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Construction loans: What is it and what do they mean? function


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The construction of a house can lead to having everything you want to be able to have with a budget of course. There’s no requirement that you need to be rich in order to achieve it. It’s about being to obtain the loan needed for construction.

The construction loans are different from a conventional loans. In one sense, the conventional mortgage can be described as a long-term loan which helps to pay for the purchase of a house. The loans for construction are credit for short periods which can be used to finance the construction of the home. It is able to be converted into a traditional mortgage after the building process is completed.

Is a building loan a type or loan?

The construction loan at https://www.paydaynow.net/emergency-loans/ allow you to obtain the funds to construct or improve your house.

When you purchase an apartment which is ready to move into the next day, you must have it to ensure that your mortgage will be able to pay for the purchase cost and even the closing costs.

In the case of building your own home (or buy a home that you’d like to renovate) There are more steps to take for purchasing the property including paying contractors, as well as passing the tests. This is another procedure that needs a different type or credit.

What does an construction loan investment include?

These loans for construction are a way to cover the costs of instance:

  • Land
  • Architectural plans
  • Design fees
  • Building permits
  • Construction materials
  • Contractor labor
  • Contingency reserves (in case your project goes over budget)
  • Interest reserves (to cover your interest expenses during construction)
  • Charges for closing
  • Construction Financing that is long-term when the construction is completed

What is the process to obtain a construction loans?

The construction loans are are created to finance the work in stages. This arrangement is referred to as”draw plan” also referred to as “draw schedule” minimizes risk to both the lender as well as the creditor as the contractor could receive a significant amount of cash at the beginning but still not finish the task.

This can also lower the chance of construction that is not up to standards because the lender must check the building at conclusion of each phase prior to the release of more money. In fact the lending institutions in the construction sector will require that their customers employ skilled construction workers capable of handling a significant quantity of work. They are also financially sound, licensed, insured as well as licensed.

While you may not be able to find better loans for construction with Credible we can help in finding a fair rate for your following conventional loan. Within a few minutes, you’ll be able to browse through the options for loans offered by our partner lenders. It’s fast and simple.

Construction loan rates

The rates of interest for construction loans are contingent on the lending institution that is lending them but they could be comparable to the current rates for home loans, or perhaps one percentage point higher. Being a competent lender (such for example, having a high credit score or ratio of debt to income) and choosing an institution designed for construction loans might help you get the best price.

The construction loans might be eligible for an interest rate that is variable or fixed rate at the beginning of building. If you decide to go with the construction loan with an interest rate which is variable it’s important to be aware of the limits of your interest rate’s fluctuations and also that you are able to alter the rate of your current (post-construction) mortgage for homeowners. However permanent loans are also an adjustable rates.

If you don’t want that uncertainty, seek out a construction-to-permanent loan with a fixed rate so that the rate stays the same during the construction phase and permanent phase.

Construction loan types

There’s several forms of HTML0 which can be used for loan construction. Find out which one is suitable to suit your needs.

Renovation loan

The term “renovation loan” is a kind of construction loan that can be used to purchase a home and fund major aesthetic or structural changes. Some examples of these loans include those that are offered in the FHA 203(k) loan as well as it’s the FHA 203(k) loan, and the Fannie Mae HomeStyle loan.

The most significant difference between a home improvement loan and standard purchase loan are that the second grants you cash to purchase the property and make improvements to the condition of it. This could require borrowing more than the value of the property in the present time.

Similar to a renovation loan, a construction-to-permanent loan combines what would normally be two loans. It provides you with both the money for building the house and the long-term financing that will purchase the house over time.

Instead, you’ll be offered a loan that has only one closing, an appraisal and only one closing expense. Additionally you’ll have to complete the required conditions at once. If your budget is changing when you build your home It’s still feasible to purchase the home.

A construction-to-permanent loan will also allow you to finance the purchase of the land if you don’t already own it. Or, if you have an existing lot loan, you can use a construction-to-permanent loan to pay it off.

FHA construction loan

individuals with low down payments as well as smaller credit scores may want to think about the possibility of FHA construction loan. They require the payment of just 3.5 percent. It is possible to use the equity accrued on your property to cover the down payment, even though it’s been a while since you bought the land that you’ll build your new home upon.

The FHA’s construction loan has a single closing (meaning it’s a construction-to-permanent loan) and doesn’t require you to make any payments during the construction process. The interest rate could be variable or fixed during the construction.

FHA permits the homeowner to serve as the contractor in the event that contractors you hire is accredited. Minimum credit scores required to be eligible typically 680 or depending on the institution that is lending the money.

VA construction loan

Military individuals who are eligible to be eligible for VA loan approval might think about applying for the VA Construction loan in order to construct the home that they have always wanted. The loans are offered for 100% financing that includes land and the construction of the house.

The VA provides two types of loan for building:

  1. One-time close loan (construction-to-permanent)
  2. The loan is closed twice (a credit for construction and one that is permanent)

Its name suggests the fact that “two-time close” is a reference to two different closings , which means that you’ll have to cover two closing costs.

In the event that you receive an VA Construction loan this means that you do not have to pay fees for the construction phase. Instead, the loan’s duration will be decreased based on the duration of building. If it takes you a year to construct your house and you are able to take it out for 29 years rather than.

VA will require the builder to pay different costs that borrowers could have to pay in construction loans including the cost of inspections for construction loans as well as the expenses for risk insurance. Similar to other VA loans, the veteran must pay an VA fund-raising fee.

Owner-builder construction loan

If you’re a skilled HTML0 contractor looking to construct your dream house, you could obtain an owner-builder’s mortgage if you can prove that you’re licensed and proficient, and insured and have a sound financial company. Additionally, you’ll need to meet the usual financial requirements for personal finance.

This kind of loan might be attractive for those who want to control expenses, as well as the satisfaction of building your own house.

One-time close construction loan

A one-time close construction loan (also called a single-close construction loan or construction-to-permanent loan, as discussed above) is any construction loan where a single loan covers your entire project. For instance the VA construction loan can be a one-time construction loan.

During the time it takes to build your house your financial status and the interest rates may alter. These changes could affect the price of loans, as well as the ability to get long-term loans. Additionally, every loan is subject to the expense of a deposit at the beginning as well as underwriting and closing fees.

How do I find the most efficient way to obtain the construction loans

Like other home loans, it is required to meet certain conditions in order to be eligible for construction loan. The requirements vary for every lender and are based on the kind of loan you’re seeking.

Construction loan requirements

It’s a generalization that, there are some requirements you’ll need to satisfy to be qualified in the construction lending.

  • Score The applicant must have an credit score of the minimum of 620 to be considered eligible for the use of an FHA and VA construction loan. For an Fannie Mae single-close loan, the minimum credit score of 700.
  • Downpayments If in the market for traditional construction loans, you’ll require at least five percentage. In certain situations you’ll be required to pay 10 percent or 20 percent of the cost to sell (land as well as construction expenses) (or the capital the value for the property). An FHA construction loan requires the deposit to amount to 3.5 percent, whereas an VA construction loan does not require an upfront amount.
  • Ratio of income to debt Your DTI should be lower than 43 percent or lower. A higher ratio is possible if you’re in good fiscal health.
  • Plan for repayment:Construction loans usually require zero payments or interest-only payment throughout the building phase. The principal will be fully amortized and interest payment once construction is completed.

How to obtain those construction loan

This is how you can get a building loan

  1. Get pre-approved by a lender to obtain building credit.
  2. Make an agreement with the construction company. Be sure to include an obligation to repay clause so to end this contract in the case that that you are unable to pay the installment loan for construction.
  3. You need to send your builder’s consent along with the subwriting documentation to your mortgage lender to get their approval. If the property you own is yours and you’re building on it you’ll need to provide the original deed and survey and , if you purchased the land in the last few years, then you should provide the settlement statement.
  4. Look up”Subject To Be Completed” Search for “subject for completion” appraisement of the possible house.
  5. The final approval must be obtained for the end of the construction financing.

After the close, work can begin. The lender will then make payments to the contractor through a variety of payment options , and will be sure to monitor each step of the way.

When the construction is completed with the construction loans is completed the loan is converted into permanent loans, or you’ll be eligible to get the loan that is permanent.

It is difficult to get your construction loans you require?

There’s no reason to be too difficult to get construction loans in the case of an established builder that is in an excellent financial standing.

However, there are a lot of steps needed to get a mortgage, making it more complicated and takes longer than obtaining an normal loan.

What can I do to discover the most efficient method of choosing the most suitable construction lender

The first thing to look for in a reputable contractor is the expertise in the field of construction loan. A lender who is able to handle large amounts in construction loan and is knowledgeable of the complexities of these loans will be more much more willing to collaborate together.

The HTML0 code is a great chance that you’ve never built an existing home before and need to locate a lender who will assist you with building your home using the highest efficiency. A lender who has been through the construction process for a long time has a deep understanding of how the procedure can go, and what could happen and the best way to prevent issues. They can aid you in ensuring the building process is executed with speed and efficiency.

The Chopping Block: How to Handle MakerDAO, with Hasu and Rune – Ep.383


Welcome to the Cutting Block! Crypto insiders Haseeb Qureshi, Tom Schmidt and Robert Leshner have taken a look at the latest news from the digital asset industry. In this episode, Governance Foodie Hasu and Rune Christensen, Head of Mischief at MKR, discuss how to run a DAO, their respective visions for MakerDAO, and more.

Show topics:

  • What is MakerDAO, how DAI works and if it is the “central bank” of DeFi
  • How MakerDAO’s Views of Hasu and Rune Differ
  • If Maker should only hold highly liquid collateral assets
  • Hasu’s mental model of DAI in Eurodollars
  • The role of real-world assets in supporting DAI
  • What is the purpose of a DAO and how it differs from a legal entity
  • If people behave in their purest form within a DAO
  • How DAI can create positive externalities and create a better world
  • How Crypto Holders Are Not Just In It For The Money But Also For The Philosophy
  • What is the “decentralized stablecoin trilemma”
  • If there is a need for dollar-denominated collateral for DAI to work
  • What is “clean money” according to Rune
  • Why Rune thinks having one council isn’t viable due to political risks and if the solution is to have multiple councils
  • How to Master the Principal-Agent Problem, According to Hasu
  • Why Hasu Thinks Council Members Wouldn’t Pursue Their Own Interests and Go Against MKR Token Holders
  • If advice would be corruptible and the dangers that entails
  • What types of interests should be represented on the board
  • If Maker can create more synthetic assets
  • Iron law bureaucracy and its relationship to governance
  • How to design the DAO to be piloted in alignment with token holders
  • If ossification is a feature to pursue and where innovation occurs
  • How complexity is very expensive for an organization


  • Haseeb Qureshi, Managing Partner at Dragonfly Capital
  • Tom Schmidt, General Partner of Dragonfly Capital
  • Robert Leshner, Founder of Compound


Rune Christian


Real world assets:

The stablecoin trilemma: https://fluid.ch/stablecoin-trilemma/#:~:text=A%20deeper%20dive%20into%20the,decide%20on%20the%20stablecoin%20supply.

The Basic Loan Terms Everyone Should Know Before Borrowing Money

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If you want to buy a house or pursue higher education, you will probably need a loan. Jhowever, there are many different types of loans, and they can be confusing. here are the big guys who you should know (and you should read this economic glossarytoo).

The basics of a loan

A loan is money (or sometimes property or other physical property) given by a lender to a borrower on the understanding that the borrower will repay it with interest. Banks usually give loans to individuals or organizations.

Here are some of the main types of loans, by Experian Financial:

  • Personal loans are loans that can be used primarily whatever the borrower wants, which differentiates them from car or education loans. They can be used for emergencies, weddings, renovations or any other major expense.
  • Car loans are designed to allow you to borrow the cost of a car you are considering buying, but they do not cover a down payment. The vehicle itself will serve as collateral and can be resumed in case you do not pay regularly.
  • Student loans are used to pay for undergraduate or graduate studies and can be granted by the federal government or private lenders. You’ll usually want a federal one, as they offer deferral, income-contingent repayment options, and other perks.
  • Mortgages cover the purchase price of a home, but like auto loans, they don’t cover a down payment. Like car loans, they come with guarantees: your home can be foreclosed on if you don’t pay regularly. Some mortgages may be guaranteed by government agencies such as the Federal Housing Administration or the Veterans Administration, depending on whether or not the borrower qualifies.
  • Home Equity Loans allow you to borrow up to a percentage of the equity in your home to use as you wish.
  • Credit-generating loans are supposed to help people with poor credit (or no credit) improve their loan the story. The lender places the loan amount in a savings account and the borrower makes fixed monthly payments for six months and two years. When the loan is repaid, the borrower gets back the money that was set aside. In some cases, you even get it with interest.
  • Debt consolidation loans are personal lines that will help you pay off high-interest debt, such as credit card debt. They help you consolidate all your debts in one place, so you only make one payment each time you pay.
  • Payday loans are usually bad news and should be avoided. You might get the money earlier than your usual payday, but tthese loans are short-term and have incredibly high fees. They must be repaid in full the next time you are paid, or you will have to renew the loan, which will incur new fees and charges. Avoid them as much as possible.

Important Loan Terminology

The following words refer to the types of loans listed above:

  • Unsecured Loans do not require collateral, but generally have higher interest rates than secured ones, since they are riskier for the entity lending the loan. Car and home loans are not unsecured, but many personal loans are. Secured loans are those that use some type of collateral.
  • Installment loans (also called term loans) must be repaid in fixed installments over a specified period.
  • Revolving credit allows you to borrow up to a certain amount. At the end of each billing cycle, you’ll pay off what you borrowed in full or roll it over to the next month’s balance with only a minimum payment.
  • Fixed rate loans have an interest rate that will not change over the life of the loan, while variable rate loans have interests that may change.

Another sentence to know, by Forbes, is the “annual percentage rate” or APR. This is the total annual cost of taking out a loan, from the interest rate to other financial charges. Lenders must disclose the APR by law, so be sure to research it when considering a loan.

Finally, you may need to take out a loan with someone else. For example, IIf you and your partner qualify for a mortgage together, you will be co-borrowers or two people jointly responsible for repaying a loan. Lenders look at both borrowers’ credit and income to qualify, and you both end up owning the asset in question, like a house or car. If you’are the only person who gets the loan but you have bad credit or no credit, someone else with a better score can co-sign with you, which means that youthey will be responsible for loan repayments if you do not make them, and their credit is also at stake.

River North’s Hotel Felix loan at auction


The listing will provide another test of investor appetite for struggling downtown hotels as hotel sector demand recovers from the public health crisis. The strength of leisure travel and the return of large group events to hotels in recent months have pushed occupancy and room rates to their highest levels since late 2019, signs that could prompt hotel investors to bet on the recovery.

City center hotel occupancy averaged 78% last month, down from 59% in July 2021 and just below the July 2019 average of 82%, according to hotel data and analytics firm STR .

Still, business travel, which accounts for a larger share of hotel demand in Chicago than in most cities, has been slower to return and has hampered the downtown hotel market’s recovery. This weighed on property values ​​and triggered a wave of distress in the market.

Hotel Felix was one of many downtown hotels to be congested by the pandemic. The property was appraised at $23.5 million in July 2020, a fraction of the $68.6 million appraised value when the property’s owner, a joint venture of Oxford Hotels & Resorts and Gettys Group, Chicago-based, took out the loan in 2013. This refinancing allowed the joint venture to cash out part of its stake in the property, which it purchased in 2007 for $24 million.

The Felix was most recently valued at $24.1 million in December, according to Bloomberg data related to the loan. The mortgage was bundled with other loans and sold to commercial investors in mortgage-backed securities, making much of the property’s financial data publicly available.

Miami Beach, Fla.-based special service LNR Partners is overseeing the loan on behalf of CMBS bondholders. A spokesperson for NRL did not immediately comment on the offer.

Paramount is marketing the loan as an opportunity for a buyer to complete the foreclosure process and gain control of the hotel. The brokerage said in marketing materials that the owner “remains cooperative with (the) lender in view of title transition” and that buyers may pursue “another brand or potential alternative use” with the 12-storey building. floors.

Oxford chairman and chief executive John Rutledge said in a statement that the ownership group had already generated “attractive returns” from its 2013 refinancing and that the company could not agree with his lender on a plan to continue owning the property.

“Despite several years of trying to create solutions to overcome (pandemic-related) challenges at this hotel, such as identifying a social services agency to occupy the hotel as we have done in many other hotels, the lender has not accepted any of our proposals,” the statement said. “As such, we and our partners, reluctantly but willingly, have agreed to an amicable resolution with the lender.”

The starting bid for the auction, which is operated by commercial real estate auction platform Ten-X, is listed at $7.5 million, according to marketing materials.

The Felix Hotel auction comes as other prominent downtown hotels go through the foreclosure process.

Late last month, a Cook County judge issued a foreclosure judgment against the owner of the Palmer House Hilton Chicago, the city’s second-largest hotel, for defaulting on its $333.2 million CMBS loan. of dollars. This puts a trustee representing the investors in the mortgage in a position to take control of the property through an auction.

Separately, a trustee on behalf of investors in a $203.5 million CMBS loan tied to the JW Marriott Chicago hotel in the Loop submitted the only bid at an auction last month to take the property control.

Erik Voorhees Urges MakerDAO Community to Quit USDC Positions After Tornado Cash Sanctions


CEO and Founder of Shapeshift Erik Voorhees recommended that the MakerDAO community take precautionary measures after the US Treasury sanctioned Tornado Cash.

Specifically, Voorhees advised MakerDAO users to withdraw their USDC collateral and convert the funds to another stablecoin. But he stopped short of advocating a more censorship-resistant choice.

On August 8, the US Treasury issued a press release stating that crypto mixer Tornado Cash has been sanctioned for its role in laundering illicit crypto funds worth over $7 billion since 2019. The Under Secretary of the Treasury for the Terrorism and Financial Intelligence, Brian E. Nelson said:

“Despite public assurances to the contrary, Tornado Cash has repeatedly failed to impose effective controls designed to prevent it from routinely laundering funds to malicious cyber actors and without basic measures to address its risks.”

The incident sparked discussions about government overreach and alternatives to centralized stablecoins.

The end of Tornado Cash

The Tornado Cash website is offline, its developers have been booted from GitHub, and Circle has blacklisted USDC addresses belonging to the organization following the sanctions.

Several months earlier, Circle CEO Jeremy Allaire dismissed claims that the company could freeze USDC accounts for any reason as FUD. He further countered by implying that entities operating within the law have nothing to fear.

Coin center released a statement on the matter, saying that sanctions against a tool, rather than a person or entity with an agency, are a blow to people who want to maintain their privacy, “including for reasons otherwise entirely legal and personal.

“It seems rather to be the sanction of a tool that is neutral in nature and can be used for good or bad like any other technology.”

This point has been widely supported by members of the crypto community, who see the sanctions as an attack on personal sovereignty.

Big Brother is watching

The founder of Bankless, ryan adamschimed in by calling the US Treasury actions “the first shot in big brother’s assault on crypto.”

In a later tweet, Adam also posed the question, where will it end? Suggesting that Uniswap could be next, then Ethereum – further insinuating the tiptoe of totalitarianism.

“If software isn’t safe, then speech isn’t.”

In response to the USDC censorship, a researcher from the NEAR Protocol DeFi Proximity platform, @resdegenproposed the development of a new decentralized stablecoin without government guidelines.

Resdegen considers Reflexer’s Rai and Liquidity’s LUSD to be 100% decentralized, but both are collateralized, which is disadvantageous in terms of scalability. Resdegen suggested developing a new project that would be indexed algorithmically using BTC or ETH derivative contracts.

Loan disbursements to MSMEs double; banks stick to existing borrowers: report


Small business credit disbursements have doubled from pre-pandemic levels, but bankers appear to be cautious and are largely sticking to existing borrowers to extend loans, according to a report on Monday.

A report from a credit information company says demand for credit from micro, small and medium-sized enterprises (MSMEs), measured by the number of trade credit applications, was 1.6 times higher than before levels. the pandemic in FY22.

The total number of living borrowers in MSMEs stands at 7 million in March 2022, with a growth rate of 6% compared to the previous year.

“Growth in the total number of MSME borrowers has moderated as lenders focus on extending credit to existing borrowers,” Transunion Cibil’s report said.

Deepening credit to small businesses is a policy objective.

MSME credit disbursements have doubled from pre-pandemic levels across all segments, indicating that lenders are able to sustain growing demand for credit, according to the report.

On the asset quality front, total non-performing assets were 12.8% as of March 31, 2022.

NPAs in the MSME segment have been on the rise since March 2021 and the “micro” segment has been the most affected, according to the report.

With regulators allowing special restructuring dispensation, the report said 2.7 lakh accounts with outstanding credit of Rs 35,000 crore were labeled as restructured in March 2022.

State-owned lenders reported maximum restructured accounts at the trade office, followed by private banks and non-bank lenders, according to the report.

Term loans are being restructured more than working capital loans, which was seen as a positive sign as it indicates that MSMEs are carefully managing their liquidity through CC/OD (Cash Credit/Overdraft) loans, a- he added.

Bitcoin is trading at a discount, says senior Bloomberg analyst


Bloomberg Senior Analyst Mike McGlone said Bitcoin is currently trading at a massive discount and could become a global digital collateral.

According Forbes, McGlone relied primarily on technical analysis of the 100-week moving average. In July, Bitcoin hit its lowest price ever against the 100-week moving average.

It’s a sign it’s trading at an “extreme discount in a sustainable bull market,” McGlone said.

The senior commodities analyst also discussed the Federal Reserve’s interest rate hike in the face of current inflation and what that could mean for Bitcoin.

He pointed out that cryptocurrencies have benefited from the low interest rate levels of 2021, and it is not surprising that they are also affected by the rise in rates.

But he thinks the performance of Bitcoin and Ethereum could soon defy rate hikes and rise despite it, as several indicators point to the possibility of a bull run.

“Bitcoin is poised to become a global digital collateral in a world moving in that direction, and Ethereum is a key driver of the digital revolution, as evidenced by the creation of the most widely traded cryptos – dollar tokens. “, did he declare.

Bitcoin is in a buy zone

Additionally, he explained that the Multiple Puell currently means buy. Puell Multiple estimates the level of BTC selling pressure from miners by calculating the daily issue value of Bitcoin in USD by the 365-day moving average of the daily issue value.

It is currently below 0.5, which places it in the green zone and represents a strong buy signal. So, all of these metrics indicate that BTC is on the verge of a breakout.

Meanwhile, other stakeholders also share the same opinion. Budd White, chief product officer of crypto software firm Tacen, believes that BTC is “incredibly undersold but also in a major accumulation zone.”

He added that Bitcoin has shown resilience and set a floor at $18,000 even though it is trading higher than that. This could be because markets are pricing in any further hikes from the Feds.

The cryptocurrency’s performance has already boosted investor sentiment. According to the Crypto Fear & Greed Index, the index is currently at 31, which represents fear. That’s a far cry from June 19, when it was 6 a.m. – extreme fear.

Bitcoin prices have been stuck in the lower $20,000 range since June.

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“Easier borrowing” to counter unscrupulous lenders


PETALING JAYA: Beware of the wolf in sheep’s clothing, warn consumer associations and the Employee Provident Fund (EPF).

In a statement on its website (bit.ly/epf_warning), the federal retirement planning fund warns contributors against the latest sophisticated schemes offered by loan sharks:

“EPF has identified advertisements on social media offering personal loans using EPF money as collateral. These offers allow third parties to profit from the savings of contributors.

“Members are advised to be vigilant and avoid being misled by offers that will affect their EPF savings.”

Illegal pawnshops are adept at changing their modus operandi to appear legitimate, Muslim Consumers Association Malaysia Secretary General Datuk Dr Ma’amor Osman pointed out, adding that they only reveal their true colors when it’s time to collect the payment.

“There’s this saying, ‘The butterfly forgets the trap, but the trap doesn’t forget the butterfly.’

“These illegal loan sharks are changing their modus operandi so that the moth doesn’t even realize it’s trapped, and they’re getting more and more sophisticated at tricking their victims.

“But they still use force to collect their payment.

“In those days they used to hide behind credit service companies so people would consider them genuine since they are registered with the Department of Housing and Local Government, but poor oversight allows them to operate at- beyond the law,” he said, adding that some have escalated their interest up to 1,000%.

Ma’amor thinks the government should review the provisions of licensed credit service companies that may prevent members of the public from borrowing money through proper channels.

“We have Tekun Nasional, Amanah Ikhtiar Malaysia but why are people still going to these illegal loan sharks?” Ma’amor said, referring to government financial services agencies that provide loans.

“The system failed or is it not user-friendly? Small traders may not be able to provide documents, but they have the ability to repay, so we have to help them, otherwise they will enjoy it for a long time” , did he declare.

He added that the government should also raise public awareness of financial scams, particularly the danger of allowing bank accounts to be used as mule accounts for money laundering. This trick allows scammers to avoid capture while the mule account holder pays the price.

Meanwhile, Kuala Lumpur Consumer Safety Association Chairman Samsuddin Mohamad Fauzi said the Communications and Multimedia Commission should take immediate action against those promoting illegal money lending services on social networks.

“They shouldn’t wait for the police to come to them; rather, they should take proactive steps to remove accounts promoting illegal money lending services.

“Prevention is always better than cure,” he said.

Samsuddin, who has helped long victims in the past, said most of those he helped did not know they were borrowing from illegal moneylenders.

“They signed an agreement, but they haven’t received a copy of the agreement. It won’t happen with legitimate lenders,” he said.

Connecticut Sees Sharp Drop in Mortgages Deemed ‘Seriously Underwater’


As summer approaches, Connecticut has seen one of the largest declines in the nation in mortgages classified as “seriously underwater” — those for which homeowners owe 25% or more on their loans above the market value of their homes.

This can lead to a loss on any attempted sale and perhaps cause a mortgage lender to act more aggressively in any foreclosure scenario when a homeowner is having trouble keeping up with their payments.

Connecticut the real estate market remains hot by historical standards, given the high prices and the speed at which homes are selling. But the Federal Reserve is raising interest rates sharply this yearmaking mortgages more expensive for buyers and for those who face rate increases under adjustable rate mortgages.

In the second quarter, the percentage of existing Connecticut homeowners with seriously underwater mortgages fell to 3.3% from 4% just three months earlier, according to Attom Data Solutions. While Connecticut remains above the national average of 2.9%, the state had an opposite trend to neighboring New York and New Jersey, which both saw their underwater mortgage percentages rise in the second trimester.

Connecticut, however, missed the cut of the best states for “equity-rich” mortgages — those in which borrowers owe less than half the value of their home on their remaining loan balances. The United States hit a new high in July with 48.1% of mortgaged properties categorized by Attom as equity-rich.

An analyst at Atom linked the improved picture of underwater mortgages to rising home values ​​since the start of the COVID-19 pandemic.

“As home price appreciation appears to be slowing due to rising mortgage interest rates, it seems likely that homeowners will continue to rely on the record amount of equity they have available for the remainder of 2022,” said Rick Sharga, executive vice president. market intelligence at Attom, in written comments accompanying the Attom report.

On Thursday, mortgage guarantor Freddie Mac reported a second straight week for the average US mortgage rate, dropping it below 5% for the first time since April.

While home sales in Connecticut are down 16% in the first six months of this year, that’s the result of an equivalent drop in properties listed for sale. William Pitt Sotheby’s International Realty announced this week that new registrations fell between 18% and 25% in July in five Connecticut counties tracked, with Litchfield County and New Haven County at the two extremes.

“Buyer demand remained high, if not as high as recent quarters, with New York residents still seeking suburban housing in historic numbers,” the Stamford-based brokerage said in its July report. “Economic turmoil is playing a role in declining sales, but our unique proximity to New York nonetheless keeps our markets active.”

This sustained buyer interest provides a relief valve for any Connecticut homeowners who need to sell for financial or other life considerations. Connecticut had the 11th highest rate of foreclosure filings in the nation in the first six months of this year, at about one in every 775 mortgages according to Attom.

Under Connecticut law, lenders must engage in formal mediation with any borrower for the purpose of working out a payment plan as an alternative to foreclosure.

[email protected]; 203-842-2545; @casoulman

Meghalaya’s low credit-to-deposit ratio – The Shillong Times


In a meeting organized by the National Bank for Agriculture and Rural Development (NABARD), Meghalaya Regional Office in March 2021, Deputy Chief Minister Prestone Tynsong had expressed his disappointment with the low credit-to-deposit ratio of Meghalaya which stood at 42.57%. This means that about 60% of deposits collected in Meghalaya are lent to borrowers from other states. An analysis of where the 43% of loans are parked would also indicate that they go to large corporations and very few actually go to the agricultural sector or small and medium enterprises. It must also be said that some banks, more than others, have been very circumspect with regard to loans in Meghalaya. The crux of the matter is that those who really need financial help to develop their agriculture/horticulture also have no collateral to offer. If they had collateral, they might not need credit.
Interestingly, this crucial subject is never mentioned in the Assembly even though almost 75% of the population of Meghalaya are rural farmers. One of the reasons why farmers find it difficult to access credit is their lack of collateral. Most farm on leasehold land and therefore have no land to mortgage. But even when lenders have mortgaged land, it becomes difficult for banks to recover costs because, according to Meghalaya’s land transfer law, land can only be auctioned by banks to others. tribes. Some banks are said to hold land confiscated from defaulters and these have become non-performing assets (NPA). Last year, NABARD estimated a credit potential of Rs 2,593.99 crore for Meghalaya under the priority sector loans for the year 2021-22. Credit estimate for agriculture, MSMEs and other priority sectors including housing loan, education loan, etc. has been set at Rs 1,333.86 crore (51%) Rs 930.97 crore (36%) and Rs 329.16 crore (13%) respectively. But these are projected numbers that hardly translate into reality.
One area where Meghalaya is rather weak is the cooperative sector. There are not many successfully run cooperatives. Even those that have prospered for a while have gone out of business. However, in recent times, self-help groups, farmers and rural artisans have benefited greatly from state aid and can scale up their activities with adequate bank financing. In fact, the banks are there to allow these small and medium-sized enterprises to develop their economic activities and thus create jobs. Overall, the State Bankers Committee report indicates that credit flows to the agricultural sector are still very low despite the availability of a significant number of government-recognized farmers under PM-Kisan . Banks need to step up their activities and have a greater reach in rural Meghalaya.

Lending EMIs are expected to increase further; more pain for future borrowers


Loans will get expensive as RBI hikes rate

Photo: BCCL

Be prepared to pay even higher EMIs as your bank may soon announce another interest rate hike on your loan following the RBI raising the repo rate on Friday by another 50 basis points for lift it above the pre-pandemic level of 5.4. percent.
With the central bank raising interest rates by 1.4 percentage points in three tranches in as many months, banks and other financial institutions have no choice but to align themselves with the RBI to control inflation and increase borrowing rates for consumers. After the previous two rate hikes by the RBI, banks have already raised loan interest rates significantly over the past two months.

At its last monetary policy meeting, the RBI decided to raise the repo rate again by 50 basis points to 5.4%. Consequently, the reverse repo rate also increased to 3.85%. Most borrowers, whether new or existing (except fixed rate) such as home loan borrowers, will be required to pay increased EMIs in the coming days.

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RBI Raises Repo Rate by 50bps to 5.4% to Tame Inflation; house, consumer loans are becoming more expensive

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RBI monetary policy: Central bank keeps inflation projection for FY23 at 6.7%

“The rise in the repo rate coupled with inflation will hit new and existing borrowers hard. A 140 basis point increase in recent months means that borrowers who were paying around 6.8-7% interest will now pay 8.2 to 8.4% This means that even for a 20-year loan, the amount of interest to be repaid is higher than the principal.If the EMI remains constant, the duration of a 20-year loan can increase up to 8 years. lenders would not sanction this increase in duration, for sure EMIs would increase,” said Adhil Shetty, CEO of BankBazaar.

It is now essential to have a repayment plan because just using EMIs would mean a very high interest outflow, he added.

How much your EMI will increase

The new round of rate hikes started on May 04, 2022, when the RBI raised the repo rate by 40 basis points. It was the first hike in the repo rate after a gap of nearly four years. Previously, the repo rate was raised on June 6, 2018. The May 2022 hike was quickly followed by another rate hike by the central bank in its June 8 monetary policy review, where it raised the repo rate of 50 basis points. As a result, over the past 93 days, the central bank has increased the repo rate by a total of 140 basis points (50 + 90).

“The question borrowers may be asking now is whether their home loan rate is too high. One way you as a borrower can assess this is to check the premium you are paying above- above pension rate If you are a primary borrower (credit score over 750, stable income, on-time loan repayments), you can get home loan offers with a premium of around 250-275 base versus the repo rate, which is now 5.40, so based on the rates we’ve seen over the past few months, the lowest rate you can get a home loan at right now may be between 7.9 and 8.15,” Shetty noted

The range can be lower or higher depending on who you are and who you are borrowing from and if you are already in that zone you can focus on prepaying and paying a higher EMI voluntarily to control your inflated interest, did he declare. that if you are beyond this comfort zone, you can also consider refinancing with your own lender or with another that offers you better terms.

What awaits us?

The RBI hinted at housing withdrawal, it does not look like the end of the cycle. The main factor driving these rate hikes is inflation. Retail inflation in India, which is measured by the CPI, is still on the rise, with the CPI for the month of June being 7.01%.

RBI announces 05% increase in EMI rate repo rate likely to rise - Reuters
RBI Announces Pricing | Repo rate increased by 0.5% | NDE likely to increase | Economic news

How landlords are fueling the housing crisis by avoiding taxes


Experts say dishonest landlords are fueling the national housing crisis by refusing to pay property taxes – instead, they allow low- and middle-income homes to be foreclosed, taking homes out of the market. market and reducing supply.

Property laws in the United States allow owners to protect their identities behind limited liability companies (LLCs) that allow them to avoid legal consequences by letting properties fall into disrepair, experts told The Hill.

Landlords profit from LLCs by simply refusing to pay property taxes and returning their properties to the city, which decreases supply in areas of high demand.

The research has “linked LLC ownership to real estate divestment, tax forfeiture, and even forfeiture of properties altogether,” Matthew Desmond, a professor of sociology at Princeton University, told the commission on Tuesday. Senate for Banking, Housing and Urban Affairs.

“One of the landlords I spent time with in Milwaukee, I asked him, ‘What happened to that house that I spent a lot of time with?’ And she said, ‘I just took it back to town.’ And what she meant was she just stopped paying taxes on it and let it go into tax garnishment,” Desmond said.

home ownership by professional investors.” class=”wp-image-23329673″ srcset=”https://nypost.com/wp-content/uploads/sites/2/2022/08/houses-for-sale-foreclosure-44.jpg?quality=75&strip=all&w=1535 1536w, https://nypost.com/wp-content/uploads/sites/2/2022/08/houses-for-sale-foreclosure-44.jpg?quality=75&strip=all 1024w, https://nypost.com/wp-content/uploads/sites/2/2022/08/houses-for-sale-foreclosure-44.jpg?quality=75&strip=all&w=512 512w” sizes=”(max-width: 1024px) 100vw, 1024px”/>
Lawmakers on both sides of the aisle have expressed concern over the rise in home ownership by professional investors.
Getty Images/iStockphoto

“Tax foreclosure shouldn’t be part of a business strategy, but for some owners who use LLCs, it is,” he said.

Members of Congress have expressed concern over rising rates of homeownership by professional investors – a trend that has contributed to soaring rents.

In February, professional investors made 28.1% of all single-family home purchases, a record high, according to real estate market data firm CoreLogic.

Before the pandemic, investors accounted for 14% of home purchases, the firm found.

The tight housing supply has pushed up real estate prices, making home ownership less affordable for the average American.

The national median home price jumped 13.4% in June from a year earlier to $416,000. That’s an all-time high based on data dating back to 1999, the National Association of Realtors said.

Experts say investors are taking advantage of LLC laws to seize properties, allowing them to avoid taxes.
Experts say investors are taking advantage of LLC laws to seize properties, allowing them to avoid taxes.
Getty Images

Lawmakers on both sides have said they are concerned that LLCs allow investors to avoid transparency. Some are using LLC laws in the United States to launder ill-gotten gains that could otherwise be seized by foreign governments, a legal expert has said.

“I represent the richest people in the world and some of the most famous people in the world, and they won’t buy a property unless it’s in the name of an LLC, sometimes multiple LLCs, and they are doing in order to keep that anonymity, so people don’t know who is buying the property,” Adam Leitman Bailey, a New York-based real estate attorney, told The Hill.

“In a nefarious way, it allows people from different countries to buy property in another country, to buy property in America.”

Bailey added: “Let’s say they’re trying to hide money. They can do it using an LLC, and people won’t know who they are.

Universal Credit Personal Loans Review 2022


Insider’s experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Universal Credit Personal Loans


5.25% to 8% setup fee, undisclosed late fee

Regular APR

11.69% to 35.93%


5.25% to 8% setup fee, undisclosed late fee

Regular APR

11.69% to 35.93%

  • Quick funding
  • Low minimum credit score
  • Wide range of loan amounts
  • Reduced rates available
The inconvenients
  • High minimum and maximum interest rates
  • Assembly costs
  • No co-signed loans available
  • Not available in all states
More information
  • Loan amounts range from $1,000 to $50,000
  • The repayment periods are between 3 and 5 years
  • You will receive money within a day of application approval
  • Not available in Iowa, West Virginia and Washington, DC.
  • Rate reduction if you use one loan to consolidate high-interest debt, plus another to set up AutoPay

Advantages and Disadvantages of Universal Credit Personal Loans

Compare personal loan rates:

Who is Universal Credit for?

Universal Credit is ideal for borrowers with poor credit who are unlikely to qualify for a loan elsewhere. Borrowers with good credit will likely find lower rates with another lender because Universal Credit’s minimum APR is higher than many of its competitors.

Universal Credit can also be a good choice for borrowers who need a large sum of money, as you can withdraw up to $50,000 from the lender. Its minimum loan amount of $1,000 is quite accessible to borrowers on the other end of the spectrum who only need a little cash to tide them over.

Universal Credit Personal Loan Comparison

All three companies offer same-day or next-day financing.

The minimum loan term for Avant and OneMain Financial is two years and the maximum term is five years. Universal Credit has repayment terms of between three and five years. If you want a repayment term longer than five years, you’ll have to look elsewhere.

OneMain Financial has origination fees of up to 10%, while Universal Credit has origination fees of up to 8%. Avant charges an administration fee (that’s their name for an origination fee) of up to 4.75%. Depending on your credit score and other financial factors, this could eat up a significant portion of your loan proceeds – Avant may be the best choice as it has the lowest maximum fee.

Is Universal Credit Trustworthy?

Universal Credit has earned an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB determines its ratings by looking at a company’s response to customer complaints, its honesty in advertising, and its transparency about business practices.

Universal Credit hasn’t been involved in any recent controversies, so you can feel comfortable borrowing from the lender. Keep in mind that a clean track record and a top-notch BBB score don’t guarantee you’ll have a good relationship with the company, so reach out to others who’ve used Universal Credit before to hear their first-hand experiences as well. hand.

Frequently Asked Questions

What credit score do you need for Universal Credit?

You need a minimum credit score of 560 for Universal Credit. Many other lenders require a higher score, so this might be a good choice if you have bad credit. Be careful – the lower your credit score, the more likely you are to face a high interest rate, which could cost you dearly over the life of your loan.

How long does it take to get a loan from Universal Credit?

Once your loan application is approved and you agree to the terms, you should receive your money within one business day. If you choose to have your funds sent directly to your creditors for repayment, it can take up to two weeks for the transaction to clear.

Does Universal Credit do a thorough investigation?

When you check your rates with Universal Credit, the company only performs an indirect credit check, which allows the lender to see your credit history but does not impact your score. After accepting your loan offer, Universal Credit will conduct a thorough investigation that could negatively impact your credit score.

Can you repay a Universal Credit loan early?

Yes, you can prepay a Universal Credit loan without penalty.

Clearstream and Pirum offer collateral interoperability


Clearstream and securities finance automation provider Pirum have extended their services to offer new collateral connectivity. This allows mutual clients to automate the calculation, matching, submission and validation of collateral requirements and allocations for securities lending, repurchase and OTC derivatives transactions. Extensive connectivity helps customers accept warranties in real time, reduce warranty times and increase efficiency across the value chain, improving settlement rates and reducing failures and from SDR penalties to more efficient optimization of guarantees.

Pirum’s Head of Warranty Services, Todd Crowther, said, “We are excited to extend our connectivity with Clearstream and work together to help joint customers improve exposure management and warranty optimization. Pirum’s goal is to address the industry’s need to extend interoperability and automation across the entire warranty ecosystem and support market players’ desire to streamline and centralize margin management. on all guaranteed products.

Jean-Robert Wilkin, Banking, Funding & Financing at Clearstream, added: “At Clearstream, providing user-friendly and efficient services supported by cutting-edge technology is at the heart of our mission. We are very happy to extend our existing connectivity with Pirum, which perfectly contributes to this objective. By automating warranty management services, we increase interoperability and reduce complexity throughout the process for our joint customers and the market as a whole.

Pirum’s CollateralConnect and ExposureConnect services automate over $1.5 trillion in tri-party collateral across more than 50,000 accounts and covering over 70 global customers every day.

Source: Clearstream

The cost of 10-year government borrowing has fallen more than 15 basis points since last week


Bombay: The cost of borrowing for 10-year State Development Loans (SDLs) has fallen sharply by more than 15 basis points since last week following the sharp drop in benchmark government bond yields .

