactful comments started to arrive.

“I started getting tagged in videos and friends started sending me pictures of their kids watching the show,” he describes. “They are so immersed in it – they play and scream and laugh. It has been such a rewarding experience for me in every way. And I couldn’t be happier.

But there was another level of reaction coming from communities that rarely see themselves on screen, especially on children’s television. “I had friends texting me saying, ‘My kid is pointing at the screen and saying,’ He looks like me! “”

And that’s what makes his role so revolutionary. At least half of all TV, movie and streaming stories “do not feature an Asian or Asian American speaking or named on screen,” according to a study by the Annenberg School of Communication and Journalism at the University of Southern California. So the fact that a show aimed at preschoolers can be anchored by Dela Cruz is simply historic.

Dela Cruz himself also hasn’t seen Asian Americans on TV growing up. “There were a handful of people who missed my generation,” he says, referring to The Wiggles‘Jeff Fatts and Sesame StreetIt’s Alan Muraoka. “But I’ve never seen someone like me grow up on TV. It certainly plays a part in why I may never have even seen myself on TV – or even in the mainstream media. “

One of his earliest memories of seeing an Asian American artist was when Dante Bosco played Rufio in the 1991s. To hang up. “He was like a rare butterfly,” says Dela Cruz. But this lack of inclusion is exactly why he never considered a career beyond the stage, where he at least saw Asian Americans on specifically Asian shows like Miss Saigon and The king and me.

Inclusion at its best

Often times, the pressure for diversity leads to a checklist casting – making sure every ethical group is covered, like a United Colors of Benetton ad. While this leads to diversity on TV, it can also seem forced. “I hope that we will continue to evolve and grow as a society and that the media will continue to reflect everyday life,” says Dela Cruz, adding that ticking the boxes could be a necessary tool to get there.

What makes its role in Blue indices what is even more unique is that they did not have ethnicity in mind. “Being chosen in this role without having to be specifically Filipino or Asian is so important because it is inclusion at its best,” said Dela Cruz. “It’s not like we’re hiring you because we need an Asian. We’re hiring you because we love you and you’re Asian, which we’re going to celebrate.

As proof of a world that is starting to change, he highlighted the role of Filipino American Jacob Batalon in 2017 Spider-Man: Homecoming and the general acceptance of the years 2018 Crazy Rich Asians and this year The farewell.

The farewell transcends an Asian American story where it’s all about family and people, ”he says, looking at her. “It was very specifically Chinese, but I laughed because I could understand and my wife [actress Amanda Dela Cruz who recently starred in off-Broadway’s Jersey Boys], who is Caucasian, also laughed because she could relate to times in her life.

Modern families

To add to the progressive nature of her role on the children’s show, her character is introduced as a “cousin” to the two previous Caucasian hosts, Burns and Patton.

“It’s such a big change for our show and for America because I watch my family and everyone is Modern family diverse, ”he says. “We’re not just talking about the people you work with, but the people you live with. I applaud our creators and Nickelodeon for adding a layer of diversity. We don’t explain it. It wasn’t a necessity, that’s right.

The advent of other ways of consuming media – via web series, social media, and streaming – has also opened new doors. “Diversity and inclusion are accelerated today because there are so many ways to look at them,” he adds. “People are hungry for inclusion and they can find places to see it. If we continue to create great content and challenge ourselves to create not only diverse material but great material, I think that will definitely start to change and certainly evolve. “

And as for those kids, who like him still don’t see themselves on the shows they love – or even in other areas they hope to pursue, Dela Cruz encourages them to think big. After all, it worked for him.

“If you love something and you work hard and are kind, when that opportunity and your preparation meet, there is no reason you can’t be that person to open the door for everyone,” said the actor. “Even if you don’t see yourself represented, it doesn’t mean anything because no one has seen themselves represented on the moon and then all of a sudden we were there.”

Kresge issues $ 4.5 million guarantee to ensure nonprofit housing is ready to help Detroiters facing eviction


Backed by Kresge and Lake Trust Credit Union, United Community Housing Coalition is equipped, but state deadlock keeps millions at bay

TROY, Mich – The federal government has allocated more than $ 600 million through Michigan’s CARES Act to help tenants facing eviction. And the Michiganders need help. Estimates show that in Detroit alone, tens of thousands of people face eviction or housing instability due to COVID-19.

But those dollars are tied up, as Michigan state leaders fail to come to an agreement – the Michigan House, Senate, and Governor’s Office have each issued unique plans to allocate the CARES Act dollars.

Meanwhile, time is running out, and the Troy-based and Brighton-based Kresge Foundation Lake Trust Credit Union intervened to provide support to United Coalition for Community Housing (UCHC), to ensure the non-profit housing organization has the funds it needs to serve residents as early as possible.

When a state plan is approved, rent assistance dollars will first go to the Michigan State Housing Development Authority (MSHDA). From there, MSHDA will distribute the funds through local housing development companies. Detroit is expected to receive up to $ 94 million in funds, just under half of which is expected to go through UCHC, which has a growing database of tenants who need help avoiding eviction and housing. roaming possible.

Lake Trust Credit Union gave UCHC a loan of $ 5 million and Kresge issued an unfunded guarantee of $ 4.5 million on that $. These dollars will provide UCHC with the cash flow it needs to act quickly and responsibly to help as many families in the Metro Detroit area as possible, once the state of Michigan approves a plan.

“This is a good example of the ability of philanthropy to react quickly and flexibly in times of crisis,†said Rip Rapson, president of Kresge. “Everyone agrees on the need, the solution and the urgency to resolve the situation. But the political stars have not yet aligned. Foundations like Kresge can move forward to build a bridge until such time as vitally important dollars pour into the hands of Detroit residents who deserve and need help.

According to Lake Trust President and CEO David Snodgrass, “Lake Trust is driven by our commitment to be a driver of financial well-being for the community. The provision of financial support for this project responds to a direct need in the community we serve and Lake Trust is honored to work with Kresge to address this urgent situation.

A deadline of September 30 is looming, in which 65% of federal funds destined for Michigan must be spent or the federal government could recover unspent or unspent dollars.

“The money for rent assistance is there, just waiting to be allocated,†said Aaron Seybert, Kresge’s managing director, Social Investment Practice. “It is unfortunate that our guarantee and partnership with Lake Trust is needed, but the citizens of Detroit cannot wait. Michigan stands to lose millions of unallocated dollars in badly needed rent assistance, and we cannot afford to wait.

“We hope this guarantee signals to all Michigan leaders that organizations on the ground are ready to respond effectively and responsibly,” said Wendy Lewis Jackson, General Manager of the Detroit program. across Michigan that would take years to repair.

Kresge’s Detroit program also provided a grant of $ 159,000 to UCHC to support the organization’s staff, outreach activities, and other expenses.


Birmingham / Bloomfield area businesses have received at least $ 2 million in PPP loans

Several dozen businesses in the Hometown Life communities have received multi-million dollar funding from the federal paycheck protection program.

The Small Business Administration recently released a list of those companies across the country that received funding from the program after initially saying they would not publish such a list.

Businesses in the quirky communities covered by Hometown Life (Birmingham, Bloomfield Township, Bloomfield Hills, Beverly Hills, Bingham Farms and Franklin) that have received loans of at least $ 2 million are listed below, along with the number of ‘jobs that were kept with the funding.

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Following: Inverted Jenny postage stamp belonging to a Bloomfield man sells for $ 253,700 at auction

Overall, more than 100,000 Michigan companies have received funding of any kind from the program, with some companies receiving less than $ 100 and others between $ 5 million and $ 10 million. Companies that received $ 150,000 or more were named in the SBA data release.

The database below is also available to search for other communities or businesses that have received at least $ 150,000 from the program.

Beverly hills

2 to 5 million dollars received

Detroit Country Day School, 22305 W. 13 Mile. Jobs retained: 309

Bingham Farms

2 to 5 million dollars received

CCLA 9, LLC, 1000 Telegraph. Jobs retained: N / A

Continental Management, LLC, 32600 Telegraph. Jobs retained: 270

Diane Slon, 30600 Telegraph. Jobs retained: 104

Gissing North America, 32500 Telegraph. Jobs retained: 249

Health Partners, Inc., 30700 Telegraph Suite 3475. Jobs Retained: 409

Pro Care Unlimited, LLC, 30200 Telegraph Suite 235. Jobs Retained: 500

The Michigan Humane Society, 30300 Telegraph Suite 220. Jobs Retained: 250

Birmingham

$ 5-10 million received

OSL Retail Services Incorporated, 151. S. Old Woodward Suite 200. Jobs Retained: N / A

2 to 5 million dollars received

Entrust Holdings, 550 W Merrill St. # 200. Jobs retained: 153

Edenroc Sciences, LLC, 567 Aspen Road. Jobs retained: 108

Heirloom Services, LLC, 217 Pierce St., Suite 208. Jobs Retained: 205

Bloomfield Hills

$ 5-10 million received

Plunkett Clooney PC, 38505 Woodward Ave. Jobs retained: 261

Super C Group LLC, 36800 Woodward Ave. Suite 310. Jobs retained: N / A

2 to 5 million dollars received

Ross Colman Holdings, LLC, 33 Bloomfield Hills Parkway. Jobs retained: 207

Township of Bloomfield

2 to 5 million dollars received

BAC Holdings, LLC, 4190 Telegraph Suite 3200. Jobs Retained: N / A

Computer Consultants of America, 43252 Woodward Ave. Suite 240. Jobs retained: 50

Erhard Motor Sales, 1845 S. Telegraph. Jobs retained: 48

Golling Chrysler Dodge Jeep Ram, 2405 S. Telegraph. Jobs retained: N / A

Peas and Carrots Hospitality, 6400 Telegraph Suite. 2000. Jobs retained: 47

V2Soft, Inc., 300 Enterprise Ct. Jobs Retained: N / A

Contact reporter David Veselenak at [email protected] or 734-678-6728. Follow him on twitter @davidveselenak.


Hawaiian Host candy maker feels rushed to pay supplier bills

Hawaii’s “gift to the world” faces an urgent need for redemption.

Hawaiian Host Inc., a 60-year-old kamaaina producer of chocolate-coated macadamia nuts widely loved by tourists, has been one of the Hawaiian businesses hardest hit by the COVID-19 fallout.

The company that tabled the phrase “Hawaii’s Gift to the World” recently let suppliers know that it was looking to settle overdue invoices from all of its suppliers at a discount – by paying 75 cents of the $ 1 – in order to be able to obtain new investment capital and satisfy unpaid accounts.

In a letter last month explaining the offer, Hawaiian Host also said bankruptcy was the other option for the company, which has around 460 employees.

Many Hawaii businesses, especially those that rely heavily on visitors for their income, face perilous times as state and county government leaders plan a repeatedly delayed tourism recovery that is now expected to begin on October 15 by welcoming visitors without a mandatory 14-day quarantine if they have a negative approved COVID-19 test within 72 hours of arrival.

The difficult situation of Hawaiian Host shows a particularly profound extent of this danger.

In the letter, Hawaiian Host noted that tourism accounts for 65% of its business and it cannot pay vendors on time due to a crackdown on the state’s largest industry.

The letter from Hawaiian Host President and CEO Ed Schultz also said the company was forecasting negative cash flow until Hawaii began receiving at least 10,000 tourist arrivals per day.

Data from the Hawaii Tourism Authority shows that the total number of trans-Pacific air passenger arrivals has been around 2,000 per day over the past week, although the vast majority are returning residents, aircrews and the military, while only 60 to 100 people per day indicated the purpose of their trip was pleasure or vacation.

Hawaiian Host’s dire financial situation follows receipt of a $ 5 million to $ 10 million federal paycheck protection program loan repayable in April and a $ 30 million sale-leaseback of its plant production facility in Honolulu in June following a historic acquisition of Hilo-based Mauna Loa Macadamia Nut. Corp. five years ago for an undisclosed price.

Company officials did not respond to requests for comment on the recapitalization effort.

In an interview with Hawaii Business Magazine published on June 18, Schultz discussed some operational pressures and adaptations amid the coronavirus pandemic.

According to the magazine, Schultz said he expects a reduction in tourism over the next three years and that Hawaiian Host is implementing unspecified cost reduction initiatives while moving from a focus on sales of high volume products to products with higher profit margins and new products. introduced in the local market and on the mainland.

Schultz also hinted at upcoming challenges and stress tests, although the published interview did not mention debt restructuring.

