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


Our mission is to offer our clients the trust and tools they require to enhance your financial situation. Although we do get the benefits of our lenders, who we will never forget, we’ll declare that our views are our individual. Credible Operations, Inc. NMLS # 1681276, is been identified in in the article by the name of “Credible. “

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.

Rising Mortgage Interest Rate Requires Reassessment of Loss Mitigation Techniques – NMP


Pool issuers, not managers, buy loans from a pool of MBS. When they do, issuers must finance the purchase of the mortgages with their corporate assets. The repurchased loans are then recorded on the issuer’s balance sheet.
The interest rate an issuer can offer is directly related to its funding costs. If an issuer must redeem the loan from an MBS to modify their loan, the interest rate offered to the borrower will increase by the same amount as the issuer’s funding costs have increased.

If the issuer is Fannie Mae or Freddie Mac, the GSEs hold the securities on their balance sheet and finance them with their debt. The borrower is changed to a loan with the original interest rate (the changed loan rate is the lower of the original rate or the new rate). The initial mortgage rate may be lower than the debt rate, but GSEs can easily bear this cost.

If the organization is an issuer of Ginnie Mae-guaranteed MBS, a mortgage rate below the debt ratio is a problem for it and for the borrower. When an issuer cannot afford to purchase the loan, they have no effective loss mitigation strategy to offer the borrower, and the borrower is faced with foreclosing or selling their house to meet his mortgage obligation.

What higher rates mean for the MBS market

In the latter scenario, when issuers purchase a loan out of the pool, they lose the MBS funding and must fund the mortgage at their cost of funds – which in today’s market is likely significantly higher than the original interest rate. . After the modification, the mortgage can be bundled into a new MBS at a higher interest rate, removing it from the issuer’s balance sheet. But the borrower will receive a modification in which he pays a higher interest rate, and the higher mortgage payment will likely result in the borrower losing his home.

The approximate doubling of interest rates in the MBS market has created a situation where Ginnie Mae issuers cannot afford to buy loans from MBS pools and lose their low-cost funding, and Distressed borrowers cannot afford a proportionately higher interest rate.

The challenge the industry now faces is how a mortgage can be changed to a payment the borrower can afford without forcing the issuer to redeem the MBS loan and lose its attractive funding costs.

2022 Hispanic Heritage Month Spotlight > Naval Sea Systems Command > Recorded News Module

2022 Hispanic Heritage Month Spotlight > Naval Sea Systems Command > Recorded News Module

Dr. Gretchen Rivera, Business Data Intelligence Manager at NSWC’s Panama City Division, earned her Bachelor of Business Administration in Statistics and Master of Public Health in Biostatistics from the University of Puerto Rico. She continued her education at Florida State University, where she earned her Master of Science and Ph.D. in biostatistics.

Rivera moved to Panama City Beach, Florida in 2013 and began working at Gulf Coast State College (GCSC), where she served as an Institutional Data Analyst. After three years, she was promoted to Director of Institutional Research and Strategic Planning and became a board member of Early Education and Care Inc., which she continues to serve on in her spare time.

In the fall of 2018, Rivera reached a career milestone by attending the GCSC Leadership Institute program. She realized that higher education was not her passion and began looking for a meaningful new career path where she could continue to develop her technical skills.

The realization of this passion began when she began her career at NSWC Panama City Division in 2020 as a Senior Data Analyst for Coastal Battlefield Reconnaissance and Analysis (COBRA). During her first year, she enjoyed discovering the technical mission of the command and being surrounded by scientists where technical discussions were fruitful. In this position, she evaluated the performance of the COBRA system and contributed to mission-critical documents. In 2021, Rivera found a new opportunity within the Corporate Business Office, allowing him to expand his skills as a business data intelligence manager.

In a collateral role, Rivera is vice chief of the command’s Hispanic employment program and mentors and inspires the next generation of scientists and engineers through the science, technology, engineering, and math (STEM) outreach program. .

“The collaboration between NSWC PCD departments, the opportunity to advocate for the Hispanic community and to see future scientists and engineers in the making, makes me want to get up in the morning,” Rivera said.

A local team of fourth-graders she mentored won two awards in the regional championship and placed eighth out of 40 teams in the First Lego League Challenge State Championship. She said she uses encouragement and emphasizes empathy and teamwork to motivate and inspire.

“I told the students that the success of my career was having the empathy that allowed me to be a good team player and a good leader,” Rivera said. “You can’t be a leader and have motivated employees if you don’t have empathy and if you don’t work well with others.”

Credit card borrowing close to pre-pandemic levels


There are some things we want to see return to pre-pandemic levels, like traveling to remote places or getting together with friends and family.

And then there are some things that, maybe, we might not like to see heading into those pre-COVID-19 high waters.

Not in the paycheck-to-paycheck economy, anyway.

Credit card debt is on the rise, approaching levels seen a few years ago. This trend was highlighted by data from eight issuers, as noted by Seeking Alpha. The overall trend was up, from lows seen during the pandemic, where consumers had used stimulus payments to reduce those balances.

Also Read: Card Issuers See Rise in Borrowing

Problem for Paycheck to Paycheck Borrowers

Inflation, of course, is partly responsible for some of the accumulation. And while it could be argued that the rise in debt could be manageable as it is effectively a “refreshment” from low levels, PYMNTS data shows that trouble may be waiting behind the scenes. .

Especially for those of us who live paycheck to paycheck – that’s most of us, at 59% of the US population. In fact, this designation is so prevalent that 49% of consumers earning over $100,000 don’t have enough money at the end of each pay period. And as noted in a recent “New Reality Check” report, produced in collaboration between PYMNTS and LendingClub, 29% of consumers living paycheck to paycheck who have trouble paying bills don’t have a card. credit. This implies that more than two-thirds of these same consumers have credit cards.

And if the majority of these borrowers have cards in hand and have trouble paying bills, it follows that they would use those cards to make ends meet – especially since we found that consumer savings living paycheck to paycheck have plummeted. from a high of $4,000 during the pandemic to a recent $2,969. The savings cushion can only last for so long, and credit cards fill the gap. But by increasing that monthly debt burden — that is, the cost of servicing that debt — the paycheck consumer is now adding a bit more pressure on the daily struggle to maintain cash flow.

A large majority of our consumers surveyed have had to deal with financially stressful events, and in a time when the “new” emergency event now averages $1,400, it’s easy to see where the pressures. One or two emergency expenses can tip a consumer or family into a precarious financial existence.

Also Read: How Did $1,400 Become the “New” Average Emergency Expense?

The cycle becomes vicious in which paycheck-to-paycheck consumers are likely to take on more credit card debt than other cohorts – and they are the ones who have the hardest time managing that debt. Indeed, data from issuers but also from the St. Louis Fed show that delinquency rates are on the rise. The old saying goes that where there’s smoke, there’s fire, and in the paycheck-to-paycheck economy, the plumes start to rise.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more


Prosper Credit Card Review 2022 – Forbes Advisor


Prosper® card* compared to the Discover it® secure credit card

The Discover it® secured credit card as a secured card requires a deposit, unlike the Prosper card. But the Discover it® secured credit card deposit is fully refundable and the card does not charge an annual fee. Even better, despite being a secure card, the Discover it® Secure Credit Card offers rewards and a welcome bonus: Earn 2% cash back at gas stations and restaurants on up to to $1,000 in combined purchases each quarter. Plus, get unlimited 1% cash back on all other purchases. Plus, Earn Unlimited Cashback Match – Discover will automatically match any cashback earned at the end of the first year.

Although the Discover it® Secured Credit Card‘s deposit requirement may make it out of reach for some who view the annual fee as a more affordable alternative to tying up cash in a deposit, the card is a better alternative. generally.

Prosper® card* compared to the Petal® 1 “no annual fee” Visa® credit card

The “No Annual Fee” Visa® Petal® 1 credit card, issued by Member FDIC, WebBank, offers another unsecured option with no annual fee and limited rewards with select partners. While the rewards aren’t particularly fantastic and highly dependent on geography, the issuer’s use of a “cash score” to gauge your creditworthiness in the absence of a credit score can be particularly appealing to those who begin to credit themselves.

The Visa® Petal® 1 “no annual fee” credit card also includes benefits, including damage insurance for car rentals and access to curbside shipping, which the Prosper does not offer. The Petal 1 is a similar card for a similar demographic with much more potential to help build credit.

Prosper® card* vs. Bank of America® Travel Rewards Credit Card for Students*

The Bank of America® Travel Rewards Credit Card for Students* is a solid option for students who want to earn credits while exploring the world and ranks on our list of best student cards due to its rewards and travel-related benefits. With this card, you can earn 1.5 points per dollar on all purchases everywhere, every time with no expiration on the points. There are no annual fees, no foreign transaction fees, and points do not expire as long as your account is open. Although not everyone qualifies for a student card, those who do should consider this card which has more to offer than the Prosper card.

Launch of the 19th Annual Five Star Conference in Dallas


Jason Thiele, Director of REO Repairs and Pre-Foreclosure Asset Preservation at Fannie Mae, delivers his keynote address: “State of the REO Market” at the FORCE Rallthere

The 2022 Five Star Conference and Exhibition opened Sunday in Dallas at the Hyatt Regency Dallas, debuting with FORCE Membership Group’s New Member Mixer, welcoming agents and brokers new to the OBLIGATE. The FORCE Advisory Board was available to meet and welcome these new members, and network in person to discuss the state of the REO market and what lies ahead.

The afternoon FORCE Rally featured relevant content and exclusive information, designed for participants to take their business to the next level in today’s economic landscape.

James HastingsPresident of Hastings Brokerage, Ltd. and President of FORCE, welcomed participants to the FORCE Rally and provided an overview of the agenda for the afternoon. Hastings has specialized in helping mortgage managers and residential real estate portfolio managers with their comprehensive REO process since 1984, and has closed over $1 billion in residential REO.

Hastings hosted Jason Thiele, At Fannie Mae’s Director of REO Repairs & Pre-Foreclosure Property Preservation, to deliver his keynote address: State of the REO Market.

Following the keynote, a panel of experts discussed foreclosure trends and provided insight into foreclosure processes and best practices during “The Flow of Foreclosures” session. Steven PaganoBroker with First Hawaiian property; Rick Sharga, Executive Vice President, Market Intelligence at ATTOM; and Nolan Turner, CEO of Carrington Holding Company LLC discussed current changes in foreclosure volumes and how these changes will impact business.

“I don’t think we’re looking at a big wave of foreclosures, but we should be back to normal around August next year.” Charged Noted.

Hastings returned to the stage, this time joined by Rande Johnsen, Manager of the Body of Trustees for the “Most Interesting Man in the Industry” session. Johnsen is a veteran of over 35 years in the foreclosure, trustee, escrow and title industries. Beginning with flagship company Trustee Corps, which he founded in 1992, his business group includes securities and escrow services and has become a leader in auctioning services to clients in most Western countries. with regard to non-judicial seizures.

When asked what types of loans are entered on at present and what he thinks is the following, Johnsen replied At the moment we are working on the inventory of two more years ago. We still have people on forbearance plans and change plans. BUtah This is principally starting with reverse mortgages.

Asset managers have been particularly hard hit over the past two and a half years, and Everything Asset Management has explained how to become the best REO agent possible, from initial assignment to repairs and closure. Gregory Jacovini, COO of Pro Capital; Andrew Oliverson, Vice President of REO for Homegenius; and Aaron Zweig, REO Asset Manager for Fannie Mae shared their thoughts on the state of REO.

Jacovini is COO of Pro Capital, while Oliverson is vice president of REO at Homegenius, a division of Radian. He brings to his role over 17 years of REO asset management experience, having worked in mortgage finance in 2003 at Fairbanks Capital. Zweig has over 20 years of experience managing default services, 15 of which have been in REO asset management. He joined Fannie Mae in 2010, where he worked on all different types of REO portfolios, including traditional vacant assets, occupied tenants, high touch portfolio loans and auctions. Prior to joining GSE, Aaron worked at Countrywide as a Pre-Entry Specialist/Team Leader and at GMAC Finance as a Team Leader.

“One of the things I look for in an agent is someone who’s not just looking to list the property and get rich. Anyone can do that,” Jacovini said. if that’s what you offer as something you offer you are setting yourself up to fail there are things we can’t do without eyes and ears in the local market and that’s the service you can provide that no one can ever replace.

And while some REO stocks remain low, many different opportunities remain for businesses. For example, HUD is running 11% default on its current loan portfolio, and you can hear directly from one of its few contractors. The Force Rally featured the “Government REO Opportunities” panel, offering insights from representatives who manage USDA REO and VA REO. Laura Dietz, Broker/Owner of Summit Realty Group Inc.; Labrescia Dawson, CEO of Dawson’s Realty & Mortgages; Tiffany Fletcher, Senior Vice President of VRM Mortgage Services; and Machelle Redmon, director at Raine & Company shared their experiences with the public, offering solutions and options to keep the pipelines full.

Machelle Redmon, Tiffany Fletcher and Labrescia Dawson discuss government REO opportunities at FORCE 2022 rally

“It’s really hard to break into government contracts, and I understand that, but there’s a reason it’s hard to break into government contracts, because it’s a whole new world,” he said. said Redmon. We speak in acronyms. We just do things differently because it’s done in the real world and you have to understand that there’s a lot of paperwork and certain things need to be done.

Asked about the qualifications a potential new agent might need, Dawson said all that’s needed in a new agent is a willingness to work.

“So basically I like new agents because somebody gave me a chance back then,” Dawson said. “If they hadn’t given me the opportunity, I wouldn’t be here today, so I like to take risks with people.”

And with a number of the industry’s top experts in one room, those in attendance had the opportunity to pick and choose these people’s brains during the “Ask Them Anything: Questions and Answers with the FORCE advisory board” of the rally. The FORCE Advisory Council is responsible for expanding FORCE’s influence by guiding all members in building productive and meaningful relationships with distressed lenders, managers, REOs and asset management firms, and Investors.

FORCE Advisory Council members answer questions during the “Ask Them Anything: Q&A With the FORCE Advisory Council” session

Moderated by Gina Gallutia, Executive Director, Five Star Institute Membership, seven members of the Advisory Board took the floor to address the concerns of those in attendance.

Dietz, Hastings and Pagano were joined by Thomas Bohlmann of Bohlmann & Bohlmann LLC; Sarah Richards of Spring Mountain Realty LLC; and Jeff Russell of Russell Realty Group|eXp Realtyresponding to inquiries on a number of topics related to the REO space.

The moderator started the panel by asking the most frequently asked question he received from submissions from the public: “When are the listings coming and what are the signs?”

“I believe we will have increased foreclosures in America through 2026,” Hastings noted. “When you look at the data, that shouldn’t be a surprise, so I think we’re going to have a good five years.”

The FORCE Rally Reception brought the 2022 FORCE Rally to a close, followed by the Opening Reception, presented by Auction.comoffering the opportunity to connect with professionals, clients and potential new partners all under one roof at Monduel within the confines of the Hyatt Regency Dallas.

Stay tuned DS News for continued coverage of the 2022 Five Star Conference and Expo.

Nicki Minaj accused by Youtuber of ‘motivating’ ‘Barbz’ to threaten and harass her, claims her personal details were leaked online and she received death threats


Nicki Minaj, Kimberly Nicole Foster

Nicki Minaj accused by YouTuber of ‘motivating’ ‘Barbz’ to threaten and harass her, claims her personal details were leaked online and she received death threats

A rap icon Nicki Minaj inappropriate super fans could soon find themselves in legal trouble.

According to recent reports, a popular Youtube figure Kimberly Nicole Foster, 33, looking to have some of Nicky At Minaj’s fans, known as “Barbz”, respond to the law. Foster claims too much Nicky Stans sent her death threats and other disturbing messages following several criticisms she made about the rapper. The social media influencer also said she believed Minaj is at fault, insinuating that the artist encourages said behavior because of the way she interacts with her fans.

Nicki Minaj

The saga began when Fosterwho regularly offers commentary on prominent cultural celebrities, tweeted:

“Nicki is clearly a horrible person. Negativity sticks to him like glue. Idk if we’ve seen that before.

Not long ago Foster began to receive a kind of backlash that she slowly realized was more than the norm. Speaking on the subject, she said:

“It was normal, boring stuff where I was like ‘OK, block it and move on… The messages got more threatening and dark, and then it started to be ‘We’re going to find you’. I’m going to kidnap you, I hope you get raped.'”

Apparently, the Youtube star is a Harvard grad who once used her platform for women’s empowerment and even praised her once. Minaj. However, now that his online presence has shifted to entertainment commentary, it appears his online interactions have been increasingly hostile, especially with the “Barbz”. The super fan group was recently accused of harassing another of their idol’s critics who is currently being sued by the rapper.

Foster shared messages of harassment. She claims a Nicky fan shared his number online with the intention of sending him massive amounts of hate messages.

Some of the disturbing posts allege that random strangers on the internet know where Foster lives and threatened to kidnap her. One user even went so far as to threaten her family. Talking about it, Foster explained that after sharing with her 80,000 followers that she was attending a family friends day with her sister’s children, a user threatened the children with “collateral damage”. She said:

“Someone sent me screenshots of ‘I’ll find the kids’ address’ and ‘I don’t care’ and ‘They’ll be collateral damage'”

Whereas Foster would continue to build a case for the court, she expressed that she believed Minaj is partly responsible. The YouTuber noted the posts that the “Super Freaky Girl” artist liked on Twitter, stating that she thinks the actions performed by the “Barbz” are simply to get the attention of super stars. She said:

“The Barbz agree that the harder they go for her – the more virulent the nastiness – there are more opportunities for her to recognize them,” he added.

Reports indicate that Foster plans to gather evidence in the form of “phone numbers, Twitter handles and IP addresses” and begin filing a lawsuit as early as next week. However, the report also notes that Minaj, at this time, is clear of any fault in the prosecution.


Do you think Nicki Minaj is responsible for Barbz’ aggressive actions? Give us your opinion in the comments.

Borrow to live a lie


If you don’t know that a yellow Garri ‘mudu’ that used to sell for N140 in Abuja is now N500, you would at least know that a liter of diesel has gone from N240 per liter to N820. This is why my barber disagreed with the headline of the newspaper I was reading: INFLATION IN NIGERIA REACHES RECORD LEVEL OF 20.52%. The report went on to explain that this new figure was 3.52% higher than the rate recorded in the same period last year, which was (17.01%).

The fact that the data was produced by the National Bureau of Statistics did not assuage his disapproval.

“Sorry sir, I’m just a poor barber, but I’m not stupid. What is this nonsense about inflation rising to 20.52%? For my part, I can tell you that I have lived with a 300% increase in my basic cost of living over the last two years while the money in my pocket has depreciated by 400%”.

I wanted to chime in with details about the variables taken into account in the calculation of the consumer price index, but I changed my mind because the good old barber used to skillfully shave my neck area in the days of the facts. Any commotion could make him decide something.

So I just sat there and endured his 45 minutes of ranting which thankfully ended when his colleague said, “Calm down, this pain will pass soon.”

I made a mental note of this statement. It is perhaps the unctuous invocation to throw arguments into the murky waters whenever someone expresses their frustration at the way the Nigerian economy has headed south as fortunes robbed of good many of its well-connected political elites are headed for the stars.

As I walked out of the salon, I showed the hairdresser another caption that indicated that Nigeria’s difficult economic situation would not suddenly disappear: THE NIGERIA TO BORROW N11 TRILLION TO FINANCE 2023 BUDGET. The nervous man almost jumped off his apron. “What have we done with all our past income and borrowings”? he asked as I slipped through the entrance to escape his harangue.

The lyrics of singer Omawumi’s hit played in the back of my head:

If you ask me

Na who am I going to ask?

The question we see thus, and we begin

No, I’ll talk, I’m heavy on the mouth

If you ask me

The material for the floor

Hey! Na who am I going to ask?

Ours is a classic case of incompetent resource management, forcing people to toil at elephantine grind to feed on crumbs like ants. As the rest of the oil-producing world reaps the benefits of the Russian-Ukrainian war windfall, our people are suffering under a regime of opaque oil prices that successive governments have called “subsidized”.

Even then, we live on loans, strutting around like peacocks in borrowed feathers. The federal government is proposing an overall expenditure of 19.76 trillion naira for the fiscal year 2023. The budget deficit is expected to exceed 12.42 trillion naira if the oil subsidy is maintained throughout the 2023 budget cycle, but the government plans to limit the damage to 3.36 trillion naira so that the next government can deal with the problem. The extra pain box was only thrown forward. We will have to face the demon headlong some day soon.

There are concerns that the government may not be able to finance investment projects in 2023. We are therefore embarking on all announced major borrowing just to maintain a semblance of normality.

We should not borrow a penny if we had managed our resources sensibly. Not so long ago, the Obasanjo administration paid off our debts in the hope that we could then start planning for a rosy future without the over-indebtedness and notorious conditionalities of major lenders. Now we can’t even meet our OPEC quota and there is a network of holes through which national revenues find their way into private pockets.

What we defined as corruption in the First Republic was child’s play compared to our current system of plunder of industrial proportions. Figures released by government agents confirm that thieves within the system have now proliferated all over the nerves of the official network as they compete with the government for revenue sharing.

As Nigerians feared the prospect of another bleak year ahead, the world was shocked to learn that a major crude oil carrier, MT Heroic Idun, had escaped Nigeria’s maritime environment with oil. crude stolen and had been arrested in Equatorial Guinea. The Nigerian Navy later explained that its officers chased the vessel and sent signals to Equatoguinean authorities to interdict the ship. The ship failed in its oil theft mission.

Experts in oil affairs have revealed that the entire chain of oil production and accounting is tainted with fraud. A tanker the size of the MT Heroic Idun could not have left its country of registry and strayed into Nigerian waters had it not been for some sort of arrangement to lift the cargo.

The ship was built in 2020, so it is a brand new ship. Owned by Hunter Tankers AS, she was flying the flag of the Marshall Islands at the time of the ban. She is 336 meters long with a beam of 60 meters and a summer deadweight of 299,995 tonnes. It has a capacity of 3 million tons of crude oil. It’s not your usual smuggler’s boat, far from it.

There are six oil export terminals in Nigeria. Shell has two, while Mobil, Chevron, Texaco and Agip have one each. Shell also owns the Forcados Terminal, which is capable of storing 13 million barrels (2,100,000 m3) of crude oil in conjunction with the nearby Bonny Terminal.

According to the Nigeria Extractive Industries Transparency Initiative (NEITI), 53.28 million barrels of oil were stolen in 2018 while the following year saw 42.25 million barrels worth $2.77 billion. According to OPEC sources, Nigeria’s crude oil production averaged 1.238 million bpd in June 2022. The country was consistently producing 2 million bpd in healthier times. The kind of theft that’s happening right now between big and small oil thieves, it’s almost like everyone wants to have a piece of the action before theft goes out of fashion.

Local thieves sourcing crude oil for their artisanal refinery are only a relatively small part of the problem. While it is true that over the years young militants have become proficient in plugging into oil pipelines, the damage they cause cannot be compared to the wholesale theft carried out with oil tankers such as the banned MT Heroic Idun ,

While the significant involvement of various participants in the Nigerian oil theft business is acknowledged, there is also the web of protection that the political elite and security forces provide to lower level oil thieves. The profitability of crude oil products and the lack of government oversight in monitoring pipelines are incentives for anyone involved in the illicit trade.

The problem of oil theft in Nigeria is a mixture of corruption and incompetence. We are not able to take into account an estimated production of 2 million barrels per day whereas in contrast, Saudi Arabia counts every drop of oil it produces. Crude oil production in Saudi Arabia averaged 8220.68 BBL/D/1K from 1973 to 2022, reaching an all-time high of 12007 BBL/D/1K in April 2020.

While unveiling new Production Sharing Contracts (PSCs) with its partners, the Group Managing Director of the Nigerian National Petroleum Company (NNPCL), Mele Kyari, hinted that while the local oil theft had been contained in a To some extent, there were international cartels. implicated in the theft of Nigerian oil.

Kyari said Nigeria is putting in place a firm mechanism to mark its rough exports so that buyers can easily identify stolen rough.

So here we are, heirs of landowners reduced to tenants, descendants of local residents who must wash their faces with spit, inhabitants of a rich land defined by bewildering misery. The Independent Corrupt Practices Commission (ICPC) has just told us that the 2021 budget has been inflated by MDAs with N400 billion for duplicate projects and N50 billion for ghost workers.

We know how we got to this sad juncture and what we need to do to get out of the debtors club. Borrowed funds and the irresponsible way we have deployed some loans are surefire ways to end badly. Do you manage a budget largely financed by loans with no capital provision?

No wonder my barber asks, “Where has all our prosperity gone?”

‒(Wole Olaoye is a seasoned public relations consultant and journalist. He can be reached at [email protected], Twitter: @wole_olaoye; Instagram: woleola2021)

Seizures increased by 187% compared to the previous year. But that doesn’t mean what you might think.


“Most importantly, over 90% of foreclosed borrowers have positive equity in their homes and would benefit from selling those properties for a profit rather than risk losing it all to a foreclosure auction or repossession. possession by a lender,” said Rick Sharga, executive vice president of the market. information to ATTOM.

Getty Images/iStockphoto

Foreclosure begins – that is, when the first public foreclosure notice occurs – has reached pre-pandemic levels nationwide, with lenders beginning the foreclosure process on 23,952 US properties in August 2022, up 12% from the previous month and up 187% from a year ago according to data from ATTOM, a real estate data company. (You can find the lowest mortgage rates you can get here.)

But why are foreclosure rates so much higher right now than they were a year ago? “Foreclosure statistics were artificially low during the pandemic due to foreclosure moratoriums and mortgage forbearance options. Now that these have expired and foreclosures have resumed, this only seems significant due to the artificially low levels of a year ago, as the current level of foreclosures has only returned to levels of before the pandemic,” says Greg McBride, chief financial analyst at Bankrate.

Other factors, such as high inflation eating away at household budgets, have also contributed to higher foreclosure rates, says Jacob Channel, senior economist at LendingTree. “It is important to note that foreclosure rates are only increasing to the extent that they were so low for much of 2020 and 2021. Currently, foreclosure levels are still lower than they were in 2019, even in the face of recent negative developments like high inflation,” explains Canal.

The number of foreclosure completions has also increased, with lenders repossessing nearly 4,000 properties in August 2022, up 59% from the same period last year. But adds Rick Sharga, executive vice president of market intelligence at ATTOM: “Most importantly, more than 90% of foreclosure borrowers have positive equity in their homes and would benefit from selling those properties for a profit rather than risk losing everything at a foreclosure auction. or repossession by the lender. » (You can find the lowest mortgage rates you can get here.)

What to know if you’re considering buying a foreclosure

Foreclosed homes can be good affordable investments for many buyers. But at the end of the day, buyers shouldn’t let a low price on a foreclosed property convince them to rush in and make an offer without doing any research. “Before you do anything, make sure you have a good idea of ​​the state of the house and whether it’s occupied or not,” says Channel.

Indeed, “a home that has found itself in foreclosure may have been vacant for several months or may have had neglected routine upkeep and maintenance for the past two years. Insist on a thorough inspection to uncover any issues that may not may not be immediately apparent,” says McBride.

To find foreclosure listings, visit HomePath.com, a site owned by Fannie Mae that offers listings of thousands of homes in foreclosure, or HomeSteps.com, a site owned by Freddie Mac. Realtor.com and Zillow also offer a foreclosure search filter to find pre-foreclosure homes and those already owned by a bank. Some bank websites, such as Wells Fargo and Citi, also list properties in foreclosure, although interested parties should contact the listing agents associated with the properties they are interested in.

Any advice, recommendations, or rankings expressed in this article are those of MarketWatch Picks, and have not been reviewed or endorsed by our business partners.

Research: Rating Action: Moody’s assigns ratings to three classes of notes issued by HalseyPoint CLO 6, Ltd.


New York, September 16, 2022 — Moody’s Investors Service (“Moody’s”) has assigned ratings to three classes of bonds issued by HalseyPoint CLO 6, Ltd. (the “Issuer” or “HalseyPoint CLO 6”).

Moody’s rating action is as follows:

$300,000,000 A-1 Class Floating Rate Senior Secured Notes Due 2034, Allocated Aaa (sf)

$25,000,000 A-2 Class Floating Rate Senior Secured Notes Due 2034, Allocated Aaa (sf)

$18,750,000 Class C secured floating rate mezzanine notes due 2034, assigned A3(sf)

The Notes listed above are referred to herein, collectively, as the “Rated Notes”.


The justification of the ratings is based on our methodology and takes into account all the relevant risks, in particular those associated with the portfolio and the structure of the CLO.

HalseyPoint CLO 6 is a managed cash flow CLO. The Notes issued will be secured primarily by extensively syndicated senior secured corporate loans. At least 90% of the portfolio must be comprised of senior secured loans and qualifying investments, and up to 10% of the portfolio may be comprised of junior loans, unsecured loans, senior secured bonds , senior secured bonds, high yield bonds and unsecured loans. Bonds, provided that no more than 5% of the Portfolio may be comprised of Senior Secured Bonds, Senior Secured Notes, High Yield Bonds and Debentures. The portfolio is increased by approximately 97% on the closing date.

HalseyPoint Asset Management, LLC (the “Manager”) will direct the selection, acquisition and disposition of assets on behalf of the Issuer and may engage in trading activities, including discretionary trading, during the period of four-year reinvestment of the transaction. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from the sale of credit risk assets.

In addition to the Rated Notes, the Issuer has issued four other categories of guaranteed notes and one category of subordinated notes.

The transaction incorporates interest and face value coverage tests which, if triggered, divert interest and principal proceeds to repay the notes in order of seniority.

Moody’s modeled the transaction using a cash flow model based on the binomial expansion technique, as described in section of the rating methodology “Moody’s Global Approach to Rating Collateralized Loan Obligations”. published in December 2021.

For modeling purposes, Moody’s used the following basic assumptions:

Nominal amount: $500,000,000

Diversity score: 75

Weighted Average Rating Factor (WARF): 2855

Weighted Average Deviation (WAS): SOFR+3.75%

Weighted average coupon (WAC): 6%

Weighted average recovery rate (WARR): 47%

Weighted Average Life (WAL): 7.1 years

Methodology underlying the rating action:

The main methodology used in these ratings is “Moody’s Global Approach to Rating Collateralized Loan Obligations” published in December 2021 and available on https://ratings.moodys.com/api/rmc-documents/74832. Otherwise, please see the Scoring Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Factors that would cause ratings to be upgraded or downgraded:

The performance of the Rated Securities is subject to uncertainty. The performance of Rated Notes is sensitive to the performance of the underlying portfolio, which in turn depends on changing economic and credit conditions. The Manager’s investment decisions and the management of the transaction will also affect the performance of the Rated Notes.


For details on key rating assumptions and Moody’s sensitivity analysis, see the Methodological Assumptions and Sensitivity to Assumptions sections in the Disclosure Form. Moody’s rating symbols and definitions can be found at https://ratings.moodys.com/rating-definitions.

Further information on representations, warranties and enforcement mechanisms available to investors can be found at https://ratings.moodys.com/documents/PBS_1339705.

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 disclosed to the rated entity or its designated agent(s) and issued without modification as a result of such disclosure.

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.

The worldwide credit rating on this credit rating announcement has been issued by one of Moody’s affiliates outside the UK and is approved by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the United Kingdom. . Further information on the UK endorsement 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.

Jun Kim
Senior Vice President
Structured Finance Group
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Customer service: 1 212 553 1653

Elina Kolmanovskaya
Vice President – Senior Analyst
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Customer service: 1 212 553 1653

Release Office:
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Customer Service: 1 212 553 1653

Borrowing and Renting in the Metaverse: The Disputes Are Still Ahead


Second Life, which was made virtual by Linden Lab in 2003, is widely recognized as the first “metaverse” in which individuals could acquire, build and, if desired, sell virtual land. Coming to life long before the advent of cryptocurrency, the kingdom’s currency was the US dollar, and land could be acquired through auctions held by Second Life. In 2006, Second Life concluded that an avatar named Marc Woebegone had found a way to hack an auction and acquire a property below market value. Second Life took over the land and all the other virtual lands belonging to Woebegone, in a jiffy, thus carrying out the first ever non-judicial virtual seizure.
Bragg vs. Linden Lab, 487 F. Supp. 2d 593 (ED Pa. 2007). The case ended up being settled.

Nearly 20 years later, since Second Life welcomed its first resident avatars, it seems inevitable that if the Metaverse succeeds to the degree that JP Morgan and many others hope, virtual land disputes will only become more common. For example, TerraZero Technologies, founded in 2021, promotes that it “owns, acquires, leases, and develops real estate across multiple metaverses” (including Decentraland, where there are currently around 200 properties), while offering “a full-service real estate, including buying, leasing, building, tenant representation, and premium brokerage services.” TerraZero rents and sells its land to individuals and businesses.

Interestingly, TerraZero deliberately attributes many of the characteristics of traditional real estate to its properties, i.e. “LAND is a non-fungible digital asset maintained in an Ethereum smart contract. divided into parts are referenced using unique Cartesian x,y coordinates,” and “each LAND token includes a record of its coordinates, owner, and reference to a content description file or parcel manifest that describes and encodes the content that the owner wishes to broadcast on his land.” In other words, just like in real life, the land is intended to be unique and bears a title similar to that found in a traditional deed. Unlike the owner of Second Life, who said, “You have to remember this stuff isn’t real. It’s a computer game,” TerraZero and others view their land as more than just a game. Evans v. Linden Research2012 WL 5877579, at *2 (ND Cal. 20 November 2012).

Indeed, TerraZero will lend US dollars to individuals and businesses to enable them to purchase property. To secure these loans, NFTs are pledged by the borrower as collateral. Once the debt is paid, TerraZero returns the NFTs to the borrower. It is not clear from the website whether a landlord can sell the land subject to a mortgage or whether they can borrow more against the property and grant security to a third party, who would potentially have their own recourse rights in the event of default. .

Not the same

Presumably, there will come a time when a TerraZero borrower defaults and challenges the forfeiture of their collateral and loss of rights to the property. Although the “land” is given the attributes of traditional real estate, it is hard to believe that a court will find the land so similar to virtual real estate that it will compel TerraZero to initiate the notice and other related proceedings. in judicial or non-judicial proceedings. foreclosures, since the property does not exist in any particular state and the rules of traditional foreclosure would be difficult to apply sensibly in the virtual world.

But it is much more difficult to know if the requirements of Article 9 of the Uniform Commercial Code (UCC or Code) must be followed if TerraZero flips the switch, extinguishes the rights of its borrower and declares ownership of the NFTs it held as collateral. Do the Code’s notification requirements (which differ depending on whether the borrower is a consumer or a business), redemption requirements and collateral sale rules apply? It is only a matter of time before these arguments are made, and although in traditional contracts some elements of the UCC may be waived by agreement, the applicable laws are generally not waived under state law.

Equally certain is the possibility of a dispute if TerraZero decides that a tenant has breached their lease and “evicts” (again, at the flick of a switch) their tenant. Would the higher protections, such as laws prohibiting debt acceleration, offered by many states to individual tenants in the real world apply? Would a persistent coding error violate a virtual implicit commitment to habitability? And on an even more basic level, will leases be subject to the many requirements (font size, etc.) that apply in the real world?

It seems likely that virtual property owners, landlords and brokers will argue that despite the nomenclature resembling real estate in the non-virtual world, their arrangements are subject to their terms of use, and the state laws that govern the sale and rental of real estate simply do not apply. However, many questions remain unanswered, including whether the terms of service should distinguish between consumers and commercial entities in the manner often required by Article 9. But like the housing market in Decentraland and other metaverses like heat up, he probably won’t be fine before a brick-and-mortar court takes place.

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

Promenade Shops at Centerra put up for sale – Loveland Reporter-Herald


Centerra’s Promenade Shops, with its history of retail success amid foreclosures and lawsuits, are up for sale – and a Loveland town official hopes the result will offer a chance to seize the opportunity to offer people not only purchases but also experiences.

“Typically, we rely on the landlord or real estate company to be proactive in getting those experiences here,” said Kelly Jones, Loveland’s director of economic development, “but our next strategic plan, which will be rolled out the next week makes us be much more proactive in this space instead of just relying on developers and others to pursue it.

For Loveland, Jones said, it’s “an opportunity for more retail and experiential retail that would be wonderful. People appreciate places where they can go out and not just shop, but experience – like playing pickleball while eating chicken, or a ‘dog club’ where you can bring your dog but also eat and drink We’ve spoken to quite a few parties over the past year and a half that have a lot of thoughts on how they would like it rearranged.