According to data from the Reserve Bank of India (RBI), the 10-year weighted average cost of borrowing for states was 7.65% on August 2, down from 7.80% the previous week. As a result, the spread between the weighted average threshold of 10-year SDLs and G-Sec narrowed to less than 40 basis points, from more than 45 basis points previously.

“The yield in our market has fallen from 7.37% to 7.23% and in recent days, taking a cue from the Fed’s comments with a less hawkish tone and a softening in crude has led to a strong rally in US yields. caused traders to accept investment calls and that allowed yields to fall,” said Ajay Manglunia, MD and Head Institutional Fixed Income at JM Financial.

Since last week, the benchmark 10-year bond yield of 6.54% to 2032 has fallen nearly 20 basis points due to falling US Treasury yields and crude oil prices in the international market. . He fell on expectations of a moderation in the pace of rate hikes in India in the coming monetary policy.

Brent crude oil prices settled below the key psychological mark of $100 a barrel on Tuesday through Indian market hours. While the yield on US Treasuries fell 7 basis points to 2.60% on Monday.

In a poll by IANS, various economists and fund managers expected the Reserve Bank of India’s (RBI) rate-setting committee to raise the repo rate by 25 to 50 basis points at the meeting. August monetary policy.

Market participants expect SDL yields to remain range-bound in the coming days until the policy meeting and movement will be seen following central bank guidance.

“We expect the worst behind and yields likely to be stable now than to continue to rise. As we see that rate hikes will be limited going forward and all of that has been factored in, we expect the 7.15-7.45% band for a few months now,” added Manglunia.

Fashola says low access to mortgage finance is hampering access to housing delivery in Nigeria


Mr. Babatunde Fashola, Minister of Works and Housing, said that one of the major barriers to housing provision in Nigeria is access to mortgage finance.

He said this Monday in Abuja during the opening of the Federal Mortgage Bank of Nigeria (FMBN) Board and Management Retreat on the theme: “Repositioning of the strategy for optimized performance, organizational culture change and integration of the informal sector”

The Minister noted that to address the challenges of housing delivery in Nigeria, access to mortgage finance must be addressed.

What the minister says

Mr Fashola said there must be a way to help Nigerians pay their rents using their salaries.

  • He said, “If we fail to remove this obstacle, then we will fail in the reason for the creation of the bank.
  • “Something needs to be done to help people pay their rent through their wages, especially the problem of landlords asking for two to three years’ rent payment in advance from tenants whose wages are late.”
  • The Minister urged the Bank to work hand in hand with the Nigeria Deposit Insurance Corporation contributors fund, as other commercial banks are doing.
  • He noted that this will really help fund contributors’ mortgages as there is nowhere in the world that the government 100% funds housing.
  • He asked them to focus the retreat on better ways of serving people saying performance and repositioning were key to setting up the bank to provide housing services to people.

Mr. Ayodeji Gbeleyi, Chairman, Board of Directors, FMBN called for the FMBN and National Housing Fund (NHF) Acts to be revised to incorporate an increase in the bank’s share capital.

The news continues after this announcement

  • He said “Give more flexibility in determining the structure of social capital based on emerging realities. There is a need to amend the NHF Act to increase the increase in fund contributors through a percentage increase in contributions.
  • “Diversification of sources, adoption of initiatives to encourage banks and insurance companies and other potential contributors to actively participate in the NHF program.
  • The Land Use Act does not contain any specific provision for mortgage foreclosure, which poses a challenge for investors, as mortgages can unduly take advantage of the gap to delay the foreclosure process.

Mr. Gbeleyi noted that in order to bridge the gap, states should be encouraged to put in place foreclosure laws through their houses of assembly, adding that only Lagos and Kaduna states had enacted their laws. of foreclosure.

GAO finds government underestimated cost of student loans


The Department of Education projected that student loans would generate $114 billion in revenue over the past 25 years. However, a new report shows that federal student loans actually cost the government $197 billion, a difference of $311 billion.

The findings come from a Government Accountability Office report released today that belies the department’s narrative that the federal student loans program is generating revenue. The study, analyzing student loan data between 1994 and 2021, found that the Department for Education had grossly underestimated the impact of changes to loan programs and borrower behavior on loan balances. federal students.

Recent changes to the loan program since the start of 2022 that were not included in the study, such as the waiver of Public Service Loan Forgiveness (PSLF) and multiple group discharges of federal loan debt student, will increase the cost. Moreover, if President Biden decides to cancel some of the outstanding student debt, the cost would also increase.

The change, according to the report, is driven by changes to the federal student loans program, as well as faulty assumptions about borrower income, repayment rates and defaults.

While the GAO did not offer recommendations to the department to improve its budgeting methodology, the report highlights key factors to consider that contribute to massive differences in the actual cost of the student loan program to taxpayers.

In a letter to the GAO in response to the report, Education Undersecretary James Kvaal said, “In some cases, estimates are revised due to changes in the data available to the department and in the department’s methodology for estimate the costs.” He continued: “While the department always strives to obtain the best possible estimates, there is some inherent uncertainty in the department’s cost estimates, which the department publicly discloses in its agency financial report and the president’s budget.

The report’s findings drew strong reactions from Republicans in Congress, who were highly critical of the Biden administration’s changes to the student loan system (although the report covers years when Republicans were in charge). of the government as well as the Democrats). “However you look at it, the claim that the federal government is ‘taking advantage’ of student borrowers is false. Taxpayers have lost hundreds of billions of dollars on this program,” a group of Republican House and Senate lawmakers said.

What causes the difference?

Each year, the Department of Education submits an estimate of its costs for the purposes of developing the federal government’s annual budget. This includes estimates for any new lending program as well as loan performance, such as the number of borrowers expected to default or the amount of outstanding debt that will be repaid.

However, the department cannot fully realize the true cost of the federal student loan program until the loans are fully repaid. Therefore, it must estimate how quickly borrowers will pay off their debt, how many borrowers are expected to default, and how borrowers’ incomes might change in a given year. The report revealed that since 1994, not a single group of borrowers has fully repaid their debts.

As a result, Ministry of Education estimates are often far removed from what actually happens in any given year, according to the study. Inevitably, certain social and economic changes, such as a recession or a pandemic, cannot always be accurately predicted at the start of the year.

Changes to Federal Student Loan Programs

Since 1997, changes to the federal student loan program, including programs that put some borrowers on the path to forgiveness, new repayment methods, and the suspension of student loan repayments that was enacted at the start of the pandemic, resulted in a 33% increase in the cost of the student loan program, totaling $102 billion.

By far, the most significant change contributing to this increase was the pause in federal student loan payments and programmatic changes enacted throughout the pandemic and other pandemic-related loan forgiveness programs, indicates the report. In total, these changes resulted in an increase of more than $107 billion between the years 2020 and 2021.

Other changes included the Taxpayer and Teacher Protection Act of 2004, which increased the amount of loan forgiveness some teachers could be eligible for, resulting in a $48 million increase; the College Access and Cost Reduction Act of 2007, which reinstated the Income Contingent Reimbursement (IDR) and PSLF models, resulting in a $4 billion increase; and the Revised Pay as You Earn plan, a form of IDR, resulting in an increase of $9.9 billion. In total, these changes represented a 6% increase, totaling $20 billion.

Flaws in estimates of borrower behavior

The main driver of the rising cost of federal student loans to the government was a gap in available data, the report said. The limited data the department has to estimate how borrowers are repaying their loans, how much money borrowers are making, and how many borrowers will default has led to a $189 billion cost increase since 1997, the report said.

The department’s inability to access borrower income data through the Internal Revenue Service has been highlighted as a key factor in internal difficulties in administering income-based repayment programs, including the possibility of Biden canceling. $10,000 in debt per borrower for those earning less than $150,000. a year.

The assumptions about borrower repayment plan selection alone resulted in a $70 billion increase. One of the most common repayment plans, the IDR, is particularly difficult to estimate because the amount a borrower is required to pay each month changes if they have a change in their income. Nearly half of federal student loans, 47%, are repaid by IDR.

In addition, changes to estimated borrower revenue growth resulted in a $68 billion increase, and assumptions about the number of borrowers who will default resulted in a $23 billion increase.

Changes to the Ministry of Education Budget Model

The Department of Education is currently in the process of introducing a new budget model which will be implemented in FY2026. The current model is based on estimates of large groups of borrowers, while the new model , called the microsimulation model, will take into account data from the National Student Loans Data System.

According to information provided by the department detailed in the report, this new budget model will provide more accurate forecasts of cost-driving changes to the federal student loans program.

Representative Robert Scott, a Virginia Democrat and chairman of the House Education and Labor Committee, said in a statement: “Unfortunately, this GAO report shows that the spike in college costs, caused by decades of state divestment from higher education—and the declining value of the Pell grant—has forced students to borrow more money to earn a degree.Unlike previous generations, students are now taking out loans whose amounts make repayment difficult.

NFLPA hints they expect short suspension for Deshaun Watson


June 14, 2022; Cleveland, Ohio, USA; Cleveland Browns quarterback Deshaun Watson (4) leads a play during minicamp at CrossCountry Mortgage Campus. Mandatory Credit: Ken Blaze – USA TODAY Sports

The NFLPA hinted Sunday night that it expected a small punishment for Deshaun Watson.

Former federal judge Sue Robinson has been named disciplinary officer in the Watson case. Robinson reportedly told both the NFL and the NFLPA that his decision on discipline would come Monday.

Ahead of the scheduled announcement, the NFLPA released a statement. Their statement calls on both sides to accept Robinson’s decision.

“Prior to Judge Robinson’s decision, we wanted to reiterate the facts of this proceeding,” the statement began. “First, we have fully cooperated with each NFL investigation and provided the NFL with the most comprehensive set of information for any personal conduct policy investigation. A former federal judge – jointly appointed by the NFLPA and the NFL – held a full and fair hearing, read thousands of pages of investigative documents and considered the arguments of both parties impartially.

“Every player, owner, business partner and stakeholder deserves to know that our process is legitimate and will not be tarnished based on the whims of the League office. That’s why, whatever his decision, Deshaun and the NFLPA will stand by his decision and we call on the NFL to do the same.

It sounds a lot like a hard, preemptive strike from the NFLPA.

Why would they aggressively come out and tell the NFL to accept Robinson’s penalty if they didn’t have a clue it was going to be very favorable to the Browns quarterback? Both sides have the ability to appeal Robinson’s decision to the commissioner, which is why the NFLPA wants the league to accept discipline.

Pro Football Talk reported on Sunday that there are expectations the suspension will be between 2 and 8 games.

Every Movie Role Adam Sandler Almost Played


Adam Sandler is having a great year, because not only Hustle just received critical acclaim, but he’s working with the Safdie brothers on a Uncut Gems followed, and he just announced a Bat Mitzvah family comedy. While the actor is known for his Razzie-nominated goofy comedies, his rotten movies are increasingly rare.

But there were many times in Sandler’s career where he could have starred in more high-profile and beloved roles. The actor was one of the most bankable stars of the 1990s and 2000s, so it’s no surprise that he was offered roles by some of the greatest directors in movie history.


Max in Warranty (2004)

Tom Cruise grabs Jamie Foxx by the throat in Collateral

Collateral is one of the most gripping hitman films, as it follows silver fox assassin Vincent (Tom Cruise) who hires an oblivious taxi driver, Max (Jamie Foxx), to drive him to Los Angeles in order to assassinate all targets. It’s one of the coolest movies, there’s as much style as substance, and Cruise and Foxx give great performances. But it was almost very different. According The digital solutionbefore Foxx was cast as Max, Sandler was attached to the role, and instead of LA, it was going to be set in New York.

RELATED: The 10 Best Adam Sandler Movies Nominated For Razzie, According To IMDb

It wasn’t just Sandler who was set to play the role of Foxx either, as the comedy actor reportedly starred alongside Russell Crowe, who was originally attached to play Vincent. And while the location change is interesting, it’s surprising that Sandler didn’t insist that it be set in Hawaii, given that so many of his films are set there. Sandler had to kick himself for this one, as Foxx earns an Oscar nomination for the role of turning Max into one of director Michael Mann’s best characters. And, according to The Spirit of Life TVthe comedic actor turned down the film to star in the long-forgotten film Spanish too.

Willy Wonka in Charlie and the Chocolate Factory (2005)

It’s no surprise that Johnny Depp played chocolatier Willy Wonka in 2005 Charlie and the chocolate factory, as he and director Tim Burton had a decades-long working relationship. However, before it was confirmed, according to The list, there were several candidates including Jim Carrey, Nicolas Cage, Brad Pitt and Will Smith. And surprisingly high on that list was Adam Sandler.

Although it’s an odd choice, it could have worked. Sandler is great with kids and often plays the goofy protagonist in many family movies. And as much as one blames the actor for not being serious enough, he’s proven it with amazing drama movies like Uncut Gems that he has the ability to carry the most moving scenes towards the end of the family film. But with such a wide range of very different actors on this list, such as comedians, action heroes and romantic comedians, it is obvious that at this time the direction of the 2005 release was not was unclear.

Rocket Raccoon in the MCU

Rocket Raccoon in Guardians of the Galaxy 2

According Thingsin the mid-2010s, Sandler was offered the role of Rocket Raccoon in guardians of the galaxy, which ended up going to Bradley Cooper. Again, questionable choices are to blame for Sandler not playing the animated raccoon. He hijacked the role of the blockbuster in favor of a forgotten romantic comedy, Mix. The 2014 rom-com saw Sandler and Drew Barrymore on screen together for the third time, which was entertaining as always, but it doesn’t exactly compare to the comedian voicing a trigger-happy raccoon in some of the movies. most profitable of all time.

RELATED: Adam Sandler’s 10 Best Roles, Ranked From Most Comedic To Most Dramatic

In all honesty, maybe it’s not because Sandler picks movies that he thinks he’ll be more successful based on, but because he thinks he’ll like to do more. And in that regard, the actor can’t be faulted for doing what he wants to do, but not many actors would say “no” to Kevin Feige and have no interest in joining the MCU. In the end, it worked out for the best, as Cooper owns the role entirely.

Very Bad Things (1998)

The cast of Very Bad Things

very bad things is not the most popular film in the world. In fact, few have ever heard of the criminally underrated dark comedy. The 1998 film is like a twisted version of The hangoveras it follows a group of men at a bachelor party in Las Vegas, but things go from bad to worse when they accidentally kill a stripper and have to cover their tracks.

According TV above the mind, Sandler was set to play Michael Berkow, the man who accidentally kills the stripper, but Jeremy Piven replaced the actor due to scheduling conflicts. Sandler was busy filming the comedy classic The Waterboy when production on the 1998 dark comedy was supposed to begin. However, The Guardian said differently, as director Peter Berg says that after some great rehearsal Sandler finally declined because the material was too dark for him.

Roy Miller in Knight And Day (2010)

June helps Roy shoot a gun in Knight And Day

While Sandler could have starred alongside Cruise in Collateralhe nearly played a role that eventually went to the Impossible mission actor, and this is one of his most underrated performances. The 2010 movie knight and day is an underrated romantic action-comedy about Roy Miller, a runaway CIA secret agent. According The New York TimesSandler was originally in talks to play Roy, which is hardly surprising, as it sounds like a typical rom-com with a radical concept that co-stars Drew Barrymore.

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The comedian reportedly turned down the role, explaining, “I just don’t see myself with a gun,” which is respectably self-aware. However, this does not exactly explain You don’t mess with the Zohanwho sees Sandler as an IDF counterterrorism commando, but, in all fairness, quits to become a hairdresser.

Donny Donowitz in Inglourious Basterds (2009)

Inglourious Basterds Donny Bear Jew

Few actors turned down Quentin Tarantino, as the writer-director dialogue is so good and the characters so rich. Being offered a role in a Tarantino movie is often a golden ticket, and there’s a reason the filmmaker has revitalized so many failed acting careers. But Sandler is one of the few, as he turned down the director’s offer to play Donny Donowitz, aka the Bear Jew, in Inglourious Basterds.

Comedian turned down role in order to star in Judd Apatow’s comedy-drama funny people. While it would have been great to see Sandler as a baseball-wielding Nazi hunter, it worked out for the best for both sides. While it was bombing at the box office, funny people is a surprisingly moving comedy and an in-depth look at stand-up comedy, and Eli Roth also nailed the Bear Jew.

Joey Bishop in Dino

Joey Bishop interviews Frank Sinatra on The Joey Bishop Show

Sadly, one of the most interesting roles Sandler almost played didn’t come to fruition with any actor in the role. Martin Scorsese has many unrealized projects, and one of them is the 90s biopic Dino, which would have followed the Rat Pack at the height of their popularity in the 1960s. VarietyTom Hanks was attached to play Dean Martin, Jim Carrey was set to play Jerry Lewis, and Sandler was on board to portray Joey Bishop.

Even ignoring the film’s premise, the idea of ​​Scorsese and Sandler working alone together is enough to pique the interest of moviegoers. And the actor sharing the screen with Hanks and Carrey might have made the ultimate ’90s movie, but that’s a lot of big personalities for Scorsese to manage on set.

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Minions Kevin Bob and Stuart in Minions: The Rise of Gru

Why all minions are men

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How Loan Apps Fool Borrowers – and How Microfinance Can Help



The COVID-19 pandemic has decimated highly vulnerable African economies that were already on a lifeline. Jobs have been lost and incomes have been affected due to the closures. Restrictions on movement and face-to-face interactions have accelerated the pace of digitalization of financial services and the infiltration of some unregulated and unscrupulous financial services operators. In a bid to survive, some vulnerable people got trapped in the network of scam loan apps hosted on Google Play Store.

These predatory loan apps are disguised as platforms where you can access fast loans without any collateral except providing a Bank Verification Number (BVN), authorization request, image, contacts and files on the device. The victims are expected to repay the loans at astronomical interest rates within 3-7 days compared to 91-365 days of claims on Google Play Store. We have found that this violates the Google Play Store policy as updated August 2019.

The policy reads as follows: “We don’t allow apps that promote personal loans that require full repayment in 60 days or less from the date the loan was issued.”

Some of these lending apps operate without government regulation, with expired licenses, and in some cases, unlicensed. Further investigation shows that Google Play store has 83.07% market share in Nigeria, 84.61% market share in Zimbabwe and 90.63% market share in Kenya.

We spoke with Pearl Folasade from Nigeria who was completely frustrated that despite clearing her debt, the loan app she was using called “Kash Kash” did not clear it, hence an accumulation of late repayment debts. She showed a series of threatening messages she had received from the company.

We assessed registration documents from three of these loan applications and documents retrieved from the Corporate Affairs Commission (CAC) in Nigeria showed that the founding directors were Chinese nationals. Although Nigeria does not discriminate against foreign nationals doing business in the country, the business must be legal and have the required license to operate. However, for the volume of financial transactions carried out by these companies, they were not licensed and therefore operated illegally in the country.

We reviewed Kash Kash’s operations and found some red flags. We interviewed a source from Zenith Bank, a commercial bank in Nigeria where Kash Kash hosted its operating account as Super Car Universal Limited, about lending app activities such as exorbitant interest rates they collected from customers and the defamatory messages sent. to contacts of their clients when they have missed their repayment date. After our investigations, the bank conducted an internal investigation and it was discovered that the account holder did not have the required license to operate as a money lender, according to the source who spoke under cover of anonymity. This led to Zenith Bank closing the first account, however, their operations have been moved to another account named Speedy Choice which is still operational and managed by the same people who managed the previous account. We emailed Kash Kash to further explain the interest rate formula, but never received a response.

We spoke with a former debt collector who declined to be identified. He said the loan company he worked for, LCredit, had a similar business model to Kash Kash and operated under the company name CAC Cashigo and disbursed loans to customers without collateral and defaulters received threatening messages. . These customers rarely read these policies out of desperation and are unable to meet the payment date. According to him, the loan app (LCredit) tested the idea of ​​sending threatening messages as a way to collect loan repayment and it worked, hence its adoption across the organization. He said he disagreed with the unethical practice of sending such messages to contacts. We contacted one of the people listed as a registrant on the company’s registration document, Kelechi Obi, who declined to comment as he simply emailed back saying, ‘I don’t deal with them anymore since the incorporation of the company. I don’t know where they are.”

Babatunde Irukera, CEO of the Federal Competition and Consumer Protection Commission in Nigeria (FCCPC), said they have taken steps to regulate lending applications. “We have investigated and closed 6 major ones and are now looking for the smaller ones,” he said.

“We are working with the Central Bank of Nigeria and other stakeholders to develop guidelines on how they do business and also guiding them on how to calculate interest and what kind of information they can upload with consumers. Money lenders are an important part of society. We don’t send them back; we are trying to regulate.

In Nigeria, short-term borrowing through registered channels such as microfinance banks is restricted to those with a steady flow of income, resulting in an increase in loan seekers patronizing these loan sharks in a country.

Lending apps and other fintech products can be used for money laundering and other forms of illicit financial flows (IFF). According to the United Nations Conference on Trade and Development (UNCTAD) Economic Development in Africa Report 2020, Africa loses an estimated $88.6 billion a year in IFFs.


Loan applications such as those in Nigeria are prevalent in some other African countries such as Kenya, however, the mode of lending in a country like Zimbabwe seems to vary a bit.

One of these operators sends text messages on WhatsApp offering “instant” loans, as shown below.

“We consider the following items: cars, machinery, televisions, refrigerators, freezers and generators as collateral. We have secure parking and storage for assets,” reads one of their advertisements, before promising the best bridge financing offer. Patience Murai, a civil servant from Bulawayo, Zimbabwe’s second capital, used the platform to supplement her income in 2021. Loans offered ranged from ZW$1,000, with an unlimited maximum amount (determined by creditworthiness).

“The loan was a godsend,” she said. Her side business of selling skincare products to her co-workers was no longer earning her extra income because the government offices weren’t that busy. “Repaying the loan was something else, I hadn’t realized that these short-term loans are exorbitant.”

After she missed her original repayment deadline, the lender threatened to confiscate her television, which she had offered as collateral. She had to borrow from a friend to avoid the confiscation of her property.

Patience’s case does not seem to be as common in Zimbabwe as it is in Nigeria, however, and we found that measures have been put in place by the government and regulatory agencies to prevent the penetration of these unregulated lending apps.

Over time, Zimbabwe has seen an increase in non-bank mobile money providers which are largely operated by mobile network operators (MNOs). These include Kashagi, which is owned by Zimbabwe’s largest MNO, Econet Wireless.

Informed by this growth, the government amended the Microfinance Act in 2019 to allow only two categories of microfinance instruments, namely deposits and credit only. The authorities have reinforced the regulation of this sector to curb the emergence of predatory operators. According to Jenfan Muswere, Minister of Information and Communication Technology for Postal and Courier Services, to protect the integrity of the system, mobile money system operators are required to partner with established financial institutions .

He said the Central Bank monitors the cash balances of MNOs and financial institutions in real time.

“Banking institutions, in turn, are required to obtain regulatory approval before introducing mobile financial services. The Reserve Bank subjects mobile financial services to continuous monitoring through on-site inspections and off-site reviews, which has proven to be very effective. »

In 2019, the Reserve Bank of Zimbabwe (RBZ) established the National Fintech Steering Committee to provide strategic policy direction that fosters fintech innovation and entrepreneurship. The committee was also tasked with assessing the “risks, challenges and opportunities arising from the digitization and use of fintech”.

According to Harare-based banker Tawanda Kaminza, “poor regulation of micro-lenders poses a huge risk to the sector. When poorly regulated, the sector faces risks such as the licensing of predatory lenders, including criminals involved in illicit financial flows”.

As of December 2021, 168 credit-only microfinance institutions were registered with the RBZ.

Nigeria has over 850 licensed microfinance banks. Judith Onyishi, Managing Director of Peace Micro Finance Bank, said MFBs are heavily regulated by the Central Bank.

“Initially, MFBs were not allowed to ask for collateral before making loans due to bad debts, but now they are forced to ask for collateral,” she said. “Most of our clients are retirees.” According to Onyishi, loan applications can work closely with MFBs, so that MFBs perform due diligence and credit checks on loan applicants, while applications disburse loans and a credit sharing plan. profits is achieved.

Albert Makochekanwa, a professor and lecturer in the Department of Economics at the University of Zimbabwe, said properly regulated microfinance institutions are crucial.

“Microfinance institutions help vulnerable people in society who cannot provide collateral for bank loans,” he said. “Furthermore, duly registered microfinance institutions operate legally against loan sharks. This means they can be regulated, reducing the risk of scams for borrowers.

This report was produced with the kind permission of Wealth of Nations, a media skills development program run by the Thomson Reuters Foundation. More information at www.wealth-of-nations.org. The content is the sole responsibility of the author and publisher.

£1bn needed to speed up mental health care for UK children, report says | Mental Health


A survey into the explosion in demand for psychiatric help from young people says children in need of mental health services should be guaranteed treatment within four weeks, with referrals the next day for those at risk of getting sick. self-harm and suicide.

The Commission on Young Lives inquiry, chaired by former England Children’s Commissioner Anne Longfield, said a £1billion ‘once in a generation’ recovery scheme was needed to strengthen an overstretched NHS system, too often obliged to refuse young patients.

A “rising tide” of poor mental health in which incidences of self-harm, suicide attempts, anxiety, eating disorders and behavioral difficulties were more extreme and frequent, was an overwhelming attempt by services of the NHS to offer rapid and consistent help to young people, he said. .

Longfield said children’s mental health had gone from “barely on the radar” as a Whitehall political issue just five years ago to a national emergency. She said: “The scale of the problem is growing, amplified by the pandemic, and the system is caving under the strain and unable to cope with the explosion in demand for help.”

In March, 90,789 young people were referred to NHS child and adolescent mental health services, the highest figure since records began, the survey found. He quoted headteachers and youth workers who said dealing with young people who were self-harming or attempting suicide had become “an integral part of their professional lives”.

Overall, one in six children aged 6 to 16 has a probable mental health problem – a “huge increase” from one in nine in 2017, according to the report.

However, in some cases high care thresholds meant that young people with serious mental health problems were denied NHS treatment until they could prove they had made “multiple suicide attempts with a serious intention”, according to the investigation.

The commission cited the case of a teenager discharged from hospital after attempting suicide who, 10 days later, had not been contacted by mental health services. A young woman discharged from A&E after a suicide attempt was not contacted by mental health staff for a fortnight despite her parents’ daily pleas for help.

Those who were referred for treatment were typically entered into a postcode lottery of wait times. The average wait was 32 days, although this varied from six days in some English regions to 81 in others. According to the latest figures covering 2020-2021, only 23% of children referred to services started treatment within four weeks.

Longfield added: “The government’s overall response to this children’s mental health crisis has so far been too slow and inadequate, and we are failing to support hundreds of thousands of children with mental health issues. It is shocking to learn that some young people who attempt suicide still do not receive an immediate referral for help and are sent away without any further support. »

Although the survey gave the government and NHS England credit for ‘very real improvements’ in children’s mental health services in recent years’, including the deployment of school mental health teams, the scheme was uneven and was “losing the battle against growing demand” to help.

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Olly Parker, external affairs manager for the charity YoungMinds, said this echoed the concerns of the commission. He said: “For years politicians have promised they will get the youth mental health crisis under control, including recently committing to a 10-year plan. But the reality is that with each month of uncertainty and inaction, things are rapidly getting worse for young people.

A government spokesperson said: “We are committed to ensuring that children can access the support and resources they need, as early as possible.

“We are continuing to take action to support their mental health – including £79 million to ensure that 22,000 more children and young people can access community mental health services, as well as expanding mental health support teams in schools to reach 3 million students by 2024. .

“This is on top of our record investment to expand and transform services by giving 345,000 more children access to support by 2024 and expanding the children’s mental health workforce by more than 40%.”

In the UK, the Samaritans can be contacted on 116 123 or by email at [email protected] You can contact mental health charity Mind by calling 0300 123 3393 or visiting mind.org.uk

Augusta council action on beleaguered Kennebec Arsenal property delayed again after heated hearing


The Kennebec Arsenal property in Augusta is seen June 24. Councilors have given the owner of the historic property about a month to present a plan to address a host of concerns about the site before considering declaring it an unsafe property. File Joe Phelan/Kennebec Journal

AUGUSTA — The owner of the historic but long-neglected Kennebec Armory, facing a vote by city councilors to potentially declare the property unsafe and force its repair and preservation, defended his custody and oversight of the property on Thursday.

After the discussion lasted more than three hours on Thursday evening, councilors decided to postpone action and once again delay a decision. They plan to continue the hearing at their next meeting on August 4 at 5:30 p.m.

Councilors first heard from city officials about the state of waterfront property, then listened to Kennebec Arsenal owner and future developer Tom Niemann and his attorney, Eric Wycoff, who mounted a long and aggressive defense against the claims of city officials. the property is unmaintained and rotting with no development taking place. As the clock ticked to 10 p.m. with Niemann still in the gallery contesting the city’s claims and with other cases still on their agenda, councilors broke off the public hearing on the proposal to declare the site unsafe. .

“We just want to make a good decision and as the hour is late we may not make a good decision, and we still have other business to attend to tonight,” Mayor Mark O’Brien said Thursday after nearly three hours. and 45 minutes back and forth between city officials and Niemann and Wycoff.

Niemann said he did not receive sufficient notice from the city to be able to address issues reported by the city’s code enforcement office. He also said he had windows and doors on buildings closed — which the city cited as a concern — at the request of state officials to help protect them. Niemann also said he had done extensive work there, including putting a new roof on all the buildings. He said he is still working on the redevelopment of the property which he says could take place on five of the site’s six landmark structures over the next 24 months.

He said progress had been hampered by his inability to secure funding for the project, the economic downturn and a since-dismissed lawsuit by the state filed against him. He said his company currently has enough funds to undertake the redevelopment of five of the six historic housing structures and plans to submit permit applications to the city for the work as early as August 31.

“Our plan, in 24 months or less, is to do five of the six buildings,” Niemann said. “We have the financial resources to move forward with the five buildings. The only thing that could derail this project is if we can’t work out our differences with the city of Augusta.

After code enforcement officer Rob Overton’s visits to the property, the city cited numerous issues making the mostly granite block buildings at Kennebec Armory worthy of being considered unsafe. These issues include: the exteriors of all poorly maintained and dilapidated buildings, including peeling lead-based paint on all buildings; broken or barricaded windows and doors; missing and deteriorated mortar on several buildings creating a risk of loose or falling debris; and more claims of dilapidation.

The Kennebec Arsenal property in Augusta is seen on June 24, 2022. File Joe Phelan/Kennebec Journal

Overton said the interiors of all buildings were in very poor condition, with peeling paint and loose plaster. Some have collapsed ceilings and heavy mold infestation, as well as electrical systems that could pose a fire hazard, and all buildings have inoperable or missing plumbing systems.

He said work had taken place on some buildings on the site, but overall the property remained largely neglected. He said none of the buildings could be occupied, including the “Old Max” building, which was occupied when Niemann purchased the property.

Niemann disputed many of the city’s claims to ownership.

“Generally, all aspects of these buildings, other than the roofs, are in a state of decay, disrepair or just neglect,” Overton said. “The work that has been done has not resolved the issues with any of the buildings,” the city’s second notice of violation noted.

Asked by Ward 2 Councilor Kevin Judkins about the cost of upgrading the buildings, Overton estimated that it could cost around $30 million to bring the buildings up to occupancy level.

Niemann, meanwhile, said it would cost just $1.76 million to redevelop five of Arsenal’s six historic buildings, and between $2 and $3.5 million to redevelop the large Burleigh building in 11 luxury apartments.

The Kennebec Arsenal property in Augusta is seen on June 24, 2022. Joe Phelan/Kennebec Journal

The National Historic Site’s collection of granite buildings, built by the federal government between 1828 and 1838, was considered by some curators to be one of the best and oldest examples of 19th-century munitions depots in the country.

An unsafe building may be declared, under state law, when authorities determine that buildings are structurally unsafe and unstable; unsuitable for the use or occupation for which they are intended; and constitute a health or safety hazard due to improper maintenance, age, obsolescence or abandonment.

When a municipality declares a building unsafe, it can order the owner to remedy the problems identified within a certain period of time. If no action is taken, the city can step in, have contractors fix the problem, or even have the building demolished. The owner is then billed for the costs. And if no payment is received, the city can place a lien on the property and could, ultimately if the lien is not paid, become the owner.

Niemann was prosecuted for his management of the Arsenal by the state in 2013, in a lawsuit claiming he failed to properly preserve or maintain the buildings. The case was later dismissed after the two parties reached an agreement in which he pledged to better maintain the site. And in 2017, the Greater Augusta Utility District initiated foreclosure proceedings because Niemann failed to pay $60,000 in stormwater charges, but that proceeding was halted when that bill was paid.

Niemann purchased the property from the state, with a down payment of $280,000, with covenants requiring him to preserve, maintain, and repair the property to preserve its value as a historic site, in 2007.

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Clarifying amendments to the Luxembourg law of August 2005 | Allen & Overy LLP


The Luxembourg legislator has adopted certain modifications with a view to modernizing and clarifying various provisions relating to the execution and others of the Luxembourg collateral law. The amendments adopted, which are in line with the creditor-friendly spirit of the Luxembourg security law, are mainly technical in nature and their effects are expected to be limited in practice. Most of these amendments merely confirm well-established market practice on these points and are in line with the approach adopted by Luxembourg practitioners in recent years.

On July 7, 2022, the Luxembourg parliament adopted bill no. 7933 (the Law), which will enter into force on July 24, 2022. The law amends, among other things, the Luxembourg law on securities.

The stated objective of the Luxembourg legislator when amending the Luxembourg law on securities was to modernize certain modes of enforcement, such as the public sale procedure. A public sale is, however, very rarely used in practice as a method of enforcement (and secured creditors would generally opt for amicable appropriation or private sale on normal commercial terms in the vast majority of situations). For more details on the reformed public sale procedure, reference is made to the provisions of the law.

More importantly, the Luxembourg legislator has implemented other explanatory changes with regard to the enforcement of pledges on certain specific types of assets, including the following notable additions to Article 11 of the Luxembourg law on securities:

  • for the units or shares of an undertaking for collective investment, it is specified that direct redemption constitutes a mode of execution in the sense that the pledgee is entitled to request the redemption of the units or shares at the redemption price determined in accordance the governing documents of the collective investment scheme collective investment scheme (new paragraph 11, (1)(f));
  • for pledges on insurance contracts, it is specified that the pledgee is entitled to exercise all the rights arising from the pledged insurance contract, including for life insurance contracts or capitalization transactions, the right to surrender or the right to require the insurance company to pay the sums due under the insurance contract (new paragraph 11, (1)(g)).

Among other notable changes, the law introduces a new definition of “trading venue”, which refers to “a regulated market, a multilateral trading facility or an organized trading facility”. The term encompasses Luxembourg, European and third country trading venues.

The law thus extends the terms of execution to target (i) an assignment of assets pledged on the trading platform on which they are admitted to trading and (ii) an amicable appropriation at the market price (current price) if the financial instruments are admitted to trading on a trading venue.

The law also provides that with regard to fungible precious metals falling within the scope of the Luxembourg Grand-Ducal regulation of 18 December 1981 relating to the deposit of fungible precious metals, Luxembourg collateral law applies to pledges on these fungible precious metals, thus increasing its legal solidity.

Sustainability Linked Lending Series Part 3 – The Basic Components of SLLP in Detail – Real Estate


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In our June issue of REF News & Viewswe further explored the burgeoning field of sustainability-linked lending (“SLL”) by introducing and describing the principles of sustainability-linked lending (“SLLP”) and the basic components of SLLP (“Components of base”).

As a reminder, the SLLPs were published to provide a framework of principles to help market participants understand and identify the key elements in establishing sustainability-related lending. Although SLLPs are recommended guidelines, they are currently still voluntary and should be applied on a case-by-case basis depending on the underlying characteristics of the transaction.

In addition, the SLLP has also defined a framework allowing all market participants to clearly understand the characteristics of an SLL. The framework is based on the five main components, namely:

  1. selection of key performance indicators (“KPIs”);

  2. calibration of sustainability performance targets (“SPTs”);

  3. loan characteristics;

  4. reporting on progress against SPTs; and

  5. verification.

In this Part 3 of our series, we’ll focus on (1) selecting KPIs and (2) benchmarking core component SPTs (and, in next month’s edition of REF News and Views, we will dive deeper into (3) loan characteristics, (4) progress reports against SPTs and (5) verification).

Selection of KPIs

An SLL can be granted to any business that has a sustainability strategy and can be any type of loan instrument and/or conditional facility (e.g. line of surety, line of guarantee or letter of credit) where there is an economic impact related to the achievement (or failure) by the borrower of the predetermined SPTs. The SLL will seek to reward the business for achieving the goals set out in this sustainability strategy as long as the KPIs are meaningful to the business of the business and the SPTs are ambitious enough.

KPIs are the cornerstone on which the SLL market is built. The credibility of the SLL market is fundamentally based on the selection of KPIs, and KPIs that are not credible should be avoided.

As recommended by the SLLPs, the KPIs selected by the borrower should be:

  • clearly defined and relevant, essential and important for the business of the borrower and of great strategic importance for its future operations;

  • measurable or quantifiable on a consistent methodological basis; and

  • benchmarkable, as much as possible using an external benchmark or definitions to facilitate the assessment of the level of ambition of the TPS.

SLLP recommends providing a clear definition of each KPI, which should:

  • include scope or applicable parameters;

  • include the calculation methodology;

  • include a definition of a baseline; and

  • benchmark against an industry standard where possible (such as regulatory standards, goals and targets set in international agreements such as the Paris Agreement or the Sustainable Development Goals).

It is worth noting that the appendix to the SLLPs contains a list of some common categories of KPIs (along with an example of the improvements this category might seek to measure) that borrowers can consider when structuring their KPIs and SPTs. ambitious. Examples include:

  • Energy efficiency: Improvements in the energy efficiency rating of buildings and/or machinery owned or leased by the borrower.

  • Affordable Housing: Increase in the number of affordable housing units developed by the borrower.

  • Employee engagement, diversity and inclusion: improving specific long-term goals related to improving diversity, training and continuing education.

For more examples, please see this link.

SPT Calibration

The process of sizing SPTs against each KPI is critical to structuring SLLs and is perhaps more important than even KPI selection. This is because SPTs are key driving behaviors and are designed to act as an expression of the level of ambition to which the borrower is willing to commit.

The SLLP states that SPTs must be established in good faith and must remain relevant (as long as they apply) throughout the term of the loan. Should SPTs also be ambitious? namely that:

  • they represent a material improvement and go beyond a “status quo trajectory”;

  • as far as possible, be compared to a benchmark or an external reference;

  • they are consistent with the borrower’s overall sustainability/environmental, social and governance (“ESG”) strategy; and

  • they are determined according to a predefined schedule, fixed before or at the same time as the origination of the loan.

The SPTs selected by the borrower should be based on recent performance levels and be based on a combination of benchmarking approaches. The SLLPs recommend that these approaches include:

  • the borrower’s own performance over time, measured against selected KPIs – the SLLP recommends a minimum period of three years;

  • borrower peers – the relative positioning of the SPT against its peers when available (including average performance and best in class performance) or against industry or sector standards; and or

  • references to science – such as science-based scenarios, absolute levels or formal national/regional/international targets, or recognized best available technologies or other indicators to determine relevant targets for all ESG themes .

All target setting disclosures should clearly refer to (i) timelines for achieving targets, (ii) baseline benchmarks, (iii) when recalculations will occur, (iv) how the borrower intends to achieve the SPTs and (v) any other key elements. factors that may affect the borrower in achieving the SPTs.

The borrower and lenders will agree and define the appropriate KPIs and SPTs for a transaction, and a sustainability coordinator or structuring agent may be appointed to help lenders negotiate and calibrate SPTs with the borrower.

Borrowers are encouraged by SLLPs to seek an external party’s opinion as to the suitability of KPIs and SPTs (e.g., through a pre-signed second party notice as to the suitability of agreed KPIs and SPTs as prerequisite for the SLL being made available).

Where no external input is sought, SLLP strongly recommends that the borrower demonstrates or develops internal expertise to verify its methodologies, including related internal processes and the expertise of its staff (which should be carefully documented) . Naturally, this documentation must be provided to the lenders participating in the loan. Market practice regarding whether or not to require external verification is still evolving and varies from transaction to transaction.

Final Thoughts

In the next installment of this series of sustainability-related loans, we’ll continue our in-depth analysis of core components and look at loan features, SPT progress reporting, and verification.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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NOTICE OF SALE SUPREME COURT – COUNTY OF JEFFERSON ISINTHES, LLC, Plaintiff, AGAINST KEVIN LACOMB JR, SHANNON M LACOMB, et al. Defendant(s) Pursuant to a judgment for foreclosure and sale duly entered on March 31, 2022. I, the undersigned arbitrator, will sell at public auction at Jefferson County Court Complex, Front Vestibule, 163 Arsenal Street, Watertown, NY 13601 on 4 August 2022 at 10:00 a.m., premises known as 223 South Washington Street, Carthage, NY 13619. Please note that this foreclosure auction will be conducted pursuant to the Foreclosure Auction Rules for the Fifth Judicial District, Jefferson County, and the COVID 19 health emergency rules, including the proper use of masks and social distancing. All such land or parcel of land, together with the buildings and improvements thereon, is, is, and is in the Village of Carthage, City of Wilna, County of Jefferson, and State of New York . Section 086-033, block 0002 and lot 060. Approximate amount of judgment $143,335.40 plus interest and costs. The premises will be sold subject to the provisions of the judgment filed. Index #1432/2017 / EF2017-00001432. Susan J. Kraeger, Esq., Arbitrator, Aldridge Pite, LLP – Plaintiff’s Attorneys – 40 Marcus Drive, Suite 200, Melville, NY 11747

Stream TV negotiations halted by shareholders


In a previous alert, we covered the Delaware Chancery Court ruling in Streaming TV networks Last year. After the independent directors of Stream TV negotiated a consensual transfer of collateral to its lenders in full and final settlement of their secured debt in March 2020, the interested directors, at the request of two brothers who are co-founders and shareholders of the company , filed a lawsuit to stop the transaction on the grounds that it violated both Stream TV’s corporate charter and the Delaware General Corporations Law (DGCL) because the parties failed to obtain the consent of the shareholders before the transfer of the guarantee.

