Banking – WBTS Forum http://wbts-forum.org/ Sun, 10 Oct 2021 05:02:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wbts-forum.org/wp-content/uploads/2021/04/default1.png Banking – WBTS Forum http://wbts-forum.org/ 32 32 EPS Borrowed Idea Of Farm Loan Waiver From DMK, According To Kanimozhi | Coimbatore News https://wbts-forum.org/eps-borrowed-idea-of-farm-loan-waiver-from-dmk-according-to-kanimozhi-coimbatore-news/ https://wbts-forum.org/eps-borrowed-idea-of-farm-loan-waiver-from-dmk-according-to-kanimozhi-coimbatore-news/#respond Tue, 09 Mar 2021 10:57:30 +0000 https://wbts-forum.org/eps-borrowed-idea-of-farm-loan-waiver-from-dmk-according-to-kanimozhi-coimbatore-news/ Tirupur: Deputy DMK Kanimozhi attacked the AIADMK government for its alleged failure to protect farmers’ interests, even as Chief Minister Edappadi K Palaniswami campaigned in Tirupur.Speaking to the audience in Annur, which reports to the Avinashi segment of the assembly, Kanimozhi said it was DMK chairman MP Stalin who announced in January that agricultural loans […]]]>
Tirupur: Deputy DMK Kanimozhi attacked the AIADMK government for its alleged failure to protect farmers’ interests, even as Chief Minister Edappadi K Palaniswami campaigned in Tirupur.
Speaking to the audience in Annur, which reports to the Avinashi segment of the assembly, Kanimozhi said it was DMK chairman MP Stalin who announced in January that agricultural loans would be canceled in the State once DMK came to power. “EPS only woke up because of the DMK announcement and hastily made the promise to waive the farm loan. “
She said it was to cover up the government’s failure to protect the rights and interests of farmers by supporting the three farm laws brought in by the Center that EPS announced the loan forgiveness. “On the other hand, DMK has always been a friend of farmers.
Even in the case of the kudimaramathu project, Kanimozhi said, the AIADMK government had let the farmers down. “None of the water bodies have been properly desalinated. The stratagem was implemented only for the benefit of AIADMK men to loot money, ”she said, mocking the AIADMK men in Tirupur who described EPS as“ kudimaramathu nayagan ” .
Speaking to EPS, she said the BJP-AIADMK combine has not only left farmers behind, but other oppressed sections as well.


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9 reasons why your loan may be delayed in taking out https://wbts-forum.org/9-reasons-why-your-loan-may-be-delayed-in-taking-out/ https://wbts-forum.org/9-reasons-why-your-loan-may-be-delayed-in-taking-out/#respond Tue, 09 Mar 2021 10:57:29 +0000 https://wbts-forum.org/9-reasons-why-your-loan-may-be-delayed-in-taking-out/ If the loan originator’s job is to guide you halfway to apply for a mortgage – like a sherpa or a car salesman, depending on what kind of personality you get – it’s the underwriter’s job to stop all that excited momentum and meticulously examine every detail of the loan application with a magnifying glass […]]]>

If the loan originator’s job is to guide you halfway to apply for a mortgage – like a sherpa or a car salesman, depending on what kind of personality you get – it’s the underwriter’s job to stop all that excited momentum and meticulously examine every detail of the loan application with a magnifying glass . This person determines whether the loan is a good proposition or too risky from the lender’s point of view. As such, there are many reasons they could slow down your schedule.

Typically, they need more documents or information to meet the terms of the mortgage. They may also need an explanation of things in your credit or employment history – not only from you, but other parties. Other times, they assess the property you want to buy, as well as the contract between you and the seller.

You probably won’t be able to predict everything an underwriter will ask for, but you can help speed up the process by trying to anticipate their needs and prepare for them before you are asked.

Here are some of the things that a subscriber you may need during the loan review process:

1. Copies of bank statements

This is one of the most common requests, although it is usually required early on, such as when shopping for a prior approval. The loan officer can only ask for two to three months at this time. As you go down the road, the underwriter may ask for more – up to two years, especially if you take out a bank statement loan (a loan that uses bank statements as proof of income).

Alternatively, companies that have opted for electronic applications may require you to link your bank account to their system so that they can directly access statements.

2. Tax returns – or IRS transcripts

Two years of tax returns are the norm, and these are also usually requested initially for pre-approval. However, for self-employed loan applicants, the underwriter will often want to obtain transcripts directly from the IRS once the application reaches their office.

3. Copies of 1099 and / or W-2

You can ask, “If an insurer already has my tax returns, why does they also need copies of my W-2 or 1099 forms?” It is for them to know, and for you not to argue. In fact, never argue with an insurer.

4. Letters of explanation (LOX)

If the underwriter detects something curious in your financial records – for example, money transfers, something unusual on your credit report, deposits from a source that is clearly not your primary employer – they may ask you for a letter of explanation.

5. Employment verification

This is something that a lender will often ask directly from an employer. They usually inquire about the likely future of your position as well as your salary.

Note that some lenders will request these letters from self-employed as well as full-time employees. If it makes you uncomfortable asking for a referral or testimonial, it isn’t. It would be requested from the accounting department and would simply confirm your current or past 1099 contractor / supplier status.