The Denver office of CBRE Advisors lists the sale, though its promotional materials do not mention a sale price for the 493,172-square-foot mall, and company officials would not discuss a price with BizWest. A commercial real estate agent who spoke to BizWest on condition of anonymity said that sometimes fixed selling prices are not set for such projects and the listing agent simply waits for offers.

But its marketing already touts “northern Colorado’s mainstream shopping destination” as already being “dog-friendly” and offering “more than just shopping.” It’s an experience and a gathering place for the community,” the sales verbiage reads. “The unique outdoor experience encourages people to relax, have fun and stay a while.”

Located northeast of the Interstate 25-US Highway 34 interchange, the center is exposed to 140,000 vehicles per day and 58,231 residents live within three miles, with an average household income of $133,627, according to information from CBRE.

The Promenade Shops, the centerpiece of the Centerra mixed-use development, includes major retailers such as Macy’s, Best Buy, Dick’s Sporting Goods and Barnes & Noble, as well as a Metrolux multi-screen cinema, several chain restaurants and numerous small stores with familiar national and regional brands such as Yankee Candle, Banana Republic and Famous Footwear. Of its 93 units, the CBRE brochure says 10 units are available for rent, including one space of 10,485 square feet, as well as two blocks of 10,000 and 7,651 square feet.

The mall’s listing for sale comes just two months after the conclusion of an 11-year legal battle over a partnership deal that went awry in the management and ownership of the mall. It ended with a “Satisfaction of Judgment” notice filed with the US District Court for the District of Colorado.

In May 2021, McWhinney Holding Co. LLLP and related McWhinney entities won a $23.4 million judgment against defendant Terry McEwen, which was amended four months later to add court costs and interest before and after judgment.

This battle began 10 years earlier when McWhinney sued his 50-50 project partners, Poag & McEwen Lifestyle Centers LLC, for their partnership in building and running the Promenade Shops. A series of judgments, appeals and trials followed.

A foreclosure auction took place in May 2021 when a lender attempted to recover nearly $87 million from mall owner DRA Advisors LLC, a New York-based private equity group doing business as from G&I VI Promenade LLC and G&I VI Retail Prom LLC, but there were no auctions.

This was the second time the mall had been seized. The first dates back to 2009, when it was acquired by a Keybank subsidiary for $85 million. DRA Advisors bought the property for $75.5 million months later.

This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.

Human rights campaign sends letters to Sen. Toomey asking for his support of ‘respecting marriage law’ as Senate vote nears


Following the U.S. Supreme Court’s overturning of Roe and as Congress considered legislation that would guarantee the rights and benefits of all marriages, the HRC sent letters from Pennsylvanians urging Toomey to support the respect for marriage law.

PITTSBURGH, Pennsylvania—As the U.S. Senate prepares to vote on the bipartisan Respect for Marriage Act before the end of September, the Human Rights Campaign (HRC) today brought the voices of pro-equality Pennsylvanians directly to the desk from Senator Toomey in Pittsburgh, delivering more than 1,500 letters urging the senator to vote “yes” on legislation to codify the right of same-sex and interracial couples to marry. The bill will secure the rights, benefits, and obligations of marriages in federal code, repeal the discriminatory Defense of Marriage Act (DOMA), and affirm that public acts, records, and procedures must be recognized by all states. Senator Toomey is undecided on the bill.

The delivery of the letter builds on growing momentum, as the HRC mobilized more than 220 businesses to support the bill, which passed the House in a vote of 267 to 157, with 47 Republicans voting for. This week, 400 Republican leaders across the country called on the Senate to pass legislation that enshrines the protection of same-sex marriage. The Senate will now need 60 votes in order to defeat a filibuster. According to Gallup, 71% of Americans support same-sex marriage. Twelve of Pennsylvania’s 18 congressmen voted in favor of the bill.

Ryan Matthews, Human Rights Campaign Director for the State of Pennsylvania, said:

“Amid an outpouring of grassroots, corporate and bipartisan support for marriage equality, Senator Toomey’s voters are asking him to side with the 71% Americans and the 69% Pennsylvanians who recognize that LGBTQ+ people are dignified and deserve love and equality, and vote yes on the Respect for Marriage Act With a Supreme Court ready to overturn decades of precedent, now is the time to codify finally marriage equality and ensuring that interracial and same-sex couples have the right to love and marry the person they love.

Below is additional background information about supporting marriage equality in Pennsylvania and across the country, as well as an overview of key provisions of the Respect for Marriage Act.

A majority of Pennsylvanians are pro-Marriage Equality.

  • Pennsylvania is home to more than 3 million voters for equality, a constituency of demographically and geographically diverse people united by the advancement of LGBTQ+ equality. Equality Voters are younger, more racially diverse and more female than the general electorate, they recognize and trust the HRC brand, and they are more likely to identify with issue-specific organizations than to candidates or political parties.

More than two-thirds of Americans support marriage equality.

  • According to Gallup, 71% of Americans support same-sex marriage. The latest PRRI survey this year found that support for marriage equality has increased by 14 percentage points since 2014 (54%). Republicans are now almost evenly split on marriage equality (48% support, 50% opposition), while 81% of Democrats and 73% of independents favor marriage equality. Today, majorities of most religious groups support marriage equality. According to the last census, about 58% (568,000) of couples in the country’s 980,000 same-sex households were married and about 42% were unmarried partners.

The Respect for Marriage Act would ensure that marriage equality is protected nationwide through several provisions:

  • Repealing the Defense of Marriage Act of the 1990s. Adopted in 1996, it discriminated in two important ways. First, Section 2 of DOMA seeks to allow states to refuse to recognize valid civil marriages of same-sex couples. Second, Section 3 of the Act excludes all same-sex couples, regardless of marital status, from all federal laws, regulations, and rulings applicable to all other married people, thereby denying them more than 1,100 benefits and federal protections. DOMA was rendered inapplicable, in two stages, by the 2013 decision of the Supreme Court Windsor v. United States decision and the 2015 Oberfell v. Hodges decision.

  • Establishing this “celebration venue” is the standard for recognition of federal benefits of a same-sex marriage. Under this provision, if marriage equality were to cease to be recognized in a given state, same-sex couples who travel to marry in another state – a state where same-sex marriages are still recognized – would still retain federal marriage benefits.

  • Affirming that public documents, records and procedures must be recognized by all States. Adoption orders, divorce decrees and other public acts must be honored by all states in accordance with the Full Faith and Credit clause of the US Constitution.

The Human Rights Campaign is America’s largest civil rights organization working for equality for lesbian, gay, bisexual, transgender and queer people. HRC envisions a world where LGBTQ+ people are considered full members of society at home, at work and in every community.

Fannie Mae has assessed $604 million multi-family DUS REMIC (FNA 2022-M13) under its GeMS program


WASHINGTON, September 14, 2022 /PRNewswire/ — Fannie Mae (OTCQB: FNMA) at the price of one $604 million Multifamily DHS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 8, 2022. FNA 2022-M13 marks the seventh Fannie Mae GeMS issue of 2022.

“The new issue market was packed last week after the summer holidays, so we were pleased that investors were able to focus on the M13 deal with its 10-year fixed-rate, discounted fixed-rate guarantee. “, said Dan dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. “Spreads on the DUS MBS, which serves as collateral for the GeMS transaction, have remained strong against other asset classes during this volatile year, and investors appreciate the market’s ability to create larger pools and well-diversified DUS MBS through the GeMS re-securitization process.”

All classes of FNA 2022-M13 are guaranteed by Fannie Mae for full and timely payment of interest and principal. The detail of the structure of the multi-tranches offer can be found in the table below:

To classify

original face

Weighted average

Coupon (%)

Coupon Type




















* The spread on FNA 2022-M13 was valued using the SOFR swap curve

Group 1 collateral




65 Fannie Mae DUS MBS

Geographic distribution:

TX (18.54%), CA (16.99%), FL (7.84%)

Weighted average debt service coverage ratio (DSCR):


Weighted average loan-to-value ratio (LTV):


For more information, please refer to the Fannie Mae GeMS REMIC Requirement Sheet (FNA 2022-M13) available on the Fannie Mae GeMS Archive Page.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to quality, affordable homeownership and rental housing for millions of people across America. We enable the 30-year fixed rate mortgage and encourage responsible innovation to make buying and renting a home easier, fairer and more accessible. To learn more, visit: fanniemae.com | Twitter | Facebook | LinkedIn | instagram | Youtube | Blog

Fannie Mae Newsroom

Photo by Fannie Mae

Fannie Mae Resource Center

Certain statements contained in this release may be considered forward-looking statements within the meaning of federal securities laws. Additionally, not all titles will have the features described in this release. Before investing in a security issued by Fannie Mae, you should read the prospectus and prospectus supplement under which that security is offered. You should also read our most recent annual report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the United States Securities and Exchange Commission (“SEC”), available at Investor Relations from our website. at www.fanniemae.com and on the SEC website at www.sec.gov.


Warren warns Navient is taking advantage of borrowers by suggesting student loan refinancing


Sen. Elizabeth Warren (D-Mass.) on Tuesday accused student loan servicing giant Navient of pushing its borrowers to refinance their federal loans into private loans, which would deem them ineligible for a loan forgiveness program offered by the president. Biden.

Under a plan unveiled by the White House last month, people earning less than $125,000 would qualify for a remission of up to $10,000 from federal student loans administered by the US Department of Education. Private student loans are not eligible for federal government forgiveness.

Warren, at a Senate Banking, Housing, and Urban Affairs Committee hearing, said Navient began persuading borrowers to refinance their loans around the time of the White House announcement, in what she characterized as an effort to maintain company profits.

“As families breathe a sigh of relief, the companies that made billions of dollars from a broken student loan system are now setting new traps in a shameless last-ditch effort to try to line their pockets. . Navient, one of the biggest and worst loan managers in the world, is now leading the way,” Warren said.

“It appears that instead of sending information to borrowers to help them get the cancellation they might be entitled to, Navient pushed borrowers into loans that might at best complicate their ability to get a cancellation,” she said.

Warren, along with Rep. Ayanna Pressley (D-Ohio), sent a letter to Navient President and CEO John Remondi asking for clarification on his business practices. Lawmakers asked Remondi how many borrowers received such solicitations, what information they were provided and how they “ensure your borrowers receive accurate and timely information to obtain relief.”

Navient did not immediately respond to The Hill for a request for comment.

Business Insider reported that companies such as Navient have told customers they can refinance their loans with its private arm, sometimes with the promise of lower interest rates. But this could result in loans that might have been eligible for cancellation no longer being owed to the person servicing the loan.

Warren accused Navient of not making it clear to consumers that the change in loan type would result in borrowers not being allowed to participate in the rebate program.

“This is not the first time that Navient has been caught trying to take advantage of borrowers. Between 2009 and 2019, there have been at least 10 incidents where Navient or its predecessor Sally Mae have been charged or sentenced to a fined by federal and state regulators for actions that defrauded borrowers,” Warren said.

Rachel Gittleman, financial services outreach manager for the Consumer Federation of America, said the future of Navient’s business hinges on being able to take “the most creditworthy people” with federal student loans and refinance their loans. in private loans.

“Every borrower who is debt-free as a result of President Biden’s action is one less potential client for Navient,” Gittleman said.

NBC Report: EPA launches investigation into Jackson’s water system


The Environmental Protection Agency sent a team from its inspector general’s office to Jackson to investigate the city’s water management, NBC News reported Friday.

Mayor Chokwe Antar Lumumba said Monday he had few details about what the federal agency was reviewing.

“I don’t have a lot of details about that,” Lumumba told a press briefing. “I had city workers call me and say someone had asked them questions.

“I just shared with them to cooperate. That’s all I know. I don’t know the scope, I don’t know the timeline they’re looking at.

The EPA’s OIG is an independent team that conducts audits and investigations, seeking to “prevent and detect fraud, waste, abuse, mismanagement, and misconduct.” The office is funded separately from the rest of the EPA.

A spokesperson for the agency told NBC News that the investigation will involve a “multidisciplinary” review of recent problems with the capital’s water system.

Last week, EPA Administrator Michael Regan spoke to Mississippi politicians about the availability of federal funds that could help Jackson. Regan did not mention his agency’s investigation.

While it’s unclear who or what specifically is being investigated, the NBC report says the investigation “will begin with conversations with local, state and federal actors who have a role in oversight of public resources dedicated to ensuring that residents have safe drinking water”.

— Article credit to Alex Rozier of Mississippi Today —

3rd Cir. Excludes the house from bankruptcy when the seller in the installment sale contract obtained possession before the petition


The United States Court of Appeals for the Third Circuit recently ruled that because the seller of the house in an installment sale agreement received a possession judgment before the buyer filed for bankruptcy, the house was not part of the buyer’s bankruptcy estate.

A copy of the notice in In re Belarminio Peralta is available on: Link to Reviews.

The buyer here purchased a house through an installment sale agreement with the seller. The buyer stopped paying and the seller sued. To get a second chance, the buyer agreed that if he committed another offense, the seller could get a judgment for possession and evict him immediately. Another breach would extinguish any rights the buyer had to the home.

Nevertheless, the buyer again stopped paying and the seller obtained a judgment of possession. The buyer stayed in the home and filed for Chapter 13 bankruptcy. In the bankruptcy petition, the buyer argued that Chapter 13 allows a bankrupt homebuyer to “heal[]”a ‘default’ on a mortgage during the bankruptcy process until the house ‘is sold in a foreclosure sale‘ 11 USC § 1322(c)(1). Pennsylvania treats foreclosed installment contracts as mortgages, and therefore the purchaser also alleged that the said remedy gave him an interest in his property.

The bankruptcy court accepted the buyer’s theory. The judge held that because the buyer was still living in the property, he still had an interest in the property that was the subject of the installment contract and a remedy under § 1322(c)(1). Thus, the judge-commissioner included the housing of the purchaser in his estate in bankruptcy. 11 USC § 541(a)(1).

On appeal, the trial court reversed the bankruptcy court’s order, finding that because the possession judgment had been entered before the buyer filed for bankruptcy, no recourse under Section 1322 (c)(1) existed and the house was not part of the bankruptcy estate. . The buyer appealed in due time.

Section 1322 of the Bankruptcy Code only allows debtors to cure defaults until their homes are “sold in a foreclosure sale that is conducted in accordance with applicable non-bankruptcy law. “. 11 USC §1322(c)(1).

However, unlike a mortgage in default, a broken installment contract never ends in a foreclosure sale; title remains with the seller until the contract is paid. Thus, to determine whether a §1322(c)(1) remedy existed here, the Third Circuit needed an analog of a foreclosure sale applicable to installment contracts.

The Third Circuit adopted the hammer rule to define a “foreclosure sale.” According to the hammer rule, although legal interest passes upon issuance of the deed, a property is “sold” as soon as there is a new equitable owner. In re Connors, 497 F.3d 314, 320-21 (3d Cir. 2007). This sale occurs when a bidder wins an auction. Thus, a property is “sold in a foreclosure sale” as soon as the hammer falls. Identifier.

In re Connors thus links the “foreclosure sale” to the transfer of equitable ownership. The Court here determined that the installment contract analog of a foreclosure sale is when a default removes equitable title from the bankrupt homebuyer. Under Pennsylvania law, this occurs when a judgment for possession is entered against the home buyer. See In re Butko624 BR 338, 378–80 (Bankr. WD Pa. 2021) (analyzing state law similar to §1322(c)(1)).

Thus, the Third Circuit concluded that when the buyer filed for bankruptcy months after the seller had obtained a judgment of possession, the buyer had already lost his equitable interest in the house and the house was not part of his bankruptcy estate. 11 USC §541(a)(1). The analog of a foreclosure sale had passed, and it was too late to heal. And although the buyer had always lived in the house, he had no other bona fide claim to possession.

Accordingly, the Third Circuit accepted the trial court’s assessment that the buyer’s effort to use §1322(c)(1) came too late, and the court upheld the court’s decision. of first instance.

Dave Nadig interviews Meow CEO Brandon Arvanaghi


VettaFi financial futurist Dave Nadig interviewed Meow CEO Brandon Arvanaghi for Future Proof’s September 11 event, “A New Approach to Short-Term Cash Management”.

The search for yield is a goal as old as investing itself. As technology evolves, new opportunities for returns abound. Nadig noted that as a financial futurist, it’s his job “to try to understand what’s interesting, new and different that changes the way we think about our work today.”

It is still not easy to buy single treasury bills. Fixed income is one of the most archaic corners of the financial world. Meow strives to bring fixed income, crypto, traditional finance, and everything an investor might want to access in one place.

Arvanaghi sees that taking a first-person account for certain institutions’ numbers can often be “an IQ test,” but noted optimistically that “this industry is maturing before your eyes.”

Certain protocols can help the DeFi space stay liquid and avoid meltdowns. Arvanaghi said, “If I want to borrow USDCI should pledge ether or bitcoin first, but I should pledge more than what I actually bought.

Meow’s platform offers granularity on a dashboard, with marginal transaction fees, making it easier for investors to access Treasuries. It offers companies the opportunity to put their idle cash to work, taking advantage of the regular returns of Treasury bills.

Arvanaghi thinks a lot more crypto is now guaranteed after some high-level challenges. “The unsecured loan market will come back, but it will take some time,” he said. “Right now, there is a lack of confidence.”

He also considers that some institutions are comfortable with the risk/reward profile of oversized moves. “The less liquid an asset is, the more collateral is needed.”

Nadig asked what is happening in the crypto space with the upcoming Ethereum merger and possible regulation. Arvanaghi said some regulations are needed for obviously fraudulent actors. “Regulation can only help in my opinion.” He sees crypto two or three years away from the registration of any lending platform, as SECOND Chairman Gensler doesn’t seem to be in a rush to further legitimize the crypto space.

For more news, insights and strategy, visit the Crypto Channel.

Association pleads with wheat farmers to repay loan from FG anchor borrowers – Nigeria – The Guardian Nigeria News – Nigeria and World News


The Wheat Growers Association of Nigeria (WFAN), a branch of Bauchi State, has urged 2021/2022 dry season farmers who have secured loans under the Bank’s Anchor Borrowers Scheme Central Nigeria (CBN) to be repaid after harvest.

CBN, in collaboration with WFAN, had by January provided inputs to thousands of wheat farmers. These included: seeds, fertilizers, herbicides, sprayers and water pumps.

The association’s president, Mohammed Juli Adamu, said WFAN had received assurances from the Federal Ministry of Agriculture and CBN, co-sponsors of the dry season agriculture initiative, that the government would not relax. not the promotion of agricultural production in the country.

Adamu, while briefing reporters in Bauchi yesterday on the association’s activities in the state, said that given the resolve between the government and the country’s flour companies in favor of supplying quality wheat seed, the government has no choice but to encourage farmers to grow wheat.

He said: “With the purchase of quality wheat seed last year by CBN and the subsequent bumper wheat harvest by farmers in wheat producing states, the government is truly encouraged to support the farmers in every possible way, to improve the production of the commodity on a large scale.

He described wheat farming as a very profitable business worth millions of naira.

He called on Bauchi wheat farmers, especially those who have yet to repay the loan, to speed up the repayment as preparations for the next crop year have reached an advanced stage.

The president warned that any defaulting farmer would bear the consequences, including legal action.

5 signs your brain is “covered in plaque buildup” – Eat This Not That


The buildup of amyloid plaque in the brain is strongly associated with Alzheimer’s disease. Identifying early symptoms could therefore be the key to effective treatment. “Alzheimer’s disease is a neurodegenerative disease, so at the end you can see a lot of loss of neurons,” says Wen-Chin “Brian” Huang, PhD. “At this stage, it would be difficult to cure the symptoms. It is really essential to understand which circuits and regions show neural dysfunction early in the disease. This in turn will facilitate the development of effective therapies. Here are five signs of amyloid buildup, according to experts. Read on and to ensure your health and the health of others, don’t miss these Sure signs you’ve already had COVID.

According to doctors, mild cognitive impairment (MCI) is one of the earliest and most common signs of Alzheimer’s disease. “The most common sign is a problem with memory, and it’s usually episodic, which means it’s hard to remember events in your life, past and present,” explains Dr. David Caplanprofessor of neurology at Harvard Medical School.


Unexplained personality changes are another early sign of neurological issues, especially depression, apathy, self-centered behavior, and rigidity. “Behavioral changes are very common and affect more than 95% of people with dementia,” says Ganesh Gopalakrishna, MD. These symptoms may be present 10 to 15 years before memory loss occurs.


Experts say unexplained paranoia could be a sign of dementia or Alzheimer’s. “Many patients suffer from depression, paranoia or hallucinations,” says Dr. Gopalakrishna. “It can be enough to make a person feel unsafe, even in their own home. The first step in these situations is to provide a safe environment, limiting the risk of accidental or intentional injury to oneself. or to others.”

Unexplained financial problems – for example, forgetting to pay bills, drastic changes in credit scores – could be a sign of Alzheimer’s disease. “Currently, there is no effective treatment to delay or reverse the symptoms of dementia,” says Lauren Hersch Nicholas, PhD, associate professor in the Department of Health Policy and Management at the Bloomberg School. “However, earlier screening and detection, combined with information about the risk of irreversible financial events, such as foreclosure and repossession, are important to protect the financial well-being of the patient and their family. We We don’t see the same pattern with others. Dementia was the only medical condition for which we observed consistent financial symptoms, particularly the long period of deterioration in outcomes before clinical recognition. Our study is the first to provide evidence large-scale quantitative studies of the medical adage that the first place to look for dementia is in the checkbook.”

sad listening senior, old man hearing deafness or hard of hearing concept

Hearing loss isn’t just associated with dementia, it could be a cause of the disease, experts say. “Hearing loss can make the brain work harder, forcing it to strain to hear and fill in the gaps,” according to Frank Lin, PhD. “This comes at the expense of other thought and memory systems. Another possibility: hearing loss causes the aging brain to shrink more rapidly. A third possibility is that hearing loss leads people to be less socially engaged, which which is extremely important for staying intellectually stimulated. . If you can’t hear very well, you might not get out as much, so the brain is less engaged and active.”

Mast Ferozan

Ferozan Mast is a science, health and wellness writer passionate about making science and research-based information accessible to the general public. Learn more about Ferozan

Finding housing out of reach for many Georgian military families


As Madison Stringer scoured the real estate sites, one thing was clear.

Most of the houses were out of his price range.

Her husband, Brian Stringer, received a permanent station change to Savannah, away from Joint Base Lewis-McChord just outside Tacoma, Wash., where he currently serves. Madison hails from Warner Robins, so moving back to Georgia was the least of her worries. But with two children aged 2 and under and Brian’s 10-month deployment coming up, Madison was scrambling to find a roof over her family’s head as prices rose and homes flew off the market. .

Military personnel are at a huge disadvantage in today’s housing market because their PCS orders don’t allow them enough time to search for a home. And in a market where working-class families are battling upper-class and cash buyers, Madison wonders if they’ll ever earn the coveted title of “landlord.”

“It’s been an absolute nightmare,” Madison said. “The biggest challenge was finding a mortgage company to work with. On top of that, they want everything explained. If we had an inquiry into our credit report, they want to know, even if it “That was two years ago. They’re also asking for a lot of documents, many of which won’t be released by the military.”

Home call location:Union Mission Opens Parker’s House, First Women’s Emergency Shelter in the Tri-State Area

Car Sheds and Tiny Homes:Savannah making progress on accessory living unit policies

Frank and Jacklyn Pepe moved to Bryan County in January. The couple were stationed in Arizona and relied on virtual tours throughout the home buying process.

They were overwhelmed by the difficulty of the market and although they had a budget of around $300,000, it took a few tries before their offer was accepted.

“We didn’t realize the speed of the market,” Frank said. “If you didn’t make an offer within three days, it was contingent. We placed four bids and were beaten on three of them. It was a long process. The market was more competitive than we thought. We would invest more money to make our offer more attractive, but we would consistently lose. It was very brutal and stressful.

House prices up 15%

Realtor Caitlyn Rowe is a military spouse and said time constraints and limited inventory create an unfavorable home buying experience for military families.

“It’s been tough,” Rowe said. “We are building slowly until we have more houses now, but a lot of our servicemen have to buy without seeing them.”

She added that most soldiers are unfamiliar with how VA loans work and forgo buying a home early in their enlistment.

A two story model home on Outfitters Park Drive inside Heartwood Richmond Hill.

“A lot of times soldiers don’t understand that it’s even available or what it even consists of,” Rowe said. “It’s 100% funded and can be used multiple times. It’s not a one-time thing. Many soldiers want to wait and buy their house forever. But it doesn’t have to be that way, because you can have three VA loans open at a time.

According to Rocket Mortgage, homes in Richmond Hill cost an average of $295,000 and prices have risen nearly 15% or around $35,000 over the past year. Madison said she and her family were looking for a three-bedroom, two-bathroom home, but most were out of reach in terms of price.

“Our budget is $200,000, and he’s almost impossible to find,” Madison said. “In Savannah, it’s almost impossible too. We found one that is outdated. We should invest so much money in it, and the sellers are not willing to put money into it to fix it.

Richmond Hill realtor helps veterans

Military veteran Eric Lukkarinen, owner of American Veteran Properties in Richmond Hill, said desperate military families were living in RV parks, hotels and being taken in by other families in a last-ditch effort to find accommodation. His brokerage firm tries to eliminate those options by guiding families through the home buying process.

He went on to say that the current housing situation for military personnel needs to be fixed as the lack of housing can cause soldiers to feel hopeless and eventually commit suicide. Suicide in the military is four times higher than deaths related to military operations.

“The whole reason I started this business is because when the market crashed, 30-60 homes were foreclosed every month and those were 90% market share VA loans,” Lukkarinen said. “I sat down and thought about how I could defend them. I thought about it and developed a program where we can teach them to make good choices.

Madison worries that mortgage companies are unwilling to work with military families because they assume their stay will be short-lived.

“My husband and I are looking for our forever home,” Madison said. “He plans to go out after his contract ends. It is not because you see soldiers on our application that we are going to leave in four years.

Lukkarinen said special consideration should be given to relocating soldiers and hopes the basic housing allowance will be increased so that military families can easily seek housing.

“We need people to contact their members of Congress and tell them our [basic allowance for housing] is not enough,” Lukkarinen said. “We need to get emergency action to increase that amount of money for our community, and it probably should be done across the country.”

Latrice Williams is a general assignment reporter covering Bryan and Effingham County. She can be contacted at [email protected]

Top 5 decentralized finance projects based on market capitalization


Decentralized finance (DeFi) is a structural financial system that seeks to directly connect loan recipients and lenders, as well as buyers and sellers of stocks by removing banks, brokers and other intermediaries.

But it also raises the question that since now there are no more banks involved, how can we build trust between the two parties?

Well, that’s where Blockchain comes in. Blockchain technology, which is basically a network of distributed ledgers, is the foundation of decentralized finance because it prevents data from being altered by hacking or manipulation. one system.

So here is a list of the top 5 decentralized finance projects by market capitalization

Dai (DAI): Dai is a decentralized Ethereum (ETH) based stablecoin that aims to keep its value constant at $1. The goal of this DeFi initiative is to bring stability to the extremely volatile crypto market. MakerDAO’s first official white paper was published in December 2017, which introduced Sai, and only accepted Ethereum as collateral.

The Dai Stablecoin system, commonly referred to as the Maker Protocol, accepts Ethereum-based assets as collateral from MKR holders. Accordingly, you can generate Dai using any Ethereum-based token as collateral in the form of smart contracts, or you can buy Dai tokens directly from any crypto exchange. The market capitalization of Dai was $6.8 billion as of 2:20 p.m. on September 10, 2022, and the current price of one Dai is $0.99.

Avalanche (AVAX): Avalanche is a decentralized proof-of-stake blockchain based on smart contracts. Smart contracts are the rules on which a Blockchain is built, and those rules can only be changed by community consensus, not by a single person.

Avax is the native token of the Blockchain Avalanche developed by Ava Labs. Emin Gun Sirer, the creator of Ava Labs, is also a professor of computer science at Cornell University.

The best use case for Avalanche Blockchain is that many decentralized applications (Dapps) run on it. These Dapps work according to pre-written rules, and therefore no individual can modify them. The market capitalization of Avalanche (AVAX) was $6.1 billion as of 2:20 p.m. on September 10, 2022, and the current price of one AVAX is $20.45.

Wrapped Bitcoin (WBTC): Wrapped Bitcoin is an Ethereum token designed to act as a digital representation of Bitcoin (BTC) on the Ethereum Blockchain. It is not Bitcoin, but rather an ERC-20 token intended to track the value of Bitcoin. The WBTC was intended to allow Bitcoin holders to engage in Ethereum’s popular decentralized finance (“DeFi”) applications.

Its purpose is to serve as a link between the Bitcoin and Ethereum Blockchains. This allows Bitcoin owners to seamlessly interact with the Ethereum Blockchain. The market capitalization of WBTC was $5.3 billion as of 2:20 p.m. on September 10, 2022, and the current price of one WBTC is $21,344.

Uniswap (UNI): Uniswap, the largest decentralized cryptocurrency exchange, was founded in November 2018. Instead of matching supply and having a centralized exchange set the price, algorithms set the market price based on the demand and supply. This allows users to trade cryptocurrency without the assistance of an intermediary, making it fully decentralized.

The buyer and seller trade directly from their wallet, so no third parties are involved. No documents are required to trade on the exchange, which makes it permissionless and borderless. Uniswap’s market capitalization was $4.9 billion as of 2:20 p.m. on September 10, 2022, and the current price of one UNI is $6.53.

Chain link (LINK): Chainlink is a decentralized Blockchain network built on the Ethereum Blockchain. He intends to connect Blockchain data with real-world data that exists outside of Blockchain. Its native token is known as LINK, which is used as currency on the Blockchain and also to reward bettors.

Its aim is to provide off-chain data on the Blockchain in the form of smart contracts, which makes it decentralized and safe. It was launched by Sergey Nazarov and Steve Ellis in 2017. Chainlink’s market capitalization was $3.8 billion as of 2:20 p.m. on September 10, 2022, and the current price of one LINK is $3.8.

Seven Common Borrowing Mistakes for Real Estate Acquisitions


Property acquisitions are a great form of generating consistent income. However, not everyone has the capital on hand to purchase properties on their own.

Many investors who are in the early stages of building their portfolio will need to borrow money to complete their purchase. However, rushing into a loan deal can be devastating to your wallet.

Here are seven mistakes to be aware of before borrowing money for a purchase.

1. Focus only on the interest rate

Interest rates can scare away many new borrowers, but they shouldn’t be the only concern. Once properties are rented out, the revenue stream can be used to pay off loans quickly, limiting the amount you will pay in interest.

2. Not having enough cash

Do not take out a loan based solely on assets that have already been used. The properties you buy often don’t generate income immediately, which means you’ll need to have enough cash on hand to help you pay off your loan early.

3. Failing to prepare or complete personal financial statements

Any lender will ask for your financial statements before considering a loan. Make sure all your financial statements are prepared and ready to present.

4. Not having experience with a similar type of property

Not all properties are the same. Office and retail buildings are managed differently than residential or multi-family buildings. Research the type of property you wish to acquire before making your purchase.

5. Choosing the wrong lender

Another area of ​​research is which lender to use. Be sure to pick one with a good reputation and compare their terms with those of other lenders to find the best deal.

6. Accept your first offer

Don’t just accept the first offer you get. Take the time to evaluate all possible options to find the best deal for you.

7. Giving too little time for closing

Closing can take weeks for lenders to go through all the paperwork and inspections of the property. Be sure to allow plenty of time for a close so that the buying window doesn’t overtake you.

Kevin Romney is the co-founder and managing director of Camino Verde Group, a Las Vegas real estate investment and development firm, and currently leads the company’s efforts in the acquisition and disposition of multifamily assets in California, in Nevada, Kentucky, Texas and South Carolina. and Utah.

The Crown and the side effects of the hit Netflix series after the death of Queen Elizabeth


After noon this Thursday, the Royal House confirmed what many were already expecting. After health complications, Queen Elizabeth II died at the age of 96, which immediately put The Crown, Netflix’s hit series based on the life of the oldest monarch in history, under the spotlights.

This production, released as an original series on Netlix during 2016, has already completed four seasons available, with a view to releasing the fifth at the end of this year and the promise of recordings for a sixth which, without a scheduled release date, would be the last.

Queen Elizabeth dies: This is the protocol her digital properties must follow

As expected, after the unfortunate death of Queen Elizabeth II, the series has occupied a special place in conversations on social networks, which portends that in recent days the production could be in the Top 10 of the most wanted and viewed. on Netflix.

To give us an idea, just review what is happening in the Mexican market, where The Crown has increased the frequency of online searches within Googleexceeding even the queries related to the President of the Mexican Republic or those related to the new production “The House of the Dragon”.

Source: Google Trends

The death of Queen Elizabeth II has put The Crown back on the map, a series which, after two years without updates, is set to premiere its fifth season in November this year.

The cast for the new season includes Imelda Staunton (as Queen Elizabeth), Jonathan Pryce (Prince Philip), Dominic West (Prince Charles), and Elizabeth Debicki (Princess Diana).

The sad moment that the UK is currently experiencing would mean something more to The Crown than a new impetus for its new season, in fact there is every indication that its sixth season could be slowed down after the death of the monarch.

London Bridge has fallen, and The Crown?

At least that’s what they say to Variety, a media outlet that, citing sources close to Peter Morgan, creator of The Crown, claims that the sixth season of the series will end after the latest events around The Crown.

“‘The Crown’, the hit drama about the reign of Queen Elizabeth II and the events that shaped it, will likely halt production on Season 6 following the Queen’s death, they confirmed to Variety sources close to the creator Peter Morgan, ”says the media.

Although at this time Netflix has not released an official position on the matter, the only thing that is clear is that the sensitive death of Queen Elizabeth II will cause a wave of users interested in learning more about the life (although fictional) of the great monarch.

Remember that after an interview given by Eghan Markle and Prince Harry to Oprah Winfre in April 2021, The Crown’s audience skyrocketed.

According to Nielsen, at the time, 449 million minutes of The Crown were watched on Netflix during the week of March 8-14, an increase of more than 85.5% from the previous week, when it had accumulated 242 million minutes. .

Getting a home loan – Racial bias makes it almost impossible for many black people

A creeping bias persists in the real estate sector according to a new report which found that on average, 18% of black buyers are denied a mortgage. (Photograph courtesy of Tierra Mallorca/Unsplash.)

By Stacy M. Brown, Washington informant

In data released earlier this year by the federal Home Mortgage Disclosure Act, significant disparities exist in home loan approval rates between African Americans and whites.

Nationally, the mortgage purchase rejection rate for Black homebuyers is twice as high as the rejection rate for the entire population of mortgage borrowers in each of the 50 largest metropolises. from the country.

In DC, approximately 32,238 loan applications were made or issued by mortgage lenders. About 16,227 mortgages were approved for white applicants and only 4,945 for black applicants.

Census data collected by Prosperity Now found the homeownership rate for blacks in the District of Columbia was 35.2%, compared to 50.3% for white Americans.

A new report from Lending Tree found that on average, 18% of black buyers are denied a mortgage.

This is 9 percentage points higher than the average refusal rate for the entire population of 9%.

“Racial barriers to homeownership in the United States are undeniable to many, with black Americans often facing the most hurdles in the home buying process,” wrote the Lending Tree researchers. .

“One obstacle that black Americans face disproportionately is having their mortgage applications denied by lenders.”

The new report comes as African Americans continue to face discrimination in the real estate appraisal market.

More recently, a black Baltimore couple filed a lawsuit against an appraiser and mortgage lender, alleging they received a grossly undervalued appraisal for their four-bedroom home.

Following an initial appraisal of $450,000, which was already lower than the government assessed value of $622,000, the house received an appraisal of $750,000 from another appraiser.

“The housing industry in the United States has a long history of racial discrimination — one that helped widen the racial wealth gap and one that continues today,” CBS Mornings reported.

In 2021, on the 100th anniversary of the Tulsa Race Massacre, President Joe Biden announced the launch of an interagency initiative to address bias in home appraisals.

But the mortgage itself remains a problem.

The company analyzed purchase mortgage application records from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act 2020 dataset – the most recent comprehensive dataset available.

“Metros with the largest gap between mortgage denial rates for black borrowers and the overall borrower population,” Lending Tree researchers found.

Among the main results:

St. Louis, Boston, and Jacksonville, Fla., have the largest percentage point differences between black borrower rejection rates and the overall borrower population.

In these metros, the refusal rate for black borrowers is on average 13.36 percentage points higher than the refusal rate for the general population of mortgage borrowers.

San Francisco, Sacramento, California, and Seattle have the smallest percentage point differences between black borrower rejection rates and the overall borrower population.