The Chancery Court ruled that Delaware law did not require shareholder consent for collateral transfer through consensual seizure and appeared to pave the way for future restructurings without out-of-the-money shareholder interference. The interested directors and shareholders then appealed the decision to the Delaware Supreme Court.

In a sharp reversal of the Chancery Court’s decision, the Delaware Supreme Court unanimously ruled last month that Stream TV’s corporate charter and DGCL’s 271 didin fact, require shareholder consent before the parties can execute a consensual seizure of assets.

Additionally, at a subsequent hearing, Chancery Court Vice-Chancellor Laster rejected a plea by the secured lenders for an injunction against Stream TV and the shareholder brothers, instead allowing the assets to be returned to Stream TV and the control of the board of directors in place. , provided the company agrees to a notice provision that requires Stream TV to notify the court of chancery before entering into any material transaction outside of the ordinary course.

It remains to be seen how these claims play out and what comes next (the litigation has been going on for two years now), but the decision has particular significance because Delaware is a preferred jurisdiction for corporate organization and otherwise compelling case law. In practice, the ruling may encourage out-of-the-box shareholders of Delaware corporations to try to exert undue leverage for personal gain (as was the case in Stream TV) with other stakeholders. But such actions by out-of-play shareholders are not without risk, as the Vice-Chancellor warned that secured lenders likely have a disguised claim against directors and interested shareholders for breach of duty and unjust enrichment.

A strict foreclosure is a quick and effective tool for effecting a consensual restructuring that a board of directors, in accordance with its fiduciary duties, has determined to be in the best interests of the company and its shareholders. Shareholders have no fiduciary duties to creditors and, in fact, can act in their own interests (perhaps, as the Vice-Chancellor noted, with some risk of liability). Some shareholders may view this as additional leverage.

In our experience, in most cases we have sought and obtained shareholder consent in consensual out-of-court restructurings or have been able to structure ourselves around recalcitrant shareholders. Additionally, there are structures that can be implemented at the documentation stage to mitigate or avoid this outcome. The best course, however, would be for Delaware to amend DGCL 271 to eliminate the need for shareholder consent in such circumstances.

© 2022 Proskauer Rose LLP. National Law Review, Volume XII, Number 208

JMDC: Notice Regarding Borrowing Funds


Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.

July 27, 2022

To whom it May concern

Company name: JMDC inc.

Representative: Yosuke Matsushima,

President and CEO

(TSE Main Market, stock code: 4483)


Yuta Yamamoto,

Vice President and Chief Financial Officer

(Email: [email protected])

Notice regarding the borrowing of funds

JMDC Inc. (the “Company”) announces that at the meeting of the Board of Directors held on July 27, 2022, its Board of Directors decided to borrow funds as described below.

1. Reasons for borrowing funds

The Company, as part of its corporate philosophy “A healthy and rich life for all”, aims to

achieve building a sustainable healthcare system through our commitment to solving current challenges in the medical field, such as rising medical expenses and regional disparities in medical services, by leveraging the power of data and ICT .

To achieve our objective, the Company has been actively involved in business development activities, including mergers and acquisitions. Last year, the Company acquired shares of ICM CO., LTD. and Antaa, Inc. In addition, during the current fiscal year, the Company has successfully completed several merger and acquisition transactions, such as the acquisition of shares of ClinCloud Ltd., Imepro Inc. and Real World Data Co., Ltd. For details on the acquisition of shares of Real World Data Co., Ltd., please refer to the “Notice of Acquisition of Shares in Real World Data (to Make It JMDC Subsidiary)” announced on July 12 and the “Advanced Disclosure Matters) Notice of Additional Acquisition of Shares in Real World Data” announced on July 20. The Company will borrow funds from financial institutions for the purpose of using the funds to acquire shares of Real World Data Co., Ltd. and to supplement the funds already provided for several acquisitions made for Date.

2. Overview of the loan



Mizuho Bank, Ltd.


Amount borrowed

19,330 million yen


Interest rate

Floating interest rate


Date of execution of the loan

July 28, 2022 (expected)


Borrowing period

1 (one) year



No deposit, no guarantee


Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.

3. Future prospects

The impact of this loan on the consolidated financial results for the year ended

March 2023 should be insignificant. The Company will promptly notify when timely disclosure becomes necessary.


How Refinancing a Car Loan Affects Your Credit


Refinancing a car loan could allow you to get better loan terms and free up funds in your budget. But how will this affect your credit score?

It’s a valid question, and the reality is that you’ll probably see a small drop in your credit score. Still, you shouldn’t necessarily avoid refinancing just because of a temporarily lowered score, as it could be a smart move that could result in huge cost savings or much-needed financial relief.

How Refinancing a Car Loan Affects Credit

Each time you apply for a loan, a firm credit application is generated, which may cause your credit score to drop slightly. Serious inquiries stay on your credit report for up to two years, but only impact your score for 12 months. Therefore, refinancing an auto loan — which is applying for a new loan — could temporarily affect your credit score.

Refinancing also reduces the average age of your accounts, which can lower your credit score. The good news is that the length of your credit history is only 15% of your credit score, which means it can bounce back quickly by responsibly managing your new car loan and other debt accounts.

How to limit the damage to your credit score

Although your credit score may drop when you refinance, there are ways to minimize the impact:

  • Get prequalified. Shop around for the best refinance deal. Once you have a shortlist of preferred lenders, get prequalified to see potential financing offers without affecting your credit score. Plus, you’ll avoid taking multiple hits to your credit score by only applying with lenders who match your financial and credit profile well.
  • Apply in a certain window. If you submit loan applications within 14 days, most credit reporting models will consolidate them into one application. This is called rate shopping and can also minimize the impact on your credit score.
  • Make timely auto loan payments. The most important element of your credit score is your payment history. It’s 35%, so paying your loan on time each month will help your credit score bounce back sooner rather than later.
  • Refrain from opening additional short-term credit accounts. Your credit age will decrease when you refinance. However, delaying opening new credit accounts after refinancing will help improve this number and possibly increase your credit score over time.

How auto loan refinancing works

When you’re ready to refinance your car loan, follow these steps to make the process smoother:

  • Check your credit. Review your credit report to make sure it contains no errors and file disputes to resolve any issues you find. It’s equally important to check your credit score to see where you stand, as you’ll likely need at least a 670 to get a new loan on great terms.
  • Find the best loan offers. There’s no shortage of auto loan refinance options, so you’ll have to shop around for the best deal. Consider reading reviews and getting prequalified to see loan offers you might qualify for.
  • Submit a formal request. Most banks, credit unions and online lenders offer simple online applications – or you can visit a branch or call to apply. You may receive a loan decision immediately, but the financial institution may take some time to finalize the closing documents.
  • Seal the deal. Review the loan documents and direct any questions or concerns to the lender. Sign on the dotted line and the new lender will provide you with a check to pay off your current loan or handle the transaction directly.

When to refinance your car loan

There are several reasons why refinancing your auto loan might make sense. However, you should only move forward when the time is right.

If auto loan rates have dropped since you took out your auto loan or your credit score has improved, and you can now qualify for a better rate, refinancing is worth considering. This is also the case if you got financing through the dealership and your bank or credit union has a better deal available.

Refinancing is also a good idea if you’re going through a tough financial time and need to lower your car payments to free up some cash. Even if you receive the same interest rate, the lender may extend the term of the loan to give you more time to pay. Keep in mind that you can pay significantly more interest over the life of the loan, despite having a lower monthly payment.

You must also refinance if you need to add or remove a co-borrower from the loan.

Next steps

Refinancing an auto loan can temporarily hurt your credit score. However, the financial benefits you may receive can more than offset a drop in your credit rating. There are also ways to minimize the impact on your credit score and help it rebound relatively quickly when you apply for refinancing.

Before deciding if refinancing makes sense, familiarize yourself with the process to avoid any surprises. Also, explore lenders, get pre-qualified and analyze the numbers to make an informed decision.

Learn more

Real Estate, Financial Services and Title Insurance Update: Week Ending June 10, 2022 | Carlton Fields


Real Estate Update

  • Act/Auto Reverse: The deed to the municipality was an assignment in fee simple with an automatic return clause, and the limitation period of section 95.36 did not apply to this deed; instead, Section 689.18, which also contains time limitations but expressly exempts transfers to a government entity from such limitations, applied – 1000 Brickell, Ltd. vs. City of MiamiNo. 3D20-1046 (Fla. 3d DCA June 8, 2022) (denying motion for rehearing, but withdrawing prior notice, and reversing and dismissing)
  • Foreclosure / Motion to set aside: No legal basis existed to void the foreclosure sale because the defendant was properly served through his registered agent and defaulted when he failed to defend; however, the defendant was entitled to notice and an opportunity to be heard regarding the lender’s claims for unliquidated damages, including attorneys’ fees, and was entitled to a hearing on the issue of whether the notice sent was appropriate – Crimson 27, LLC vs. Taylor Made Lending, LLCNo. 3D21-2360 (Fla. 3d DCA June 8, 2022) (confirming in part and denying in part)
  • Foreclosure / Trade Documents Exception: The court correctly admitted the payment history under the business records exception to the hearsay rule; however, the circuit court erroneously calculated the accrued interest, the flood insurance included in the judgment exceeded the amount supported by the payment history, and the legal fees included in the judgment were not supported by the proof – Cayard vs. US Bank Nat’l Ass’nNo. 4D21-1326 (Fla. 4th DCA June 8, 2022) (confirmed in part, reversed in part and dismissed)

Financial Services Update

  • FCRA / Notice to CRA / Sufficiency of pleading: The plaintiff failed to state that he notified the CRA of any allegedly inaccurate debt or creditor’s report, which would have subsequently triggered the need for an investigation; informing the supplier, as claimed by the plaintiff, would not be enough – Ngambo vs. Bank of Am., NANo. 7: 20-cv-02221 (SDNY June 8, 2022) (granting motion to dismiss)
  • FDCPA / Standing: The plaintiff has not demonstrated that she had standing to pursue her claims; the Plaintiff’s allegations of emotional distress were insufficient to establish standing, as were the Plaintiff’s other arguments – Nojovits vs. Ceteris Portfolio Servs., LLCNo. 1:22-cv-02833 (EDNY June 7, 2022) (case dismissed for lack of subject matter jurisdiction)

Title Insurance Update

No cases of interest to report.

Can collateral guarantees be judged? | Comment


This case asks whether a collateral guarantee is liable to be judged like any other construction contract. Pause for a moment. A collateral guarantee creates a second direct link between, for example, an employer and a subcontractor – secondly in that an employer can then obtain remedial work either from the main contractor or from the subcontractor who actually did the work. This is another string to the employer’s bow. A contractual relationship is required to claim economic loss. Collateral is frequently used to bind a main contractor to a new owner of the constructed premises or to bind a tenant to the main contractor.

In Abbey Healthcare (Mill Hill) Ltd vs Simply Construct (UK) LLP, Abbey took a 25-year lease on a new building for a care home in Mill Hill, London, called Aarendale Manor. Abbey waved the collateral contract to the main contractor, Simply Construct, alleging the bulkhead was not fire resistant for 60 minutes. The claim was around £2million. Abbey’s lease required the tenant to claim faulty work via the main contractor’s collateral warranty, but when he refused, Abbey began an adjudication. Regardless of whether Abbey had a good claim, Simply Construct rolled out a debate we’ve had for 20 years: is a collateral warranty a building contract? If so, the adjudicator has jurisdiction; if not, it’s goodbye to the adjudicator.

Is an ancillary warranty a construction contract? If so, the adjudicator has jurisdiction; if not, it’s goodbye to the referee

The arbitrator dismissed the idea that he lacked jurisdiction. He decided that Simply Construct owed Abbey a lot of money. But the High Court’s application failed. The judge ruled that the adjudication did not apply because the repair work had already been completed by another contractor and no further work was to be completed when the actual collateral security was executed.

>> To read also: Is a collateral guarantee a construction contract?

>> To read also: Collateral guarantees: pay attention to deadlines

So he came to the Court of Appeal from three people. Simply Construct was determined not to obey the referee’s decision. His hat was firmly attached to the idea that the wording of the collateral contract did not provide for an auction. Lord Justice Coulson and Lord Justice Parker decided that the arbitrator was right to decide the dispute. Lord Justice Stuart-Smith said otherwise.

Let’s look at the wording of the document:

“4.1 The entrepreneur guarantees (simply) that:

(a) The Contractor (Simply Construct) has performed and will continue to perform diligently its obligations under the Contract;

(b) In carrying out and completing the Works, the Contractor (Simply Construct) has exercised and will continue to exercise all … reasonable skill, care and diligence.

As for the other provisions:

  • The Contract is defined in clause 1 as “the Contract in the form of a JCT Design and Build Contract dated 29th June 2015 entered into by Sapphire Building Services Ltd and the Contractor pursuant to which the Contractor shall perform the works”.
  • The works are defined in the same clause as “the construction of the development on the site”.
  • Clause 4.2 provides that if the contractor has performed any part of its obligations under the contract, the agreement shall take effect as if it predated such performance.
  • Clause 4.3 provides that the obligations owed by the Contractor to the Beneficiary under the ACW shall not be greater than those owed to the Beneficiary if the Beneficiary had been appointed employer under the Contract.

Focus intensely on the precise conditions which the contractor has substantiated to be true, Lord Justice Stuart-Smith said. The contractor warranted that it “has performed and will diligently perform its obligations under the contract”. This is a promise in relation to Simply Construct’s obligations which are owed to someone else and not to Abbey. This is evident from the last words of the sentence: what Simply Construct guaranteed was that it had performed and would perform its obligations “under the contract” (i.e. the obligations which it owed the employer under the JCT construction contract).

Lord Justice Stuart-Smith added: “There is […] nothing in the wording of the sentence that says or implies that Simply Construct undertakes direct obligations to Abbey: it merely guarantees its performance of obligations owed to someone else. Its argument is that Simply assumes no duty of skill, care or direct obligation to carry out the work for Abbey. On the contrary, the warranty gave Abbey a right of action for breach of warranty, not for breach of any direct obligation to perform the work. If this is the case, the guarantee does not fall under the Construction Act, the scope of which is the execution or organization of construction operations.

Lord Justice Coulson and Lord Justice Parker saw the guarantee as a promise by the contractor to continue to perform its obligations under the contract for someone else. These are the main promises of the JCT contract to the employer, but this does not preclude that the promise is also made by the contractor to others such as tenants or new owners. The dissenting judge might have been satisfied if the wording of the warranty actually stated that Simply Construct would perform construction operations.

In this case, the Court of Appeal granted summary judgment for Abbey and ordered Simply Construct to pay the amount awarded by the adjudicator.

Tony Bingham is an attorney and arbitrator at 3 Paper Buildings, Temple

‘To help! My colleague keeps borrowing money from me’


Dear A&E,

My colleague keeps borrowing money from me – but never pays it back and it drives me crazy. It’s the odd £10 here for lunch because ‘I forgot my wallet’ or ‘Can you put £5 on the check out card for me I owe you? But she never does. He’s a nice person, but I added it up and it’s now £100. I don’t mean to sound tight, but how do I broach the subject of refunds?

– Love, Care

Dear Attention,

Gah! Silver! Has there ever been anything that has so insidiously blurred the lines between fact and feeling? Great if you’re one of those people who doesn’t have a complicated relationship with money, but most of the time it sets off emotional alarms in people like those pesky car alarms that go off in the wind. Many of us are in financial panic mode right now, with the cost of living crisis and looming recession on top of our general financial worry settings.

In many cases, it’s not just about budget and scarcity, but how you feel about the borrower and borrower. And that’s the funny tension with money – it’s never just about the money. Instead, it’s often about perception. Does this person take me for granted? Are they really forgetting me or treating me like their personal distributor? And, on the other hand, why am I getting in the knots about it? Why can’t I just request the refund? What is wrong with me

Lending money seems simple and harmless, but it has the potential to be complicated and dangerous. Once you find yourself in a negative loop about asking for a return, it can become another hook to snag our anxiety. “What if they start telling everyone I’m mean, or tight, or uptight, if I ask for money?” “What if they get mad and yell at me?”

So hang on to this thread of common sense: it’s your money. If your coworker borrowed your chair for a minute, and after an hour you were still standing at your computer, you’d feel vulnerable, exposed, and a little silly — but you’d also be looking backwards for your chair. It’s time to get your chair back.

We have a few suggestions. The one thing all conflict resolution manuals have in common is the advice on finding neutral territory for conversation: no peeking over desks or loitering in office doors, and whatever you do, don’t send a “we need to talk” or “can I have a quick word?” email that just puts people on the defensive and should be banned.

Wait until you meet in the hallway or near the communal kettle, then chat. You can do this in two ways. The first is the direct approach with an element of emotion: “I’m taking budgeting seriously at the moment (aren’t they all?) and noticed that you owe me £100. I would really appreciate your refund.

Or you can try a slightly more vague approach like “I feel a little weird and I don’t know how best to approach things with you – because it’s all money and I really love you – but lately you’ve borrowed £100 and I’d love to get it back’.

With trusted friends, there comes a time when you stop counting because of reciprocity – it’s a drink here or a movie ticket here; shared experiences make the math work. But that doesn’t seem to apply to you: your relationship is purely professional and we think you should treat it accordingly.

The office environment, like that of the family, is another space where we tend to have roles imposed on us – like the office mother or the hungover naughty girl – and we can see why you may have -to be liked at first to be “the repairer” but now I don’t want to be attributed the role of “the one of Scroogy”.

Neutralize emotional tension and fear of judgment because otherwise it will start to take root. His financial fragility might be a problem – but that’s not your problem. It’s time to put on your big girl pants, Attention, and get what’s rightfully yours.

GRAPHIC-Take Five: It’s a Hot Fed Summer


Rrepeat story posted on Friday, no text changes

22nd of JulyA likely second consecutive 75 basis point rate hike by the US Federal Reserve will keep markets on their toes in the week ahead, just as investors digest a flurry of US and European corporate earnings.

The prospect of a snap election in Italy after the collapse of the government means there is also plenty of political drama, and the latest inflation figures in Australia could add pressure on the country’s central bank to ahead of the curve.

Here’s to your week ahead in the markets of Ira Iosebashvili in New York, Kevin Buckland in Tokyo, and Sujata Rao, Dhara Ranasinghe and Vincent Flasseur in London.


Fed officials poured cold water on expectations of a 100 basis point rate hike in July, but Wednesday’s meeting will still have plenty of drama.

A 75 basis point interest rate hike is priced in, and on top of the 150 basis points of tightening so far in this cycle, this is sure to bite consumers and businesses alike.

Investors will be looking to see if the Fed thinks inflation is peaking and how it views the US economy as they try to gauge the scope for a rate move in September.

In the balance are the nascent rallies in US stocks and bonds. The S&P 500 is up nearly 10% from its mid-June low .SPX10-year Treasury yields are down 60 basis points US10YT=RR.


Earnings from Alphabet, parent of Google, Microsoft, Coca Cola, Apple and others will show how American businesses are coping with runaway inflation and a strong dollar.

The 17% decline in the S&P 500 this year has lowered the index’s forward price-to-earnings ratio to around 17.3 from 21.7 at the start of 2022, closer to the historical market average of 15.5, according to Refinitiv Datastream. .

While there have been several notable beats this season, it’s only the beginning and many fear earnings estimates won’t hold up in the face of the highest inflation in four decades and tightening financial conditions.

The soaring dollar is also complicating the situation, making US exports less competitive and hurting businesses that make much of their money overseas. Alphabet, Microsoft and Coca Cola report on July 26, Apple and Amazon on July 28.


One-sixth of Europe’s STOXX 600 stock index reports second-quarter results July 25-29, and Refinitiv I/B/E/S expects earnings to be up 22% year-over-year.

This overall figure hides disparities; earnings growth for energy companies taking advantage of the oil glow at $100 a barrel is estimated at 185%, while real estate companies will post a 70% decline, Refinitiv predicts.

Statements from retailers, heavy industry and hospitality companies can show how painful energy shortages and high inflation are. Companies like Airbus, Volkswagen and Mercedes will shed light on the situation of European exporters.

Bank profits, which are expected to have slowed by around 16%, include figures from UBS, Credit Suisse, Deutsche, Barclays and BNP Paribas.

The second-quarter season will show whether European equities are correctly priced at around 11.5 times forward earnings, relative to their long-term average of 14%, or whether they need to fall further.


A political crisis could not have come at a worse time for Italy. The ECB has just raised its rates for the first time since 2011, inflation is soaring and the country is being hit hard by its exposure to Russian gas.

The collapse of Mario Draghi’s government ends months of stability, unnerving markets that cheered when the former ECB chief became prime minister in 2021. They are now worried about the prospect of new elections and Rome’s ability to enact policies.

It also leaves the ECB, with its new tool to contain bond market tensions, in a tricky position to determine what part of the widening in government bond spreads is “unwarranted” – or give up buying altogether. Italian bonds.


Reserve Bank of Australia (RBA) boss Philip Lowe pledges a steady campaign of policy tightening to at least double interest rates from current levels to ‘chart a credible path’ towards the RBA’s 2-3% inflation target.

Quarterly inflation figures due on Wednesday could show a further acceleration in price growth, which at 5.1% is already at its highest level in two decades.

The promises of rate hikes are ironic coming from Lowe, who just months ago pushed back on markets, saying he hadn’t seen rates rise throughout 2022 but has since raised them three times. since May.

Criticism of the RBA’s inflation policy led to an independent investigation into its operations.

The Fed is expected to raise its rate by 75 basis pointshttps://tmsnrt.rs/3cvRuYl

STOXX 600 earnings growth by sector STOXX 600 earnings growth by sectorhttps://tmsnrt.rs/3PoX5OX

S&P 500 earnings growth by sector S&P 500 earnings growth by sectorhttps://tmsnrt.rs/3zmjgiZ

Political crisis weighs on Italian bond spread Political crisis weighs on Italian bond spreadhttps://tmsnrt.rs/3PpaAyd

RBA seeks path back to inflation target RBA seeks path back to inflation targethttps://tmsnrt.rs/3RQ3PqJ

(Compiled by Dhara Ranasinghe; Graphics by Vincent Flasseur; Editing by Gareth Jones)

(([email protected]; +442075422684;))

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

Taunton’s former Silver City shopping center could soon become a FedEx hub


A Memphis-based arm of FedEx Corp. is looking to build a 560,000 square foot distribution center on the site of the former Silver City Galleria in Taunton, according to documents filed with the city.

FedEx would pay $165 million for the old mall site and create 150 jobs, the majority of which would be part-time, the Taunton Daily Gazette reported, citing public documents filed with the city. The documents were not immediately available to the Globe.

A FedEx spokesperson confirmed the plan to The Globe but declined to discuss specifics.

“FedEx Ground is engaged in discussions with local officials for the potential lease of a parcel delivery center in Taunton,” the spokesperson said in a statement.

“They are considering a large, long-term capital investment in Massachusetts and are planning the development of a new, custom-built facility that could accommodate parcel volume overflow from existing facilities in South Boston, MA and Hartford, CT,” Kroll La LLC Vice President Eileen Egan said in a letter of intent to the city, quoted by the newspaper. A representative from Kroll, a New York-based consulting firm, did not immediately have the letter on hand.

The proposed project comes as now-empty malls and big-box flagship stores across Massachusetts seek new uses. Life science lab space has been proposed in the closed former Lord & Taylor stores in shopping centers in Natick, Braintree and Burlington, for example. In Watertown, the former Arsenal Shopping Center has been transformed into a 1 million square foot mixed-use development, dubbed Arsenal Yards, with luxury accommodation, restaurants and amenities including the Central Rock Gym , the Bond Vet care facility, and a pop-up beer garden by Mighty Squirrel Brewing Co. CambridgeSide in East Cambridge is turning several of its biggest convenience stores into labs and offices, and its entire third floor has also been converted .

After years of struggles and a foreclosure record in 2019, the Silver City Galleria closed in 2020 – shortly before the COVID pandemic hit. The building was demolished, and in June 2021, a subsidiary of Portman Holdings, an Atlanta-based hotel and office developer, acquired the site for $75 million, according to a North Bristol County deed. The seller was Thibeault Development of Everett.

Catherine Carlock can be reached at [email protected] Follow her on Twitter @bycathcarlock.

COPD patients wanted for trial


The hope is that completion of the surgical fissure will increase the number of patients who can benefit from endobronchial LVR therapy and give this group of COPD patients an effective adjunct to medical treatment, which for them is not was previously not an option.

CHRONIC OBSTRUCTIVE PULMONARY DISEASE (COPD) or emphysema affects one in 20 Australians over the age of 45 years. It is the fifth leading cause of death, with more than 7,000 people died from the disease in 2018 in Australia. COPD disproportionately affects people from lower socioeconomic strata and places a heavy burden on our health care system.

The term “emphysema” is often used interchangeably with COPD. Emphysema is defined as an abnormal permanent enlargement of the air spaces distal to the terminal bronchioles, i.e. the alveoli. It is accompanied by destruction of the alveolar walls and leads to the trapping of gases, an alteration in the flow of expiratory air and a reduction in gas exchange.

Patients typically experience emphysema as progressive shortness of breath, which eventually compromises their activities of daily living, and is accompanied by exacerbations that often result in hospitalization and prolonged periods of disability. Re, up to one in three Australians living with severe emphysema report some level of disability due to the disease. Additionally, those affected are four times more likely than those without emphysema to experience very high levels of psychological distress, with shortness of breath or fear of shortness of breath, often causing anxiety and depression.

Current treatment guidelines are aimed at symptom management and prevention of exacerbations, and include medical therapies such as bronchodilators, inhaled steroids, and antibiotics. Non-drug interventions include pulmonary rehabilitation and, in advanced stages of the disease, supplemental oxygen.

However, despite maximum medical care, many patients still experience debilitating symptoms and an impaired quality of life. This led to the search for other treatment options. Enter the lung volume reduction (LVR).

Lung volume reduction

The underlying pathophysiology of COPD/emphysema of a hyperinflated lung in an ineffectively enlarged chest cavity led to the idea of ​​LVR surgery (LVRS) which was first offered in the 1950s. The idea was that by removing the inefficient and hyperinflated bubbles from the lung, the remaining lung parenchyma would be better able to function in gas exchange. Although perioperative techniques improved over the following decades, these patients are very fragile and therefore not good surgical candidates, and the results of surgery were varied at best.

This prompted the US National Institutes of Health (NIH) to carry out a randomized clinical trial with more than 1200 patients. The results defined the subpopulations of patients with emphysema who might benefit from intervention, as well as those for whom the risks were significantly higher.

This evidence of the physiological benefit of lung volume reduction paved the way for the innovation of minimally invasive lung volume reduction methods, first and foremost, the advent of endobronchial valves. These valves were first used in the early 2000s and have now become an important tool in the management of some emphysema patients.

Endobronchial valves

These one-way valves are placed in the segmental bronchi of patients with emphysema via a bronchoscope, thereby avoiding the need for open surgery. The procedure usually takes less than an hour. Air is exhaled from the diseased and overinflated lung segment, but cannot return, resulting in collapse or atelectasis of the targeted area of ​​the lung (usually a lobe). This, in turn, allows the remaining lung to function more efficiently in gas exchange. Numerous studies have established the safety and effectiveness of endobronchial valves, and were used to define the subset of patients who benefit most. Additionally, the valves can be removed, making the reversible treatment in case of complications or lack of benefit.

Endobronchial valve therapy is now included in COPD treatment guidelines, including the widely used Global Initiative for Chronic Lung Disease (GOLD Evidence A)and the Australian and New Zealand Clinical Practice Guidelines (COPD-X).

However, endoscopic LVR cannot help everyone.

In much of the emphysema population, connections between different areas of the lung mean that even if an incoming airway is obstructed, the target area does not collapse due to collateral ventilation through incomplete fissures that separate the lobes. A recent study found that incomplete fissures occurred in more than half of patients who would otherwise be candidates for endoscopic LVR.

To address this issue and thus extend the benefits of endoscopic LVR, St Vincent’s Hospital in Melbourne embarked on the COVE study.

The COVE study

The idea is relatively simple. If the endobronchial valves cannot collapse the lung due to collateral ventilation through incomplete fissures, surgical repair of the fissures, followed by valve insertion, should remedy the situation. The study was presented as a phase 1 clinical trial to assess the safety of the procedure.

Patients who would otherwise be candidates for endoscopic therapy of LVR, but who are excluded due to collateral ventilation, are recruited into the study. They will be brought in for surgery and the fissures surgically completed in a minimally invasive surgical approach (video-assisted thoracic surgery). They will then be monitored for complications and brought back for endobronchial valve placement a month later.

A valid question about the study is: why not just perform surgical LVR at first setting rather than just complete the fissure?

  1. A disadvantage of surgical LVR is that it is irreversible, so once the lung parenchyma has been resected there is no turning back.
  2. There are morbidity associated with long hospital stays, which often result from prolonged air leaks after LVR surgery. This results from the resection of diseased bullous lung tissue. The assumption with the completion of the crack is that the tissue at the crack is less diseased and the incidence of prolonged air leaks should be much less.
  3. The indications for surgical LVR are more limited than those for endoscopic LVR. Surgical therapy works best if there is heterogeneous disease with upper lobe predominance on CT scan (CT) imaging. This limit does not affect endobronchial valvesthat work in the lower lobes, as well as with more homogeneous emphysema.
  4. Prior completion of the fissure does not preclude subsequent lung volume reduction surgery. In fact, if an excellent symptomatic outcome is obtained by endoscopic LVR and then later fails due to a device problem, the patient is confirmed as a good candidate for the more permanent surgical LVR.

Therefore, more patients should be able to be offered the therapy.

Study inclusion criteria

Patients included in the study will have been diagnosed with severe emphysema as defined by the Global Initiative for Chronic Obstructive Lung Disease (GOLD) classification system (forced expiratory volume in one second [FEV1], 100%) and gas entrapment (residual volume, > 150%). They will have limited exercise tolerance (6 minutes walk between 150 and 450 meters) and should have ruled out underlying heart disease by normal dobutamine stress echocardiography. They will also have incomplete cracks measured by software on CT scans.

The pilot study will include 20 patients and the objectives, in addition to safety, will be to assess improvements in pulmonary function tests, dyspnoea, exercise tolerance and quality of life at 6 months. .

The hope is that the completion of the surgical fissure will greatly increase the number of patients who can benefit from endobronchial treatment of LVR and give this group of COPD patients an effective adjunct to medical treatment, which for them, was previously not an option. .

If you have patients age 40 or older who have been diagnosed with severe or very severe emphysema, refer them to the COVE Study today.

To learn more about the COVE study, visit www.covestudy.com.au

Dr Naveed Alam is Principal Investigator of the COVE Study and Consultant Thoracic Surgeon at St Vincent’s Hospital, East Melbourne Heart and Lung, and Epworth HealthCare, Melbourne. He is also a senior lecturer at the University of Melbourne. Dr. Alam’s research and clinical interests include minimally invasive thoracic surgery, airway surgery and thoracic oncology. Dr. Alam regularly conducts training for students, registrars and qualified surgeons locally, nationally and internationally.

Statements or opinions expressed in this article reflect the views of the authors and do not necessarily represent the official policy of WADA, the MJA Where Preview+ unless otherwise stated.

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Twitter adds new status tags to its tweets, borrowing from Facebook and Instagram / Digital Information World


Twitter has made changes to its upcoming status feature, introducing emojis and new tags into the mix for users to use and enjoy however they want.

Twitter has been fiddling with the status feature for quite a while; the feature was originally previewed in 2018 (that was four years ago, I can almost hear my bones cracking with age), and was part of Twitter’s attempt to connect with new social media audiences. I could see it working, of course; if other social media platforms had already done the idea first, then Twitter jumping on the too late bandwagon is exactly what will save the platform. The social media site is of course not in any immediate danger of bankruptcy or such qualms, but it does seem like a cultural shift is happening. Platforms such as TikTok and the further success of Instagram Reels and YouTube Shorts have proven that future generations continue to respond to short visual media above all else.

Not only is Twitter’s shorthand text derivative media not shorthand visual media, it’s not even visual media. While I’m not here to make dense generalizations about how younger generations don’t read books like older ones, Twitter’s restrictions on being a word-oriented platform are definitely limiting. Even as the platform continues to expand to other businesses, introducing videos, threaded replies, etc., it cannot hope to emulate the success of other social media platforms that have built all their mark on such features.

Either way, Twitter is going to keep moving forward because it’s much easier to copy past features than to create new trends yourself. The new status features are something you’ve come across before on Facebook: they’re basically tags that appear just above a message, usually next to or just below a user’s name, and they consist of a fun exclamation with a relevant emoji. Think of the Feeling Excited or Feeling Sad tags that appear on the social network: this is exactly what Twitter is trying to aim for. Social media extraordinaire and serial leaker Jane Manchun Wong used her reverse engineering tricks and managed to identify many of the upcoming tags.

These consist of “A Thread”, accompanied by a spool of thread as an emoji. These are for, well, threads, which often begin with the opening line of “a thread” in the current vernacular. There’s Spoiler Alert with a warning sign, Need Advice with a Magic 8 Ball (which I think is pretty clever), AMA with a mic, Shower Thoughts with, well, a shower, Hot Take with a red pepper, Vacation Fashion with a palm tree, and finally Unpopular Opinion with a mushroom. I’ll leave the latter up to interpretation, see what answers we get in the comments section.

Read next: Birdwatch increases contributions provided by users whose ratings are found useful by others

85-year-old woman stranded, almost hospitalized due to MCO airline negligence


Last week, an 85-year-old woman found herself stranded at Orlando International Airport (MCO) – the main airport for travelers to the Walt Disney World Resort – due to reported negligence by staff of the airline.

Credit: Disney

Related: Orlando Airport Reminds Disney Guests Of Their “FastPass” System

Patty Bough’s family shared with Orlando FOX 35 news that Frontier Airlines employees were supposed to drive the elderly traveler to her doorstep, but no one ever came to pick her up. Stuck in the MCO for more than 14 hours, Bough eventually suffered a panic attack that almost sent her to the hospital.

According to FOX 35’s report on the unfortunate situation:

Patty said she was supposed to board her Frontier flight at 8:30 a.m. She said her granddaughter couldn’t get through security because she didn’t have a boarding pass.

“I just became a total nightmare,” said Susie Mages, Patty’s daughter. “Now she’s sitting at the airport from 8.30am this morning until 10.30am tonight. Then she lands at an airport two hours away from me. We won’t get in until 1am”

Orlando International Airport Security Reservation Lane
Credit: Orlando International Airport (MCO)

Related: Thousands stranded as more flights canceled over holiday weekend

Border workers reportedly told Bough’s family to contact the Transportation Security Administration (TSA) to obtain a “pass” so his family could escort him to the airport terminal; however, according to the TSA, only airlines can give passes to travelers.

A spokesperson told the Central Florida FOX affiliate: “Airlines are responsible for ensuring passengers with special needs are given the proper respect and assistance to get to the plane. “

Credit: Orlando International Airport

Related: Southwest passenger dies after being mistaken for unruly, airline wins lawsuit

The news station went on to note that Frontier issued a response to their request, saying: ‘Unfortunately our service provider has not received a request for wheelchair assistance for Ms Bough. Requests must be made in advance. We regret that this has caused a disruption in travel.

However, Bough’s family disputes this, even presenting a receipt proving wheelchair assistance was requested on his boarding pass.

border airlines plane in flight
Credit: Frontier Airlines

Related: Spirit and Frontier Airlines to merge into ‘disruptive’ airline

Magi said of his mother:

“She’s so weak and fragile right now but I just thought I had all my ducks in a row. I can’t imagine how it all happened like that. Even for someone to say here, let’s take your mom on another flight.

At this time, it is unknown whether the family will take legal action against Frontier Airlines.

How do you feel about this traveler being stranded at the MCO?

If you plan to visit Central Florida anytime soon, visit the Disney World official website to plan your next magical vacation at Walt Disney World Resort’s four theme parks – Magic Kingdom, EPCOT, Disney’s Animal Kingdom and Disney’s Hollywood Studios – and the Disney Springs shopping and dining district OR the Disneyland official website to plan your trip to the two Disneyland Resort theme parks – Disneyland Park and Disney California Adventure Park – and the Downtown Disney District!

Banks decide to declare Davao’s Dennis Uy in default after missing Clark’s lease payments

dennis uy

Dennis Uy, businessman from Davao

Banco de Oro Universal Bank, the country’s largest private financial institution, moved to seize loan collateral from Davao’s Dennis Uy on Friday night, firing the opening salvo in a series of moves that – depending on the ability of controversial businessman to settle his debt in four days – could lead to the biggest corporate default in Philippine history.

The Inquirer has learned that BDO, which provided the bulk of the financial muscle for Uy’s acquisition spree under the Duterte administration, sent a foreclosure notice to the businessman’s flagship holding company , Udenna Corp., in an effort to force him to the negotiating table and agree to “an orderly settlement.”

Uy has until Tuesday July 26 to respond favorably to the advice of BDO, which leads a syndicate of banks exposed to its six-year debt-fueled corporate buying spree.

The Inquirer spoke to three senior bank officials with direct knowledge of the transaction, but they spoke on condition of anonymity. The Inquirer has also reached out to Uy and his company, but has yet to receive their responses.

A banker said this latest debt problem to hit Uy was sparked by the businessman’s inability to keep up to date with lease payments at Clark International Airport Corp. (CIAC) for the commercial enclave he was building on the land of the former US military base.

“It’s just a small debt that’s owed – $4 million – but since the CIAC was already preparing to seize, the banks decided to go ahead and seize Uy’s assets so that they become the new owners who will deal with CIAC,” he said. “Dennis [Uy] has until Tuesday to pay.

The banker, however, expressed concern about the so-called cross-default clauses that would be present in all of Uy’s loan agreements with its creditor banks which, at its peak halfway through the Duterte administration, would have reached 110 billion. pesos.

A cross-default clause, which is common practice when structuring business loans, makes an incidence of default by the borrower, regardless of size, legally default on all of its other debts.

A default of this magnitude would be the largest private loan in the history of local businesses, eclipsing the degraded loans of Subic-based Hanjin Shipyards by $412 million, or 23 billion pesos at the exchange rate in vigor.

“Conservatively, Dennis Uy’s outstanding loans today are expected to be between 70 billion and 80 billion pesos, excluding loans from Dito Telecommunity which have been loaned out by banks based on the creditworthiness of China Telecom,” said another person familiar with the deal.

A bank official said the BDO’s intention in serving the foreclosure notice was not to seize Uy’s assets, per se, but to force the businessman to come to the table. negotiations.

“Foreclosure is not the preferred option,” he said. “The situation can be corrected if they are ready to work with the banks.”

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Research: Rating Action: Moody’s Assigns Provisional Ratings to Pagaya AI Technology in Housing Trust Securities 2022-1 SFR


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Borrowing rises as UAE growth outlook remains bright: Central Bank report


Individuals and businesses in the UAE borrowed more in the second quarter of 2022 as an improving economic outlook boosted demand, the UAE Central Bank said in a recent report, and a stronger increase in lending is scheduled for the September term.

Lending remained strong despite recent interest rate hikes, the apex bank said in its second-quarter credit sentiment survey.

Businesses across the emirates, especially large corporations, borrowed more across all categories as business was boosted by improved customer spending. The retail and wholesale sector was a shining example, where strong sales and improving real estate and economic prospects boosted business owner confidence. Transportation and warehousing, manufacturing and construction are among other sectors that have seen strong demand for loans.

In terms of credit availability, an increase in the willingness of banks and financial firms to lend to businesses has been observed, supported by a change in the creditworthiness of potential borrowers and risk tolerance, and an improvement in asset quality.

Personal borrowing increases

The survey results revealed an increase in consumers’ appetite for credit in the June quarter. The increase in demand was evident in all categories of loans except auto loans and loans related to home refinancing and renovation, the central bank said.

Strong demand for housing-related loans (such as homeowner and investment loans) and credit cards was evident, indicating strong domestic demand.

The growth in demand was driven by increased demand for personal loans across all emirates during the quarter, particularly in Abu Dhabi.

The main factors responsible for stimulating a positive development in demand for personal loans were the outlook for the housing market, the development of incomes and the outlook for the financial market.

In the first quarter, demand for personal loans recorded the largest quarterly increase since 2014 due to improving economic conditions.

In terms of willingness to lend, there has been a substantial increase in the appetite for providing personal loans. Solid loan demand coupled with a strong willingness to lend is expected for the September quarter, according to the report.

According to the survey results, 36.9% of respondents reported no change, 57% reported an increase in demand, while only 6.1% of respondents reported a decrease in demand. By emirate, the survey results suggest a notable increase in credit appetite and demand for business loans across all emirates, with demand strongest in Dubai.

Strong Q1

Lending remained strong in the first quarter, even as interest rates rose in line with global market movements, the central bank said in its quarterly economic review. The central bank’s main policy rate, the base rate, rose 25 basis points to 40 basis points on March 17, in line with the US Federal Reserve’s hike.