6. Letter from an accountant certifying self-employment

For self-employed workers, your CPA can quickly become your best ally when applying for a loan. All the meticulous bookkeeping and documentation they have done for you over the years will earn you immediate credibility in the form of third party audit letters. The letter certifying self-employed status is usually the first one you will need.

7. Income statement of an accountant

Many underwriters ask for it as an additional document for self-employed people or small business owners, especially if you are applying for a bank statement loan. Income statement statements allow underwriters to see your annual balance sheet beyond the numbers you provide for tax purposes. Ideally, all it takes is a simple request to your CPA, and you would only have to pay it for as long as it takes to prepare it. Keeping your monthly books up to date will be easier on all parties than letting things pile up until taxes are due.

Note that if you do not have a regular accountant, you can prepare the income statement using accounting software and / or a template, but underwriters may require it to be audited by a CPA. independent certified.


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Millennium Student Debt by Demographics https://wbts-forum.org/millennium-student-debt-by-demographics/ https://wbts-forum.org/millennium-student-debt-by-demographics/#respond Tue, 09 Mar 2021 10:57:28 +0000 https://wbts-forum.org/millennium-student-debt-by-demographics/ (AP Photo / Emily Varisco) ASSOCIATED PRESS Last week I wrote an article describing the Millennials student debt with an undergraduate degree. This data looked at borrowing rates and the amount borrowed for students who graduated in three different years. While these data provide a first glimpse of student debt for this generation, it’s important […]]]>

Last week I wrote an article describing the Millennials student debt with an undergraduate degree. This data looked at borrowing rates and the amount borrowed for students who graduated in three different years. While these data provide a first glimpse of student debt for this generation, it’s important to understand the differences in debt between different groups of students. Looking at the final year 2015-2016, this article will examine the differences in borrowing by different demographics for students who graduated in that year.

Millennium Undergraduate Student Debt by Race

Borrowing patterns between racial / ethnic groups differ and can help us understand how debt affects student groups differently. There are differences between racial and ethnic groups both in the percentage of students who borrow for their studies and in the amount they borrow. The table below presents the borrowing rates and amounts for Millennial graduates by race and ethnicity for the 2015-2016 academic year.

As the table shows, black millennial graduates are much more likely to take out loans for their education, at a rate 17 percentage points higher than their white peers for a bachelor’s degree and 20 percentage points higher for an associate’s degree. Not only are black students borrowing at a higher rate, this data shows they are borrowing Following for their undergraduate studies. This is probably due to the racial wealth gap that exists in the United States forcing black borrowers to need more money to pay for their education. This holds true when we consider household debt in the United States at large. Black households are more likely to have student debt. Thirty-one percent of black families have student loans against only 20% of white families, despite the lower college attendance rate for black students than for white students.

Conversely, even though they suffer from racial disparities in wealth, Latinx Millennial graduates borrow at a lower rate than their white peers, especially at the associate degree level. Studies have shown that Latinx students are more likely to be opposed to loans than white students. Latinx students also borrow lower amounts than their white peers, which can be attributed to white students usually attend more expensive schools.

Millennium Undergraduate Debt by Gender

Women are more susceptible to enroll in college than men. Differences in borrowing exist between the sexes, although these are smaller differences. Median amounts borrowed for a bachelor’s degree are less than $ 300 difference. Women borrowers also borrow at a higher rate, but only five percentage points higher than men. The biggest disparity is at the associate’s degree level, where the female loan is 10 percentage points higher and about $ 3,000 more in total.

Millennium Undergraduate Debt for Low Income Students

The federal government provides a primary source of financial assistance to low-income students to increase access to higher education and make it more affordable, the Pell Grant. Depending on a student’s family income and family size, low-income students may receive a Pell Grant to reduce the cost of higher education. The amounts vary according to the determined “need” of a student. The maximum grant for the 2019-2020 academic year is just over $ 6,000. The table below shows the Borrowing Rates and Borrower Amount for Millennium Graduates, broken down by whether or not the students received a Pell Grant in the 2015-2016 year.

Data shows that students who received Pell scholarships borrow at a much higher rate than their higher-income peers. To earn an associate’s degree, Pell students borrow at a rate nearly 16 percentage points higher. For a bachelor’s degree, the difference is larger, at 24 percentage points. These disparities show that the Pell Grant did not keep up with the cost of college. Not only do they borrow at much higher rates, but Pell’s students borrow more, reflecting a reality that the grant does not adequately “level the playing field” for these students.

When discussing student debt, it is essential to understand the differences between borrowers. A student’s background influences both their likelihood of borrowing, but also the amount they could borrow. Conversations about student debt need to take these differences into account, and policy solutions need to take them into account as well.