Although black borrowers are more likely to be refused a mortgage in each of these metros, the average gap between their refusal rate and the refusal rate for the general population is relatively small at 3.94 points percentage.

The report found that rejection rates for black borrowers are highest in Detroit, Miami and Jacksonville, while they are lowest in San Francisco, Seattle and Sacramento.

In Detroit, Miami and Jacksonville, the average rejection rate for black borrowers is 25.52%, more than double the average rejection rate of 12.55% in San Francisco, Seattle and Sacramento.

While they may vary by metro, rejection rates for black borrowers are above 10% in each of the nation’s 50 largest metros, according to the report.

“While it may be more difficult for some Black homebuyers to get approved for a loan, there are still ways for Black borrowers to help make their dream of homeownership a reality. reality,” insisted the Lending Tree researchers.

The researchers listed three tips that could make it easier to find a lender and get a loan:

  • Shop around to find a lender. If you’ve been turned down for a mortgage by one lender, it doesn’t necessarily mean there aren’t others. By shopping around for a mortgage, you can potentially increase your chances of finding a lender and maybe even get a lower rate on your loan.
  • Consider different types of loans. Certain types of mortgages, such as those backed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA), may be easier to obtain than other types of mortgages, especially for low-income borrowers . If you’re having trouble getting approved for a standard mortgage, these options could help you access the funds you need to buy a home.
  • Speak up if you feel discriminated against. It is illegal in the United States to discriminate against borrowers based on their race. If you feel you have been discriminated against, consider contacting your local housing authority or the Attorney General’s Office or the Department of Housing and Urban Development (HUD) to file a complaint. Talking openly about discrimination can help you and others who may be going through something similar.

Click here for the full report.

This post originally appeared on The Washington Informer.

Don’t trust credit karma? Here are 3 other ways to get your credit score


Image source: Getty Images

Want to see your credit score for free?

Key points

  • With over 110 million members, Credit Karma is an online credit service that provides users with their credit score for free.
  • Recently, the FTC ordered the company to pay $3 million for misleading consumers with credit card offers.
  • There are other ways to get your credit score for free, including Experian, Credit Sesame, and many credit card companies.

Do you use Credit Karma to get your free credit score? Over 110 million members do. Credit Karma is an online credit service that provides real credit scores from two of the major consumer credit bureaus. What’s the catch? Credit Karma lets you monitor your credit information for free, but receives compensation from third-party advertisers and when customers are approved for loans or credit cards through their site.

Unfortunately, the Federal Trade Commission (FTC) has just ordered the company to pay $3 million to its users. The FTC said Credit Karma falsely claimed consumers were “pre-approved” and had a “90% chance of approval” to get them to apply for a credit card. According to the FTC, nearly a third of people who applied for these offers were ultimately turned down and this misrepresentation impacted their credit scores. Credit Karma said it disagreed with the FTC but was managing to avoid disruption. Although Credit Karma, which is owned by Intuit, is one of the most popular free credit score sites, here are three other ways to get your score for free.

Credit Score vs Credit Report

Your credit score is one of the most important financial numbers in your life. Financial institutions use it to determine if you qualify for a loan or a credit card, as well as your interest rate. Your score can also determine how much you pay for your insurance premiums, and many employers and landlords pull your credit as part of the screening process.

Your credit report, on the other hand, lists your bill payment history, loans, current debt, and other financial information. It shows where you worked, lived, and whether you were sued, arrested, or declared bankrupt.

Federal law gives you the right to get a free copy of your credit report every 12 months. Until December 2022, everyone in the United States can get a free credit report each week from all three national credit bureaus (Equifax, Experian, and TransUnion) at AnnualCreditReport.com. It is important to note that your credit report and your credit score are two different things.

Free credit reports provided by national credit reporting agencies do not include credit scores. Although you are entitled to a free credit report, you are not entitled to a free credit score. To get your score, you can buy it from one of the three major credit reporting agencies or other third-party companies that use one of the credit bureaus. Beware of programs offering “free sheet music” if you sign up. They may offer a free trial period, but they’re usually not really free. Credit Karma was one of the first sites to offer a free credit score. Here are other sites where you can also get a free score.


Experian is one of the three major credit bureaus. Experian allows you to get your FICO score for free. Checking your credit score is considered an informal request and will not reduce your credit score. If you want your VantageScore, a credit score developed by the three national credit bureaus, you’ll have to pay $7.95.

Sesame Credit

Credit Sesame is a credit and loan company, similar to Credit Karma. You can get your free credit score from TransUnion with a free Credit Sesame account. You can upgrade to a premium Credit Sesame plan to get credit report and credit score information from all three bureaus. Like Credit Karma, Credit Sesame collects a small commission from financial institutions, but only after securing a loan or credit card.

Your credit card company

Your credit card company may provide a free score. The following card issuers do:

In some cases, you don’t need to be a customer to register. You can sign up and receive your weekly Capital One TransUnion credit score reports even if you don’t have a Capital One card. Chase also gives you a free credit score with Chase Credit Journey. It’s free for everyone and you don’t need to have a Chase account. Chase Credit Journey uses Experian’s VantageScore 3.0®. Contact your credit card companies to see if they offer a free credit score.

With so much at stake, it’s important to maintain a good credit rating. Frequently checking your credit score will help you better understand your current financial situation. It can also help you detect any inaccurate information. These three ways to get your score are worth using to monitor your credit to make sure it’s healthy!

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Sheppard Mullin adds New York real estate trio


NEW YORK, September 06, 2022–(BUSINESS WIRE)–Sheppard, Mullin, Richter & Hampton LLP is pleased to announce that Richard Fries, Scott Stern and Neil Cohen have joined the firm as partners in the Real Estate, Energy, Land Use and Environment Practice Group At New York. They were most recently partners at Sidley Austin.

Fries, Stern and Cohen are well known in the legal, real estate and financial communities of New York and the country. They represent institutional lenders, investment banks and private equity firms in all aspects of real estate finance for all types of properties, with an emphasis on construction loans, syndicated loan transactions, distressed real estate developments and remedies.

“Richard, Scott and Neil have an industry-leading real estate finance practice,” said Jon Newby, vice president of Sheppard Mullin. “Their formidable reputation and vast experience will enhance both our growing New York office and our national real estate practice.”

Nancy Scull, Head of the Real Estate, Energy, Land Use and Environment Practice Group, added, “This group has been – and continues to be – at the forefront of real estate finance transactions and dynamic construction projects. and high profile, many of whom have helped shape and enrich the New York skyline.Their practice augments the firm’s considerable resources and strong reputation in real estate and finance.

Ed Tillinghast, Head of the Finance & Bankruptcy Practice Group, said, “These partners have a well-deserved reputation in sophisticated and challenging real estate workouts. Their expertise extends the company’s existing strength in property restructuring, property bankruptcy and workouts. I couldn’t be happier to have them join us, especially in this strategic and opportunistic time.”

Fries focuses his practice on a wide range of complex real estate financing and restructuring transactions, in which he represents domestic and global institutional lenders, investment banks and private equity firms. He has been involved in the financing, foreclosure and restructuring of permanent, construction, acquisition, bridge and mezzanine loans of all types, including agency and syndicated facilities, secured by office buildings, projects land development, healthcare complexes, hotels, mixed-use projects. , condominiums and rental apartments, shopping centers, franchises and car dealerships, among other real estate and commercial assets. Fries is particularly recognized for his work in major distressed commercial real estate loan restructurings and restructurings, mortgage foreclosure, sale of portfolios and distressed assets, creditors’ rights and insolvency. With a deep understanding of the “last day” of a defaulted loan restructuring, Fries has developed a unique practice in the market, including litigation to restructure real estate loans, projects and businesses. Fries received his JD from New York University Law School and his BA from Brooklyn College.

Stern represents institutional lenders, owner-developers and other lenders in commercial real estate lending transactions involving a variety of financing structures, including acquisition, takeover, construction and permanent financing. The assets affected by these transactions include vacant land, cooperative and condominium buildings, parking lots, shopping centers, mixed-use buildings, industrial warehouses, office buildings and hotels. He also represents lenders in connection with mezzanine loans and other types of asset-backed loans, and has experience in syndicated, agency and participating loan transactions, revolving credit facilities, swap, agreements between creditors and co-lenders and other structured finance transactions. In addition to his financing experience, Stern represents owners and developers in the acquisition, development, financing and sale of real estate and joint ventures. He got his JD, cum laudefrom the Benjamin N. Cardozo School of Law at Yeshiva University (where he was editor of the notes and commentaries of the Arts and Entertainment Law Review) and his BA from the University of Wisconsin.

Cohen is particularly focused on asset-based real estate lending transactions. He represents major institutional and commercial lenders in mortgage transactions involving acquisition and permanent financings, multi-state and multi-site portfolio financings, construction loan originations, franchise, mezzanine financing and loan participations and syndications. Properties involved in such transactions include office buildings, multi-family housing complexes, shopping malls, hotels and lodging properties, industrial and warehouse facilities, condominium and cooperative projects, restaurants fast food and gas stations. Cohen also advises clients in the purchase and sale of loans and debt instruments involving par loans and distressed debt and has been conducted as single loans, multiple loans and portfolio transactions. Cohen received his JD, with honorsfrom Hofstra University School of Law (where he was associate editor of the Hofstra Law Review) and his BAA, summa cum laudefrom Hofstra University.

About Sheppard Mullin’s Real Estate, Energy, Land and Environmental Practices Group

With more than 120 attorneys, Sheppard Mullin has one of the largest, most diverse and experienced real estate, energy, land and environmental practices of any AmLaw 100 firm. We represent builders, developers, investors, lenders, landlords, retailers, large property owners, non-profit organizations and local agencies in key markets in the United States and abroad. We leverage our breadth of experience, industry relationships and market knowledge to provide comprehensive advice and holistic solutions to meet our clients’ needs. Our lawyers work as a cohesive team with one goal: to help clients create value in an ever-changing environment.

About Sheppard, Mullin, Richter & Hampton LLP

Sheppard Mullin is a full-service AmLaw 100 firm with more than 1,000 attorneys in 16 offices located in the United States, Europe and Asia. Since 1927, industry-leading companies have turned to Sheppard Mullin to handle corporate and technology matters, high-stakes litigation and complex financial transactions. In the United States, the company’s customers include nearly half of the Fortune 100. For more information, please visit www.sheppardmullin.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220906005231/en/


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Finnish government sets out strict conditions for loans to energy companies


THE FINNISH GOVERNMENT is ready to borrow another 10 billion euros this year to finance the emergency financing plan he announced last weekend for electricity producers.

The Ministry of Finance underlined on Monday that the effects of the scheme on central government debt remain unknown due to uncertainty over the number of power producers who will have no choice but to resort to the loans and guarantees offered. under the scheme.

“It is clear that in a situation as uncertain as this, where it is not known whether companies will come to the state loan window, it is very unlikely that we will prepare to grant the full 10 billion euros in loans,” he added. Teppo Koivistothe Director of Finance of the Public Treasury, was saying quoted by YLE.

If loan demand exceeds expectations, central government debt could increase to €18.9 billion in 2022.

Ministry of Finance Annika Saarikko (Center) said the funding should not be construed as financial aid or a grant.

“It’s a loan,” she pointed out. “Companies must repay in two years. And the government would only lose money in the extreme circumstances where the company becomes permanently insolvent. Even then, like an ordinary loan, a share of the company’s collateral – such as power plants or electricity production – corresponding to the [loan] the value would end up in the possession of the State.

The emergency financing scheme allows the government to provide loans and guarantees to companies with power generation capacity of more than 100 megawatts that have exhausted all other financing options, which are deemed critical to the operation in the electricity market and are threatened with insolvency due to skyrocketing collateral requirements.

The terms and conditions of the financing are extremely strict to ensure that it is only used as a last resort.

They will be granted on a case-by-case basis after consulting the Ministry of the Economy and Employment. The Ministry of Finance further reserves the right to commission an external review of the risks associated with each loan.

The loan cannot be granted to a company that is experiencing or has experienced financial difficulties.

The financing will be available until the end of next year with a maximum repayment period of two years and with a total interest rate of 10% for the first six months and 12% for the rest of the repayment period. repayment, according to Helsingin Sanomat.

The borrower, in turn, will be prohibited from paying dividends or otherwise redistributing profits until the loan has been repaid. Offering bonuses, salary increases and other management incentives will also be prohibited between 2022 and 2023. The borrower must also invite the government to take a 1% stake through a free issue of shares or agree to an increase of three percentage points. in the interest rate.

“The loan conditions are exceptionally strict,” confirmed Saarikko. “It is a message from the government to businesses that this is aid of last resort. You must first look to your landlords, such as public sector municipalities, and to market-based financing solutions.

The government introduced the emergency funding scheme due to the increasing collateral requirements faced by energy companies active in the power derivatives market. Guarantees may be demanded by customers as a form of guarantee for their future electricity supply as their value is equal to the difference between the price defined in the futures contract and the current price.

Energy prices soared following Russia’s invasion of Ukraine.

The Ministry of Economic Affairs and Employment has estimated that Finnish energy companies have around five billion euros in liquid assets tied up as collateral. Most of the total is represented by Fortum.

With Russia announcing an indefinite halt to gas deliveries via Nord Stream 1, the crisis is set to worsen. Dmitry PeskovKremlin spokesman, Monday declared that a full resumption of deliveries is “undoubtedly” conditional on the lifting of sanctions against Russia.

Aleksi Teivainen – HT

POLL Dubai housing market outlook darkens due to rising borrowing costs


A billboard for a real estate company reading ‘Keep Calm There’s no Bubble’ is seen on a building in the Marina district of Dubai November 19, 2013. REUTERS/Caren Firouz (UNITED ARAB EMIRATES – Tags: BUSINESS CITYSCAPE REAL ESTATE)

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BENGALURU, Sept 5 (Reuters) – Property prices in Dubai will rise this year and next at a slower pace than previously thought as rising mortgage rates and the cost of living crisis reduce foreign demand, according to a Reuters poll of housing market analysts.

With an economic rebound propelled by rising energy prices, Dubai’s property market has recovered strongly from the severe 2020 recession, with buyers snapping up luxury units after the emirate eased restrictions pandemic restrictions faster than most cities in the world.

But most property market analysts in a Reuters poll said the recovery was fragile and uneven, and that an oversupply of residential properties as well as rising interest rates would put pressure on prices over the next few months. coming months.

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Home price growth is expected to slow to 6.5% in 2022 and 3.0% in 2023, down slightly from 7.5% and 4.5% in a May poll, respectively, according to median forecasts. of 10 real estate analysts surveyed from August 15 to September 15. 2.

This outlook contrasts sharply with other global real estate markets, including Canada, Australia and New Zealand, where house prices are expected to fall this year and next. Read more

“Demand for residential properties has reached an all-time high this year, but this trend could change due to the rising cost of living, rising mortgage rates and expected new supply,” said Haider Tuaima, director and head of real estate research at ValuStrat.

“Smaller apartments in areas where a lot of new inventory is expected have already seen prices stabilize and are most likely facing negative growth in the short to medium term.”

An oversupply of homes from previous years has come to the rescue of this once-hot housing market by controlling affordability. Many other major real estate markets are struggling with rampant house price inflation.

When asked to describe the level of real estate prices in Dubai on a scale of 1 to 10, from extremely cheap to extremely expensive, the median response was 6.

“As Dubai continues to be a buyer’s market, developers will refrain from significantly increasing prices. Therefore, affordability may continue for a few years,” said Anuj Puri, Chairman of ANAROCK Property Consultants.

“In fact, since there was oversupply in many areas, the market has failed to push prices up lately. The drop in prices has made the Dubai market attractive to foreign investors. and local too.”

But Asteco Property Management, Deloitte, Property Monitor, Morgan’s International Realty and ValuStrat said average house prices would need to fall between 5 and 20% to make housing affordable.

Rising interest rates, rising inflation and rising construction costs are likely to reduce demand for affordable housing. Inflation is on the rise across the economy and is expected to hit housing and rental markets the hardest.

The Central Bank of the United Arab Emirates has raised its key rate by a cumulative 225 basis points since March in parallel with the United States Federal Reserve, as its currency is pegged to the dollar. Read more

(For more stories from Reuters Quarterly Housing Market Surveys:)

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Reporting and polling by Anant Chandak; Editing by Hari Kishan, Ross Finley and Andrew Heavens

Our standards: The Thomson Reuters Trust Principles.

How to Handle a Fraudulent AT&T Account


I am posting this because AT&T does not make it easy to report fraudulent accounts.

My situation
I started receiving emails from AT&T clearly stating that an AT&T Wireless account had been created using my email address. I got everything new subscribers get, including welcome messages, account verification messages, paperless billing setup messages, and new bill notifications.

What to do
Don’t bother phoning AT&T. You will be referred by various call center representatives. None can do anything. Instead, go directly to the Mobility Fraud Inquiry Form (link current at time of writing).

You do not have to provide any personal information other than the fraudulently used email address, the last four digits of the fraudulently obtained AT&T phone number, and the fraudulent account number. AT&T eventually tells you the last two during a monthly billing cycle in the emails it sends. I put obviously bogus information for my real name, address, SSN, zip code, etc. (e.g. n/a, 000-00-0000, 01234).

My experience
I received no response to my initial report. But when I started filing a report every time an account-related email appeared in my inbox, AT&T responded quickly. He canceled the account and sent me official confirmation that the account was fraudulent and should not have been associated with my email address.

US Senator Sherrod Brown announces over $180,000 for housing advice in Ohio – News-Herald


US Senator Sherrod Brown, D-Ohio, recently announced that the Department of Housing and Urban Development awarded six Housing Counseling Program grants, totaling $184,849, to housing counseling agencies across the state.

The funds, according to HUD, will help provide essential housing counseling services to individuals and families to help with property maintenance, financial management and preparation for affordable homeownership.

“Losing a home to foreclosure or eviction is life-changing for a family – no one should be left homeless,” Brown said in a press release.

US Senator Sherrod Brown

“These vital housing counseling resources will ensure landlords and tenants – especially landlords and tenants of color who have been hardest hit by this pandemic – have the tools and support they need to navigate the system. housing complex of our country.”

Local housing counseling agencies receiving funding include $45,913 for Fair Housing Resource Center in Painesville and $39,601 in Community Housing Solutions in Cleveland.

Fair Housing executive director Patricia Kidd noted that the agency writes for the program’s grant funds on an annual basis.

The non-profit organization offers advice to landlords and tenants with rental housing problems and provides information on landlord-tenant laws and the rights and responsibilities of landlords and tenants.

“We didn’t receive any funding this year for (the) landlord-tenant hotline, so the funding we received will go towards our foreclosure prevention and (dispute) mediation program,” Kidd said.

Fair Housing received the largest sum from the state, she added.

In addition to housing assistance fund provided by HUD, in February Brown and Sen. Bob Menendez, D-New Jersey, introduced legislation to expand access to housing advice and support services for landlords, tenants, people experiencing homelessness and people at risk of homelessness during the COVID-19 crisis.

This bill generated an additional $100 million in housing counseling funds that were provided through the US Bailout Act and distributed to local organizations through the Housing Stability Counseling Program administered by NeighborWorks Americasays the press release.

HUD provides support to a nationwide network of housing counseling agencies.

Accredited entities provide tools for current owners, potential buyers, renters, homeless people and disaster victims, so they can make responsible choices to meet their housing needs.

CONVERT Clinical Trial Data Presented at ERS Demonstrates Early Success of AeriSeal System in Patients with Advanced COPD/Emphysema


REDWOOD CITY, CA & BARCELONA, Spain–(BUSINESS WIRE)–Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx”), a global leader in minimally invasive treatments for serious lung disease, announces the presentation of interim results from the CONVERT study at the 2022 European International Conference Respiratory Society (ERS). Data from the first 40 patients in the study demonstrated that treatment with the AeriSeal System was successful in converting collateral ventilation (CV) status in 78% of patients who were subsequently treated with Zephyr valves.

The AeriSeal System is used to close collateral air channels in a target lung lobe of a patient with severe COPD/emphysema, making the patient eligible to then undergo Bronchoscopic Lung Volume Reduction (BLVR) with valves Zephyr. Patients whose lungs have untreated collateral ventilation (CV+) are not currently eligible for treatment with Zephyr valves and have limited options once medical management alone fails to control symptoms. Once the target lobe is converted from CV+ to CV-, patients can be treated with Zephyr valves, which have been shown to improve lung function, quality of life and exercise capacity in affected patients. COPD/severe emphysema.1

The CONVERT study uses the AeriSeal system to seal collateral airflow. Once the treated lobe is negative for collateral ventilation (CV-), Zephyr valves are implanted to treat hyperinflation of that target lobe to relieve symptoms of emphysema without major surgery. Successfully converted patients who received Zephyr Valves experienced clinically significant target lobe volume reduction (TLVR) with a mean reduction greater than one (1) liter. The CONVERT trial is ongoing and full clinical results of BLVR with Zephyr valves have not been reported at this time. However, recently published results from a single center feasibility study at Macquarie University Hospital in Australia showed that the AeriSeal System successfully closed collateral air channels and achieved positive clinical outcomes after treatment. with Zephyr valves.2 At 6 months, CV+ patients treated with AeriSeal and Zephyr Valve showed clinically meaningful improvements similar to those seen in CV- patients treated with Zephyr Valves alone.2 Improvements included:

  • Pulmonary function (FEV1 19.7% increase, residual volume decrease 16.2%)

  • Quality of life (decrease in SGRQ score of 15.1 points)

  • Exercise capacity (increased walking distance in six minutes by 77.2 meters)

No serious adverse events were reported in patients in the Australian feasibility study; 20% of patients in the CONVERT study experienced an inflammatory response after AeriSeal treatment – ​​all were transient, medically managed and resolved. Available data suggests that patients with collateral ventilation can experience successful BLVR with Zephyr Valves after closure of the fissure space with the AeriSeal System.

“This is very promising news for patients with advanced COPD. We know that treatment with Zephyr valves can provide long-term improvements in lung function, breathing and quality of life, but for patients on collateral ventilation, this minimally invasive treatment is not available as an option. explains Dr. Michela Bezzi, Head of Department and Director Interventional Pneumology – ASST Spedali Civili, University Hospital, Brescia, Italy. “Having technology like the AeriSeal System to convert collateral ventilation positive patients to negative status means we can provide treatment for patients who currently have very few options.”

“This work reflects our ongoing commitment to developing and testing new medical technologies to help patients with serious lung diseases breathe easier and have a better quality of life,” said Glen French, President and CEO of Lungx. “These early study results are encouraging and move us closer to helping patients with severe emphysema who have collateral ventilation benefit from our proven Zephyr Valve therapy.

About the CONVERT Study

CONVERT is a prospective, open-label, multicenter, single-arm study conducted at up to 20 experimental sites. The study plans to recruit 140 subjects with severe emphysema and collateral ventilation in the target lobe. This protocol is designed to evaluate the utility of the AeriSeal System, which uses synthetic polymeric foam to occlude (close) collateral air channels in a target lung lobe and convert the target lung lobe to having little or no collateral ventilation ( RESUME-). Patients will then undergo bronchoscopic lung volume reduction with Zephyr Endobronchial Valves. Zephyr valves are not effective if collateral ventilation (CV+) is present, but once the target lobe is converted from CV+ to CV-, patients can be treated with Zephyr valves which improve lung function, quality of life and exercise capacity for patients with severe COPD/emphysema.1 See https://clinicaltrials.gov/ct2/show/NCT04559464 for more details on the CONVERT study.

The AeriSeal System is not FDA cleared or approved for commercial sale in the United States.

About Zephyr Valves

The Zephyr Valve is a minimally invasive treatment option for severe COPD/Emphysema. Zephyr valves are placed bronchoscopy to block off a diseased part of the lung to prevent air from becoming trapped and reduce hyperinflation, allowing healthier lung tissue to expand and take in more air . This allows patients to breathe better, be less breathless and improve their quality of life.1 National and global treatment guidelines for COPD include endobronchial valves such as Zephyr valves with the Global Initiative for Chronic Obstructive Pulmonary Disease (GOLD) giving the valves an “Evidence A” rating. Over 25,000 patients have been treated with the Zephyr Valve worldwide.

About Pulmonx Corporation

Pulmonx Corporation (NASDAQ: LUNG) is a global leader in minimally invasive treatments for serious lung disease. Pulmonx Zephyr® Endobronchial valve, Chartis® Lung Assessment System and StratX® The Lung Analysis Platform is designed to assess and treat patients with severe emphysema/COPD who, despite medical management, still have profound symptoms. Pulmonx has received premarket approval from the FDA to market the Zephyr valve following its designation as a “breakthrough device”. The Zephyr valve is marketed in more than 25 countries, with more than 100,000 valves used to treat more than 25,000 patients. For more information on Zephyr valves, please visit https://uspatients.pulmonx.com/. For more information about the company, please visit www.pulmonx.com.

Forward-looking statements

This release contains forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We may, in some instances, use terms such as “looking ahead”, “confident” , “promises”, “predicts”, “believes”, “potential”, “anticipates”, “expects”, “plans”, “intends”, “may”, “could”, “might “, “will”, “should”, or other words that convey uncertainty of future events or results to identify such forward-looking statements and include, but are not limited to, statements about Pulmonx’s ability to treating more patients and delivering significant patient benefits. Forward-looking statements should not be construed as a guarantee of future performance or results and are not necessarily precise indications of the times at which or by which such performance or results will be achieved. These forward-looking statements are based on Pulmonx’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements due to such risks and uncertainties, which include, but are not limited to, those related to safety, effectiveness and the adoption by patients and physicians of the Company’s products, the end results and results of clinical trials and studies involving the Company’s products, the ability to obtain and maintain reimbursement codes for its products, and the ability of the Company to obtain and maintain the required regulatory approvals for its products. These and other risks and uncertainties are described in more detail in the section titled “Risk Factors” in Pulmonx’s filings with the Securities and Exchange Commission (SEC), including the company’s quarterly report. on Form 10-Q filed with the SEC on August 8, 2022. , available at www.sec.gov. Pulmonx undertakes no obligation to update any forward-looking statements and expressly disclaims any obligation or undertaking to publicly release any updates or revisions to the forward-looking statements contained herein.

Lungx®Chartis®StratX®and Zephyr® are registered trademarks of Pulmonx Corporation.

There’s a new platform for Bitcoin-backed borrowing and it’s courting banks to lend


The collapse of big cryptocurrency lenders like Celsius Network and Voyager Digital this summer may have chilled the market, but Max Keidun says his new lending platform will be different – ​​and has a chance to endear bitcoin (BTC) to people. banks.

“My dream is to make banks live by the bitcoin standard,” says Max Keidun, CEO of peer-to-peer bitcoin exchange Hodl Hodl.

Its new platform, Debifi, announced on Saturday at the Baltic Honeybadger conference, is expected to launch next year. It will allow users to borrow long-term stablecoin and fiat loans using their bitcoin as collateral. Some banks have already shown interest in joining Debifi as lenders, Keidun said, declining to name any.

“We already have liquidity providers, but fiat loans will be added six months after the launch of the platform,” Keidun said, adding that Debifi will take off in the first quarter of 2023.

Lenders, both fiat and stablecoins, will all be institutions, Keidun said, and fiat lenders will need to have the appropriate licenses to join the platform.

“We’ll know them all, do our due diligence on them,” he said.

So far, two companies have agreed to work with the new platform to provide liquidity, Keidun said: centralized exchange Bitfinex, which is also a sister company to the largest stablecoin issuer Tether; and XBTO, a crypto finance company that also provides bitcoin-backed fiat loans itself. Both are investors in Hodl Hodl, a non-custodial bitcoin exchange that Keidun operates: Bitfinex invested an undisclosed amount in Hodl Hodl in July 2021 and XBTO participated in Hodl Hodl’s Series B funding round in October 2021.

Both companies have confirmed their involvement in Keidun’s upcoming project. “Bitfinex is excited to partner with Debifi and support a premier bitcoin institutional liquidity pool,” the Bitfinex spokesperson told CoinDesk in an email.

There has also been support from bitcoin-focused venture capital: according to Keidun, the Ten31 fund has invested in Debifi.

four keys

Keidun is no stranger to lending: in 2020, he launched a peer-to-peer lending marketplace called Lend, which allows users to lend and borrow stablecoins anonymously and non-custodially. Much like Hodl Hodl, Lend uses multisignature escrows. When a deal is initiated, whether it’s a bitcoin sale on Hodl Hodl or a bitcoin-backed loan on Lend, the user’s bitcoin is locked into the multisig which requires two keys on three to unlock it.

Each side of the deal (buyer and seller or lender and borrower) gets a key. The third is controlled by Hodl Hodl or Lend. If there is a dispute between the parties, the company arbitrators and the bitcoin are sent to the winning party. This way, users do not have to trust the platform with their bitcoin, which is not stored in a large central wallet, nor do they have to verify their identity. Until now, the broad consensus in the crypto industry has been that non-custodial platforms are not considered money transmission businesses. obligated and therefore are not obligated to do KYC (know your customer) checks on their users.

Read more: Bitcoin Hodlers get KYC-free lending option

Debifi will work differently.

Unlike Hodl Hodl and Lend, Debifi users will likely need to go through KYC verification for most loan offers. However, this will be up to each lender and personal information will be collected by the lenders, not Debifi, Keidun said.

Debifi, for which Keidun is now building a different team, separate from those of Hodl Hodl and Lend, will also have a different design: instead of two out of three multisigs, it will use three out of four. .

As Keidun explains, an additional key will belong to a fourth holder who, together with Hodl Hodl, will provide security for the funds. These fourth keyholders, as Keidun calls them, will be part of the small group of reputable bitcoin companies, including Casa Hodl, Blockstream and Jan3, a startup by former Blockstream Chief Strategy Officer Samson Mow. All three companies have confirmed their involvement.

The addition of the fourth key aims to strengthen the security of the new platform: if a scammer or hacker wanted to abuse the protocol and steal money from the escrow, he would have to compromise not only the platform key but also that owned by Casa, Blockstream or Jan3, Keidun explained.

The multisignature escrow for Debifi will be coded from scratch instead of using existing code for Lend’s multisigs, Keidun said, adding, “It’s better to write a new thing than fix what you already have.” (Hodl Hodl and Lend will also get an upgrade, he said.)

“When we launched our lending platform, some people criticized us, saying that the platform could collude with one party to the deal, pull bitcoin from escrow and scam the other party. “, said Keidun. “And now there is one more key. And the holders are big, reputable companies. They won’t scam people.

Other new features will be loans with expiration terms of up to five years (Lend allows users to open loan contracts for up to 12 months) and native integration of hardware wallets. Users will be able to create escrow wallets using their own hardware wallets, so they would use a signature generated by their own device, not the platform, as is currently the case for Hodl Hodl and Lend .

New approach

Unlike 2018-2019, when cryptocurrency-backed lending was taking off and companies like BlockFi and Celsius were emerging and growing rapidly, 2022 would seem like an inopportune time to start a business in this market. The collapse of Terra and LUNA, along with a general downward trend and reckless gambling by market players, brought down a whole host of multimillion-dollar companies, including Three Arrows Capital, Voyager and Celsius.

However, Debifi’s partners believe that the crisis has been a useful lesson, which Debifi can learn from.

“If you look at the recent series of implosions with centralized lending platforms based on opaque relationships and unsecured lending, it’s clear that the old system is fundamentally broken,” said Mow, a former director of the Blockstream strategy and founder of a bitcoin-focused company. start on January 3.

Centralized crypto lenders, he added, have not used blockchain technology to improve their businesses. “Debifi actually relies on real technology to provide a better solution and will make the whole ecosystem stronger and more respectable,” Mow said.

Nick Neuman, CEO of Casa, said Debifi’s “hybrid custody” approach, when there is no single third party in charge of users’ money, will give people more control over what happens to their bitcoin than companies like BlockFi and Celsius. .

“What you need is transparency about the risks you’re taking. When customers hold the keys to the collateral they’re using, they can see on-chain where those funds are and whether those funds are in danger,” Neuman said.

And while with Debifi’s three-of-four multisig setup, funds can be withdrawn from escrow without user permission, as Keidun acknowledged, they are “not sitting in a massive custodian pool, where you don’t know what they’re doing,” Neuman said.

Adam Back, co-founder and CEO of Blockstream, said the integration of traditional banks would bring a “huge pool of capital in conventional capital markets with relatively low interest rates” into the bitcoin ecosystem, which would reduce rates in the bitcoin lending market. .

“The reason borrowing interest rates are high in the bitcoin ecosystem is that most of the capital at stake is bitcoiner capital, and they tend to be heavily invested in BTC and short of USD. , so as a borrower, you are bidding against their alternative of buying bitcoin themselves,” Back said.

‘The Next Big Thing’

One of Keidun’s motivations with this new project was to look at the explosive growth of non-bitcoin decentralized finance (DeFi) products, primarily on Ethereum, which he considers a system that is at least inferior as a bitcoin maximalist.

“I see bitcoin lending losing to s**tcoin lending. If we want bitcoin to be the main asset, we have to compete with these projects,” he said.

Debifi’s concept will be clear and appealing to maximalists like Keidun himself, he said: No one entity has full control of bitcoin collateral and there is no rehypothecation – meaning escrow bitcoin is not used by the platform to earn additional yield.

“This solution will be easy to understand for both bitcoin maximalists and banks,” Keidun believes.

Debifi will operate as a marketplace and not provide any loans itself, Keidun said. This would offer technology ready for institutional crypto firms and traditional banks that want to work with bitcoin, so those banks won’t have to tackle the new technology themselves.

“They will speak directly to their bitcoiner customers and finally see what a great collateral asset bitcoin is. It’s 24/7, it’s seamless,” Keidun said.

According to him, a handful of banks from Europe, parts of the United States, Asia-Pacific and the Caribbean have already shown interest in the platform. Keidun said luring banks down the bitcoin rabbit hole will change bitcoin’s role in the financial system.

“Bitcoin has already proven itself as an unstoppable trading asset. My theory for bitcoin for the next 10 years is that it will become a lending asset, a kind of super collateral,” Keidun said.

It’s a vision that at least some top bitcoiners might share, like Samson Mow. “Noncustodial lending platforms for institutions will be the next big thing,” he said.

UPDATE: (September 3, 2022, 4:50 PM UTC): Adds information about Ten31’s involvement.

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

Is getting a car insurance quote hurting your credit score?


Most of us understand the importance of credit scores in our financial life. You probably understand the importance of credit if you’ve ever applied for a credit card, a loan, or even rented/bought a house. There are a few situations where loan applications can negatively affect credit scores.

Of course, this begs the question, “What if I apply for car insurance“Does checking car insurance rates affect credit scores? This article provides a simple answer to that question by providing full coverage of standard credit terms and a few bonuses.

It’s not your real credit score

remember that car insurance does not use actual credit scores to determine bonus amounts. Your FICO number or VantageScore doesn’t matter as much to them.

A credit base Insurance score is calculated instead of using data found in your credit report. It examines a wide range of information, most of which is redundant. There is a correlation between high debt and high auto insurance claims.

On the other hand, your credit car insurance score is probably given less weight than your FICO score. The number rating the insurance company gives you, which is used to decide your premiums, is not something you will see.

If all the insurance companies check the credit

When you apply for car insurance, virtually all providers will check your credit. Auto insurance companies that don’t meet industry standards will check your credit if they plan to insure you, whether you have a clean driving record or a history of accidents, traffic tickets, or impaired driving.

Theoretically, insurers will take your credit score into account when making you an offer. affordable car insurance. While the insurance company uses your score to predict whether or not they will pay a claim, your credit score indicates the likelihood that you will repay a loan.

When determining your insurance-based credit score, The Cheapest and Best Car Insurance Companies in California use their models. However, FICO considers the following information:

  • Payment history (35% importance): Repayments of credit cards, mortgages, and other debts, as well as bankruptcies and late payments, are all factors in the payment history percentage (35%).
  • Current debt (30%): Having many accounts with a large balance can indicate that you are using too much credit and could negatively impact your credit score.
  • Length of credit history (15%): It’s based on factors such as the age of your oldest account, how long certain accounts have been in use, and how long other accounts have been open.
  • New lines of credit (10%): The percentage of your credit score dedicated to new lines of credit is 10%; opening too many new lines at once can have a negative impact on you.
  • Types of credit (10%): This part of your score increases when you build a history of on-time payments across a wide range of credit accounts.

Facts: Asking for an auto insurance quote won’t affect your credit score

Exactly what you heard. The myth needs to be exposed and debunked. When requesting cheap car insurance quote, you may notice a “quiet inquiry” on your credit file. You can see who viewed your credit report and for what purpose by reviewing non-binding credit queries.

