Cash – Work From Homee http://work-fromhomee.com/ Tue, 27 Apr 2021 12:48:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 https://work-fromhomee.com/wp-content/uploads/2021/04/cropped-icon-32x32.png Cash – Work From Homee http://work-fromhomee.com/ 32 32 Massachusetts sues auto lender Credit Acceptance Corp., seeking $ 120 million in damages https://work-fromhomee.com/massachusetts-sues-auto-lender-credit-acceptance-corp-seeking-120-million-in-damages/ https://work-fromhomee.com/massachusetts-sues-auto-lender-credit-acceptance-corp-seeking-120-million-in-damages/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/massachusetts-sues-auto-lender-credit-acceptance-corp-seeking-120-million-in-damages/ Credit Acceptance Corp., one of the nation’s largest auto lenders to people with low credit scores, was criticized in a Massachusetts lawsuit on Monday. The lawsuit, which was brought by Massachusetts Attorney General’s Office Maura Healey, alleges the lender defrauded up to 24,000 borrowers over a six-year period in the state and seeks up to […]]]>

Credit Acceptance Corp., one of the nation’s largest auto lenders to people with low credit scores, was criticized in a Massachusetts lawsuit on Monday. The lawsuit, which was brought by Massachusetts Attorney General’s Office Maura Healey, alleges the lender defrauded up to 24,000 borrowers over a six-year period in the state and seeks up to $ 120 million in damages -interests.

“This company has made unaffordable and illegal bad credit loans to borrowers, causing them to fall into thousands of dollars in debt and even lose their vehicles,” Healey said in a statement. “We are taking a close look at this industry and we will not allow companies to profit by breaking our laws and exploiting consumers.”

 

Banks rake in PPP fees

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Shares of the company plunged nearly $ 73, or 16%, to just under $ 387 on news of the lawsuit.

According to the costumeAcceptance of credit reaped rewards on delinquent loans which often left borrowers with damaged credit and an average debt of $ 9,000 even after their car was repossessed. The company’s collectors called borrowers who fell behind on payments as often as eight times a day, according to the lawsuit.

Massachusetts law allows no more than two calls per day, the lawsuit says, alleging that accepting credit violated that law more than 1.5 million times over a six-year period.

“What the lawsuit says is, nut soup, they’re really bad guys,” says Andrew Left, an investor who bet Credit Acceptance shares will drop. Left-wing company Citron Research launched a report earlier this year alleging that the acceptance of credit defrauded borrowers.

“They give loans that people cannot afford, bankrupt them and take them to court because they know their borrowers often cannot afford a lawyer,” said Left. “The worst part is they take the cars and continue to stick the old borrowers with thousands of dollars more in debt.”

Acceptance of Credit did not return a request for comment from CBS MoneyWatch for this article.

 

Dealers disabling cars remotely

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Last year, the company made 370,000 loans and generated net income of over $ 650 million. Many of these loans have resulted in investment products that are sold to investors. Acceptance of Credit is the second largest lender in the country –– after Wells Fargo –– to borrowers with credit scores below 530. Credit scores tend to range from 300 to 850. Acceptance of credit hid to investors how risky the loans were, according to the Massachusetts lawsuit.

At the heart of the lawsuit is the claim that Credit Acceptance routinely made auto loans to borrowers whom it knew could never repay those loans. According to the lawsuit, internally, the company would rank each loan it made from 0 to 100 based on the company’s assessment of the loan amount repaid with interest. Some loans got grades in the 1950s. The average ranking of loans made by the company last year was 66, according to the lawsuit.

The lawsuit stems from an investigation by Massachusetts AG Healey that was opened almost three years ago. The company is also under investigation by the New York attorney general, as well as the Consumer Financial Protection Bureau.

“I’m just very happy to see a number of attorneys general take this issue seriously, especially when the company is so well known for targeting African Americans,” said Aaron Greenspan, an investor who also bet against the stocks. of Credit Acceptance, and which is the first writing about problems in the company at the end of 2017. “The complaint presents a wide range of allegations which show how fundamentally fraudulent the company’s business model is.”

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A simple way to calculate your real estate purchasing power https://work-fromhomee.com/a-simple-way-to-calculate-your-real-estate-purchasing-power/ https://work-fromhomee.com/a-simple-way-to-calculate-your-real-estate-purchasing-power/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/a-simple-way-to-calculate-your-real-estate-purchasing-power/ Gary Sandler | Real estate connection It’s a good idea to figure out how much of a home you can buy before you get in the car and go into loan and shopping sprees. In addition to discovering the extent of your purchasing power; you will learn enough about the qualifying process to successfully negotiate […]]]>

It’s a good idea to figure out how much of a home you can buy before you get in the car and go into loan and shopping sprees. In addition to discovering the extent of your purchasing power; you will learn enough about the qualifying process to successfully negotiate the best loan deal with lenders. All you need to accomplish this task is a little bit of information about your income, debt, and credit.

A large percentage of lenders sell their loans in the secondary market, where they are packaged in mortgage-backed securities and sold to investors – such as pension funds, insurance companies and hedge funds. Investors and mortgage insurers set the standards that buyers must meet in order for their bad credit loans to be eligible for purchase. One of these standards is the debt-to-income ratio, which reveals the percentage of a borrower’s gross income that is used to service the debt.