“While we are confident in the ‘new normal’ that we have mapped out, we also openly recognize that shipping will not be smooth,” he told Hawaii Business.

Hawaiian Host claims to be the premier producer of chocolate coated macadamia nuts, producing more products at a premium level than anyone in the world.

Company founder Mamoru Takitani developed a unique recipe for mixed chocolates with his wife, Aiko, in the attic of his parents’ house in Maui in 1950 and created a ‘sensation’ on the island of La valley with chocolate-coated macadamia nuts, according to Hawaiian Host.

Takitani established Hawaiian Host in 1960 in Honolulu after purchasing and renaming Ellen Dye Candies, a confectionery company established in 1927.

Milestones cited by the company in its history include the industry revolution by dry roasting mac nuts in 1975 and the establishment of a candy-making plant in California in 1980 to complement its Honolulu plant. .

In 2015, Hawaiian Host acquired Mauna Loa, a competing Hawaii Macaron nut snack maker from the nation’s largest candy maker, The Hershey Co., which spent $ 130 million to acquire Mauna Loa in 2004, when Mauna Loa had an annual turnover of around $ 80 million.

Hawaiian Host has maintained Mauna Loa as a separate subsidiary and brand ever since, but the consolidation has added to what Hawaiian Host is trying to maintain now in the midst of COVID-19.

A month after the imposition of tourism restrictions on Hawaii in March, Hawaiian Host was among Hawaiian companies receiving the largest federal P3s to help struggling businesses with fewer than 500 employees.

Of the approximately 25,000 Hawaiian businesses that received PPP loans, 20, including the Hawaiian Host, had the largest loans of $ 5 million to $ 10 million, as did parent company of Zippy restaurants, four hotel companies and the owner of the Honolulu Star-Advertiser.

Hawaiian Host said its April 5 PPP loan saved 460 employees’ salaries.

Then, in June, Hawaiian Host sold its Iwilei factory and headquarters for around $ 30 million with a provision to continue using the property on a long-term lease, sales records show.

Such sale-leaseback transactions are a way for businesses to generate large sums of money in the short term by selling real estate that they then have to pay for long-term use depending on the length of the lease.

Hawaiian Host’s lease is for 25 years and is valued at approximately $ 26 million.

“In the short term, like most businesses here on the islands, this crisis has certainly cost us dearly,” Schultz said in the Hawaii Business interview. “As an island community, we will need to take risks in order to improve the struggling finances of many businesses in Hawaii, as very few have been isolated from the travel and tourism shutdown.”

Another round of payday loans aimed at helping struggling businesses

NEW ORLEANS (WVUE) – The federal government this week launched another round of the Paycheck Protection Program, or P3s.

Throughout the pandemic, Chef Frank Brigtsen kept safety in mind for his staff at his flagship restaurant, which meant a healthy dose of creativity.

“For the past 10 months I’ve been writing cookbooks for sale online, spice mixes, T-shirts, hats for sale online, take out business,” Brigtsen said. .

However, reopening after the summer shutdown, Brigtsen says they used the money from the paycheck protection loan, with the only option to reopen the dining room. But additional COVID restrictions have made it even more difficult.

“It’s a Tuesday night, we have seven people on reservations tonight, seven and six, take out take out. That doesn’t cover much… But this new round of PPP will hopefully be what gets us through the next three months. It kind of brings us closer to spring, which we hope will be a better time for the vaccine to come out, ”Brigtsen said.

Brigsten is already planning to apply in the new cycle, but this time the loans and qualifications are different.

“There are some things that are more flexible. This time you only have to use 60% of the loan on the payroll and the 40% can be used for other things like rent and utilities also now, ”said Michael Hecht of GNO Inc.

Hecht says that over the summer, nearly 29,000 P3 loans distributed throughout the greater New Orleans area helped put more than 280,000 people back to work. He says restaurants will particularly benefit from this round.

“For most businesses it’s two and a half times a month’s payroll, but for restaurants it’s three and a half times a month’s payroll, so restaurants get a bonus in terms of loan amount they can take out and amount. it can be forgiven…. so this is really a cash grant to businesses so they can keep their employees and stay open until we are all vaccinated and kind of come back to the new normal in the middle of summer, ”Hecht said.

“While we wish it had happened sooner, it couldn’t have happened at a better time. Because we’ve seen a drop in business with it. With the increase in infections, ”Brigtsen said.

For New Orleans’ prized and struggling restaurants, Brigtsen says P3 money isn’t the answer, but it will help.

“We define the neighborhoods. We are anchoring neighborhoods and providing 11 million jobs and these are independent restaurants, ”Brigtsen said.

Brigtsen says that from a business perspective, applying for loans this round is also much easier.

For businesses that apply for a second time, loans are only available for businesses with 300 or fewer employees and up to $ 2 million.

First-time companies can claim $ 10 million if they have 500 or fewer employees.

Copyright 2021 WVUE. All rights reserved.

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RISE Miami-Dade, the county-backed small business relief loan fund, announces relaxed eligibility requirements, improved terms, new deadline to postpone distribution of millions of CARES Act funds before end of the year.

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The new deadline to apply is December 20!

As local businesses continue to struggle to recover from the economic impacts of the coronavirus pandemic, RISE Miami-Dade – the Miami-Dade County Council of Commissioners’ small business loan fund has $ 25 million in funds. Federal stimulus package – just announced that it is relaxing the eligibility of the guidelines to allow more small businesses to access the aid program. In addition, RISE announced more favorable terms, a new application deadline and a new phone service for application support. This is all part of an effort to ensure that the roughly $ 14 million remaining in the fund is distributed before the federally mandated Dec.31 deadline, which requires any undisbursed stimulus money by then. be returned to the federal government.

Under the new eligibility measures, small businesses in Miami-Dade must have:
• A maximum of 50 employees (compared to 25 originally);
• Maximum annual income of $ 5 million (up from the initial $ 2 million);
• A minimum credit of 520 (compared to the original 575).

Besides,
• The maximum loan amount is now $ 45,000 (was $ 30,000). And,
• The first loan payment is deferred until February 1, 2022. (Originally, payments were to start three months after a loan was granted.)

RISE also announced that all loan applications must be submitted by December 20, 2020. Small businesses can apply online at RiseMiamiDade.com or call the fund’s new phone service at 305-593-3311.

“We understand the urgency of this moment and we see that small businesses in our community are still grappling with the economic impacts of the pandemic. This is why we thought it was crucial to do even more to ensure that these aid funds could reach as many small businesses in Miami-Dade as possible, ”said George Joseph, CEO of the Dade County Federal Credit Union, which operates the fund. “By opening up the requirements and changing the eligibility factors, we believe we’re making it easier for businesses to access the support they need right now. “

Since launching over the summer, RISE has made more than $ 7 million in loans to 400 businesses in Miami-Dade, from hair salons in Kendall to pet groomers in Homestead, legal offices in Aventura to North Miami dry cleaners, South Miami bakeries. to solopreneurs across the county.

From the start, RISE made it a priority to research and support small businesses owned by Blacks, women and minorities that historically lacked access to capital but have been disproportionately affected by the economic crisis. induced by the pandemic.

To help you, the application process and document requirements for RISE have been designed to be simple and streamlined, unlike the cumbersome process for many other relief programs. Additionally, one-on-one assistance is offered to business owners who need help with gathering documents or with technology. Importantly, the funds were designed to be more flexible than what other programs provide: a RISE loan can be used to cover payroll or rent, to purchase technology, or to cover any business-related expense. .

Many RISE recipients are business owners who have been turned away by other relief programs.

Concrete example : Johnson Louis, owner of JLouis Dry Cleaner in North Miami and whose business was paralyzed when the lockdown came into effect. “Our services depend on clients who go to church, school, weddings and parties. With the closure, these events have stopped and the need for our services has ceased. After being denied PPP and SBA loans, JLouis Dry Cleaner was able to secure a RISE loan which he used “to cover rent, pay payroll, and other business expenses that don’t go away just because that my clients have done “.

RISE Miami-Dade was created by a unanimous vote of the Miami-Dade County Council of Commissioners in June, when the commissioners agreed to allocate $ 25 million from the federal CARES Act stimulus package to create a loan fund for local small and micro-businesses – the mom-and-pop stores that had been largely excluded from other relief programs such as the Paycheck Protection Program (PPP) or Small Business Administration disaster loans .

(However, having received support from these programs has never prevented a small business from accessing a RISE loan.)

RISE Miami-Dade is operated by the Dade County Federal Credit Union in partnership with three Community Development Financial Institutions (CDFIs) or community lenders: Ascendus, the Miami Bayside Foundation, and the Black Business Investment Fund.

Find all the eligibility and application conditions on RiseMiamiDade.com.


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Stimulus Check update: Senate could vote on relief bill this weekend

Image source: Getty Images

The massive $ 1.9 trillion coronavirus relief bill Americans widely anticipate that he has reached the Senate floor. The measure is loaded with provisions to help the public. The bill includes in particular:

  • A third round of dunning checks, this time valued at $ 1,400 each
  • Improved and extended unemployment benefits – in particular, a weekly boost of $ 400 through the end of August
  • A more generous child tax credit
  • Rental assistance
  • Expanded dietary benefits, including an extension of the P-EBT program, which replaces meals for students who do not receive them at school
  • Help for small businesses, including a special restaurant grant program, which have been particularly hard hit during the pandemic
  • Increased Medicare Subsidies

One feature that was not included in the bill is a increase in the minimum wage. President Joe Biden initially pushed for a provision that would gradually increase the minimum wage from his current $ 7.25 an hour to $ 15 by 2025, but a Senate parliamentarian ruled that because the Relief is advanced through a process known as budget reconciliation, an increase in the minimum wage is not eligible for inclusion in the current cycle of legislation.

Republicans are not happy

Democratic lawmakers need a simple majority to pass their bill, which means it can move forward without the support of Republicans. But many Republican lawmakers are unhappy with the bill, and some may attempt to make the process of passing it as unpleasant as possible. Case in point – Republican Senator Ron Johnson of Wisconsin forced Senate clerks to read the entire bill aloud, a process that began Thursday afternoon and is expected to take 10 hours in total.

The purpose of this, however, was not necessarily just theatrical – many Republican lawmakers firmly believe the bill is far too comprehensive, and they fear that large spending on additional relief could lead to a cash shortage across the board. line. Opponents of the bill have pointed to the falling unemployment rate as a reason to consider reducing the scope of any incoming aid, although it is interesting to note that the unemployment rate is still much higher than it is. was not before the start of the pandemic.

Democrats, meanwhile, have already reduced the scope of the relief plan since its initial presentation, to the point that an estimate 12 million Americans will no longer be eligible for a dunning check of any kind. This week, Biden agreed to lower the thresholds at which stimulus payments are completely cut, and they currently stand at:

  • $ 80,000 for individuals
  • $ 120,000 for heads of families
  • $ 160,000 for married couples

Lawmakers hope to vote on the new relief bill over the weekend, and if that happens, stimulus checks could easily reach Americans Bank accounts in mid-March. While the President wants to deliver aid as quickly as possible, there is also a specific clock that lawmakers are working against – the fact that extended unemployment benefits under the latest relief bill must expire d ‘by March 14. The only way to avoid a gap in payments for those who receive these benefits is to sign a new relief bill in time to allow for continuity, which is why Democratic lawmakers are doing all they can to avoid delays.

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The Motley Fool owns and recommends MasterCard and Visa, and recommends American Express. We strongly believe in the Golden Rule, which is why the editorial opinions are our own and have not been previously reviewed, endorsed or endorsed by the advertisers included. The Ascent does not cover all the offers on the market. Editorial content for The Ascent is separate from editorial content for The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy. The Author and / or The Motley Fool may have an interest in the companies mentioned.

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Sharon Osbourne says “embarrassing” for Kanye West to repay government loan | London Evening Standard

S

Haron Osbourne called Kanye West “embarrassing” after the billionaire rapper’s fashion label received a US government loan designed to avoid mass layoffs amid the pandemic.

West’s Yeezy company has been approved for a loan of between $ 2 million and $ 5million (around £ 1.6-4million), which has kept 106 jobs, according to official figures.

Appearing on The Talk, Osbourne said West should return the money to the government.

She said, “I thought it was like mommy and daddy type businesses that really don’t have a lot of profits in the bank, so you know they need help keeping people jobs and everything. the world.