However, difficult requests, such as a lender reviewing your credit before making a loan decision, have a greater impact on your score than informal requests, such as asking for a car insurance quote.

Credit transfer

You can relax now that you know it won’t hurt you, but you may still have questions about some credit-related terms we use.

The credit report

It’s like getting a grade in school. This is a complete file detailing your credit history and can be used as a recommendation when applying for credit.

Credit score

Compare your credit score to your grade point average. An “algorithm that calculates your creditworthiness based on information in your report at any given time” is what determines your credit score.

Difficult requests

Creditors and credit card companies look at your credit report as part of the approval process, and these checks are called “serious inquiries” or “hard asks.” You will likely encounter these if you are applying for a mortgage, loan or credit card and you will be asked to authorize each person. Depending on the nature of the question, rigorous investigation could lead to a slight drop in grade or have no discernible effect.

Sweet requests

Credit checks for background purposes and other legal purposes are referred to as “non-contractual inquiries” or “non-contractual inquiries”. They are not considered serious requests. This could happen if, without your knowledge or consent, the credit card company reviews your credit to determine whether or not you qualify for a particular credit card. Before hiring you, your potential employer may conduct an “informal survey”.

Unlike serious inquiries, informal inquiries do not affect your credit score. The cheapest car insurance the quote falls into this category.


However, if you hang around in credit chat groups long enough, you will hear complaints from people whose credit reports car insurers have pulled. Since the soft draw appears on the consumer’s credit report, it is reasonable to expect that he will treat it as if it were a serious inquiry.

Online portal helps those at risk of eviction, foreclosure


Copyright © 2022 Albuquerque Journal

The state of New Mexico has created a new online portal to better help people apply for financial assistance if the pandemic puts them at risk of eviction from rental property or foreclosure on their own homes.

The New Mexico Home Fund’s new portal can be accessed at nmhomefund.org, and aims to remove some of the uncertainty about where New Mexicans should go to seek help. By answering a few preliminary questions online, the portal automatically transfers the visitor to either the Emergency Rental Assistance Program or the Homeowner Assistance Program, said Donnie Quintana, director of both funds, as well as director of the Local Government Division of the Ministry of Finance. and Administrative.

Under the Emergency Rental Assistance Program, tenants can receive assistance with past, current, and future rent and utility payments for up to 15 months. The program has so far provided assistance in every county in New Mexico with 76,068 awards totaling more than $167 million.

The homeowner assistance program is funded to the tune of $55 million. To date, the program has provided over $8 million to 1,317 households.

The money for the funds came from federal allocations. The state oversees the funds, although it has contracted with the New Mexico Mortgage Finance Authority to administer the homeowners program, Quintana said Friday.

In addition, the New Mexico Home Fund has supported eviction prevention efforts, including free legal representation for tenants through New Mexico Legal Aid and the Eviction Prevention and Diversion Program, which offers mediation between landlords and tenants threatened with eviction.

Ultimately, “the goal is to prevent homelessness and housing instability,” Quintana said.

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Nvidia, the latest collateral damage from the US-China tech war – TechCrunch


Nvidia, the world’s largest maker of artificial intelligence chips, is at the center of a new round of US tech sanctions targeting China.

Nvidia noted in a filing with the SEC that the US government had imposed new export restrictions on two of its most advanced AI chips to China, its second largest market after Taiwan. 26% of its revenue in 2021.

The ban could cost Nvidia up to $400 million in potential sales to China in the third quarter, the company said.

Export Controls also prohibit Nvidia from shipping the chips to Russia, although the company said it does not currently sell in the country.

The U.S. government said the move “will address the risk of covered products being used or diverted to a ‘military end-use’ or ‘military end-user’ in China and Russia.” But the ban is in practice to crimp a wide range of companies and organizations using the silicones beyond military uses.

The two chips in question are the Nvidia A100 and H100 graphics processors. A100 is designed to provide high-performance computing, storage and networking capabilities for healthcare, finance and manufacturing, Explain Chinese e-commerce and cloud computing giant Alibaba, a user of the A100.

H100 is the next enterprise AI chip which should be shipped by the end of this year and part of the production of which is carried out in China.

Nvidia’s engagement with China will not be completely severed. The US government has allowed Nvidia to continue manufacturing the H100 in China, Nvidia said in another depositalthough access for Chinese customers will still be limited.

The ban is “the hegemony of science-technology,” Chinese Foreign Ministry spokesman Wang Wenbin said in a regular press conference Thursday. “The United States seeks to use its technological prowess as an advantage to impede and suppress the development of emerging markets and developing countries.”

The decision of the United States to deny China access to its advanced technologies has in turn accelerated the latter’s quest for independence. Huawei has doubled down on smartphone chip development since Washington blacklisted it for export on national security grounds in 2019. A slew of domestic semiconductor startups are making huge investments from VCs and government-guided funds.

While China may still be a generation behind in producing the most sophisticated chips, the country is steadily building its edge in low-end specialty semiconductors, such as neural processing units that kickstart thumb to the cameras of the phones. It remains to be seen what ripple effect Nvidia’s ban will create.

Wyoming #1 for Borrowers Whose Student Debt Will Be Eliminated | Regional News


CHEYENNE — Wyoming ranks first in the nation for the percentage of federal student loan borrowers whose debt will be completely eliminated by a new federal loan forgiveness initiative.

Last week, President Joe Biden said $10,000 in federal student debt would be forgiven for most borrowers and up to $20,000 for Pell grant recipients.

How the SNP’s Edinburgh tram inquiry became a £13million ‘laughing stock’


It was meant to be a glittering symbol of Edinburgh’s success as a modern city, but the long-awaited return of trams to Scotland’s capital has been so beset with missteps that even the former project manager once saw it. referred to as “hell on wheels”. ”.

When the first tram started running on the 8.7-mile route in 2014, it was five years later than planned and £400million over budget. It turned out to be such a fiasco that former Prime Minister Alex Salmond ordered an investigation.

Now, however, this investigation itself has turned into a white elephant. Taxpayers learned this week that an official inquiry into the botched scheme will now cost the same as Sir John Chilcot’s inquiry into the Iraq war.

“Why are the lawyers making so much money and why is the report not published? said former SNP Deputy Leader of the Council Steve Cardownie. “People are wondering what’s going on.”

Tensions were high from the first moment the trams swung into action. While some train enthusiasts were enjoying a “carnival vibe” on board when the vehicles finally started taking passengers in 2014, the chief executive of Edinburgh City Council said it was “not a day of jubilation”.

Fast forward to today and the fury is far from cooling. Anger over the money and time spent on the streetcar line turned into anger over the money and time spent investigating the streetcar line.

The ongoing investigation, unveiled eight years ago by Mr Salmond to find out why the project cost so much and took so long, is expected to top £13million by the end of this financial year. It’s almost exactly the same as the Iraq investigation, with most of the money going to personnel and legal costs. The figures, obtained by the i newspaper, have outraged locals and politicians who say enough is enough.

When he unveiled the investigation eight years ago, Salmond promised the process would be “prompt and thorough”. But with £13m spent on the independent inquiry so far and still no results published, the public is losing patience.

“The Scottish Government should raise their finger and demand that the tram inquiry be published now,” says Lesley Hinds, who was the city’s transport manager when the tram line opened. “I’m amazed that it took eight years and it still hasn’t been released. The cost is exorbitant.

Trial date still pending for Solano woman accused of massive fraud – The Vacaville Reporter


A trial date in Solano County Superior Court remains pending for a 52-year-old woman from the city of Suisun charged with a series of massive fraud schemes and she could learn about it in the coming weeks.

Sharon N. Dailey, who court records say appeared Aug. 22 in Department 23, is charged with multiple fraud charges related to an attempt to secure an $8 million loan to purchase a winery of Fairfield, two more attempts to secure multi-million dollar loans and tries to buy a jet plane and lease a Rolls Royce.

During the morning session, when Dailey was to learn the date of his trial, Judge John B. Ellis instead ordered him to return at 8:30 a.m. on September 19 for a preparatory conference and trial at the Justice Center in Fairfield. .

Dailey was arrested Nov. 4, 2021, near the intersection of Pintail Drive and Spoonbill Lane in the town of Suisun, according to Solano County Sheriff’s Office records. She was taken into custody on suspicion of 17 crimes involving six different fraud schemes. She was later arraigned in a Fairfield courtroom and remains in custody at Claybank Detention Center, also in Fairfield, on $250,000 bond.

According to a press release from the Solano County District Attorney’s Office, Dailey was charged with eight counts of impersonation; four counts of false financial statements to obtain a loan; two counts of mortgage foreclosure consultant fraud; a grand flight leader; one count of forging a forged check for $500,000; and one count of mortgage fraud.

Dailey, who is represented by the alternate public defender, was also charged with “committing a pattern of related criminal conduct,” District Attorney Krishna Abrams noted in the prepared statement.

Specifically, she added, the charges relate to the following schemes:

  1. Besides the $8 million loan to buy a Fairfield winery, a scheme involving his attempt to receive a $3 million personal loan in another person’s name;
  2. A scheme involving his attempt to receive a $5 million business loan for a bogus business;
  3. A scheme involving the fraudulent rental of a Rolls Royce Ghost Series II vehicle with a rental value of $144,000;
  4. A scheme where she submitted false documents in an attempt to purchase a Bombardier Challenger 850 aircraft; 5.
  5. And a foreclosure rescue program in which she received $120,000 from victims, submitted false documents in civil court, and victims lost their homes to foreclosure. (Dailey on Dec. 22 was set to face trial on other criminal charges of defrauding the U.S. Small Business Administration for submitting false documents and receiving $187,000 in loans for COVID-19 relief to struggling small businesses. to survive in the midst of the pandemic.)

Abrams said the defendant was previously convicted in 2008 in U.S. District Court in Sacramento of fraudulently obtaining financial assistance related to Hurricane Katrina, a Category 5 storm that devastated New Orleans and the coast. of the Gulf in August 2005.

The latest case is being investigated by District Attorney Investigator Mason Mineni. Assistant District Attorney Jeff Daley is leading the prosecution.

Mineni asks anyone with information about these cases to call him at 784-6876.

Biden’s student loan plan neglects older borrowers, by Alexis Leondis | Columnists


Alexis Leondis Opinion Bloomberg

There is a group of student borrowers who perhaps need help more than anyone else: retirees and others who are suffocated by student debt in their later years. Unfortunately, President Joe Biden’s student debt cancellation plan isn’t doing enough for them.

Like the whole subject of loan forgiveness, it is difficult to find a fair solution for other borrowers who are making their payments. But there are ways to provide targeted relief to older Americans whose financial lives are overwhelmed by student debt with little chance of ever being able to repay.

Young borrowers have years of potential income ahead of them, but some of the 2.5 million federal student loan borrowers age 62 and older may be stuck on a fixed income. As such, they have no way out of the mountain of debt, usually accrued to pay for further education later in life to earn more money or to help a child or grandchild attend school. ‘university.

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Unlike other forms of debt, it is almost impossible for federal student loans to be discharged in the event of bankruptcy. Although declaring bankruptcy has its own problems, it can stop collection efforts and prevent financial spiraling.

And default rates for older borrowers are dismal, leaving them open to having their Social Security benefits compromised. According to a 2017 study by the Consumer Financial Protection Bureau, nearly 40% of borrowers aged 65 and over were in default (generally defined as not having made a payment for at least nine months) on their student loans. federal. Rates for those 75 and older are closer to 54%, estimates Mark Kantrowitz, a student loan expert, based on figures from a 2014 US Government Accountability Office report. That compares to default rates only 17% for those under 50.

A recent New Yorker story highlighted how Americans ages 62 and older are the fastest growing segment of student debtors. The example in the article by Betty Ann, a 91-year-old woman with over $300,000 in debt after attending law school in middle age, may be one extreme, but she is far from the only.

As it stands, Biden’s plan would award up to $20,000 to borrowers who made less than $125,000 a year. It’s a start, but most older Americans have sales way beyond that. The Biden student loan program would bring other changes that could help seniors, such as a lower cap on the percentage of their discretionary monthly income that goes towards repayment, but the reforms appear to be more focused on undergraduate loans. Many older borrowers have Graduate or Parent PLUS loans, which do not appear to be covered.

The solution is not simply to completely forgive student loan debt for those 65 and over. This could create an unfair situation where people approaching the age of 65 could take out loans knowing that they would soon be forgiven. Of course, no one has forced these older borrowers to go to college or pay for their children’s education, but continuing to force some of them to repay when they clearly cannot afford it is a waste of time and resources.

Here are two ways Biden could provide a more direct lifeline to these senior borrowers: Automatically cancel all student debt for those who have been repaying based on income for more than 20 years and end the practice of dipping into security benefits. social for those who are lacking.

It is clear that the income-tested repayment program, which is offered to help borrowers with high debt relative to their income, is not working. It is supposed to grant forgiveness to those who have repaid for decades, but only 157 borrowers out of a potential 4 million who have repaid for more than 20 years have actually had their loans canceled due to administrative difficulties with the program, among other things. problems.

Earlier this year, the Biden administration said it would be easier for borrowers to get credit for hitting the 20-year mark, but those changes will make it harder to track things like when payments are made. were carried out and on which programme. It would be so much easier to automatically erase the debt of those who have been in repayment for two decades.

For those who don’t participate in a repayment plan or drop out and end up defaulting, there’s a scary consequence: they end up losing some of their Social Security benefits.

After high default rates among student borrowers in the 1980s, reforms were implemented to increase accountability. One of the changes was to allow the Treasury Department to garnish wages or reduce tax refunds or Social Security benefits to recover loans. For older borrowers who default, up to 15% of their benefits may be at risk (although seniors are guaranteed a minimum of $750 in Social Security per month).

Again, older borrowers tend to be hit hardest by this penalty. According to a 2017 GAO report, only 2% of borrowers under 50 had their wages or repayments garnished because they were in default, compared to 5% of borrowers 65 and older. Almost half of older borrowers saw a reduction in the maximum amount, or 15%.

Default rates aren’t what they used to be, and it’s time to stop tying student loan repayments (or lack thereof) to Social Security, especially for those most dependent on this source of income. Also, the program is not very efficient – ​​only 8% of Treasury default collections came from Social Security benefits (the majority comes from tax refunds) and more than half of older borrowers still had loans. opened five years after the reduction of their benefits. (some even saw their loan balances increase).

To help struggling student borrowers, Biden must not forget those who have struggled with insurmountable debt for decades.

Gantz takes credit for the Meron investigation and promises to keep digging


From Japan, Defense Minister Benny Gantz hails his demand that a state commission of inquiry be set up to investigate the Meron disaster, after the group released its initial findings blaming its former partner Benjamin Netanyahu and others of being responsible for the fatal crash. .

“We’re not looking for blame – we’re looking for accountability and lessons. That’s why I’ve asked a state committee to investigate the Meron disaster,” he tweets, above a screenshot of a list of apparent demands during the talks. of the coalition last year.

The formation of a state commission of inquiry has been widely supported by mainstream politicians, though opposed by many lawmakers in the ultra-Orthodox community.

“We’re going to keep going and digging into the open wound to make sure the lessons are fully implemented,” Gantz said.

Gantz, one of the few current ministers who were also in government when the disaster struck, is seeking re-election with the National Unity Party.

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Foreclosures are increasing with the end of COVID-era moratoriums. This is where they happen the most


Andy Dean Photography // Shutterstock

Foreclosures are increasing with the end of COVID-era moratoriums. This is where they happen the most

A brown stucco house with palm trees and a foreclosure sign in the front yard.

Over the past two years, foreclosures in the United States have reached record highs largely due to Covid-19 relief efforts provided to families. Foreclosure is the process by which a bank or lender forecloses on a home after the homeowner fails to meet mortgage payments.

In 2022, foreclosure activity increased: in the first six months of the year, 117,383 properties began the foreclosure process. California and Illinois, two states that saw significant out-migration during and after the pandemic, were among the states with the highest number of foreclosures. Overall, foreclosure rates across the country rose 143% in July, compared to the same month in 2021.

Early in the pandemic, foreclosure moratoriums — which prevented lenders from foreclosing on homes due to missed payments — were put in place to protect homeowners who were going through financial hardship. As these measures expired in the fall of 2021, seizures began to increase. So far this year, there have been nearly 165,000 seizure depositsaccording to real estate data firm ATTOM Data, which is close to where filings were pre-COVID.

Stacker looked at Metropolitan Statistical Area (MSA) data for July 2022 from ATTOM data. The ATTOM Data report focused on metropolitan areas with populations over 250,000. The foreclosure rate was calculated by dividing the total number of households in each metropolitan area by the number of foreclosures filed.

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#ten. Chicago, Ill.

Historic brick houses.

– Foreclosure rate: one in 2,082 homes
–Total seizures: 1,894
— Percentage change from a year ago: 3,860.6%

Since July, Chicago has been among the worst seizure rates for cities with more than one million inhabitants.


#9. Columbia, South Carolina

Aerial view of downtown Columbia, SC.

– Foreclosure rate: One in 2,024 homes
–Total seizures: 181
— Percentage change from a year ago: 802.0%

In Colombia, one in 1,921 homes is in foreclosure. This is happening despite the drop in unemployment in the region which has been to 3.2% in June 2022. Colombia’s foreclosure rate remains one of the highest in the country.

Michael Mercer // Shutterstock

#8. Chico, California

A view of Chico, California from the countryside.

– Foreclosure rate: one dwelling in 2,003
–Total entries: 45
— Percentage change from a year ago: 246.2%

Higher mortgage rates and rampant inflation have some potential Chico buyers rethinking whether they want to make the heavy purchase. By July 2022, 15% of consumers had canceled plans to buy a home in the area. Even so, Chico’s housing market is still competitive, with home price up 4.4% compared to 2021.


#seven. Rockford, Ill.

Downtown Rockford, IL at night.

– Foreclosure rate: one dwelling in 1,613
— Total seizures: 90
— Percentage change from a year ago: 291.3%

In recent months, Rockford has seen low housing inventory and rising mortgage rates reduce the number of home sales. Homes in the Rockford area have been hit by foreclosures, with 381 homes in foreclosure in the first half of 2022. That puts Winnebago County in Illinois among highest foreclosure rates in the country.

Richard Thornton // Shutterstock

#6. Bakersfield, California

Aerial view of Bakersfield, California in the fall.

– Foreclosure rate: one dwelling in 1,930
–Total seizures: 156
— Percentage change from a year ago: 147.6%

Residents of Bakersfield were strongly impacted by rising rents and housing costs. For those who can afford a home, some properties’ basic amenities, such as air conditioning and light fixtures, are not always available.

To help address housing issues, the city plans to take concrete action using a $3 million grant it received from the state.

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#5. Atlantic City, New Jersey

Aerial view of homes in Atlantic City, NJ.

– Foreclosure rate: one in 1,886 homes
–Total entries: 70
— Percentage change from a year ago: 25.0%

Home prices in Atlantic City increased by 34.2% in June 2022; however, the number of home sales fell compared to the same period in 2021.

In April 2022, 7 out of 9 casinos in Atlantic City keep falling behind in their in-person gambling revenue, which may be a trend for the region’s economy. Atlantic City is known for its thriving casinos, boardwalk and beaches, but this could be a sign consumers are starting to reduce play and hotel stays that are not considered necessities.


#4. Cleveland, Ohio

Aerial view of a freeway that runs through Cleveland, OH and nearby homes.

– Foreclosure rate: one dwelling in 1,757
–Total seizures: 551
— Percentage change from a year ago: 1,336.7%

Cleveland has seen an increase zombie foreclosure rates. The term was coined for abandoned properties by owners who believe – often mistakenly – that they should vacate the property after falling behind on payments and receiving a notice of foreclosure. In Cleveland, 1 in 1,426 homes was vacant and facing foreclosure.

Matthew Connor // Shutterstock

#3. Fayetteville, North Carolina

Sunrise over Fayetteville, North Carolina.

– Foreclosure rate: One in 1,673 homes
–Total seizures: 97
— Percentage change from a year ago: 366.7%

In June 2022, Fayetteville’s unemployment rate increased to 5.9% against 5.2% the previous month. Soaring inflation has also increased residents’ need for seek help from area food banks in North Carolina.

Eduardo Medrano // Shutterstock

#2. Davenport, Iowa

The skyline and sunset over Davenport, Iowa.

– Foreclosure rate: one in 1,626 homes
–Total seizures: 107
— Percentage change from a year ago: 991.9%

Historically, Iowa has often been considered one of the most affordable states. Although Iowa’s foreclosure rates aren’t as high as other parts of the Midwest, foreclosure rates in the state have more than doubled in the past year.

During the first quarter of 2021, Harrison County in Iowa had no foreclosures, but by the fourth quarter the county had recorded three. Mills County and Dickinson County in Iowa also saw an increase in foreclosures.

TLF Images // Shutterstock

#1. Elkhart, Indiana

Small street in Elkhart, IN.

– Foreclosure rate: One in 1,592 homes
–Total entries: 50
— Percentage change from a year ago: 257.1%

Metropolitan areas with a population of at least 200,000, such as the recreational vehicle manufacturing hub of northern Indiana, Elkharthad the highest foreclosure rates in July 2022. Despite wage increases in Elkhart, many area employers say there are there just aren’t enough workers in the zone.

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CACP Says Examiner’s Failure to Appeal Dismissal Caused DPI’s Appeal of Obviousness Findings


“We see no reason why BMI could not challenge the Examiner’s findings and conclusions in the re-examination proceedings of the 283 patent on appeal to this court. Indeed, we are not aware of any cases that would apply collateral estoppel in these circumstances, and BMI has not cited any. – CAFC Judge Stoll

On August 26, the United States Court of Appeals for the Federal Circuit (CAFC) issued a landmark decision in Best Medical International, Inc. v. Elekta Inc. upholding the decisions of the Patent Trial and Appeal Board (PTAB) invalidating patent claims covering a method and apparatus for radiotherapy of tumours. The Court of Appeal, which rendered an amended version of the notice today to correct some minor formatting issues, also determined that Best Medical International (BMI) lacked standing to appeal the PTAB’s invalidation of claim 1 of BMI’s patent.

Cancellation of claim 1 before notice of appeal cancels IMC Munsingwear Dispute

The patent at issue in this case is US Patent No. 6393096, Planning method and apparatus for radiation dosimetry. It claims a method and apparatus for determining an optimized radiation beam arrangement to apply radiation to a target tumor volume while minimizing radiation to a structural volume in a patient. As noted by the Federal Circuit, the technology covered by the ‘096 patent purported to improve upon the prior art by computationally determining an optimal beam of radiation to treat tumors, which are irregularly shaped, in a manner that minimizes the radiation from healthy tissue.

BMI filed lawsuits against Elekta and Varian Medical Systems in the Delaware District Court in 2018, after which the two companies filed multiple motions for inter partes review proceeding (IPR) challenging the claims of the ‘096 patent, leading to four final written decisions appealed by BMI. Varian has also launched ex parte re-examination proceedings on the ‘096 patent, leading to a rejection by the examiner of claim 1. BMI did not appeal this rejection by the examiner and canceled claim 1 without prejudice or waiver as a result of the review procedure. Because BMI did not file a disclaimer, the PTAB in the IPR proceeding held that claim 1 had not been voided by final action. The Board then assessed the merits of Elekta’s arguments and determined that claim 1 was obvious from the prior art. In a separate final action appealed by BMI, the PTAB also struck down claims 43, 44 and 46 of the ‘096 patent as obvious from the prior art.

On appeal to the Federal Circuit, BMI argued that the cancellation of claim 1 following the reconsideration proceeding raised the issue of patentability in the IPR proceeding. Citing the 1950 United States Supreme Court decision in United States vs. Munsingwear, BMI argued that courts are required to overrule underlying decisions where those decisions have been invoked during the pendency of the appeal. The Federal Circuit, however, rejected the argument under Munsingwear since the fictitious event, the cancellation of claim 1, occurred before BMI filed its notice of appeal in the IPR proceedings; thus, the underlying decision was not moot for the duration of BMI’s appeal.

Potential for collateral estoppel does not create standing for appeal of BMI claim 1

As to BMI’s jurisdictional argument that the PTAB had no authority to determine the patentability of claim 1 in a written final decision, the Federal Circuit noted that the Supreme Court’s decision in SAS Institute versus Iancu (2017) allowed the Board to reasonably conclude that it was required to assess the patentability of all of the claims challenged in Elekta’s petition in the absence of any final avoidance. Such cancellation would have occurred had BMI filed a statutory release of Claim 1 pursuant to 35 USC § 253(a) following the review procedure. Therefore, the Federal Circuit could not say that the PTAB erred in dealing with the patentability of claim 1 of the ‘096 patent.

Further, the Federal Circuit agreed with Elekta that BMI lacked standing to challenge the PTAB’s non-patentability ruling on claim 1 of the ‘096 patent. Although BMI filed a Notice of Appeal against the Examiner’s rejection on reconsideration, this appeal did not challenge the Examiner’s rejection of the double patenting of claim 1, so there was no case or controversy surrounding the patentability of claim 1. Although BMI argued that the PTAB decision created harm in fact through collateral estoppel effects, “we see no reason why BMI could not challenge the findings and Examiner’s Findings in the Reexamination Proceedings of the ‘283 Patent in an Appeal to this Court,” the Federal Circuit Opinion written by Circuit Judge Kara dit Farnandez Stoll. “Indeed, we are not aware of any cases that would apply collateral estoppel in these circumstances, and BMI has cited none.” Further, the Federal Circuit cited several of its prior decisions supporting the proposition that the potential for collateral estoppel itself cannot create standing for an appeal such as BMI’s.

Despite their status, IMC appeals for other evidence findings also fail

Although the Federal Circuit concluded that BMI clearly had standing to challenge the other non-patentability determinations from the IPR proceedings, it was not persuaded by any of the arguments raised by BMI on appeal. First, BMI had challenged the PTAB’s decision that a person of ordinary skill in the field would have “formal experience in computer programming, that is, designing and writing underlying computer code.” While the Elekta expert witness had such experience, the BMI witness did not, which led the PTAB to dismiss the evidence of non-obviousness offered by this witness.

The Federal Circuit recently considered the factors courts should consider in determining a craftsman’s ordinary level of skill in Daiichi Sankyo v. Apotex (2007). Although neither BMI nor Elekta presented much evidence regarding these factors, the PTAB relied on the entire trial record to determine that formal computer training was necessary in the face of conflicting testimony from both sides. As noted by the Federal Circuit, the claims and written description of the ‘096 patent establish that the invention is implemented using a computer and it was not unreasonable for the PTAB to conclude that formal computer experience was required.

The court then sent a series of other arguments for annulment raised by BMI. Although BMI argued that the PTAB erred in interpreting the claims of the ‘096 patent so that the stated steps of the patent claims could be performed using more than one computer, the plain language of the claims and the written description established that the stated steps could be completed by a set of computers. The Federal Circuit also found no reason to interpret the claimed “compliance check factors” as having mathematically defined parameters, since no such language in the patent established this limitation. The Federal Circuit found that the expert testimony supported the PTAB’s conclusion that an item of claimed prior art taught “provide a user with a range of values ​​to indicate the importance of objects to be irradiated”, and that the PTAB had correctly found a motivation to combine artistic references leading to the findings of evidence.

Image Source: Depot Photos
Image ID: 70164509
Author: billperry

Photo by Steve Brachman

Billerica farmer fears lockdown


BILLERICA — With the exception of the four years William “Billy” Griggs lived at UMass Amherst while earning his horticulture degree, he’s spent every day of his nearly 75 years living on the farm that bears his name from family.

The iconic farmhouse at 599 Boston Road is under threat due to tax problem, threatening the place Griggs calls home. He says he doesn’t know what the future holds or his story 25 acre farmand 30 adjacent acres which he leases for additional farming.

“The city basically said they wanted $32,000 a year in taxes,” Griggs said Tuesday as he strolled through his fields that were still wet from much-needed rain the previous night. “Someone up there at City Hall says it’s all commercial land, not farmland. They’ve been coming for me for five years. They want $300,000.

Nearly half of this amount is made up of accrued interest.

Farmland can be taxed at a much lower rate than land assessed for residential or commercial purposes. Appraisers use a “use value appraisal” to help preserve farmland and encourage local food production. This method of taxation allows land to be valued based on its use in agriculture rather than its full market value, and can reduce property taxes on farmland.

It is unclear if Griggs Farm is already taxed by the city by this metric. Numerous attempts to reach city leaders to determine what tax base was applied to the property failed. Calls to the assessors office were directed to city treasurer John Clark, who were directed to the select committee office, who were directed to city manager John Curran, who did not return the messages left for him.

At his farm on Tuesday, Griggs bent down to fix a chewed-up irrigation line leading to the chrysanthemums that he said was caused by the coyotes that live near the pond on his land. Muddy paw prints marked the path of their nocturnal vandalism. Griggs pulled a knife from the front pocket of his worn jeans, cut the casing, attached a new tube, then reinserted the spout into the pot. Irrigation lines snaked through the vast mother field, each branching off to a plant.

Griggs grew up on the farm, born a few years after his father, Gilbert, bought it in 1943. Like many farmers, Billy Griggs can make or fix just about anything on the spot. His work can be seen throughout the property, from the 14 large, distinctive greenhouses that dot the property to the farm stand that greets patrons arriving from the parking lot.

The woods are home to wildlife including deer, hawks, coyotes, turkeys and small land animals. It is an oasis of biodiversity on the outskirts of a city trying to balance planned growth against urban sprawl.

As early as 2006, Griggs Land was the last active vegetable farm in the city. Merrimack Valley Apiary, owned by the third generation Card family, operates their 55 acre bee farm on Dudley Road. In 2016, the apiary was the source of complaints from neighbors about bee droppings.

In summer, the greenhouses host products for sale: vegetables and herbs from the farm. In winter, they incubate winter crops until the spring planting season. The farm is open every day, all year round and offers seasonal farm products.

Despite the sweltering heat of the day, the temperature under the plastic-covered greenhouses was comfortable.

“It’s infrared plastic. The rays of the sun that come in as infrared are reflected from above. Also in winter, the inner layer of this greenhouse,” Griggs said, pointing to an adjacent structure, “is infrared and will reflect heat back into the greenhouse to keep the seedlings warm.

He worked side by side with his father, who died in 2006 at age 88. Griggs also worked closely with Bob Tobey, who had lived on a farm on the property since 1981. Tobey died in April; Griggs and his team are still mourning his passing.

According to Select Board documents, the tax payable on the farm is over $288,000, with accrued interest of $88 per day. Select Board Secretary Kim Conway said at the July 18 meeting that Griggs Farm “was no longer a farm. They bring plants to sell.

Board member Michael Rosa said he hopes the city will still work with Griggs, saying “there’s a lot of history on the farm.”

Natalie Kelsey of Billerica is one of eight employees working on the farm. She said Conway’s comments were both confusing and hurtful.

“I found those comments really offensive,” Kelsey said, crossing her arms. She has worked on the farm for eight years. Her children, Aidan, 19, and Bee, 21, also work on the farm between their school commitments.

“They said we weren’t a farm because we brought our plants from somewhere else. We don’t grow our own Christmas trees, and we sell them,” Kelsey said, noting that it’s the only product imported from elsewhere. “It’s a farm. It was a farm long before the Griggs owned it. It’s been a farm for at least that long, and it’s never stopped being a farm.

Kelsey demonstrated what she called a “seed sucker” machine set up in another greenhouse. She flicked a switch and the machines came to life, shaking violently from side to side.

“Billy is spending all of December here,” Kelsey said. “This machine has vacuum suction, so it sucks up all the seeds and spits them out into each individual cup of each tray. This tray holds 144 plants. The eight of us who work here have planted thousands and thousands of plants on the farm this year. It’s a farm.”

Griggs Farm grows tomatoes, corn, cucumbers, pumpkins, garlic, rhubarb, apples, and annual and perennial flowers. Billy Griggs also plants numerous milkweed plants throughout the property for monarch butterfly migration and conservation. Kelsey said the farm is also a valuable source of plants for various communities in the area.

“We have tulsi, or holy basil, for our Indian and Cambodian customers, lemongrass and bok choy for Asian cuisine,” Kelsey said. “We can get seeds for some highly sought-after Asian vegetables. We have an abundance of beautiful fig trees that customers say they can’t find anywhere else.

Kelsey added that “Billy’s knowledge of plants, plant diseases and planting practices is an invaluable resource to the community that he freely shares with anyone who asks about his garden or yard.”

On Tuesday, a reporter took a guided tour with Griggs of his grounds, including the ‘mums patch’ where nearly 10,000 mums lined the landscape behind the greenhouses, laid out in perfectly straight rows on a black polypropylene woven groundcover . The cover traps weeds but lets moisture through. The thousands of pots contained naturally growing mothers of rooted cuttings that had all been planted by hand.

The drought hurt Griggs’ corn crop, but he said he was happy with the progress of his mother’s plants.

Boots, a 7-year-old black and white farm cat, trailed behind Griggs. He keeps the tuxedo cat indoors at night, away from coyotes, who he says would “stick” him.

  • August 23, 2022 – Griggs Farm in Billerica. Boots the cat is well known and roams around the farm. JULIA MALAKIE/SUN LOWELL

  • August 23, 2022 - Tomato plants at Griggs Farm in...

    August 23, 2022 – Tomato plants at Griggs Farm in Billerica. JULIA MALAKIE/SUN LOWELL

  • August 23, 2022 - Griggs Farm in Billerica.  Aidan Kelsey...

    August 23, 2022 – Griggs Farm in Billerica. Aidan Kelsey, 19, from Billerica, weeds tomato plants. JULIA MALAKIE/SUN LOWELL

  • August 23, 2022 - Griggs Farm in Billerica.  Employee Nathalie...

    August 23, 2022 – Griggs Farm in Billerica. Billerica employee Natalie Kelsey points out Moms Fields. This is the most recently planted lot, planted a week earlier. JULIA MALAKIE/SUN LOWELL

  • August 23, 2022 - Griggs Farm in Billerica.  Aidan Kelsey...

    August 23, 2022 – Griggs Farm in Billerica. Aidan Kelsey, 19, from Billerica, whose mother also works on the farm, marvels at the tomato plants. JULIA MALAKIE/SUN LOWELL

“Mums are basically mid-September through October,” Griggs explained. He emphasized the voluminous branching of each plant. “They will grow very fast in the next few weeks – 12 to 18 inches tall.”

A resident of Billerica came to the farm stand to inquire about moms. She seemed surprised that she couldn’t have moms on the farm, because “Market Basket already has them”.

“The ones you buy from the chain stores have been tricked into thinking it’s fall,” Griggs patiently explained to her. “Natural flowering mums are not shady to arrive early. Shading means that you put a black cloth over the plant that excludes light for about five weeks until there is color in the bud. It’s a horrible year to do this with the heat because they’re going to dry up. I don’t overshadow my mothers so that they don’t arrive early.

The woman wondered when the naturally flowering mums would be ready. Griggs told him that the sale starts on Monday, August 29.

Loyalty to the idea of ​​a local farm is deeply rooted in the region if the Griggs Farm Friends The Facebook page followed by more than 600 people is any guide. Decades ago, in an effort led by Gilbert Griggs, residents rallied to preserve the undeveloped land adjacent to the Griggs farm that was leased by the family.

In a classic David vs. Goliath contest, Wal-Mart tried to buy those 30 acres along Boston Road. Working with city officials, Griggs won a land court decision that allowed Griggs and the city, with the help of the Trust for public lands, to preserve the property. Griggs invested $1 million to buy the property and preserve the land for farming. Billerica residents supported the cause by voting to spend $720,000 of city money to help with the purchase.

Today, a sign on Boston Road commemorates this cooperative effort.

It all seems so long ago, with the city indicating that it will remove the suspended status for Griggs Farm properties and continue the process of seizing tax title.

Asked about the tax issue, Griggs, a man of few words if the conversation isn’t about farming or plants, says little.

Without her corn crop, Griggs depends on moms to sell. “I’ll see what next year brings,” he said, as he bent down to fix another chewed-up irrigation line.

Why are NFT lending/borrowing apps so hard to build?


NFT, or non-fungible tokens, have become a staple of the blockchain industry, and developers have been looking for ways to allow NFT owners to borrow money against the value of their tokens, but do so in a way safe and reliable is easier said than done. To understand the challenges of app lending/borrowing for NFTs and the risk they pose to their lenders, it helps to understand how cryptocurrency lending/borrowing apps work.