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Businesses Linked to Oklahoma Members of Congress Receive Federal Loans https://wbts-forum.org/businesses-linked-to-oklahoma-members-of-congress-receive-federal-loans/ https://wbts-forum.org/businesses-linked-to-oklahoma-members-of-congress-receive-federal-loans/#respond Tue, 09 Mar 2021 10:57:27 +0000 https://wbts-forum.org/businesses-linked-to-oklahoma-members-of-congress-receive-federal-loans/ OKLAHOMA CITY (AP) – The family businesses of two Oklahoma congressmen have received at least $ 1.8 million from a federal bailout program meant to keep small businesses afloat during the coronavirus pandemic, according to data released Monday by the US Treasury Department. Four companies owned by Republican Markwayne Mullin received a total of $ […]]]>

OKLAHOMA CITY (AP) – The family businesses of two Oklahoma congressmen have received at least $ 1.8 million from a federal bailout program meant to keep small businesses afloat during the coronavirus pandemic, according to data released Monday by the US Treasury Department.

Four companies owned by Republican Markwayne Mullin received a total of $ 800,000 to $ 1.9 million from the Paycheque Protection Program, including Broken Arrow-based Mullin Plumbing, Inc., Mullin Environmental, Inc., Mullin Services, Inc. and Moore-based Mullin Plumbing West Division, according to the data. These companies said they were keeping 140 jobs thanks in part to the loans, the data showed.

Mullin spokeswoman Meredith Blanford said the congressman was not involved in the day-to-day operations of the companies and referred the questions to the companies’ chief financial officer.

The data also shows that KTAK Corp., a management company of several McDonald’s restaurants, from Tulsa-based Kevin Hern, received between $ 1 million and $ 2 million.

“Although Kevin is not involved in the day-to-day operations of the business, he is happy to share that the family business has been able to keep all employees at their current employment levels or move employees from part-time to full-time. , ”Hern Chief of Staff Cameron Foster said in a statement. “This means that even though the service sector has been particularly affected by the government’s response to the COVID-19 pandemic, thanks to the PPP loan, none of the family business employees have had to file an unemployment claim in due to the financial pressure of quarantine. “

While voting on legislation that their businesses could benefit from may not be illegal, it does appear to be a conflict of interest, said Aaron Scherb, spokesperson for Common Cause, a non-partisan government watchdog based in Washington, DC.

“Unfortunately, members of Congress frequently vote on bills that they can personally benefit from, and in almost all cases it is not illegal, although it certainly looks and smells bad,” said Scherb. “We think it should definitely be illegal.”

Data shows that more than 6,800 Oklahoma businesses, including private schools, tribal casinos, law firms and construction companies, have received loans of $ 150,000 or more.

The aid plan is the centerpiece of the federal government’s plan to save an economy devastated by closures and uncertainty. Under this program, the government is supporting $ 659 billion in low-interest loans from banks. Taxpayer money will repay loans if borrowers use them for payroll, rent, and similar expenses. Companies generally must have fewer than 500 workers to be eligible.

Demand was so high that a first injection of $ 349 billion ran out in just two weeks. Many Main Street businesses couldn’t navigate the application process quickly enough for one of these early loans before the funding dried up. Meanwhile, several hundred publicly traded companies – barely the image of a small business – have received loans of up to $ 10 million each, sparking a public backlash and leading dozens to repay the loan. ‘money.

The public may never know the identity of more than 80% of the nearly 5 million beneficiaries to date, as the administration has refused to disclose details of loans under $ 150,000 – the vast majority of borrowers . This secrecy sparked legal action by a group of news agencies, including the Associated Press.


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How to withdraw a co-signer from a student loan? https://wbts-forum.org/how-to-withdraw-a-co-signer-from-a-student-loan/ https://wbts-forum.org/how-to-withdraw-a-co-signer-from-a-student-loan/#respond Tue, 09 Mar 2021 10:57:27 +0000 https://wbts-forum.org/how-to-withdraw-a-co-signer-from-a-student-loan/ Depending on the situation, several options are available. (iStock) Obtain a co-signer on your student loans may allow you to qualify for a lower interest rate than you would have on your own. But for your co-signer, the loan appears on their credit report as if it was their own, increasing their debt-to-income ratio and […]]]>

Depending on the situation, several options are available. (iStock)

Obtain a co-signer on your student loans may allow you to qualify for a lower interest rate than you would have on your own.

But for your co-signer, the loan appears on their credit report as if it was their own, increasing their debt-to-income ratio and potentially making it difficult for them to get credit for themselves. Moreover, they are also responsible for repaying the loans which can cause problems if you are having trouble keeping up with your payments.

Fortunately, it is possible to release your co-signer from his obligations. Here’s what you need to know.

How to remove a co-signer from a student loan

You have two simple options if you are looking to modify your co-signed loans.

  1. Request a student loan co-signer release
  2. Refinance your student loans

1. Request a student loan co-signer release

Some private student loan companies offer a co-signer release program, which allows you to keep your loans and remove your co-signer.

Requirements to qualify for co-signer release may vary. But usually you need to make a number of consecutive payments on time and then have your credit history checked. If you meet the lender’s criteria, your co-signer will be removed and you will be able to continue making payments as a single borrower.

The process for requesting the release of the co-signer depends on the lender. Call your lender directly to understand the steps and duration of the process.

Unfortunately, co-signer release programs can be difficult to qualify. According to a 2015 report by Consumer Financial Protection Bureau, 90% of borrowers who requested the release of the co-signer were rejected. That said, if you’ve been working on increasing your income and improving your credit, you may have a good chance of removing your co-signer, relieving them of their obligation and the credit implications of being on your loans.