“And I just think when you have that kind of money, it’s embarrassing to ask when you have it yourself.” You have it, you have more than enough to support 100 people, so why ask the government, take the government?

“I just don’t understand. When you are so rich, your family, everyone in your family is so rich, why are you doing that? I think he should return the money.

West was named a billionaire by Forbes magazine in April, thanks in large part to his stake in the Yeezy line of trainers.

Veteran star: Osbourne is not a West fan / Getty Images

The 43-year-old has long coveted that status, and the magazine said he accused Forbes of “deliberately snubbing me” when he refused to classify him as a billionaire a year earlier.

This week, he gave a high-profile and hair-raising interview with the same outlet, describing his presidential credentials, although he has already missed the deadline to appear on the ballot in a number of US states.

West said he was against abortion, against vaccinations and against praying for school.

Additional reporting by the Press Association

5 financial benefits of using credit cards

Usually, credit scores of 750 and above are considered good and those with such scores have a higher likelihood of receiving loans and credit cards.

Many people do not use credit cards for fear of spending beyond their ability to repay and falling into the debt trap. However, for those who can exercise financial discipline and follow good credit habits, credit cards can be a great tool for saving money and managing their finances.

Let’s see 5 ways a credit card can improve your financial health:

Builds a credit score

As credit card transactions are equivalent to loans, credit bureaus also take card transactions into account when calculating your credit score. However, unlike loans, there is no interest cost in using the credit card as long as the entire unpaid bill is paid off in full by the due date. This makes credit cards one of the cheapest and most convenient ways to build your credit score. That said, be sure to avoid depleting more than 30% of your credit limit, as this can negatively impact your credit score.

Usually, credit scores of 750 and above are considered good and those with such scores have a higher likelihood of receiving loans and credit cards.

Some lenders also offer preferential interest rates and fees to those with a higher credit rating.

Save money with various credit card benefits

Credit card issuers attempt to incentivize card transactions in the form of reward points, discounts, vouchers, cash back, etc. One can make the most of these benefits by choosing credit cards whose reward point structure and benefits best match their lifestyle and spending habits. .

For example, those who spend huge sums on fuel for daily trips can save a considerable amount by opting for fuel credit cards while frequent shoppers who spend large sums on certain brands can save more money by switching to fuel credit cards. opting for co-branded credit cards with these brands. Additionally, many credit cards also offer various lifestyle benefits in the form of free lounge access, free club memberships, and more. Therefore, always choose credit cards whose potential monetary benefit exceeds the annual fee by the widest margin.

Also, be sure to redeem any accumulated reward points before they expire. Reward Points can be redeemed for merchandise, vouchers, and other services listed in your credit card’s rewards catalog. Some cards also allow your accumulated reward points to be used to reimburse unpaid credit card dues.

Helps manage cash flow during the interest-free period

The interest-free period is the period of time between the date of a credit card transaction and the due date for its repayment. Card issuers do not charge any interest on credit card transactions during the interest-free period as long as your full due is paid by the due date. Usually the interest-free period can range from 18 to 55 days depending on the date of the transaction.

To get the most out of the interest-free period, try planning for large credit card spending during the first few days of your billing cycle. Holders of multiple credit cards can split their card transactions across different cards so that the majority of card transactions are early in the billing cycle for their different cards.

Allows financing of purchases and expenses through credit card EMIs

Cardholders who cannot fully or partially reimburse their credit card bills can convert specific transactions or their credit card bills in part or in full to EMI. Likewise, those who are unable to make large and essential expenses due to lack of repayment capacity can then convert them to IMEs. The EMI conversion facility typically has a loan term of 6 to 60 months, and cardholders can choose a loan term based on their repayment capacity.

Many card issuers are also partnering with various merchants and manufacturers to provide low cost or no charge EMI facility on their services and merchandise. In the case of a no-charge IME, the entire interest charge component of the EMI facility is borne by the merchant, and card users are only required to repay the purchase price in the form of IME and the cost of GST incurred on the interest component of the IME.

Some commercial links offer cash back rewards and additional discounts to credit card users who have the EMI option at no charge on certain products and services.

Quick loan disbursement with a “pre-approved” loan against a credit card

Credit card issuers offer pre-approved credit card loans to certain cardholders with good repayment history and a good credit profile. The pre-approved nature of credit card loans allows card issuers to typically disburse the loan amount within hours without any additional documentation. This makes credit card loans a great tool for dealing with financial demands or deficits.

While credit card loans are generally penalized against the cardholder’s available credit limit, some card issuers also offer an additional variant of credit card lending, which does not affect the credit card holder’s credit limit. their available credit limit.

(The author is director, Paisabazaar.com)

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The city let Adarabioyo go too easily

Manchester City have made the decision to sell young center-back Tosin Adarabioyo to Fulham in a deal that will see the Citizens receive up to £ 2million and given his recent performances for Scott Parker’s team, it looks like they may have let him go far too easily.

The 23-year-old has made 24 appearances for Fulham in the Premier League this season, with an impressive average Score of 6.92 for its performance.

Although the West London team have had a rocky start to the campaign, they have given themselves a real chance to stand after losing just twice in their last 10 games, including home losses to the top four prospects at Leicester City and Tottenham.

Adarabioyo played an important role in this improvement in form, as Fulham succeeded six clean sheets in these 10 games, including shutouts in impressive away wins against Everton and Liverpool.

Was Adarabioyo let go too easily?

Yes

No

No

The 6-foot-5 center-back has already seen his value increase to £ 4.5 million on Transfermarkt, and you imagine that will only increase if Fulham stays up this season, and he continues to impress on Parker’s side.

Considering that City have at times persisted with Eric Garcia this season, despite himself refusal of a new contract and agree to join Barcelona at the end of the season, it seems odd that they are willing to keep him on the team while getting rid of Adarabioyo for such a small fee.

The former England U19 international was touted for great things in City and would keep doing just eight appearances for the Citizens first team, as well as loan spells at West Brom and Blackburn Rovers in the championship.

So it seems disconcerting that City’s sporting director Txiki Begiristain is willing to let him go for such a low price this summer, as he is only 23 and if he continues to play in the Premier League you can imagine a lot. more in the future.

And, in other news … 100% duels lost: Man City’s ‘remarkable’ beast ditched Pep and KDB with gruesome display against MUFC


Former Phoenix Rising forward Adam Jahn joins rival Orange County on loan

Former Phoenix Rising FC forward Adam Jahn in 2019 (Arizona Sports / Ashley Orellana)

Former Phoenix Rising FC forward Adam Jahn joins Orange County SC on loan for the 2021 USL Championship season.

Jahn will join OCSC on loan from MLS Atlanta United FC, who bought the PRFC forward in January 2020 for a reported $ 100,000. And although the deals were separated, last season forward Lagos Kunga was also loaned to Phoenix from Atlanta.

The 6-foot-3 forward made a strong impression in his only season in the Valley.

In 31 appearances in a PRFC kit, Jahn has scored 17 goals (tied for fifth in USL in 2019) and notched five assists close to being named to the USL Championship first team with Captain Solomon. Asante.

Asante, Jahn and former Phoenix striker Rising Junior Flemmings have scored 54 combined goals this record-breaking season, crowning the AJF as the deadliest attacking trio in league history.

Rising manager Rick Schantz spoke at length about how high Jahn’s work rate was defensively and how important it was to recruit striker Rufat Dadashov to replace him.

In fact, the new OCSC lender had a clause in their contract with Phoenix that gave them a bonus every time Rising won a clean sheet.

“I am extremely excited with the addition of Adam,” OCSC Director Braeden Cloutier said in a Press release. “He has proven at all levels that he can score goals. He also brings a tireless work ethic to the defensive side of the game which impresses me a lot and which will be a huge asset to the way we want to play.

Jahn will also be returning to play for a club in his home state of California, after the Stanford graduate previously donned the San Jose and Sacramento Republic earthquake jerseys.

Not only will he join one of Phoenix’s biggest rivals in Orange County, but OC now has impressive attacking prowess following the signing of Chris Wehan from New Mexico United this offseason in addition to the return of Thomas Enevoldsen. The Dane missed last season after deciding to stay home in Denmark due to the birth of his child during the COVID-19 pandemic.

However, the OCSC will be without Aodhan Quinn in 2021, the midfielder signing with PRFC in December.


Biden confirms he wants Janet Yellen to be his Treasury secretary – what it means for cash-strapped American families

In 2014, three months after starting her four-year tenure as head of the Federal Reserve, Janet Yellen was trying to make an important connection for investors, policymakers and community development leaders.

“Although we work in the financial markets, our goal is to help Main Street, not Wall Street. By keeping interest rates low, we are trying to make housing more affordable and to revive the housing market. We are trying to make construction, expansion and hiring cheaper for businesses ”, Yellen said in remarks at a conference in Chicago.

Six years later, President-elect Joe Biden confirmed on Monday that he was choosing Yellen, 74, to be his Treasury secretary. Biden announced Yellen, along with his picks for the director of the Bureau of Management and Budget, deputy treasury secretary, and president and members of the Council of Economic Advisers.

Biden said in a statement that Yellen and the others “will work tirelessly to ensure that every American gets a fair return for their work and an equal chance to move forward, and that our businesses can thrive and surpass the rest of the world “.

Yellen said on Twitter TWTR on Monday,
+ 2.98%
that she focuses on the American dream in her role.

Yellen is not expected to face a setback in the Senate confirmation process. If confirmed – becoming the first woman to hold the post – many families will count on Yellen to focus on the connection between decisions made on Capitol Hill and their own financial situation.

The coronavirus has put millions of people out of work. The unemployment rate fell to 6.9% in October, from double digits in the spring, but some economists fear that the surge in coronavirus infections and more government shutdown orders could cause the recovery to falter. Meanwhile, various financial aid programs, such as moratoriums on evictions and student debt payment breaks, will end on December 31, while negotiations on another congressional aid plan are stalled.

Yellen, a labor economist who has spoken about issues of income inequality, will remember Main Street, said Desmond Lachman, a resident researcher at the American Enterprise Institute, a right-wing think tank. “She will be very responsible, but at the same time, she will go batting for people on the lower end of the spectrum,” Lachman said. “She will be very sensitive to their problems.

Here’s a look at what experts say a Yellen-led Treasury Department will mean for another round of government stimulus, taxes in a Biden administration, and student debt cancellation.

Another round of government stimulus

Markets reacted approvingly to early reports from Nov. 23 that Biden had chosen Yellen. A day later, the Dow Jones Industrial Average DJIA,
+1.69%
surpassed the 30,000 mark, supported in part by vaccine news and, some analysts said, Yellen’s early appointment. (Stocks fell on Monday after Thanksgiving weekend, but stocks could still make their biggest monthly gain since 1987.)

Yellen’s potential pick is a good sign the Biden administration is seriously considering pushing another stimulus bill through Congress, now that the $ 2.2 trillion CARES bill money has dried up , they added.

Yellen expressed the need for additional financial assistance. “The spending is absolutely necessary so that more pain is not prolonged throughout the economy and so that unemployment continues to fall,” Yellen, currently at the Brookings Institution, said during a congressional hearing in July.

Ernie Tedeschi, managing director and political economist of Evercore ISI, an investment banking consultancy, wrote in a note that Yellen “believes that it is essential to continue fiscal and monetary support to the economy and will seek likely to leverage its credibility with Congress over time to promote more tax support, including for the unemployed and for state and local governments. ”

Passing a stimulus bill is a political process that involves consensus, but Josh Bivens, research director at the Economic Policy Institute, a left-wing think tank, said Yellen had the seriousness and the understanding the issues to potentially persuade Republicans. Further stimulus measures are imperative, Bivens said, because “we are living in very, very difficult economic times.”

If Yellen is selected and confirmed, she will have a former colleague, Jerome Powell, to work with at the Federal Reserve. Powell, who succeeded Yellen at the head of the Fed, also supports the injection of more stimulus money into the economy.

Revision of tax code regulations

Biden campaigned for positions that included higher taxes for wealthier individuals and for businesses. With the high likelihood of a divided Congress, some observers say these tax hike proposals are being rejected. But, they add, there are still ways for a Biden administration to generate more tax revenue from wealthier Americans and corporations while tweaking the code for low-income people without congressional approval.

The Internal Revenue Service reporting to the Treasury Department, Yellen could play a central role in this attempt.

For example, a Treasury Department led by Yellen and the IRS could review some tax code regulations relating to the foreign assets of U.S. multinational corporations. It is an “open question” whether Yellen and his Treasury Department would feel like making regulatory changes unilaterally, Bivens said.