Decentralized finance (DeFi) lending/borrowing applications like Aave, Compound, or Maker Protocol allow users (borrowers) to deposit one or more cryptocurrencies and borrow a fraction of their value in stablecoins (cryptocurrencies stable against the dollar) to a lending pool that is provided by other users (the lenders). If the value of a borrower’s collateral falls too low or their outstanding interest payments rise too high, their deposit is liquidated to maintain the solvency of the lending pool, typically by selling the cryptocurrency on a decentralized exchange like Uniswap. The liquidation process is instantaneous, reliable and predictable, and can be done automatically using blockchain smart contracts. Lending/borrowing apps that follow this model can maintain near-perfect creditworthiness even in the most deadly market conditions, making them safe enough for lenders to earn interest on their stablecoin holdings.


Related: NFT Rental Is About To Become A Thing, And It Could Be A Game Changer

The same cannot be said for NFT lending/borrowing apps. Although apps exist to borrow against NFTs, they are a totally different machine from DeFi apps. In these applications, lenders bear a much greater risk, because selling NFTs on marketplaces like OpenSea at a predictable price is a different story than buying them. Liquidity in the NFT market has dried up since the bursting of the NFT bubble, making NFT sales much more difficult. Different approaches are now needed to solve this problem. If an NFT lending/borrowing app pools deposits from its lenders to share risk and reward (as DeFi apps do), falling prices of NFT collections can harm all lenders in the pool. BendDAO is an example of this model, and although it is much more effective at securing lenders, it does not solve the problem of finding buyers to repay lenders.

NFTs require a different design for lending and borrowing

For a lending/borrowing application to be safe for its lenders, it must be able to liquidate its repossessed collateral for an amount greater than the borrower‘s outstanding loan, or shift the responsibility for liquidation to lenders. However, unlike fungible cryptocurrencies which can be sold to multiple buyers, selling a non-fungible NFT relies on finding a single buyer interested in buying the token. If market interest in a particular NFT collection dries up after a loan is granted, then it becomes impossible to find a buyer for that NFT after it is repossessed, and the lender loses everything they loaned .

NFT lending/borrowing apps such as NFTFi use a market-based system where borrowers list their NFTs while lenders scour the market for NFTs they are willing to lend to, bringing the liability for liquidation of NFTs to lender instead of application. This design is easy to build and maintain, but offers little guarantee of receiving a loan for borrowers, as it still relies on finding a single wealthy lender willing to take the risk. However, it is possible for a lending/borrowing application to implement fractional NFTs (or F-NFTs) in its design to distribute the cost, risk and reward of a single NFT to a group of smaller lenders, thereby which could improve accessibility and liquidity. problems in the NFT market.

Secure and efficient NFT lending/borrowing applications are a top priority for the DeFi industry, as they could one day form the basis for decentralized mortgage and lending services. However, NFTs in 2022 are struggling to attract buyers in the open market, making it difficult to attract wealthy lenders willing to risk their money on a potentially bad NFT loan. Building a lending/borrowing application for NFTs that reduces the financial risk for lenders is a major design challenge because NFT are not easy to sell at predictable prices on short notice, and solutions are still being tested.

Source: BendDAO, NFTFi

Judges, signaling interest in False Claims Act, urged to clarify ‘knowing’ violation

Petitions of the week

The Petitions of the week section highlights a selection of certificate petitions recently filed in the Supreme Court. A list of all the petitions we monitor is available here.

Monday, the court called on the government to intervene on a petition filed earlier this year, asking whether it matters that a person accused of “knowingly” defrauding the government under the False Claims Act believes or understands that their own conduct was unlawful. Known as an “appeal for the opinion of the Solicitor General” or CVSG, this request may indicate that the judges are considering the matter closely. This week, we’re highlighting cert requests that ask the court to consider, among other things, the same issue in similar circumstances.

The FCA allows an individual to sue on behalf of the United States if they have evidence that someone obtained money from the government under false pretences. In exchange for his contribution to the protection of public funds, this person is entitled to a share of the money recovered.

When Walmart rolled out $4 monthly supplies of many generic drugs in 2006, other drugstore chains rushed to follow suit. Safeway announced two competing offers: a price comparison with any competitor and a free membership program for $4 monthly supplies paid without insurance. While Walmart reported its $4 flat rate as “usual and customary,” or U&C, to the government for reimbursement, Safeway reported U&C prices at the rates it charged those who had not requested equalization. price or join the membership program.

Thomas Proctor sued Safeway under the FCA. He accused the pharmacy chain of overcharging the government for reimbursement for each monthly supply of generic drugs that its customers paid for with demanded discounts, either through price matching or the membership scheme. .

The United States Court of Appeals for the 7th Circuit sided with Safeway. The court found that company executives knew they were reporting higher U&C prices. However, the court accepted Safeway’s argument that it had not “knowingly” defrauded the government because the reporting of those prices was reasonable and there was no authoritative indication to the contrary. . In doing so, the court relied on its own earlier decision in favor of another pharmacy chain facing similar allegations which led to the motion mentioned above, United States ex rel. Schutte vs. SuperValu, Inc.

In United States ex rel. Proctor v Safeway, Inc., Proctor is asking judges to rule that Safeway’s belief or understanding that he crossed the line is sufficient to incur liability under the FCA. When he filed his petition earlier this month, Proctor noted that the government had endorsed this argument by Schutte in the 7th Circuit. He urged the court to grant both motions but, acknowledging that “the United States is the true interested party in every FCA case,” also suggested a request for the government to intervene. The CVSG of the court in Schutte came on Monday.

A list of featured petitions from this week is below:

United States ex rel. Proctor v Safeway, Inc.
Publish: If and when a defendant’s contemporary subjective understanding or beliefs about the legality of his conduct are relevant to whether he “knowingly” violated the Misrepresentation Act.

ML Genius Holdings LLC v Google LLC
Publish: If the Copyright law preemption clause allows a company to invoke the traditional contractual remedies of state law to enforce a promise not to copy and use its content.

University of Toledo vs. Wamer
Publish: Can schools be held liable under Title IX of the Education Amendment Act of 1972 for sexual harassment that ceased before being informed.

Kimberlin v. United States
Publish: Must an applicant show that he suffers from a “civil incapacity” – that is, a collateral consequence which causes substantial and present harm, is specific to the criminal context and arises solely from the wrongful conviction – before a court can grant a writ of error coram nobis, or whether a court can instead presume that every conviction has collateral consequences that provide sufficient standing to seek relief.

Scams Targeting Student Loan Borrowers Reported in Wichita


WICHITA, Kan. (KWCH) – Scam reports targeting student loan borrowers include people targeted in Wichita. The attempted scam involves a phone call from someone claiming to help loan recipients eligible for relief under the Biden administration’s student loan forgiveness plan.

On Thursday, Eyewitness News investigated the scam call and shared advice on what you can do to avoid the scam.

In a call to a KWCH employee who paid off student loans years ago, the scammer, in a voicemail, claimed his target was “pre-qualified for the updated forgiveness program and a possible loan release”.

Ashley Garcia of Meritrust’s Fraud Division said that, as with any scam, the purpose of the call was to steal personal information. She said if you have any doubts about student loans, contact your loan company directly to check if the “help” offered is legitimate.

“If you get a call and they ask for personal information: usernames, passwords, your FSA, hang up,” Garcia said. “There is not a legitimate business or company that will ask you for this information.”

It’s important to note that the US Department of Education has yet to release details of the student loan forgiveness plan. What we do know is that you will have to ask for forgiveness. Neither the government nor any company will call at this point.

An NBC reporter who attacked TikTok libraries has already taken credit for misrepresenting pedophile sting groups


An NBC reporter who criticized the Libs of TikTok Twitter account for reporting on transgender surgery for minors at Boston Children’s Hospital (BCH) also wrote an article in 2019 in which she appears to take credit for the deletion through Facebook accounts of private pedophile sting groups.

The efforts of Brandy Zadrozny, one of NBC’s “disinformation” reporters, follow an almost identical pattern in both cases. First, identify something perceived to be far-right online that highlights or covers up a contentious, questionable, or possibly even criminal issue. Then present the subjects of the cover as victims of “harassment”. Source of public outrage, or “harassment campaign”, at the cover itself, rather than the contentious, questionable, or criminal behavior of the subject. Contact big tech companies and warn them that these groups are operating on their platforms.

Zadrozny reported that TikTok’s Libs and journalist Christopher Rufo, who tweeted videos that Boston Children’s Hospital produced and publicly posted promoting puberty blockers for kids, were directing “waves of harassment at older kids.” hospital accounts. The hospital offers surgeries to artificially construct a penis from a girl’s vagina, breast removal and ‘facial harmonization’ to ‘eligible’ patients, which include ‘adolescents and young adults’, according to the hospital website. A review of publicly available records by the Daily Caller News Foundation found doctors at the medical facility had performed at least 65 mastectomies on biological women between the ages of 15 and 18. Since the backlash, Boston Children’s Hospital has changed its policy on vaginoplasties. from 17 to 18 years old.

Boston Children’s Hospital did not respond to a request for comment.

The outcome of Zadrozny’s reporting speaks for itself: Libs of TikTok’s reporting arrived on Monday, Zadrozny’s on NBC News on Tuesday, and Facebook locked Libs of TikTok’s page on Wednesday. The usual suspects took a victory lap after the news broke. Zadrozny’s colleague at NBC’s disinformation desk, Ben Collins, said Facebook had “nuked” the account, calling the negative coverage a “campaign” against BCH. Alejandra Caraballo, a transgender lawyer who specializes lately in on line censorship and works at the aptly named “Cyber ​​Law Center” at Harvard, explicitly encouraged Twitter Do the same thing. And influential trans activist Erin Reid, digital director of Democratic fundraiser Act Blue, yelled“TWITTER MUST FOLLOW or he’ll be complicit in what’s to come.”

Michael Morris, editor of Free Speech America and Business at the Media Research Center, says it’s increasingly common for the far left to label speech they disagree with as “violent.” purpose of silencing the opposition.

“If you don’t agree with the left narrative, the left and the big left in the media will come out and try to silence your opinion, or at the very least try to change the narrative to fit whatever they want,” Morris told the Daily. Caller.

The harassment campaign against Twitter has so far not worked, and Facebook has since the restoration of the Libs of TikTok account.

The case of POPSquad in 2019 corresponds to an identical playbook.

In January of that year, Zadrozny reported that anti-pedophile groups were making alleged pedophiles victims of “shame” and “cyberbullying”. Zadrozny’s article profiles 20-year-old Alain Malcolm, a suspected pedophile, who was going on a date with a 14-year-old boy he had met online for sex. After the anti-pedophile group Prey on Predators (POPSquad) confronted him, promising to expose his behavior to the public, Malcolm returned home and killed himself. (RELATED: ‘Terrorism’: Trans activists push for censorship of discussions of children’s gender changes)

Zadrozny complained in the article that anti-pedophile groups receive hundreds of thousands of likes and follows on Facebook.

“Facebook is a key part of group strategy,” Zadrozny wrote.

“Following an investigation by NBC News, Facebook temporarily suspended several predator hunter accounts, deleted some individual posts, and removed at least one group entirely,” Zadrozny wrote in the post. “Some groups intentionally deleted their own pages to escape what they saw as a purge. POPSquad seemed unaffected.

While not explicitly calling for a ban in public, Zadrozny’s reporting in this case follows the general pattern of NBC’s “disinformation” bureau: portraying Facebook as essential to the group’s power, then claiming that the group causes harm in the real world, and repeat the statement several times. times until the platform capitulates.

Facebook did not respond to the caller’s request for comment.

Zadrozny’s private emails could be more explicit, but NBC was unwilling to be transparent about how she communicated with them. An NBC executive did not respond to the caller’s repeated requests to release Zadrozny’s 2019 email correspondence with Facebook.

In since-deleted tweets accessed by the caller via the WayBack Machine, Zadrozny posted the story at the time of publication, highlighting portions that referenced Facebook’s role in the anti-pedophile groups platform.

Collins tweeted the story when it dropped in 2019, pointing to a part of the article where Zadrozny quotes a Wesleyan University professor who indicted the platform, saying, “These kind of stories, visceral and violent, are more likely to be shared on Facebook.”

Zadrozny retweeted Collins’ thread.

Despite their enthusiastic promotion of the story, public reaction to Zadrozny’s reporting was much less warm. Users criticized his reporting for seemingly condoning the crimes of paedophiles, calling him out for appearing to encourage social media platforms to censor the story.

In fact, it seems that some of the only positive reactions to Zadrozny’s story came from other blue Check journalists, one of whom called Zadrozny a “national treasure”.

In neither case, Libs of TikTok nor POPSquad, Zadrozny included an independent voice willing to champion their efforts.

Joseph A. Travers, private investigator and chairman emeritus of Saved In America, a group of former Navy SEALS and law enforcement officers that locates victims of human trafficking and violent pedophiles, told the caller that groups like POPSquad are good, “as long as they’re working with or in coordination with law enforcement.

“Because there’s no point in doing that, then the person leaves and there’s no punishment. And it improves in their [the pedophile’s] mind, ‘oh, I can get away with it,'” Travers said.

While working at Saved In America, Travers also noticed suspicious Facebook activity regarding the organization’s follower count.

“When we started and as we ramp up, Facebook followers started to hit the thousands, right? But all of a sudden it stopped, and we know that this is not because there are no more followers,” Travers said.

Travers told the caller that pedophiles who are “shamed” or “bullied” online because of their predatory behavior are anything but innocent victims.

“If you try to go after and rape someone’s son or daughter, well, you’ve brought about your own intimidation and your own shame,” he said.

Anti-pedophile groups have uncovered alleged criminal activity by high profile individuals in the past. An official from Meta, the parent company of Facebook, was caught discussing alleged sexually explicit texts with a person who said he was a 13-year-old boy, after a undercover operation of Predator Catchers Indianapolis. A Sony senior vice president is under investigation after he allegedly tried to meet a 15-year-old boy for sex, according to a YouTube video posted by anti-pedophile group People v. Preds, CNET reported.

Activist James Lindsay, who was suspended from Twitter in August after an apparent Media Matters harassment campaign and repeated reports on his Caraballo account, told the caller: “The playbook needs to be exposed for it to stop. to work”.

“It’s a dishonest and frankly dangerous tactic that has been repeated over and over again, and it’s high time we started acknowledging and condemning it,” Lindsay said. “Twitter certainly doesn’t have the principles to do that, of course, and I hope their shareholders try to get them back on track before it costs them.”

Left-wing activists, however, say accounts such as Libs of TikTok pose a direct threat of harm to LGBT people.

“Accounts like Libs of Tiktok have engaged in serious demonization [sic] of LGBTQ people”, Caraballo tweeted Wednesday. Carabello then echoed Zadrozny’s reporting, shifting the source of outrage from hospital policies to the people who reported it.

“These accounts are demonizing and dehumanizing [sic] their targets while simultaneously using violent imagery and rhetoric. They deny any resulting violence or the effects of their actions,” Caraballo said. continued.

The day after his Libs of TikTok story, Zadrozny questioned on Twitter whether social media companies would “protect” those who are “targeted” by right-wing reporting techniques.

“Will this change the way social media companies protect users or people targeted through their platforms? I don’t think so,” Zadrozny wrote.

Lolo’s commercial properties to be auctioned


WASHINGTON, DC – A pair of dilapidated properties that welcomed people entering North Lolo will have new owners.

The Internal Revenue Service has announced that a pair of commercial properties in Lolo will go up for sale in September.

The building on the corner of US Highway 93 and Glacier Drive — along with the former cafe behind it on Glacier Drive — will go up for public auction on September 13.


The property at 100 Glacier Drive in Lolo.

A press release says the properties are being sold “pursuant to a judicial foreclosure and sale order” from the United States District Court in Missoula.

The minimum bid for the property at 100 Glacier Drive is $526,505 and $200,775 for the property at 104 Glacier Drive.

The auction will take place at the Russell Smith Courthouse in Missoula on September 13. Registration will be at 9:30 a.m. and sale time is at 10 a.m.

Lolo Focus IRS


The property at 104 Glacier Drive in Lolo.

Mail-in bids will be accepted and must be delivered no later than September 8, 2022.

The successful bidder must deposit a minimum of 10% of the bid amount at the time of the sale and pay the balance of the purchase price within 30 days of the date of the sale, which is October 13, 2022.

More information about this sale is available at IRS Auction – Sale Announcement for Lolo, MTor by contacting Darlene Jones at 602-501-2146 or [email protected]

Many residents of Lolo have been complaining about the condition of the two properties for several years.

Consolidate your debts by taking advantage of a property loan


Debt consolidation is a financial way for borrowers to avail a large loan amount to close their other outstanding debts. It is quite common for individuals to settle short-term debts such as multiple credit card bills and consumer debts, to manage their existing credit obligations which are earning high interest. It also makes it much easier for individuals to take on new financial investments or apply for more urgent loans that they might need urgently.

Debt consolidation through a mortgage opens a new line of credit by mortgaging your property. It provides sufficient capital to pay off many debts in one installment each month. This essentially means that larger debts can be effectively cleared from a single loan source. Since this type of loan is used by pledging a property as collateral, the principal secured is a large amount and the repayment terms extend longer, making it easier to pay EMIs.

Multiple credit obligations are likely to earn more interest because each is billed separately. Loan against real estate debt consolidation is available at lower interest rates, which helps keep the total amount payable within a reasonable range.

Keep the following tips in mind when you want to consolidate your current debts:

1. Know your real debt

Assess your total outstanding debt so that you can assess the exact amount you need through your Property Sanction Loan to adequately close all other outstanding loan accounts.

2. Explore credit options

Once you have established the required loan amount, you need to choose the best type of loan based on interest rates, term and loan amount. Some of the popular forms of debt consolidation methods are:

  • Loan on property

When you consolidate your debts, you have the option of choosing between a secured or unsecured loan. In the case of a property loan, you get a secured loan that guarantees a higher loan amount and a long term to make repayments on the pledged collateral. The loan against real estate interest rate is competitive and gives you the opportunity to repay your loan without depleting your finances.

Personal loans offer unsecured loans with no end use restrictions, making them good debt consolidation tools when paying down debts of small amounts of money. Most financial companies offer loan amounts large enough to cover all debt consolidation expenses.

A top-up loan is usually given to existing customers with their home loans, providing a secure credit alternative. The terms generally depend on the ability to repay your loan and the value of the property, among other factors.

  • Loan against securities

This is an overdraft facility fixed on the value of your securities. It is suitable for those who have large long-term investments in the form of stocks, equity mutual funds, insurance policies, etc. These can be used for low cost funds.

3. Credit score

A good credit score will always be very useful to you. It will provide you with personalized loan facilities at competitive rates and conditions.

Debt consolidation saves you from having to keep track of multiple payments, EMIs, due dates, etc. There are many financial institutions that offer home loans for debt consolidation. Choose the one that suits your needs and repayment capacity. With no end use limitations, LAP can be the right way to consolidate debt when looking to manage high value liabilities.

Disclaimer: This article was published in association with Bajaj Housing Finance Limited and was not created by TNM Editorial.

build your credit and avoid debt


SPRINGFIELD, Mo. (KY3) — Many college students take the first steps in building their credit by getting that first credit card. While accessing these resources can be exciting, managing them requires discipline and responsibility.

Credit cards can be a good thing. They can help you establish a credit and payment history and make safe online purchases. The trick to using these things to your advantage is good money management.

First, buy a card that suits you. Try to find companies that offer student cards with rewards. Once you’ve been approved, treat the credit card like a debit card and set a budget, and don’t charge more than you can afford.

If you’re making a big purchase with a credit card, try to save some money first. Use the card to make the purchase, then pay for it with the money you’ve saved once you receive the statement. This will help you avoid interest and establish a good credit history. Your first credit card will most likely have a high interest rate. This interest will accrue if you make small payments instead of paying the entire statement.

“As soon as you get a credit card, it shows up on your credit reports,” said Doug Watson, senior counsel at Consumer Credit Counseling. “When you get a new one, you’ll get a high interest rate, probably 20-25% or more. This prevents people from paying them back very quickly because the interest is so high that the payment is higher to actually pay.

Remember that when you use a credit card, you are taking out a loan that must be repaid. To avoid overspending, use the credit card for small purchases like gas or groceries that are already part of your monthly budget. Once you receive this statement, pay it off in full immediately to avoid interest charges. Avoid charging for things like a new wardrobe or a trip until you know you have the money to pay for it.

“I often have people come into my office saying, Well, when I was in college I went crazy with my credit, now I’m paying it off,” Watson said. “We put them on programs to try to pay off $1,000 in debt that students sometimes ran up while in college because they were able to get a few credit cards. They went crazy with them, without thinking about the consequences later or what it really cost them.

Don’t charge more than you can afford to repay. It can be tempting to buy new clothes or book a trip, but if you can’t pay it back, you’ll accrue interest that can be difficult to repay and affect your ability to make future purchases.

“When your credit score goes down, you suddenly have a hard time renting a place because you can’t qualify, you have a hard time getting a car or something else that’s a bigger loan because your credit score is too low, even affecting your buying your first home because your credit score is too low,” Watson said. “All because you mismanaged your credit cards when you were in college.

Every time you apply for a credit card, it does a thorough investigation of your credit report, which lowers your credit score.

To report a correction or typo, please email [email protected]

MakerDAO collaborates with a US-based bank and lends 100 million DAI


MakerDAO, a smart contract protocol based on the Ethereum networkannounced on Tuesday that it was lending DAI 100 million to US-based commercial bank, Huntingdon Valley Bank.

The latest agreement aims to support the growth of “Huntingdon Valley Bank’s existing and new businesses”.

MakerDAO collaboration with Huntingdon Valley Bank

In March, MakerDAO declared that it received a request for collateral integration from the Huntingdon Valley (HV) Bank, where the application is designed to increase demand for the project’s DAI stablecoin.

The application contained a request for $100 million from MakerDAO. He also described a legal structure in which the bank enters into a master purchase agreement with a trust that will act as MakerDAO’s representative, where both entities equally earn interest on loans disbursed to the bank.

With the deal approved by the stablecoin issuer, it made the loan to HV Bank, where the bank pledged its risk-weighted asset (RWA) loans as collateral, instead of the cryptocurrencies. used natively. MakerDAO has established a trust, RWA Master Participation Trust, to oversee matters regarding the HV Bank deal.

Under the agreement, the Trust receives up to 50% of the interest paid on RWA loans repaid by the bank’s retail and institutional clients.

MakerDAO noted in the Twitter thread that Ankura Trust will serve as the Calculation Agent ensuring that “participations in the proposed loans are eligible for funding under the eligibility criteria established by MakerDAO.”

Banks Join Consumer Crypto Adoption

In recent times, many financial institutions have joined the mainstream crypto adoption bandwagon. Last month, a major South Korean bank, KEB Hana Bank, in partnership with the Ethereum-based NFT gaming metaverse The Sandbox, to adopt various metaverse services such as creating virtual bank branches.

Another institution that has embraced the integration of blockchain services is the Swiss digital bank Sygnum. Since starting to offer these services in 2019, Sygnum has additional support for Ripple’s XRP token. In a recent report, it was revealed that the institution added Cardano’s ADA to its bank-grade staking service.

White House to consider forgiveness of $10,000 in student loan debt for borrowers earning less than $125,000


In addition to this base student loan debt forgiveness for those below a certain income level, administration officials have also recently discussed the possibility of additional forgiveness for under-incomes. specific sets of the population, according to sources close to the internal discussions in the administration.

The announcement could come as early as Wednesday, but it’s not clear that a final decision on the details of the announcement – as well as the timing – has been made, and there could still be changes at the eleventh hour. . The White House is also expected to vote in the coming days on whether to further extend the current pause on federal student loan repayments, which is set to expire Aug. 31.

Payments have not been required on most federal student loans since March 2020, when the Covid-19 pandemic hit the United States, significantly affecting the economy. Biden has extended the hiatus four times, most recently in April, arguing it was necessary to allow federal student loan borrowers to get back on their feet.

CNN has reached out to the White House for comment.

In recent days, White House officials have been in communication with lawmakers to discuss their thinking on canceling student debt, ahead of the current pause on expiring payments. Last week, for example, Senate Majority Leader Chuck Schumer, Democratic Sen. Elizabeth Warren of Massachusetts and Democratic Sen. Raphael Warnock of Georgia held a discussion with senior White House officials, sources said.

The White House has suggested in the past that Biden is considering writing off $10,000 per borrower, but excluding those earning more than $125,000 a year.

The setting of an income cap, which has been the subject of intense debate both inside and outside the administration, was also intended as a buffer against criticism that the rebate would benefit to those who have the means to manage the repayment of their debt.

Education Secretary Miguel Cardona said Sunday that Americans can expect a decision from the administration on student loans within “next week.” With less than two weeks to go, Americans had to guess for weeks on whether Biden would extend the current moratorium or, perhaps, forgive some of their debt.

“We talk about it daily, and I can tell you that the American people will be hearing by about next week from the president and the Department of Education about what we’re going to do around this,” Cardona told NBC. Chuck Todd on “Meet the Press”.

He did not elaborate on specifics, saying he would not preempt the announcement.

Some Democratic lawmakers and advocates have urged Biden to globally cancel up to $50,000 in student loan debt per borrower, but the president has consistently pushed back against that cancellation.

Biden has forgiven more student loan debt than any other president, with his administration authorizing the cancellation of nearly $32 billion in loans largely for borrowers who were defrauded by their for-profit colleges and for borrowers with disabilities for life.

This story has been updated with additional reports.

CNN’s Sam Fossum contributed to this report.

How to recover cryptocurrency from scammers


Disclaimer: The text below is an advertising article and is not part of Cryptonews.com editorial content.

In the modern digital age, cryptocurrency has become a widely used digital asset that can be used for a variety of transactions. A growing number of individuals are adopting cryptocurrencies to make purchases and pay for services to avoid costs and protect their privacy. In addition to this, investors can hold a variety of digital assets to increase their potential returns on their investments.

Due to these factors, cryptocurrency has indeed attracted the attention of several scammers operating online. A cryptocurrency hoax is primarily an illicit operation that includes stealing your crypto assets through phishing, extortion, Ponzi schemes, and fraudulent exchanges, among other methods.

If you were the victim of fraud, you would probably feel totally helpless about the situation and you might consider the possibility of recover the money which was taken from you. There is no absolute method for you to receive your funds, but there are several things you can do to increase the likelihood of this happening.

The top 5 methods of recovering lost money from cryptocurrency fraud are listed below:

Be aware of your account.

The very first action you should take after learning that you have been the victim of cryptocurrency fraud is to check your credit report. This is done in order to locate and learn more about some fake accounts that have been created under your identity.

Information from fake accounts can be used to find the scammers and possibly get your cryptocurrency money back. Additionally, a fraud warning should be added to your payment history to protect your wallet from fraudsters.

With the warning in place, fraudsters will no longer be able to register new credit accounts in your profile using your identity. Be sure to contact local credit agencies to register a warning label.

Correctly describe the fraud.

Your chance of getting your money back from the scammer is significantly affected if you lose track of important facts about crypto fraud. This is why it is essential to accurately and correctly record the circumstance.

Keep records of these pieces of documentation for the sake of fundraising, be it texts, messages, or any other contact. You must gather the following data to ensure proper proof of such crypto fraud:

  • Each identification code associated with the transaction involved.
  • All the details about the fraud, such as the perpetrators, the origins of the scheme, the sums involved, the associated transactions and the time at which it took place.
  • Additional relevant data required for investigation.

In addition, you must protect the accounts from which the money is taken. This is especially true if investigators want to move the case forward quickly and want you to show that you control the cryptocurrency account.

Alert the cryptocurrency platform of the fraud.

It is important to notify this platform of deception if you are using it to fund your cryptocurrency account and transmit money to a fraudster. Warn people that the person who will receive your currency is a scammer to ensure that the system you are trading currency on can give your account extra protection.

By getting them to look for patterns that can help identify scammers, this step can help increase your chances of getting your money back even if it doesn’t guarantee recovery. Additionally, alerting the community will make it harder for online scammers to scam other people in the long run.

Notify the appropriate law enforcement agencies of the hoax.

It is also in your best interest to report bitcoin fraud to local law enforcement assigned to your area, although this does not guarantee that your funds will be recovered. When you report fraud, the government usually finds the scammers and gets your money back.

Therefore, you should not be afraid to cooperate with the authorities of your country. Consider yourself a citizen of the United States. In such a situation, you have the option of filing a complaint with the United States Securities and Trading Council, the Commodities Derivatives Exchange Commission, as well as the National Trade Commission for any fraudulent behavior using cryptocurrency.

If you do not currently reside in the United States, it is important that you investigate where you can file a cryptocurrency fraud complaint in order to get your money back.

Use a salvage company.

Recently there have been a lot of recovery companies in the world, like brokers, there are also scam recovery companies, but some of them still stand out, if you use recovery option, you should try Asset Deposit to recover all your lost funds due to scams, they have sophisticated methods to get the right results.

Final Thoughts

Having to engage in digital currency fraud can be quite irritating, especially if you don’t know how to get your money back after it’s been stolen. But if you keep the above facts in mind, you can quickly locate and recover your funds from the scammer with the help of the authorities. For more details on making these contacts Asset Deposit.

Legal Aid to expand Darrow Court to Mahoning | News, Sports, Jobs


Northern Ohio Community Legal Aid received a Pro Bono Innovation Fund grant totaling $180,764 to expand a program helping low-income Mahoning County residents with foreclosure or debt issues.

The price is part of a Legal Services Corporation expense. The funding will arrive this fall, according to Rachel Nader, director of advocacy with Community Legal Aid, an eight-county nonprofit that provides free or free legal advice.

“Meeting the broad legal needs of low-income Americans is a difficult task for resource-constrained legal aid providers,” said LSC President Ronald S. Flagg. “Engaging lawyers and pro bono volunteers adds a powerful network that multiplies the impact of these organizations.”

Community Legal Aid received a similar grant totaling $267,000 in 2019 to establish the Clarence Darrow Clinic, which is operated through a partnership between Community Legal Aid, the seven Trumbull County Courts and the Trumbull County Bar Association.

Officials said this 2022 grant will also expand the clinic’s Trumbull operations, which has reduced the number of unprepared defendants in housing and consumer cases and increased the number of pro bono appearances countywide, as well as expanding the clinic model in Mahoning County, according to legal aid officials.

“We’re at a great time to help customers preserve their homes,” Nader said.

Common Pleas Judge Andrew D. Logan was instrumental in implementing a mediation program during the 2008-09 foreclosures crisis, in which more than 10% of homes (over 200) saved in were located in Trumbull County with funding from the state government.

Logan also helped start the Darrow Clinic, Nader said, noting local judges were determined not to let the banks in and see these abandoned homes.

Now, Community Legal Aid will match its recent grant to expand services at Trumbull County’s Darrow Clinic south.

“We’ve seen people struggling with foreclosures and credit card debt, and we want to have a clinic to help them,” Nader said. “There are a lot of selfless lawyers out there who want to give back.”

Nader said the expansion of the Darrow Clinic model into Mahoning County seemed like a perfect fit.

“We are brother counties. Our residents seem to have the same economic problems,” Nader said.


Youngstown City Judge Carla Baldwin and Mahoning County Court Administrative Judge Joseph H. Houser agreed to participate in a Darrow Clinic model for their county. Legal aid representatives will meet with them to set up a model clinic there by Oct. 1, Nader said.

“We look forward to working with our partners in Mahoning County to ensure families get the legal help they need when facing housing and consumer debt issues,” said Jodi Roberts. , Head of Communications and Development at Legal Aid.

The Darrow Clinic planned to operate three days a week from the old stone building on High Street NW in Warren, but the COVID-19 pandemic had quashed those expectations. Those on court docket with housing issues now have a virtual format to receive help.

“Due to the pandemic, lawyers are finding it easier to volunteer their time by talking on the phone from their office or home,” Nader said. “It actually increased the time they were able to give.”

Nader said those interested in obtaining Darrow Clinic services can call 330-983-2584 or apply online at www.communitylegalaid.org/apply.

Since its launch in February 2020, the Darrow Clinic has helped 833 clients with 970 housing and consumer debt issues, Roberts said.

“We have a panel of 18 dedicated volunteers who actively participated throughout the clinic period,” Roberts said. “Many of these volunteers will continue to help as the clinic expands throughout Mahoning County.”

A national lawmaker takes note of the work being done to save the area’s low-income residents and homeowners.

“The amount of money you earn shouldn’t determine whether you have fair representation in court,” said U.S. Senator Sherrod Brown, D-Lorain. “These funds … will help ensure that all Ohioans have the representation they need to protect their rights against debt collectors, banks and landlords trying to evict them.”

Today’s breaking news and more to your inbox

Orange’s Cadia gold mine is open again but collateral damage affects farmers


Mining has restarted at one of Australia’s biggest gold mines in New South Wales after a three-week suspension.

Newcrest Mining has announced that employees have resumed underground operations at Cadia Gold Mine near Orange after being evacuated four weeks ago when instability was detected in a ventilation shaft.

In a statement, general manager Aaron Brannigan said vent repairs had reached a stage where it was safe for personnel to return to underground operations.

“The resumption of mining has been subject to a rigorous safety test and response program, with production gradually increasing over the past few days,” Mr. Brannigan said.

During the shutdown, the mine said production was unaffected and it dipped into inventory to maintain production, but local landowners did not receive the same buffer.

A few meters from the damaged well, Cadia Road is the main access road to Orange for local residents and will remain closed for several more weeks.

A section of Cadia Road will remain closed for several more weeks as a precautionary measure.(ABC Central West: Joanna Woodburn )

Road repair work following damage caused by mining vehicles will not begin until the backfilling of the damaged vent is complete.

Farmers were concerned about the potential impact on groundwater because the vent crossed an aquifer that was discharging water into the well.

The honey industry also impacted

One of Australia’s biggest beekeepers feared the road closure would also hamper his operations at a time when Varroa mites posed a significant threat.

A close up of bees.
Goldfields Honey typically places some of its hives in a state forest that borders the currently closed road.(Provided: Stuart Bryce)

Jon Lockwood of Goldfields Honey said that each October the company typically places beehives in a state forest that borders Cadia Road.

He said putting their bees elsewhere in NSW was not an option at the moment.

“Resources are a huge issue right now in the beekeeping industry, especially with the threat of varroa mites on our backdoor,” Mr Lockwood said.

“We’re going to have to be as close to home as possible for surveillance.

“The whole situation concerns me greatly.”

golden exit

Newcrest Mining’s latest financial report does not indicate that the mining shutdown has impacted the company’s profits.

Cadia produced over 560,000 ounces of gold and approximately 85,000 tonnes of copper in the year to June 30.

This was less than for the same period in 2021.

The report states that the decline in operational and financial performance of Cadia is due to the replacement and upgrade of equipment, which was completed in November 2021, and an expected decline in quality.

Sweden Wins Bronze Medal at 2022 World Junior Championship & More Latest News Here


Sweden won bronze for the second time in three tournaments after beating Czechia 3-1 on Saturday afternoon.

It was a great result after a disappointing tournament for Sweden, who struggled to squeeze much attack out of a group of forwards that looked impressive on paper.

This is the seventh bronze medal won by Sweden, and the second in the past decade. Czechia last won a medal in 2005, having finished fourth in 2018.

Fabian Lysell opened the scoring for the Swedes, surviving a Czech defensive effort to complete a wrapping goal over Tomas Suchanek. That lead lasted until 33:30 when Jan Mysak’s shot hit striker Michael Gut on the power play for the 1-1 goal, breathing life into Czechia in a spell that saw them beat the Swedes 10-5.

That scoreline remained for just two minutes, with Isak Rosen finding a way to beat blocker Suchanek’s side for the goal 2-1 to close the middle stanza.

The Swedes seemed to stay ahead, not pushing the envelope too much. That changed with just over three minutes left in the game when Linus Sjodin’s wrist beat Suchanek’s blocker on the run, giving Sweden the advantage of two late goals – one that would last until the final buzzer.

Sweden wins bronze medal at 2022 World Junior Championship and the latest news

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The imminent decision to suspend student loans worries borrowers


PResident Biden’s student loan payment break is set to end in less than two weeks, but borrowers are wondering if the break will be extended for a seventh time. The pause, which first came into effect in March 2020, is scheduled to end on August 31. Although there is some evidence that the break will see another extension, this is the closest the break will end without being extended again. Many borrowers feel ill-prepared for the prospect of resuming payments on such short notice.

“I don’t think if I had to pay off my student loans, I would have been able to eat. I’ve been working, not just paycheck to paycheck, but borrowing money and using credit to pay for basic survival needs,” said Victoria Loe, who attended several colleges. of Virginia, at TIME. “I haven’t quite grasped the fact that this is something I’m going to have to start paying for. I have worked for minimum wage for a few years.