5 STUDENT LOAN REFINANCING MISTAKES TO AVOID

2. Refinance your student loans

If your lender doesn’t offer a co-signer release program, or if you haven’t met payment terms, consider refinance your student loans instead of. The credit requirements will likely be similar to a co-signer release program because in both cases the lender wants to make sure you can qualify on your own.

If you can qualify for a student loan refinance at a lower rate than what you are currently paying, refinancing often has no downside. You can use Credible to compare student loan refinancing rates from several private lenders immediately without affecting your credit score.

With refinancing, however, you may be able to reap other benefits that you cannot get with a co-signer version. In addition to releasing your co-signer from their obligations, refinancing can also get you a lower interest rate than you are currently paying. This is especially possible if market interest rates have fallen or if your credit and income have improved significantly.

Refinancing can also give you a little more flexibility with your monthly payments. For example, if you can afford a higher monthly payment, you can choose a shorter repayment period and get rid of your debt sooner. Alternatively, if you need a little space in your budget, you can request a longer repayment term, which makes your monthly payments more affordable.

See what your estimated monthly payments would be with a refinance using Credible, which allows you to compare the rates of up to 10 student loan refinancing companies.

However, refinancing is not for everyone. Getting approved on favorable terms can be difficult, especially if it hasn’t been long since you needed a co-signer for the initial loans.

During the process, be sure to compare apples to apples with fixed interest rates and variable interest rates. Although variable rates start off lower, they can increase over time.

If you are considering refinancing your student loans, visit an online marketplace like Credible to compare lenders side by side. Just share some information about yourself and your student loans, and you can see loan offers with a simple credit check.

While you’re at it, use a student loan refinance calculator to get an idea of ​​the different reimbursement options and how that affects your monthly payments and total interest charges.

5 WAYS TO GET THE BEST STUDENT LOAN REFINANCING RATES

The bottom line

If you have a co-signer on your student loans, the sooner you can get them off debt, the better. Not only will this make it easier for them in terms of credit and financial obligations, but it can also relieve the stress of the situation.

If you are hoping to remove your co-signer from your loans, consider a co-signer release program or student loan refinance. Both options have their pros and cons, so do your research to determine which path is best for you.

And if you are considering refinancing, be sure to compare student loan refinancing rates before you apply, to make sure you find the best deal for you.

DO I NEED TO REFINANCE MY STUDENT LOANS?


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10 ways to borrow in retirement https://wbts-forum.org/10-ways-to-borrow-in-retirement/ https://wbts-forum.org/10-ways-to-borrow-in-retirement/#respond Tue, 09 Mar 2021 10:57:26 +0000 https://wbts-forum.org/10-ways-to-borrow-in-retirement/ Many retirees think they can’t take out a loan – for a car, house, or emergency – because they are no longer receiving a salary. In fact, while it may be more difficult to qualify to borrow in retirement, it is far from impossible. One thing to generally avoid, according to most experts, is borrow […]]]>

Many retirees think they can’t take out a loan – for a car, house, or emergency – because they are no longer receiving a salary. In fact, while it may be more difficult to qualify to borrow in retirement, it is far from impossible. One thing to generally avoid, according to most experts, is borrow from pension plans– like 401 (k), Individual Retirement Accounts (IRA), or pensions – as this can hurt both your savings and the income you rely on in retirement.

Key points to remember

  • It is usually better to get a loan than to borrow against your retirement savings.
  • Secured loans, which require collateral, are available to retirees and include mortgages, home equity loans and withdrawal loans, reverse mortgages, and auto loans.
  • Borrowers can usually consolidate federal student loan debt; it is also possible to consolidate credit card debt.
  • Almost anyone, including retirees, is eligible for a secured or unsecured short-term loan, but these are risky and should only be considered in an emergency.

Eligibility for retirement loans

For self-funded retirees, deriving the bulk of their income from investments, rental property, or retirement savings, lenders typically determine a potential borrower’s monthly income using one of two methods:

  1. The asset draw counts regularly every month withdrawals from retirement accounts as income.
  2. Depletion of assets, whereby the lender subtracts any down payment from the total value of your financial assets, takes 70% of the remainder and divides it by 360 months.

To either method, the lender adds any pension income, Social Security benefits, annuity income, and part-time employment income.

Keep in mind that loans are either secure or unsecured. A secured loan requires the borrower to provide collateral, such as a house, investments, vehicles, or other property, to secure the loan. If the borrower does not pay, the lender can seize the collateral. An unsecured loan, which does not require collateral, is more difficult to obtain and has a higher interest rate than a secured loan.

Here are 10 borrowing options, along with their pros and cons, that retirees can use instead of withdrawing funds from their nest egg.

1. Mortgage loan

The most common type of secured loan is a mortgage loan, which uses the house you buy as collateral. The biggest problem with a mortgage for retirees is income, especially if it comes largely from investments or savings.

2. Home equity loan or HELOC

This type of secured loan is based on equity loan in a house. A borrower should have between 15% and 20% of their home equity — a loan-to-value ratio (LTV) 80% to 85% – and usually a credit rating of at least 620.