Overall, bank lending rebounded 4.4% year-on-year, reflecting improving credit sentiment.

Gross credit amounted to 1,832 billion Dh at the end of March 2022, against 1,794 Dh in December 2021.

Domestic credit (89.5% of total loans) increased by 3.1% compared to the previous year period. The figure stood at 1.639 billion dirhams in the March quarter, compared to 1.619 billion dirhams in the previous quarter, according to the data.

Financially strong

The UAE banking system remained well capitalized, with an overall capital adequacy ratio of 17.1%, a Tier 1 capital ratio of 16% and a Tier 1 capital ratio of 14 .2%. The eligible liquidity ratio, reflecting the liquidity of the banking system, stood at 19% at the end of the first quarter of 2022, well above the minimum regulatory requirement of 10%.

Total deposits in UAE banks stood at over 2 trillion dirhams at the end of March 2022, up 6.6% from a year ago. Deposits amounted to 1,997 billion dirhams at the end of December 2021.

Baltimore Brother’s Business Owner Admits He Falsely Claimed Brother’s Bank Balance And Business Was His To Get Federal Housing Administration Loan | USAO-MD


Baltimore, Md. – Calvin Abramowitz, 48, of Lakewood, New Jersey, pleaded guilty today to bank fraud. As part of his guilty plea, Abramowitz was ordered to pay $209,036.

The guilty plea was announced by United States Attorney for the District of Maryland Erek L. Barron and Special Agent in Charge Shawn A. Rice of the Office of Inspector General of the United States Department of Housing and Urban Development.

According to his guilty plea, Calvin Abramowitz and his brother, Philip Abramowitz, 40, of Pikesville, Maryland, conspired to defraud at least one financial institution by fraudulently obtaining loans and property from the Federal Housing Administration (FHA) under false pretenses. Specifically, Philip Abramowitz used his company 163 N. Potomac St., LLC., to facilitate fraudulent sales of his Potomac Street, Baltimore, Maryland properties.

In May 2016, Philip Abramowitz decided to sell one of the properties on Potomac Street (Property 1) to his brother, Calvin Abramowitz for $300,000 using an FHA insured loan. The FHA is part of the US Department of Housing and Urban Development (HUD) and provides mortgage insurance on loans made by FHA-approved lenders. To qualify for FHA-insured loans, the buyer must use the residence as their principal residence, disclose any family or business relationship between the seller and the buyer, and disclose the source of the money the buyer intends. to use for down payment and closing. costs.

As noted in his guilty plea, Calvin Abramowitz applied for and received an FHA-insured loan of $294,566 from a mortgage company (Mortgage Company 1) by misrepresenting Philip Abramowitz’s bank account statements as being his. Defendants also concealed their family relationship to Mortgage Company 1 by submitting false corporate documents during the loan application process, impersonating the property manager of Philip Abramowitz (Property Manager 1) as the sole seller and manager. of 163 N. Potomac St., LLC and arranging Property Manager 1 to sign the FHA loan contact as the property’s official seller. Property of Philip Abramowitz of 163 N, Potomac St., LLC. or involvement in the sale was never disclosed.

Additionally, to facilitate the loan underwriting process, Philip Abramowitz gave Calvin Abramowitz $10,500 to pay for the closing costs of Property 1 because Calvin Abramowitz did not have the financial means to make the purchase. Based on fraudulent financial information presented during the loan application process, Mortgage Company 1 loaned Calvin Abramowitz $294,566 to purchase Property 1. The majority of the loan proceeds were then deposited into the account. bank of Philip Abramowitz. Ultimately, Calvin Abramowitz never used Property 1 as his primary residence and rented the property out to tenants before ceasing mortgage payments and causing the property to fall into foreclosure.

Philip Abramowitz pleaded guilty to conspiracy to commit wire fraud in May 2022 and is scheduled to be sentenced on August 9, 2022 at 2:30 p.m.

Calvin Abramowitz faces a maximum sentence of 30 years in federal prison followed by 5 years of supervised release for bank fraud. U.S. District Judge Richard D. Bennett has sentenced Dec. 6, 2022, at 2:30 p.m.

United States Attorney Erek L. Barron commended HUD-OIG for its work in the investigation. Mr. Barron thanked Assistant U.S. Attorney Martin J. Clarke, who is prosecuting the federal case.

For more information about the Maryland U.S. Attorney’s Office, its priorities, and the resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

# # #

Virtual Assets – Legal and Practical Considerations for Issuing Stablecoins in Nigeria (Part I)


Cryptocurrencies have gained momentum in recent years, despite various concerns and criticisms regarding the use case of cryptocurrencies. Cryptocurrencies are digital or virtual currencies built on the Blockchain, cryptographically secured, and generally designed to function as a medium of exchange.

Cryptocurrencies had a bull run in 2021 with Bitcoin, the first cryptocurrency, surging from around $7,000 in 2020 to an all-time high of around $69,000 in 2021. However, in July 2022, the price of Bitcoin fell to lows like 17,800 USD. Despite its volatility, or perhaps because of it, cryptocurrencies have captured the world’s attention.

The volatile nature of most cryptocurrencies has led to the need to create a cryptocurrency that possesses the fundamental qualities of cryptocurrencies but has a level of stability that makes it a trustworthy asset. This category of cryptocurrencies is called “Stablecoins”. Stablecoins are cryptocurrencies whose value is tied to other assets such as fiat currency or commodities. Thus, stablecoins are designed to avoid the volatility inherent in other cryptocurrencies whose prices are entirely determined by the market.

As a result, stablecoins are similar to our traditional view of money compared to other cryptocurrencies and have received more acceptance than other cryptocurrencies.

It was noted that in the presence of an appropriate regulatory framework, stablecoins would have the potential to play an important role in retail and cross-border payments. Nonetheless, the regulatory and licensing requirements for issuing stablecoins are quite tricky and require a lot of nuance depending on how the particular stablecoin works.

Overview of stablecoins

As pointed out earlier, Stablecoins are cryptocurrencies tied to other assets which could be fiat currency like Naira or US Dollar or could be a commodity like gold. This stability is critical to the use case for stablecoins, and coins that lose their peg (i.e., are unable to maintain parity with the commodity or currency to which they are pegged) often do not survive. to their disengagement.

Stablecoin issuers can achieve price stability by (a) using collateral, (b) using algorithms, or (c) merging collateral and algorithms.

Also Read: Nigerians Need Enough Information About Cryptocurrency – Owolabi Sunday


Where the Issuer chooses to use collateral, such collateral may be fiat currency, commodities or other cryptocurrencies.
Fiat-backed stablecoins are fully or partially backed by government-issued fiat currency, such as the Naira, Pound, or US Dollar, often with a 1:1 ratio. A central entity, acting as an independent custodian, typically manages the process and ensures that equivalent fiat currency is held as collateral for each token issued.

Commodity-backed stablecoin works similarly to fiat-backed coins. However, instead of being backed by fiat currency, this type uses other types of assets and interchangeable goods, such as gold, diamonds, and precious commodities, as collateral.

For the last category, the value of collateralized crypto stablecoins is backed by other cryptocurrencies, rather than fiat or commodities – these stablecoins are often overcollateralized to account for collateral volatility.

The essence of using collateral is that the stablecoin can be redeemed or exchanged for the collateral held by the issuer. Collateral may be redeemable at a fixed value or at a variable value.


When the Issuer chooses to use an algorithm, the Issuer may either use a rebasing system or a seigniorage system. For Algorithmic Rebasing Stablecoins, otherwise known as Single Token Model, the total supply of Stablecoin is elastic and said supply is automatically adjusted to maintain the peg of the Stablecoin. For example, when Stablecoin is trading below its peg, the algorithm automatically reduces the supply of Stablecoin to push the price up. When Stablecoin is trading above its peg, the algorithm automatically increases the supply of Stablecoin to reduce the price.

For Seigniorage Algorithmic Stablecoins, otherwise known as the multi-token model, the Stablecoin is issued with at least one Sharecoin. Typically, when the Stablecoin price is trading below its peg, Sharecoins are used to reduce the supply of Stablecoins and when the Stablecoin price is trading above its peg, Sharecoins are used to increase the supply. offer of stablecoins. For example, under UST/LUNA, 1 UST can be exchanged for 1 dollar of LUNA, regardless of the actual trading value of the UST and vice versa.

Therefore, when UST is trading for less than $1, investors/users are incentivized to buy UST and trade it for LUNA (this increases the demand for UST and drives up the price of UST). ‘UST, allowing it to regain its peg) and where UST is trading above a dollar, investors/users are incentivized to buy LUNA and trade it for UST (this increases the supply of ‘UST’ UST and lowers its price, allowing it to regain its foothold).

Merge Collaterals and Algorithms

As mentioned earlier, Stablecoin issuers can also merge collateral and algorithms. This merger is called Fractional Algorithmic Stablecoins which combine the features of Fully Algorithmic and Fully Collateralized Stablecoins. These stablecoins avoid oversizing and have less custody risk. Unlike algorithmic-only designs, it seeks to impose a somewhat tight ankle with a higher level of stability.

Although Nigeria, like most countries in the world, does not have a regulatory framework dealing with the issuance of stablecoins, how and how a stablecoin is issued and how it maintains its peg determines the requirements. regulations that the issuer will have to comply with under the existing Nigerian legal framework. It must however be emphasized that this is uncharted territory in Nigeria and there are several gray areas.

We will look at these different gray areas, as well as where regulators stand when it comes to regulating virtual assets in Nigeria.

Davidson Oturu is a partner and head of the Intellectual Property and Innovation Practice Group at AELEX and Agboola Dosunmu is a partner in the firm.

RBA Survey: Currency Swamp Review


So, do these terms of reference specifically address the policy framework and decision-making flaws that need to be overcome? Maybe, but maybe not.

Despite comments that the review is not about taking “pot shots” at the RBA, we must honestly take stock of past performance and systemic issues if we are to move forward.

First, there is the RBA’s failure to meet its inflation target for at least the five years before the pandemic, while wage growth fell below measured productivity for a decade.

RBA lets banks get away with putting most of their loan chips on housing

Second, there is an over-reliance on mortgage credit and the construction channel whenever the economy needs stimulus (and even when it doesn’t). Blindness to a debt-fueled housing boom has now created the preconditions for a market meltdown.

The banking system should help diversify the Australian economy by intermediating credit across a diverse set of industry and sector risk classes. But the RBA allows banks to get away with placing most of their lending chips on housing, via preferred collateral risk weightings. Small businesses literally do not need to apply for loans on reasonable terms.

So, in addition to their formidable “leveraged” license, the banks also get a regulatory pass on risk – at least until the housing market finally crashes. Meanwhile, the economy receives very little help from their businesses to create jobs and the future economy.

Third, there are the many policy reversals, such as the 180 degree turn of quantitative easing in 18 months and the $350 billion in bond purchases to spur COVID-19.

We have seen elsewhere that unconventional monetary policies are a quick fix for managing short-term financial crises, but their continued and widespread use has distorted global markets and will have significant dynamic efficiency costs in decades to come.

Fourth, political mishaps in, for example, the abandoned three-year 0.1% yield target to 2024.

Fifth, blindness to downstream policy consequences such as financial sector concentration, rising inequality and lack of housing affordability.

All this tends to underline that the anchor points of medium-term macroeconomic policy have loosened. Neither our medium-term monetary nor fiscal strategies are effectively binding at this time, which would otherwise provide certainty and predictability for companies and bondholders.

Strong macro policy anchors are important, as are the separation and structures of macro policy branches, including effective review processes. We would say that policies like QE and extremely low interest rates that lead to large debt stocks are the Roach Motel of economic policies. You can check in but never check out.

When it comes to the caliber of RBA examiners, it’s no surprise that we don’t appoint international monetary experts – here the archetype is Charles Goodhart – the kind of people the Bank for International Settlements might call on. for advice.

Perhaps Tim Congdon of the Monetary Institute of the University of Buckingham, Helene Rey of the London Business School, Dick Berner, former director of the US Office of Financial Research, Professor Perry Mehrling of Barnard College or Dr Michael Howell of CrossBorder Capital.

In our view, it is best to avoid the shallow pool of Canberra for a view of the monetary framework and avoid any central banker given the high degree of groupthink that forms at gatherings like Jackson Hole.

A large country should be confident enough to engage in a thorough review of our monetary policy, as well as our prudential and fiscal policy settings. Only then can we be truly confident that our advice on macroeconomic frameworks will be fit for purpose; a robust tool to increase our productivity potential.

An opportunity to reset monetary and fiscal policy operations could be missed here. We must ensure with great hope that this unique opportunity is not missed.

Judge rules CU must pay $6.3 million in attorney fees after losing Taxi Medallion case

San Francisco. (Source: Shutterstock)

A California judge has awarded the San Francisco Municipal Transportation Agency $6.3 million in attorney fees stemming from a four-year legal battle over the taxi medallion that the San Francisco Federal Credit Union lost.

The credit union sued the municipal agency alleging that it breached a lender agreement. But last October, after a three-week trial, a jury found that in five of the credit union’s six breach of contract claims, SFMTA had not breached the lender’s agreement.

However, the jury also found that in one of the breach of contract claims, the SFMTA barred the $1.3 billion San Francisco FCU from receiving the benefits of the lender agreement by not formally stating the end of the taxi medallion sales program. Nevertheless, the jury also determined that the agency did not act unfairly and in bad faith by not formally declaring the end of the medallion sales program.

The credit union is appealing the jury’s verdict and award of attorney’s fees to the San Francisco Court of Appeals.

San Francisco FCU President/CEO Jonathan Oliver said the credit union pursued the case in an effort to protect medallion loan holders, other credit unions who participated in the program from loan and members.

“Under the terms of our contract with the City of San Francisco, when the medallions, which were the security for the loans [and] were no longer transferable, the city was supposed to buy them back. After all, the city got all the money from the medallion purchases,” Oliver said. “Unfortunately, when the going got tough, the city chose not to do the right thing. The parties then fought in court and the jury concluded that the program was over. However, due to what we believe to be a faulty jury instruction, they did not find for the credit union. We are in the process of appealing the judgment, including the award of costs.

Jonathan Oliver Jonathan Oliver

Although the credit union’s appeal could take up to a year to decide, Oliver said the San Francisco FCU continues to discuss with the city “potential avenues to resolve the situation.”

The jury’s verdict held the credit union responsible for paying SFMTA’s attorney fees and other costs.

On July 5, California Superior Court Judge Harold Kahn filed his decision to award $6,384,137 in legal fees to the SFMTA, but he denied awarding the municipal agency’s expert witness fees. and other non-statutory costs.

The SMFTA initially requested a price of $10,091,433.

However, the credit union countered in its legal papers that the award was patently unreasonable and accused the city agency of trying to add insult to injury by again using the San Francisco FCU to seek a exceptional profit for the city. The credit union argued that the maximum fee SFMTA should be entitled to is $1,589,776.

When San Francisco’s FCU originally filed its breach of contract lawsuit in 2018, suing SFMTA for more than $28 million, the credit union was handling $50 million in taxi medallion loans and another $35 million. in equity loans.

In 2010, the SFMTA launched a new transferable taxi medallion program for a purchase price of $250,000 per medallion, which are municipal licenses that give drivers the right to operate a taxicab in San Francisco. That same year, San Francisco’s FCU signed a loan agreement with the agency to sell $250,000 loans to taxi drivers.

Court documents showed the credit union underwrote and financed the purchase of more than 700 transferable medallions for its taxi driver members, representing more than $125 million in loans secured by the medallions. The FCU of San Francisco said the city generated about $64 million in revenue from the medallion program.

Beginning in 2012, however, taxi drivers saw their income drastically decline due to increasing competition from ride-sharing providers. In 2016, the medallion market collapsed as no one was willing to buy medallions and drivers were unable to repay their loans. Foreclosures skyrocketed from 0.07 per month to 6.3 per month. When the credit union filed its amended lawsuit against the SFMTA in May 2018, the FCU of San Francisco reported that it seized at least 118 medallion loans worth more than $20 million.

Currently, the credit union is handling about 295 seized taxi medallion loans worth about $51 million, and another 275 taxi medallion loans that are in progress, according to Oliver. Since last September, San Francisco’s FCU has had just one foreclosed medallion loan, indicating the market has normalized, Oliver said.

The FCU of San Francisco argued in its lawsuit that the SFMTA guaranteed its loans, with promises to regulate the transportation market to ensure there would always be willing buyers for taxi medallions, and with promises to buy back the medallions if there were no willing buyers to foreclose. medallions.

However, the SFMTA countered in court documents that no such warranty appears in the lender agreement that the credit union claims the agency breached.

Instead, the SFMTA said it made no promises to regulate taxi competitors and that the agency promised to redeem medallions in only one narrow circumstance that was entirely within its control: if the SFMTA made the regulatory decision to end the transferable medallion program. But the SFMTA said it never ended the program.

Although the market for taxi medallions has also collapsed in New York, many medallion owners got substantial relief last November when the city government announced a deal with the New York Taxi Workers’ Alliance and Marblegate Asset Management, the largest medallion lender. Marblegate has agreed to restructure all of its outstanding medallion loans down to a principal balance of $200,000. Each restructured loan had an interest rate of 5% and a monthly repayment cap of $1,122.

In February 2020, the NCUA announced a highly controversial decision to sell an undisclosed number of New York City taxi medallions to Marblegate for an undisclosed sum. The federal agency had thousands of taxi loans, largely due to the failure of two credit unions, Melrose Credit Union and LOMTO Federal Credit Union – which had a large concentration of loans to drivers and medallion owners .

For many drivers, restructuring their $200,000 loan meant writing off hundreds of thousands of dollars in debt, according to a comprehensive report released in March by the Columbia (University) Human Rights Law Review, which analyzed the crisis. taxi medallions.

Additionally, the City of New York has agreed to provide a guarantee on the principal and interest of these loans, which means that if a medallion owner is unable to make a monthly payment, the city would step in to ensure the owner is not defaulting, according to the report. .

Prior to the November 2021 deal, there were between 3,000 and 5,000 underwater taxi medallion loans, meaning the total debt held by medallion owners ranged between $2.1 billion and $3 billion. .5 billion, reported the Human Rights Law Review.

Looming Legal Troubles in Cryptocurrency Bankruptcies


The following article is the second in a two-part series written by Adam Levitin, a professor at Georgetown University Law Center and a member of Gordian Crypto Advisors LLC.

The US bankruptcy system is getting its first experience with cryptocurrency businesses. It is impossible to identify in advance all possible new cryptocurrency problems in the event of bankruptcy, but several are likely to arise: the handling of deposit funds; the treatment of collateral held by cryptocurrency lenders that go bankrupt; avoidance actions; the treatment of secured crypto loans granted to debtors; feasibility of the plan; and enforcement of orders against decentralized self-governing organizations.

Treatment of Deposit Funds

Cryptocurrency companies, especially exchanges, often hold customer funds, both in cryptocurrency and in cash. The legal capacity in which these funds are held is subject to some uncertainty. Possible legal characterizations are a deposit, a trust, or as “financial assets” governed by Article 8 of the Uniform Commercial Code – all of which would make deposit funds the property of the client – ​​or simply as the property of the cryptocurrency exchange itself.[1]

Complicating this issue, some cryptocurrency firms re-mortgage client funds, i.e., they use client funds as collateral for their own borrowings. When client funds are remortgaged, who has rights to the collateral, the client or the lender? Although there are well-established rules in this regard regarding securities and commodities, it is not clear whether these rules would apply to cryptocurrency.

Resolving the status of clients’ funds will be an important issue, as it will determine the extent of the debtor’s assets and whether clients are unsecured creditors or will be able to recover their cryptocurrency (as long as the debtor owns it). still).

Treatment of collateral held by debtor-lenders

Another likely issue is the treatment of collateral held by cryptocurrency companies that provide loans to customers. Customers who do not wish to sell their cryptocurrency but want fiat currency can borrow against their cryptocurrency. In such a situation, the cryptocurrency business is holding the crypto as collateral, which raises the question of whether the lending relationship is a “binding contract” that the cryptocurrency business can choose to assume or not. reject in its business judgment.

If the contract is assumed, it will be performed according to its terms — if the client repays the loan, the security will be returned. But if the contract is rejected, the customer will keep the loan proceeds, the cryptocurrency company will keep the collateral, and the customer will have an unsecured claim for the extent of the overcollateralization. What is unclear in this situation, however, is whether the claim will be based on the value of the collateral as of the date of bankruptcy or the date the customer learns of the rejection.

Bankruptcy law allows creditors to avoid – that is, to unwind – certain pre-bankruptcy transactions. These include transfers made for less than a reasonably equivalent value while the debtor is insolvent or undercapitalized (implied fraudulent transfers) and transfers made to unsecured creditors within 90 days of bankruptcy (cancellable preferences ).[2] There are exceptions to liability for rescission action if the transfer involved a security, commodity, or repurchase agreement, but if it did not, it remains a question for voidable preferences whether the transfer falls under an exception for transfers made in the ordinary course of business. . A range of transactions could potentially be subject to avoidance actions, including crypto collateral, margin closeouts, redemption payments, and customer withdrawals.

Processing Secured Crypto Loans Provided to Debtors

There are cryptocurrency money markets, usually based on overcollateralized loans structured as repo transactions with smart contracts. It is unclear whether the security interests in these transactions have been properly perfected, meaning that the necessary steps have been taken to prioritize the security interest over competing interests in the collateral. An imperfect security can be avoided in the event of bankruptcy.[3]

If these security interests are not perfect, they will likely be avoided, leaving lenders unsecured and opening the possibility for the debtor to recover any transfers made to lenders within 90 days of bankruptcy, including redemption payments and liquidations of the debt. debtor’s guarantee due to a margin trigger.

Confirmation of a Chapter 11 plan requires the bankruptcy court to conclude that the plan is workable, which means that it is likely that the plan can be successfully implemented. For many cryptocurrency companies, the feasibility of any restructuring depends on unpredictable cryptocurrency prices, which could prevent any discovery of feasibility.

Enforcement of orders against DAOs

Some entities in the crypto world are structured as DAOs – decentralized autonomous organizations. While some DAOs have a formal legal entity, others are looser, unincorporated collectives. This situation presents a potential complication for the enforcement of court orders: who is liable when no party has control? Courts have already been creative in dealing with issues such as serving process on strangers at blockchain addresses by allowing service via NFTs; more creativity may be required for courts to enforce orders against non-traditional organizational structures.

[1]Adam J. Levitin, “Not your keys, not your coins: Unrated Credit Risk in Cryptocurrency,” 101 TEX. L. REV. (to be published 2022).

[2]11 USC § 547.

[3]11 USC § 544(a).

Ihedioha skins Uzodimma for a borrowing spree


A former Governor of Imo State, Hon Emeka Ihedioha, has criticized the administration led by Governor Hope Uzodimma for the increase in the level of state debt resulting from unbridled borrowing by the government.

In his speech as special guest of honor at the 13th annual Mbaise USA convention in Santa Clara, California, United States of America, which was made available to reporters yesterday, he said, statistics released in April this year, by the Debt Management Office, DMO, shows that Imo State’s debt profile has jumped to N205.19 billion, meaning it has more than doubled from the level to which it lowered the huge debt profile inherited from the previous administration.

In his reaction, Information and Strategy Commissioner Hon Declan Emelumba advised Ihedioha to play sportsmanship and stop whining. He pointed out that the current administration under the leadership of Uzodimma is responsible and responsive and that nothing prevents the government from borrowing for infrastructure development. According to him, the debt profile brandished by the former governor does not reflect the true position of the debt portfolio.

But Ihedioha said, “Imo State’s supposedly high debt burden, which has accrued over the past two and a half years, is cause for concern. Indeed, while other states like Lagos, Ogun, Rivers and Akwa Ibom with the same level of indebtedness have robust economic activities, including significant internally generated revenues to meet their loan obligations, l Imo State has practically nothing left to fall back on. to support its loan exposure.

This means that the debt burden, without income-generating economic activities, will continue to weigh on the state. ”

Ihedioha described the high indebtedness as man’s inhumanity to man and a mortgage on the future of the state.

The former governor who took the opportunity to congratulate the people of the state, especially people of Mbaise origin, also gave an account of his seven-month tenure as governor of the state.

He said that the reconstruction of Imo State was at the core of his growth and development initiatives and priorities, adding that the development of human capital index, economy and infrastructure with particular interest for rural areas was central to his plans for the state.

Ihedioha, who has set up technical committees to harness the potentials of the state, said he has taken steps to improve internally generated revenue (IGR), thereby increasing monthly revenue to more than one billion. of naira by blocking flight areas through the introduction of the Treasury Single Account, TSA, while reducing the government’s dubious debt profile.

While addressing over 2000 delegates from the United States, Europe and Nigeria at the 13th Mbaise USA convention in California, he assured that if he had the opportunity again to preside over the affairs of Imo State, it would be bold to address the development regression in the state.

MLO Mentor: ECOA Disclosures | First Tuesday newspaper


MLO Mentor is an ongoing series covering compliance best practices for Mortgage Loan Originators (MLOs). This article discusses the notice rules and disclosures required under the Equal Credit Opportunity Act (ECOA).

Notification rules

All notifications required under the ECOA must be provided to the lead applicant. [12 CFR §1002.9(f)]

Applications and Candidates

ECOA defines a request as an oral or written request for credit extension. Pre-approvals and inquiries may also be considered requests, depending on the conduct of the lender. If a lender assesses applicant information and denies a request for additional information, pre-approval or investigation may be considered a request that triggers a Notice of Action Taken. [12 CFR §1002.2(f); Official Interpretations of 12 CFR §1002.2(f)-3]

A completed application is an application that contains all the information regularly required to make a credit decision for the loan the applicant is requesting. [12 CFR §1002.2(f)]

An example of an inquiry that is not a request is when a consumer inquires about the terms of a home purchase loan and provides their income and expected down payment, but the credit only explains the loan to value ratio of the lender without making a decision. whether the applicant is eligible for the loan. [Official Interpretations of 12 CFR §1002.2(f)-4]

Notice of action taken

Where an application is made on behalf of an applicant to more than one lender and the applicant expressly accepts a loan offered by one of the lenders, notification of the action taken by one of the other lenders is not not required. If a loan is not offered or the applicant does not expressly accept any of the loans offered, each lender taking adverse action must comply with this section, either directly or through a third party. A notice given by a third party must disclose the identity of each lender on whose behalf the notice is given. [12 CFR §1002.9(g)]

Now, a lender wouldn’t necessarily know that another lender’s loan offer had been accepted. In such cases, prevention is better than cure. In other words: when in doubt, disclose!

Lenders who received less than 150 inquiries in the previous calendar year may give oral rather than written notices. [12 CFR §1002.9(d)]

Incomplete applications

Within 30 days of receiving an incomplete application, a lender must provide the applicant with either:

  • notice of action taken [12 CFR §1002.9(a)(1)(ii)]; Where
  • a notice of incompleteness. [12 CFR §1002.9(c)(2)]

A written notice of incompleteness is required for:

  • include a list of information needed to complete the application;
  • designate a reasonable period of time for the applicant to provide the information; and
  • contain a statement advising the applicant that failure to provide the requested information will result in the rejection of the application. [12 CFR §1002.9(c)(2)]

If the applicant does not respond to the notice of incompleteness within the specified time, the lender has fulfilled its obligations under the ECOA.

If the applicant provides the requested information within the time frame, then the lender must follow the ECOA rules for completed loan applications. [12 CFR §1002.9(c)(2)]

A lender may verbally inform the applicant of the information needed to complete the application. However, if the application remains incomplete after oral notification, then the lender must send either a written notice of action taken or a written notice of incompleteness. [12 CFR §1002.9(c)(3)]

Loan applications withdrawn

Applications withdrawn by the applicant do not require notice. If a lender approves an application and the applicant has not inquired or responded to the application within 30 days of the application, the application is considered withdrawn. [12 CFR §1002.9(e)]

Loan applications completed

After the lender has received a completed loan application, the lender has 30 days to:

  • inform the applicant that the loan is approved;
  • inform the applicant that the loan is refused with the notification of action taken; Where
  • counter-offer the applicant’s loan application. [12 CFR §1002.9(a)(1)(i)]

If the applicant is notified of a counter-offer and does not respond, the lender must provide notice of action taken within 90 days of the counter-offer. [12 CFR §1002.9(a)(1)(iv)]

A notification of action taken must be written and contain:

  • a statement of the measures taken;
  • the name and address of the lender or originator of the loan;
  • a statement identifying the objectives of the ECOA; and
  • the name and address of the federal agency responsible for the lender’s or loan originator’s compliance with the ECOA. [12 CFR §1002.9(a)(2)]

This statement identifying the objectives of the ECOA should be substantially similar to this:

“The federal Equal Credit Opportunity Act prohibits creditors from discriminating against applicants for credit on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income is derived from any public assistance program; or because the applicant has exercised good faith a right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law with respect to this creditor is [name and address as specified by the appropriate agency or agencies listed in appendix A of this part].” [12 CFR §1002.9(b)]

In addition, the notice of action taken must contain:

  • a statement of the specific reasons for the action taken; WHERE
  • a notice stating:
    • that within 60 days of notification from the lender, the applicant may request a statement listing the reasons for the denial and that the lender must deliver the statement within 30 days of the applicant’s request; and
    • the name, address and telephone number of the person from whom the statement of reasons can be obtained. [15 USC §1691(d)(2)]

If the lender or loan originator chooses to provide the specific reasons orally, it must also disclose the applicant’s right to have them confirmed in writing within 30 days of receiving the applicant’s written request for confirmation. [12 CFR § 1002.9(a)(2)]

If the lender or loan originator chooses to provide the specific reasons orally, it must also disclose the applicant’s right to have them confirmed in writing within 30 days of receiving the applicant’s written request for confirmation. [12 CFR § 1002.9(a)(2)]

The specific statement of reasons cannot be a boilerplate statement that the applicant has failed to meet the lender’s internal standards. As the name suggests, reasons should be application-specific, rather than generic. [12 CFR §1002.9(b)(2)]

Next week, we’ll discuss the records retention and discrimination rules under the ECOA.

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Oregon Public Employees Retirement Fund buys 4,296 shares of Franklin BSP Realty Trust, Inc. (NYSE: FBRT)


Oregon Public Employees Retirement Fund increased its position in shares of Franklin BSP Realty Trust, Inc. (NYSE: FBRTGet a rating) by 34.7% in Q1, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor held 16,682 shares of the company after acquiring an additional 4,296 shares during the quarter. The Oregon Public Employees Retirement Fund’s holdings in Franklin BSP Realty Trust were worth $233,000 when it was last filed with the Securities & Exchange Commission.

A number of other institutional investors have also recently changed their holdings in the company. Everence Capital Management Inc. acquired a new stake in Franklin BSP Realty Trust in Q1 valued at $251,000. Kenfarb & CO. acquired a new stock position in Franklin BSP Realty Trust during the fourth quarter valued at approximately $25,000. Centiva Capital LP purchased a new equity stake in Franklin BSP Realty Trust during the fourth quarter for a value of approximately $2,259,000. Shorepoint Capital Partners LLC acquired a new stake in shares of Franklin BSP Realty Trust in Q4 for a value of approximately $224,000. Finally, HBK Investments LP bought a new position in Franklin BSP Realty Trust in Q4 valued at around $3,471,000. 54.52% of the shares are held by institutional investors and hedge funds.

Franklin BSP Realty Trust Price Performance

Shares of NYSE: FBRT opened at $14.30 on Monday. The company has a current ratio of 131.32, a quick ratio of 131.32 and a debt ratio of 7.73. The stock has a market capitalization of $1.20 billion, a PE ratio of -5.67 and a beta of 1.29. The stock’s fifty-day simple moving average is $14.38 and its two-hundred-day simple moving average is $13.95. Franklin BSP Realty Trust, Inc. has a 1-year low of $12.45 and a 1-year high of $17.74.

Franklin BSP Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 11. Shareholders of record on Thursday, June 30 received a dividend of $0.355. The ex-dividend date was Wednesday, June 29. This represents an annualized dividend of $1.42 and a dividend yield of 9.93%. Franklin BSP Realty Trust’s dividend payout ratio is currently -56.35%.

Wall Street analysts predict growth

Separately, Jonestrading began covering Franklin BSP Realty Trust in a Friday, April 8 report. They set a “buy” rating and a price target of $17.00 for the company.

Franklin BSP Realty Trust Company Profile

(Get a rating)

Franklin BSP Realty Trust, Inc, a real estate finance company, originates, acquires and manages a portfolio of commercial real estate debt secured by properties located in the United States. The company is also at the origin of bridging loans; and invests in commercial real estate securities, as well as owns real estate acquired by foreclosure and deed in lieu of foreclosure, and purchased for investment purposes.

Featured Articles

Institutional ownership by quarter for Franklin BSP Realty Trust (NYSE: FBRT)

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Reserve Bank announces new loan facility


The Reserve Bank today announced a facility to improve the anchoring of short-term wholesale interest rates to the official exchange rate (OCR).

From July 20, 2022, the Reserve Bank will allow eligible counterparties to lend New Zealand dollars (NZD) through a permanent repurchase facility (Repo).

The initial parameters of the permanent pension facility are as follows and will be subject to regular review:

  • The Standing Repo Facility will allow eligible counterparties to lend NZD overnight and overnight on a secured basis.
  • Collateral provided by the Reserve Bank as collateral for NZD will be nominal New Zealand Government Bonds (NZGB) as general collateral.
  • NZD deposited through the Standing Repo Facility will be remunerated at the Official Exchange Rate (OCR) minus 15 basis points.
  • Settlement can take place on the same day or on T+1 (transaction day plus 1 banking day).
  • The ongoing repurchase facility will be available between 3:00 p.m. and 4:00 p.m. New Zealand time each business day and a total facility of $5 billion will be available for each value date.
  • The operation of this installation as well as the rules and directives which apply to it are detailed on the Rules and Operating Guidelines Page.

The installation will be available from July 20, 2022.

Details of the standing repo facility will be published on the Reserve Bank’s pages on Bloomberg and Refinitiv, and on the Reserve Bank’s Standing Facility Statistical Tables (D12).

This facility announcement relates to the implementation of monetary policy and has no bearing on the monetary policy stance of the Reserve Bank.

Questions and answers on the permanent pension facility

Why is the Reserve Bank introducing a permanent repo facility?

Short-term interest rates have generally traded at or near the OCR since the elimination of credit levels on ESAS accounts in 2020. At very high levels of settlement liquidity, the Reserve Bank noted some instances where short-term market rates traded below OCR. The Reserve Bank is reviewing its facilities and operations to ensure that short-term market rates remain well anchored at all levels of cash settlement.

The purpose of the Standing Repo Facility (SRF) is to help anchor short-term market interest rates near the OCR by allowing a wider range of counterparties, in particular non-EEAS participants, to access a deposit facility remunerated at a rate close to the OCR.

How will the permanent pension facility be used?

The Reserve Bank will allow registered counterparties to deposit NZD with the Reserve Bank overnight or overnight. In return for depositing NZD, the Reserve Bank will provide the counterparty with nominal New Zealand Government Bonds (NZGB) as collateral.

A details page for the permanent repo facility will be published on the Reserve Bank’s pages on Bloomberg and Refinitiv at 11:00 a.m. NZT each day, outlining the volumes available for each tenor (overnight and the following tomorrow) and the interest rate of the facility. The Reserve Bank will allow a maximum of NZ$5 billion to be deposited against bonds in aggregate per proposed settlement date. For example, if $2 billion of NZD was deposited on the next day’s expiry the previous day, only $3 billion will be available on the overnight expiry that day.

Registered counterparties can call the Reserve Bank’s portfolio management team using the dedicated dealing lines between 3:00 p.m. and 4:00 p.m. NZT to request use of the facility. The facility will operate on a first come, first served basis. A results page will be posted as soon as possible after the window closes.

Why is the permanent repo facility priced at OCR minus 15 basis points?

The pricing of the facility represents a compromise between effectively anchoring rates and maintaining an incentive for activity in the general private collateral repo market. The Reserve Bank will regularly review the operational design of the facility, and the facility may be adjusted over time as needed.

Why is there a maximum limit of $5 billion per settlement date?

The $5 billion facility limit is an initial parameter designed to allow careful monitoring of usage and the resulting impact on short-term market rates and the level of settlement cash, as well as market reactions. The Reserve Bank will regularly review the operational design of the facility, and the facility may be adjusted over time as needed.

How often will the permanent pension facility be reviewed?

The Reserve Bank will regularly review the operational design of the facility, based on usage, financial market conditions and market reactions, to ensure that short-term market interest rates are trading at or close to OCR.

What is a General Collateral Buy-Back Agreement?

General collateral repurchase transactions are those where the specific security provided as collateral is only identified after other terms of the transaction have been agreed. The standing repo facility will provide nominal New Zealand Government Bonds (NZGB) as collateral for the transaction, with the exact bond being provided at the discretion of the Reserve Bank.

What will be the impact of the level of settlement cash on the permanent pension facility?

We expect the use of the SRF to be higher when the level of cash settlement is high and short-term market interest rates are trading below the OCR. When the level of cash settlement is lower and short-term market rates are trading closer to the OCR, market participants will have less incentive to use the facility.

What is the impact of the permanent repo facility on the Reserve Bank’s balance sheet?

The size of the Reserve Bank’s balance sheet will remain the same with the use of the facility, but the composition of liabilities will change. The deposit of cash in the repurchase transaction will reduce the settlement cash on the RBNZ balance sheet and increase the repo liabilities by an equal and offsetting amount.

How is the Standing Repo Facility different from the Bond Lending Facility?

The SRF allows counterparties to deposit NZD in exchange for nominal NZGB as general collateral, thereby earning a rate close to OCR on their investment.

The Bond Lending Facility (BLF) allows approved counterparties to borrow specific New Zealand government bonds from the Reserve Bank. Counterparties will use the BLF when a specific bond is difficult to find on the secondary market. The facility aims to mitigate settlement fails in the interbank market.

Both facilities will be offered at the same time, between 3:00 p.m. and 4:00 p.m. NZT daily. The BLF is currently remunerated at OCR minus 25 basis points, a lower interest rate than the SRF, due to the specificity of the bonds loaned.

Why don’t all market players have ESAS accounts?

Market participants applying for an ESAS account must meet the RBNZ access criteria. There are a number of factors to determine if a candidate is eligible. Note that the Reserve Bank has recently launched a review of its policy and criteria for access to ESAS accounts (regulation) (see link below). For some market participants, administration or financial infrastructure costs may also limit the benefit of having an ESAS account rather than operating through a settlement bank.

Who can use the Standing Repo Facility?

Market participants can access the facilities and operations of the RBNZ by registering as domestic counterparties. Domestic counterparty registration allows a wider range of market participants to access near-OCR priced facilities and transactions, without the need for an ESAS account. Market participants must register as a counterparty to participate in open market operations (OMO) and use the Overnight Reverse Repo Facility (ORRF), SRF and BLF.

Applicants must be financial institutions with a regular presence in wholesale financial markets, either as a market participant or as a financial market infrastructure (FMI) contributing to the soundness and efficiency of the neo financial system. -zeelandish. Participation in the repurchase transactions offered in the OMOs and available through the ORRF, SRF and BLF requires the signing of a 2011 Global Repurchase Agreement (“GMRA”) with the RBNZ. The Reserve Bank will deal with each request on a case-by-case basis. The RBNZ Operating Rules and Guidelines for National Markets provide further information on registered counterparty applications.

‘Cost of borrowing is also rising’: Social instability rises due to rising energy and food prices: Analyst – Pakistan


KARACHI: Social instability is increasing in Pakistan due to three major challenges, namely rising energy prices, rising food and commodity prices and rising cost of borrowing.

This is why the country’s economic outlook has deteriorated considerably, according to economic and financial analyst Ateeq-ur-Rehman.

“We are facing the highest monthly fuel adjustment charges embedded in our electricity bills due to the unbearable cost of corporate neglect and due to some energy projects being declared problematic; therefore, the poor and the middle class are the hardest hit sections (of the population),” he said.

He added that the central bank is continuously raising interest rates to contain prices and inflation, which is increasing the cost of borrowing as the debt burden increases day by day.

Victims of the rising cost of energy and food want to borrow money to support themselves, but due to the high cost of credit, avoid using this finance facility.

Ateeq-ur-Rehman said these people face the challenge of lack of funds to meet day-to-day expenses. He said the current calendar year is going to be tough and the next one is likely to be tougher.

“In order to get relief from these challenges, we must seriously and sincerely plan to increase our agricultural production, switch to alternative energy solutions like solar and wind power and significantly reduce margin rates,” the official said. lead analyst.

Copyright Business Recorder, 2022

Hell’s Kitchen Gentlemen’s Club and Lumber Yard file for bankruptcy


This may be the last dance for New York real estate magnate Robert Gans. The owner of 11 properties in the city, including Hell’s Kitchen’s Metropolitan wood and hardware and strip the joint Executive clubbankrupted a portfolio of its real estate holding companies amid a web of contentious lawsuits.

Robert Gans bankrupted a group of Hell’s Kitchen properties on 11th Avenue between W45/46th Street to suspend disputes with lenders. Photographic composite: Robert’s Steakhouse & BING.

Facing foreclosure by loanr Mack Real Estate GroupGans filed for chapter 11 bankruptcy after Mack alleged that he defaulted on $130 million loan and missed up to $6 million in payments last October.