Read more: What we know so far about President Biden’s plan to forgive student loans

In June, US Education Secretary Miguel Cardona said borrowers would be given “adequate notice” of any loan repayment decisions. In July, Biden said he would share his decision on whether or not to extend the hiatus by the end of August.

“My rent just went up, but I got a new job, so I was really hoping that with a raise I could start paying off all those debts, saving money and working improving my financial situation,” says Loe. “But if I have extra payments of a few hundred dollars coming in every month, all those goals and intentions that I have are going to fly out the window.”

The student loan payment pause, an initiative of COVID-19 Emergency Relief and Federal Student Aid, began under the Trump administration to ease the financial burden at the start of the pandemic. The pause suspended federal student loan payments administered by the Department of Education, allowed 0% interest accrual on loans, and halted collection of delinquent loans.

“The student loan repayment break program allowed me to explore more career areas after graduating in a field that was difficult to get a good paying job,” Emily Archer, graduate in health and nutrition from the University of Massachusetts Amherst’s University Without Walls (UWW) Program, says TIME.

UWW is designed to help non-traditional students complete their education. The program allowed Archer to save money by working and taking classes online simultaneously. Archer hopes to work in community health and is currently employed with an AmeriCorps program that helps her repay her loans. Archer shares that she owes about $15,000 in loans and her AmeriCorps Education Award is $4,500.

“I think student loans and paying for college was a major factor in finding an Americorp program that worked with my degree,” Archer says. “The downside is that these programs pay very little in terms of stipends, but at least I will be able to work to improve local communities.”

The student loan payment suspension was enacted under the CARES Act, which requires loan service providers to give borrowers a minimum of six notices beginning at least two months before payments resume. In early August, the Department of Education told loan service providers not to send such notices, The Wall Street Journal reported, indicating that payments were unlikely to start anytime soon.

The president is now facing pressure from Democratic lawmakers and voters to extend the pause and expand other student loan forgiveness measures. Some think Biden’s student loan policies — or lack thereof — could play a role in the upcoming election.

Since Biden took office, he has forgiven $32 billion in student loans. This relief primarily focused on borrowers who attended schools that misled students about financial information, borrowers with disabilities, and those enrolled in the Civil Service Loan Forgiveness Program.

Republicans and Democrats remain divided on student loan pauses and forgiveness amid soaring inflation and a possible recession. Biden supported canceling $10,000 in federal student loans per borrower during his presidential campaign, but rejected canceling $50,000 per borrower, a figure some Democrats have been calling for.

Higher education expert Mark Kantrowitz previously told TIME that if Biden chose to resume student loan payments just months before an election, it would be “political suicide.” “Apart from political considerations, there is no valid justification for a further extension of the payment pause and interest waiver,” Kantrowitz said.

Read more: How the student debt complex is crushing the next generation of Americans

On August 18, student loan service provider Nelnet emailed some of its borrowers saying their payments would be automatically debited on September 1. It’s unclear why this message was sent or how many people received it, but a few hours later Nelnet sent a follow-up email telling borrowers to disregard the message and that payments remain suspended. due to the pandemic.

“Earlier today, we sent you an email indicating that your student loan payment would automatically be taken from your bank account on September 1, 2022,” reads the clarification email from Nelnet. “Please disregard this email. It should not have been sent. We apologize for any confusion or concern this may have caused you.

The Nelnet emails highlight some of the confusion borrowers are experiencing due to poor communication and lack of information from government and lending service groups.

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Civil lawsuits filed, July 26-August. 4, 2022 | Public record


July 26

• Triple T Limited Liability Company v. Wood Creek Water District; property rights

July 27

• SPV1 Cavalry, LLC v. Charles E. McGeorge; Contract

• Dawnita Aquilar Rivera v. Thomas Lawson, et al; keep

• Alyssa Jill Ball vs. Timothy Edward Ball; domestic and family

July 28

• Nellie Sue Goodin c. Barry Tyler Goodin; domestic and family

• Kristen Baker c. Joshua Baker; domestic and family

• James Keith Hogan, et al c. Cedar Hollow Cabins and Sheds; Contract

• Freedom Mortgage Corp v. Danny Ray Fredericks as Administrator of the Estate of Lola Mae Fredericks; foreclosure

• Forcht Bank NA c. Michael R. North, et al; Contract

July 29

• Monica Broughton, et al c. CHI Saint Joseph Health London; medical error

• Leigh Ann Baker v. Jill Davis, et al; automatic claim

• Charlene Young Ely, et al c. Saint Joseph Health Systems Inc.; medical error

• Discover Bank c. Phyllis A. Baker; Debt recovery

• Megan Nicole Herald c. Mandy Carolyn Smith; keep

1st of August

• Gregory Bateman v. Amanda Rader; domestic and family

• Daniel Mack Collier versus Brooke Sullivan; keep

• Angelica D. Cunagin c. Trenton L. Cunagin; domestic and family

August 2nd

• Midland Credit Management Inc. c. Rebecca Day; Debt recovery

• Meghan Jackson versus Shane Lee Jackson; domestic and family

• Bret Watkins, et al c. Ami Watkins, et al; fraud

August 3

• Revecca Slone v. Dollar General Partners; other

• Kayla Burkhart c. Jacob Sansone; keep

• Carlos Rodríguez v. Lisa Sturdivant; automatic claim

• Natasha Bowling, et al c. Eco-Tech USA LLC; automatic claim

August 4

• Andrew James Kerr v. Tearle Sowders, et al; property rights

• Emily B. Wyan vs. Kevin L. Wyan; domestic and family

• Karen Roderick c. Eric Bustos; domestic and family

• Jason Martin v. Kimberly Bosworth; keep

• Mariner Finance, LLC v Sharon J. Hanson; other

5 August

• Carolyn Kern v. Progressive Direct Insurance Company; other

• JP Morgan Mortgage Acquisition Corp against Tommy F. Johnston; foreclosure

• Autovest LLC c. Haley Russell; Debt recovery

• Wells Fargo Bank NA v. Angela Kristine Burke, et al; foreclosure

Bitten by loan sharks, seek a cure in the capital


For 18 days, victims of loan sharks have been demonstrating in Maitighar in Kathmandu. The protesters are from West Nawalparasi district, one of the areas where hundreds of people have been victims of “meter byaj”, a term commonly used to refer to the exorbitant interest rates charged by loan sharks.

When the protest started there were more than 200 protesters, but that number has now dropped to 60. The oldest in the group is Prem Narayan Koiri, 76. Six years ago, Koiri started building a house. In the middle of construction, Koiri ran out of money, which left him with no choice but to approach a local lender. He borrowed Rs 900,000 and kept his land of 12 kattha (4,056 square meters) as collateral. So far, Koiri has already paid Rs 1.2 million, but the loan shark, says Koiri, told him that he still owed Rs 4.2 million to the lender.

In 2017, to repay his debt, Koiri took another loan of Rs 150,000 from a different loan shark keeping 10 kattha and 10 dhur (3549.6 square meters) of land as collateral. He says he has since paid 600,000 rupees to clear his second debt, but the loan shark told him he still has to pay 1.5 million rupees.

For the two loans taken out by Koiri, he has already kept 22 katthas and 10 dhurs (7,605 square meters) of land as collateral, which leaves him only four katthas (1,352 square meters) of land. Koiri says he had no idea what the lenders were charging him was illegal until his neighbor Hridayesh Tripathi, who is affiliated with the People’s Progressive Party, told him the “byaj meter” was illegal. Tripathi convinced Koiri to seek justice.

Victims of “meter byaj” protesting in Maitighar have been staying in a temporary shelter in Kirtipur. Koiri starts his day at 6am and the first thing he does is wait his turn to go to the bathroom. There is only one toilet for every 60 people, so Koiri usually ends up waiting a long time. After using the toilets, Koiri will draw water to wash in a well located 200 meters from the refuge. After a bath, Koiri begins his morning puja, which keeps him busy for an hour and a half.

After completing the puja, Koiri and his 70-year-old wife, Fekana Devi, start preparing the meal of the day. At 9:30 a.m., everyone in the shelter, including Koiri and his wife, leaves for the protest site. Koiri and his wife prefer to sit side by side when traveling by bus. Protesters get off the bus at Tripureshwar and start marching towards Maitighar chanting slogans. Despite his age, Koiri vigorously chants slogans.

Around 5 p.m., Koiri and the other protesters return to their sheet metal shed in Kirtipur. Once back in their temporary accommodation, some protesters go out to collect donations from locals, and others go to the market to buy vegetables and food.

Even though the last 18 days have been physically exhausting for Koiri, he says giving up now is not an option. “I will not return to my village until justice is served, even if it means taking my last breath here,” Koiri says.

Britain’s borrowing rises as PM candidates pledge more aid

  • UK borrows 4.9bn stg in July vs. 0.2bn forecast by OBR
  • Leading candidate to succeed Prime Minister Johnson wants tax cuts
  • Soaring inflation raises cost of debt, calls for household help

LONDON, Aug 19 (Reuters) – Britain borrowed more than expected in July, official data showed, underscoring the challenge facing the country’s next prime minister over how to provide more support to consumers hit by soaring energy costs.

The Office for National Statistics said on Friday that public sector borrowing excluding public banks stood at 4.944 billion pounds ($5.89 billion).

That was well above the most recent forecast from the government’s fiscal watchdog, the Office for Budget Responsibility, which said in March it expected a deficit of just 0.2 billion pounds in course of the month.

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A Reuters poll of economists had indicated a borrowing of £2.8bn for July, which is usually a month when income tax payments hit public coffers.

In July 2019, before the COVID-19 pandemic caused a historic spike in government borrowing, public finances were in surplus by £0.9 billion.

Michal Stelmach, senior economist at KPMG, said the figures showed the tough choices ahead for anyone moving into Downing Street next month.

“The balance of risks to public finances has clearly tilted to the downside,” he said. “The cost-of-living crisis will likely require additional support for households, while a slowing economy will put downward pressure on revenues, making fiscal targets increasingly unachievable.”

UK government bond prices – which were hit hard by stronger-than-expected inflation data on Wednesday – fell sharply again on Friday, with two-year borrowing costs rising 0.12 percentage points to reach their highest level since November 2008.

The head of the Tory leadership race, Foreign Secretary Liz Truss, said she would cut taxes.

The other candidate, former finance minister Rishi Sunak, says it risks fueling inflation. He prefers more direct and targeted support.

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, estimated that if Truss wins, Britain’s budget deficit is expected to reach around 170 billion pounds in the current financial year, around three times its pre-pandemic size. .

In the first four months of the 2022/23 financial year from April, Britain borrowed £55.0bn, down £12.1bn from the same time last year last, but £32.6 billion more than between April and July 2019.

It was also around £3 billion more than the OBR forecast in March.

The gap was narrowed by a £5.0 billion downward revision to the deficit between April and June.

In addition to hitting households, rising inflation is increasing government debt interest bills. Britain paid interest on its £5.8bn debt in July, up 63% from July last year.

ONS data showed that overall central government spending in July rose by 4.6% compared to the same month last year, while revenue rose by 8.4%. Over the April-July period, expenditure increased by 1.5% while revenue increased by 12.7%.

($1 = 0.8398 pounds)

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Reporting by William Schomberg; Editing by David Milliken and Alexander Smith

Our standards: The Thomson Reuters Trust Principles.

The Most Affordable Starting Homes in Glens Falls | Local


Getaway to historic Old Saratoga and Fort Edward! Available for rent at $1,425/month, with occupancy from October 1, 2022 until April 30, 2023. This fully furnished country cottage is located on a peaceful and scenic 1/2 acre lot, just outside of Schuylerville and over the Fort Miller Bridge to Route 46. It is a 20-30 minute drive to Saratoga Springs, Glens Falls and less than 60 minutes to the Capital District area. Rent includes: kerosene heating, LPG cooking gas, Wi-Fi internet service, sewer and water use, snow removal, lawn maintenance, trash pickup and up to at $100/month of electrical service. Furniture, 2 televisions, cooking utensils, propane gas stove in the living room and window air conditioners are also included. Bed and bath linen is not included. Direct TV or Spectrum cable TV service is available and neither is included in the rent. The first month’s rent of $1,425 plus a security deposit of $1,425 are required at the signing of the lease and before occupancy. A pet will be considered at $50/month of additional rent. For a quick response, your request should include your combined gross income, information about yourself and your housing needs. An introductory telephone interview precedes a visit appointment. As part of the free application process, the tenant must provide an up-to-date credit report to the broker. A free background check will be prepared by the broker.

Modernization of the Luxembourg law on financial guarantee contracts


On July 24, 2022, the Luxembourg law of July 20, 2022 entered into force and includes a set of provisions amending the Luxembourg law of August 5, 2005 on financial collateral agreements, as amended (the “Collateral Law”). This amendment and other proposed amendments (Bill 8055) seek, among other things, to clarify and consolidate current market practices and to adapt the law of security interests to apply to ledger technologies. distributed (“DLT”).

I. Luxembourg law of July 20, 2022

The Luxembourg law of July 20, 2022 has reinforced the legal certainty of the parties when determining a chargeable event. In the old legal framework, the term was questionable, due to the slightly different definition of the “generating event” in Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (the “directive”) than in the law on securities, which transposes the directive. Some parties in court have concluded, based on the Directive’s definition, that a financial security agreement can only be enforced if the obligations secured have become due. The Luxembourg law of July 20, 2022 confirms the position taken by the Luxembourg courts which emphasize the autonomy of the financial guarantee contract in relation to the guaranteed obligations as well as the possibility for the parties to stipulate that their financial guarantee contract can be executed from the occurrence of any agreed event (i.e. breach of covenant, representation or warranty, etc.) even if the obligations secured have not become due.

The second key change introduced by the Luxembourg law of 20 July 2022 is a modernization of the enforcement methods, by introducing the possibility for the creditor to require the redemption of the pledged units or shares of an undertaking for collective investment and to exercise all rights arising from the pledged insurance contract. This confirms that a pledge governed by security law can be repossessed:

  • units or shares of an undertaking for collective investment; and
  • an insurance contract.

The Luxembourg law of July 20, 2022 also modernized the public sale procedure in the event of execution of the financial guarantee contract (which is now aligned with the auction procedure).

ii. Bill n° 8055 and pledge on DLT financial instruments

Bill 8055 is in line with the reforms already carried out by the Luxembourg legislator in the field of the digitization of financial instruments. It started with the amendment of the Luxembourg law of August 1, 2001 on the circulation of securities, as amended by the Luxembourg law of March 1, 2019 (Law on the circulation of securities), and the Luxembourg law of April 6, 2013 on dematerialized securities, as amended by the law of January 22, 2021 in order to allow the use of distributed electronic registers for the keeping and/or registration of securities accounts.

The law on securities already provides that the application of the law, the situation of the securities still held with the account holder concerned, the validity or the effectiveness of the security constituted in accordance with the law on securities, cannot be affected by maintaining securities accounts within such secure electronic record mechanism or by crediting securities to securities accounts via such secure electronic record mechanism.

In light of the law on the circulation of securities and the law on dematerialized securities, the draft law aims to expressly recognize pledges on financial instruments using distributed ledger technology and to allow the use of ledger technology distributed in financial security contracts in a legally secure manner, regardless of the technology used.

Fresh Start student loan plan to lift 7.5 million borrowers out of default



The Biden administration has created a plan to get 7.5 million Americans in default on their federal student loans back into good standing, restoring their eligibility for financial aid and removing the incident from their credit history, according to documents obtained by the Washington Post.

Anyone now in default on a federal loan made directly by the department, Perkins loans held by the agency, and old bank debt held by the department or private companies, is eligible for the program. Their eligibility for federal Pell grants, work-study programs and loans will be restored, according to a fact sheet shared with Congress and advocacy groups this week.

The document provides the first substantial overview of how the Department of Education plans to execute the “Fresh Start” initiative announced this spring to help borrowers emerge from default, sparing them from wage garnishment , tax refunds and social security benefits.

The ministry declined to comment Tuesday. An official announcement could come later this week.

Education Undersecretary James Kvaal outlined some details of the Fresh Start program last week at an event hosted by the Student Borrower Protection Center, noting inequities in the existing default system.

“The consequences of defaulting are so punitive, it’s like whoever designed these policies is assuming that borrowers are somehow trying to beat the system,” Kvaal said. “Overall, loan defaulters are people who have been let down by lagging policies and investments in college affordability.”

While lawmakers and advocates had hoped for automatic enrollment to ensure participation in the Fresh Start initiative, borrowers must contact the department’s default resolution group or their loan holders to take full advantage of the program, according to a fact sheet. information about the initiative.

People will have a year from the end of the student loan payment break due to expire August 31 to make payment arrangements. Failure to act will put borrowers back in default and deprive them of many key benefits of the term program.

During the one-year period, all borrowers in default with eligible loans will not be subject to any collection efforts, such as garnishing their wages or garnishing tax refunds to repay their student loans, according to the information sheet.

Initiative details come two weeks ahead of pause in student loan repayments is supposed to end. More than 41 million Americans have not had to repay their federal student loans since the outbreak of the coronavirus pandemic more than two years ago. Among them are people who, before the pandemic, had not repaid their federal loans for nearly a year.

Department of Education suspends collection of delinquent student loans and repays $1.8 billion

A Government Accountability Office report released in January sounded the alarm that up to half of federal borrowers risk falling behind on their payments when the moratorium ends. Fresh Start is designed to address this risk.

Defaulting borrowers will also regain access to federal student aid. The department generally bars these borrowers from taking out new student loans, but the administration is easing the restriction to help people complete their education.

Who Has Student Loan Debt in America?

Federal Reserve economists have found that people who had not graduated were the most likely to be behind on their student loans. Obtaining a degree could increase the likelihood of repayment, the lawyers argued. Yet providing more money to people with poor repayment histories is sure to be met with objections from moderate and conservative policymakers.

The department began notifying some colleges of the planned aid restoration late last week, according to a document reviewed by The Post and first reported by Politico.

In the fact sheet, the Department of Education said it would also delete credit reports on loans over seven years past due and remove a default rating in the Alert Verification Report system. credit. Lenders, especially those who issue government guaranteed loans, deny loans to applicants if flagged in the system.

Fresh Start aims to give a second chance to borrowers who have fallen behind on their loans more than once. The department has a student loan rehabilitation that erases a default from a person’s credit report after nine consecutive payments. A provision of the Coronavirus Aid, Relief and Economic Security Act, or Cares Act, ensured that each month of suspended payments would count towards this threshold.

The moratorium lasted more than two years, meaning borrowers have more than met the conditions of the rehabilitation program and are eligible to emerge from default.

However, the Department for Education generally requires defaulting borrowers to submit an application, a step that consumer groups say would slip people through the cracks. Proponents were also concerned that people who rehabilitated their loans in the past and defaulted again would be excluded because the program is supposed to be a one-time offer.

In April, Education Secretary Miguel Cardona agreed to waive program requirements and restrictions, ensuring people have their negative credit histories erased without losing the ability to rehabilitate their loans.


An earlier version of the story incorrectly stated which loans would be eligible for the Fresh Start initiative. Some federal loans would not qualify. The story has been corrected.

The Pritzker administration did not release unemployment fraud data


A US Department of Labor report said Illinois failed to report the theft of pandemic relief money as required. Illinois has lost more than half of pandemic unemployment funds to fraud.

The US Department of Labor has criticized Illinois for not reporting data on fraudulent pandemic unemployment payments, saying it is difficult to detect future fraud. to prevent when past frauds are not tracked.

Illinois has lost more than half of its pandemic unemployment funds to fraud, according to a state audit.

“Without accurate information about state performance, Congress and the [Employment and Training Administration] are unable to fully assess state activities and mitigate the risk of overpayments and fraud for future programs of a similar nature,” the report states.

A separate report Illinois Auditor General Frank Mautino found that about $1.9 billion of the $3.6 billion distributed from July 2020 to June 2021 had been paid into illegitimate accounts.

Online chat rooms offered tutorials on how to plan for Illinois unemployment benefits through identity theft, according to David Maimon, professor of criminology at Georgia State University.

“We see many identities, many bank accounts, many driver’s licenses associated with Illinois residents” for sale on the dark web, Maimon said.

State administrators said they updated their software to improve security. The Illinois General Assembly also passed two new laws August 5 extending the statute of limitations to prosecute fraudulent stimulus loans and identity theft.

Haywood TalcoveCEO of LexisNexis Risk Solutions, said there is still danger even with the new protections in place.

“They claim it’s fixed, and I’m telling you, it’s not fixed,” Talcove said.

One of the main funds for people out of work was the Pandemic Emergency Unemployment Benefit. Illinois was one of four states to report no PEUC required overpayments for any quarter from March 2020 through September 2021.

IDES managers blame fraudulent payments on a lack of proper guidance from the federal government. A first survey by the Chicago Tribune showed that fraud in Illinois was exacerbated by the failure of IDES to follow federal recommendations or adopt free anti-fraud tools.

IDES has faced a litany of problems managing the pandemic, including an unemployment website making it easier for identity thieves when it exposed the Social Security numbers and other personal information of 32,483 claimants. Illinois job board after it first went live. Claimants faced months of delays in receiving benefits and more than 200,000 claimants at one point were waiting for an appeal about their benefits.

Credit score errors hit consumers; Here’s how to lift, set your score


Americans seem to have a love-hate relationship with their credit scores. They love it when the system is humming on all cylinders and hate it when credit scoring models unfairly disparage them.

Why? Because a lower credit score leads to higher interest rates on approved credit and outright rejections from creditors on major household financial initiatives like mortgages, auto loans, and credit cards.

An example :

Equifax, (EFX) one of the three major credit rating agencies (alongside Experian (EXPGY) and transition (TRU) ), said it misreported consumer credit scores between March 17 and April 6, 2022.

The snafu hurt the credit scores of millions of Americans, resulting in negative responses for mortgages, car loans, credit cards and other credit applications.

More than 300,000 Equifax accounts were affected by credit reporting errors, with some credit scores dropping 25 points or more.

“In April, we identified an issue in a legacy US on-premises server environment that needed to be migrated to the new Equifax Cloud infrastructure,” said Mark W. Begor, general manager of the Atlanta-based company. “This issue, which was in place over a period of a few weeks, impacted how certain credit scores were calculated.”

The rating issue was resolved in April, and Begor said Equifax had spent the past three months working with customers to determine how the issue may have affected consumers. “We will also engage a third party for an independent review,” Begor said.

Mistakes hurt consumers

The damage caused by faulty credit score models can be worse than credit consumers realize.

A recent report from LendingTree found that 42% of Americans have been denied a credit product because of their credit score in the past year, with credit score errors like the Equifax flub playing a role. “hitting”.

These data come from the study:

· 42% of Americans say their credit scores have prevented them from obtaining a financial product in the past year. This figure rises to 74% among those with bad credit. Credit cards (25%) and personal loans (12%) are the top products consumers say they’ve been declined because of their credit.

· 40% of Americans don’t think their credit scores accurately reflect their financial responsibility. This is especially true for those with low credit (60%), millennials (47%) and women (44%).

· Payment history is the most important factor in calculating a credit score, but 50% of Americans don’t know it. GenZers (61%) and Millennials (60%) are the most likely to answer this question incorrectly. But only 39% of Gen Zers say they have a payment history should be the strongest, weakest factor among the generations.

· 44% of Gen Zers don’t know their credit score, while 25% say they don’t know how to find out. Overall, 19% of Americans say they don’t know their credit score and 12% don’t know how to check their credit score.

Why credit scores are so chaotic

The main and most obvious reason why credit scores – and credit ratings – are so out of balance is the outbreak of covid-19.

Scroll to continue

“Many people have lost their jobs, had their pay cut, or become underemployed out of desperation to find work,” said Brian Greenberg, CEO of Insurist, Scottsdale, Arizona. “Because their income was affected, many families were unable to earn timely payments on unpaid debt or pay new medical bills, which hurt their credit.

Inflation has also reduced credit ratings in America.

“With a larger percentage of their monthly budget spent on food and fuel, people are finding it increasingly difficult to keep up with personal and student loan repayments, to the detriment of their credit,” Greenberg told TheStreet. .com.

Additionally, although many individuals’ credit ratings have rightfully dropped, there is a problem with accuracy.

“According to a Consumer Reports survey, 34% of consumers found an error on their credit report in 2021,” Greenberg noted. “It negatively impacts these people’s ability to get credit cards, get approved for personal loans, and it can even negatively impact their job opportunities.”

Many lenders also tightened their lending at the start of 2020, but started extending more credit through the end of 2020 and most of 2021.

“The additional credit was offered during a period of record average credit scores and declining unemployment,” said Chad Prashad, president and chief executive of World Acceptance Corp., Greer, SC “However, inflation has had an impact on day-to-day spending and there is growing concern that when there is less left at the end of the month to pay bills, consumers may miss payments.

Now lenders are also turning down applicants they would have approved last year.

“This is especially true for those with less than perfect credit,” Prashad told TheStreet. “Forty-five million Americans have subprime credit scores (ie, scores below 620). Due to the increased risk of default when lending to consumers with weak or new credit, traditional banks and lending institutions will not offer them loans.

Action Steps to Repair and Improve Credit

What steps can people take to improve their credit score and increase their chances of getting a good loan or credit card?

If you suspect a problem or are just motivated to build a stronger credit score, try these tips.

Watch your credit score like a hawk. With the Equifax fiasco in mind, the best way to correct errors in your credit report is to closely monitor your own credit report.

“Regularly checking your credit score also helps identify errors that could lower your credit score,” said Bill Ryze, certified financial consultant at Fiona, a financial services platform. “So ask for your credit report occasionally and check for errors. If there are any, contact the bureau or credit listed company to make corrections.

Build your credit. People with little or no credit need to build up a safe credit risk history. “They can do this using credit loans or secured credit cards,” Greenberg said. “They can also be added as an authorized user on someone else’s credit card.”

Don’t miss payments. Missing payments hurt your credit score, while having a history of on-time payments can help you achieve a great score. “Payments that are 30 days late can be reported to credit bureaus and hurt your credit scores,” Greenberg noted.

To avoid missed payments, set up automatic payments for minimum amounts due (you can always pay more) and contact your credit issuers if you’re having trouble making payments due to financial hardship.

Limit the frequency of your credit requests. Every credit application you submit can lead to a thorough investigation, which can hurt your credit score. “Opening new accounts also decreases your average account age, which negatively impacts your score,” Greenberg added.

How do I get an SBA self-employed loan? – Forbes Advisor


Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

If you are self-employed and need financial assistance, you may qualify for a loan from the US Small Business Administration (SBA). These loans can provide much-needed funds at competitive interest rates, but you’ll need to meet eligibility criteria set by the SBA and its network of individual lenders.

Who qualifies as self-employed?

The IRS defines someone as self-employed if they are a sole proprietor or an independent contractor carrying on a trade or business. Likewise, a member of a partnership or someone who is otherwise in business for themselves is considered self-employed under IRS guidelines. This also includes part-time businesses. Since LLC members are generally taxed as sole proprietors, LLC owners are also considered self-employed.

Although the SBA does not define the term self-employed, it restricts its loan programs to small businesses. What constitutes a small business is an industry-specific determination, but small businesses generally must have fewer than 1,500 employees.

SBA loans available for the self-employed

Eligible self-employed people can benefit from several types of SBA loans. In general, SBA loan rates are competitive and come with lower down payments than other business loans. Some of the more popular options include:

SBA microloans

SBA microloans are available through a nationwide network of government-backed nonprofit lending organizations. Microloans can be used for a variety of purposes aimed at rebuilding, reopening, repairing, improving or improving a small business. Approved expenditures include working capital, inventory or supplies, furniture, fixtures, machinery and equipment.

The maximum amount you can borrow through an SBA microloan is $50,000 and the maximum repayment period is six years. SBA microloan interest rates range from 8% to 13% as of August 2022.

Since the microcredit program is administered by a network of intermediary lenders, eligibility requirements vary. In general, however, business owner applicants must provide security and personally guarantee the loan in addition to demonstrating their qualifications.

SBA 7(a) Small Loans

The SBA 7(a) loan program is the SBA’s flagship and most popular loan program. Funds are available up to $5 million and can be used for a variety of purposes, including working capital, purchasing equipment, and business expansion costs. Business owners can even use the proceeds to finance the purchase of real estate.

The interest rate on an SBA 7(a) loan is pegged to a base rate (prime, LIBOR, or an optional anchor rate) plus 2.25% to 4.75%, depending on the amount and term of the loan. ready. Loan terms extend up to 15 years for real estate and 10 years for equipment, working capital and inventory loans.

Eligible borrowers must operate for profit in the United States or its territories and demonstrate that they have reasonable equity to invest. As with other SBA loans, it is also necessary to use other sources of funding (such as personal assets) before applying for the government guaranteed loan.

SBA Express Loans

SBA Express loans fall under the 7(a) program and are available for up to $500,000, with a maximum SBA guarantee of 50%. Interest rates are ultimately negotiated by individual lenders and borrowers, but cannot exceed the SBA maximum prime rate plus 6.5%. Repayment periods extend up to seven years for lines of credit, 25 years for real estate and 10 years for other loans.

Express Loans are a great choice for self-employed applicants who need quick access to cash, as the SBA responds to Express Loan requests within 36 hours of receiving them. This is significantly faster than the five to 10 business days it takes for small 7(a) loans.

Credit and eligibility decisions are made by individual lenders, so requirements vary. However, borrowers must meet the lender’s credit rating, minimum time in business, and annual income requirements.

How to apply for an SBA loan as a freelancer

The process for applying for an SBA loan as a self-employed person varies by loan program and individual lender. However, there are some general steps to follow when applying for an SBA loan:

  1. Check your credit score. Before applying for an SBA loan, check your personal FICO score and review a credit report from at least one of the major credit bureaus – Equifax, Experian, and TransUnion. SBA loans generally require a credit score of at least 680, but lenders impose their own requirements. Understanding your credit profile can help you gauge your chances of approval and give you a chance to improve your score before you submit an application.
  2. Write a business plan. To qualify for a business loan, you will need to create a business plan that demonstrates how your business makes money and how it will use the loan proceeds. This is especially important if you have been in business for less than two years.
  3. Determine the type of SBA loan you need. Visit the SBA website to view available loan programs. Choose an option with a borrowing limit and approval time that suits your needs. Also review any program-specific requirements to make sure you qualify.
  4. Select a lending partner. Enter your postal code on the SBA Lender Match tool to locate a lender in your area. Familiarize yourself with the lending partner’s credit and income requirements and the application process to confirm your eligibility.
  5. Identify sufficient safeguards. Depending on the SBA program and the lender, collateral may be required to secure the loan. Compare lenders and programs to determine collateral requirements and consider these when choosing a loan offer.
  6. Gather the necessary documentation. The SBA loan application process varies by lender, but applicants are generally required to provide documents such as tax returns, business financial statements, projections, and outstanding debts. Streamline the process by compiling these documents before submitting an application.
  7. Submit an application. Once you have identified an SBA lending partner and lending program, submit a formal application. A loan officer will contact you by phone or email if additional information or documentation is needed. Keep an eye on these communications to avoid delays in loan processing and approval.

Ways to Use SBA Loan Funds

There are several ways to use SBA loan funds to help your business, but permitted uses may be restricted by the specific loan program. Some common uses of SBA loans include:

  • Purchase of inventory or equipment
  • Pay for renovations or repairs
  • Hiring new employees
  • Pay marketing or advertising costs
  • Develop your business operations
  • Buy a new commercial space

Are SBA loans hard to get?

It’s not difficult to qualify for an SBA loan, but the application, approval, and funding processes can be lengthy. This means that self-employed business owners who need quick access to cash may be best served by an online loan, business credit card, or other alternative.

Eligibility criteria

SBA lending requirements vary by lending program and individual SBA-approved lenders. However, the SBA imposes some basic eligibility guidelines that all applicants must meet as part of the application process. For example, a company must demonstrate that it is able to repay its loan.

Here are the basic eligibility requirements for a business to obtain an SBA loan:

  • Must operate for profit in the United States or one of its territories
  • The owner must have already committed their time and money to the business
  • Must have exhausted all other financing options

Alternatives to SBA Loans

If you are not approved for a loan, you may still be able to obtain financing from other sources. SBA loan alternatives often come with higher interest rates or less favorable terms, but they may be easier to obtain.

Consider these options if an SBA loan isn’t right for your business.

Online loans

Independent business owners can use some personal loans to cover start-up or operating expenses or apply for business loans. Although these loans are available from banks and lenders, it can be difficult to qualify with a traditional financial institution, and the rates and terms are often less competitive than with online options.

Expect to pay between 4% and 36% annual percentage rate (APR) for an online personal loan with terms up to seven years. As always, compare personal loans and the best small business loans before deciding on one and prequalify if possible.

Business credit cards

Business credit cards are easier to obtain than SBA loans and offer much faster approval speeds, with consumers often receiving a same-day or even immediate decision. This approach to business financing can also help you build your credit history and make it easier to get approved for future loans.

Although credit cards can be a convenient way to pay for small expenses, they usually have high interest rates (around 9% to 27%), so look for one that offers a 0% introductory period. .

Personal savings

If you have money in a savings account, consider using some of it to fund your business. We don’t recommend taking money out of retirement accounts or emergency funds, but using cash can be a good option if you don’t have good credit or have trouble getting loan approval.

Equity financing

Independent business owners who need access to large sums of money can also opt for equity financing. It involves selling part of your business in exchange for funding. However, this option can be risky as it may involve handing over the decision-making to someone outside of your organization. For this reason, it should only be considered as a last resort, and you should always have a business attorney review the terms of the agreement.

Find the best small business loans of 2022

From Rising Costs to ESG Ratchets: Five Trends That Will Drive Leveraged Finance in 2022 | White & Case srl


Key points to remember


Prices will rise, but issuers will continue to seek borrower-friendly terms and documentation


Lenders and investors will pause to assess the impact of inflation and the continued rise in interest rates


Direct lenders will take advantage of the volatile environment to capture market share of heavily syndicated leveraged loans and high yield bonds


ESG opportunities will persist, but lenders will ask more questions

The first half of the year marked an inflection point for US leveraged financial markets. After a dynamic but brief post-pandemic period in 2021, the combination of soaring inflation, rising interest rates and events in Ukraine have dampened US activity. Overall leveraged loan and high-yield bond issuance for the first half of 2022 was down 19% and 76%, respectively, year-over-year.

Going into the second half of the year, lenders and borrowers will be looking for guidance on debt pricing – particularly where it will stabilize after a volatile first half – and the long-term impact of rising debt. interest rates on investors’ appetite for riskier underlyings. high quality debt.

As the market navigates through this uncertain period, the following five trends are expected to influence the shape of the market in the second half of the year.

1. Debt will get even more expensive

The era of historically low interest rates and abundant liquidity has come to an abrupt end, and borrowers will have to adjust to higher prices as a result.

Inflation in the United States has reached a 40-year high this year and the Federal Reserve has raised benchmark interest rates four times in 2022 – by 50 basis points (bps) in March and May, then by Another 75 bps in July – laying out a roadmap for scaling its bond holdings by $95 billion a month.

Actions taken by the Federal Reserve and geopolitical uncertainty following events in Ukraine led to higher interest charges for high yield bonds and leveraged loans.

According to Debtwire Par, initial issuance discounts (OIDs) averaged 48 basis points in January 2022 but jumped to 473 basis points in June as the average new loan issue price fell to 95, 27% of par.

Investors still have cash to deploy but, with the Federal Reserve pulling cash out of the market and raising rates, the direction of travel is firmly towards a higher cost of capital for borrowers.

2. Conditions will remain favorable to borrowers

Lenders and investors may fetch higher prices when backing new credit, but the borrower-friendly covenant documentation that has characterized deals throughout 2021’s scorching streak may remain an issue. market characteristic.

Financial sponsors have become accustomed to covenants, generous producer baskets and a degree of flexibility around unrestricted subsidiary structures and are likely to continue to obtain funding on similar terms.

Investors will remain focused on securing higher prices as they adjust to the changing risk environment, which means they will be less inclined to push back on conditions.

At the same time, the quality threshold of credits and sponsors that can guarantee favorable documentation will be higher than ever. Credits with wrinkles will struggle to lock down the same documentation as solid credits backed by top notch sponsors.

3. Buybacks could continue to drive issuance

Buyout financing activity is likely to be a significant driver of leveraged finance issuance in the second half of the year. Private equity (PE) firms with large war chests continued to close deals in the first half of the year despite the challenging macro landscape. According to Bain & Co., dry PE powder has reached record highs, putting pressure on financial sponsors to keep the rollout going despite the uncertainty of the past six months.