In particular, the Tax Reductions and Employment Act no longer allows the deduction of interest on home equity loans unless the money is used for home renovations. Another option, similar to a home equity loan, is a Home equity line of credit (HELOC).

Both are secured by the owner’s house. A home equity loan is a loan that gives the borrower an initial lump sum that is repaid over a set period of time with a fixed interest rate and payment amount. A HELOC, on the other hand, is a line of credit that can be used as needed. HELOCs generally have variable interest rates and payments are generally not fixed.

3. Cash refinance loan

This alternative to a home equity loan involves refinancing an existing home for more than what the borrower owes but less than the value of the home; the additional amount becomes a secured cash loan.

Unless there is a shorter term refinance, say 15 years, the borrower will extend the mortgage repayment term. When deciding between a refinance and a home equity loan, consider the interest rates of the old and the new loan, as well as the closing costs.

4. Reverse mortgage loan

A reverse mortgage (also known as HECM — Home Equity Conversion Mortgage) provides regular income or a lump sum based on the value of a home. Unlike a home equity loan or refinance, the loan is only repaid when the owner dies or leaves the house.

At this point, typically, the owner or heirs can sell the house to pay off the loan, the owner or heirs can refinance the loan to keep the house, or the lender may be allowed to sell the house to pay off the loan balance. .

5. USDA Home Repair Loan

If you meet the low income cut-off and plan to use the money for home repairs, you may be eligible for a Section 504 loan through the US Department of Agriculture. The interest rate is only 1% and the repayment period is 20 years. The maximum loan amount is $ 20,000, with a potential additional grant of $ 7,500 for very low income senior homeowners if used to eliminate health and safety risks in the home.

To qualify, the borrower must be the owner and occupant of the home, be unable to obtain affordable credit elsewhere, have a family income below 50% of the region’s median income, and for grants, be 62 years of age. years or older and unable to repay a repair loan.

While it may be more difficult to qualify for retirement borrowing, it is far from impossible.

6. Car loan

An auto loan offers competitive rates and is easier to obtain because it is secured by the vehicle you are purchasing. Paying cash can save interest, but only makes sense if it doesn’t deplete your savings. But in an emergency, you can sell the car to collect the funds.

7. Debt consolidation loan

A debt consolidation loan is designed to do just that: consolidate debt. This type of unsecured loan refinances your existing debt. In general, this can mean that you will pay off the debt longer, especially if the payments are lower. Also, the interest rate may or may not be lower than your current debt rate.

8. Student loan modification or consolidation

Many older borrowers who have student loans do not realize that failure to pay this debt can result in partial withholding of their Social Security payments. Fortunately, student loan consolidation programs can simplify or reduce payments by adjournment or even abstention.

Most federal student loans qualify for consolidation. However, Direct PLUS loans to parents to help pay for a dependent student’s education cannot be consolidated with federal student loans that the student has received.

9. Unsecured loans and lines of credit

Although more difficult to obtain, unsecured loans and lines of credit do not put assets at risk. Options include banks, credit unions, peer-to-peer loans (P2P) (funded by investors), or even a credit card with a 0% introductory annual rate. Only view the credit card as a source of funds if you are sure you can pay it off before the low rate expires.

10. Payday loan

Almost anyone, including retirees, may or may not qualify for a secured or unsecured short-term loan. The salary most retirees enjoy is a monthly Social Security check, and that’s what they borrow against. These loans have very high interest rates and fees and can be predatory.

You should only consider a short-term or payday loan in an emergency and when you are sure there is money to pay it off on time. Some experts say that even borrowing against a 401 (k) is better than getting tricked into one of these loans. If they are not repaid, the funds will be renewed and the interest will multiply rapidly.

The bottom line

Borrowing money in retirement is less difficult than it used to be, and many alternative options for accessing money are now available. For example, those people with whole life insurance policies might be able to get a loan by borrowing against their policy.

In addition, lenders learn to treat borrowers’ assets as income and provide more options for those who are no longer in the workforce. Before withdrawing money from your retirement savings, consider these alternatives to keep your nest egg intact.


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Agency’s David Parnes talks about the market fueled by the LA pandemic and ThePLS.com – Daily News https://wbts-forum.org/agencys-david-parnes-talks-about-the-market-fueled-by-the-la-pandemic-and-thepls-com-daily-news/ https://wbts-forum.org/agencys-david-parnes-talks-about-the-market-fueled-by-the-la-pandemic-and-thepls-com-daily-news/#respond Tue, 09 Mar 2021 10:57:26 +0000 https://wbts-forum.org/agencys-david-parnes-talks-about-the-market-fueled-by-the-la-pandemic-and-thepls-com-daily-news/ Obsessed with the online real estate ad craze of the COVID-19 pandemic? Bravo’s Million Dollar Listing Los Angeles star David Parnes of The Agency has created a new bookmark-worthy site. Double LePLS.com, it offers a free search platform for properties up to three days before they appear on the multiple listing service on third-party online […]]]>

Obsessed with the online real estate ad craze of the COVID-19 pandemic?

Bravo’s Million Dollar Listing Los Angeles star David Parnes of The Agency has created a new bookmark-worthy site.