Another place the IRS can bring in more money: larger staff who can run more audits on affluent taxpayers, Bivens noted.

A not insignificant caveat is that larger IRS staff require a larger budget – and allocating budget money, like stimulus talks, is a political process, the experts added.

Cancellation of student loan debt

Advocates for student loan borrowers say Biden has the power to write off student debt, which has reached $ 1.6 trillion.

Yellen is well aware of the debt burden and its implications for home buying and the economy in general. For example, in 2016, then president of the Fed, Yellen told Congress, “We have been very attentive to trends in student debt, [and] it really intensified to an extraordinary degree.

It is difficult to say how these views could translate into policy impact. The Department of Education is the body primarily responsible for the student loan program, but there are opportunities for the treasury to play a role.

For example, typically the Treasury Department collects debts owed to the government, but due to a planned exemption Through the Treasury at the Department of Education, the Department of Education generally manages the process of collecting delinquent student loans. (The agency hires contractors to do this work).

Theoretically, the Treasury Department could tie some strings to this exemption to push the Ministry of Education to change its practices.

In addition, the Secretary of the Treasury technically appoints the Consumer Financial Protection Bureau’s Student Loans Ombudsman, one of the nation’s top student loan officials.

Don’t miss: Under Biden, CFPB will play a role in any student debt cancellation – and help fight student loan managers

The tax treatment of student loan forgiveness is an area that offers Yellen the opportunity to play a transformative role. If Congress pays some or all of the student debt owed by borrowers, lawmakers can specify the tax treatment of that remission. But if the administration goes ahead with the cancellation of student debt, the tax implications become more obscure.

The Treasury Department and the IRS have the power to exclude the cancellation of student debt from a borrower’s income for tax purposes, John Brooks, professor at Georgetown University Law Center, written in a diary published by the Student Borrower Protection Center, a borrower advocacy group.

“The Treasury Department through the IRS has substantial authority to interpret tax law in a particular way,” Brooks said. He added: “It must probably reflect a political agenda of the administration.” That would mean that guidance on the matter would come from the Treasury Department and even the Treasury Secretary, he added.

This story was updated on November 30.

Super Bowl stadium sponsored with veteran taxpayer dollars

It is estimated that more than 100 million people will attend Sunday’s Super Bowl clash between the Seahawks and the Patriots. But there is a subplot about the game scene – the Arizona Cardinals home stadium in Glendale, Ariz – that deals with a controversial topic in the world of modern military veterans.

The Arizona Cardinals sold the naming rights to their stadium to the University of Phoenix, a for-profit college and university system, largely online.

It was a massive corporate sponsorship deal signed in 2006. According to a 2009 New York Times article, the agreement spans 20 years and costs the University of Phoenix $ 7.7 million for each year of the agreement, or $ 154 million over the sponsorship.

But where do they get so much money for a marketing effort? The answer lies in programs designed to help the military population and modern veterans, as well as a business model designed to recruit hundreds of thousands of students and charge them high tuition fees for questionable degrees.

The school reportedly employs up to 8,000 recruiters, who ensure paying students are enrolled on their campuses across the country. Because of its for-profit model, the University of Phoenix must justify its business model to people who own shares in its parent company – the Apollo Education Group – and not to its student body.

Indeed, many University of Phoenix campuses boast a higher student loan default rate than its graduation rate. A 2013 USA Today study named as many as eight separate University of Phoenix campuses had higher student loan default rates – still 26.4% – than graduation rates.

But the fact that its students take our hefty student loans to fund their studies is not the University of Phoenix’s only source of income. Indeed, the school strongly targets the modern military veteran population, whose members have at their disposal the post-9/11 GI Bill, which can pay hundreds of thousands of dollars to veterans graduating after their military service.

The University of Phoenix system has made a staggering amount of money thanks to the GI Bill – nearly $ 1 billion, according to a report published by the Daily Beast in 2014.

One of those University of Phoenix campuses with a graduation rate lower than student loan default – the one in San Diego, California – has a 10% graduation rate and a student loan default rate. student loans over 26%, according to this USA Today report. This campus was part of a report from the Center for Investigative Reporting published last year. In it, reporter Aaron Glantz explained how, since 2009, this specific San Diego campus – with an enrollment of around 3,000 students – has taken more money out of the GI Bill than any college or university in the United States. United States.

Plus, according to Glantz reports, that same individual University of Phoenix San Diego campus has taken more GI Bill money since 2009 than any school in the entire University of California system. combined.

This disparity, this profit on taxpayer money meant to help veterans, led a group, the Veterans Student Loan Relief Fund, to create a change.org petition surrounding the University of Phoenix.

The fund exists to provide financial assistance to veterans who are in dire straits with heavy student debt. Group site details much of the problems with the University of Phoenix financial model. According to the group, the average American community college spends more than $ 3,000 per student on education. In 2010, the University of Phoenix spent less than $ 900 per student on education.

Additionally, the Apollo Education Group, the publicly traded parent company of the University of Phoenix, derives 92% of its revenue from federal funds like the GI Bill, depending on the fund.

“Supporting students, not stadiums,” reads the change.org petition, reflecting that no other higher education institution owns the rights to a professional sports arena. No other school can afford it. No other school spends a report $ 2,225 per marketing student.

Nottingham Forest boss Chris Hughton discusses summer transfer plans

Nottingham Forest boss Chris Hughton admits planning is already underway for the summer transfer window.

But he says the main focus remains to make sure the Reds enter the offseason after completing that term. in the best possible position.

This summer is likely to see changes in the squad again as Hughton has his first real chance to put his mark on the dressing room.

And with several players out of contract, as well as lenders whose time at the City Ground is coming to an end, big decisions will have to be made.

When asked if he was already planning summer, the manager replied, “Yes, absolutely. But I would like to talk more about it in the context that we always do.

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“We will have players without contracts and players on loan whose loans end at the end of the season.

“You have to plan for summer; we have to plan for next season.

“It’s an ongoing thing. Almost since the day I took over, that’s what’s been happening.

“But I don’t want to think about the summer as preventing us from trying to end this season in the best possible way, trying to collect as many points as possible and trying to develop this team as best we can.”

Midfielder James Garner is one of the members of the Forest team, spend the second half of the campaign at Manchester United’s City Ground.

He has already marked the spirits and scored the first goal of his professional career on Friday night. in the 1-1 draw at Derby County.

But Hughton says it’s too early to discuss the possibility of the 19-year-old returning in the next term.

“No, we haven’t (spoken to Manchester United),” he said.

“The reason is probably that we are very grateful to Manchester United to have the services of James.

“There will be discussions throughout the season; we will be making verbal reports on James as the weather withers. And then we’ll wait and see what happens at the end of the season.

“Right now it’s a lot about what he’s doing for us now and continuing to grow.”

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Hughton has also remained tight-lipped on whether any decisions have been made regarding other players, such as Glenn Murray, Michael Dawson, Sammy Ameobi and Samba Sow. arriving towards the end of their contracts.

Could the final weeks of the campaign be an opportunity for some to influence his mind in some way?

“The obvious answer is that they have to do it every week, whether it’s at the start of the season or at this point,” he said.

“We are coming to a point, especially after the international break when there are only about eight games left, that the end of the season is approaching soon.

“There are times in the season when you have to start making these decisions.

“But I would like to think that they try to do it every week and every game – that’s what I would like to think.”

Will China’s bad debt crisis cause its economy to collapse ?, World News

China, the originator of the coronavirus, would have you believe it put the pandemic behind it, however, there is a deep systemic infection plaguing the Chinese economy and it comes from the banks.

China has placed limits on businesses and individuals in Hebei Province for withdrawing large amounts of money without prior approval.

Under the new restrictions, lenders will be required to give one day’s notice for withdrawals over 100,000 yuan. Likewise, companies will be required to report transactions over 500,000 yuan.

Also read: China’s Debt Trap Rises Due to Budget Deficit and BRI Roadblock

Depositors will be required to share the source of funds and, for withdrawals, account holders will be asked about the reason for withdrawing the money.

This two-year program will be extended to Zhejiang and Shenzhen provinces later this year. According to another report, 586 banks and finance companies have been classified as “high risk” by the authorities.

Also Read: China Offers Rare Insight into Wuhan Lab, Center of Coronavirus Conspiracy Theories

Chinese banks are failing because the country has fueled its growth with debt and years of borrowing have left banks hollow.

As of March 2020, China’s total domestic debt was 317% of the country’s GDP. There are reports that there are also many loans that go unrecorded.

The Chinese banking system is controlled by 4 big state banks which control the financial system and 50 percent of all loans, so effectively the government controls the system.

This gave birth to a huge shadow banking industry, riddled with corruption and expensive loans.

The scale of the debt is so large that China has allowed some players to go bankrupt publicly. In 2019, Chinese companies defaulted on nearly $ 20 billion in loans.

The Chinese banking system is a time bomb and if it exploded it would take the Chinese economy with it.

New Jersey sues student loan manager Navient, alleging ‘deceptive and deceptive’ tactics

The state of New Jersey sued Navient on Tuesday, alleging that the student loan management company was forcing borrowers to pay and owe more money than necessary through deceptive and deceptive practices.

In a lawsuit filed by the New Jersey attorney general and the consumer division, the state accused Navient of driving borrowers into loan forgiveness – a temporary pause in payments owed on a loan – and to move away from income-driven repayment plans, which generally extend the term and reduce the monthly payment owed.

New Jersey also reports that Navient failed to notify borrowers of their obligation to recertify that they were eligible for an income-based repayment plan and gave them inaccurate information about balances owed and co-signer obligations.

“Higher education should be a route to success, not a route to financial ruin,” said state attorney general Gurbir Grewal.

“With today’s lawsuit against Navient, we are taking action to hold one of the nation’s largest student loan managers accountable for the abuses that have made matters worse for New Jersey borrowers.”

Navient is responsible for collecting and processing student loan payments from over 400,000 borrowers who have received federal loans from the Department of Education. The company has faced a series of lawsuits from the Consumer Financial Protection Bureau (CFPB) and state attorneys general alleging similar mistreatment of borrowers.

“Not only are these baseless claims recycled, Navient has always provided excellent service to student loan borrowers, helping millions of people realize the benefits of higher education and successfully repay their loans,” the company said in a statement.

“As a service provider for the federal government, we have led enrollment in affordable payment plans and reduced default rates. In fact, more than half of the loan portfolio we serve is in an income-based repayment. “

CFPB fought with the education department for nearly three years during the secretary Betsy DeVosBetsy DeVosErik Prince involved in promoting experimental vaccine against COVID-19: Report that the Biden administration is reversing Trump-era policies that hampered investigations into student loan companies that DeVos ordered to testify in in a lawsuit for the cancellation of the PLUS student loanrefusal to provide the agency with documents relating to its legal action and its investigation into Navient.

Rail News – Senators reintroduce bill to improve RRIF loan program. For railway professionals

Railway news

Federal legislation and regulations

2/3/2021

Railway News: Federal Laws and Regulations




U.S. Senators Maggie Hassan (DN.H.) and John Thune (RS.D.) reintroduced the Railroad Rehabilitation and Financing Innovation Act, a bill aimed at improving the Railway Rehabilitation and Improvement Loan Program (RRIF) which provides direct loans to help develop passenger railways and short lines.

The legislation would provide dedicated funding for the costs of financing the RRIF, streamline the application process and extend loan terms for certain assets, the senators said in a press release.

The RRIF program was originally designed to provide stable funding to small railways for infrastructure investments.

“Unfortunately, short lines are often unable to afford the time and expense associated with the current RRIF application process, which discourages them from using the program,” Thune said. “This law brings the necessary updates to the RRIF so that short lines are better able to use the program as originally intended.”

The legislation would also improve financing options for passenger rail lines. For example, the loan program could be used to help fund projects such as the Capitol Corridor project that would connect Manchester and Nashua, New Hampshire, to Boston via the commuter train, Hassan said.

“Investments in infrastructure will be a critical part of our economic recovery from the COVID-19 pandemic,” she said.

Carlyle Dental denies $ 1 million to $ 2 million claim on PPP list, questions remain – News – Havelock News

It’s been a month since the Small Business Administration released its Paycheck Protection Program recipient list, and several Lenoir County business owners have expressed concerns about possible errors.