As a result, the market showed a steady appetite for buyout financing, even though the market as a whole stagnated – at the end of the first quarter of 2022, the issuance of leveraged loans and bonds to high yield for redemptions showed significant year-over-year gains. Issuance of buyout loans, in particular, was flat in the first half of 2022, year-over-year – a remarkable achievement at a time when all other categories saw a significant decline.

Demand from buyback operations should maintain the pace of issuance in the coming months.

4. Direct lenders will come to the fore

The slowdown in the issuance of high-yield bonds and leveraged loans in the first six months of 2022 has opened a window of opportunity for direct lenders to fill the gap and gain market share.

Unlike the largely syndicated leveraged loan and high-yield bond markets, where loans are packaged by underwriting banks and resold to investors, direct lenders hold the loans until maturity. This has proven to be very attractive to borrowers – execution is fast and there is no risk of syndication.

The growth of the dry powder of private debt also means that direct lenders have the financial muscle to finance giant credits. A rarity a few years ago, loans over US$1 billion funded by direct lenders are becoming increasingly common.

Price and covenant differences between direct loans and heavily syndicated leveraged loans are also narrowing. Direct loan financing has historically been more expensive and covenants tighter than heavily syndicated leveraged debt capital. Investors in syndicated leveraged loans, however, are pushing for higher prices and wider OIDs when backing loans, while some direct lenders have been willing to issue debt on lightened terms for some loans. .

As prices and terms between direct loans and heavily syndicated leveraged loans converge and the market remains choppy, direct lenders will be well positioned to continue to take market share and offer a compelling alternative to syndicated loans. and high yield bonds.

5. ESG issues will continue to dominate discussions, but lender scrutiny will intensify

Issuance of environmental, social and governance (ESG) related debt – financing where interest payable is tied to the achievement of ESG objectives – increased fourfold to US$530 billion in 2021, according to Bloomberg.

ESG-related debt dynamics have further strengthened in 2022, particularly in the US market, and are now a constant talking point in high-yield loan and bond negotiations.

As enthusiastic as lenders and investors are in providing ESG ratchet structures in documentation, there has been a pause to reassess how ESG key performance indicators (KPIs) are defined and their relevance to credit. There is also a renewed focus on how ESG performance is independently benchmarked and verified, with lenders ensuring that ESG-related facilities are credible and the risk of greenwashing is minimized.

In a still nascent market, there have been differences over how KPIs are selected and measured, but industry bodies are stepping in to provide guidance and frameworks for lenders and borrowers to follow.

The Loan Syndications and Trading Association, for example, recently released Guidance for Green, Social, and Sustainability-Linked Loans External Reviews, a document that outlines best practices for external review processes for borrowers, lenders, and third party evaluators.

As more issuers seek to include ESG ratchets in loan documentation, guidelines around ESG ratchets and reporting will become more rigorous and standardized. Borrowers will have to do more work to take advantage of the opportunity.

[View source.]

Lakers News: NBA Insider Reveals Date of First ‘LA Battle’ Against Clippers – All Lakers


The 2022-2023 NBA season is fast approaching, training camp is about a month away. The Lakers will be looking to have a buyout year. After meeting zero expectations last season and firing head coach Frank Vogel and replacing him with new head coach Darvin Ham, the purple and gold are poised to qualify for title number 18.

Earlier this week, NBA Insider Marc Stein revealed that LA will be on the road against the Dallas Mavericks on Christmas Day and the Athletics Shams Charania bombed the season opener as the Lakers take on defending champions Golden. State Warriors in San Francisco.

Earlier today, Shams revealed who the Lakers will play in their second game of the season.

The “Battle of LA” will be back and better than ever. If all goes well, the dynamic duos of LeBron James and Anthony Davis will take on the defensive duo of Kawhi Leonard and Paul George.

Both tandems battled injuries during their time in Los Angeles. Leonard missed all of last season with a torn ACL, and George missed some time last season with a torn ulnar collateral ligament (UCL) in his right elbow.

Scroll to continue

Lakers couple James and AD have also dealt with injuries, particularly Anthony Davis. Davis suffered wrist and foot injuries last season, which caused him to miss the majority of the season.

Hopefully we can put all of that behind us and have them all on the pitch.

This “rivalry” should be a must on television, as it was during the 2019-2020 season. The two Los Angeles teams went 2 games apart and gave us epic battles and trash talk between players and fans.

And this trash talk is still very much alive.

The Lakers will have a difficult start to the season.

We’ll see how the 17-time champions respond to the challenge.

How Georgia’s Foreclosure Rate Compares to the Nation • The Virtue of Georgia


Demand for single-family homes has increased over the past two years as the coronavirus pandemic has prompted people to seek more living space. The increase in demand, facilitated by low interest rates and coupled with supply constraints, has led to soaring house prices. (These are 15 cities with the most expensive housing markets.)


But now the US housing market appears to be coming back to earth, with parts of the country showing early signs of distress. Foreclosure filings — a measure of the health of housing markets at the local, state or national level — are on the rise across the country.

According to Attom, a land and property data custodian, foreclosure filings – which include notices of default, bank foreclosures and scheduled auctions – increased 153% in the first half of 2022 compared to the same period last year. last.

In Georgia, foreclosures increased 148.1% from 2,310 in the first six months of 2021 to 5,731 in the first half of 2022. The state’s foreclosure rate of one in every 770 homes ranks at ninth highest in the country.

According to five-year estimates from the US Census Bureau’s 2020 American Community Survey, 64.5% of homeowners in Georgia are paying off a mortgage, the 17th-highest share among states.

The typical household in the state has an income of $61,224 per year and the typical home is worth $190,200. For context, the annual income of a typical US household is $64,994 and the national median home value is $229,800.

Rank State Foreclosure rate (foreclosures per dwelling) Foreclosed houses, 1st half of 2022 Dwellings with mortgage (%) Median home value ($)
1 Illinois 1:385 14,086 62.8 202 100
2 New Jersey 1:410 9,177 66.0 343,500
3 Ohio 1:475 11,028 62.4 151,400
4 Delaware 1:497 903 64.7 258,300
5 Caroline from the south 1:513 4,568 57.7 170 100
6 Florida 1:560 17,624 56.7 232,000
seven Nevada 1:567 2,259 67.5 290 200
8 Indiana 1:606 4,822 65.2 148,900
9 Georgia 1:770 5,731 64.5 190 200
ten Michigan 1:773 5,913 59.6 162,600
11 Connecticut 1:773 1,979 67.4 279,700
12 Oklahoma 1:824 2,120 54.5 142,400
13 Maryland 1:863 2,934 72.5 325,400
14 California 1:881 16,340 69.5 538,500
15 Iowa 1:899 1,571 60.4 153,900
16 Alabama 1:925 2,475 55.7 149,600
17 North Carolina 1:958 4,917 62.5 182 100
18 Arizona 1:961 3,207 63.3 242,000
19 Texas 1:1005 11,527 56.8 187,200
20 Pennsylvania 1:1038 5,531 59.9 187,500
21 Maine 1:1050 704 60.7 198,000
22 Colorado 1:1073 2,322 70.8 369,900
23 Missouri 1:1073 2,596 61.2 163,600
24 New York 1:1 106 7,673 59.9 325,000
25 Louisiana 1:1 107 1,873 52.0 168 100
26 Utah 1:1 127 1,022 70.1 305 400
27 Minnesota 1:1 169 2,126 66.0 235,700
28 Virginia 1:1 212 2,985 68.2 282,800
29 New Mexico 1:1 225 768 53.4 175,700
30 Wyoming 1:1394 195 58.1 228,000
31 Mississippi 1:1397 945 50.0 125,500
32 Hawaii 1:1 431 392 64.4 636,400
33 Nebraska 1:1443 585 59.4 164,000
34 Wisconsin 1:1 503 1,815 63.3 189,200
35 Tennessee 1:1528 1,984 59.0 177,600
36 Massachusetts 1:1535 1,954 68.5 398,800
37 Rhode Island 1:1560 310 67.9 276,600
38 New Hampshire 1:1593 401 65.0 272,300
39 Arkansas 1:1715 796 54.2 133,600
40 Alaska 1:1985 160 61.9 275,600
41 Washington 1:2400 1,334 68.2 366,800
42 Kentucky 1:2 432 820 57.2 147 100
43 Idaho 1:2 473 304 64.1 235,600
44 Montana 1:2 654 194 56.0 244,900
45 Oregon 1:2 782 652 66.1 336,700
46 Kansas 1:2 810 454 58.6 157,600
47 West Virginia 1:3 626 236 46.7 123,200
48 North Dakota 1:4466 83 53.2 199,900
49 Vermont 1:7598 44 62.4 230,900
50 South Dakota 1:9068 43 55.0 174,600

Samuel Stebbins, 24/7 Wall St. via The Center Square

All You Need To Know About Microfinance Loan Borrowers: RBI



oi-Kuntala Sarkar


The RBI advises on the regulations relating to borrowers of a microfinance loan. On the issue of microfinance loans, it is an important question, if all members of a household are required to become borrowers of a microfinance loan? The RBI says the guidelines will require an assessment of income and indebtedness at the household level. Thus, it will not be necessary to treat all members of the household as applicants or borrowers of a loan which may be granted to an individual member. Policies approved by the RE Board of Directors may include operational methodologies or frameworks for assessing the income and indebtedness of all household members.

All You Need To Know About Microfinance Loan Borrowers: RBI

Consumer loans

Consumer loans, such as the purchase of gadgets, meeting expenses at ceremonies, etc. without collateral, will also be treated as microfinance loans. The RBI informs that all unsecured loans to people belonging to low income households i.e. households with annual income up to Rs. 3,00,000 will be treated as microfinance loans. However, loans, backed by the mortgage of any security (such as gold, equipment, white goods, underlying assets, etc.), will not be treated as microfinance loans.

On the other hand, the instructions relating to a limit of 50% of the monthly repayment obligations of a household as a percentage of the monthly income of the household will apply to loans other than microfinance, granted to low-income households. In other words, the 50% limit will include both microfinance loans and other loans.

Borrowers must also be aware of credit facilities, not having an EMI feature to arrive at the total monthly repayment obligations, of the household. The central bank says policies approved by the ER board should cover these operational aspects on credit facilities that do not have EMI features. RBI advises, “One possible way could be to spread the annualized repayment obligations over twelve months to estimate the household’s monthly expenditure for debt repayment.”

Foreclosure | Legal announcements | oanow.com


L6366 MORTGAGE FORECLUSION SALE Default having been made in the payment of the debt secured by this certain mortgage executed by Leonard K. Oshel, Jr., and Lindsey P. Oshel, husband and wife, originally in favor of Mortgage Electronic Registration Systems, Inc. , as a nominee for Bank of America, NA, on June 12, 2009, said mortgage registered in the office of the Lee County, Alabama Probate Judge in Book 3661, Page 168; the undersigned MidFirst Bank, as mortgagee/assignee, by virtue of and by virtue of the power of sale contained in said mortgage, will sell at public auction to the highest cash bidder, outside the main entrance of the courthouse of Opelika, Lee County, Alabama, on October 6, 2022, during legal selling hours, all of its right, title and interest in and to the following described real estate, located in Lee County, Alabama, namely: Parcel 7 of Persimmon Hill Subdivision, according to and as shown by the map or plat of said subdivision of record in Town Plat Book 10, at page 124, in the office of the Probate Judge of Lee County, Alabama.. Address of the property for informational purposes: 2540 Lee Road 47, Opelika, AL 36804. THIS PROPERTY WILL BE SOLD ON AN “AS IS, WHERE IS” BASIS, WITHOUT WARRANTY OR REMEDY, EITHER EXPRESS OR IMPLIED AS TO TITLE, USE AND/OR ENJOYMENT AND WILL BE SOLD SUBJECT TO RIGHT T OF REDEMPTION FROM ALL ENTITLED PARTIES. Alabama law gives certain people who have an interest in property the right to redeem property under certain circumstances. Programs may also exist to help people avoid or delay the foreclosure process. An attorney should be consulted to help you understand these rights and programs as part of the foreclosure process. This sale is made for the purpose of paying the debt secured by said mortgage, as well as foreclosure costs. The successful bidder must submit a non-refundable deposit of five thousand dollars ($5,000.00) in certified funds payable to Tiffany & Bosco, PA at the time and place of sale. The balance of the purchase price plus deed registration fees and transfer taxes must be paid in certified funds by noon the next business day to the law office of Tiffany & Bosco, PA at the address shown below. -below. Tiffany & Bosco, PA reserves the right to award the offer to the next highest bidder if the latter does not timely submit the total amount due. The Mortgagee/Assignee reserves the right to bid on and purchase the Property and credit its purchase price with selling costs and debt secured by the Property. This sale is subject to postponement or cancellation. MidFirst Bank, (“Assignor”) Tiffany & Bosco, PA, 2311 Highland Avenue South, Suite 330, Birmingham, AL 35205 www.tblaw.com TB File Number: 22-06138 08/13/2022, 08/20/2022, 08/27/2022

Court voids Isha’s reparation, orders second investigation by arbitrator – Reuters


By Express press service

CHENNAI: The Madras High Court on Friday overturned an award granted in favor of the Isha Foundation in the dispute over higher bills for using BSNL services. BSNL has issued invoices claiming Rs 20,18,198 for the billing period of 01.12.2018 to 31.12.2018 and another bill of Rs 2,30,29,264 for the billing period of 1.1.2019 to 1.02.2019 to Isha. He challenged the bills in the High Court, which appointed retired Justice E Padmanabhan as arbitrator and he struck down both bills. Against its order, the BSNL applied to the High Court.

Appearing for BSNL, lead solicitor P Wilson argued that once the calls were made and recorded in the exchange located inside the Isha Foundation, the ashram could not deny liability on the grounds that it did not make the calls.

He said the arbitrator did not take into account call records and many decisive documents, but relied on evidence provided by an ashram yogi, and added that the men could be lying , but not the machines. The arbitrator accepted the ashram’s version and dismissed BSNL’s entire claim, Wilson said. Concurring with his arguments, Judge Senthilkumar Ramamoothy quashed the award and ordered a further investigation by the arbitrator.

The clarification of Isha Yoga
BSNL raised a bill of Rs 2.5 crore for using the phone between December 2018 and January 2019 while Isha Yoga Center’s credit limit was only Rs 66,900 per month. Prior to this, the centre’s regular monthly bill was less than Rs 22,000 per month for the past 10 years. The arbitrator disagreed with BSNL’s assertion of such an extraordinarily high bill and ordered Isha Yoga Center to deposit an average monthly amount of Rs 22,000 per month for two months, December 2018 and January 2019.

What happened
BSNL issued invoices claiming `20,18,198 for the billing period 01.12.2018 to 31.12.2018 and another bill for `2,30,29,264 for the billing period 1.1.2019 to 1.02.2019 to Isha. He challenged the bills in the High Court, which appointed retired Justice E Padmanabhan as arbitrator and he struck down both bills. Against his order, the BSNL seized the High Court

CHENNAI: The Madras High Court on Friday overturned an award granted in favor of the Isha Foundation in the dispute over higher bills for using BSNL services. BSNL has issued invoices claiming Rs 20,18,198 for the billing period of 01.12.2018 to 31.12.2018 and another bill of Rs 2,30,29,264 for the billing period of 1.1.2019 to 1.02.2019 to Isha. He challenged the bills in the High Court, which appointed retired Justice E Padmanabhan as arbitrator and he struck down both bills. Against its order, the BSNL applied to the High Court. Appearing for BSNL, lead solicitor P Wilson argued that once the calls were made and recorded in the exchange located inside the Isha Foundation, the ashram could not deny liability on the grounds that it did not make the calls. He said the arbitrator did not take into account call records and many decisive documents, but relied on evidence provided by an ashram yogi, and added that the men could be lying , but not the machines. The arbitrator accepted the ashram’s version and dismissed BSNL’s entire claim, Wilson said. Concurring with his arguments, Judge Senthilkumar Ramamoothy quashed the award and ordered a further investigation by the arbitrator. Isha Yoga BSNL clarification raised Rs 2.5 crore bill for phone usage between Dec 2018 and Jan 2019 when Isha Yoga Center credit limit was only Rs 66,900 per month . Prior to this, the centre’s regular monthly bill was less than Rs 22,000 per month for the past 10 years. The arbitrator disagreed with BSNL’s assertion of such an extraordinarily high bill and ordered Isha Yoga Center to deposit an average monthly amount of Rs 22,000 per month for two months in December 2018 and January 2019. the billing period from 01.12.2018 to 31.12.2018 and another invoice of `2,30,29,264 for the billing period from 1.1.2019 to 1.02.2019 to Isha. He challenged the bills in the High Court, which appointed retired Justice E Padmanabhan as arbitrator and he struck down both bills. Against his order, the BSNL seized the High Court

EAGLE FINANCIAL SERVICES INC Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q)

The purpose of this discussion is to focus on the important factors affecting
the Company's financial condition, results of operations, liquidity and capital
resources. This discussion should be read in conjunction with the Company's
Consolidated Financial Statements and the Notes to the Consolidated Financial
Statements presented in Part I, Item 1, Financial Statements, of this Form 10-Q
and Item 8, Financial Statements and Supplementary Data, of the 2021 Form 10-K.


Eagle Financial Services, Inc. is a bank holding company which owns 100% of the
stock of Bank of Clarke County (the "Bank" and, collectively with Eagle
Financial Services, Inc., the "Company", "we", "us" or "our"). Accordingly, the
results of operations for the Company are dependent upon the operations of the
Bank. The Bank conducts a commercial banking business which consists of
attracting deposits from the general public and investing those funds in
commercial, consumer and real estate loans and municipal and U.S. government
agency securities. The Bank's deposits are insured by the Federal Deposit
Insurance Corporation to the maximum extent permitted by law. At June 30, 2022,
the Company had total assets of $1.40 billion, net loans of $1.11 billion, total
deposits of $1.23 billion, and shareholders' equity of $99.5 million. The
Company's net income was $7.24 million for the six months ended June 30, 2022.


The Company strives to be an outstanding financial institution in its market by
building solid sustainable relationships with: (1) its customers, by providing
highly personalized customer service, a network of conveniently placed branches
and ATMs, a competitive variety of products/services and courteous, professional
employees, (2) its employees, by providing generous benefits, a positive work
environment, advancement opportunities and incentives to exceed expectations,
(3) its communities, by participating in local concerns, providing monetary
support, supporting employee volunteerism and providing employment
opportunities, and (4) its shareholders, by providing sound profits and returns,
sustainable growth, regular dividends and committing to its local, independent


The Bank is a locally owned and managed financial institution. This allows the
Bank to be flexible and responsive in the products and services it offers. The
Bank grows primarily by lending funds to local residents and businesses at a
competitive price that reflects the inherent risk of lending. The Bank attempts
to fund these loans through deposits gathered from local residents and
businesses. The Bank prices its deposits by comparing alternative sources of
funds and selecting the lowest cost available. When deposits are not adequate to
fund asset growth, the Bank relies on borrowings, both short and long term. The
Bank's primary source of borrowed funds is the Federal Home Loan Bank of Atlanta
which offers numerous terms and rate structures to the Bank.

As interest rates change, the Bank attempts to maintain its net interest margin.
This is accomplished by changing the price, terms, and mix of its financial
assets and liabilities. The Bank also earns fees on services provided through
its trust department, sales of investments through Eagle Investment Services,
secondary market mortgage activities, and deposit operations. The Bank also
incurs noninterest expenses such as compensating employees, maintaining and
acquiring fixed assets, and purchasing goods and services necessary to support
its daily operations.

The Bank has a marketing department which seeks to develop new business. This is
accomplished through an ongoing calling program whereby account officers visit
with existing and potential customers to discuss the products and services
offered. The Bank also utilizes traditional advertising such as television
commercials, radio ads, newspaper ads, and billboards.



Administration and supervision over the lending process is provided by the
Bank's Credit Administration Department. The principal risk associated with the
Bank's loan portfolio is the creditworthiness of its borrowers. In an effort to
manage this risk, the Bank's policy gives loan amount approval limits to
individual loan officers based on their position and level of experience. Credit
risk is increased or decreased, depending on the type of loan and prevailing
economic conditions. In consideration of the different types of loans in the
portfolio, the risk associated with real estate mortgage loans, commercial loans
and consumer loans varies based on employment levels, consumer confidence,
fluctuations in the value of real estate and other conditions that affect the
ability of borrowers to repay debt.

The Company has written policies and procedures to help manage credit risk. The
Company utilizes a loan review process that includes formulation of portfolio
management strategy, guidelines for underwriting standards and risk assessment,
procedures for ongoing identification and management of credit deterioration,
and regular portfolio reviews to establish loss exposure and to ascertain
compliance with the Company's policies.

The Bank uses a tiered approach to approve credit requests consisting of
individual lending authorities, joint approval of Category I officers, and a
director loan committee. Lending limits for individuals are set by the Board of
Directors and are determined by loan purpose, collateral type, and internal risk
rating of the borrower. The highest individual authority (Category I) is
assigned to the Bank's President / Chief Executive Officer, Chief Revenue
Officer and Chief Credit Officer (approval authority only). Two officers in
Category I may combine their authority to approve loan requests to borrowers
with credit exposure up to $10.0 million on a secured basis and $6.0 million
unsecured; and the three Category I Officers can combine to approve loan
requests to borrowers with credit exposure up to $15.0 million on a secured
basis and $9.0 million unsecured. Officers in Category II, III, IV, V, VI and
VII have lesser authorities and with approval of a Category I officer may extend
loans to borrowers with exposure of $5.0 million on a secured basis and $3.0
million unsecured. Officers in Categories A through F can also utilize the
co-approval of the Regional and Small Business Credit Officers to extend loans
with exposures up to $2.5 million and $1.5 million respectively on a secured
basis, and up to $1 million and $750 thousand respectively on an unsecured
basis. Loans exceeding $15.0 million and up to the Bank's legal lending limit
can be approved by the Director Loan Committee consisting of four directors
(three directors constituting a quorum). The Director's Loan Committee also
reviews and approves changes to the Bank's Loan Policy as presented by


The following sections discuss the major categories of loans within the total loan portfolio:

Residential real estate loans for one to four families

Residential lending activity may be generated by the Bank's loan officer
solicitations, referrals by real estate professionals, and existing or new bank
customers. Loan applications are taken by a Bank loan officer. As part of the
application process, information is gathered concerning income, employment and
credit history of the applicant. The valuation of residential collateral is
provided by independent fee appraisers who have been approved by the Bank's
Directors Loan Committee. In connection with residential real estate loans, the
Bank requires title insurance, hazard insurance and, if applicable, flood
insurance. In addition to traditional residential mortgage loans secured by a
first or junior lien on the property, the Bank offers home equity lines of

Commercial real estate loans

Commercial real estate loans are secured by various types of commercial real
estate in the Bank's market area, including multi-family residential buildings,
commercial buildings and offices, small shopping centers and churches.
Commercial real estate loan originations are obtained through broker referrals,
direct solicitation of developers and continued business from customers. In its
underwriting of commercial real estate, the Bank's loan to original appraised
value ratio is generally 80% or less. Commercial real estate lending entails
significant additional risk as compared with residential mortgage lending.
Commercial real estate loans typically involve larger loan balances concentrated
with single borrowers or groups of related borrowers. Additionally, the
repayment of loans secured by income producing properties is typically dependent
on the successful operation of a business or a real estate project and thus may
be subject, to a greater extent, to adverse conditions in the real estate market
or the economy, in general. The Bank's commercial real estate loan underwriting
criteria require an examination of debt service coverage ratios, the borrower's
creditworthiness, prior credit history and reputation, and the Bank typically
requires personal guarantees or endorsements of the borrowers' principal owners.

Construction and Land Development Loans

The Bank makes local construction loans, primarily residential, and land
acquisition and development loans. The construction loans are secured by
residential houses under construction and the underlying land for which the loan
was obtained. The average life of most construction loans is less than one year
and the Bank offers both fixed and variable rate interest structures. The
interest rate structure offered to customers depends on the total amount of
these loans outstanding and the impact of the interest rate structure on the
Bank's overall interest rate risk. There are two characteristics of construction
lending which impact its overall risk as compared to residential mortgage
lending. First, there is more concentration risk due to the extension of a large
loan balance through several lines of credit to a single developer or
contractor. Second, there is more collateral risk due to the fact that loan
funds are provided to the borrower based upon the estimated value of the
collateral after completion. This could cause an inaccurate estimate of the
amount needed to complete construction or an excessive loan-to-value ratio. To
mitigate the risks associated with construction lending, the Bank generally
limits loan amounts to 80% of the estimated appraised value of the finished
construction project. The Bank also obtains a first lien on the property as
security for its construction loans and typically requires personal guarantees
from the borrower's principal owners. Finally, the Bank performs inspections of
the construction projects to ensure that the percentage of construction
completed correlates with the amount of draws on the construction line of


Commercial and industrial loans

Commercial business loans generally have more risk than residential mortgage
loans, but have higher yields. To manage these risks, the Bank generally obtains
appropriate collateral and personal guarantees from the borrower's principal
owners and monitors the financial condition of its business borrowers.
Residential mortgage loans generally are made on the basis of the borrower's
ability to make repayment from employment and other income and are secured by
real estate whose value tends to be readily ascertainable. In contrast,
commercial business loans typically are made on the basis of the borrower's
ability to make repayment from cash flow from its business and are secured by
business assets, such as commercial real estate, accounts receivable, equipment
and inventory. As a result, the availability of funds for the repayment of
commercial business loans is substantially dependent on the success of the
business itself. Furthermore, the collateral for commercial business loans may
depreciate over time and generally cannot be appraised with as much precision as
residential real estate. Refer to the Marine Lending section below for
discussion of additional commercial and industrial lending.

consumer loan

The Bank offers various secured and unsecured consumer loans, which include
personal installment loans, personal lines of credit, automobile loans, and
credit card loans. The Bank originates its consumer loans within its geographic
market area and these loans are generally made to customers with whom the Bank
has an existing relationship. Consumer loans generally entail greater risk than
residential mortgage loans, particularly in the case of consumer loans which are
unsecured or secured by rapidly depreciable assets such as automobiles. In such
cases, any repossessed collateral on a defaulted consumer loan may not provide
an adequate source of repayment of the outstanding loan balance as a result of
the greater likelihood of damage, loss or depreciation. Consumer loan
collections are dependent on the borrower's continuing financial stability, and
thus are more likely to be adversely affected by job loss, divorce, illness or
personal bankruptcy. Furthermore, the application of various federal and state
laws, including federal and state bankruptcy and insolvency laws, may limit the
amount which can be recovered on such loans.

The underwriting standards employed by the Bank for consumer loans include a
determination of the applicant's payment history on other debts and an
assessment of ability to meet existing obligations and payments on the proposed
loan. The stability of the applicant's monthly income may be determined by
verification of gross monthly income from primary employment, and from any
verifiable secondary income. Although creditworthiness of the applicant is the
primary consideration, the underwriting process also includes an analysis of the
value of the security in relation to the proposed loan amount.

Refer to the Marine Loans section below for a discussion of additional consumer loans.

Marine Lending

The Bank's marine lending unit includes originated retail loans, which are
classified as commercial and industrial loans or consumer loans, depending on
the borrower, and dealer floorplan loans, which are classified as commercial and
industrial loans. The Company's relationships are limited to well established
dealers of global premium brand manufacturers. The Company's top three
manufacturer customers have been in business between 30 and 100 years. The
Company primarily has secured agreements with premium manufacturers to support
dealer floor plan loans which may reduce the Company's credit exposure to the
dealer, despite its underwriting of each respective dealer. The Company has
developed incentive retail pricing programs with the dealers to drive retail
dealer flow. Retail loans are generally limited to premium manufacturers with
established relationships with the Company which have a vested interest in the
secondary market pricing of their respective brand due to the limited inventory
available for resale. Consequently, while not contractually committed,
manufacturers will often support secondary resale values which can have the
effect of reducing losses from non-performing retail marine loans. Retail
borrowers generally have very high credit scores, substantial down payments,
substantial net worth, personal liquidity, and excess cash flow.



The financial statements of the Company are prepared in accordance with
accounting principles generally accepted in the United States of America
("GAAP"). The financial information contained within these statements is, to a
significant extent, based on measurements of the financial effects of
transactions and events that have already occurred. A variety of factors could
affect the ultimate value that is obtained when earning income, recognizing an
expense, recovering an asset or relieving a liability. In addition, GAAP itself
may change from one previously acceptable method to another method. Although the
economics of the transactions would be the same, the timing of events that would
impact the transactions could change.

Allowance for loan losses

The allowance for loan losses is an estimate of the probable losses inherent in
the Company's loan portfolio. As required by GAAP, the allowance for loan losses
is accrued when the occurrence of losses is probable and they can be
estimated. Impairment losses are accrued based on the differences between the
loan balance and the value of its collateral, the present value of future cash
flows, or the price established in the secondary market. The Company's allowance
for loan losses has three basic components: the general allowance, the specific
allowance and the unallocated allowance. Each of these components is determined
based upon estimates that can and do change when actual events occur. The
general allowance uses historical experience and other qualitative factors to
estimate future losses and, as a result, the estimated amount of losses can
differ significantly from the actual amount of losses which would be incurred in
the future. However, the potential for significant differences is mitigated by
continuously updating the loss history of the Company. The specific allowance is
based upon the evaluation of specific impaired loans on which a loss may be
realized. Factors such as past due history, ability to pay, and collateral value
are used to identify those loans on which a loss may be realized. Each of these
loans is then evaluated to determine how much loss is estimated to be realized
on its disposition. The sum of the losses on the individual loans becomes the
Company's specific allowance. This process is inherently subjective and actual
losses may be greater than or less than the estimated specific allowance. The
unallocated allowance is due to imprecision in the model and for losses that are
not directly allocable to a specific loan type within the portfolio. As the
loans, which are affected by these events, are identified or losses are
experienced on the loans which are affected by these events, they will be
reflected within the specific or general allowances. Note 1 to the Consolidated
Financial Statements presented in Item 8, Financial Statements and Supplementary
Data, of the 2021 Form 10-K, provides additional information related to the
allowance for loan losses.



The Company makes forward looking statements in this report that are subject to
risks and uncertainties. These forward looking statements include statements
regarding our expectations, intentions or objectives concerning our
profitability, liquidity, allowance for loan losses, interest rate sensitivity,
market risk, growth strategy, and financial and other goals. The words
"believes," "expects," "may," "will," "should," "projects," "contemplates,"
"anticipates," "forecasts," "intends," or other similar words or terms are
intended to identify forward looking statements. These forward looking
statements are subject to significant uncertainties because they are based upon
or are affected by factors including:

• the effects of the COVID-19 pandemic, including on the Company’s credit

quality and business operations, as well as its impact on the general economy

and financial market conditions;

• the ability to successfully manage growth or implement growth strategies if

      the Bank is unable to identify attractive markets, locations or
      opportunities to expand in the future or if the Bank is unable to
      successfully integrate new branches, business lines or other growth
      opportunities into its existing operations;

• competition with other banks and financial institutions, and companies

      outside of the banking industry, including those companies that have
      substantially greater access to capital and other resources;

  • the successful management of interest rate risk;

• the risks inherent in the granting of loans such as the risk of repayment and the fluctuation

collateral values;

• changes in general economic and business conditions in the Bank’s market


• dependence on the Bank’s management team, including the ability to attract and

      retain key personnel;

  • changes in interest rates and interest rate policies;

  • maintaining capital levels adequate to support growth;

• maintain cost control and asset quality as new branches are opened or


  • demand, development and acceptance of new products and services;

  • problems with technology utilized by the Bank;

  • changing trends in customer profiles and behavior;

• response to acts or threats of terrorism and/or military conflicts, which

could affect business and economic conditions in the WE and abroad?

• changes in banking, tax and other laws and regulations and interpretations

or advice thereunder; and

• other factors described in Section 1A., “Risk Factors”, in the Company’s 2021 Report


Due to these uncertainties, actual future results may differ materially from the results indicated by these forward-looking statements. In addition, past operating results are not necessarily indicative of future results.



Net Income

Net income for the six months ended June 30, 2022 was $7.2 million, an increase
of 23.48% or $1.4 million when compared to the same period in 2021.  Net income
for the three months ended June 30, 2022 was $3.9 million, an increase of 32.93%
or $989 thousand when compared to the same period in 2021. Earnings per share,
basic and diluted were $2.08 and $1.71 for the six months ended June 30, 2022
and 2021, respectively. Earnings per share, basic and diluted were $1.14 and
$0.87 for the three months ended June 30, 2022 and 2021, respectively

Return on average assets ("ROA") measures how efficiently the Company uses its
assets to produce net income. Some issues reflected within this efficiency
include the Company's asset mix, funding sources, pricing, fee generation, and
cost control. The ROA of the Company, on an annualized basis, for the six months
ended June 30, 2022 and 2021 was 1.08% and 1.01%, respectively.

Return on average equity ("ROE") measures the utilization of shareholders'
equity in generating net income. This measurement is affected by the same
factors as ROA with consideration to how much of the Company's assets are funded
by shareholders. The ROE of the Company, on an annualized basis, for the six
months ended June 30, 2022 and 2021 was 13.91% and 11.19%, respectively.

Net interest income

Net interest income is our primary source of revenue, representing the
difference between interest and fees earned on interest-earning assets and the
interest paid on deposits and other interest-bearing liabilities. The level of
net interest income is impacted primarily by variations in the volume and mix of
these assets and liabilities, as well as changes in interest rates. Net interest
income was $23.1 million and $19.5 million for the six months ended June 30,
2022 and 2021, respectively, which represents an increase of $3.6 million or
18.20%. Net interest income was $11.9 million and $10.0 million for the three
months ended June 30, 2022 and 2021, respectively, which represents an increase
of $1.9 million or 19.44%. Net interest income increased primarily due to the
increase in the average balance of the loan portfolio and the decrease in
interest expense on deposits. Average interest earning assets increased $172.8
million when comparing the six months ended June 30, 2021 to the six months
ended June 30, 2022 while the average yield on earning assets increased by seven
basis points over that same period.

Total interest income was $24.2 million and $20.4 million for the six months
ended June 30, 2022 and 2021, respectively, which represents an increase of $3.8
million or 18.24%. Total interest income was $12.6 million and $10.4 million for
the three months ended June 30, 2022 and 2021, respectively, which represents an
increase of $2.2 million or 21.45%. The increase in interest income was driven
by an increase in the average balance of the loan portfolio. Total interest
expense was $1.1 million and $921 thousand for the six months ended June 30,
2022 and 2021, respectively, which represents an increase of $177 thousand or
19.22%. Total interest expense was $728 thousand and $434 thousand three months
ended June 30, 2022 and 2021, respectively, which represents an increase of $294
thousand or 67.74% The majority of the increase in interest expense was due to
the subordinated debt issuance on March 31, 2022.

The net interest margin was 3.66% and 3.59% for the six months ended June 30,
2022 and 2021, respectively. The net interest margin was 3.70% and 3.56% for the
three months ended June 30, 2022 and 2021, respectively. Tax-equivalent net
interest income is calculated by adding the tax benefit on certain securities
and loans, whose interest is tax-exempt, to total interest income then
subtracting total interest expense. The tax rate used to calculate the tax
benefit was 21% for 2022 and 2021.

Given the anticipation of higher interest rates, net interest income and net interest margin may see some improvement as interest-earning assets generally revalue at a faster pace than liabilities for the remainder of 2022.