Double LePLS.com, it offers a free search platform for properties up to three days before they appear on the multiple listing service on third-party online sites. It was originally an agent-exclusive off-market registration forum – created by the Agency’s top-selling agent, Christopher Dyson, with co-founding partners Mauricio Umansky (the CEO and founder of the Agency), James Harris (Parnes’ business partner and co-star of “Million Dollar Listing”) and Parnes – in 2017.

But Parnes, the elegant 38-year-old Londoner, said they “have decided to take the site down and rebuild it so that our agents can use ThePLS.com in a way that is 100% compliant” with the clear cooperation policy of the National Association of Realtors. This policy requires brokers to enter listings in MLS within one business day of a property being marketed to the public and up to three days if they are marketed on a Friday or face potential fines.

The new site, which has been operational since mid-January, is free to the public.

“Buyers can first access properties on ThePLS.com, before they appear elsewhere, including Zillow. And for the first time anywhere, potential sellers can research which agent has the best-suited buyer for their home and connect directly with that agent, ”Parnes said in a follow-up email from a Premier. phone interview when we asked him about the effect of the pandemic on LA’s luxury real estate market.

Question: How has business changed for LA’s luxury real estate market since the pandemic?

A: It’s actually stronger than ever.

Question: Why do you suppose?

A: I think the reason is the lifestyle that Los Angeles offers. The weather is better. More people live in Los Angeles homes than New York, Chicago, Miami, and even London. And I think that’s a big deal because, in a post-COVID world, people value their space more.

In addition, more and more people are working from home. Thus, the house has become more and more important. As such, we are seeing strong demand from first-time home buyers and buyers in general for Los Angeles as it is a very pleasant environment to live in under the circumstances.

Add to that low loan rates – especially for first-time home buyers – and you see demand really skyrocketing, which has happened.

Question: What price bracket are we talking about here when we talk about borrowers?

A: I would say $ 10 million and under is when you typically see a loan and a mortgage. And that is sure to include virtually every first-time home buyer.

Question: Who are these first-time buyers?

A: Typically these are couples or singles in their 20s and 30s and from all walks of life. They can tie up that cheap debt now for the long haul. So this is an incredible opportunity.

Question: Do Low Rates Offer Benefits to the Super-Rich?

A: For them, I think it’s more the opportunity cost. If someone with a lot of money has their money in a bank, they won’t get much of it back. So we see a lot of them putting it into real estate because it’s tangible. They can use it. But I also think they can borrow and take advantage of this cheap debt, buy it all in cash and then refinance, or whatever you have.

Question: What did you do to prepare for what you yourself said was an uncertain future at the start of the pandemic?

A: We have been very active on social media when it comes to market updates. We did a lot of Instagram Live. We were heavily promoting our properties on Instagram and were positive about the situation. And then everything changed, fortunately.

Question: That was when?

A: In about three weeks. When we hit April, we suddenly saw all of these broadcast requests and demand peaking. We have become very busy.

Question: Has the pandemic affected a change in the types of homes people want?

A: What’s interesting is that we saw a move away from older architecture, where it was more compartmentalized. All of these people wanted an open space. But now what we’ve actually seen, quite interesting, is a reversal of that. People want to compartmentalize again. The main spaces can be open plan, but people want their own separate spaces with privacy to accommodate their new lifestyle since they spend so much time at home.

About David Parnes

Title: Main

Society: The agency

Residence: Los Angeles

Education: Received his BA in Economics and Politics from the University of Manchester, England.

Previous work experience: After college, he worked in a hedge fund before moving into commercial real estate.


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Do Paycheck Protection Program Loans Work? Business leaders divided on the answer https://wbts-forum.org/do-paycheck-protection-program-loans-work-business-leaders-divided-on-the-answer/ https://wbts-forum.org/do-paycheck-protection-program-loans-work-business-leaders-divided-on-the-answer/#respond Tue, 09 Mar 2021 10:57:26 +0000 https://wbts-forum.org/do-paycheck-protection-program-loans-work-business-leaders-divided-on-the-answer/ The federal paycheck protection program has been a lifeline for some small business owners as the coronavirus ravages the US economy. But other business owners are harsh in their assessment, calling emergency loans too restrictive and prone to operation by larger companies. John Lettieri, co-founder of the Economic Innovation Group, an advocacy organization for entrepreneurs, […]]]>

The federal paycheck protection program has been a lifeline for some small business owners as the coronavirus ravages the US economy. But other business owners are harsh in their assessment, calling emergency loans too restrictive and prone to operation by larger companies.

John Lettieri, co-founder of the Economic Innovation Group, an advocacy organization for entrepreneurs, highlighted some of the program’s shortcomings. Two-year forgivable loans that charge only 1% interest focus on subsidizing the payroll rather than covering rent, supplies and other costs important to doing business, he said. -he explains.

“By strictly tying relief to payroll expenses, PPP is by design of limited utility to businesses struggling to cope with a wider range of fixed costs,” Lettieri said. “Even assuming a business can meet its other expenses, limiting the total loan amount to around 10 weeks of average monthly payroll, it offers a short trail before a cliff of impending layoffs and permanent shutdowns.”