Of the 93 businesses in Lenoir County that received PPP loans, 17 had “zero retained jobs” listed next to their name. From a pharmacy to a workshop to a utility company or dental office, owners have contacted The Free Press for clarification or correction.

One owner, Dr. Richard “Ricky” T. Carlyle, saw two red flags when he looked at the list with “zero jobs kept” and a range of loans of $ 1 to $ 2 million indicated next to his. company, Carlyle Dental.

Carlyle said he understands some people may feel like he cheated on the app, given that he has 12 employees, including himself, and three other Lenoir County dental offices. are in the range of $ 150,000 to $ 350,000. Carlyle is currently facing charges of two counts of insurance fraud and one each of counterfeiting and obtaining property under false pretense in the past 12 months, unrelated to PPP.

“If you don’t really understand what’s going on, that would be one of your thoughts. If you didn’t know what’s going on, you wouldn’t mind,” Carlyle said. “If you knew what’s going on and you had common sense in the business world, you would know that ‘how could he have been put in that range without lying about it?'”

Bloomberg News analysis shows the SBA’s data for PPP loans released on July 6 is riddled with anomalies.

Carlyle says he received between $ 150,000 and $ 350,000 depending on the number of employees at BB&T, now known as Truist Financial. The PPP is a federal program designed to save jobs during the COVID-19 crisis.

SBA public affairs specialist Gregory Grevelding said lenders could be responsible for the loan amount on the PPP list. Grevelding also said companies were not required to provide a certain number of employees on the loan application, but would have to show it to be eligible for the loan cancellation.

“Regarding the discrepancy in the statement of the loan approval amount, what may have happened is that before the disbursement, the lender adjusted the amount,” said Grevelding.

Shelley Miller of Truist Corporate Communications said the bank can’t talk about specific loans or customer relationships.

“I can add for context that the loan amount data referenced in the SBA reports shows the initial approval amounts, and not necessarily the final disbursement amounts,” Miller said. “Beyond that, we are unable to comment further on the data provided by the SBA to Congress and the public.”

According to Carlyle, he immediately reached out to a Truist representative in Kinston after seeing the list and the high loan lineup. He said the rep had no answer for him.

The Free Press was unable to receive comment from any Truist branch in Kinston after several attempts.

“For me to fall into the $ 1 million to $ 2 million range, I would need $ 5 million to $ 10 million in annual salaries,” Carlyle said. “Not a single dental office would have so many salaries.”

Carlyle said he felt “challenged” when he read the information next to his dental practice, which was seventh on Kinston’s list of companies that received the most money.

“I would like to be in the $ 1 million to $ 2 million range. I would like to be,” he said. “When you’re pretty much in the top of billing, you know, that kind of makes you look bad. So any sane person would realize that I wouldn’t be in the top six percent of businesses in North Carolina. . “

Carlyle showed The Free Press a promissory note on top of other P3-related documents he said he received from Truist that showed the loan amount at the top left of the note. The amount was between $ 150,000 and $ 350,000.

A Lenoir County business owner showed his document to The Free Press of Truist for comparison, which showed his loan amount between $ 350,000 and $ 1 million in the middle of a paragraph in an e -mail from [email protected]trust.com.

Carlyle refused to allow The Free Press to further inspect the document, make a copy or verify its authenticity. He did not allow The Free Press to see the documents under the top one. Carlyle also refused to send a copy of the promissory note with her personal and account information redacted.

“It’s just a computer generated document that they send to you. You sign it and send it back to them,” Carlyle said. “So it’s not a really complex process for what he went through to get there. It is.

“I don’t even remember the actual app and what it was actually saying on it. I scanned it so fast and I did.”

According to the deputy director of affairs of the North Carolina Department of Insurance, Barry Smith, Carlyle has been charged with two counts of insurance fraud and one count of counterfeiting and obtaining property under false pretense and received the arrest warrants on May 17 and October 11, 2019.

After his arrest, Carlyle was released on $ 20,000 bail, according to the North Carolina Department of Insurance, Criminals Investigations. Carlyle was not sent to jail and there is no photo ID.

According to Lenoir County Court records, Carlyle still faces pending charges. His case has been transferred to Superior Court and no hearing date has been set at this time due to the coronavirus crisis.

Carlyle said her dental practice closed in late March amid the pandemic and reopened in mid-May. He said he applied for the loan in June and was in the $ 150,000 to $ 350,000 range, considering his 11 employees.

“If you have eight to 10 employees, this is where you would fall,” Carlyle said. “Unless you paid your employees $ 200,000 each, you would not have qualified. It is impossible for a dental office to fall in that range.”

He said the loan helped Carlyle Dental “get over it” and allowed the company to cope with the payroll rather than waiting three months for an insurance company to pay.

Carlyle said the SBA or Truist had determined how much money he would receive and that he was not aware of the total amount that would be paid to him.

“I was not in the $ 1 million to $ 2 million range, and I definitely kept all of my employees,” Carlyle said. “So (there are) who think this is a mistake or that I cheated on the loan itself.”

This Hot Pipe-ing Startup Just Raised $ 50 Million To Be The “Nasdaq For Revenue” – TechCrunch

A little over a year ago Pipe raised a $ 6 million fundraising fund led by Craft Ventures to help them continue their mission of providing SaaS businesses with a financing alternative outside of equity or venture capital debt.

The goal of the buzzy startup with the money was to give SaaS companies a way to get their income by pairing them with investors in a market that pays a reduced rate for the annual value of those contracts. (Pipe describes its buy-side participants as “a controlled group of financial institutions and banks.”)

A few months after this first fundraiser, Pipe provided additional funding of $ 10 million as an extension of this cycle.

And now, today, Miami-based Pipe announces a further increase of $ 50 million in “strategic equity financing” from a multitude of top investors. Siemens Next47 and Jim Pallotta’s Raptor Group co-led the round, which also included participation from Shopify, Slack, HubSpot, Okta, Chamath Palihapitiya from Social Capital, Marc Benioff, MSD Capital from Michael Dell, Republic, Seven Seven Six by Alexis Ohanian and Joe Lonsdale.

While the bulk of the round is spent buying primary stocks, a minority of the round is spent buying secondary stocks (meaning that a small portion of the dollars raised was used to buy stocks. existing shareholders, such as employees and officers).

Pipe co-CEO and co-founder Harry Hurst is reluctant to label the latest raise with a scene.

“We don’t want to play the alphabet game,” he said. “It wasn’t about the money. We had five or six years of track before this round. It was about getting the right partners on our capitalization table. “

Along with the new funding, Pipe said it is also expanding the reach of its platform beyond strictly SaaS companies to “any business with a recurring revenue stream.” This could include D2C subscription companies, ISPs, streaming services, or telecommunications companies. Even the administration and management of venture capital funds is routed through its platform, for example, according to Hurst.

“When we first went into the market, we were very focused on SaaS, our first vertical,” he said. “Since then, more than 3,000 companies have registered to use our platform. These companies range from early stage and seeded companies with sales of $ 200,000 to publicly traded companies.

Pipe’s platform assesses a customer’s key metrics by integrating with their accounting, payment processing and banking systems. It then instantly assesses the performance of the business and qualifies them for a trading limit. Trading limits currently range from $ 50,000 for small early stage and early stage companies to over $ 100 million for early stage and publicly traded companies, although there is no cap on the size of a trading limit.

“The best way to sum it up is that we can work with any business that has a high degree of predictability of its income,” said Hurst. Pipe, he added, aims to turn that monthly recurring income into annual recurring income.

In the first quarter of 2021, tens of millions of dollars were traded on the Pipe platform. Between its launch in late June 2020 and the end of the year, the company has also seen “tens of millions” of transactions taking place through its marketplace. The ARR tradable on the platform currently exceeds $ 1 billion.

“We help businesses grow on their own terms,” said Hurst. “Or, you could say that we are building the Nasdaq to generate income. Virtually every business in the world already has a recurring revenue model, or if it doesn’t, they are thinking about how they can adapt to it.

Image credits: Pipe

Pipe is also using its new capital and new partnerships to bring its platform to the global stage.

The startup was officially launched in the United States, but is enjoying success in Europe, Asia-Pacific, Latin America and Canada. In the long term, Hurst expects India to be one of its biggest markets.

“When we talk about global expansion, we are talking about multi-currency support,” Hurst said. “And, teams on the ground in local markets. Technically, we’ve served a global audience from day one.

A little background

Hurst, Josh Mangel and Zain Allarakhia founded Pipe in September 2019.

The goal of the platform is to provide businesses with recurring income streams access to capital so that they don’t dilute their ownership by accepting external capital or forcing them to take out loans.

Pipe, in essence, is a trading platform for a new asset class: recurring income.

But Hurst is also quick to say that the 25-person company doesn’t see its solution as an alternative to equity in all cases.

“We believe there is a very important time and place for fairness,” he said. “The fundamental problem with fairness is that the sale becomes more valuable over time as you grow.”

Pipe, he said, has no cost of capital. Institutional investors compete with each other for transactions on its platform. In return, Pipe charges both parties on either side of the trade a fixed trading fee of up to 1%, depending on the volume.

Its objective with the last cycle is to partner with its investors “to provide access to growth capital to the millions of customers they collectively serve”.

“They create tools on the product side and we provide access to capital markets, and especially in the case of start-ups that would otherwise not have access to capital, we are trying to level the playing field,” said Hurst.

Its investors all share a similar sentiment: they like the way Pipe offers companies an alternative to traditional financing mechanisms.

Monty Gray, SVP Corporate Development at Okta, believes that Pipe’s platform “simplifies the tedious process of traditional fundraising, allowing founders to focus on growing their core product.”

“We are excited to see how Pipe can help not only the startups in the Okta Ventures portfolio approach funding, but also Okta’s large customer base,” he said.

For the founder and CEO of Social Capital, Palihapitiya, Pipe is leveling the playing field for companies in the capital markets.

“By taking the underlying contracts that generate recurring income and making them tradable for the first time, Pipe unlocked multibillion dollar assets class, income, ”he said.

money lending applications: Chinese national behind loan applications held from Delhi | Hyderabad News

HYDERABAD: Cyberabad police arrested Chinese Delhi national on Friday for illegal racing money loan apps. Yi Bai aka Dennis, originally from Jiangxi in Shanghai, ran at least 11 such apps offering small loans to individuals between 20 and 40 years old at extremely high interest rates.

Cyberabad Police Commissioner VC Sajjanar said the main defendant is another Chinese national identified as Zixia Zhang. He is currently in Singapore. “None of the 11 apps had any ties to non-bank financial corporations (NBFCs). The defendants granted loans using their own resources. We are looking at how the defendants got the money they loaned, ”Sajjanar said.
Although Zhang is the CEO of the holding company, Dennis, who has been in New Delhi since February on a business visa, managed operations in India as the chief operating officer (COO).
Dennis is the second Chinese national to be arrested by Telangana police in cases related to online fraud. In October, authorities arrested a Chinese in Delhi for illegally exploiting betting apps and duping Indians with rupee crores.
Investigators had suspected the hand of a Chinese national in the case of applying for loan from day one as a betting racketeering and loan applications had similar operations. Both have used digital wallets extensively to move money and both have used Indians as facades.
Police also arrested six other Indians on Friday, two of whom were based in Hyderabad, three in Bangalore and one in Delhi. A total of 15 people have been arrested in this case so far. The Indians were largely responsible for the blackmail and threatening appeals against people who were unable to pay after taking out loans.
Sajjanar said that among those arrested, Satyapal from Delhi and Anirudh Malhotra and Richie Hemanth Seth from Hyderabad, operated four call centers in Gurgram and Hyderabad. During the raids, the police also seized 2 crore rupees in cash and froze the bank accounts of the various companies linked to the apps.
According to police, Zhang and another Indian identified as Umapathi started instant finance operations in December 2019. Later, they expanded the business by setting up different companies in different parts of the country.

These Hawaii businesses secured federal loans during pandemic

WASHINGTON – Zippy Restaurants, the Kahala Hotel & Resort, and Honolulu Star-Advertiser’s parent company, Oahu Publications, have been among the top recipients of a federal loan program meant to prevent mass layoffs during the global COVID pandemic- 19 that has hit Hawaii’s economy harder than any other state.

Monday, the US Treasury Department published data which showed these three companies were among those that received between $ 5 million and $ 10 million under a federal forgivable loan program created as part of a $ 2 trillion coronavirus relief program of dollars that was first approved in March.