The bankruptcy filing was inserted between an elaborate matrix of ongoing lawsuits by other lenders Extell Development and Eli Tabak’s Bluestone Group (which bought Gans’ debt from Mack in April) and a counterclaim by Gans alleging that the two lenders had engaged in a “conspiracy” to sell his properties under him through strategic stock purchases and foreclosures.

The Executive Club is one of the properties filed for Chapter 11 bankruptcy by Robert Gans. Photo: Phil O’Brien

Brooklyn-born Gans began his career in the lumber business, opening five Metropolitan Lumber & Hardware locations before delving into the real estate and hospitality industries. As well as owning the Scores strip club in Chelsea (the inspiration for legendary article from New York Magazine– shot major film Hustlers), properties on the west side of Gans include a 57,700 square foot assembly on 11th Avenue between W45th and W46th Streets that includes Metropolitan Lumber and Hardware and the 10,000 square foot Executive Club (formerly known as the Penthouse Executive Club), an exotic two-story dance shop featuring multiple stages, a full-service steakhouse, and a hidden dining room for “discreet-seeking guests.”

While the Executive Club may not have the same patina of Hollywood notoriety as Scores, the nightclub has had its fair share of press over the years. In a 2007 New York Times restaurant review titled “Where only the salad is properly dressed”Franck Bruni review describe The “pleasure palace” steakhouse Robert’s offers “some of the best steaks in New York” and that “whatever your appetite for the sassy show accessorizing these steaks, you will be wowed by the quality of the meat served.” Gans agreed, commenting at the opening of a Robert’s in Las Vegas: “I think my taste is pretty good, regardless of the company.

Metropolitan Lumber & Hardware Yard on 11th Avenue. Photo: Phil O’Brien

The future Executive Club property, among Gans’ other properties, is one of many dizzying deals around Midtown’s ever-revolving real estate door. On 8th Avenue, the intersection between Times Square and Hell’s Kitchen proper, remnants of “Old Midtown” and the new spurt of Hudson Yards-style retail developments have come to a head as investors buy and transform some of the most notorious buildings on the thoroughfare. A notable example is 691 8th Avenue, once known as the Playpen porn multiplex, which was bought by property giants Tishman Realty for $117 million in 2007 and transformed into a gleaming 450,000 square feet housing the Intercontinental Times Square Hotel and the ground- level Shake Shack (by Crain’s).

Could the Executive Club become the next Midtown Equinox location? Will Metropolitan Lumber & Hardware transform into a luxury-slash-Sweetgreen skyscraper? Gans’ bankruptcy filings effectively suspended lawsuits from his lender, so there could still be steaks and striptease routines sizzling on 11th Avenue.

The Penthouse Executive Club billboard in 2014 – featuring Robert’s Steakhouse Photo: Phil O’Brien

W42ST has contacted Gans through a representative of Metropolitan Lumber and attorneys who have previously represented him for comment and will update if we have a response.

Defaults set to soar amid rising borrowing costs and ‘extremely high’ recession risk


An association of fund managers has issued a grim prediction on the rising risk of credit defaults, warning that central bank interest rate hikes will trigger a wave of corporate defaults as borrowing costs soar and the threat of a global recession looms.

Not a single member of the International Association of Credit Portfolio Managers (IACPM) expressed the view that corporate defaults would decline, according to the group’s latest quarterly survey released on July 14.

“On the contrary, an overwhelming majority believe that delinquencies will increase in North America, Europe, Asia and Australia,” the IACPM said in a statement.

The survey was conducted among members of the association, which include portfolio managers from several of the world’s largest commercial banks, investment banks and insurance companies.

The association’s latest credit default outlook score came in at minus 82.3, a sharp drop from minus 58.0 in the previous quarter, which in turn was well below the positive 2.6. recorded nine months earlier. Positive numbers reflect expectations of improving credit conditions, while negative numbers suggest belief in a coming squeeze.

“Looking at these results, it is almost impossible not to think that the risk of recession is extremely high virtually everywhere in the world,” said Som-lok Leung, executive director of the IACPM, in a statement.

“In financial markets and among our members, there is a growing view that the US Federal Reserve will have to induce a recession to bring rising inflation under control,” he added.

Europe is in a worse position than the United States, where consumers and businesses have substantial liquidity and defaults are at historic lows, the IACPM said. Still, America is far from immune to default risk, Leung noted.

“Defaults are currently at rock bottom, but that will change over the course of the year,” Leung said. “Consumers and businesses have some cushion at the moment, but our members expect to see a significantly higher number of defaults in 2023 and possibly even 2024.”

The Fed’s fight against inflation

The Fed is struggling to control soaring US inflation, which hit a new 41-year high of 9.1% in June.

The central bank has also expressed concern about a rise in future inflation expectations, which threatens to become a self-fulfilling prophecy and further amplify inflation if left unchecked. Inflation expectations for the coming year in the United States have reached record highs.

Median one-year inflation expectations rose from 6.6% in May to 6.8% in June, marking another record streak, according to a recent survey by the New York Federal Reserve.

The Fed embarked on a cycle of monetary tightening in an effort to ease strong price pressures, raising rates at its latest policy meeting by 75 basis points to a target range of 1.50 to 1, 75%.

Data showing a slight rise in the inflation rate when the figures were released earlier in the week sparked strong speculation that the Fed might become more aggressive in its fight against inflation.

Economists and traders are now more or less evenly split in their expectations of a 75 basis point hike and a 100 basis point hike in the benchmark rate when Fed officials meet in late July.

Fed funds futures show a 51.3% probability for a 0.75 percentage point rise, while placing the probability of a 1.00 percentage point rise at 48.7%, according to the CME FedWatch Tool, at the time of writing the report.

As nations around the world turn to tighter monetary policy to rein in high inflation, the IACPM said survey respondents widely noted that rate hikes are a “blunt instrument” that carries a “serious risk of overcorrection”.

“The monetary policy risk is well known and entrenched at this stage, as is the lingering risk of inflation and the threat of recession,” Leung said.

“The risk is high and it’s everywhere.”

Uncertainty drives investors to reduce risk

Growing concerns about a possible recession are prompting some investors to reduce risk in their credit exposure.

As rising interest rates add pressure on credit, some investors are looking to reduce their exposure to lower-rated credits and look to corporate bonds that are likely to be more resilient in a downturn.

“We will still hold high yield, we will still hold some emerging markets, but I think we probably want to hold less going forward in the next three to six months,” said Nick Hayes, head of global strategic fixed income strategy. at AXA. Investment Managers, told Reuters.

“We want to improve the quality of the whole portfolio because we may be heading into a really uncertain period,” he added.

But higher interest rates are likely to reduce supply, posing a challenge for bond traders looking to spread their exposure between secondary and primary markets, traders told Reuters.

Earlier in July, high-yield spreads hit a two-year high of around 600 basis points as Bank of America strategists told Reuters the Fed never raised rates when credit conditions were also tight.

Yet high yield spreads do not show the stress levels associated with some past crises.

Spreads widened to over 2,000 basis points during the 2008 financial crisis and to over 1,000 basis points in early 2020 at the onset of the pandemic.


Tom Ozimek has extensive experience in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he’s ever heard comes from Roy Peter Clark: “Reach your goal” and “Save the best for last.”

Financial services provide monetary facilities for businesses and others To enable screen reader support, press Ctrl+Alt+Z To learn more about keyboard shortcuts, press Ctrl+slash


Financial services provide monetary facilities to businesses and other individuals. It is made up of various financial companies which include; banks, lenders, investment companies, financial services, real estate brokers and insurance companies. The financial services industry is one of the most important sectors of the economy that helps the world in terms of revenue and market capitalization. This industry makes room for big and small businesses. Considering the report of the Department of Finance and Development of the International Monetary Fund (IMF), we learn that financial facilities are the processes that allow consumers or businesses to obtain financial goods. For example, a company that provides a payment system provides a financial service when it receives and transfers funds between payees and payers.

Impeccable financial services

This firm is highly specialized in helping its clients prepare for the unexpected while achieving their financial goals. Their years of experience provide great benefits to their clients. They offer many services that can have a positive impact on your finances. They provide their clients with financial planning facilities so that they remain tension free. Their investment advice is given by experts who are familiar with the current market situation. They also help you with your retirement plans and education funding. Their credit services also help you achieve financial independence.

They do not describe their services to you based on some theoretical knowledge. They feature many proven financial strategies designed to offset your risk tolerance and withstand market volatility for you. Their recommendations and advice are primarily based on your financial needs and goals. Its mission and its values ​​are to respond optimally to all the expectations of its customers.

Immaculate price

People are always looking for financial companies that offer them the best services at minimal rates. Impeccable financial; have gained significant notoriety in this field. Their price list always pleases their visitors. It offers the best prices compared to other companies in the market. They also offer many discounts which can minimize your financial pressure. Currently, they are offering a 5% discount on each package. If you get three packages from them, you get half the initial fee. This finance company also offers Pristine Plus packages. This can save you a significant portion of your budget. If you take advantage of it, you can enjoy a 10% discount on each package. Pristine also offers you a membership plan with an upfront fee of $500. You can save a significant amount if you are a member of this company.

Impeccable credit services

Pristine financial services offer many credit facilities to their customers for their benefit. Here are some of the most common services offered by them.

Request withdrawal

Not all requests are allowed. If you want to remove some of them for your bright financial future, contact Pristine Financial Company. Their experts will remove non-essential inquiries and give you the benefit of saving more money.

Elimination of late payments

Removing late payment from your credit report is not an easy task. For this, you need to hire an expert. This company serves you to remove late payments in no time. Their effective strategies save you valuable time significantly.

Collection accounts

Although the creditor has the right to sell your account to a collection agency or debt buyer if you fail to cover the payments. This financial company can help you avoid that. They have financial experts who adopt appropriate strategies so that you do not suffer any loss.


Considering the effects of bad investments and poverty, Pristine financial services offer incredible foreclosure facilities. They can remove all the negative aspects that negatively impact your financing and offer you the best.

Accounts closed

Closed accounts can be very burdensome for some people. This financial company fulfills its functions to avoid it and effectively secure your financial future.


Bankruptcies can relieve you of financial hardship for a while. However, this can have a negative impact on your financial future. Want to avoid bankruptcies? Take advantage of Pristine financing services. You can enjoy the best facilities from them in this field.


Judgments can prevent you from getting credit. If you would like to seek relief from judgments, please do not hesitate to contact Pristine Financial Services.


To track your deposit accounts with credit unions and banks, a Chex system is used. It also creates a full report of information that prevents you from opening bank accounts for future use. This business serves you to maintain your bright future and avoid your past experiences and activities.

Media Contact
Company Name: Immaculate financial services
Contact person: Ethan Jacob
E-mail: Send an email
Country: United States
Website: https://pristinefinances.org/

Our Take: The Foreclosure Proposal Means More or Less the Same Thing


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The Harmful Effects of Borrowing From Someone Else’s Culture – The Columbia Chronicle

Photo by Mikaela Helane.

Editor’s note: This article is from the award-winning Echo magazine of the Communication Department

With the world on lockdown in March 2020, people found themselves with a seemingly endless supply of free time. Some turned to baking bread or knitting, some started exercising daily, and others turned to spirituality.

Malia Valentine, whose grandmother was from the Unangan tribe of the Aleutian Islands in Alaska, says the pandemic has also led people to seek healing through ancestral roots.

“I think building a relationship with yourself and your own ancestors, and the story of your own ancestors can really bring a lot of healing, and, I think, a sense of belonging which is maybe sought after looking at the culture of others,” says Valentin.

Valentine said many Americans no longer have a strong connection to their own ancestors and cultural backgrounds. As a result, some have turned to cultures that are not theirs.

Using white sage to cleanse a room or a person is one such popular practice among the spiritual community that originated from the indigenous communities. It is used in purification, an indigenous practice in which sacred herbs are burned for a ritual. Now, due to overharvesting of the plant, indigenous peoples and conservationists have warned that white sage could be in danger of extinction.

Photo by Mikaela Helane.

Chakras, yoga, spirit animals, and dreamcatchers have also been repurposed and mass-marketed to the general public, ignoring the initial cultures from which they originated.

“It’s so much easier to see that sage plant, or that song, or that ceremony as just one object, some sort of isolated object that exists on its own, ready to be consumed,” Valentine says. “Instead of seeing it as its own entity, with its own deep, deep, deep stories, and its own vast web of relationships.”

Valentine meets with Indigenous communities across the country, helping them protect their lands and sacred sites; currently, she works with the Winnemem Wintu Tribe of Northern California.

While doing this work, Valentine says, she saw firsthand the damaging effects of cultural appropriation.

“There’s this pretty strong sense of land entitlement on the mountain, and in the spring, and even when the Winnemem Wintu are there, and they’re asking, ‘Please respect these sacred places.’ People are really adamant,” Valentine says. “The people I’ve mostly interacted with are white, or at least white-looking, and still really have a right to be there.”

Valentine says she has seen people become aggressive when asked to leave a sacred site, which is difficult for the tribes to deal with. People sometimes view aspects of Indigenous culture such as white sage or spirit animals as isolated objects, rather than honoring the historical context and meaning behind them, she says.

Samantha Andersen, a 23-year-old pagan witch from Huntley, Illinois, began exploring spirituality when she saw her sister using tarot cards. Tarot cards are used for divination, originating in 14th century Europe. They were used for board games until around the end of the 16th century when people started using them to predict the future.

Photo by Mikaela Helane.

Now there are several types of tarot cards. The practice is open, which means that anyone who wishes can learn to read tarot. But not all practices are welcome for all, and more and more people are borrowing from cultures that are not their own.

“People sometimes take certain aspects of certain practices and combine them all into one,” Andersen says. “And I think that’s where some of the problems come from. People take little practices that they think are really interesting or very popular, and they’ll kind of use them without really knowing where it came from, or what it actually means.

Lesley Calvillo, co-founder and president of Call of the Cauldron, a witch club at Columbia College Chicago, says the club hosts sessions dedicated to stopping the cultural appropriation of witchcraft. She says many of their members are younger and take on a culture for lack of knowledge.

“It’s a great thing, especially with white sage, or the term black magic, or different things like that,” says Calvillo, who has been practicing witchcraft for three years. “It’s widespread, and few people realize it’s offensive, or an appropriation. Again, I wish people would do more research. But also, we need to have more open conversations about it.

Alex Kropp, a 20-year-old Chicago witch, says much of modern spirituality is derived and adapted from cultural practices, but it’s important to know when practices can be shared and when they’ve been stolen. Kropp says research is the best way to find out which practices are open and which practices are closed. Cross-checking with several sources is essential.

If people want to learn more about indigenous tribes and their work, says Valentine, they must first build relationships with other communities by helping them and learning from them. Going in with an open mind to really learn and help can help make those connections and help people find the healing they need, she says.

You can read the full Echo 2022as well as previous issues, on our website.

Casino AML Risks and Reforms in the Spotlight in Global Gaming Centers | Thomson Reuters Regulatory watch and compliance learning


Casinos are under renewed scrutiny from global regulators looking to tackle money laundering and misconduct in the gambling industry worldwide

Money Laundering and Misconduct in Casinos has renewed global scrutiny of Anti-Money Laundering and Anti-Terrorist Financing (AML/CTF) compliance in the gaming industry. Recent regulatory reforms target the culture of conduct and compliance in government agencies and the private sector.

Meanwhile, law enforcement activities are also taking a more aggressive turn, with regulators in one jurisdiction going so far as to classify casino money laundering misconduct as a threat to stability and security. financial.

Canada: Public Inquiry Sparks Calls for Reform

The findings of a regulatory investigation into money laundering in the Canadian province of British Columbia (BC) are increasing scrutiny of the gambling industry in this country and beyond. Earlier this month, the Cullen Commission, a public inquiry headed by B.C. Supreme Court Justice Austin Cullen, submitted a report to the federal government that examines whether the acts or omissions of regulators and individuals have contributed to money laundering in the province. The report covered 133 hearings, including testimony from gambling officials, police and financial crime experts, that took place as part of the investigation.

The commission found serious cultural shortcomings in the gambling industry. The findings of the investigation support the possibility that compensation incentives from the British Columbia Lottery Corp., a government agency responsible for overseeing gambling in province, have pressured gaming officials to prioritize gambling revenue over compliance with federal provincial anti-money laundering laws.

The Commission noted that “staggering amounts” of illicit funds are being laundered provincially. Although the survey did not quantify the exact numbers, the report provided evidence to support the hypothesis that the amounts are in the billions of Canadian dollars per year, in British Columbia alone, and increasing with time.

The 1,800-page report was recently made public and sparked calls for stricter enforcement and regulatory reform of anti-money laundering requirements for the Canadian gambling industry. The appointment of a dedicated commissioner to anti-money laundering and lowering the threshold for requiring proof of funds for casino cash transactions are among the recommendations made by the Cullen Commission to combat money laundering risks in the gaming industry.

Australia: Ongoing reforms and enhanced supervision

Misconduct and money laundering scandals at two major casino operators, Star Entertainment Group and Crown Resorts, have spurred wholesale regulatory reform of gambling regulations in Australia. A series of investigations into Australian gambling operators have revealed serious compliance failures at casinos operated by the two groups as well as loopholes at state-level casino regulators that have enabled money laundering. money to continue unabated for years.

An investigation in the Australian state of New South Whales found that The Star and its management had facilitated over A$900 million in money laundering for junket operators. Regulators in another state of Victoria have found Crown processed A$164 million in China UnionPay card payments in breach of anti-money laundering laws that prohibit the withdrawal of gambling funds using cards credit or debit. Crown’s casino license was recently reinstated with conditions after being suspended in 2020 for anti-money laundering non-compliance.

Regulatory reforms currently underway include proposals to broaden cooperation and enforcement between the Australian Center for Transaction Analysis and Reporting (AUSTRAC) and state level regulators. In addition, AUSTRAC has taken legal action against Crown Resorts, citing “serious and systemic non-compliance” with Australia’s anti-money laundering laws which has left the country’s financial system “vulnerable to criminal exploitation”.

The states of Victoria and Queensland have introduced legislation to provide increased oversight and enforcement powers to their respective state casino regulators. Queensland casino operators will be subject to stricter compliance requirements and stiffer penalties for breaching regulations; meanwhile, casino operators in Victoria will have to comply with expanded regulatory reporting requirements. Overall, the reforms suggest that the gambling industry in Australia will be subject to a much greater degree of oversight and accountability in the future.

Macau: Rising risks for operators

Macau recently gave the go-ahead to a new gaming bill that gives its chief executive the power to revoke gambling concessions given to casinos on national security grounds or for failure to pay taxes on time. Operators could be forced to give up concessions such as gaming tables or be asked to pay additional taxes if they fail to generate sufficient revenue to meet new minimum gaming tax requirements. a development that could have unintended consequences on driving risk.

Higher tax requirements have raised concerns as the industry continues to suffer financial losses due to limited visitor numbers in the city. Macau’s borders have been mostly closed since the start of the pandemic in 2020; and, beginning June 20, the gaming center closed most schools and businesses following the discovery of dozens of locally transmitted coronavirus cases. Although casinos have been allowed to stay open, residents have been told to stay home and analysts believe casino revenue in the coming weeks will be close to zero.

Pressure to generate revenue under difficult operational conditions could increase conduct and regulatory risk for casino operators in the gambling hub. Although Macau has not reviewed money laundering risks in the gambling industry with as much rigor as casino regulators in other jurisdictions, law enforcement has acted in cases where cross-border activity and enforcement actions in other jurisdictions are involved.

Long flagged as a high risk for money laundering and organized crime, these operators bring in high rollers to gamble in casinos, extend credit and collect debts.

In 2021, local law enforcement arrested 21 people, including the general manager of Macau Suncity’s Casino Junket, Alvin Chau, for organized crime and money laundering. Suncity has also been involved in a separate investigation by Australian regulators into allegations that Star Entertainment Group authorized money laundering in secret junket-operated rooms inside Star casinos.

Take away food

Casino operators in global gaming centers are coming under increased scrutiny as part of a broader crackdown on organized crime and money laundering. The culture of conduct and compliance emerged as two main areas where regulatory reforms are aimed. As seen in recent enforcement actions in Canada and Australia, culture and conduct within regulatory bodies are as problematic as in the private sector.

Financial institutions dealing with casino operators and the gaming industry should take note of the current heightened surveillance environment and apply enhanced due diligence measures where necessary.

[View source.]

Khris Middleton of the Milwaukee Bucks had surgery in early July to repair a torn ligament in his wrist, sources say


LAS VEGAS — Milwaukee Bucks All-Star forward Khris Middleton underwent surgery to repair a torn ligament in his left wrist in early July and is expected to be fully recovered to return toward the start of the regular season, sources told ESPN. tuesday.

Middleton, who turns 31 next month, averaged 20.1 points, 5.4 rebounds and 5.4 assists in 66 games with Milwaukee last season and was selected to his third All-Star Game. He helped lead the Bucks – alongside two-time MVP Giannis Antetokounmpo and Jrue Holiday – to the 2020-21 NBA Championship.

Middleton missed Milwaukee’s final 10 playoff games last spring after sustaining a medial collateral ligament sprain in his left knee in Game 2 of the Bucks’ first-round series with the Chicago Bulls.

Milwaukee then lost in seven games to eventual Eastern Conference champion Boston Celtics in the second round.

This offseason, the Bucks re-signed forward Bobby Portis and guards Wesley Matthews and Jevon Carter and added veteran swingman Joe Ingles to a one-year contract. Ingles is unlikely to be ready to start the season after suffering a torn ACL in January while still with Utah.

Milwaukee suffered a series of injuries throughout the 2021-22 season, including center Brook Lopez, who missed most of the regular season after undergoing back surgery.

KBank launches $2.7 billion tech campaign to expand banking services to unbanked and underbanked Thais


“We champion simplification, speed and a more sophisticated assessment of the potential of small customers to be responsible borrowers so that the unbanked and underbanked can also benefit from banking products that can improve their lives and businesses.”

Ms. Kattiya Indaravijaya, Managing Director, KASIKORNBANK

BANGKOK, July 12, 2022 /PRNewswire/ — KASINKORNBANK (KBank) has announced a US$2.7 billion strategic program aimed at strengthening access to banking services for Thailand unbanked and underbanked population as well as very small businesses and the self-employed. The program includes accelerated investments in technology, technology-related acquisitions, business partnerships, organizational development, as well as the adoption of other technology-enabled methods to improve access to banking services with a wider audience.

Ms. Kattiya Indaravijaya, Managing Director, KASIKORNBANK (PRNewsfoto/KASINKORNBANK (KBank))

Ms. Kattiya Indaravijaya, Chief Executive Officer of KASIKORNBANK said, “We are taking a bold step and through our technology leadership aim to transform the banking industry into a Thailand so as to help more people enter the banking system and benefit from banking products and services.

“We are already a bank that has the great strengths and reliability of a traditional bank serving a wide range of customers. What we are doing now is fusing on this performing core the disruptive DNA of a “challenge bank”.

Challenger banks have been a disruptive phenomenon in many countries, challenging traditional banks by using new technologies to make banking products more accessible. Challenger Banks has also won over traditional bank customers by eliminating time-consuming processes and providing services that are faster, easier to use, available everywhere and always on.

“By merging the DNA of a ‘challenge bank’, we want to be a bank that enables a whole new generation of Thais, rich in ability and energy, to access banking products and advice.

“We want to make more loans unsecured and based on the borrower‘s actual ability and intent to repay. We want it to be easier for everyone to apply from the privacy of their home or from his office. We want to take the process and the paperwork out and make things really easy. And we want it to happen for the customer much, much faster.”

Ms. Indaravijaya said, “We have launched our strategic program to fully leverage emerging technologies to conduct more comprehensive assessments of a client’s ability and willingness to repay a loan.

“These more sophisticated assessments of a small customer’s potential to be a responsible borrower will allow millions more people, the self-employed and very small businesses to enter the banking system and free many of them from the trap. debt of loan sharks who charge interest, often at more than 200% per year.”


During this year and the following two years, KBank invests approximately $610 million in new technologies and systems, in addition to 350 million US dollars invested in the past two years.

KBank has revealed that it also plans to conclude, over the next 12 months, between two and five acquisitions and business collaborations with technology-related companies with investments of up to $840 million.


  • KBank is currently piloting specialized buy-now-pay-later loans for self-employed people or those who do not have documentation to prove their income, assessing their creditworthiness on alternative data.

    Over the past few months, KBank has approved an average of 1,600 loan applications daily using this method, and the loan amount is usually around $40some cases up to $560.

    “We are the only bank to do so, and we are very encouraged by the fact that many of these people have probably never obtained a loan from a bank and are probably among the most vulnerable victims of loan sharks. This first small loan becomes a gateway that helps them enter the banking system. And, as they gain confidence in managing these loans and repaying, they can gradually increase their loan amount based on their performance, as well as other more specialized products,” Ms. Indaravijaya said.

  • KBank is also testing ways to make it fairer for micro-enterprises to get loans as part of its ‘challenge bank’ goals.

    Since many of these types of businesses do not have financial statements, they are almost always unable to secure bank loans and are forced to turn to expensive, unofficial sources of lending.

    “We are the first bank to reach out to these groups and enable them to obtain loans without such documentation. We do this based on interviews and other technology-assisted assessments, and hope to expand the project beyond its preliminary phase, as soon as possible,” she added.

  • Ms Indaravijaya said another significant barrier to obtaining bank loans for low-income groups and the self-employed is that they do not have time to go to a bank branch or are not comfortable doing it.

    “To make it easier for them to enter the banking system, we have partnered with the LINE social media app and are the only bank to offer social media banking services in Thailand. Even if an applicant does not have a bank account, our LINE BK app allows them to apply for a loan and get a decision within 24 hours. And if they already have an account with KBank, they can complete an application and receive a decision in less than five minutes.

    “The LINE BK app also allows people to apply for loans even if they don’t have supporting documentation. With the applicant’s consent, we can assess most cases using alternative algorithms and data already available on their social networks.

    Based on its current user base, approximately one in three successful borrowers through LINE BK gets their first bank loan, ever; almost half are self-employed, about half have incomes below $420 per month, and nearly 80% are in provinces outside bangkok.

    “By the end of this year, with the LINE BK app alone, we hope to bring another 200,000 people into the banking system by giving them their first bank loan.. Through this channel, we also plan to grant loans totaling US$550 million to more than 600,000 people and small businesses, freeing many of them from the need to consider borrowing from expensive unofficial sources,” she said.


KBank is also working with a major retail group to give inland family store operators easier access to collateral-free loans, as well as providing loans to store customers.

“By assessing the creditworthiness of a store and its customers in a non-traditional way and greatly simplifying the processes, by 2022 we aim to penetrate deep into the hinterland through the partner’s thousands of stores. will bring the inhabitants of the small towns around Thailand access banking services,” she said.

Note to Editor

Like a March 31, 2022the total assets of KBank and its subsidiaries were 4,133,248 million bahtan augmentation of 29,849 million baht i.e. 0.73% at the end of 2021, ranking it second Thailand based on loan market share.

KBank is financially well positioned for the future with an equity ratio of 18.77% and a liquidity coverage ratio (LCR) of 174%, and has an adequate loan loss reserve with loan coverage non-performing (NPL) by 159%, at December 2021.

KBank is listed on the Stock Exchange of Thailand (SET) and is a constituent of the SET 100 Index, SET Thailand Sustainability Investment Index (THSI) and SET CLMV Exposure Index, and is rated long-term by Moody’s at Baa1 Outlook Stable.

Where US dollar figures are quoted, exchange rate calculations are approximate and rounded.


Five sticking points for central banks ahead of the RBA survey | Satyajit Das


OIn addition to the usual angst over its forecasts and decisions, the Reserve Bank of Australia is facing an investigation. The ground rules for these exams, according to Minister Yes’ Sir Humphrey Appleby, are not to examine anything you don’t have to do and certainly never unless the results are already known.

In fact, the problems surrounding central banks are clear, if not easily remediable.

1. Opaque Mandates

The RBA must contribute to the economic prosperity and well-being of Australians, which in practice means jobs, price stability and the integrity of the financial system and currency. It lacks detail – what constitutes full employment?; are growth and well-being synonymous? ; why the inflation target of 2 to 3%? Goals are often incompatible, priorities are unclear, and the time horizon is vague.

2. Limited Tools

Central banks set interest rates, provide liquidity through open market operations and quantitative easing (mainly the buying and selling of government debt) and provide forward guidance (“mouth trading”). open” or “jawboning”). Alan Greenspan, former chairman of the US Federal Reserve, was famous for his Delphic eloquence: “If I made myself understood, you misunderstood me.

The RBA has limited influence over budgets (government) and financial institutions (Australian Prudential Regulation Authority), which can reduce the effectiveness of its policies. The value of the Australian dollar, foreign investment flows and geopolitics (sanctions, trade restrictions) are largely beyond its control. There are also limitations; for example, the zero bound of interest rates and overall debt levels.

3. Faulty business models

The Nairu (unemployment rate without accelerating inflation) or the Phillips curve postulates that higher unemployment lowers inflation. In practice, the relationship is unreliable. Cause and effect are often difficult to differentiate.

Critical data arrives with a lag and is arbitrary – inflation measures are based on a selected basket of items; growth ignores unpaid work, resource scarcity or sustainability; employment is ill-defined in a world of zero-hour agreements and contracts. Buyers and businesses see price pressures before central bankers.

US Fed Chairman Jerome Powell admitted that “we have a better understanding of how little we understand about inflation.” Impenetrable jargon, obscure mathematics and false empiricism mask a base of ignorance but allow brilliant ex post justifications of actions.

4. Cultural issues

Most central bankers are economists by training, who spend most of their working life in the institution, government or academia. They primarily converse with other members of their tribe, encouraging groupthink. There is an incomplete appreciation of the needs and concerns of ordinary people. At an unfortunate “meet the citizens” event, New York Federal Reserve Chairman William Dudley was met with cries of “I can’t eat iPads” when he suggested the rise food prices was offset by falling technology costs.

Central bankers should also consider their post-institutional careers in financial institutions, think tanks or as non-executive directors. They and their views must be seen as “sane” by those in a position to bestow these lucrative rewards.

The rise of celebrity central bankers, based on selfish encouragement from financial markets and the media, has encouraged hubris. Impenetrable reticence and invisibility have given way to volubility and Twitter handles. Rather than sound management of the economy, the focus is now on equity markets, house prices and debt-induced illusory wealth, which do not always benefit all citizens equally.

5. Limited Supervision

The basis of the actions is rarely clarified. In 1929 the Bank of England said it did not explain its policy because it would be like a woman defending her virtue.

Governments are reluctant to intervene, fearing critics will undermine central bank independence. Boards are dominated by insiders. Independent directors, from the same background, are unlikely to second guess staff recommendations, even if they have the expertise and information.

The proposed survey is likely to obscure the issues identified. The members, former central bankers and “experts”, possibly foreigners, are unlikely to be too critical of their peers or of legal controversies. Self-interested competing bureaucracies will defend acreage, fearful of ceding power or importance.

There will be many recommendations – broadening the range of administrators, greater community and business consultation, improved communication, and regular reviews. Specific goals and drastic changes will be rejected because they reduce flexibility or risk having unknown side effects.

The central question of whether an independent central bank is necessary will be confusing. Governments could set interest rates alongside fiscal and structural strategies that allow better coordination of economic management.

The unacknowledged reality will remain that current arrangements allow governments to transfer sometimes painful or contentious choices to central bankers. They can then assign blame or claim credit based on the results.

Central banks provide politicians with an institutional mechanism to avoid accountability and deflect stigma. Governments launch investigations not for the truth or real improvement, but for alibis and the appearance of action.

News desk | ILLINOIS


CHAMPAIGN, Ill. — Working together, economic and racial justice organizers over the past decade have brought about policy changes to address economic inequality, researchers report in a new book.

University of Illinois Urbana-Champaign urban planning teacher Marc Doussard and co-author Greg Schrock, a professor of urban studies and planning at Portland State University, examine grassroots organizing efforts in six cities, including Chicago, in “Justice at Work: The Rise of Economic and Racial Justice Coalitions in Cities.” Doussard conducts research on economic development and the economic value of improving wages, working conditions, and job security for low-wage workers.

Urban planning professor Marc Doussard’s research focuses on equitable economic development.

Courtesy of Marc Doussard

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Doussard and Schrock say the racial justice organization has changed the way activists work for policy change. Historically, community organizers focused on a single issue, whether it was fair wages or affordable housing, and used bargaining and negotiation to bring about change. They played down discussion of race for fear the volatile issue would erode support for their positions, Doussard said. That approach changed with the racialized crisis of foreclosures in the late 2000s and the Great Recession, he said.

“The worst loans have been made in communities of color. Their foreclosure rates were through the roof. At the same time, austerity budgets deprived those same communities of the resources they needed,” Doussard said. “Every issue seemed to be related to racism.”

Racial justice work offers a generic language to talk about these related issues, he said.

“Racial justice is really effective in talking about financial issues. It matters because austerity and budget cuts have always been a problem in cities,” Doussard said. “If you talk about alternative funding models, people’s eyes glaze over. If you say a policy is discriminatory, people understand.

For example, the Chicago Teachers Union won public support for stopping school closings in minority neighborhoods in part by calling the plan “educational apartheid.” By centering race in their messaging, they built a coalition that included anti-racist organizations, Doussard said.

Similarly, in “Fight for $15” campaigns across the country for a minimum wage of $15 an hour, community organizations, labor unions, and civil rights groups began to work together, creating larger and more diverse networks with more political ties. “Participants in social movements at this time find that adding new partners and issues to the agenda expands, rather than dilutes, their power,” Doussard and Schrock wrote.

As the COVID-19 pandemic shone a spotlight on economic and social inequality, activists had for years associated various social issues with systemic racism, and they had a way to talk about how the public health crisis and its effects were race-related, says Doussard.

Union organizers have also reacted to globalization, he said. Their goal for many years, particularly in Chicago, was to try to preserve manufacturing jobs that were being moved overseas. They have shifted their approach to the service economy, whose jobs cannot move and which often employ people – especially women – of color.

The authors wrote about “urban policy entrepreneurs” – the people who shape public policy agendas in cities, as opposed to conventional policy makers in Washington, D.C. Doussard and Schrock focus on cities where, according to Doussard, he is much easier for community groups to set the agenda and capture the attention of mayors and council members through protests, pushing ballot initiatives and supporting rival political candidates.

The book uses “Fight for $15” campaigns as an example. It was passed in Seattle after a candidate made it a campaign issue and union leaders began defending it. The campaign then moved to other cities, demonstrating how a national network of activists shares information such as how to write language for new policy enforcement, compelling ways to talk about it and effective means of protest.

“Redirecting policy attention from Washington to cities is not just about doing the same elsewhere. It’s a policy based on people’s everyday lives, in everyday relationships,” Doussard said. “By deciding to deal with the minimum wage in the cities rather than in Congress, the organizers ended up with a higher minimum wage, with follow-on benefits that people did not think they were getting and with strong and robust coalitions . So many voters and researchers are focused on Washington, and in the meantime, what’s happening in cities is this remarkable transformation.

The success of movements such as “Fight for $15” and the campaigns against school closures and plans to fund tax increases that burden low-income neighborhoods stem from years of work to create networks between labor, racial justice and community organizers and find the most effective messages to garner support for policy changes, Doussard said.

“Among the many issues we are considering, lawmakers voted for change after activists spent years or decades refining messages, models and supporting research,” Doussard and Schrock wrote. “It makes the case for activists to find and take more risks: trying new policies, reintroducing old ones, supporting new studies, trying new messages, and simply advancing justice campaigns by inventing rather than waiting for opportunities. “

Health experts say complacency over COVID-19 has curtailed the freedoms of immunocompromised people and the elderly


Since the isolation of her Melbourne home, Carol Davy has been battling daily with ovarian cancer and systemic lupus.

With COVID-19 still casting a specter over every town and city in Australia, Carol has found herself cut off from the rest of the world.

“It was a very stressful time, isolated to the point of almost going crazy,” she said.

Carol spends most of her life behind N95 masks and plastic face shields to protect herself from life-threatening infection.

Although Carol’s illness entitles her to a home care package, her fear of COVID-19 infection means she rarely takes advantage of it.

“I just canceled one after another, which was difficult for me, but there was a period where they wouldn’t even say if their staff had been vaccinated or reinforced,” Carol said.

Routine medical trips to the Royal Melbourne Hospital have become “absolutely terrifying” ordeals as the rest of the country emerges from the pandemic.

“There are people everywhere without masks,” Carol said.

“I was walking into Coles one day, all masked and masked, and three young guys came up to me and said ‘Oooh, look at you with all your stuff’!

“People never cease to amaze me.”

For Carol, the complacency shown by the rest of the country has left her feeling invisible.

“What annoys me more than anything, especially in the last month or two, is the media and others talking about COVID in the past tense,” she said.

“And yet more than 20 people die every night, and they are people like me.

Australia marked its 10,000th death from COVID earlier this month, with health authorities no longer announcing individual details of the deceased.

For Carol to succumb to the virus after such a long battle with cancer would be unfair.

“I fought cancer for years and I fought a damn good fight,” she said.

“I don’t want to die from the damn virus.”

Australia cases and hospital admissions rise as rules ease

Jurisdictions across the country have rolled back COVID-19 restrictions despite the onset of winter.

Mask requirements at airports have been scrapped in line with advice from the Australian Health Protection Principal Committee (AHPPC), while states have rolled back vaccination mandates across many industries.

The government played down the return to mandatory mask-wearing throughout the first two years of the pandemic.(Reuters: Sandra Sanders)

Masks must now only be worn in high-risk settings such as healthcare and aged care, while QANTAS has started to roll back mask requirements on outbound international flights.

Despite claims from state health chiefs that “pressure is growing” to reintroduce mask mandates, Health Minister Mark Butler has dismissed the idea.

“I don’t see a return to very broad mask mandates, that’s the advice I’m getting, but clearly the message is to take responsibility, make your own choice,” Butler told ABC News Breakfast.

The government’s fierce opposition to mask mandates contrasts with rising hospitalization figures in Australia, with the country recording its highest number of hospitalized COVID patients since February.

Additionally, Mr Butler said there could still be “several weeks or months” before the rise in cases and hospitalizations began to reverse.

North vs South comparisons leading to frustration

Dr. Kirsty Short wears a white coat and glasses, standing near a bench covered in lab items.
Kirsty Short says many Australians are experiencing COVID fatigue after the last two years of restrictions.(ABC News: Marton Dobras)

Kirsty Short is a virologist at the University of Queensland who says the spike in COVID-19 cases was almost inevitable.

“If you lift the restrictions, which was always supposed to happen, you’re going to have more cases,” Dr Short said.

“Certainly if you are someone who is not vaccinated or not fully up to date… I would strongly recommend that you wear a mask at this time.”

Dr Short said many Australians may be hesitant to voluntarily wear masks after seeing countries abroad live largely unrestricted.

“To play in there is to look at the northern hemisphere and see that they are way beyond it,” Dr Short said.

“We have to remember that in the southern hemisphere we are in a bit of a different situation.

Pedestrians crossing an urban road in all directions.  A man walking towards the camera wears a blue surgical mask
Health experts say Australians have become more complacent about health and safety measures.(ABC News: Che Chorley)

Dr Short said while Australians might be weary after more than two years of restrictions, it was of the utmost importance to keep immunocompromised and elderly people in mind.

“We have to remember that there are vulnerable members in the community,” Dr Short said.

“We forget these people at our peril.”

Health experts point to the costs of complacency in the face of COVID-19

Brendan Crabb of the Burnet Institute is one of many health experts calling for an urgent and radical overhaul of Australia’s attitude towards COVID-19 infection.

“There is no doubt that we are in massive complacency over COVID,” Professor Crabb said.

“We had the better part of the 8 million people who officially got COVID, probably something like double in reality,

“[There’s] no sign that we’re building this magic wall of immunity.”

Professor Crabb said governments and health authorities must take responsibility for sending mixed messages to the Australian public.

“We’re complacent, but I don’t blame the public for that,” Professor Crabb said.

A man sitting in a laboratory
Brendan Crabb thinks health authorities have misunderstood messages regarding COVID.(Provided: Burnet Institute)

Professor Crabb said COVID complacency was a global problem, with the World Health Organization urging countries with high transmission rates like Australia to change course.

“Many transmissions have not set us free, they have restricted our freedoms. There is no doubt about that,” he said.

Professor Crabb said promoting the benefits of measures such as wearing face masks and vaccinations was essential, rather than simply imposing them and punishing those who do not follow the rules.

“There will be occasions where something needs to be introduced in a more mandated way, and hopefully when that happens the community will want it because they’ve been on this journey,” he said.

“We’re not getting that narrative even close to the right at the moment.”

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Australians over 30 will be eligible for the fourth dose of the COVID vaccine.

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ECB: foreign lenders seek clarification on ECB borrower rating

Several foreign lenders engaged in raising offshore loans and bonds for Indian companies have asked the central bank whether the relaxed rules on higher offshore borrowing would only apply to companies with higher ratings overall. Such a criterion threatens to limit the number of potential beneficiaries, say people familiar with the matter.

Domestically rated companies may not always make the reduction in investment grade when rated by foreign agencies. Therefore, bankers want to know whether the central bank’s reference to rating eligibility to benefit from the latest plans applies to the domestic or even overseas context.

A top-rated company in the world can price bonds or loans with a spread of around 100 to 200 basis points depending on its brand, dealers said. However, a company rated high yield by foreign rating agencies must offer much more to attract global banks/investors. One basis point is 0.01 percentage point.

“The latest easing makes sense, especially for companies rated in the high-yield category by global ratings firms,” ​​one of the people quoted above told ET.