With millions of small businesses at risk as the The US economy is collapsing, the jury is still out on the $ 660 billion rescue effort. A coalition of business groups, including the American Hotel & Lodging Association, the National Restaurant Association and the National Small Business Association, is imploring Congress to improve the Paycheck Protection Program, dubbed the PPP and administered by the US Small Business Administration.

Not just on payroll

A complaint heard by many small business owners is about the P3 requirement that borrowers use 75% of the loan to cover salary expenses if they wish to have the loan canceled. It might help keep workers on the job, but it doesn’t leave much for realities like inventory, insurance, and other business expenses that aren’t favored under loan terms.

“While payroll is really important, our business has other critical expenses to manage to keep us viable,” Justin Moore, store manager at Uncle Bobbie’s Coffee and Books in Philadelphia, told CBS MoneyWatch.

“While the payroll is really big, our business has other critical expenses,” said Justin Moore, manager of Uncle Bobbie’s Coffee and Books in Philadelphia, which is on an $ 80,000 loan under the paycheck protection program.

Justin moore


Although Uncle Bobbie landed a federal loan of around $ 80,000, Moore said, “P3 has to adapt to these new realities. It’s not about getting people to work at this point where there is no work to be done “.

The reality he sees is a long way to economic recovery: “It’s a bit redundant to use PPP now when [Uncle Bobbie’s workers] could and should collect unemployment, versus four to five months from now, when we reopen and don’t have sales to support the payroll, ”More explained. “We probably won’t be open during normal hours – we will probably have reduced hours, and that’s when these funds would really help us.”

Meanwhile, time is running out for Moore’s 17 workers. While all have filed for unemployment, the money has been slow to materialize. He plans to use some of the P3 money to keep employees on the payroll, which would allow at least part of the loan to be forgiven. The rest could be used to cover his insurance premium, maintain the café’s security system and other costs.

“A perfect fit”

PPP works best for small businesses that need to get their employees back to work immediately. Jared Ingold, owner of Vardagen, a Los Angeles-based clothing company that prints original hand-drawn designs on clothes, said his sales plummeted when the store closed and customers stopped ordering .

“Retail is our biggest source of income, as well as our printing plant in Indianapolis where we do custom printing. So the two largest parts of the business were immediately shut down,” he said.

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Jared Ingold, owner of Vardagen, a Los Angeles-based clothing company, received an $ 80,000 loan under the PPP. He’s selling a collection of coronavirus-inspired clothing on his business website to keep people working, paying rent and generating income while other parts of his business are forced to stay away from the pandemic .

Jared ingold


To keep his 10 employees in paid employment, Ingold worked quickly to increase internet sales by designing a coronavirus-themed collection and investing in online advertisements. He has applied for a loan of $ 80,000 under the program, which he plans to use on salaries and rent for employees.

“It would put us back on track and we would be able to get out of it. For what we’re doing, that would be really valuable,” he said.

Dan Barber, chef and owner of Blue Hill Restaurant in Manhattan’s West Village and Blue Hill in Stone Barns, New York, said the P3 would save him time as he rethinks his approach to the business, which employed more than 170 people before the closures. . To that end, he puts some of his staff to work packing produce from his upstate New York farm into boxes for in-home preparation.

“For us it’s a good choice, but for others it just encourages them to bring people together. Anyway, I’m grateful for that, if it can happen, that’s exactly what everything is deductible if you employ people – that’s the ticket – and my employees are my biggest cost, ”Barber said.


DC restaurant is fighting to stay open

01:43

Public relations professional Warren H. Cohn, founder of New York-based Herald PR and Emerald Digital, a New Orleans-based marketing firm, narrowly avoided having to lay off employees after receiving PPP loans from $ 157,000 (for Herald) and $ 55,000 (for Emerald).

Although business is down about 20%, Cohn said, a few customers are relying on his advice to navigate the pandemic. “We represent an ambulance company, an event medical services company and some law firms that pivot to coronavirus angles and talk about custody battles, quarantine visits, increasing divorces and bankruptcies commercial real estate, ”he said.

Still, there are some things PPP cannot protect itself against. Public health experts warn that the coronavirus, which now spreads more slowly in most parts of the United States, could erupt again towards the end of the year.

“Certainly, if the pandemic returns in the fall and winter, we’ll be in deep doo-doo with or without the loan,” Cohn said.


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Saharan dust plume could be dangerous for people with respiratory illness https://wbts-forum.org/saharan-dust-plume-could-be-dangerous-for-people-with-respiratory-illness/ https://wbts-forum.org/saharan-dust-plume-could-be-dangerous-for-people-with-respiratory-illness/#respond Tue, 09 Mar 2021 10:57:25 +0000 https://wbts-forum.org/saharan-dust-plume-could-be-dangerous-for-people-with-respiratory-illness/ NASHVILLE, Tennessee (WTVF) – We may be facing an air quality alert this weekend, thanks to a plume of dust emanating from the Saharan desert. “I don’t want to scare people, but it’s one of those things, use common sense,” said Gail Frost, executive director of the Tennessee chapter of the American Lung Association. “It’s […]]]>

NASHVILLE, Tennessee (WTVF) – We may be facing an air quality alert this weekend, thanks to a plume of dust emanating from the Saharan desert.