In total, more than 24,000 Hawaii businesses, corporations, and nonprofits, including religious organizations, have participated in the federal government’s Paycheck Protection Program, ensuring over $ 2.5 billion in loans that have supported over 225,000 jobs.

The once crowded beaches of Waikiki are now mostly vacant due to the ongoing COVID-19 pandemic. Cory Lum / Civil Beat

The money was supposed to go to small businesses and help Hawaii employers pay their staff during mandatory travel quarantines and work-home orders that effectively shut down the state’s tourism-driven economy and forced hundreds of thousands of workers to file for unemployment benefits.

Data shows that the largest share of loans, both in number and amount, went to hotels, restaurants and construction companies.

Dentists, doctors and other health care providers, such as Hale Mauka Health Services and Maui Medical Group, have also received significant sums under the PPP program.

More than anything, however, the data shows how many different groups have turned to federal help during the pandemic. The list is long and includes many familiar names, from the Bishop Museum and Catholic Charities of Hawaii to Love’s Bakery and City Mill to Tamura Enterprises and the Institute for Health Services.

The loan program, which is supposed to help businesses with fewer than 500 employees, has sparked controversy.

After the first installment of government money was made available, dozens of large corporations and publicly traded companies, including major franchises such as Ruth’s Chris steakhouse and Shake Shack burger joints as well as large corporations like the Los Angeles Lakers, have received millions of dollars in small business loans, many of which lost the early manna. Public backlash prompted dozens of companies to commit to return funds.

Other concerns relate to the lack of transparency and public oversight. The Treasury and the Small Business Administration, which run the PPP program, have refused to release the names of companies receiving federal loans.

Obfuscation has resulted in a number of media and media organizations file a joint complaint to force the publication of loan data.

However, the information released on Monday gives only a glimpse of where the money is going. This is because the Treasury Department only released the names of companies receiving more than $ 150,000 in loans. For these businesses, the ministry provides only a range of the amounts received by each particular business.

This means that information on more than 21,000 businesses in Hawaii that have received loans of $ 150,000 or less – over $ 700 million in taxpayer money in total – will not be made public.

There are still questions as to whether the money will be enough to avert economic catastrophe for companies receiving federal aid.

In one Press releaseTreasury Secretary Steve Mnuchin said Monday’s data release “strikes the appropriate balance between transparency and protecting the American people, while protecting the sensitive payroll and personal income information of small businesses, sole proprietors and independent contractors ”.

More than 370 Hawaiian companies have received more than $ 1 million through the paycheck protection program, the data shows. The maximum a business can receive is $ 10 million.

Data shows that only 20 businesses, corporations and nonprofits have been approved for loans between $ 5 million and $ 10 million.

Among them were the parent companies of some of Aloha State’s best-known trading and trading groups, FCH Enterprises, which is the umbrella business Zippy’s and Napoleon’s Bakery restaurants in McCabe, Hamilton and Renny Co., which is one of the islands’ oldest food handling companies.

Others receiving large sums under the PPP program include the Mid-Pacific Institute, a private college preparatory academy in Honolulu, Roy’s Holdings, which owns the Roy’s restaurant franchise, and Kyo-Ya Hotels & Resorts. , which owns two of Waikiki’s most iconic hotels, the Moana and the Royal Hawaiian.

There are still questions as to whether the money will be enough to avert economic catastrophe for companies receiving federal aid. For example, Oahu Publications is among the group of companies that received the largest loan amount from the state, but still have to layoffs, including 12 reporters to the Star-Advertiser.

Another question concerns the extent to which the program achieved its goal, which was to keep workers on the payrolls of companies that were effectively closed by stay-at-home orders.

Initially, the results don’t look good, said Carl Bonham, executive director of the University of Hawaii’s Economic Research Organization. Bonham said there are two things to consider when assessing whether a P3 loan has actually kept people in jobs that would otherwise have been closed.

The first, he said, is whether the business was shut down in the first place due to stay-at-home orders. The second is whether the business took out the loan just to have money on hand to cover expenses and not to hire workers.

Bonham pointed out a recent webinar featuring Harvard economist Raj Chetty, who examined the effect of the program nationwide. Among other things, Chetty presented research comparing the employment trends of businesses of about 1,300 workers who would not have qualified for loans with small businesses of about 100 workers, who were the target of the program. The analysis found no difference between the two.

“What we think is that the companies that took out these loans may be exactly the ones that had no intention of laying off their workers initially,” Bonham said.

Civil Beat reporter Stewart Yerton contributed to this story.

Spruce Power adds EV battery and charger options to fund its offerings

Spruce power added EV batteries and chargers to its finance wallet offerings. Formerly known as Spruce Finance, the company already serves 80,000 homeowners with leased solar power systems or energy efficiency upgrades.

“Spruce Power is expanding our business model and product offerings to provide comprehensive energy solutions to our large customer base,” said Christian Fong, CEO of Spruce Power. “The future of energy is distributed, clean and smart. As early adopters of solar energy, our customers are eager to add complementary technologies that make their homes more resilient and equipped for an electrified future.

“We are ideally placed to support homeowners who want to maximize their impact on clean energy with home energy management systems,” said Fong. “Spruce manages a network of more than 100 maintenance and installation partners in 16 of the major states where rooftop solar systems have been deployed. This infrastructure provides our customers with local support services ranging from performance analysis to solar maintenance, battery sizing and installation of back-up power.

The expansion of Spruce’s business model aligns with the needs of the evolving residential renewable energy market. Spruce went from creating loans to owning assets and created a service branch Experts in energy services (ESE) for the management and maintenance of assets in 2017 after restructuring and receipt of an investment from HPS Investment Partners. The announcement follows a series of significant portfolio acquisitions and capital raising, with Spruce having recently acquired two portfolios totaling more than 10,000 solar photovoltaic systems.

The news of spruce

Tips for protecting your precious family heirlooms, antiques

It’s easy to spot obvious damage to your artwork, antiques, and collectibles when considering spring cleaning. Evidence like the mildew that grows on your antique prints, a tear in an oil painting grandma left you, or a huge crack in a 1950s ceramic cookie jar are easy to identify.

The real question is: can you stop it before it starts? Yes. When it comes to properly displaying your artwork or antiques, some of the most common mistakes are the easiest to correct.

The most common way to ruin a work of art or damage an antique is to display it or put it in the wrong place.

Here is an example. Early in my career, I worked for a very, very prestigious private fine art collector. He owned very valuable and important works of art of museum quality from many great masters in the history of art. His art was regularly borrowed by the great – I mean the great – museums for exhibitions and scholarly studies.

Hang art prints out of direct sunlight and on interior walls away from doors and windows.

There were works by big names in the art world like Picasso, Monet, Rembrandt, Benton, Avery, etc. One day a famous museum called and asked to borrow one of his stellar oil paintings. Of course, they wanted the one valued at over $ 2 million.

As part of my job, I asked my boss where I could find the painting in his large house or in his offices so that I could examine the current state of the painting and facilitate the loan request for the International Museum. I couldn’t hide my shock when he said, “This painting hangs in the laundry room above the washing machine. Suffice to say, eek, not the best place for artwork.

When exhibiting your artwork, whether it’s worth $ 2 million or $ 200, there are parts of your home or office that you should avoid.

Prohibited rooms

Don’t display art or antiques in the laundry room, duh. Do not display valuables in the kitchen near cooking surfaces where dirt and heat are typical guests at the dinner table. As for the bathroom, a beautiful wreath of dried flowers will work better than a framed oil painting, watercolor, print or pastel.

The bathroom is where moisture and mold regularly make an appearance even if you are a spotless housekeeper. You don’t want this mold to go into your art print or hand carved frame. Once the mold has taken hold, it is very difficult to stop its spread.

Try to avoid hanging paintings or prints on the walls next to windows, heating vents, air conditioners, air purifiers, returns, wood stoves or radiators. Also, do not hang a work of art in direct sunlight or on a wall exposed to direct sunlight during the day.

Avoid the lobby

You probably wouldn’t think about it, but the foyer is not a good place to display artwork or antiques. Why? Because your front door opens and closes day after day, season after season. With this change in temperature that occurs in the fireplace, the stability of the fireplace environment also changes.

If your fireplace is like my home, it is usually flooded with sunlight, cold when I open the door in the winter, and warm when I open the door in the summer. These rays of the sun can have an impact on your artwork and / or antique as the object tries to cope with variations in temperature. The sun will discolor your paintings, textiles and fabrics, as well as a large part of your old wooden furniture.

Just as people like a stable room temperature, so do works of art and antiques. A cohesive environment is what you aim for when it comes to art, antiques, and collectibles. In museums this usually means a low relative humidity like 55% and a constant temperature of 68 to 72 degrees.

You don’t like your living room to be cold or hot and this is also true for your antiques. I’m known to say, “Antique dealers like to live where you like to live, comfortably. It means in a cool and cozy place in summer and warm and cozy in winter.

Dr Lori Verderame

Dr. Lori Verderame is the award-winning doctoral student. antiques appraiser on History’s number one show, “The Curse of Oak Island.” Visit http://www.DrLoriV.com; www.DrLoriV.com; http://www.YouTube.com/DrLoriV and www.YouTube.com/DrLoriV or call 888-431-1010.

Much of PPP loans have gone to large companies, data shows

About 600 companies, including dozens of national chains, have reportedly received a maximum of $ 10 million in Paycheck Protection Program loans.

WASHINGTON – Editor’s Note: The related video above was posted on August 4.

The release of data on paycheck protection program beneficiaries found that much of the money went to large companies, with only a small number of companies receiving about a quarter of the money distributed.

The Small Business Administration recently provided information on more than $ 5 million in loans in response to Freedom of Information Act demands and months of legal battles.

The PPP has enabled companies to obtain loans to keep their workers on the payroll. The loan was canceled if the company met certain conditions aimed at avoiding layoffs amid the coronavirus pandemic.

According to The New York Times, about 600 companies, including dozens of national chains, have obtained loans of $ 10 million, the maximum amount available under the program of $ 525 billion. Only 1% of borrowers received more than a quarter of total funds distributed, or about $ 143 billion in loans of $ 1.4 million or more.

The Washington Post reports that even though Treasury Department and SBA officials said the PPP primarily helps small businesses because more than 87% of loans were below $ 150,000 in August, data shows that more than half of l money in the same time window went to bigger companies. Only 28% were loaned for amounts less than $ 150,000.

NBC News found that companies operating out of Trump Organization properties, as well as properties owned by Kushner’s family, also benefited from the program. The report says more than 25 loans worth more than $ 3.65 million have been made to companies with addresses in the Trump and Kushner properties.

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Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin have urged Congress to approve COVID-19 relief funds without further delay. Powell told the House financial services committee on Wednesday that providing economic support was “very important.”

When asked what Congress should include in a relief bill that could pass in the lame December session, Mnuchin said his priority would be an authorization for the Treasury to use $ 140 billion. of funds remaining to provide small businesses with a second round of PPP. ready.

The Associated Press contributed.

Editor’s Note: An earlier version of this story indicated that Trump Organization and Kushner Companies were among those who received PPP loans. The Trump Organization has not received PPP loans, but tenants paying rent on properties owned by the Trump Organization as well as the Kushner companies have, according to NBC news.

Trump administration to provide congress with COVID-19 loan data from PPP

Officials told lawmakers they would provide details of the roughly 4.6 million taxpayer-funded loans worth $ 512 billion under the SBA’s coronavirus aid program.

WASHINGTON – After pushing Democratic lawmakers, the Trump administration agreed to give Congress – but not the public – full data on the millions of small businesses that have received loans from a more coronavirus aid program of $ 600 billion.

Senior administration officials told lawmakers they would provide full details on the estimated 4.6 million taxpayer-funded loans worth $ 512 billion granted under the Check Protection Program Small Business Administration payroll. Their concession came with a warning to lawmakers not to disclose “confidential” information about loans to the general public.

Representative Richard Neal, D-Mass., Chairman of the House Ways and Means Committee, was one of the Congressional oversight leaders who requested loan data from Treasury Secretary Steven Mnuchin and Administrator by SBA Jovita Carranza.

The administration’s concession is “a step in the right direction,” Neal spokeswoman Erin Hatch said on Friday, although he believes the names of all recipients should be made public.

Last week, the Treasury Department and the SBA bowed to pressure from lawmakers and watchdogs and agreed to publicly disclose details of which companies have received loans under the program. So far, the SBA has only provided summary information on the recipients of its loans, such as the industry the companies are in and the state they are in.