On Wednesday, the Reserve Bank of India (RBI) doubled the borrowing limit for a local business to $1.5 billion through the External Commercial Borrowing Facility (ECB) under the automatic route.

“The overall cost cap under the ECB framework is also raised by 100 basis points, subject to the borrower being investment grade,” the RBI said last week.

This threshold is currently capped at 500 basis points. The relaxed rules will only be in effect until December 31.

The foreign banks individually approached the RBI, which did not comment on the matter.

“For the same rating, the probability of default for any local rating rating is higher than for global ratings,” said K Ravichandran, ratings director,

Ratings. “This has ramifications for a local business raising funds globally. The borrower will get an offshore rating much lower than their onshore rating because the former is also influenced by the country’s sovereign rating.”

A company rated triple A by ICRA will likely be rated BBB- or Baa3 by Moody’s Investors Service, an international rating company.

Moody’s rates about 76 Indian borrowers of which only 31 companies fall under investment grade (IG).

In the international market, a local company’s rating is usually capped at India’s sovereign rating rank, which is BBB-, the lowest IG rank.

There are a few exceptions. A local company can be rated one or two notches above the sovereign rating provided that the majority of its profits are in dollars. This applies to certain sectors, including information technology and oil and gas.

With the exception of triple AAA rated Indian companies, other IG category rankings generally do not find the same ranking when rated by international rating companies. Entities rated between AA and A would find their place in the High Yield category while the others will struggle to find even an acceptable rating to raise funds abroad.

Allegiant Air has left its home airport. What about this credit?


Q: I recently had to cancel a flight on Allegiant Air after having an accident. The airline sent me a voucher for $117.

Shortly thereafter, Allegiant announced that it was discontinuing service to our home airport, Cleveland Hopkins International Airport. I’m sure I won’t be able to use this voucher.

I’ve sent Allegiant three polite emails asking for a refund, but he’s not responding. Could you help me get a refund?

— Bruce Sidaway, Independence, Ohio

A: You canceled your flight, so Allegiant did what it was required to do: it gave you a voucher for the amount of your ticket. But in late 2021, Allegiant announced it would end operations at Cleveland Hopkins International Airport, citing higher costs to serve that market.

When an airline withdraws from a market, you are in a gray area when it comes to consumer protection rules. There is no obligation under DOT regulations to refund your ticket. But in practice, airlines often offer a refund when they no longer serve a destination.

Your case was a bit unusual because Allegiant did not respond to your emails. I wondered why. They were short and polite – and they spoke directly to the vice president of operations.

I think that was the problem. For inquiries like this, you’d better go through the Contact Us page at www.allegiantair.com/contactus. Only then should you have referred your case to one of the Allegiant executives on my consumer advocacy site at www.elliott.org/company-contacts/allegiant/.

Maybe the Allegiant customer service team thought you might want to head to Cincinnati, a city they still serve. Many travelers looking for a deal on a plane ticket would spend a little more time in a car, but you mentioned that a four-hour drive to the airport just wasn’t worth it the penalty. And besides, Allegiant sold you a ticket to Cleveland, not Cincinnati.

If an airline no longer flies to your home airport, you should get a full refund for your ticket – or your ticket credit. It’s common sense. I contacted Allegiant on your behalf.

“Your request must have prompted the airline to finally respond,” you said. “I received an unsigned email acknowledging their decision to refund the full amount of the voucher. The credit was applied to our credit card the next day.”

Christopher Elliott is the Advocacy Director of Elliott Advocacy, a non-profit organization that helps consumers solve their problems. Elliott’s latest book is “How to Be the World’s Smartest Traveler” (National Geographic). Contact him at elliott.org/help or [email protected]

Black Knight First Look: Mor

  • The national crime rate fell to 2.80% in April, down four basis points from March, hitting a new high for the second month in a row
  • Overall delinquencies are down nearly 40% from a year ago as the mortgage market continues to recover from pandemic-related impacts
  • The number of borrowers with a single overdue payment increased 7.9% month-over-month, following typical seasonal trends
  • This has been offset by a strong improvement among borrowers who are three or more past due – with volumes down 8% month-over-month
  • Although these serious chargebacks have fallen by 6% to 12% in each of the past 14 months, volumes remain more than 55% above pre-pandemic levels
  • Despite still high levels of serious crime, foreclosures have fallen nearly 12% from March and remain well below pre-pandemic levels – although active foreclosures have increased slightly
  • Prepayment activity fell 19.1% from March and 61.8% from a year ago as interest rates continued their sharp rise in April

JACKSONVILLE, Florida., May 20, 2022 /PRNewswire/ — Dark Knight, Inc. (NYSE: BKI) reports the following “first look” at April 2022 month-end mortgage yield statistics drawn from its loan-level database representing the majority of the national mortgage market.

U.S. Total Delinquent Loan Rate (loans past due 30 days or more but not foreclosed): 2.80%
Month-on-month change: -1.31%
Year-over-year change: -39.93%

Total pre-sale inventory rate in the United States: 0.32%
Month-to-month change: 2.31%
Year-over-year change: 13.48%

Total number of seizures in the United States: 21,400
Month-on-month change: -11.93%
Year-over-year change: 478.38%

Monthly prepayment rate (SMM): 0.99%
Month-on-month change: -19.10%
Year-over-year change: -61.80%

Foreclosure sales in % of 90+: 0.46%
Month-to-month change: 8.58%
Year-over-year change: 228.58%

Number of properties overdue for 30 days or more but not seized: 1,496,000
Month-to-month change: -17,000
Year-over-year change: -1,004,000

Number of properties overdue for 90 days or more but not seized: 640,000
Month-to-month change: -54,000
Year-over-year change: -1,128,000

Number of properties in foreclosure pre-sale inventory: 173,000
Month-to-month change: 4,000
Year-over-year change: 20,000

Number of properties overdue for 30 days or more or in foreclosure: 1,669,000
Month-to-month change: -13,000
Year-over-year change: -984,000

Top 5 States by Non-Current Percentage*









West Virginia:


Bottom 5 States by Non-Current Percentage*











Top 5 States by Percentage of 90+ Day Offenders











Top 5 states by 6-month change in non-current percentage*





District of Colombia:




New Jersey:


Top 5 states by 6-month change in non-current percentage*

North Dakota:










*Non-current totals combine foreclosures and delinquencies as a percentage of active loans in that state.

  1. Totals are extrapolated based on Black Knight’s mortgage database.
  2. All integers are rounded to the nearest thousand, except for foreclosure starts, which are rounded to the nearest hundred.

For a more detailed view of this month’s “first look” data, please visit the Dark Knight Newsroom. The company will provide a more in-depth look at this data in its monthly Mortgage Monitor report, which includes an analysis of the data supplemented by detailed charts and graphs that reflect trends and point observations. The Mortgage monitor report will be available online by June 6, 2022. For more information on accessing Black Knight’s Loan Level Database, please email [email protected].

About the Dark Knight

Black Knight, Inc. (NYSE: BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage and real estate lending and servicing industries, as well as in capital markets and secondary. Businesses leverage our robust integrated solutions across the homeownership lifecycle to help retain existing customers, win new customers, mitigate risk and operate more efficiently.

Our customers rely on our proven, comprehensive, and scalable products and our unwavering commitment to providing superior customer support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

favicon.png?sn=FL63417&sd=2022-05-20 Show original content to download multimedia:https://www.prnewswire.com/news-releases/black-knights-first-look-mortgage-delinquencies-hit-yet-another-record-low-in-april-driven-by-continued-improvement-among- badly-arrears-loans-301551900.html

SOURCEBlack Knight, Inc.

The IOB increases the MCLR by 10 basis points: EMIs will increase the burden on borrowers


The marginal cost of funds-based lending rate (MCLR) across maturities rose 0.10% by public sector lender Indian Overseas Bank (IOB). The new rates range from 6.95 to 7.55% and take effect July 10. The bank raised the overnight rate to one-month MCLR from 6.85% to 6.95%. The 3 to 6 month MCLR increased from 7.40 to 7.50%. The benchmark rate for the retail long segment, including auto, personal and home loans, was raised from the current 7.45% to 7.55%. Additionally, the two- and three-year MCLRs are each raised by 7.45-7.55%.

If you are an existing IOB borrower, the bank will increase the interest rate on your loan on the monthly reset date in accordance with the new MCLR.

Show full picture

IOB MCLR (iob.in)

Meanwhile, private lender IDFC First Bank is raising benchmark lending rates by 10 to 15 basis points over a range of tenors. Effective July 8, 2022, revised Marginal Cost of Funds (MCLR) Lending Rate rates will be in effect. Currently, the MCLR rate for a one-year term is 8.80%, while the rate for a six-month term is 8.50%. The three-month MCLR is 8.20%. While the MCLR is 7.95% for one-month and overnight terms.

According to a statement released with the BSE, Canara Bank has increased the marginal cost of the funds-based lending rate (MCLR) and the repo-linked lending rate (RLLR) on all terms beginning July 7, 2022. In all mandates, the bank increased MCLR by 10 basis points. The bank’s website indicates that the current one-day to one-month MCLR is 6.75%. The MCLRs for three and six months are 7.05 and 7.45%, respectively, and 7.50% for the 1-year MCLR. On the other hand, HDFC Bank recently increased its MCLR by 20 basis points effective July 7. Overnight MCLR is now 7.70% from 7.50% previously and MCLR is 7.75% for one month according to the HDFC Bank website. The MCLRs for the three and six months are 7.80 and 7.90%, the three year MCLR will be 8.25%, the two year MCLR will be 8.15% and the one year MCLR, which is linked to many loans. products, will now be 8.05 percent.

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Fight robocalls and annoying spammers – Our Time Press


By Fern E. Gillespie
Whether it’s a landline or cell phone, annoying calls from spammers, scammers, telemarketers and bots appear on phones by voice or text. According to YouMail, a company specializing in robocall blocking, Americans are expected to receive more than 52 billion robocalls this year.

Last year, New York Governor Kathy Hochul signed a set of laws that will build on federal action to combat robocalls. “New Yorkers are tired of annoying and predatory robocalls, and we’re taking action to stop them,” Gov. Hochul said. “This legislation will allow telecommunications companies to prevent these calls from coming in in the first place, as well as empower our state government to ensure that voice service providers validate who is making these calls so that action can be taken. enforcement can be taken against bad actors.”

The New York Attorney General’s Office has issued recommendations for New York consumers frustrated by telemarketers, who are limited to calling potential customers between 8 a.m. and 9 p.m. When you receive an unwanted telemarketing call, ask for the name of the company and the caller. Record call information, time and date. Tell any unwanted telemarketer to put you on their “Do Not Call” list, which prohibits calls for 10 years. Call (888) 5OPT-OUT to have your name removed from consumer credit lists provided to telemarketers by credit reporting agencies. To report a complaint, contact the New York Attorney General’s Office Consumer Helpline at (800) 771-7755 or visit the website at ag.ny.gov
There are several free and paid apps to help stop robocalls, telemarketing, and phishing. Some of the best recommended spam call blockers for Android and iPhone are YouMail, UnknownPhone. Hi. Truecaller. Nomorobo and RoboKiller.
The FCC has established tips for consumers to stop unwanted robocalls and tips for avoiding phone scams:
Do not answer calls from unknown numbers. If you answer such a call, hang up immediately.
You may not be able to tell immediately if an incoming call is being spoofed. Please note: Caller ID indicating a “local” number does not necessarily mean that it is a local caller.
If you answer the phone and the caller – or a recording – asks you to press a button to stop receiving calls, you should simply hang up. Crooks often use this trick to identify potential targets.
Do not answer any questions, especially those that can be answered with “Yes”.
Never give out personal information such as account numbers, social security numbers, mother’s maiden names, passwords, or other identifying information in response to unexpected calls or of suspicion.
If you receive a request from someone claiming to represent a business or government agency, hang up and call the phone number listed on your account statement or on the business or government agency’s website to verify the authenticity of the request. You will usually receive a written statement in the mail before you receive a phone call from a legitimate source, particularly if the caller is requesting payment.
Be careful if you are pressured for information immediately.
If you have a voicemail account with your phone service, be sure to set a password for it. Some voicemail services are preset to allow access if you call from your own phone number. A hacker could steal your personal phone number and access your voicemail if you don’t set a password.
Talk to your phone company about call blocking tools they may have, and check out apps you can download to your mobile device to block unwanted calls.
If you already use robocall blocking technology, it’s often helpful to let that company know which numbers are producing unwanted calls so they can help block those calls for you and others.
To block telemarketing calls, register your number on the do not call list on donotcall.gov.



More than 600 properties for sale

MAYVILLE, NY – July 7, 2022 – (Newswire.com)

Chautauqua County is holding a two-day, online-only closing real estate auction for county tax foreclosed real estate properties. The online auction, conducted by Buffalo-based Auctions International, will begin Saturday, July 9, 2022 at 12 p.m. and begin closing Thursday, July 21, 2022 at 10 a.m. EDT.

Over 600 properties in total will be auctioned at the online-only auction event. To take into account the volume of goods offered for sale, the auctions will start on the same day, but the closing dates are distributed as follows:

Day 1 Closing of the auction: Cities of Jamestown and Dunkirk: Thursday July 21, 2022, from 10 a.m.

Day 2 auction closes: All other towns/villages: Friday, July 22, 2022, from 10:00 a.m.

Properties for sale include vacant land, acreage, residential homes, commercial buildings and more.

“We’ve never held an auction like this before,” says RJ Klisiewicz, director of operations for Auctions International and a Chautauqua County native. “We have held tax foreclosure auctions before with Chautauqua, but none of this magnitude. Splitting the online auction and offering two closing dates makes it very manageable and less cumbersome for interested parties who wish to participate.

In order to participate in this online auction, all interested parties must complete the online bidder registration package (specific to this sale) and create an online auction account with Auctions International. The link to download the documents can be found on the Auctions International website. Only one package is needed for the two auction closing days. Upon completion, potential bidders should mail their package (and required documentation) to: Auctions International, Inc., 11167 Big Tree Rd, East Aurora, NY 14052 by 4:00 p.m. Tuesday, July 19, 2022. There is no exceptions.


For more information on the auction and full sale details, visit:

www.chautcoauction.com (www.auctionsinternational.com)

press release department

Primary source:


Research: Rating Action: Moody’s raises five ratings for Elstree Funding No.1 PLC


London, July 07, 2022 — Moody’s Investors Service (“Moody’s”) today upgraded the rating of five notes from Elstree Funding No.1 PLC. The rating action reflects better than expected collateral performance as well as the increased levels of credit enhancement for the affected notes.

Moody’s affirmed the rating of the note which had sufficient credit enhancement to maintain its current rating.

….GBP208.7M Class A Notes, Confirmed Aaa (sf); previously on Nov 5, 2020 Final rating assigned Aaa (sf)

….GBP21.7M Class B tickets, upgraded to Aaa (sf); previously on Nov 5, 2020 Final rating assigned Aa1 (sf)

….GBP12.2M Class C tickets, upgraded to Aa2 (sf); previously on Nov 5, 2020 Final rating assigned A2 (sf)

….GBP6.8M Class D tickets, upgraded to A2 (sf); previously on Nov 5, 2020 Final rating given Baa2 (sf)

….GBP4.1M Class E tickets, upgraded to Baa2 (sf); previously on Nov 5, 2020 Final rating given Ba1 (sf)

….GBP4.8M Class F tickets, upgraded to Ba2 (sf); previously on Nov 5, 2020 Final rating assigned B1 (sf)


The rating action is driven by the decrease in key collateral assumptions i.e. portfolio expected loss (EL) assumption due to better than expected collateral performance and increased credit enhancement for the tranches concerned thanks to the deleveraging of transactions.

Revision of the main assumptions relating to the guarantees:

As part of the rating action, Moody’s has reassessed its lifetime loss expectations for the portfolio reflecting the collateral’s performance to date.

The performance of the transaction has remained stable since closing. The total number of defaults has not changed materially over the past year, with arrears over 90 days currently at 0.17% of the current pool balance, down from 0.52% a year ago. one year old. Cumulative repossessions currently stand at 0.08% of the initial pool balance, up from 0.00% a year earlier. There have been no realized losses to date with a pool factor of 70.3%.

Moody’s reduced the expected loss assumption to 4.8% as a percentage of the initial pool balance from 6.50% due to the good performance of the transaction. This equates to an expected loss assumption of 6.5% as a percentage of the current pool balance.

Moody’s also assessed loan-by-loan information as part of its detailed transaction review to determine credit support consistent with target rating levels and future loss volatility. Accordingly, Moody’s maintained the MILAN CE assumption at 23.0%.

Increased credit enhancement available

The sequential amortization led to the increased credit enhancement available in this transaction.

For example, the credit enhancement for the upgraded B tranche, C tranche, D tranche, E tranche and F tranche in today’s rating action increased to 23.6%, 17 .2%, 13.7%, 11.6% and 9.1%, compared to 17.3%, 12.8%, 10.3%, 8.8% and 7.0% respectively since the close.

The main methodology used in these ratings is “Moody’s Approach to Rating RMBS Using the MILAN Framework” published in February 2022 and available at https://ratings.moodys.com/api/rmc-documents/378445. You can also visit the Scoring Methodologies page at https://ratings.moodys.com for a copy of this methodology.

The analysis undertaken by Moody’s when initially assigning ratings of an RMBS security may focus on areas that become less relevant or generally remain unchanged during the monitoring phase. Please see Moody’s Approach to Rating RMBS Using the MILAN Framework for more information on Moody’s analysis at initial rating assignment and ongoing monitoring of RMBS.

Factors that would lead to an upgrade or downgrade of ratings:

Factors or circumstances that could cause ratings to improve include: (i) performance of the underlying collateral better than expected by Moody’s; (ii) an increase in available credit enhancement; (iii) improving the credit quality of the counterparties to the transaction; and (iv) a reduction in sovereign risk.

Factors or circumstances that could lead to a ratings downgrade include: (i) an increase in sovereign risk; (ii) performance of the underlying collateral below Moody’s expectations; (iii) deterioration of the Notes’ available credit enhancement; and (iv) deterioration in the credit quality of the counterparties to the transaction.


For details on key rating assumptions and Moody’s sensitivity analysis, see the Methodological Assumptions and Sensitivity to Assumptions sections in the Disclosure Form. Rating symbols and definitions from Moody’s are available at https://ratings.moodys.com/rating-definitions.

The analysis relies on an assessment of the characteristics of the collateral to determine the distribution of collateral losses, ie the function correlated to an assumption about the probability of occurrence of each level of possible collateral losses. Secondly, Moody’s assesses each possible collateral loss scenario using a model that reproduces the relevant structural characteristics to deduce the payouts and therefore the ultimate potential losses for each rated instrument. The loss incurred by a rated instrument in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.

Moody’s quantitative analysis involves an evaluation of scenarios that focus on factors contributing to rating sensitivity and consider the likelihood of material collateral losses or impaired cash flows. Moody’s weights the impact on rated instruments based on its assumptions of the likelihood of events in such scenarios occurring.

For ratings issued on a program, series, category/class of debt or security, this announcement provides certain regulatory information regarding each rating of a subsequently issued bond or note of the same series, category/class of debt, security or under a program for which ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a media provider, this announcement provides certain regulatory information relating to the credit rating action on the media provider and each particular credit rating action for securities whose credit ratings are derived from the support provider’s credit rating. For the provisional ratings, this press release provides certain regulatory information relating to the provisional rating assigned, and to a final rating that may be assigned after the final issuance of the debt, in each case where the structure and conditions of the transaction n have not changed prior to the final rating being assigned in a way that would have affected the rating. For more information, please see the issuer/transaction page of the respective issuer at https://ratings.moodys.com.

For all relevant securities or rated entities receiving direct credit support from the lead entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action , the associated regulatory information will be that of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to the jurisdiction: Ancillary services, Disclosures to the rated entity, Disclosures to be provided by the rated entity.

The ratings have been communicated to the rated entity or its designated agent(s) and issued without modification resulting from such communication.

These notes are solicited. Please refer to Moody’s Policy for the Designation and Assignment of Unsolicited Credit Ratings available on its website. https://ratings.moodys.com.

The regulatory information contained in this press release applies to the credit rating and, if applicable, the outlook or rating revision relating thereto.

Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis are available at https://ratings.moodys.com/documents/PBC_1288235.

The worldwide credit rating on this credit rating announcement was issued by one of Moody’s affiliates outside the EU and is approved by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main. -le-Main 60322, Germany, in accordance with Article 4(3) of Regulation (EC) No 1060/2009 on credit rating agencies. Further information on the EU approval status and the Moody’s office that issued the credit rating can be found at https://ratings.moodys.com.

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and Moody’s legal entity that issued the rating.

Please see the issuer/transaction page at https://ratings.moodys.com for additional regulatory information for each credit rating.

Lisa Macedo
Vice President – Senior Analyst
Structured Finance Group
Moody’s Investors Service Ltd.
A square of Canada
Canary Wharf
London, E14 5FA
JOURNALISTS: 44 20 7772 5456
Customer service: 44 20 7772 5454

Olga Gekht
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
Customer service: 44 20 7772 5454

Release Office:
Moody’s Investors Service Ltd.
A square of Canada
Canary Wharf
London, E14 5FA
JOURNALISTS: 44 20 7772 5456
Customer service: 44 20 7772 5454

Subprime borrowers have had a harder time converting to bank loans over the past decade


Last year, 71.5% of subprime borrowers in Ontario were able to obtain a mortgage from a bank or sell their property without defaulting or losing their property to foreclosure.JENNIFER GAUTHIER/The Globe and Mail

Subprime borrowers have had a harder time getting a loan from a bank over the past decade as federal mortgage rules have become stricter.

That’s the conclusion of a new report from the Canada Mortgage and Housing Corporation that examines the growth of alternative lenders such as mortgage investment entities and private lenders.

The report analyzes alternative lenders and their borrowers’ ability to exit high-interest loans.

Subprime lender Fisgard suspends residential construction loans in several provinces

Alternative or subprime lenders offer more expensive, higher interest short-term loans to borrowers with poor credit. These borrowers are unable to qualify for a cheaper mortgage from a chartered bank and typically use the subprime loan as a stopgap measure to make their mortgage payments as they improve their creditworthiness.

Last year, 71.5% of subprime borrowers in Ontario were able to obtain a mortgage from a bank or sell their property without defaulting or losing their property to foreclosure. That figure is down from 83% in 2011, according to a CMHC report released Wednesday. The report uses data from Teranet, Ontario’s electronic land registration system.

“This share has declined significantly over the past decade,” CMHC said.

The difficulty stems from the federal government’s stricter bank mortgage stress test that was introduced in 2016 to ensure that borrowers could continue to make their monthly mortgage payments when interest rates started to rise.

The rule only applies to chartered bank mortgages and requires borrowers to prove they can make their payments at an interest rate at least two percentage points above the actual contracted rate.

“The decrease in shifts to conventional lenders over the past decade is partly due to a series of macroprudential regulations and stricter underwriting standards, making it harder for borrowers to re-enter this space,” said CMHC said.

Although CMHC only has data through 2021, this trend is expected to continue, with mortgage rates rising rapidly as the Bank of Canada raises interest rates to combat soaring inflation. The benchmark interest rate has risen 125 basis points in four months and is expected to rise further with the central bank’s next interest rate announcement next week.

The five-year fixed mortgage is double the cost of last year and is approaching an interest rate of 5%. This means that borrowers must prove that they can make mortgage payments at an interest rate of almost 7%. This has made it harder for borrowers to qualify, especially borrowers who have had credit issues.

The CMHC study found that subprime borrowers stayed with an alternative lender longer than expected. “Given higher interest rates, this may pose long-term affordability issues for these borrowers,” the study says.

Overall, CMHC said alternative lenders account for 12% of mortgage transactions in Ontario and are involved in up to 90% of foreclosures in the province each year.

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Louisiana enacts new requirements for student loans | Ballard Spahr LLP


On June 18, 2022, the Governor of Louisiana signed into law two new bills that impose new requirements for student loans. Both bills come into force on August 1, 2022.

HB 610. HB 610 creates the following new obligations for student loan servicers:

  • Response to inquiries/complaints. A student loan officer must acknowledge receipt of a written request or complaint from a student borrower or authorized representative of a student borrower within 10 days of receiving the request or complaint. Unless a response to the written request is included in this acknowledgement, the student loans servicer must provide information in response to such written request or complaint within 30 days of receipt. If such a written request or complaint relates to a student borrower‘s account balance, the response must include either:
    • A statement that the student loan officer corrected the account; Where
    • An explanation of why the student loan officer believes the student borrower’s account is correct.

If a student borrower requests a document relating to their account that is in the possession or control of a student loan servicer, the servicer must provide the document within 30 days of receiving the request.

  • Non-Compliant Payments. A “non-conforming payment” means a payment made by a student borrower that is more or less than the payment required for a student loan account. If a student loan servicer receives a non-compliant payment, the servicer must:
    • Notify the student loan borrower that the payment is non-compliant within 10 days of receiving payment;
    • Ask the student loan borrower how they would like the student loan servicer to enforce the non-compliant payment on the borrower’s account.
  • Prohibitions. Except as required by court order or federal law, student loan servicers are prohibited from:
    • Employing, directly or indirectly, any scheme, device or artifice to mislead a student borrower.
    • Engage in unfair, abusive or deceptive business practices towards any person.
    • Misrepresent information or omit material information in connection with servicing a student loan, including, but not limited to, the following:
      • All fees owed by a student borrower.
      • Any payment due from a student borrower.
      • The suitability or availability of a student borrower’s repayment options.
      • The terms of the student loan for studies.
      • The obligations of the student borrower under the student loan for education.
    • Obtaining property by misrepresentation of fact or omission of material fact.
    • Assign a non-conforming payment in a manner other than as instructed by the student borrower if, in writing or electronically, the student borrower does any of the following:
      • Establish a single directive for allocating future payments.
      • Directing an allocation of a payment at the time the payment is made.
      • Directing an allocation in response to a request from the student loan officer.
      • Modify an existing direction for allocating future payments.
    • Misapplication or refusal to correct misapplication of a student loan payment.
    • Provide inaccurate information to a consumer reporting agency or refuse to correct inaccurate information provided to a consumer reporting agency.
    • If a student loan officer regularly reports information to a consumer reporting agency, failing to report a student borrower’s favorable history to a nationally recognized consumer reporting agency at least once a year.
    • Refuse to communicate with an authorized representative of a student borrower who provides written authorization signed by the student borrower. However, a student loan servicer may adopt procedures to verify that an authorized representative of a student borrower is authorized to act on behalf of the student borrower.
    • Carelessly misrepresent or omit a material fact in connection with any information report filed with or investigation by any state or local government agency.

HB 789. HB 789 requires private education lenders to register with the Louisiana Bureau of Financial Institutions and provide an annual report to the state on some of their private education lending activities. “Private Education Loan” is defined as “any person engaged in the business of obtaining, making or extending a private education loan, or any holder of a private education loan”. “Private Education Lender” does not include any federally insured financial institution, its subsidiaries and affiliates. “Private Education Loan” is defined as an extension of credit or debt or obligation owed or incurred by a consumer, contractual or otherwise, conditional or absolute, that:

  • Is not made, assured or guaranteed under Title IV of the Higher Education Act of 1965;
  • Is extended to or owed or incurred by a consumer expressly, in whole or in part, for post-secondary education expenses, whether the extension of credit or indebtedness or obligation owed or incurred is provided by the provider of post-secondary education the student is attending; and
  • Does not include any loan secured by real estate or housing.

Registration requirements do not apply to lenders licensed under the Louisiana Consumer Credit Law, La. Rev. Stat. Ann. §9:3557. The bill also requires the Louisiana Bureau of Financial Institutions to publish certain data and information about registered private education lenders.

[View source.]

Legal notice of July 6, 2022


16-22 / 1048989 TRUSTEE SALE NOTICE FOR CASH SALE AT TRUSTEE SALE on October 25, 2022 at 10:00 a.m. (recognized local time) at the front door of the Mineral County Courthouse, located at 300 River Street , Superior MT 59872, the property described below, located in Mineral County, Montana: Lot 9 in Block 2 of Kelly Addition, a plateau subdivision in Mineral County, Montana, according to the official registered plat of this one. Parcel Reference: 46500 Commonly Known as: 305 Spruce Street, Superior, MT 59872 Scott Dodd, as grantor(s), conveyed said real property to First American Title Company, as trustee, to secure an obligation due to Robert B. Clyde and Nicola Clyde, as beneficiary, by Montana Trust Deed dated January 31, 2018 and registered January 31, 2018 under Document Number 117506. The beneficial interest is currently held by Robert B. Clyde and Nicola Clyde. Scott Dodd breached said Montana Deed of Trust by failing to make the monthly payment of $472.72 plus an escrow fee of $14.00 and reserves in the amount of $170.00 $ for a total monthly payment of $656.72 due on the 1st day of December, 2021 and a similar amount of $656.72 due on the 1st day of each month thereafter, which monthly installments would have been applied to the principal and interest due on said obligation, and other charges on the property or loan. As of June 8, 2022, there is an outstanding balance on the loan of $45,827.66, accrued interest in the amount of $587.60 plus late fees in the amount of $150.00, for a total amount due of $46,565.26. Interest accrues on the note at the rate of 6% per annum with a daily rate of $7.53 after June 8, 2022. Interest continues to accrue. All late payments are now due, as well as late fees, advances to protect security, and fees and costs associated with this seizure. The Beneficiary anticipates and may distribute the sums necessary for the preservation and protection of the property and property taxes which may become due or in arrears, unless such tax amounts are paid by the Licensors. If these amounts are paid by the beneficiary, the amounts or taxes will be added to the obligation secured by the Montana trust deed. Other expenses to be charged against the proceeds of such sale include trustee and attorney fees, costs and expenses of the sale and late fees, if any. The Beneficiary has elected and directed the Trustee to sell the property described above to satisfy the obligation. The sale is a public sale and anyone, including the Beneficiary, with the sole exception of the Trustee, can bid at the sale. The auction price must be paid in cash at the time of sale. The assignment will be made by deed of trust. The buyer-seller will have the right to take possession of the property on the 10th day following the sale. The grantor, successor in interest of the grantor, or any other person having an interest in the property, at any time before the sale of the trustee, may pay to the beneficiary to the successor in interest of the beneficiary the whole of the amount then due in under the Montana Trust Indenture and the obligation thereby secured (including costs and expenses actually incurred and attorneys’ fees) other than that portion of the principal then not due had not had any defect and thus remedy the defect. The sale planned by the trustee may be postponed by public proclamation for up to fifteen (15) days for any reason whatsoever, and in the event of a bankruptcy filing, the sale may be postponed by the trustee for up to one hundred and twenty (120 ) days by public proclamation at least every thirty (30) days. DATED: June 06, 2022 By: /s/ Rae Albert, Assistant Secretary of First American Title Company c/o Title Financial Specialty Services PO Box 339, Blackfoot, ID 83221 STATE OF Idaho ) SS. Bingham COUNTY) This day, June 06, 2022, before me, a Notary Public in and for the said State, personally appeared Rae Albert, known or identified by me, to be the Assistant Secretary of First American Title Company, who is named as the Trustee in the Montana Trust Deed described above and signed the instrument on behalf of said Trustee, and acknowledge to me that said Trustee signed the same. /s/ Shannon Gavin Notary Public of Idaho Residing in: Blackfoot, Idaho Commission Expires: 01/19/2024 Published in the Mineral Independent on July 6, July 13 and July 20, 2022. MNAXLP

‘Collateral damage’: Recession, job losses likely as interest rates rise, study finds – National


According to a new study by the Canadian Center for Policy Alternatives (CCPA), the Bank of Canada’s strategy of rapidly raising its key interest rate in an effort to combat soaring inflation will likely trigger a recession.

The research institute says that if the central bank aims to bring inflation back from 7.7% to its 2% target by rapidly raising rates, it could cause significant “collateral damage”, including 850,000 losses of jobs.

He adds that the central bank has had a zero percent success rate with this approach, noting that a 5.7 percent drop in the inflation rate has occurred three times in the past 60 years, each times after sharp rate hikes and accompanied by a recession. .

The story continues under the ad

The CCPA says it’s time for a new policy on inflation.

He indicates that the Bank of Canada could potentially reduce the risk of sending the economy into recession if it adjusts its inflation target to 4%.

The study comes a day after the Bank of Canada released two quarterly surveys that found consumers and businesses expect inflation to remain high for several years.

Click to play the video:

Ford government warned not to panic over recession fears

Ford government warned not to panic over recession fears – June 22, 2022

© 2022 The Canadian Press

Adele serenades gay man after borrowing Pride flag


Adele gave a gay fan pride he will never forget during a comeback gig in London this weekend.

The British singer performed to a crowd of 65,000 at Hyde Park in the UK capital, a gig which coincided with Pride in London’s 50th anniversary celebrations.

During the concert, Adele acknowledged the occasion by performing draped in a rainbow flag, wishing the audience happy pride.

“I wore my hair down today to try and be a little trailing,” she told the crowd.

One of the spectators then told the crazy story of how the singer had borrowed the Progress Pride flag from his band in exchange for VIP seats at the concert.

The gay man, Dean, went to the concert with a couple of friends and explained everything on Twitter.

“Last night I was invited by Adele to sit on the side of the stage for her performance at @BSTHydePark. Here’s how the most random night of my life went! he wrote.

He said as they waited inside the venue, “a woman approached me and my friend and said she saw me carrying a pride flag.” He said the staff member told them ‘Adele needed it for her performance’.

“She asked if she could borrow mine so… OF COURSE I SAID YES!” he called back.

“Then we were taken to the Diamond VIP section and given LOTS of drink tokens.”

“I will never forget that night”

Dean explained that backstage they were hanging out with celebrities and watching Adele kick off the gig with Hello.

“Then, after two songs, the WEIRDEST moment of my life happened. @Adele, in front of 65,000 people asks where Jack and Dean are and calls us to the gate!” he said.

“We were pulled over the barrier and @adele told us she wanted to give us the best seats in the house. They certainly were!

“Then during ‘When We Were Young’, Adele appeared carrying the same flag we had bought for eight pounds at Holborn station hours before! I cried.

“To end the most magical, perfect and breathtaking Pride, Adele sang ‘Love Is A Game’, looked us straight in the eye and blew us a kiss.”

At the end of the concert, Adele reached out to her band and returned the flag to them.

“THANK YOU THANK YOU THANK YOU ADELE!!!! I will never forget this night and this pride!!!!” he tweeted.

Dean also posted a clip of him enjoying “the most awkward drunken conversation” of his life with Adele on stage.

Adele’s London gig was the first major gig in years

Over the weekend, London celebrated the historic 50th anniversary of the first British Pride Parade.

Adele’s concerts in Hyde Park were the singer’s first big gigs in five years.

For the latest lesbian, gay, bisexual, transgender, intersex and queer (LGBTIQ) news in Australia, visit qnews.com.au. Consult our latest magazines or find us on Facebook, TwitterInstagram and YouTube.

TransUnion study examines the – GuruFocus.com


CHICAGO, May 25, 2022 (GLOBE NEWSWIRE) — As awareness and usage of Buy Now, Pay Later (BNPL) and Point of Sale (POS) financial offerings continue to grow, new research from TransUnion (:TRU) examined the risk profiles of consumers who use these products and found that, compared to the general credit population, BNPL/POS consumers tend to be younger and belong to the lower risk levels. These consumers are also likely to be more active during the holiday season and tend to use the same POS lenders multiple times.

The study, “Evolution of the Maturing POS/BNPL Consumer,” was released at the LendIt FinTech 2022 conference and examined the behaviors and demographics of over 9 million consumers with a point-of-sale finance survey from the fourth quarter of 2019 to the fourth quarter of 2021.

BNPL and POS financing has become an extremely popular offering with consumers in recent years. In a recent TransUnion survey, seven in 10 consumers (71%) said they had heard of BNPL, and 38% said they had used these services in the past year.

Gen Z and Millennials (18-40) make up the vast majority of consumers who requested such financing during the study period (61%). By comparison, only 35% of the general credit workforce falls into this age bracket. Additionally, POS funding applicants were more likely to belong to higher risk levels. About 43% of all POS finance applicants were found to be at the subprime risk level, compared to 15% of the general credit labor force.

“The simplicity and convenience of BNPL and POS is driving consumer interest in these products,” said Salman Chand, vice president of consumer lending at TransUnion. “The consumers most likely to use point-of-sale financing tend to be younger and below prime. But as this market matures, we’re likely to see more and more consumers at all levels take notice and start using these products.

The study also found that consumers were more likely to use POS financing during the holiday shopping season, with 30% of all applicants applying for a POS financing loan during the roughly one-month period that includes Thanksgiving and Christmas. Additionally, consumers were also more likely to have gone to the same lender when applying for multiple point-of-sale financing loans: 71% of applicants with three or more applications used the same lender for all of those applications.

“Point-of-sale consumers are very likely to use the same lender for most of their shopping needs, presenting a great opportunity for lenders to build customer loyalty by getting to consumers early. And as lenders plan to launch or promote their BNPL and POS products, the holiday shopping season is an ideal time to focus their efforts due to the much higher level of consumer demand during this time,” Chand added.

BNPL and POS loans on credit report can help promote financial inclusion

To help promote financial inclusion opportunities for this growing population and enable the financial community to accurately capture the credit behaviors of consumers using BNPL loans and other point-of-sale installment payment products, TransUnion announced the future launch of a suite of point-of-sale solutions earlier this year. Solutions allow transactions to be received from lenders at the point of sale through the traditional credit reporting process, with specific Metro 2 information® reporting guidelines that ensure compliance with the FCRA.

Financial institutions will be able to choose to receive these commercial lines as part of the delivery of their existing credit data. Delivery of the default credit report, which feeds into existing rating models, is unaffected. Over time, as the industry strives to improve models with these business lines, it is expected that many lenders will choose to use this information in addition to their existing models to help expand their buy boxes, which accelerates impact on consumers and promotes financial inclusion. To learn more about TransUnion’s approach to the BNPL and POS industry, click here.

“The adoption of BNPL and POS loan data represents one of the most significant opportunities for financial inclusion in a generation, helping the millions of people in the United States who have thin, damaged or no credit records to build credit responsibly.While there is currently a lot of noise in the market as to how this data asset will be integrated into the credit file, the ultimate goal is to have a single standard for lenders POS to report this data and accelerate adoption by lenders and rating providers in the future,” said Liz Pagel, senior vice president of consumer lending at TransUnion. “TransUnion’s approach, which include data on the main file in 2022 with an “on/off” switch, give our data users time to adjust their models to use the data in a way that helps consumers accumulate credit.”

More information on the TransUnion study, Evolution of the POS / BNPL Maturation Consumer, can be found here.

About TransUnion (:TRU)

TransUnion is a global information and knowledge company that enables confidence in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call it Information for Good®.

A leading presence in more than 30 countries on five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.


GABELL | Tying our calloused farm hands like it’s 1984 | Opinion


Rachel Gabel

The sonic crack startled the banker and interrupted his gaze 1,000 yards in the general direction of the paneled walls of his office. It was 1984 and the pile of files in front of him mirrored the courthouse lawn where – crack, crack, crack – a man was hammering another white cross on the lawn. There were more than 70 crosses, each representing a county farm that had been seized. Many families represented by these crosses had sat opposite the banker because he had told them that they had 30 days to refund their note.

The banging of the gavel surprised the banker for other reasons as well. He had heard of a man who had called a bank, asking to see a farm they had seized in hopes of buying it. The banker met the man there and it is unknown whether the banker realized that the man was actually the farmer he had grabbed or not before falling, dead, on the dry ground. The farmer’s body was found hours later.

Farmers had been found by their wives, hanging from the rafters of the barn. Their wives left to move their children out of their homes while making lists of equipment, tractors, livestock and crops that were hauled off the farm by the tractor-trailer. Bankers were gunned down in their offices by desperate men, many of whom had known most of their lives.

It was a perfect storm, really. The 1970s had been good. Prices were solid, entrees were reasonable and it was raining. Farmers had a little jingle in the bank and opted to upgrade their equipment, buy land, and even buy the new Harvestore silo to store that precious grain on the farm. The high valuation of the land translated into borrowing power and lenders were knocking on farms’ doors, telling them they could borrow money to make the operation truly substantial. Strike while the iron is hot, they said. The increased demand for trade added to the optimism in agricultural countries.

The 1980s began with a dry year but, following the previous year, farmers were ready to pull through. The dry year was followed by a year so wet that there was little or no harvest in most of the states flown over. A year of drought followed, no harvest again. In order to stifle inflation, interest rates were raised from 6% to 12% and then again to 18%. Land values ​​dropped by 60% and the equity was dissolved. Lenders who had once knocked on the doors of farms to lend money, were now knocking on the same doors, calling notes due and posting eviction notices. Huge Harvestore bins, once symbols of prosperity, were called headstones, marking the corpses of family farms.

The children who watched from the stairwell as their parents calculate and recalculate income and expenses are now in their 40s and 50s. They are the ones, now, who calculate and recalculate how to do the operation pencil when pairs of cow calves are worth $1,000 and a tank of diesel in a pickup truck is worth nearly $6 a gallon, or better. They listen to the Farm Broadcaster’s report on the Fed raising interest rates. They hear of a wheat crop in the high plains that is dominated by poor harvesting conditions. They drive and check expensive sprinklers on cornfields that will be harvested by million dollar combines.

Of course, after a year of $8 corn and $16 beans, they might be ready to upgrade their equipment or buy land. You know, strike while the iron is hot. The lot at the local John Deere dealership is nearly empty except for some used equipment. There is a waiting list for new combines, tractors and seed drills. Of course, there is a wait – sometimes indefinite – for parts that are stuck in “supply chain disruptions” somewhere.