“I don’t want to scare people, but it’s one of those things, use common sense,” said Gail Frost, executive director of the Tennessee chapter of the American Lung Association.

“It’s a common occurrence. It happens year after year,” said Dr Aaron Milstone, pulmonologist at Williamson Medical Center.

A plume can be common, but not like this. Dr Milstone says the cloud is so big it can be seen from space. “Normally they are hazy and not very particulate. Last week the International Space Station was able to look at Earth and see this gigantic cloud of dust coming over here,” he said.

Beyond size, the impact on Middle Tennessee’s air quality is also of great concern. Frost urges anyone with lung disease to stay indoors this weekend.

“Most of the dust that we will see will be high in the atmosphere, but there will be a significant amount of it coming close to the surface,” Frost said.

If you must go out, avoid exercise and wear an N-95 mask if you have one. Dr Milstone says a cloth mask is better than nothing, but it’s not ideal. “Because these particles in the Saharan dust cloud are so fine and tiny, you really need a more suitable mask,” Milstone said.

If all else fails, Milstone recommends inhaling through your nose. “The nose helps moisten the air, and that will help trap some of these dust particles,” he said.

This comes in an already difficult year for someone with respiratory illness, given COVID-19. “2020 is not our best performance,” said Milstone. “Don’t panic, we can be ready for it.”


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Mixed finance struggles to take off https://wbts-forum.org/mixed-finance-struggles-to-take-off/ https://wbts-forum.org/mixed-finance-struggles-to-take-off/#respond Tue, 09 Mar 2021 10:57:25 +0000 https://wbts-forum.org/mixed-finance-struggles-to-take-off/ Aug 13, 2020 ANDREW JOHNSTONE manages a fund that goes “where people haven’t gone before”. Launched in 2015, Climate Investor One finances renewable energy projects deemed too risky by the market, such as wind farms in Vietnam or hydroelectric installations in Uganda. It uses grants from development agencies to attract capital from pension funds. This […]]]>

ANDREW JOHNSTONE manages a fund that goes “where people haven’t gone before”. Launched in 2015, Climate Investor One finances renewable energy projects deemed too risky by the market, such as wind farms in Vietnam or hydroelectric installations in Uganda. It uses grants from development agencies to attract capital from pension funds. This allows him to raise more money. For every dollar in grants, he got 12 dollars from the private sector.

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The fund is an example of blended finance, where public or philanthropic money reduces the risk of investments for the private sector, using financial instruments such as default insurance or loan guarantees. The mixed money directly finances projects, often infrastructure in poor countries, or goes into a fund supporting many businesses. The idea took root in development circles in the late 2000s. Many still see it as a way for markets to close the gap in financing for goal achievement. UNsustainable development goals, estimated at $ 2.5 billion per year.

Institutional investors are thought to be exposed to lower risk emerging markets. Development institutions, such as the financing arm of the World Bank, are raising more capital. Ideally, blended finance would open up new markets. Once the viability of water treatment plants in Kenya is demonstrated, for example, the private sector should fund similar projects itself.

However, mixed finance has struggled to develop. Since 2014, the flow of public and private capital into projects and mixed funds has remained stable at around $ 20 billion per year, according to data from Convergence, a nonprofit. This is a far cry from the $ 100 billion target set by the UN in 2015, which targeted spending related to climate change and was to be met this year. Even some advocates admit that the approach is stagnating.

What’s wrong ? On the one hand, institutional investors are reluctant to get involved. The asset class is unknown. Projects are often tailor-made and too small to be worth the effort; the median value was $ 50 million in 2018. This raises another issue, says Jay Collins of Citigroup, a bank. The creation of a mixed structure requires financial expertise. But wizards tend to work for large financial firms with little interest in delicate transactions. Getting a good mix also requires the trust of the public and private sides, says Johnstone. A culture shock can prevent it. One portfolio manager describes working with heavy bureaucracies as “tortuous”.

Another stumbling block lies in public institutions. On average, multilateral development banks mobilize less than a dollar of private capital for every public dollar, says Katherine Stodulka of the Blended Finance Taskforce, a global body. Part of the reason is that their inner workings encourage grants above the mix.

Viable projects are also hard to find. In poor countries, governments find it difficult to prepare projects for investors, for example lacking the expertise to carry out feasibility studies. Private investors want to maximize returns, for a given risk; funders want the most impact. A blended finance project must balance the two, and there is little, says Christoph Kuhn of the European Investment Bank (EIB).

To help blended finance flourish, some development banks are working with poor governments to show projects are viable. This costs 2 to 5% of the project expenses (in consulting fees, etc.), but reassures investors. Mr. Kuhn advises using familiar mixing techniques to investors. The EIB focuses on capital stratification, where the government tranche takes the first loss if a project goes wrong, and guarantees against losses for banks.

Greater transparency could also attract investors. Transaction data is often confidential, so it’s hard to tell which returns are normal and how many projects fail. Development banks promise more disclosure (but investors doubt that will happen).

These small fixes will encourage growth. But merging public and private money will always be difficult, and early hopes may have simply been too bright. A trillion dollar market seems well out of reach. Even reaching the hundreds of billions a year can be a stretch.

This article appeared in the Finance & Economics section of the print edition under the title “Looking for Scale”


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