But that will only be partial disclosure: for loans under $ 150,000, agencies will not publicly name the beneficiaries, only revealing loan amounts and summary information broken down by zip code, sector and demographics, and the number of jobs they have helped protect. .

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The SBA processed 4.6 million loans worth approximately $ 512 billion. Almost 75% of the total money approved to date has gone to businesses borrowing over $ 150,000. But 86% of the loans went to businesses borrowing less than $ 150,000.

Ethics watchers say more transparency is needed to get an accurate picture of who has been helped and who has been left behind. Recipients of small loans could be part of a larger, hidden subsidiary, for example, and this would not provide a clear picture of the percentage of loans going to minority-owned businesses.

Under the new agreement, the agencies will provide full data on loans of all sizes to congressional oversight committees. It will not be made public. And Mnuchin and Carranza told Neal and representatives Maxine Waters and Nydia Velazquez, who head key committees, in a letter Thursday that this would be given “with the understanding that non-public, personally identifiable and commercially sensitive business information will be treated as confidential. “.

The paycheck protection program began in early April and ends at the end of the month. Loans can be canceled if companies use the money to keep employees on the payroll or rehire workers who have been laid off.

Several hundred publicly traded companies received the loans despite their likely ability to borrow money elsewhere, and after an outcry some said they would return the money.

The pandemic has caused a deep recession and the US unemployment rate is above 13% after declining slightly in May. Economists said the small business loan program has helped, although it is unclear how much.

Massachusetts solar loan program leaves banks confident to lend

Massachusetts solar loan program leaves banks confident to lend

At the end of the program, private solar loans will continue, but low-income homeowners could be left behind.

Massachusetts’s leased solar loan program comes to an end this month, leaving behind a more robust solar financing market, but also removing a tool that lenders and installers say has been invaluable in bringing the benefits of solar power to underserved households.

“This has allowed us to bring solar power to people who might not otherwise have access to it,” said Richard Bonney, project developer for solar installer RevoluSun, who has completed 141 projects in the program framework. “This is the biggest concern on our side. ”

The Mass Solar Loan program was launched in 2015 with two objectives: to revive the residential solar financing market and to expand access to solar for low-income households.

At the time, residential solar was starting to take off in Massachusetts, but the majority of installations were part of power purchase agreements, a contract in which a solar company essentially leases rooftop space for panels to customers. owners, who then agree to buy the electricity. generated at a reduced price.

These agreements have saved customers money and helped reduce greenhouse gas emissions from power generation. However, the companies that own the panels have enjoyed the financial benefits of state renewable energy incentives and federal and state tax credits. And because most of these companies were from outside Massachusetts, the local economy was not fully feeling the positive impact of the growing number of solar installations.

“We were basically promoting solar power, and 90% of the value went out of state,” said Ben Mayer, vice president of residential marketing and sales for SunBug Solar.

The benefits were particularly limited for low-income customers, who could already have benefited from a reduced electricity tariff through the utility.

The Massachusetts Clean Energy Center set out to design a loan program that would solve these problems by making it easier for homeowners of all income levels to buy – and reap the rewards of – their own systems. More loan programs here @ https://www.paydaynow.net/

The agency ended up creating the Mass Solar Loan, a five-year, $ 30 million program that encouraged banks to lend money for residential solar projects by requiring borrowers to work with an approved solar installer who had been approved by the state, giving banks more confidence that the project would result in a functioning facility.

“I knew the project was going to be built well, on budget, and when they got it going it was going to work,” said Robert Terravecchia, chairman of Coastal Heritage Bank, one of the participating lenders. “It was kind of a gold rush for a while, and it gave me confidence that I wasn’t going to be dealing with a bunch of nighttime freaks.”

The loan program has also agreed to cover part of the lenders’ losses in the event of default. This element made it less risky for banks to venture into a new market. It also allowed them to adjust their underwriting criteria and approve loans to applicants with less than ideal credit, creating more opportunities for low-income residents to finance a solar installation.

To further target low and moderate income homeowners, the program also included provisions that lowered the interest rate for income-eligible borrowers and paid off a portion of a borrower’s principal – 20% or 30%, depending on the level. income – once the project is completed. completed.

“These things together created a government loan that was a bit off the charts,” Mayer said. “I mean, it was a ridiculously good program.”

The loan program has received an additional $ 15 million over the years, but has not been extended. Some of the provisions have also evolved over time: reduced interest rates have been phased out and principal repayment is now only available to lower income borrowers.

The clean energy center plans to end the program on December 31, as originally authorized.

The program has been successful, say lenders, in showing banks that solar loans can be a worthwhile product to offer. Default rates were generally very low on loans made under the program, lenders said. At Coastal Heritage Bank, less than 1% of loans were bad, Terravecchia said.

UMassFive, a credit union that has been the state program’s primary lender, has created its own solar lending program with terms similar to mass solar lending. This new program lent $ 6.5 million in 2020.

“The demand is still huge,” said Richard Kump, president of UMassFive. “We have to provide that funding. ”

Cape Cod Five did not participate in the state’s program, but seeing the success of solar lending from other banks, developed a modified version of its home equity loan for solar borrowers.

“We have extended the underwriting guidelines to take into account that solar power adds value and makes homeownership more affordable,” said Robert Talerman, co-chairman of the bank. “We’ll probably expand this to reflect that it’s getting even more common and maybe even make it a bit easier on the customer.”

Without the income-based support of the state program, however, market-based loan programs are unlikely to reach low-income households on anything like the mass solar lending scale. Of the 5,700 loans granted under the program, 3,000 were for borrowers with low-income client arrangements.

Even though banks and credit unions appear to be stepping up their solar lending, they will not be able to fill all the gaps left by the state’s program. Almost 30% of the program’s loans have gone to applicants with a credit score of less than 720, a level that lenders generally consider quite risky.

And while many homeowners are expected to use home equity loans to finance a solar installation, borrowers who make smaller down payments or haven’t owned their home for a long time may not have enough equity to fund a loan. .

Massachusetts’ solar incentive program has provisions targeting low-income households, but has tools to help homeowners overcome the initial hurdle of the initial cost of installing a system.

There is nothing on the horizon to fill this gap, and Gov. Charlie Baker’s administration doesn’t seem to see the point in funding more solar incentives for low-income residents, Mayer said.

“It would be funny if it weren’t so aggravating,” he said. “If anything, you should figure out how to increase the investment. ”

Loan company sues Hutto for $ 15 million over Perfect Game project

A finance company sued Hutto, claiming the city had to repay a $ 15 million loan it received from the company to buy a field and pay for other costs related to the Perfect Game baseball project.

Preston Hollow Capital of Dallas filed a federal lawsuit on September 22, claiming the city defaulted on the loan after buying land with the money and then ruled the finance company had no right to foreclose the land because the loan agreement was invalid.

The town’s attorney said the loan was void due to the town’s own mistakes, according to the lawsuit. He said those errors included that the city had not properly published the loan agreement for review in accordance with the requirements of the Texas Open Meetings Act.

He also said the mistakes the city said it made included the loan deal never being reviewed or approved by the Texas attorney general’s office..

Dottie Palumbo, the city’s district attorney, said at the city council meeting Thursday night that the city “was eager” to present its side of the story in court.

She said the city had a disagreement with Preston Hollow over state law regarding the loan. She said she would not make any further comments.

Preston Hollow also sued Cottonwood Development Corporation, a government entity formed by Hutto to manage the Perfect Game project money and bonds.

Perfect Game is a baseball scouting company that announced in April 2019 that it would be moving their national headquarters from Iowa to Hutto.

The estimated $ 800 million project, the largest economic project in the city’s history, is expected to include Hutto’s first indoor sports and events center, designed for 13,000 people. It is also expected to have a convention hotel, 24 baseball diamonds, and office, commercial, medical and residential space.

Preston Hollow Capital has a “long-standing, historically constructive relationship with the Town of Hutto,” Greg May, the company’s chief business development officer, said in an email Thursday.

“We made this loan in good faith, and it is deeply troubling that the city and the Cottonwood Development Corporation (CDC) took our money and then disowned their deals with us,” May said.

“We believe that the case can be resolved amicably once the atmosphere of unrest and dysfunction between city officials and their advisers has subsided., ” he said. “In the meantime, we have taken the necessary action to uphold our rights and rectify a surprising and unfortunate injustice.”

According to the lawsuit, Preston Hollow loaned $ 15 million to the city and the Cottonwood Development Corporation in February. Cottonwood then spent $ 11.6 million from the loan to buy two plots of land for Project Perfect Game and $ 600,000 to settle a lawsuit with Wolverine, a former developer of the project, according to the lawsuit.

He said Preston Hollow also put $ 2.5 million of the loan into receivership.

Preston Hollow sent Cottonwood Development Corporation a notice on April 30 stating that it had defaulted on the loan by not meeting certain conditions, according to the lawsuit. These conditions included the failure to reach an agreement providing that 75% to 100% of the municipal portion of the property taxes on land related to the Perfect Game project would be used to finance the costs related to the project.

Preston Hollow then asked for the loan to be repaid, but the city refused to do so, according to the lawsuit. Preston Hollow then sent the town a notice in May stating that it planned to seize on July 7 the land the Cottonwood Corporation had purchased with the loan.

“The defendants took the incredible position that the loan agreements were null and void due to the city’s own defaults, and therefore PHC (Preston Hollow Capital – whose money, it is true, used by the defendants to pay the real estate in question – had no right to seize, “said the lawsuit.

A finance company sued Hutto, claiming the city had to repay a $ 15 million loan it received from the company to buy a field and pay for other costs related to the Perfect Game baseball project.

Preston Hollow Capital of Dallas filed a federal lawsuit on September 22, claiming the city defaulted on the loan after buying land with the money and then ruled the finance company had no right to foreclose the land because the loan agreement was invalid.

The town’s attorney said the loan was void due to the town’s own mistakes, according to the lawsuit. He said those errors included that the city had not properly published the loan agreement for review in accordance with the requirements of the Texas Open Meetings Act.

He also said the mistakes the city said it made included the loan deal never being reviewed or approved by the Texas attorney general’s office..

Dottie Palumbo, the city’s district attorney, said at the city council meeting Thursday night that the city “was eager” to present its side of the story in court.

Austin sites assess COVID-19 relief options

AUSTIN (KXAN) – The COVID-19 relief plan signed by President Donald Trump over the weekend also approves grants for performance venues called “Save Our Stages.”

There is also a second round of Paycheck Protection Program loans, but sites cannot apply for both.

Some, like Elephant Room, are weighing their options.

“We are a basement bar. We understand this is not the first place to reopen, ”said Michael Mordecai, Elephant Room Music Director and trombone player.

Mordecai says federal funding opportunities will help them stay afloat until then. He says they are discussing the options with their chartered accountant, but are looking to apply for the Save Our Stages or SOS grant.

SOS recipients can obtain grants of up to $ 10 million.

“It’s not really a decision for me,” said Mitch Roberts, CEO of Evo Entertainment Group.

Roberts says they applied for a PPP loan earlier this year, but will opt for SOS this time around, which doesn’t have to be paid back. He says the rules are also more flexible and tailored to their industry.

“The use of funds is not that restricted. This not only allows us to pay the payroll, but also to pay things like rent … accounts payable where we have to pay a vendor or an independent contractor who was supposed to play a show or marketing expenses for that show or for said upcoming movie, “he explained.

The National Independent Venue Association, a strong advocate for SOS, lists these reasons and more on why P3 loans were not effective for this industry.

Roberts is hoping the Small Business Administration will start dishing out money in the coming weeks. Until then, there is another lifeline for dozens of Austin locations thanks to the city’s SAVES fund.

“This $ 20,000 will be a very crucial dressing in getting the sites to at least a place where they can stop the bleeding until further help arrives,” said Patrick Buchta, executive director of the group. Austin Texas nonprofit defense. The musicians.

Buchta says about 70 concert halls have applied for the city grant, and he expects those same companies to apply for the SOS grant.

Mordecai says they just received their SAVES grant and are using it to help start a “club casting” and stream shows online.

“Hearing that SOS has passed, hearing that we now have money in the bank thanks to the SAVES law, the Elephant room is thrilled with it all,” he said.

The City of Austin SAVES Fund is accepting applications until January 11. You can find more information here.

How will SOS be paid?

According to the SBA, the most affected sites will have priority for the first 28 days of the program. The agency indicates that a reserve fund will be set up for sites after this priority period.