These farmers and ranchers — the ones who counted the white crosses on the courthouse lawn and watched their dads grow old while their mothers scraped every morsel of cornbread mix into the cast-iron skillet to go with the beans — have already heard these reports. They’ve seen those headlines before. President Ronald Reagan walked into their living room to tell them, “I want with all my heart to see your burdens lightened, to see the farmers who have given so much to America get the rewards they deserve. As Dwight Eisenhower once said, “Without prosperous agriculture, there is no prosperity in America.”

Today, President Joe Biden is taking farmland under the guise of conservation, his climate policy is costing the red diesel pump millions, and farm labor has become a divisive issue that has trivialized “now hiring/ estamos contratando”. Tying the calloused hands of agricultural producers at this stage of the game will be disastrous for consumers and producers. Benevolent, activist-focused legislation and regulations, drafted with minimal understanding of the real business of agricultural production, must go the way of the dodo. As lawmakers gear up for another Farm Bill discussion, now is the perfect time to leverage rural prosperity driven by dirty hands and clean money.

Rachel Gabel writing on agriculture and rural issues. She is the associate editor of The Fence Post Magazine, the region’s leading agricultural publication. Gabel is a daughter of the state’s oil and gas industry and a member of one of 12,000 cattle ranching families in the state, and is the author of children’s books used in hundreds of rooms classroom to teach students about agriculture.

The essential guide to financing your studies abroad


Higher education abroad is a dream for many students. However, finances are crucial for this dream to take off. Many Indian students dream of studying abroad at a top global institution. However, lack of funds stifles such aspirations.

Recognizing the financial hardships students face today, several public and private lenders have created education loan programs to meet the needs of students wishing to study abroad. Different banks offer various student loans, so it can be difficult to choose the right one.

Funding Options for Undergraduate Programs

Students wishing to study at foreign universities can explore several options for financing their studies abroad. Here’s what you can look for:

Scholarships: Getting a scholarship is one of the most popular ways to fund higher education abroad. There are different types of scholarships available for students, and all you have to do is find the right one for you after reviewing the eligibility criteria. This exercise is essential because different exchanges target different demographics.

Some of the scholarships available are:

  • Merit scholarships
  • Sports scholarships
  • Specific scholarships
  • Scholarships from international and independent organizations

Loans for studies: Student loans are a great financial respite for students from low to middle income families who dream of studying abroad. Bank loans are a popular mode of financing overseas education around the world. Many public and private banks in India offer study loans to overseas applicants.

Bank student loans are of two types: secured loans and unsecured loans.

Collateral loans are secured loans that require the borrower to use some form of collateral as collateral. This can be real estate, an insurance policy or a fixed deposit used to secure the loan. Secured loans offer a lower interest rate and longer repayment term than unsecured loans. Students applying for secured loans do not have to worry about their parents’ income, as it is not required for loan approval. It is only after graduation that the return on investment begins.

Borrowers who contract unsecured loans are not required to provide security. These loans have a higher interest rate and require parental income approval. Because unsecured loans are risky for banks, the repayment period is shorter and part of the loan must be repaid during the study period.

When applying for a loan, a student should consider the type of loan that will best meet their purpose and repayment capabilities. All components of repayment, interest rate and other factors should be carefully considered. When applying for a school loan, make an intentional decision to opt for a flexible interest rate. The RBI rate adjustment, which is directly linked to inflation and other factors, will benefit a floating rate loan.

Once you have decided on the type, you need to follow specific steps to apply for it:

  • Check if you are eligible for the loan.
  • Compare the available alternatives and decide which one suits your needs and repayment capacity.
  • Select the lender of your choice and apply for the education loan online
  • Once your loan is approved, the bank will issue loan documents detailing the various elements of the loan.
  • After signing the loan document, your bank will disburse the loan amount either in installments or as per your university requirements.

Remember that getting a study abroad loan is a time-consuming process. Be sure to apply well ahead of time to stay on track for your study abroad trip.

Part-time jobs: Another option is to work part-time while studying abroad to help pay for your education. Although the income earned may not be enough to cover your tuition, it will help cover some of your living expenses. The conditions of your visa determine your ability to work. Check your visa to see what kind of work you can do.

Although study grants and loans are the most popular modes of funding higher education abroad, there are a few more alternatives available to students wishing to study abroad. One can also explore the possibility of exchange and sponsorship programs (corporate sponsorship, corporate scholarships, etc.) to finance their higher education abroad. Although there are many options available, it is a good idea to choose a mode or a combination of methods that can cover your educational needs during your college years.

(Ashish Fernando is founder and CEO of iSchoolConnect, an AI-based Edtech company)

Government borrowing from banks increases as revenue collection declines


The government more than doubled its borrowing from banking sources to fill the FY22 budget shortfall as revenue collection and the sale of savings certificates plummeted.

In FY21, government borrowing from the banking sector was Tk 26,078 crore, which was Tk 64,755 crore in FY22, which was Tk 38,677 crore more than the previous year , according to provisional data from the central bank.

The government’s FY22 domestic borrowing target was reset to Tk 1.24 lakh crore in the revised national budget, while the borrowing target from the banking system was reset to Tk 87,287 crore from Tk. The government borrowed 74.18% of the targeted amount.

The government borrowing rate at the start of FY22 was slow, but accelerated in June as revenue collection and the sale of savings certificates declined.

According to the National Board of Revenue (NBR), the government revenue collection target for FY22 was Tk 3.3 lakh crore but Tk 2.53 lakh crore was collected till May of this year, officials said. Consequently, the government increased its borrowing from the banking sector as it had to pay the arrears of the annual development projects.

The government also aimed to borrow Tk 37,001 crore, including Tk 32,000 crore through the sale of national savings schemes.

The government borrowed Tk 18,157 crore from savings certificates in the first eleven months of FY22, which was only 56.74% of the target.

Banks have increased their investments in government treasury bills as interest rates remain fixed relative to consumer loans.

Until May this year, government borrowing from banks stood at Tk 32,652 crore, which rose to Tk 64,755 crore at the end of June. The government took out almost the same amount of loan in one month as in the previous 11 months.

“The government has to pay the arrears of various development projects at the end of the fiscal year, which led to an increase in the amount of debt. Also, revenue collection was much lower,” Ahsan H Mansur, executive director of Policy Research Institute of Bangladesh told TBS.

On June 27 this year, the government borrowed Tk 5,708 crore and Tk 756 crore through 91-day and 364-day treasury bills, respectively. The interest rate on the 91-day Treasury bill was 5.99% Tk and the 364-day one was 6.66% Tk.

On June 28, the government borrowed Taka 4,724 crore from banks through 15- and 20-year treasury bills. The interest rate for the 15-year Treasury note was 8.55% and for the 20-year Treasury note it was 8.65%.

The next day, the government borrowed Tk 5,650 crore through two Treasury bills of 91 and 182 days.

Meanwhile, the implementation target for Annual Development Projects (ADPs) in FY22 was Tk 2.17 lakh crore, but Tk 1.42 lakh crore was implemented in during the first 11 months of the financial year, i.e. 65.56% of the objective.

The government has set a target to borrow Tk 1.06 lakh crore from banking sources in FY23.

Coinbase Responds To Reports Of Selling Customer ‘Geographic Tracking’ Data To US Government Coinbase


Nasdaq-listed cryptocurrency exchange Coinbase has insisted it is not selling ‘proprietary customer data’ after reports surfaced that its Tracer product provided ‘historical geolocation data’ to the United States Immigration and Customs Enforcement (ICE).

Coinbase responds to reports of selling customer data to US government

Cryptocurrency exchange Coinbase came under fire last week when reports surfaced accusing the Nasdaq-listed company of selling customer data to the US government.

Coinbase Tracer, the analytical arm of the cryptocurrency exchange, has signed a contract with US Immigration and Customs Enforcement (ICE) that would allow the government agency to access a variety of data, including “ historical geolocation data,” according to a contract obtained by watchdog group Tech Inquiry.

However, Coinbase clarified on Twitter on Thursday, “We want to make this incredibly clear: Coinbase does not sell proprietary customer data.”

Coinbase responds to reports of selling customer 'geo-tracking' data to US government

“Our Coinbase Tracer tools are designed to support compliance and help investigate financial crimes like money laundering and terrorist financing. Coinbase Tracer derives its information from public sources and does not use Coinbase user data .Never,” the exchange tweeted again.

However, many people on Twitter do not believe that Coinbase does not sell any customer data to the US government, noting that the company specifically uses the word “proprietary” to describe data it does not sell.

Coinbase sold a single license of analytics software to ICE for $29,000 in August last year, followed by a software purchase worth a potential $1.36 million the following month.

The full contract documents surfaced this week via a Freedom of Information Act request by Tech Inquiry. The story was originally reported on Wednesday by The Intercept.

The disclaimer on Coinbase’s website reiterates what the company tweeted on Friday, stating, “Coinbase Tracer derives its information from public sources and does not use Coinbase user data.”

Do you think Coinbase is selling customer data to the US government? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

UN condemns storming of Libyan parliament by protesters


CAIRO (AP) — A senior UN official for Libya on Saturday condemned the storming of the parliament building by angry demonstrators amid protests in several cities against the political class and deteriorating conditions economic.

Hundreds of protesters marched through the streets of the capital, Tripoli, and other Libyan cities on Friday, many attacking and burning down government buildings, including the House of Representatives in the eastern city of Tobruk.

“The people’s right to protest peacefully must be respected and protected, but the riots and acts of vandalism such as the storming of the House of Representatives headquarters late yesterday in Tobruk are totally unacceptable,” said Stephanie Williams, the UN special adviser for Libya, on Twitter. .

Friday’s protests came a day after leaders of parliament and another Tripoli-based legislative chamber failed to reach an agreement on the elections at UN-mediated talks in Geneva. The dispute now centers on the conditions of eligibility of the candidates, according to the United Nations.

Libya did not hold elections in December, following challenges including legal disputes, controversial presidential candidates and the presence of rogue militias and foreign fighters in the country.

The failure to hold the vote was a major obstacle to international efforts to bring peace to the Mediterranean country. It has opened a new chapter in its long-running political stalemate, with two rival governments now claiming power after attempts at unity over the past year.

Protesters, frustrated by years of chaos and division, called for the suppression of the current political class and the holding of elections. They also mobilized against the dire economic conditions in the oil-rich country, where prices have risen for fuel and bread and power outages are frequent.

There were fears that militias across the country could crack down on protests as they did during the 2020 protests when they opened fire on people protesting dire economic conditions.

Sabadell Jose, the European Union’s envoy to Libya, called on protesters to “avoid any type of violence”. He said Friday’s protests demonstrated that people want “change through elections and their voices need to be heard”.

Libya has been wracked by conflict since a NATO-backed uprising toppled and killed longtime dictator Muammar Gaddafi in 2011. The country was then for years divided between rival administrations in the east and in the west, each supported by different militias and foreign governments.

UK fish and chip shops face a bleak future due to war in Ukraine

Fish is fried at Godwin's Fish and Chips, for a long time
The fish is fried at Godwin’s Fish and Chips, a long-standing “chippy” shop in Preston, England. (James Forde for the Washington Post)
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CHORLEY, England – These are perilous times for fish and chips, the golden fried food for the masses celebrated as Britain’s ‘favorite meal’ and ‘the national dish’.

It turns out that much of this fish comes from Russian trawlers and sunflower oil from Ukrainian fields.

With the Russian war raging in Ukraine, that means skyrocketing prices for starving Britons. The ingredients for an order of fish and chips – by design cheap and calorie-dense – now cost more than twice as much as they did at the start of the year.

And so we are left with Andrew Crook, president of the National Federation of Fish Fryers, standing outside a shuttered ‘chippy’ in this small town about 20 miles north-west of Manchester. His organization estimates that a third of the UK’s 10,500 fish and chip shops will close in the coming year.

“We have survived two world wars, a depression, multiple recessions. We’ve never seen anything like it,” said Crook, a nearby store owner, Captains of Euxtonwhere he is about to raise prices in hopes of staying afloat.

Your average chip shop has always operated on tight margins. But the owners say they never imagined they would be victims of a 21st century globalized commodity economy upended by World War II-style artillery engagements in Europe, then crippled by a naval blockade in the Black Sea. .

It’s hard to overstate the centrality of the chippy to British life – the traditional mom-and-pop joint, aromatic with grease, shiny with stainless steel fryers, where orders are dosed in salt and vinegar (or sauce or curry), before being carefully wrapped in a piece of paper. Even though many owners these days are recent immigrants, the shops remain one of Britain’s most trusted institutions.

Fish and chips was “originally the worker’s lunch, and it was the meal a family ate together on a Friday night that would fill you up, fill all your kids, no matter how many kids you had. , and low cost and high calories was always part of that deal,” Crook said.

Nick Andronicou and his wife have run Charlie’s Chips in Chorley for eight years. Both are from Greece and wanted their daughters to receive an education in English.

“It’s a good business, very reliable. Same customers — they come once a week, or three times a week. It’s good for retirees, good for people on a budget,” said Andronicou, whose shop sells a small order of fish with chips, peas, bread and butter and tea for around £5. $50.

He has just ordered new menus because he is about to increase the prices. But the future looks bleak, he said. He assumes he will even lose a few regulars. “A lot of chip shops are going to close,” he said.

In some pubs, where fish and chips is also a staple, chefs say the dish is now more expensive to prepare than a fillet of steak. Companies that manufacture fish sticks and fish pies on an industrial scale are also feeling the pressure. Schoolchildren will soon see a favorite lunch option disappear.

Sad news, but restaurants and schools can change the protein content of their menus. The fish and chips shop cannot easily change the fish it serves. The chippy client is very resistant to experimentation; they want the same bland white fish the shops have been serving for around 160 years – that is cod or haddock, few of which are found in UK waters.

The chippies tried to peddle tilapia, ray and hake. They haven’t won any fans.

Originally a Victorian era food phenomenon, fish and chips is as basic as it gets.

Cod. Potatoes. Oil. Heat.

But the supply chain is very complex.

Ukraine is the world’s largest supplier of sunflower oil, producing 50% of the world’s supply. But with its ports now in a war zone, blocked by Russia, the price of its sunflower oil has tripled. Overland shipping – by rail and truck – further increases costs.

Many chippies have turned to palm oil from Asia, only to see prices rise in the same way. Fearing an oil shortage as global demand soared this spring, Indonesia briefly blocked palm oil exports. This decision sent further shock waves through the commodity market.

There is another problem. While fish and chips is traditionally considered a quintessential ‘British’ meal, that’s not really true. Most of the whitefish currently on the market come from the fishing fleets of Norway, Iceland and especially Russia.

Cod and haddock are cold water fish – and with climate change they have migrated north, about seven miles a year, to higher latitudes.

“Our local waters have never produced a lot of cod and haddock,” the traditional staple of fish and chips, noted Barrie Deas, chief executive of the National Federation of Fishermen’s Organizations.

Russian trawlers supply half of the whitefish consumed in Britain and between 30 and 60% of the fish for chip shops, depending on the year and the price, according to Aoife Martin, director of operations at the government monitoring agency Seafish.

To punish Russia for its invasion of Ukraine, Prime Minister Boris Johnson’s government announced it would impose a 35% tariff on Russian whitefish. The action was due to take effect in March but was delayed. Skeptics assume the government is afraid of a price hike and what it might do to the chippies. Government officials promise that the tariff is “imminent”.

British fleets are still catching a decent amount of cod these days, despite being squeezed by soaring fuel prices. Diesel doubled, partly due to the war in Ukraine and energy sanctions against Russia.

Deas says the UK fishing industry has reached an economic tipping point, with many vessels idling in port. He pointed to recent reports from his organisations: A vessel in the South West of England landed fish worth $13,396 but fuel costs engulfed $12,630. In another case, a landing of $53,560 and a fuel bill of $35,240 plus other expenses left $2,290 for each of the eight crew members.

“It’s hard work,” said Deas, who said British captains were struggling to find crews willing to risk their lives to go to sea for next to nothing.

Alex Bracewell runs Godwin’s Fish and Chips in the nearby town of Preston. The company has been in the family for four generations. It’s a popular place, with good parking.

“We’ll get there, I think,” Bracewell said Tuesday. “But the stores are just hanging on?”

He shrugged, then rushed over to face the lunchtime rush.

Laos faces debt crisis after borrowing billions from China


Laos, deeply in debt to China for large-scale infrastructure projects, is at high risk of defaulting, experts say, a situation exacerbated by the economic stress felt around the world due to the coronavirus and the war. in Ukraine.

International ratings agency Moody’s downgraded Laos’ credit rating to Caa3 on June 14, citing “very high indebtedness and insufficient coverage of external debt maturities by (foreign exchange) reserves”. The agency warned that Laos’ default risk will remain high.

According to a World Bank report released in April, preliminary estimates indicate that Laos’ total public and publicly guaranteed debt reached 88% of gross domestic product in 2021. Debt is valued at $14.5 billion. , about half of which is owed to China on loans. to finance projects including the China-Laos railway.

Greg Raymond, a Southeast Asia expert and senior lecturer at the Australian National University, told VOA Mandarin that the crisis facing Vientiane has multiple origins.

“The short-term reasons are rising oil prices due to the war in Ukraine and rising US interest rates leading to a fall in the value of the Lao currency,” he said.

“But deeper reasons would include the country’s decisions to go deep into debt to fund large-scale infrastructure projects,” Raymond added. China continued to be the biggest foreign investor in Laos last year, undertaking 813 projects worth more than $16 billion, according to Chinese state media Xinhua, citing Lao officials.

VOA Mandarin contacted the Chinese Embassy in Washington for comment on the loans in Laos and was referred to the Ministry of Foreign Affairs in Beijing and the Lao Embassy. Inquiries filed with both offices went unanswered.

The so-called “debt trap” incurred by accepting infrastructure funding from Beijing has also impacted Sri Lanka and other countries.

Beijing has poured more than $800 billion into its “Belt and Road” infrastructure building initiative since 2013. The initiative is a vital tool in China’s quest to sell more goods and secure contracts for its businesses construction – in addition to questioning what it refers to. as “American hegemony”.

But China has been accused by the United States and others of pursuing “debt trap diplomacy” designed to make economically weak countries dependent on China for support. Chinese diplomats deny the accusations.

On Thursday, the Group of Seven countries pledged to raise $600 billion from public and private sources to finance infrastructure projects in developing countries. The objective is to counter the efforts of China in the same sector.

AidData Lab at the College of William & Mary tracks the debt of Belt and Road projects in China. According to the lab’s statistics, the total value of Laos’ public debt to China is about $12.2 billion, significantly more than the World Bank’s calculation.

AidData Lab explains that it uses different World Bank sources and methodologies. But either multi-billion dollar estimate dwarfs the country’s per capita GDP of around $2,600, making the Southeast Asian nation of 7 million people one of the poorest in the world.

Bradley Parks, executive director of AidData, told VOA: “During this 18-year period, the Government of Laos has contracted or guaranteed loans from official sector creditors in China worth 5.57 billions of dollars.” But that “is just the tip of the iceberg,” he added, pointing to the additional $6.69 billion owed to Beijing.

According to the World Bank, Laos must repay $1.3 billion in foreign debt each year until 2025, which is almost equivalent to the country’s federal foreign exchange reserves and half of total domestic income. ]]

The World Bank predicts that Laos’ economy will grow by 3.8% this year, but warns that this will not be enough to generate the tax revenue the government needs to pay its external debt.

Addressing members of the National Assembly on June 20, Lao Finance Minister Bounchom Ubonpaseuth said the annual debt service payment had risen from $1.2 billion in 2018 to $1.4 billion. dollars this year.

The finance minister told lawmakers that the government would not let the country default, saying Laos would reform its tax system to increase revenue and that it was possible to generate revenue from natural resources such as oil. ‘mining. The Lao government has restricted foreign exchange transactions by residents.

He added that the loans “have been necessary for the development of our country in recent years”.

For example, the China-Laos Railway that connects Kunming in southwest China to Vientiane, the capital of Laos, opened in December 2021 and cost $5.9 billion.
Laos hopes the railway will reduce transport costs and boost exports and tourism.

The Laos-China Railway Company is 70% owned by three Chinese state-owned companies and 30% by the Lao government.

Laos has incurred $1.9 billion in debt for the project, an additional obligation that could push Vientiane to seek a pardon from Beijing for repayment.

China’s central bank, the People’s Bank of China, provided an emergency loan worth around $300 million to the central bank of Laos in 2021 to support its foreign exchange reserves, according to AidData Lab.

However, AidData’s Parks said, “Chinese state-owned banks are generally more willing to extend grace periods and repayment periods than to cut interest rates. In some cases, Chinese public policy banks will even raise the interest rates that apply [to] the debts of a sovereign borrower in order [to] ensure that they recover sufficient total repayment over the life of a loan in terms of net present value.

Federal Reform Is Imminent for Pharmacy Benefit Managers


As we noted in our last roundup of PBM regulations, there has been a wave of state regulations focused on PBM practices as a result of Rutledge and Webhi. However, PBMs also face federal reform efforts. The Pharmacy Benefit Managers (PBM) Transparency Act of 2022 (the Act) was recently proposed in the U.S. Senate and is intended to encourage “fair and transparent” PBM practices, prohibit tiered pricing and clawback of payments to pharmacies, and to empower the Federal Trade Commission (FTC) and state attorneys general in enforcement actions to stop PBM’s “unfair and deceptive” business practices.

At the same time, government watchdogs are also taking action: On June 7, 2022, the FTC announced it would launch an investigation into vertically integrated PBMs, and the Department’s Office of Inspector General (OIG) Health and Human Services expects to release a report in 2022 after completing its analysis of Medicaid Managed Care Organization (MCO) PBM pricing.

Pharmacy Benefit Managers Transparency Act 2022

The legislation was introduced by Senators Maria Cantwell Chuck Grassley on May 24, 2022 and was approved by the Commerce Committee with bipartisan support (19-9) on June 22, 2022. This summary provides a high-level overview of key measures of the law. .

Prohibition of Unfair or Deceptive Prescription Drug Pricing Practices

The law would make it illegal for PBMs:

  • Engage in “spread pricing,” which is described as charging a health plan or payer a different amount for the ingredient cost or dispensing fee of a prescription drug than the amount that the PBM reimburses a pharmacy for the cost of ingredients or the cost of dispensing the prescription drug where the PBM retains the amount of such difference;

  • Arbitrarily, unfairly, or deceptively reduce or waive (i.e., “claw back”) any portion of the reimbursement payment to a pharmacist or pharmacy for the cost of ingredients of a prescription drug dispensing fee ; Where

  • Arbitrarily, unfairly, or deceptively increase or decrease a pharmacy’s fees and reimbursements to compensate for reimbursement changes under any federally funded health care plan.

The law would encourage transparency by stating that a PBM must not violate the law if the PBM passes through 100% price concessions to a health plan or payer and provides full disclosure of:

  • The cost, price, and reimbursement of prescription drugs at each health plan, payer, and pharmacy;

  • All fees, markups, and discounts that PBM charges or imposes to each health plan, payer, and pharmacy; and

  • The aggregate compensation PBM receives from drug manufacturers, including rebates, rebates, administration fees, and any other payments or credits obtained or retained by PBM.

Reporting requirements

The law would require PBMs to report the following information to the FTC annually:

  • The total amount of any spread price retained by the PBM;

  • The total amount of any (a) effective generic fee charged to each pharmacy; (b) direct and indirect compensation fees charged or other price concessions to each pharmacy; and, (c) a canceled or otherwise recovered payment of a refund made to each pharmacy;

  • An explanation of why a drug was moved or reassigned from one tier to another, including (i) whether the move or reassignment was determined or requested by a prescription drug manufacturer or other entity; and (ii) if, during the reporting year, PBM has moved or reassigned a prescription drug to a formulary level that has a higher cost share for a patient or lower reimbursement for a pharmacy; and

  • With respect to any PBM that owns, controls, or is affiliated with a pharmacy, a report regarding any differences in reimbursement rates or practices, charges for direct and indirect compensation or other price concessions, and recoveries between the linked pharmacy and any other pharmacy.

The FTC would in turn submit two reports to Congress. The first report would be an annual report focusing primarily on the number and results of enforcement actions and policy recommendations to strengthen future enforcement efforts. The second report would address the policies, practices, and role of PBMs with respect to form design and placement, including assessing whether PBMs are using form design and placement to increase gross revenue without simultaneously increasing revenue. patient access and reduce patient costs, as well as whether PBM practices violate the Federal Trade Commission Act.

Enforcement and Penalties

The FTC has broad authority to enforce the provisions of the law. Anyone who violates the law will also be subject to a civil penalty of up to $1,000,000. The law also empowers state attorneys general to bring a civil action on behalf of state residents if they believe the interests of residents are threatened or harmed by a practice that violates the law. The law also provides protection for whistleblowers.

FTC investigation

On June 7, 2022, the FTC announced an investigation into how large, vertically integrated PBMs affect affordability and access to medicines. The investigation will require CVS Caremark, ESI, OptumRx, Humana, Prime and MedImpact (the six largest PBMs) to provide information and records regarding their business practices.

The FTC said that because the largest PBMs are now vertically integrated with the largest health insurance companies and wholly-owned mail-order and specialty pharmacies, PBMs often have a huge influence on prescription drugs. to patients, which pharmacies patients can use and the number of patients. finally pay at the pharmacy counter.

The survey targets several PBM practices that have recently come under scrutiny, including:

  • Fees and recoveries billed to non-affiliated pharmacies;

  • Methods for referring patients to pharmacies owned by Pharmacy Benefit Managers;

  • Potentially unfair audits of independent pharmacies;

  • Complicated and opaque methods for determining pharmacy reimbursement;

  • The prevalence of prior authorizations and other administrative restrictions;

  • The use of specialty drug lists and related specialty drug policies; and

  • The impact of drug manufacturer rebates and fees on formulary design and prescription drug costs for payers and patients.

OIG Medicaid MCO PBM Pricing Report – Expected 2022

The OIG intends to release a report in 2022 determining whether “states provide adequate oversight of Medicaid MCOs to ensure accountability for amounts paid for prescription drug benefits to its PBMs.”

It will be interesting to see how the FTC investigation progresses and if it has any impact on pending legislation, as well as the OIG’s final report. In the meantime, we will continue to monitor federal and state initiatives to regulate PBMs.

Sergey Smirnov and Jewel Duberry-Douglas contributed authors to this article.

©1994-2022 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC All rights reserved.National Law Review, Volume XII, Number 181

Selling properties made easy with Liberty House Buying Group


Get fair value with the most trusted Florida-based home buying company without the need for a real estate agent

People make the decision to sell their house for a variety of reasons, such as relocation, downsizing, preventing foreclosure, not having to deal with bad tenants, or, for example, a house may have been inherited by a group of family members. And in order to get the most out of this property, they might choose to sell and divide the money earned between them. But the problem with selling a home is that it is surprisingly time consuming and emotionally difficult, which is why it is best to seek professional help. For those who want to be spared the stress of the uncertainties of selling properties, Liberty House Buying Group is a home buying company that easily provides homeowners with the easiest and fastest selling experience in all time offering money for homes in Florida.

Founded by real estate agent and investor Eyal Pasternak, the Liberty House Buying Group reflects his expertise in the industry. Eyal’s years of experience in buying and renovating homes combined with the commitment and expertise of his team lives up to Liberty House Buying Group’s positive reputation with clients. If someone is looking to sell their Florida property quickly and for fair value, rest assured that they will provide you with a free, no obligation, cash offer. If accepted, they’ll buy their home quickly for cash – in as little as 7 days – without any hassle.

To date, Liberty House Buying Group has become the most popular and one of the highest rated home buying companies in Florida. They have been known for their high bids, integrity and professionalism in Florida since 2017. With their service, clients can sell their properties directly to Liberty House Buying Group, eliminating the need for a realtor and the need to pay real estate agent commissions. , hidden fees or closing costs. Their service is 100% free and they buy houses as is and in all situations. No need to fret and worry about lengthy processes, as they can make a great same-day cash offer with no obligation to accept, and close deals in as little as seven days.

Committed to values ​​such as transparency and reliability, they offer only the best to meet the demands of their customers. As Eyal says, it’s about delivering a WOW experience, exceeding customer expectations and helping them achieve their goals. Their clients are at the center of every transaction they close, as they provide tangible solutions to real estate issues. No matter the size of the deal, they are always ready to provide personalized solutions for any real estate problem and offer a free, no obligation, cash, fast offer.

Visit https://www.libertyhousebuyinggroup.com/ find out more.

About Liberty House Buying Group

Liberty House Buying Group is a Florida-based real estate investment firm that buys, renovates, then sells properties for profit.

Media Contact
Company Name: Liberty House Buying Group
Contact person: Eyal Pasternak
E-mail: Send an email
Country: United States
Website: https://www.libertyhousebuyinggroup.com/

How does an inventory line of credit work?


Business owners looking to increase cash flow for inventory might consider an inventory line of credit. This type of financing can work well for retailers, wholesalers, and seasonal businesses. In this article, we explain how inventory lines of credit work, how they differ from an inventory loan, and which options are best.

How an inventory line of credit works

A business line of credit is a pool of money that businesses can draw on as needed while only paying interest on the amount used. It is also known as a revolving line of credit. Small business financing lenders may be willing to offer an inventory line of credit to a business with varying inventory expenses. If your small business is struggling to stay stocked during peak season or keep up with customer demand, an inventory line of credit can help.

Here are the steps to open a business line of credit.

1. Calculate the total cost of your inventory

First, do the math to determine how much you’ll need to pay to restock your business’ inventory. This number will tell the lender how much they should offer you in financing. Line of credit lenders only cover a certain percentage of the total inventory cost, rather than the total price.

An inventory management system can be helpful in calculating your company’s inventory turnover rate.

2. Find the right lender

Now is the time to find the right financing option. If you decide to go with a line of credit over other small business loans, you’ll want to find out which lenders offer lines of credit. Some (but not all) traditional banks will do this, but many online lenders have the capability.

When comparing options, check whether or not there are drawdown fees that some lenders charge each time you withdraw funds. Additionally, there may be fees for creation, annual service, and monthly maintenance, so check those as well.

3. Request the Inventory Line of Credit

The application process varies by lender. Many online banks offer simple digital applications. Whether you go with a traditional bank or an online lender, they will likely assess your professional and personal credit score, time spent in business, and annual income. Head to Nav’s guide to learn more about how to establish business credit.

4. Get approved and use the funds

Once you get approved, you can use the trade line of credit to purchase products to stock your inventory. If there is a specific drawdown period (explained below) for your line of credit, you may only be able to use the funds during that period.

Remember that interest rates may be higher with inventory lines of credit, as it’s a little riskier than other types of financing.

5. Repay what you owe

Some finance companies have a drawdown period where you can access the funds and pay only the interest. Then there is a repayment period during which you must make monthly payments on the line of credit until it is fully repaid over a certain period of time, usually six to 24 months for online lenders.

Once you’ve fully repaid what you borrowed, you can use the full line of credit again, if needed.

How much can you borrow against inventory?

The loan amount on an inventory line of credit depends on the type of inventory you have and the value of it. Most likely, you will not be able to borrow the full amount needed to purchase inventory.

Typically, lenders offer a wide range between 20% and 80% of the inventory value. And because the value of inventory can decrease over time, a lender may even use the liquidation value of your inventory (which in most cases is likely less than its purchase value) to determine how much to offer you. .

Is collateral required for inventory lines of credit?

With an inventory line of credit, the inventory serves as collateral for the financing. So you don’t have to deposit any business or personal assets before getting an inventory line of credit. While it’s nice not having to offer collateral up front, it also means that if you don’t meet your payments, the lender can seize your business inventory to try and recoup some of their profits. .

What is the difference between an inventory loan and an inventory line of credit?

A line of credit is just one type of loan option you can get for the purpose of storing inventory. Another common solution is a short-term loan from a bank or online lender. Bank loans usually have better repayment terms and lower interest rates than online lenders and give you a lump sum of money.

On the other hand, term loans can be more difficult to obtain and require better credit history and creditworthiness. Traditional banks may also be more reluctant to offer inventory financing because it carries higher risk than other types of financing. This is because you have to sell the inventory to pay them back. They also typically take longer to send funding, while online lenders can send funding as quickly as a day or two after application.

What are the best lenders offering an inventory line of credit?

The type of loan your business needs depends on a variety of factors. But small business owners and startups have great financing options to choose from when choosing an inventory line of credit. Here are some of our favorite picks.

Also, keep in mind that business credit cards can be a great alternative for filling cash gaps and allowing you to purchase additional inventory as needed. Create a free Nav account to see your best business credit card options.

This article was originally written on June 30, 2022.

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Freddie Mac will include one-time rent in underwriting


Freddie Mac announced on Wednesday that on-time lease payments will be included in its underwriting system. The government-sponsored firm said it hoped to entice “responsible” tenants to take up home ownership.

According to Freddie, this option will be available from July 10 and will allow mortgage lenders to submit a borrower’s bank account data that shows a 12-month streak of on-time rent payments to its automated underwriting system.

Michael DeVito, CEO of Freddie Mac, said in a statement that millions of potential borrowers have been barred from home ownership because they lack a credit score or have a limited credit history.

“By factoring a borrower‘s responsible rent payment history into our automated underwriting system, we can help make the home possible for qualified tenants, especially in underserved communities,” DeVito said.

Freddie said in his announcement that a borrower’s bank account data — with the borrower’s permission — can be pulled from apps like Zelle, Venmo Where PayPal. The government-sponsored firm added that additional requirements for submitting rent payment data to its underwriting system will be announced in July.

Freddie Mac is considering different ways to incorporate one-time lease payments to help borrowers qualify for a mortgage.

In November 2021, Freddie Mac announced that he wanted to encourage multi-family landlords to report positive rent payments to credit bureaus to give tenants a better chance of qualifying for a mortgage.

The government-sponsored firm said at the time that it would provide closing cost credits on multi-family loans to rental landlords who agree to report rental payments on time via Esusu Financial.

As a result of this initiative, 70,000 households in 816 multi-family properties are enrolled in the program and more than 15,000 credit scores have been established, Freddie said.

Freddie Mac follows in the footsteps of Fannie Maewhich announced in August 2021 that one-time lease payments would factor into its underwriting calculations.

Fannie said for first-time home buyers, a history of consistent rent payments makes a “significant difference” in helping an applicant qualify for a mortgage.

According to his research conducted last year, in a sample of mortgage applicants who were refused a mortgage, 17% could have received an approval if their rent payment history had been taken into account.

Competitive outlook and growth prospects of the global credit card reader market 2022-2029 Honeywell, ID Tech, Ingenico, Magtek – Designer Women


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DBRS Morningstar Upgrades Ratings for Five AREIT 2019-CRE3 Trust Classes, Changes Trends to Stables for Two Classes


DBRS, Inc. (DBRS Morningstar) has raised its ratings on five categories of Commercial Mortgage Transfer Certificates, Series 2019-CRE3 issued by AREIT 2019-CRE3 Trust as following.

Class B to AAA (sf) of AA (weak) (sf)

Class C to AA (low) (sf) from A (low) (sf)

Class D to BBB (high) (sf) from BBB (low) (sf)

Class E to BB (sf) from BB (low) (sf)

Class F to B (sf) from B (low) (sf)

DBRS Morningstar also confirmed its ratings on two classes as follows:

Class A to AAA (fs)

Class AS to AAA (fs)

DBRS Morningstar changed the trends for the E and F classes from stable to negative, while the trends for all other classes remain stable.

The rating upgrades and trend changes reflect increased credit support for the bonds following the successful repayment of the loan, representing a reduction in collateral of 42.1% since issuance as of June 2022 delivery. While some loans remaining in the transaction, including those secured by hotel properties or office properties, have experienced delays in reported business plans due to the coronavirus disease (COVID-19) pandemic, DBRS Morningstar generally observed performance improvements across all guarantees. pool since its last rating action in August 2021. Along with this press release, DBRS Morningstar released a monitoring performance update report with in-depth analysis and credit metrics for the transaction and with business plan updates on certain loans. To access this report, please click the link under Related Documents below or contact us at [email protected]

At the time of issuance, the collateral consisted of 30 variable rate mortgages secured by 31 commercial real estate properties, mostly transitory, with a cut-off balance totaling $717.9 millionexcluding approximately $93.9 million future funding commitments to fund capital expenditures and operating deficits to assist with individual property stabilization plans.

The transaction is structured with an authorized funded equity vesting period of 36 months ending August 2022, whereby the Issuer may contribute loan funded participations in the Trust. Since the June 2022 payment, there are no funds available in an Authorized Funded Fellow’s Equity Acquisition Account.

Since the June 2022 reports, 13 loans remain in the pool with a current principal balance of $409.5 million. According to the Collateral Manager, $42.7 million Future loan funding has been advanced to nine individual borrowers to date to assist in the completion of the business plan. An additional amount of $5.5 million future financing of the loan is allocated to the borrower on the Gulf Tour ready for leasehold improvements and rental fees. The loan was structured with an external advance date of June 2022, whereby the borrower had the option of having some or all of the future funding of the outstanding loan placed in an interest-bearing reserve held by the issuer or of waiving the right to receive any additional funding. The property suffered significant damage in May 2021, however, following an explosion, which dampened rental momentum and led to a major restoration project. The borrower appears to have repositioned the property using proceeds from the insurance, with the project due to be completed in 2022. The disaster, combined with the impact of the coronavirus pandemic, has extended the completion date of the borrower’s business plan; however, the borrower remains attached to the property. It is unclear whether the away lead date has been extended given the accidental event.

The transaction is concentrated by property type as there are five loans (55.3% of the current pool balance) secured by office buildings and five loans (33.6% of the current pool balance) secured by of reception. Eight loans, representing 69.8% of the current pool balance, are in urban markets with DBRS Morningstar Market Ranks of 6, 7 and 8. These markets have historically shown greater liquidity and demand. There are five loans, representing 30.2% of the current pool balance, secured by properties in the markets with a DBRS Morningstar Market Ranking of 3 or 4, which are suburban in nature and have historically had higher default probability levels compared to properties located in urban markets.

From June 2022 reports, all loans remain current, and there are nine loans on the manager’s watch list, representing 77.6% of the pool balance. The three largest loans, representing 46.8% of the current pool balance, have been placed on the servicer’s watchlist due to upcoming maturities; however, all loans have extension options. DBRS Morningstar expects individual borrowers to exercise the loan extension options and in all cases where the performance of the property does not meet the performance-based hurdles to qualify for the extension options, DBRS Morningstar s expects the borrowers and lender to negotiate an agreement to allow the extension to be exercised. The remaining six loans, representing 30.8% of the current block balance, have generally been added to the watchlist due to low debt service coverage ratios or declines in occupancy.


No environmental/social/governance factor had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors in the DBRS Morningstar analytical framework is available in DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

DBRS Morningstar deviated significantly from its North American CMBS Insight model when determining the ratings assigned to the F category, as the quantitative results suggested a higher rating. The significant variances are warranted given that the sustainability of the loan return trends has not been demonstrated, as several properties securing loans in the transaction have yet to stabilize.

All ratings are subject to monitoring, which could result in ratings being upgraded, downgraded, revised, confirmed or discontinued by DBRS Morningstar.

DBRS Morningstar provides updated analysis and in-depth commentary on the DBRS Viewpoint platform for the following loans in the transaction:

For free access to this content, please register with the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and service data for most current CMBS transactions (including transactions not rated by DBRS Morningstar), as well as loan and transaction level commentary for most rated transactions. and monitored by DBRS Morningstar.


All figures are in WE dollars unless otherwise specified.

The main methodology is the North American CMBS Surveillance Methodology (March 4, 2022), which can be found on dbrsmorningstar.com under Methodologies and Criteria. For a list of structured finance related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not all related methodologies listed in a Principal Structured Finance Asset Class Methodology can be used to assess or monitor an individual structured finance or debt security.

DBRS Sovereign Morningstar group publishes reference macroeconomic scenarios for rated sovereigns. DBRS Morningstar’s analysis considered impacts consistent with baseline scenarios as set out in the following report: https://www.dbrsmorningstar.com/research/384482.

The rated entity or its related entities participated in the rating process for this rating metric. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the relevant appendix for more information on the sensitivity of the assumptions used in the rating process.

For more information on this credit or this industry, visit www.dbrsmorningstar.com or contact us at [email protected]

DBRS Limited

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Toronto, ON M5H 3M7 Canada

Such. +1 416 593-5577


Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

US = Lead Analyst based in the USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E= EU approved

U= UK approved

Unsolicited participation with access

Unsolicited participation without access

Unsolicited Non Participating

27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class A	Confirmed	AAA (sf)	Stb	CA
27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class A-S	Confirmed	AAA (sf)	Stb	CA
27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class B	Upgraded	AAA (sf)	Stb	CA
27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class C	Upgraded	AA (low) (sf)	Stb	CA
27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class D	Upgraded	BBB (high) (sf)	Stb	CA
27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class E	Upgraded	BB (sf)	Stb	CA
27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class E	Trend Change	BB (low) (sf)	Stb	CA
27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class F	Upgraded	B (sf)	Stb	CA
27-Jun-22	Commercial Mortgage Pass-Through Certificates, Series 2019-CRE3, Class F	Trend Change	B (low) (sf)	Stb	CA

Government bank borrowing jumps in June


Government borrowing from savings certificates and banks to fill the budget gap has been slow, but towards the end of the current fiscal year, borrowing from the banking system increased sharply.