The following table shows interest income on earning assets and related average
yields as well as interest expense on interest-bearing liabilities and related
average rates paid for the three months ended June 30, 2022 and 2021 (dollars in

                                        June 30, 2022                                 June 30, 2021
                                           Interest       Average                        Interest       Average
                            Average        Income/         Yield/         Average        Income/         Yield/
Assets:                     Balance        Expense        Rate (3)        Balance        Expense        Rate (3)
Taxable                   $   177,539     $      864           1.95 %   $   159,246     $      542           1.36 %
Tax-Exempt (1)                 11,227             95           3.38 %        16,237            135           3.35 %
Total Securities          $   188,766     $      959           2.04 %   $   175,483     $      677           1.55 %
Taxable                   $ 1,068,464     $   11,643           4.37 %   $   862,078     $    9,667           4.50 %
Non-accrual                     2,470              -              - %         4,280              -              - %
Tax-Exempt (1)                  2,697             26           3.79 %         9,473            104           4.39 %
Total Loans               $ 1,073,631     $   11,669           4.36 %   $   875,831     $    9,771           4.47 %
Federal funds sold              3,068              4           0.54 %           234              -           0.08 %
deposits in other banks        31,070             41           0.53 %        83,366             15           0.08 %
Total earning assets
(2)                       $ 1,294,065     $   12,673           3.93 %   $ 1,130,634     $   10,463           3.71 %
Allowance for loan
losses                         (9,536 )                                      (7,862 )
Total non-earning
assets                         92,788                                        78,573
Total assets              $ 1,377,317                                   $ 1,201,345

Liabilities and
Shareholders' Equity:
NOW accounts              $   174,111     $       90           0.21 %   $   144,914     $       79           0.22 %
Money market accounts         267,571            150           0.22 %       213,311            148           0.28 %
Savings accounts              182,095             29           0.06 %       155,065             22           0.06 %
Time deposits:
$250,000 and more              63,913             60           0.38 %        67,706            114           0.67 %
Less than $250,000             58,003             54           0.37 %        58,520             71           0.49 %
Total interest-bearing
deposits                  $   745,693     $      383           0.21 %   $   639,516     $      434           0.27 %
Federal funds purchased         2,876              8           1.11 %             -              -              - %
Subordinated debt              29,332            337           4.62 %             -              -              - %
Total interest-bearing
liabilities               $   777,901     $      728           0.38 %   $   639,516     $      434           0.27 %
Demand deposits               485,979                                       443,397
Other Liabilities              12,468                                        12,265
Total liabilities         $ 1,276,348                                   $ 


Shareholders' equity          100,969                                       

106 167

Total liabilities and
shareholders' equity      $ 1,377,317                                   $ 1,201,345
Net interest income                       $   11,945                                    $   10,029

Net interest spread                                            3.55 %                                        3.44 %
Interest expense as a
percent of
average earning assets                                         0.23 %                                        0.15 %
Net interest margin                                            3.70 %                                        3.56 %

(1) Income and returns are reported on a tax equivalent basis using a

rate of 21%.

(2) Unaccrued loans are not included in this total as they are not

considered productive assets.

(3) Annualized.


The following table shows interest income on earning assets and related average
yields as well as interest expense on interest-bearing liabilities and related
average rates paid for the six months ended June 30, 2022 and 2021(dollars in

                                        June 30, 2022                                 June 30, 2021
                                           Interest       Average                        Interest       Average
                            Average        Income/         Yield/         Average        Income/         Yield/
Assets:                     Balance        Expense        Rate (3)        Balance        Expense        Rate (3)
Taxable                   $   181,858     $    1,653           1.83 %   $   151,753     $    1,020           1.36 %
Tax-Exempt (1)                 12,032            200           3.35 %        17,063            284           3.36 %
Total Securities          $   193,890     $    1,853           1.93 %   $   168,816     $    1,304           1.56 %
Taxable                     1,038,503         22,242           4.32 %       851,134         18,993           4.50 %
Non-accrual                     2,528              -              - %         4,430              -              - %
Tax-Exempt (1)                  2,724             52           3.79 %         9,516            208           4.41 %
Total Loans               $ 1,043,755     $   22,294           4.31 %   $   865,080     $   19,201           4.48 %
Federal funds sold              4,717              6           0.27 %           222              -           0.08 %
deposits in other banks        34,652             56           0.33 %        71,983             27           0.08 %
Total earning assets
(2)                       $ 1,274,486     $   24,209           3.83 %   $ 1,101,671     $   20,532           3.76 %
Allowance for loan
losses                         (9,256 )                                      (7,562 )
Total non-earning
assets                         90,259                                        75,917
Total assets              $ 1,355,489                                   $ 1,170,026

Liabilities and
Shareholders' Equity:
NOW accounts              $   169,690     $      175           0.21 %   $   137,921     $      153           0.22 %
Money market accounts         262,673            294           0.23 %       211,590            303           0.29 %
Savings accounts              178,733             55           0.06 %       149,792             44           0.06 %
Time deposits:
$250,000 and more              64,480            120           0.38 %        68,090            266           0.79 %
Less than $250,000             58,047            109           0.38 %        59,016            155           0.53 %
Total interest-bearing
deposits                  $   733,623     $      753           0.21 %   $   626,409     $      921           0.30 %
Federal funds purchased         1,446              8           1.11 %             -              -              - %
Subordinated debt              14,909            337           4.56 %
Total interest-bearing
liabilities               $   749,978     $    1,098           0.30 %   $   626,409     $      921           0.30 %
Demand deposits               479,464                                       425,701
Other Liabilities              21,031                                        12,203
Total liabilities         $ 1,250,473                                   $ 1,064,313
Shareholders' equity          105,016                                       105,713
Total liabilities and
shareholders' equity      $ 1,355,489                                   $ 1,170,026

Net interest income                       $   23,111                                    $   19,611

Net interest spread                                            3.53 %                                        3.46 %
Interest expense as a
percent of
average earning assets                                         0.17 %                                        0.17 %
Net interest margin                                            3.66 %                                        3.59 %


(1)Income and yields are reported on a tax-equivalent basis using a federal tax
rate of 21%.
(2)Non-accrual loans are not included in this total since they are not
considered earning assets.

The following table reconciles net interest income equivalent to taxes, which is a non-GAAP measure, to net interest income.

                                       Three Months Ended               Six Months Ended
                                            June 30,                        June 30,
                                      2022            2021            2022            2021
                                         (in thousands)                  (in thousands)
GAAP Financial Measurements:
Interest Income - Loans           $     11,663     $     9,749     $    22,283     $    19,157
Interest Income - Securities
and Other Interest-Earnings
Assets                                     984             664           1,873           1,272
Interest Expense - Deposits                383             434             753             921
Interest Expense - Other
Borrowings                                 345               -             345               -
Total Net Interest Income         $     11,919     $     9,979     $    23,058     $    19,508
Non-GAAP Financial
Add: Tax Benefit on Tax-Exempt
Interest Income - Loans (1)       $          6     $        22     $        11     $        44
Add: Tax Benefit on Tax-Exempt
Interest Income - Securities
(1)                                         20              28              42              59
Total Tax Benefit on Tax-Exempt
Interest Income                   $         26     $        50     $        53     $       103
Tax-Equivalent Net Interest
Income                            $     11,945     $    10,029     $    23,111     $    19,611

(1) The tax benefit was calculated using the federal statutory tax rate of 21%.

The tax-equivalent yield on earning assets increased from 3.76% to 3.83% for the
six months ended June 30, 2021 and 2022, respectively. For those same time
periods, the tax-equivalent yield on securities increased 37 basis points. The
tax equivalent yield on loans decreased 17 basis points from 4.48% for the six
months ended June 30, 2021 to 4.31% for the same time period in 2022. The
increase in the tax-equivalent yield on earning assets for the six months ended
June 30, 2022 resulted mostly from the increase in the tax-equivalent yield on
securities. In the current rising interest rate environment, as securities are
maturing and being called or sold, they are being replaced with securities at
higher rates. The decrease in the yield on loans as compared to the
corresponding period in 2021 was primarily due to the composition of the current
loan portfolio.

The average rate on interest bearing liabilities was unchanged at 0.30% for the
six months ended June 30, 2021 and 2022. The average rate on interest bearing
deposits decreased 9 basis points during the period. The majority of deposit
growth has been in non-maturity deposit accounts which have traditionally paid a
lower interest rate than maturity deposit accounts. The growth in lower interest
rate deposit accounts and the reduction in higher interest rate accounts as well
as the repricing of those accounts, has resulted in a lower rate paid on
interest bearing deposits. The cost of interest bearing liabilities was higher
in the


in the second quarter of 2022 and unchanged in the comparable six-month periods, despite the previously mentioned reduction in the cost of interest-bearing deposits mainly due to the issuance of subordinated debt on March 31, 2022.

Allowance for loan losses

The provision for loan losses is based upon management's estimate of the amount
required to maintain an adequate allowance for loan losses as discussed within
the Critical Accounting Policies section above. The allowance represents an
amount that, in management's judgment, will be adequate to absorb probable
losses inherent in the loan portfolio. Management's judgment in determining the
level of the allowance is based on evaluations of the collectability of loans
while taking into consideration such factors as trends in delinquencies and
charge-offs, changes in the nature and volume of the loan portfolio, current
economic conditions that may affect a borrower's ability to repay and the value
of collateral, overall portfolio quality and review of specific potential
losses. This evaluation is inherently subjective because it requires estimates
that are susceptible to significant revision as more information becomes
available. The amount of provision for loan losses is affected by several
factors including the growth rate of loans, net charge-offs (recoveries), and
the estimated amount of inherent losses within the loan portfolio. The provision
for loan losses for the six months ended June 30, 2022 and 2021 was $900
thousand and $883 thousand, respectively. The provision for loan losses for the
three months ended June 30, 2022 and 2021 was $360 thousand and $284 thousand,
respectively. The provision for the three and six months ended June 30, 2022 and
2021 resulted mostly from loan growth during the quarters.

Non-interest income

Total noninterest income for the six months ended June 30, 2022 and 2021 was
$7.1 million and $5.1 million, respectively and for the three months ended
June 30, 2022 and 2021 was $3.8 million and $2.7 million, respectively.
Management reviews the activities which generate noninterest income on an
ongoing basis. The following table provides the components of noninterest income
for the three and six months ended June 30, 2022 and 2021, which are included
within the respective Consolidated Statements of Income headings. Variances that
the Company believes require explanation are discussed below the table.

                                         Three Months Ended                                     Six Months Ended
                                              June 30,                                              June 30,
(dollars in thousands)     2022        2021        $ Change      % Change        2022        2021        $ Change      % Change
Wealth management fees    $ 1,062     $   650     $      412            63 %    $ 1,983     $ 1,257     $      726            58 %
Service charges on
deposit accounts              389         278            111            40 %        763         531            232            44 %
Other service charges
and fees                    1,029       1,066            (37 )          (3 )%     1,938       2,073           (135 )          (7 )%
(Loss) gain on sale of
securities                      -         (52 )           52            NM            -          24            (24 )          NM
(Loss) on disposal of
bank premises and
equipment                     (11 )         -            (11 )          NM          (11 )         -            (11 )          NM
Gain on sale of loans
held for sale                 498         359            139            39 %        976         359            617           172 %
Bank owned life
insurance income              178         118             60            51 %        357         223            134            60 %
Other operating income        704         231            473           205 %      1,086         610            476            78 %
Total noninterest
income                    $ 3,849     $ 2,650     $    1,199            45 %    $ 7,092     $ 5,077     $    2,015            40 %

NM - Not Meaningful

Wealth management fee income increased from 2021 to 2022. Wealth management fee
income is comprised of income from fiduciary activities as well as commissions
from the sale of non-deposit investment products. The amount of income from
fiduciary activities is determined by the number of active accounts and total
assets under management. With the addition of several new employees during 2021,
total assets under management have seen an increase during the three and six
months ended June 30, 2022 as well as over the second half of 2021.

Services charges on deposit accounts increased during the three and six months
ended June 30, 2022 when compared to the same periods in 2021. This increase is
mainly due to increases in overdraft charges. Overdraft charges can fluctuate
based on changes in customer activity.


The amount of other services charges and fees is comprised primarily of loan
servicing fee income, fees received from the Bank's credit card program and fees
generated from the Bank's ATM/debit card programs. Other service charges and
fees decreased during the three and six months ended June 30, 2022 when compared
to the same period in 2021. This decrease can be attributed to a decrease in
fees received from the Bank's credit card program since the Bank's credit card
portfolio has now been brought in-house.

During the second quarter of 2021, the Bank began to sell mortgage and marine
loans. During the first two quarters of 2022, the Company sold $9.4 million in
mortgage loans on the secondary market and $68.4 million of marine loans from
the commercial and consumer loan portfolios. These loan sales resulted in gains
of $498 thousand and $976 thousand during the three and six months ended
June 30, 2022. Beginning in the second quarter of 2021, the Company sold $4.7
million in mortgage loans on the secondary market and $18.2 million of loans
from the commercial and consumer loan portfolios. These loan sales resulted in
gains of $359 thousand during the three and six months ended June 30, 2021.

Bank owned life insurance ("BOLI") income increased for the three and six months
ended June 30, 2022 and 2021. The Company made an investment of $10.0 million
during the second quarter of 2021, which has resulted in increased BOLI income
for the three and six months ended June 30, 2022.

Non-interest expenses

Total noninterest expenses increased $3.8 million or 23% for the six months
ended June 30, 2022 compared to the same period in 2021. Total noninterest
expenses increased $1.8 million or 21% for the three months ended June 30, 2022
compared to the same period in 2021. The following table presents the components
of noninterest expense for the three and six months ended June 30, 2022 and
2021, which are included within the respective Consolidated Statements of Income
headings. Variances that the Company believes require explanation are discussed
below the table.

                                            Three Months Ended                                       Six Months Ended
                                                 June 30,                                                June 30,
(dollars in thousands)         2022        2021        $ Change      % Change         2022         2021        $ Change       % Change
Salaries and employee
benefits                     $  5,983     $ 5,310     $      673            13 %    $ 11,935     $ 10,026     $    1,909             19 %
Occupancy expenses                516         413            103            25 %       1,034          869            165             19 %
Equipment expenses                258         238             20             8 %         515          462             53             11 %
Advertising and marketing
expenses                          146         105             41            39 %         257          184             73             40 %
Stationary and supplies            66          60              6            10 %         101           98              3              3 %
ATM network fees                  310         312             (2 )          (1 )%        596          562             34              6 %
Other real estate owned
expense                             -           6             (6 )          NM             -            5             (5 )           NM
Loss on other real estate
owned                               -          92            (92 )          NM             -          102           (102 )           NM
FDIC assessment                   137         133              4             3 %         314          240             74             31 %
Computer software expense         184         281            (97 )         (35 )%        438          470            (32 )           (7 )%
Bank franchise tax                221         195             26            13 %         419          384             35              9 %
Professional fees                 876         369            507           137 %       1,340          829            511             62 %
Data processing fees              479         373            106            28 %         959          775            184             24 %
Other operating expenses        1,352         840            512            61 %       2,543        1,637            906             55 %
Total noninterest expenses   $ 10,528     $ 8,727     $    1,801            21 %    $ 20,451     $ 16,643     $    3,808             23 %

NM – Not significant

The Company's growth has had an impact on noninterest expenses. Total assets
have grown by $99.5 million or 7.63% from December 31, 2021 to June 30, 2022.
This growth has required investments to be made in the Company's infrastructure,
causing increases in salaries and employee benefits, occupancy expenses and
equipment expenses. In addition, increases in asset size and capital levels have
impacted both the FDIC assessment and bank franchise tax amounts.

Salaries and employee benefits increased during the three and six months ended
June 30, 2022 over 2021. Annual pay increases, newly hired employees, increasing
insurance costs and enhanced employee incentive plans have attributed to these


increase. The number of full-time equivalent (FTE) employees fell from 213 to June 30, 2021 at 227 at June 30, 2022.

Advertising and marketing spending increased in 2022, primarily due to increased web development and increased digital marketing campaigns.

Professional fees increased during 2022 over 2021. Included within professional
fees, legal expenses have increased primarily from the expansion of the Bank's
wealth management business line and also its build out of the marine lending

Data processing fees expenses increased in 2022 due to the fees associated to
the new general ledger system implemented in late 2021, the implementation of a
new budget system and a new loan end-to-end platform system.

For the three and six months ended June 30, 2022 other operating expenses
increased over 2021. This increase is due to increased loan related expenses due
to a higher volume, employee travel expense for training, marketing and sales
meetings, and charitable contributions.


The efficiency ratio of the Company was 67.69% and 67.07% for the six months
ended June 30, 2022 and 2021, respectively. The efficiency ratio of the Company
was 66.61% and 67.83% for the three months ended June 30, 2022 and 2021 The
efficiency ratio is not a measurement under accounting principles generally
accepted in the United States. It is calculated by dividing noninterest expense
by the sum of tax equivalent net interest income and noninterest income
excluding gains and losses on the investment portfolio and other gains/losses
from OREO, repossessed vehicles, disposals of bank premises and equipment, etc.
The tax rate utilized is 21%. The Company calculates and reviews this ratio as a
means of evaluating operational efficiency.

The calculation of the efficiency ratio for the three and six months ended
June 30, 2022 and 2021 was as follows:

                                        Three Months Ended               Six Months Ended
                                             June 30,                        June 30,
                                       2022            2021            2022            2021
                                          (in thousands)                  (in thousands)
Summary of Operating Results:
Noninterest expenses               $     10,528     $     8,727     $    20,451     $    16,643
Less: Loss on other real estate
owned                                         -              92               -             102
Adjusted noninterest expenses      $     10,528     $     8,635     $    20,451     $    16,541

Net interest income                      11,919           9,979          23,058          19,508

Noninterest income                        3,849           2,650           7,092           5,077
Less: (Loss) gain on sales of
securities                                    -             (52 )             -              24
Less: (Loss) on the sale and
disposal of premises and
equipment                                   (11 )             -             (11 )             -
Adjusted noninterest income        $      3,860     $     2,702     $     7,103     $     5,053
Tax equivalent adjustment (1)                26              50              53             103
Total net interest income and
noninterest income, adjusted       $     15,805     $    12,731     $    30,214     $    24,664

Efficiency ratio                          66.61 %         67.83 %         67.69 %         67.07 %

(1) Includes tax equivalent adjustments on loans and securities according to the federal rate

statutory tax rate of 21%.

Income taxes

Income tax expense was $1.6 million and $1.2 million during the six months ended
June 30, 2022 and 2021, respectively. Income tax expense was $888 thousand and
$615 thousand during the three months ended June 30, 2022 and 2021,
respectively. The effective tax rate was 17.70% and 16.91% for the six months
ended June 30, 2022 and 2021, respectively. The effective tax rate was 18.20%
and 17.00% for the three months ended June 30, 2022 and 2021, respectively. The
effective tax rate is below the statutory rate of 21% due to tax-exempt income
on investment securities and loans. The effective tax rate is also impacted by
BOLI as well as income tax credits on qualified affordable housing project
investments as discussed in Note 12 to the Consolidated Financial Statements as
well as qualified rehabilitation credits. The slight increases in the 2022
periods as compared to the 2021 periods was primarily due to a lower proportion
of tax exempt income to pre-tax earnings year over year.




Total securities available for sale were $179.4 million at June 30, 2022,
compared to $192.3 million at December 31, 2021. This represents an decrease of
$12.9 million or 6.74%. The Company purchased $25.8 million of securities during
the six months ended June 30, 2022. The Company had total maturities, calls, and
principal repayments of $17.4 million during the six months ended June 30, 2022.
Note 4 to the Consolidated Financial Statements provides additional details
about the Company's securities portfolio at June 30, 2022 and December 31, 2021.
The Company had a net unrealized loss on available for sale securities of $21.2
million at June 30, 2022 as compared to a net unrealized loss of $218 thousand
at December 31, 2021. Unrealized gains or losses on available for sale
securities are reported within shareholders' equity, net of the related deferred
tax effect, as accumulated other comprehensive income (loss).  The primary cause
of the unrealized losses at June 30, 2022 and December 31, 2021 was changes in
market interest rates and other market conditions and not credit concerns of the
issuers. Since the losses can be primarily attributed to changes in market
interest rates and conditions and not expected cash flows or an issuer's
financial condition and management does not intend to sell and it is likely that
management will not be required to sell the securities prior to their
anticipated recovery, the unrealized losses were deemed to be temporary.

loan portfolio

The Company's primary use of funds is supporting lending activities from which
it derives the greatest amount of interest income. Gross loans were $1.12
billion and $985.7 million at June 30, 2022 and December 31, 2021, respectively.
This represents an increase of $135.1 million or 13.71% during the six months
ended June 30, 2022. The ratio of gross loans to deposits increased during the
six months ended June 30, 2022 from 83.73% at December 31, 2021 to 91.01% at
June 30, 2022 due to strong loan growth. Loan growth excluding changes in SBA
PPP loans during the six months ended June 30, 2022 was $148.7 million or
15.33%. SBA PPP loans were originated during 2020 and 2021 and as of June 30,
2022 $2.4 million remained outstanding, down $13.5 million or 85.17% from
December 31, 2021 due to forgiveness of the PPP loan balances.

The loan portfolio consists primarily of loans for owner-occupied single-family
dwellings and loans secured by commercial real estate. Note 5 to the
Consolidated Financial Statements provides the composition of the loan portfolio
at June 30, 2022 and December 31, 2021.

Residential real estate loans were $306.1 million or 27.31% and $292.8 million
or 29.71% of total loans at June 30, 2022 and December 31, 2021, respectively.
Commercial real estate loans were $470.2 million or 41.95% and $377.1 million or
38.25% of total loans at June 30, 2022 and December 31, 2021, respectively,
representing an increase of $93.1 million or 24.7% during the six months ended
June 30, 2022. Construction, land development, and farmland loans were $78.2
million or 6.98% and $84.9 million or 8.61% of total loans at June 30, 2022 and
December 31, 2021, respectively. Consumer installment loans were $97.4 million
or 8.69% and $67.3 million or 6.83% of total loans at June 30, 2022 and
December 31, 2021, respectively, representing an increase of $30.1 million or
44.71% during the six months ended June 30, 2022. Commercial and industrial
loans were $159.3 million or 14.21% and $143.4 million or 14.55% of total loans
at June 30, 2022 and December 31, 2021, respectively. During the six months
ended June 30, 2022, loan growth was mainly concentrated in growth of our marine
lending portfolio which falls into both the consumer installment loan and
commercial and industrial loan portfolios. In addition to this strong marine
lending growth, commercial real estate loans experienced an increase during the
six months ended June 30, 2022 due largely to the expansion of the Bank's
current market area.


Allowance for loan losses

The purpose of, and the methods for, measuring the allowance for loan losses are
discussed in the Critical Accounting Policies section above. Note 5 to the
Consolidated Financial Statements shows the activity within the allowance for
loan losses during the six months ended June 30, 2022 and 2021 and the year
ended December 31, 2021. Charged-off loans were $88 thousand and $24 thousand
for the six months ended June 30, 2022 and 2021, respectively. Recoveries were
$248 thousand and $143 thousand for the six months ended June 30, 2022 and 2021,
respectively. This resulted in net recoveries of $160 thousand and $119 thousand
for the six months ended June 30, 2022 and 2021, respectively. The ratio of net
charge-offs (recoveries) to average loans was (0.02%) and (0.01%) for the six
months ended June 30, 2022 and 2021, respectively. The allowance for loan losses
as a percentage of loans was 0.88% at June 30, 2022 and 0.89% at December 31,
2021. Excluding outstanding PPP loans, the allowance for loan losses as a
percentage of total loans was 0.88% and 0.91% as of June 30, 2022 and
December 31, 2021, respectively. The percentage of the allowance for loan losses
to total loans excluding PPP loans declined slightly as compared to the prior
year end. The slight decline during the year-to-date period in 2022 was
attributable in part to the concentration of loan growth during the period in
segments which carry lower reserves. Refer to the Nonperforming Assets and Other
Assets section for discussion on nonperforming loans.

All nonaccrual and other impaired loans were evaluated for impairment and any
specific allocations were provided for as necessary. Based on management's
evaluation and update of the Company's historical loss experience adjusted for
qualitative factors assessed, the general reserve as a percentage of
non-impaired loans decreased from 0.90% at December 31, 2021 to 0.88% at
June 30, 2022. Management believes that the allowance for loan losses is
currently adequate to absorb probable and estimable losses inherent in the loan
portfolio. Management will continue to evaluate the adequacy of the allowance
for loan losses as more economic data becomes available and as changes within
the Company's portfolio are known.

Non-performing assets and other assets

Non-performing assets include non-accrual loans, repossessed assets, OREOs (foreclosed properties), and loans that are 90 days or more past due and still outstanding, as shown in the table below.

                                                       June 30, 2022       December 31, 2021
Nonaccrual loans                                      $         2,014     $             2,723
Loans past due 90 days or more and accruing
interest                                                           69                      43
Other real estate owned and repossessed assets                      -                       -
Total nonperforming assets                            $         2,083     $             2,766

Allowance for loan losses                             $         9,847     $             8,787

Gross loans                                           $     1,120,840     $           985,720

Allowance for loan losses to nonperforming assets                 473 %                   318 %

Allowance for loan losses to total loans                         0.88 %                  0.89 %

Allowance for loan losses to nonaccrual loans                     489 %                   323 %

Nonaccrual loans to total loans                                  0.18 %                  0.28 %

Non-performing assets to period end loans and other
real estate owned                                                0.19 %                  0.28 %


Nonperforming assets decreased by $683 thousand during the six months ended
June 30, 2022. Nonaccrual loans were $2.0 million and $2.7 million at June 30,
2022 and December 31, 2021. There was no OREO at June 30, 2022 and December 31,
2021. The percentage of nonperforming assets to loans and OREO was 0.19% at
June 30, 2022 and 0.28% at December 31, 2021, respectively. There were $69
thousand in loans past due 90 days or more and still accruing at June 30, 2022
and $43 thousand in loans past due 90 days or more and still accruing at
December 31, 2021.

Total loans in arrears, as disclosed in Note 5 to the consolidated financial statements, decreased to $890,000 at June 30, 2022 compared to $1.6 million
at December 31, 2021.

During the six months ended June 30, 2022, the Bank placed two loans totaling
$11 thousand on nonaccrual status. Management evaluates the financial condition
of borrowers and the value of any collateral on nonaccrual loans. The results of
these evaluations are used to estimate the amount of losses which may be
realized on the disposition of these nonaccrual loans and are reflected in the
allowance for loan losses.

Loans are placed on nonaccrual status when collection of principal and interest
is doubtful, generally when a loan becomes 90 days past due. There are three
negative implications for earnings when a loan is placed on non-accrual status.
First, all interest accrued but unpaid at the date that the loan is placed on
non-accrual status is either deducted from interest income or written off as a
loss. Second, accruals of interest are discontinued until it becomes certain
that both principal and interest can be repaid. Finally, there may be actual
losses to principal that require additional provisions for loan losses to be
charged against earnings.

For real estate loans, upon foreclosure, the balance of the loan is transferred
to OREO and carried at the fair value of the property based on current
appraisals and other current market trends, less estimated selling costs. If a
write down of the OREO property is necessary at the time of foreclosure, the
amount is charged-off to the allowance for loan losses. A review of the recorded
property value is performed in conjunction with normal loan reviews, and if
market conditions indicate that the recorded value exceeds the fair value,
additional write downs of the property value are charged directly to operations.

In addition, the Company may, under certain circumstances, restructure loans in
troubled debt restructurings as a concession to a borrower when the borrower is
experiencing financial distress. Formal, standardized loan restructuring
programs are not utilized by the Company. Each loan considered for restructuring
is evaluated based on customer circumstances and may include modifications to
one or more loan provisions. Such restructured loans are included in impaired
loans. However, restructured loans are not necessarily considered nonperforming
assets. At June 30, 2022, the Company had $3.4 million in restructured loans
with specific allowances totaling $36 thousand. At December 31, 2021, the
Company had $2.7 million in restructured loans with specific allowances totaling
$39 thousand. At June 30, 2022 and December 31, 2021, total restructured loans
performing under the restructured terms and accruing interest were $3.2 million
and $2.5 million, respectively. Two loans, totaling $141 thousand, were in
nonaccrual status at June 30, 2022. Two loans, totaling $149 thousand, were in
nonaccrual status at December 31, 2021.


Total deposits were $1.23 billion and $1.18 billion at June 30, 2022 and
December 31, 2021, respectively. This represents an increase of $54.3 million or
4.61% during the six months ended June 30, 2022. Note 7 to the Consolidated
Financial Statements provides the composition of total deposits at June 30, 2022
and December 31, 2021. The growth in deposits was organic growth as we expand
and grow into newer market areas.

Noninterest-bearing demand deposits, which are comprised of checking accounts,
increased $7.1 million or 1.53% from $470.4 million at December 31, 2021 to
$477.5 million at June 30, 2022. Savings and interest-bearing demand deposits,
which include NOW accounts, money market accounts and regular savings accounts
increased $55.7 million or 9.54% from $583.3 million at December 31, 2021 to
$639.0 million at June 30, 2022. Time deposits decreased $8.6 million or 6.93%
from $123.6 million at December 31, 2021 to $115.0 million at June 30, 2022.



The Bank continues to be a well capitalized financial institution. Total
shareholders' equity at June 30, 2022 was $99.5 million, reflecting a percentage
of total assets of 7.09%, as compared to $110.3 million and 8.46% at
December 31, 2021. The reason for the decrease in shareholders' equity during
the first half of 2022 was due to unrealized losses on the securities available
for sale portfolio. During the six months ended June 30, 2022 and 2021, the
Company declared dividends of $0.56 and $0.54 per share, respectively. The
Company has a Dividend Investment Plan that allows shareholders to reinvest
dividends in Company stock.

At June 30, 2022, the Bank met all capital adequacy requirements and had
regulatory capital ratios in excess of the levels established for
well-capitalized institutions. The Bank monitors these ratios on a quarterly
basis and has several strategies, including without limitation the issuance of
common stock, to ensure that these ratios remain above regulatory minimums.

On September 17, 2019, the Federal Deposit Insurance Corporation finalized a
rule that introduces an optional simplified measure of capital adequacy for
qualifying community banking organizations (i.e., the community bank leverage
ratio or "CBLR" framework), as required by the Economic Growth, Regulatory
Relief and Consumer Protection Act. The CBLR framework is designed to reduce
burden by removing the requirements for calculating and reporting risk-based
capital ratios for qualifying community banking organizations that opt into the
framework. In order to qualify for the CBLR framework, a community banking
organization must have a tier 1 leverage ratio of greater than 9 percent, less
than $10 billion in total consolidated assets, and limited amounts of
off-balance-sheet exposures and trading assets and liabilities. A qualifying
community banking organization that opts into the CBLR framework and meets all
requirements under the framework will be considered to have met the
well-capitalized ratio requirements under the Prompt Corrective Action
regulations and will not be required to report or calculate risk-based capital.
Under the final rule, an eligible banking organization may opt out and revert to
the risk-weighting framework without restriction. As a qualifying community
banking organization, the Bank elected to measure its capital adequacy under the
CBLR framework as of June 30, 2022 and it's leverage ratio was 9.90%. At
December 31, 2021, the Bank utilized the risk-based capital rules to assess its
capital adequacy and it's leverage, tier 1, common equity tier 1, and total
capital ratios were 8.84%, 10.44%, 10.44%, and 11.30%, respectively. Through
June 30, 2022, the Bank's capital ratios continued to exceed the regulatory
minimums for well-capitalized institutions. We are closely monitoring our
capital position and are taking appropriate steps to ensure our level of capital
remains strong. Our capital, while significant, may fluctuate in future periods
and limit our ability to pay dividends.

On March 31, 2022, the Company entered into Subordinated Note Purchase
Agreements with certain purchasers pursuant to which the Company issued and sold
$30.0 million in aggregate principal amount of its 4.50% Fixed-to-Floating Rate
Subordinated Notes due April 1, 2032 (the "Notes"). See Note 14 to the
Consolidated Financial Statements included in this Form 10-Q, for discussion of
subordinated debt.


Liquidity management involves meeting the present and future financial
obligations of the Company with the sale or maturity of assets or with the
occurrence of additional liabilities. Liquidity needs are met with cash on hand,
deposits in banks, federal funds sold, securities classified as available for
sale and loans maturing within one year. At June 30, 2022, liquid assets totaled
$318.7 million as compared to $365.1 million at December 31, 2021. These amounts
represented 24.46% and 30.61% of total liabilities at June 30, 2022 and
December 31, 2021, respectively. The Company minimizes liquidity demand by
utilizing core deposits to fund asset growth. Securities provide a constant
source of liquidity through paydowns and maturities. Also, the Company maintains
short-term borrowing arrangements, namely federal funds lines of credit, with
larger financial institutions as an additional source of liquidity. The Bank's
membership with the Federal Home Loan Bank of Atlanta provides a source of
borrowings with numerous rate and term structures. The Company's senior
management monitors the liquidity position regularly and attempts to maintain a
position which utilizes available funds most efficiently.



There were no material changes in off-balance sheet arrangements and contractual obligations, as disclosed in the 2021 Form 10-K.


————————————————– ——————————

© Edgar Online, source Previews

Rishi Sunak’s allies defend his U-turn on borrowing to deal with rising energy bills


But Mr Stride defended the decision, telling the BBC: “The big distinction here between him and Liz is basically this. What Liz relies on to provide support to those who really need it is tax cuts and National Insurance is central to that.

‘It won’t in fact pay anything over £60 a year for someone on the National Living Wage who works 40 hours a week and it won’t help the vast majority of pensioners either, the very people who need this help.

“What Rishi is saying is no, I’m not going to spend tens and tens of billions of extra loans on tax cuts, but I’ll spend a smaller, targeted amount for those who really need it and it is an essential distinction.”

“It’s a measured and proportionate approach”

Told it was still a U-turn, Mr Stride said: ‘Well it’s a measured and proportionate approach to where we are and it fits the kind of imaginative interventions and serious things that Rishi has done in the past. ”

He added: “We have to wait until August 26 to find out exactly where those caps are actually going to land and at that point I think he can give more details.

“But it’s more about saving than borrowing. To the extent that it could be borrowing it’s very small amounts and it’s one-off and I think that’s the distinction between her position and the huge tens of billions that Liz Truss would borrow to fund tax reductions.

It came as Therese Coffey, Work and Pensions Secretary and Ms Truss supporter, said more cost-of-living ‘subsidies’ for the most vulnerable would be ‘absolutely’ considered by the Business Secretary foreign if she were to win the curator. leadership race.

Ms Truss had previously hinted that she was opposed to ‘handouts’ and stressed that her priority would be to cut taxes.

Asked if ‘distributions’ would be a possibility under Ms Truss, Ms Coffey told Sky News: ‘Absolutely. Every option will be considered in terms of what support programs might be needed, whether it’s a targeted way or a general way of reducing that, taking away that increase in national insurance that Liz has gotten herself absolutely committed to doing in an emergency budget.

Notice of Foreclosure by Advertisement | Legal Notice


Notice of foreclosure by advertisement

Notice is given under section 3212 of the Judiciary Act of 1961 Revised, 1961 PA 236, MCL 600.3212, that the following mortgage shall be seized by the sale of the mortgaged premises, or part thereof here, at a public auction to the highest bidder by cash or cashier’s check at the Shiawassee County Circuit Court venue, beginning at 10:00 a.m. sharp, September 14, 2022. The amount owed on the mortgage may be higher on the day of the sale. The fact of placing the highest bid during the sale does not automatically authorize the purchaser to be free and quit ownership of the property. A potential buyer is encouraged to contact the county deed registry office or a title insurance company, either of which may charge a fee for this information:

Name(s) of mortgagor(s): ERIC HELLAND, A MARRIED MAN

Original Mortgagee: Mortgage Electronic Registration Systems, Inc., as Mortgagee, as Lender’s Agent and Lender’s successors and/or assigns

Foreclosure Assignee (if applicable): Lakeview Loan Servicing, LLC

Mortgage date: July 25, 2019

Mortgage registration date: July 29, 2019

Amount claimed due on the date of the notice: $86,901.32

Description of Mortgaged Premises: Located in the Town of Durand, Shiawassee County, Michigan, and described as follows: Lot 19, Block 2 of the Flat Addition of the MV Russell to the Village (now Town) of Durand, Shiawassee County , Michigan, as recorded in Plats Liber 1, page 32, Shiawassee County Records.

Common civic address (if applicable): 107 N MACKINAW ST, DURAND, MI 48429-1456

The redemption period shall be 6 months from the date of such sale, unless determined waived in accordance with MCL 600.3241a; or, if the property in question is used for agricultural purposes as defined by MCL 600.3240(16).

If the property is sold at a sale with foreclosure under Chapter 32 of the Judiciary (Revised) Act 1961, pursuant to MCL 600.3278, the borrower will be liable to the person purchasing the property at the sale with mortgage foreclosure or to the mortgage holder for damaging the property during the redemption period.

Attention Owner: If you are an active duty military service member, your period of active duty ended less than 90 days ago, or you have been ordered to go on active duty , please contact the lawyer for the party who is vacating the mortgage at the telephone number mentioned in this notice.

This notice is from a collection agent.

Review date: August 11, 2022

Trott’s law, PC

31440 Northwest Road, Suite 145

Farmington Hills, MI 48334

(248) 642-2515



Publication: August 11, 18 and 25, 2022 and September 1, 2022

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

Image of article titled Basic Loan Terms Everyone Should Know Before Borrowing Money

Photo: hello (Shutterstock)

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.

Related News

RBI raises repo rate by 50 basis points to 54 to rein in inflation Consumer housing loans become costlier

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.

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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.

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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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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.