There will also be $ 2 billion set aside for sites that have 50 or fewer employees.

Worcester City Council approves Polar Park overrun loan order

WORCESTER – A request for a loan order to partially cover $ 17 million in cost overruns at Polar Park gave city council and city administration the opportunity on Tuesday to have a broad discussion on the stadium’s status .

Councilors unanimously supported the loan order and, despite some questions about project details, ancillary development and the terms of the finalized lease, expressed support for the project that will bring the major minor league affiliate of the Boston Red Sox to the city.

As was the case throughout the project, residents continued to voice concerns about transparency and rising costs beyond what was initially estimated by the team and the city. And even as the project nears its scheduled completion date in April, councilors and residents still expressed some confusion on Tuesday over the various cost figures circulating in the community.

The board took the first step on Tuesday by voting 9-0 to announce the $ 14 million loan order. The order has been sent to the committee and will be submitted to council for final decision in the coming weeks.

City manager Edward M. Augustus Jr. reiterated on Tuesday what he said on Friday when the loan order request was made public – that the Worcester Red Sox will be responsible for the $ 17million overruns, not the city. And in exchange for managing the funding, the city and the team negotiated several changes to the finalized lease – which was also unveiled on Friday.

Augustus continued to express confidence on Tuesday that tax revenue from development in the designated area around the stadium will be used to pay off debt on the city’s investment in the park, not taxpayer money.

The loan ordering process will be one of the last pieces of the puzzle needed to secure a final number for the Worcester Redevelopment Authority, which is overseeing the project. The $ 17 million will bring the total cost of the stadium to $ 117 million. The Worcester Redevelopment Authority is expected to consider approving the “highest maximum price” for the project on Friday, and will also consider executing a 35-year lease with the team.

The loan order the city is requesting on behalf of the team is $ 14 million – $ 10 million to partially cover the overruns and $ 4 million to cover the cost of the loan. Augustus said on Friday the team had raised their own funds to cover the remaining $ 8 million in overruns. Augustus said part of the overruns were due to design changes, supply chain issues and unforeseen costs resulting from a seven-week project shutdown due to COVID-19, and costs modernization of the site to take social distancing into account.

District 3 Councilor George Russell and District 1 Councilor Sean Rose both said they have received multiple calls from constituents asking what the real costs of the project are, in light of the different numbers circulating. Russell said that if someone is buying land to build a house, they usually include the cost of the land when talking about their total costs.

Augustus said the $ 117 million figure – including the most recent $ 17 million overrun – only covers actual construction of Polar Park. The other figure – over $ 150 million – includes site work, the cost of acquiring the properties the city was to take for the project, the cost of demolishing said properties and other related work.

Augustus said there is even a “third compartment” that includes building and infrastructure improvements in the area that were mostly undertaken with state money.

Russell also asked what the city’s recourse would be if the team failed to meet their obligations. Augustus said the city would have the same legal avenues it would have in any rental agreement.

District 2 Councilor Candy Mero-Carlson said the project would be good for the city. She said this has already attracted other developments to the city, including recently announced plans for affordable housing in Kelley Square that Mero-Carlson said the city is in desperate need of.

She said some of the terms renegotiated in the finalized lease agreement, which include an extension of the lease from five years to 35 years and an extension to 25 years before the team can exercise their right to leave town, up from 15 years , will further protect taxpayers. And she said let’s not forget that the project was completed with a workforce made up of union workers and 22% city residents.

“It’s something we should absolutely be proud of,” said Mero-Carlson.

Critics of the baseball stadium have long argued that it was not a good idea to spend such massive public investments in minor league baseball stadium deals that, in the end, can leave municipalities in a bind. .

Nicole Apostola called the virtual meeting on Tuesday to remind councilors that when the project was first presented to residents it was valued at $ 90 million, but it quickly grew from there, including $ 30 million overage added last year.

She said the city should have halted the project at this point, but it is now up to $ 157 million. She said councilors’ concerns at the time had been assuaged in private, but the public was not being kept in the loop.

Apostola said the team has also steadily increased its participation. The initial charge of $ 0.50 per ticket quickly doubled to $ 1, and in the finalized lease it can reach $ 2.

She said at a time when residents worry about evictions, jobs and their lives, the council is more concerned with giving grants to the team.

“When will either of you say enough is enough?” said Apostola.

Sue Mailman said she supports the project, but transparency is important when it comes to managing construction costs. She said the numbers are not easy for people to understand, and said it was also important for the city to make sure every contractor on duty is paid – she said sometimes public construction projects can make small entrepreneurs vulnerable.

Mayor Joseph M. Petty said he thought the finalized lease agreement, and the Polar Park project as a whole, was a good deal for the city, and is “even a better deal now” than the city has been. allowed to go back and renegotiate after agreeing to borrow money on behalf of the team for overruns.

Rose and General Counsel Morris Bergman said they heard from residents concerned about the impact of the potential of a truncated season or capacity limits at the new stadium due to COVID-19 on the debt payment schedule.

Augustus said the city has set aside funds in a district improvement reserve fund using the proceeds from the sale of properties it was originally to take by eminent estate as part of the project, but that they were then deemed unnecessary. He said the $ 3 million in proceeds from that sale should be a buffer for the first year.

Throughout the discussion, Augustus repeatedly pointed out the transformative effect that the development of the baseball stadium – which is associated with a private development by Madison Holdings across the street – has had on the Canal District. and the city itself. He said residents critical of the project have long questioned its viability, but said there were other factors to consider. He said he doubted there would be any heightened interest from developers in having a view of a decaying old Wyman-Gordon parking lot.

“I guess the question is then what?” “

He said if the city had done nothing, the old Wyman-Gordon property on which the baseball stadium was built would likely have lay idle, weeded and contaminated, for another generation. Investment in the surrounding area and elsewhere in the city would not have been as massive as it has been, he said. He asked how the neighborhood would be better if nothing had been done.

“I’m asking you how could we have transformed 16 acres in one fell swoop and been able to make all of the state investments that have improved the whole region with these infrastructure improvements, without it? “

If Chinese loan applications are banned, here’s what you can do

The center is examining several fintech or fintech companies that have ties to China, according to media reports. The development comes after India banned 177 Chinese applications after the border clashes in June 2020. This means your loan app could join the list of China-based mobile apps banned in India. This raises two concerns for users: the risk of a data breach and the collection of outstanding loans.

As fintech and lending apps access sensitive information, including account details, the ban could put both your money and data at risk. A few months ago, Indian intelligence agencies flagged the apps banned over user security and privacy concerns, according to reports.

Pravin Kalaiselvan, president of BombayUser rights campaign group Save Them India Foundation said a public interest litigation (PIL) had been filed with the Supreme Court, calling for an investigation of 212 apps with direct or indirect links to the China. “In some cases, the app may be owned directly by a Chinese company, but the investments are redirected through another channel,” he said.

App-based lenders have come under fire for using coercive recovery techniques since foreclosure. Borrowers reported that some lenders were abusing permissions granted when the app was installed to access personal data and contacts, and threatening to call them (read bit.ly/345tl33).

The main complaint is that these apps use sensitive data for loan collection. “There is a strong possibility that some apps will be banned even if customers have outstanding loans because sensitive data is at stake,” Kalaiselvan said.

But what if an app with which you have an open loan is banned?

According to Sameer Aggarwal, founder and CEO of RevFin, a digital lending fintech, to work here, these apps must partner with downstream non-bank financial companies (NBFCs) to disburse the loans.

“These apps typically offer short-term loans (seven to 21 days) with small bills (below 20,000), but these are usually fully secured by Chinese fintechs, so there is no credit or fraud risk for NBFCs. If some of these apps are no longer allowed to run, since most loans are short-term, they will likely be picked up before fintechs go out of business. If they are not, they will be reimbursed by Chinese fintechs, ”he said. While applications may not have enough time to get borrowers back, they should be concerned about the credit rating if the loan is not repaid, Aggarwal added. .

Loans can be repaid directly to the NBFC. “If the borrowers face other problems, they can write to the financial mediator appointed by RBI,” he said.

If you anticipate debt collection or credit score issues after an app ban, find out which NBFC the app in question is supported on and contact them.

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LA Lakers Secured Small Business PPP Loan, But Team Is Returning Money: Coronavirus Updates: NPR

The Los Angeles Lakers and a handful of businesses are returning the money they received from a federal program that aimed to help small businesses affected by the coronavirus pandemic.

Marcio José Sanchez / AP


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Marcio José Sanchez / AP


The Los Angeles Lakers and a handful of businesses are returning the money they received from a federal program that aimed to help small businesses affected by the coronavirus pandemic.

Marcio José Sanchez / AP

Updated Tuesday at 9:31 a.m.ET

Several large restaurant chains, an asset management company, and even the Los Angeles Lakers have repaid the money they received from the paycheck protection program’s first $ 349 billion allocation.

The decision to return the money comes amid complaints that many large companies are falsely accessing a federal loan program intended to help small businesses affected by the coronavirus pandemic.

Again, mmore than 200 other audiences companies keep program money. They include three hotel companies linked to Texas entrepreneur Monty Bennett who have secured a total of $ 69 million from the program.

The program provides loans to small businesses to contain the avalanche of layoffs generated by the lockdown. Loans are canceled if companies retain or rehire workers.

Because the program was put together so quickly, it was not always clear who was supposed to benefit from it, and millions of companies applied.

As a result, the money for the program was gone within two weeks and hundreds of thousands of small businesses were left behind. Congress has approved an additional $ 320 billion to be rolled out starting Monday.

The controversy escalated after reports that some of the money went to major restaurant chains, including Shake Shack and the parent company of Ruth’s Chris Steak House.

Last week, Treasury Secretary Steve Mnuchin pointed out that the program is only meant to help companies that cannot get money through normal channels like the stock exchange.

He said large publicly traded companies would face “serious consequences” if they took money to which they were not entitled.

In recent days, a growing number of companies have refunded the money, including Potbelly Corp., a restaurant chain; the telecommunications company IDT; and pharmaceutical company Aquestive Therapeutics, as well as Chris and Ruth’s Shake Shack.

The Lakers basketball team received a loan of $ 4.6 million but decided to repay it, according to a statement from the team.

“Once we found out that the program funds had run out, we repaid the loan so that financial support was directed to those who need it most. The Lakers remain totally committed to supporting both our employees and our community, “a statement read.

The Lakers are the eighth most valuable sports team in the world, with an estimated value of $ 3.7 billion, according to Forbes.

“I’m not a big fan of the fact that they took $ 4.6 million [loan]”said Mnuchin CNBC Squawk Box Tuesday morning. “I think it’s outrageous.”

Mnuchin said he was happy the team returned the money, “or they would have had some responsibility.”

Manning & Napier, an asset and wealth manager based near Rochester, New York, repaid a $ 6.7 million PPP loan, after the Small Business Administration clarified its guidelines on who could receive it.

But three hotel companies linked to Bennett – Ashford Inc., Ashford Hospitality Trust and Braemar Hotels & Resorts – said over the weekend that they would not refund any money, saying programs like PPP are key to keeping them afloat .

“The COVID-19 epidemic has been devastating for our business and our employees. We’ve been in the hospitality business for decades and have never experienced anything so destructive to our industry. companies said in a report.

Samson: Pac-12 loan program provides safety net if there is no college football in 2020

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On Wednesday, the Pac-12 plans to put in place a huge loan program that would provide safety blankets to sports departments that have been affected by the COVID-19 pandemic. This program is offered in the event that the 2020 college football season is canceled. The loan will be $ 83 million available to Pac-12 schools at an interest rate of 3.75 percent for a term of 10 years.

On Wednesday’s episode of “Nothing Personal with David Samson,” David Samson weighed in on the conference’s decision and believes it is simply a crutch for schools that may be affected by the difficulties of ‘potentially zero college football in 2020.

“These teams are in trouble. I understand what the Pac-12 wants to do and why they are doing it,” Samson said. “But if the Pac-12 players believe that by definition this new loan will mean their demands will be met, I have bad news for you. They are not related in any way. This is to try to cover up. shortfalls due to lost income from having fans in the stands and the possibility of not playing college football this season.

As Samson points out, a large portion of an athletics department’s income comes from college football. For example, the state of Oregon depends on football for about 80% of its annual sports income, and Utah generated $ 86 million from college football last year.

If the college football season ends up being canceled or even reduced, that loan could be huge for many Pac-12 schools.