In the first 11 months to May, the government received a net loan of Tk 32,652 crore but the borrowing increased to Tk 15,265 crore in just 22 days of June.

The government has borrowed Tk 18,157 crore from savings certificates in the first 11 months of the current fiscal year, which is only 56.74% of the government’s target for the fiscal year in this sector .

For the current financial year, the government has set a target of Tk 32,000 crore in borrowing from savings instruments. Hence, in the current month, the government needs to borrow Tk 13,842 crore from this sector to meet the target.

Those concerned said that the government had taken less net lending from the sector due to lower spending on the Annual Development Program (PAD).

Although government borrowing from the banking system slowed, its bank borrowings increased at year-end.

The government’s domestic borrowing target for FY22 has been revised down to Tk 1,24,288 crore. Borrowing target from the banking system has been reset to Tk. 87287.0 crore and other domestic non-bank sources at Tk. 37,001.0 crore (including Tk 32,000 crore via net sales of National Savings Schemes).

In the first 11 months of the current financial year, the government borrowed a total of Tk 97,350 crore by selling savings certificates. Previously, it had repaid Tk 79,192 crore in terms of principal and sector profit.

An official from the National Directorate of Savings said on condition of anonymity: “The government has reduced borrowing on savings certificates as it obtains loans at lower interest rates from the banking system. , current year spending was below target in the development budget, so borrowing on the savings certificate was down.”

In the current financial year, the government has set an ADP implementation target of Tk2.17 lakh crore. However, the government spent over Tk 1.42 lakh crore, or 65.56 percent of the target, in the first eleven months of the fiscal year.

Meanwhile, demand for government loans increased towards the end of the year although its borrowing from the banking sector was slow.

As of June 22 of this financial year, the government has received a net loan of Tk 47,917 crore from the banks.

According to Bangladesh Bank data, the interest rate on 182-day treasury bills was 6.59% on June 12. On the same day, the government fixed an interest rate of 6.5% on the 91-day Treasury bill. Previously, on June 15, the interest rate on five-year Treasury bills stood at 7.80%.

However, in June of last year, the interest rate on 91-day Treasury bills was only 0.52%. Interest was 0.6% on 182-day Treasury bills. Furthermore, the interest rate on the five-year bills was 3.84%. Banks are investing heavily in government debt instruments as their interest rates continue to rise.

The government has increased its borrowing a lot lately. In total, on June 14, the government’s total debt in the banking system stood at over Tk 2.50 lakh crore.

The government has set a target to borrow Tk 1,06,334 crore from the banking system for the next financial year 2022-23. Out of this amount, Tk 87,287 crore has been earmarked for the banking system.

Austin Talks | Candidates for the 7th Congress share their views – except it’s time for a change


Guns activist Kina Collings, 31, stared down U.S. Representative Danny K. Davis at the end of a recent candidates forum organized by the NAACP on Chicago’s West Side and said running against the longtime congressman wasn’t easy because he has a rich history on Chicago’s West Side.

Then, she added, “it’s time for a change.”

Davis, 80, replied, “If it ain’t broke, don’t fix it.”

Davis’ campaign has focused on reminding voters of his accomplishments in Congress, where he has represented residents of Illinois’ 7th District since 1997. Davis has been more active on the campaign trail. participate in community eventsholding online town halls and even airing TV commercials than last year.

collins, challenging Davis for the second time in the Democratic primary, hopes to bring change to the district. In 2020, the Austin native won just 13.8% of the vote, while Davis easily won with 61.4%. Teacher Anthony Clark and lawyer Kristine Schanbacher were also on the ballot two years ago.

This time, Denarvis Mendenhalla West Side resident and Air Force veteran, is also in the running.

The race has attracted national attentionas well as local coverage by the Chicago Sun-Times and the Chicago Grandstand.

Collins, considered by many to be more progressive than Davis, won the endorsement of a number of liberal groups, including popular action and Justice Democrats. Justice Democratsa national political action committee, is notable for assisting the representative from New York. Alexandria Ocasio-Cortez defeated fellow Democrat Joe Crowley after 10 terms.

Earlier this month, the Chicago Tribune endorsed Collins’ campaign after supporting the congressman in the previous election. Last weekend, the New York group “The Strokes” played in Chicago to support his run for Congress.

Davis was endorsed over the weekend by President Joe Biden. In a statement released Sunday morning — just two days before the primary — the president said Davis “is deeply rooted in his community” and has served with passion and integrity.

The congressman is close to both Biden and Vice President Kamala Harris, the Sun-Times reported. “When Harris was running for president in 2020, Davis was one of his earliest supporters. Once she gave up, Davis endorsed Biden at a critical time…one day before the nation’s first presidential vote in Iowa,” the Sun-Times reported.

The three Democrats vying for the 7th congressional seat share the same positions on most issues, including affordable housing, foreclosure assistance, labor rights, reparations and marijuana legalization.

However, unlike the other candidates, Collins has touted his support for the cancellation of all student loan debt. She also promises to address the life expectancy gap which primarily affects Chicago’s black population by creating a health care task force during his first 100 days in office.

One area of ​​disagreement surfaced at a candidates’ forum recently in bethel new life; the three contenders were asked if they support transgender women competing with other women in sports.

Davis said: “Women who are women should play in women’s sports and men who say they are men should play in men’s leagues. I don’t think women should try to play football with the Bears.

Mendenhall said transgender women shouldn’t be allowed to compete with other women: “God made us different, so I don’t believe men should cross over no matter how much hormonal suppression they have, they shouldn’t be able to cross for women’s sport. »

Collins said she supports the LGBTQ+ community and rejects the idea of ​​convincing other elected officials about it, saying she would rather focus on building support for important issues such as the right to vote.

“I think the GOP has done a really good job of creating an echo chamber to create another band we can hate instead of playing real stuff.”

Although Davis and Collins have similar priorities, Collins said she plans to address gun violence through prevention strategies that include education, housing, and pandemic relief and recovery for families.

Collins also highlighted health care and COVID-19 relief and recovery as part of the top three priorities she would champion if she beat Davis.

“I think we need to hold the gun manufacturers accountable for the illegal gun trade that continues to happen here in the state of Illinois and primarily in the city of Chicago,” she said.

Davis said the top three priorities he deals with on a daily basis are poverty reduction, criminal justice reform and education. “African Americans are the most incarcerated people in the United States of America, and Americans are the most incarcerated people in the world,” he said.

At last month’s forum, candidates were also asked about issues that specifically affect Austin residents, such as affordable housing and air pollution.

Quoting a recent study which revealed that Austin had one of the highest air pollution levels in Chicago, particularly at the intersection of Chicago and Cicero avenues, panelists asked the candidates what specific steps they would take to protect the West Side residents of the health effects caused by traffic-related air pollution from companies like Amazon.

Collins, supporter of a Green New Dealsaid she would actively work with organizations such as People’s Action to ensure she develops intersectional policies that facilitate the transition to a green economy.

“When I say I want a community benefits deal, it’s so big companies like Amazon don’t step in and be held accountable when people’s lives are at stake,” he said. she stated.

Collins has championed climate justice as part of her campaign with environmental organizations such as Action by Friends of the Earth and the sunrise movement approving it.

Davis said he had a 96% voting record on environmental issues and recalled past environmental achievements, including when he helped shut down a trash incinerator on the West Side years ago. In 1996, under then-Mayor Richard Daley, the City of Chicago announced the closure of the West Side garbage incinerator; Davis was then Cook County Commissioner.

Mendenhall agrees that there are “a lot of truck emissions” on the West Side, and he would encourage companies to invest in electric vehicles. It would also ask businesses to reduce traffic in school zones where families and children are present.

Asked about their plans to provide affordable housing, Davis said that as a member of the Congressional Black Caucus, he had worked to create the Emergency Rental Assistance Program.

Mendenhall said the 7th District “looks like Afghanistan with all the vacant land,” so he would build in those areas and engage with community leaders and developers.

Collins said one of the steps she would take is to hold banks accountable for their lending practices and work to end discriminatory practices.

All three agree that home ownership is a gateway to wealth and that more needs to be done to ensure black Americans can afford to buy homes.

They also support the legalization of cannabis at the federal level, although their reasons differ.

Mendenhall said marijuana had “far more positive effects than negative effects.” He noted the medical benefits of marijuana and said he personally does not know “anyone who has committed a violent crime under the influence of marijuana.”

Davis has said for a long time that he opposed the legalization of cannabis, but finally “came back”.

Collins said cannabis legalization is not just an economic issue, but a criminal justice reform issue, as many “black men are still in jail for a bag of weed.”

Candidates were asked about who is funding their campaigns, including whether they accept funds from big companies that “interfere with the right of workers to organize” like Amazon.

Davis said he returned a $1,000 donation Amazon made to his campaign and stressed that he had been a strong supporter of the union during his political career and would continue to be part of “the fight against big business”.

By contrast, Collins’ campaign did “not take a dollar from corporations, real estate developers, or private equity.”

Mendenhall said he “wasn’t interested in their money”.

Collins raised more money than the rest of the contenders, despite the congressman having more cash on hand. The data kept by the Federal Election Commission shows Collins raised $298,102 between Jan. 1 and March 31, while Davis raised $151,386.

As of March 31, Davis said he had $544,000 on hand, while Collins had $125,000, according to Politics.

The last day to vote in the primary election is June 28; Polling stations will be open Tuesday from 6 a.m. to 7 p.m.

Early voting continues at the Chicago Board of Elections at 191 N. Clark and at available early voting sites in all 50 neighborhoods. The 29th Precinct voting site is located in Amundsen Park at 6200 W. Bloomingdale Ave., while the 37th Precinct site is at the Chicago Library at 4856 W. Chicago Ave.

Bryce Harper out indefinitely for Phillies with broken thumb

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Philadelphia Phillies outfielder Bryce Harper broke his left thumb when he was hit by a Blake Snell pitch on Saturday night, an injury that immediately sidelines the reigning National League MVP for at least the foreseeable future.

Harper was injured in the fourth inning of the Phillies’ 4-2 win over the San Diego Padres at Petco Park when he checked his momentum as the field rose, and the ball hit his hand as he leaned over. The team announced he would be out indefinitely, with further medical evaluations scheduled in the coming days.

“I’ve never had a hand injury like this,” Harper told reporters as he stood in front of his locker wearing a thumb brace after the game. “I have never broken anything in my life. It’s new to me, so I’m just going to take it day by day, see where we are and see the Philadelphia specialist. And if I need to see another specialist somewhere, then I will.

In immediate and obvious pain, he fell to his knees, clutching his hand as Phillies coach Paul Buchheit entered the field. There were no immediate details about the fracture and Phillies general manager Dave Dombrowski, who was traveling with the team, said it was unclear whether he would need surgery. Last season, Harper only missed a few games after being hit in the face by a fastball thrown by Genesis Cabrera of the St. Louis Cardinals, but it’s a distinctly different type of injury.

“I wish it had hit me in the face. I don’t break my facial bones,” Harper said with a laugh. “I can take [a] 98 [mph pitch] in the face, but I can’t take 97 in the thumb. Yeah, I was kind of in protective mode, kinda trying to put my hand up and not let it hit me again.

“It’s just a disappointment. I’m really disgusted.

This was evident when he walked off the pitch, angrily directing comments at Snell, who waved it was unintentional. Moments later, Harper appeared to say, “I know, I know.”

Aaron Judge avoids refereeing, but will he be a Yankee for life?

“It wasn’t heated at all,” Harper said. “It was just the timing and a shitty situation. I’ve been playing against Blake since we were 10, 11, so I know there was no ill will behind it. The inside court is part of the game. He’s a great player and a great human being too. I wish him the best, and told him to keep throwing that fastball inside, because it defines that slider really well.

Snell told reporters he texted Harper. “Obviously I felt bad hitting him,” Snell said. “I don’t do that, and he knows it. We talked. We managed it. He plays with a lot of passion, and I can understand why he would be upset. I am as upset as he is. … I just hope he recovers quickly, comes back and continues to compete.

Harper, who will be placed on the disabled list on Sunday, is hitting .318 with 15 home runs, 48 ​​RBIs and a .985 OPS this season in 64 games. Due to a small tear in the ulnar collateral ligament in his right elbow, he hasn’t played in the outfield since April 16 and hoped that a platelet-rich plasma injection and rest would allow him to continue playing. play while avoiding Tommy’s end of the season. John’s surgery.

Millions of people have seen $25 billion in student loan debt forgiven. Who, why and how?


What is happening

Although President Joe Biden did not announce his decision on widespread student loan forgiveness soon, millions of borrowers have seen $25 billion in debt forgiven during his tenure.

why is it important

With one in five Americans carrying student debt, loan forgiveness can help ease the pain of soaring inflation and economic uncertainty.

We’re all still awaiting President Joe Biden’s decision to write off student loan debt, but millions of borrowers have seen $25 billion in student loans written off by the Department of Education since Biden took office on January 21, 2021. Beneficiaries include borrowers with disabilities. , victims of fraudulent colleges and government employees like teachers and nurses.

Biden campaigned in 2020 on canceling a “minimum of $10,000” in student loan debt for everyone, and April 28 promised a decision on the matter “within the next few weeks,” but nearly two months have passed without any action on the general cancellation of the debt.

The $25 billion in student loan debt already written off during Biden’s tenure sounds like a lot of money, but it pales in comparison to the big picture. About 20% of Americans owe money on student loans for a total of $1.6 trillion in debt, or an average of $37,013 per borrower.

Find out who has already qualified for student loan forgiveness and how you can check if you are one of the borrowers eligible for debt forgiveness. For more, here’s what we know about how debt cancellation could affect your credit score.

$7.3 billion in student loans discharged for public servants

In October 2021, the Department of Education announced “transformative” changes to the Civil Service Loan Forgiveness Scheme, immediately making 22,000 borrowers immediately eligible for debt forgiveness. The ministry expects its policy changes to allow more than 550,000 borrowers who have consolidated their loans to eventually become eligible for debt forgiveness.

The PSLF program cancels the remaining balance on a student loan after the borrower has made 120 qualifying monthly payments. Anyone working for a federal, state, or local government agency can apply for the program, including teachers, firefighters, military, nurses, and other public sector employees. PSLF program canceled $7.3 billion in student loans for 127,000 borrowers so far during Biden’s tenure.

The most significant changes to the PSLF allow borrowers to count all previous payments made on federal home education loans and Perkins loans and waive full and timely payment requirements. However, to qualify for this relief, borrowers must submit a PSLF application by October 31, 2022. Note that if you need to consolidate your debt to qualify for PSLF relief, this process can take 45 days, so allow time to meet this end-October deadline.

For more information about the PSLF policy changes and to see if you are eligible for the program and the waiver of previous payments, visit the PSLF Help Tool on the Federal Student Aid website.

$5.8 billion in student loans discharged for borrowers with disabilities

In August 2021, the Department of Education implemented a regulatory change that allowed 323 million student borrowers with “total and permanent” disabilities to see more than $5.8 million in their canceled federal loans. Borrowers with these disabilities no longer have to apply for relief – they will be determined by data matches in the Social Security Administration, which began identifying these borrowers on a quarterly basis in September 2021.

Prior to the policy change, only about half of borrowers with total and permanent disabilities who were identified as eligible through Social Security matches received loan forgiveness.

If you think you might qualify for student loan relief due to total disability, complete the online disability application on the Social Security website.

$7.55 billion in student loans discharged for defense claims against specific schools

Student borrowers who have been misled or defrauded by educational institutions have the right to file “Borrower Defense Claims” with the Department of Education. If these schools are found to have violated state laws, borrowers may be eligible for partial or full student loan forgiveness.

Throughout 2021 and 2022, the Department of Education announced specific relief measures for student borrowers who attended colleges and universities who made fraudulent claims about their schools or misled students wrong when they applied for loans.

These student loan receipts include:

  • ITT Technical Institute: 115,000 Borrowers Received $1.1 Billion in Loan Cancellations in August 2021
  • DeVry University: In February, 16,000 borrowers received $415 million in student loan repayments, plus additional remission for students at Westwood College, ITT’s nursing program, and criminal justice programs at the Minnesota School of Business and Globe University.
  • Marinello Beauty Schools: Due to “widespread and widespread misconduct” at Marinello Schools, 28,000 borrowers were granted $238 million in loans discharged in April.
  • Corinthian Colleges: In the largest defense claim release of the year to date, the DoE announced $5.8 billion in forgiveness for 560,000 borrowers on June 1.

If you attended one of these schools and owe money on a student loan, you will need to file a formal Borrower Defense Request on the Federal Student Aid website to qualify for relief. After you complete your application, which should take about 30 minutes, the DoE says it will contact you by email with information about your loan release.

264,000 additional borrowers set to receive student loan relief from defense claims

On June 22, the Department of Education announced a proposed settlement in the Sweet v. Cardona. About 264,000 borrowers have sued the agency, claiming it was unlawfully delaying action on longstanding defense claims.

If approved by a judge, the proposed settlement will provide student debt relief to students at more than 50 mostly for-profit colleges and significantly reduce the backlog of defense claims that began under the administration. of President Donald Trump and increased under the Biden administration.

The debt relief offered in the settlement will only apply to borrowers who have already filed defense claims with the Department of Education. The Predatory Student Loans Project says all borrowers with pending defense claims as of June 22, 2022, or those who received denials after December 2019 are eligible to be plaintiffs in the class action.

It is not yet known whether the Department for Education will extend the relief to borrowers who attended the offending schools but did not file a defense claim.

Learn more about student loans, find out why you may want to continue making payments even if student loans are suspended. And find out whether or not you should refinance your student loans as rates rise.

Delinquent mortgages fall to third consecutive record high in May 2022


Dark Knight, Inc. (NYSE: BKI) reports the following “first look” at May 2022 month-end mortgage yield statistics drawn from its loan-level database representing the majority of the national mortgage market.

  • The national delinquency rate fell five basis points from April to 2.75% in May, continuing the downward trend in overall delinquencies from the previous two months and hitting a new low.
  • Following typical seasonal patterns, early-stage delinquencies – borrowers who missed a single mortgage payment – increased slightly (+0.2%) month-over-month
  • While serious delinquencies have seen a strong improvement – ​​down 7% from April – the population of such loans (those overdue by 90 days or more but not yet in foreclosure) remains 45% above pre-pandemic levels
  • Despite high levels of serious delinquency, foreclosures fell 12% from April and continue to hold well below pre-pandemic levels, while active foreclosures increased slightly
  • Prepayment activity fell 11.1% from the previous month and is now down 59.1% year-on-year due to the sharp rise in interest rates

U.S. Total Delinquent Loan Rate (loans past due 30 days or more but not foreclosed): 2.75%
Month-to-month change: -1.93%
Year-over-year change: -41.96%

Total pre-sale inventory rate in the United States: 0.33%
Month-to-month change: 1.03%
Year-over-year change: 17.55%

Total number of seizures in the United States: 18,800
Month-on-month change: -12.15%
Year-over-year change: 394.74%

Monthly prepayment rate (SMM): 0.88%
Month-on-month change: -11.13%
Year-over-year change: -59.16%

Foreclosure sales in % of 90+: 0.50%
Month-to-month change: 8.61%
Year-over-year change: 305.57%

Number of properties overdue for 30 days or more but not seized: 1,461,000
Month-to-month change: -35,000
Year-over-year change: -1,050,000

Number of properties overdue for 90 days or more but not seized: 595,000
Month-to-month change: -45,000
Year-over-year change: -1,074,000

Number of properties in foreclosure pre-sale inventory: 174,000
Month-to-month change: 1,000
Year-over-year change: 26,000

Number of properties overdue for 30 days or more or in foreclosure: 1,635,000
Month-to-month change: -34,000
Year-over-year change: -1,024,000

Securing Blockchain Oracles for Blockchain Success and Mass Adoption


Education Department cancels $6 billion in student loans for 200,000 borrowers


The US Department of Education has agreed to forgive $6 billion in student loans for 200,000 student borrowers.

Here’s what you need to know.

Student loans

The Biden administration is continuing its commitment to forgive student loans for millions of student borrowers. As part of a class action settlement agreement, Sweet vs. Cardona, the Department of Education will provide full student loan forgiveness to approximately 200,000 student borrowers who have been misled by their college or university. Borrowers will also get a refund of student loan payments made and the removal of any associated negative marks on their credit report. This is a major victory for student borrowers who have been asking for student loan relief for several years. The announcement comes at a critical time as President Joe Biden considers large-scale student loan forgiveness for millions of student borrowers. The original class action included 264,000 student borrowers who attended more than 150 colleges and universities such as the University of Phoenix and DeVry.

Student Loan Forgiveness: Biden Forgave $8 Billion in Student Debt in Borrower Defense Until Repaid

Prior to this major student loan cancellation announcement, Biden canceled $25 billion in student loans. That amount included $7.9 billion in student loan forgiveness for 690,000 borrowers under defending borrowers from student loan repayments and school closures. Earlier this month, the Biden administration canceled $5.8 billion in student loans for 560,000 student borrowers. Borrower Defense of Repayment is an Obama-era rule that allows student borrowers to have their student loan forgiven if their school closes or they were misled by their college or university. Borrower defense against repayment has featured prominently in for-profit school lawsuits.

“From day one, the Biden-Harris administration has worked to address long-standing issues with the borrower defense process,” Cardona said. “We are pleased to have worked with the plaintiffs to reach an agreement that will provide billions of dollars in automatic relief to approximately 200,000 borrowers and which we believe will resolve the plaintiffs’ claims in a fair and equitable manner for all parties.”

How to qualify for this student loan forgiveness

Student borrowers who participated in this class action lawsuit will have their student loans forgiven. Here’s how to find out if you qualify:

  • If you applied for Borrower Defense Until Repayment and you attended one of the eligible colleges or universities, your student loans will be forgiven.
  • If you applied for Borrower’s Defense of Reimbursement and attended one of the eligible colleges or universities, but your application was denied, your Borrower’s Defense of Reimbursement application will be reinstated.

Termination of student loan: how to request a borrower’s defense to repayment

What if you didn’t participate in this class action but think you were misled by your college or university? You can request a borrower’s defense for student loan repayment online. To be eligible, you must demonstrate that:

  • your college or university closed while you were enrolled or shortly after you dropped out, or
  • your college or university has misled you.

As part of the borrower’s defense against repayment, you can obtain partial student loan forgiveness or full student loan forgiveness. If you don’t qualify for Borrower Defense Until Repayment, remember that there are other ways to get a lower student loan repayment, including:

Student Loans: Related Reading

9 million borrowers are now eligible for student loan forgiveness

Senators propose major changes to student loan forgiveness

Department of Education Announces Major Overhaul of Student Loans Service

Navient agrees to forgive $3.5 million in student loans

One year after Surfside collapse, two California startups create Carfax-like reports for HOAs – Orange County Register


As family and survivors commemorate the one-year anniversary of the deadly Surfside, Fla. collapse on Friday, June 24, two Southern California companies are offering new tools to help condo buyers and owners assess the strength of their own owners’ associations.

Their goal is to avoid pitfalls like those that may have contributed to the tragedy last June, when the 12-story South Champlain Towers collapsed in a pile of rubble, killing 98 people.

News reports showed the Champlain Towers board had argued for years over how to pay for $15 million in much-needed repairs. Repairs started too late.

With a federal investigation into the cause of the collapse not expected until 2024, the Miami Herald reported that construction flaws coupled with years of deferred maintenance caused a pool deck to move away. deterioration of the foundation, toppling pillars and causing the building to fall. like a house of cards.

In May, Association Reserves, a Westlake Village company that had Champlain Towers South as a client, unveiled a new product to help buyers, owners and board members assess the financial and physical health of their “ community associations”.

“We looked at condo associations across the country, and really, it’s bad,” said Christopher Gardner, founder of new consumer product, CondoFax. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG)

Called Association Insights and Marketplace, or AIM, it seeks to create a database covering the country’s 370,000 “association-governed” communities, including condominiums, co-ops and townhouses.

HOAs are recruited to upload their information to the database, which will then be used to create reports on maintenance reserve funds, finances and the physical condition of buildings, said Robert Nordlund, CEO of the Association. Reserves and co-founder of the new AIM product.

Reports are free to participating HOAs and their members, but will cost buyers $50.

Additionally, AIM creates a FICO-like score for each complex, called the FiPhO score. Had the score existed before the Champlain Towers collapsed, the Florida Towers would have received a 45 out of 100, Nordlund said — a low score.

“We’re here to change the whole community association industry ecosystem,” Nordlund said.

Nordland and the founder of another new HOA reporting company, Condofax, said they hope their products will become the condo industry’s version of Carfax, which provides used car reports to car buyers. cars.

Founded last November, Condofax charges $299 for reports based on a deep dive into an HOA’s documentation. Like AIM, it produces a brief report and its own version of a credit-like score.

“We’ve looked at condo associations across the country, and really, it’s bad,” said Christopher Gardner, founder of Condofax and an executive at FHA Pros, which helps condo resorts qualify for home mortgages. Federal Housing Administration. “One way or another, condominium associations have largely escaped scrutiny. It’s pretty amazing, and we hope to change that.

A third California organization, Oakland-based Transparency HOA, a non-profit organization, provides reports on HOAs for free. A fourth company, Indiana-based InspectHOA.com, provided $189 reports for 2.5 years to companies such as securities companies, iBuyers and real estate investment groups.

“What created momentum was many institutions buying houses,” said InspectHOA chief executive and co-founder Vishrut Malhotra. “(But) our customers started asking more questions after the Champlain Towers incident.”

Tool for buyers

The new products will be a boon to potential buyers who are now virtually flying blind when buying a home that is part of an HOA, according to product developers and real estate agents.

“It’s brand new. This is something we’ve never seen before,” said Lisa Dunn, regional sales manager for Century 21 Award, who led an Orange County Association of Realtors task force encouraging more HOAs to qualify for FHA mortgages.

The Westlake Village condo complex in Thousand Oaks where Robert Nordlund, founder and CEO of Association Reserves, lived is seen Tuesday, June 21, 2022. Nearly a year after the deadly collapse of Champlain Towers South Condos in Florida, Nordlund unveils a scoring system for homeowners associations that works like a credit score.  (Photo by Sarah Reingewirtz, Los Angeles Daily News/SCNG)
The Westlake Village condo complex in Thousand Oaks where Robert Nordlund, founder and CEO of Association Reserves, lived is seen Tuesday, June 21, 2022. Nearly a year after the deadly collapse of Champlain Towers South Condos in Florida, Nordlund unveiled a scoring system for homeowners associations that works like a credit score. (Photo by Sarah Reingewirtz, Los Angeles Daily News/SCNG)

“I’ve never seen a service like (these new) reports,” added Veronica Hicks, a broker for Condos Etc. based in Irvine. “No one can be certain of…the financial health of a community, the culture of the community, and the quality of board management and oversight. That would be a very beneficial report for a buyer, for an association of owners as well as for members.

A bundle of HOA documents provided during escrow should be enough to determine the strength of an association, said Dawn Bauman, vice president of government and public affairs for the Community Associations Institute, an HOA educational organization. Provided, that is, a buyer takes the time to read and understand all that paperwork.

But agents and product vendors say the association’s documentation, which can be up to 300 pages or more, often comes late in the escrow process and is so intimidating that many buyers don’t read it.

“They just don’t know what they’re looking at. They don’t know how to analyze a condo association,” Gardner said.

“If you’re thinking of spending $500,000 on a condo, $50 is one of the cheapest things and one of the wisest things you can do. … It just helps the buyer know what they’re getting into,” Nordlund said.

Special Assessment Risk

The Champlain Towers board received bad news about the condition of their building nearly three years before the June 24, 2021 tragedy. The once-luxurious towers needed major repairs totaling $15 million. To pay for this, the council had to impose a “special assessment” on unit owners, ranging from $80,000 to at least $200,000 each. But the co-owners resisted.

Report providers claim that their products can help buyers assess the risk of an association of a future special assessment, which is paid in addition to monthly assessments.

“If we find that (an HOA’s) reserves are running low and the roof needs to be replaced soon, you can expect a big increase in fees,” InspectHOA’s Malhotra said.

Kelly Richardson, a Pasadena-based HOA attorney and weekly contributor to the Southern California News Group, said Association Reserves’ AIM product is “the company’s first legitimate effort in this regard.”

But the product is far from ready. The AIM database requires thousands of HOAs to log into the company’s website and upload their data.

Nordlund says the company’s report will typically be 11 pages, covering an HOA’s financial health, property maintenance history, and good management of the association.

About half of HOAs have sufficient reserves to pay for necessary maintenance as their buildings age, Nordlund said. Co-owners tend to elect board members who promise to control monthly dues, which often compromises the financial strength of an association.

AIM seeks to give condo owners a “virtuous goal” of improving their score, rather than the destructive incentive of lowering their HOA dues and postponing maintenance.

The Condofax report covers six categories, including state law compliance, HOA financial condition, maintenance reserves, mortgage options for buyers, and insurance.

Robert Nordlund, who runs a company that helps HOAs build reserves for future maintenance, hopes his new AIM database will become the Carfax of the condo industry.  For $50, buyers will be able to purchase a report card showing the financial and physical strength of a homeowners association.  (Photo by Sarah Reingewirtz, Los Angeles Daily News/SCNG)
Robert Nordlund, general manager of the Reserves Association, wants to encourage condo owners to pay more dues for the maintenance of their properties. The Westlake Village HOA expert designed the FiPhO score to assess the financial, physical and operational health of each association. (Photo by Sarah Reingewirtz, Los Angeles Daily News/SCNG)

Transparency HOA provides a one-page report focusing on the financial aspects of an HOA, along with a score. The volunteer-run organization does not charge for its reports, although donations are welcome. Co-founder Amber Gill maintains her team is more willing to share bad news about an HOA because it’s independent.

“I find it hard to believe that (commercial suppliers) are going to bite the hand that feeds them,” she said.

Richardson said he’s not sure the reports are enough to fully assess an HOA.

“I fear that the information, while useful, is exaggerated in its importance,” he said. “HOAs can change quickly, and I’m concerned about how the reported data would be kept up to date.”

He also doubts that these reports alone will be enough to prevent future tragedies like the collapse of the Champlain Towers. But the collapse highlighted “how bad condos are” and the need for condo owners and buyers to have better access to information, suppliers said.

“That’s why the world changed,” Nordlund said of the Surfside tragedy. “That’s why we spent a lot of time and money (to develop this product). The future could therefore be different.

(Published in the Brainerd Dispatch, June – Brainerd Dispatch


(Published in the Brainerd Dispatch, June 22, 29, July 6, 13, 20, 27, 2022, 6t.) NOTICE OF MORTGAGE FORECLUSION SALE NOTICE IS HEREBY GIVEN that default occurred under the terms of the mortgage described below: DATE OF MORTGAGE: May 10, 2017 INITIAL PRINCIPAL AMOUNT OF MORTGAGE: $378,400.00 MORTGAGE AGENT(S): Kristopher Kaikkonen, a single person Loan, his successors and assigns DATE AND PLACE OF RECORD: Recorded on: May 12, 2017 Crow Wing County Recorder Document Number: A888308 MORTGAGE ASSIGNMENTS: And assigned to: PennyMac Loan Services, LLC Dated: August 16, 2021 2021 Crow Wing County Recorder Record Number: 957326 Transaction Agent: Mortgage Electronic Registration Systems, Inc. Mortgage Transaction Agent ID Number: 1004128-0002097269-4 Lender/Broker/Mortgage Originator: American Financial Network, Inc. , DBA: Orion Lending Residential Mortgage Servicer: PennyMac Loan Services, LLC COUNTY IN WHICH THE PROPERTY IS LOCATED: Crow Wing Property Address: 15284 Beaver Dam Road, Brainerd, MN 56401 Tax ID: 080333100D00009 LEGAL DESCRIPTION OF PROPERTY: The northeast quarter of the neighborhood Southwest, Section 33, Township 134, Range 28, except North 874.74 feet, in Crow Wing County and the State of Minnesota have been complied with; that no action or proceeding has been commenced at law or otherwise to recover the debt secured by said mortgage, or any part thereof; that it is a registered property; Pursuant to the power of sale contained in said mortgage, the property described above will be sold by the sheriff of said county as follows: DATE AND TIME OF SALE: August 09, 2022 at 10:00 a.m. PLACE OF SALE: County Sheriff’s Office, 304 Laurel Street, Brainerd, Minnesota to pay the debt secured by said mortgage and taxes, if any, on said premises and costs and disbursements, including attorneys’ fees permitted by law, subject to repayment within six (6) months from the date of such sale by the mortgagor(s), their personal representatives or assigns. If the mortgage is not reinstated under Minn. Stat. §580.30 or property is not redeemed under Minn. Stat. §580.23, the mortgagor must vacate the property no later than 11:59 p.m. on February 08, 2023, or the next business day if February 08, 2023 falls on a Saturday, Sunday, or public holiday. Mortgagor(s) released from financial obligation: NONE THIS COMMUNICATION IS FROM A DEBT COLLECTOR ATTEMPTING TO COLLECT A DEBT. ANY INFORMATION OBTAINED WILL BE USED FOR THIS PURPOSE. THE RIGHT TO VERIFICATION OF THE DEBT AND THE IDENTITY OF THE ORIGINAL CREDITOR WITHIN THE TIME LIMIT PROVIDED BY LAW IS NOT AFFECTED BY THIS ACTION. THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGE AGENT, ITS PERSONAL REPRESENTATIVES OR AFFILIATES, MAY BE REDUCED TO FIVE WEEKS IF A COURT ORDER HAS ENTERED UNDER MINNESOTA STATUTES, SECTION 582.032, DETERMINING, AMONG OTHERS, THAT THE MORTGAGE PREMISES ARE IMPROVED WITH RESIDENTIAL HOUSING OF LESS THAN FIVE UNITS, ARE NOT PROPERTIES USED IN AGRICULTURAL PRODUCTION, AND ARE ABANDONED. DATED: June 16, 2022 MORTGAGE: PennyMac Loan Services, LLC Wilford, Geske & Cook, PA Attorneys for Mortgagee 7616 Currell Boulevard, Suite 200 Woodbury, MN 55125 (651) 209-3300 File Number: 050773-F1

What is a margin call? // The Motley Fool Australia

Image source: Getty Images

Introduction to Margin Calls

A margin call is a request from your broker asking you to deposit additional money into the margin account you hold with them. This usually happens when the stocks you bought while trading on margin have fallen, forcing you to top up your capital share.

There is a bit to unpack in this paragraph.

First, we’ll start with what it means to trade on margin. It’s when you buy stocks using a combination of your own money and money you borrow, usually from your broker. Borrowed money gives you the extra capital to buy many more stocks than you might otherwise have had, potentially increasing your earnings.

However, margin trading also carries increased risk.

In exchange for lending the extra money, your broker will ask you to put aside enough collateral – in the form of shares – to cover the loan. The stocks you borrow must be from your broker’s Approved Securities List (ASL). Likewise, the money you borrow can only be used to purchase securities from the ASL.

Unfortunately for all of us, stock prices can go down as well as up. If the price of the stocks you used as collateral suddenly drop, your assets might not be worth enough to cover the loan. In this case, your broker would issue a margin call.

This is a request that you repay part of the loan in cash, buy additional shares to increase your collateral, or sell some of the shares you already own (probably at a loss).

This can be an uncomfortable experience for any investor, and one that can end up being very expensive.

So how exactly do you trade on margin?

A better question might be, why would have you?

Well, although margin calls can be difficult to manage, margin trading allows you to significantly increase your potential returns.

This is best illustrated with a simplified example. Let’s say you already own $10,000 worth of Woolworths Group Ltd. (ASX: WOW) shares and you would like to invest an additional $10,000. On the one hand, you could pay the $10,000 cash for the shares up front, out of your own pocket. Alternatively, you can trade on margin and borrow most of the money needed to purchase the additional shares.

Woolworths is listed on your broker’s ASL, and your broker specifies that you can borrow up to 75% of the value of your existing Woolworths holdings, which is called the loan-to-value ratio (LVR) of the security. This means that by depositing only $2,500 of your own money once in a while and borrowing the remaining $7,500 (the maximum LVR), you can always walk away with $10,000 of new Woolworths shares. You can also use your loan to invest in other companies, as long as they are listed on your broker’s ASL.

Now let’s say Woolworths stock price suddenly jumps 10%.

If you had used your own money to buy the new shares, those shares would now be worth $11,000. If you decide to sell them, you could pocket the $1,000 profit (minus transaction fees) and realize your 10% gain. Not a bad thing return on investment.

What if you had decided to trade on margin instead?

In this scenario, you could invest just $2,500 of your own money, then borrow the remaining $7,500 using your existing Woolworths shares as collateral – and end up with the same $10,000 of new Woolworths shares. After Woolworths stock price climbed 10%, these additional holdings would also be worth $11,000. And if you decided to sell your shares, repay the loan, and then pocket your profit, you would have earned the same $1,000 (minus your interest payments and account fees).

However, since you only invested $2,500 of your own money initially, you managed to get a 40% return – your profit of $1,000 divided by your investment of $2,500. This means that by trading on margin, you have managed to quadruple your return on investment!

Can anyone do this?

Margin trading is open to everyone – however, you should ensure you have a full understanding of the risks involved before opening a margin account. Although some brokers allow you to open an account with only small amounts of capital, margin trading is still best suited for investors with a higher risk appetite and enough extra cash to meet any unexpected margin calls.

If you think margin trading might be of interest to you, first make sure it matches your long-term investment goals and personal risk appetite. And reduce your risk by borrowing less than the maximum LVR for the securities – while reducing your upside potential, it also reduces your chances of receiving a margin call.

What are the benefits of margin trading?

As mentioned before, the main advantage of margin trading is that you can significantly increase your returns, which potentially helps you reach your investment goals faster.

And, as margin trading gives you access to increased funding, you can now afford to diversify your investments. Instead of buying shares in just one or two companies, you can invest your borrowed money in four or five companies. Diversification is one of the best ways to reduce your overall portfolio risk because it makes you less dependent on the performance of an ASX stock to grow your wealth.

Additionally, it should be added that the interest paid on an investment loan is generally tax deductible, reducing your overall taxable income.

And the disadvantages?

Unfortunately, margin trading also magnifies your potential losses. A falling market can trigger a series of margin calls, costing investors a lot of money. Just as you top up your account enough to meet the requirements of the first margin call, stock prices could fall again, triggering a second margin call. And this process can go on and on.

Besides the risks, it can also be expensive – so always shop around for the lowest fees. Before subscribing to a margin charge, determine the return you would need to generate from your investments to at least cover your interest payments and account fees, then consider how feasible this is.

What triggers a margin call?

A margin call is triggered when the security value of the assets you have provided as collateral falls below the amount you have borrowed. The “safety value” is the total value of your shares multiplied by their LVR. For example, the starting value of the security value of the $10,000 of Woolworths shares you already owned was $7,500 because the Woolworths shares had an LVR of 75% (according to your broker).

As the market moves, the security value of your Woolworths shares may rise or fall. If it drops below your outstanding loan balance, your broker will issue a margin call.

Brokers can often grant investors an additional buffer on top of the LVR – sometimes 5% of the portfolio value. This means that a margin call will not be triggered until the total security value more the buffer falls below the loan amount.

How to Avoid or Prepare for a Margin Call

Borrow less than the maximum

Just because you box borrow as much as the LVR allows does not mean you to have to. Borrowing less means you’re creating an extra cushion in your margin account. Remember that it is only when the value of the security falls below your outstanding loan balance that a margin call is triggered. The lower the loan amount, the less likely you are to get a margin call.

To diversify

As we have already mentioned, diversification is a great way to reduce the overall risk of your portfolio. This can help you both prepare for (and even avoid) a margin call.

For one thing, if you use a diversified portfolio of ASL stocks as collateral, it becomes less likely to unexpectedly fall below the required minimum collateral amount. And if you use your borrowed money to buy several securities – rather than just one – you are less dependent on a single investment to generate your returns.

If some of your investments have gone up in value while others have gone down, you can take a profit from your best performing stocks and use it to meet any unexpected margin calls.

Set your own “maintenance margin”

Sometimes it is useful to define your maintenance margin. This is a level of capital you maintain in your account that exceeds the minimum security value required by the broker. If you leave extra money in your margin account to act as a buffer, you can avoid any nasty margin calls from your broker.

Regularly monitor your account

The most important thing you can do when trading on margin is to regularly monitor your account. Check the value of your security daily and frequently adjust the amount of leverage you use based on how risky you think the market is. If the conditions are particularly volatileor if prices fall, pay off part of your loan to reduce your leverage or add extra cash to your account as a precaution.

What happens if you can’t pay a margin call?

The worst case scenario is that you receive a margin call from your broker and cannot pay the requested amount. Since margin calls must be satisfied immediately, your broker may force you to sell some of your shares if you don’t have the cash available.

This can mean that you are crystallizing unrealized losses on your investments and missing out on potential future growth opportunities.

The latest HELOC rates and what you need to know before buying one


Although HELOC rates are on the rise, they’re still one of the most affordable types of loans — they typically have lower interest rates than credit cards or personal loans — for those with substantial net worth. in their house.

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Average home equity line of credit (HELOC) rates for loans with a 10-year repayment period fell to 4.89% after four straight weeks at 4.74%, according to Bankrate data from June 13. Meanwhile, 20-year HELOC rates rose slightly to 7.29% for the week ending June 20, from 6.84% the previous week. You can see the lowest HELOC rates you could qualify for here.

Although HELOC rates are on the rise, they’re still one of the most affordable types of loans — they typically have lower interest rates than credit cards or personal loans — for those with substantial net worth. in their house. But to get the lowest rates, you’ll want to have a high