Investors prefer to buy loans that follow the 28/36 rule. The guideline suggests that a borrower’s house payment should not exceed 28% of their gross monthly income (the initial ratio), and that their home payment and other payments combined should not exceed 36% of their monthly income. gross monthly income (the report). In fact, the guidelines are much more generous.

Others read: New Mexico opens vaccine distribution to more people

In our part of the country, lenders regularly qualify borrowers with ratios of around 30/45 and more when a buyer is particularly qualified. With the exception of the New Mexico Mortgage Finance Authority’s first-time buyer programs, where interest rates are the same for all applicants, debt ratios play an important role in the interest rates offered to borrowers. Again, with the exception of single rate MFA programs, credit scores also have a huge impact on mortgage interest rates.

So let’s put this knowledge to work. Let’s say a buyer wants to buy a house using the minimum down payment. For veterans and active duty warriors, the deposit is zero. For everyone else, the lowest down payments are usually 3.0%, 3.5% and 5.0%. Regardless of the amount of the down payment (plus closing costs), our borrower finances roughly 100% of the purchase price. Let’s also say that the buyer’s annual income is what the census bureau reports as the median of $ 40,924, or $ 3,410 per month, for our region. https://www.census.gov/quickfacts/lascrucescitynewmexico. The median is where half does more and half does less.

Others read: New Mexico GOP says election tarnished democracy, faces criticism

The next step is to calculate the eligible ratios of our borrowers. We know he earns $ 3,410 a month. If her initial ratio is 30%, her house payment should not exceed $ 1,023 per month (30% of $ 3,410). If his back-end ratio is 45%, the house payment and other payments combined should not exceed $ 1,535. Theoretically, if he had no other payments, he could put the difference of $ 512 on his Lambo ticket and not be disqualified due to excessive debt.

The next step is to assess our buyer’s credit and reserves. Reserves are the amount of money the borrower left behind after the purchase. For new buyers who get any of the MFA products, a credit score of 620 is all you need. For other conventional and government loan products, the higher the score, the lower the rate. So how much do credit scores affect the cost of money? In a nutshell, basically.

According to the myFico loan cost calculator available to consumers on http://www.myfico.com/credit-education/calculators/loan-savings-calculator/, the monthly payment of principal and interest on our borrower’s 30-year fixed rate mortgage of $ 127,875 varies from a minimum of $ 574 to a maximum of $ 693 for the principal and interest portion of the payment. monthly.

The final step is to convert the maximum monthly payment of $ 1,021 into the maximum house price. Typically, borrowers who use minimum down payment financing pay around $ 8.00 per month for every $ 1,000 of the sale price. The amount includes principal, interest, taxes, insurance and mortgage insurance. The maximum sale price reveal is achieved by dividing our guy’s maximum monthly payment of $ 1,021 by the monthly payment of $ 8.00 per mile. The dividend is the maximum number of thousands of $ 8.00 each that the monthly payment of $ 1,021 will support. In the case of our buyer, the number of thousands is 127,626, which translates to a purchase price of $ 127,626.

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Borrowers who have high credit scores and decent reserves are usually given higher debt-to-income ratios and offered lower interest rates. The same goes for borrowers who have a history of paying mortgages or rents above normal. The allowable ratios for borrowers who have low credit scores and very few reserves will be less generous.

Now that our borrower has determined how much home he can buy, it’s time for him to start buying loans. Keep in mind that not all shoe stores offer the same shoe products, and not all lenders offer the same loan products. And, as with shoe stores, even if two lenders offer the same product, they may not offer the same price. Once our borrower has requested and received approval to buy up to a particular price, it is time for them to start shopping for a home.

Meet at the fence.

Gary Sandler is a full time real estate agent and the president of Gary Sandler Inc., real estate agents in Las Cruces. He loves to answer questions and can be reached at (575) 642-2292 or Gary@GarySandler.com.

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Do you remember when Congress was respected? https://work-fromhomee.com/do-you-remember-when-congress-was-respected/ https://work-fromhomee.com/do-you-remember-when-congress-was-respected/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/do-you-remember-when-congress-was-respected/ Earl Heal: The Good Stuff Many Americans remember well that elected politicians spoke to each other as ladies and gentlemen. The common description of a political opponent was: “My esteemed colleague”. The embodiment of this relationship was President Ronald Reagan, a Republican, and Speaker of the House Tip O’Neill, a Democrat. They have served as […]]]>


Many Americans remember well that elected politicians spoke to each other as ladies and gentlemen.

The common description of a political opponent was: “My esteemed colleague”. The embodiment of this relationship was President Ronald Reagan, a Republican, and Speaker of the House Tip O’Neill, a Democrat. They have served as models for how political leaders can differ profoundly on issues while working together for the country. Neither man embraced each other’s worldviews, but each respected the other’s right to hold it. Both were statesmen.

Compare that to the Democratic Party leadership since November 9, 2016, when it declared “resistance” to President Donald Trump. Although Senator Chuck Schumer and Representative Nancy Pelosi voted for billions of people to erect a fence to restrict illegal immigration under Obama, they have staunchly opposed any fence as immoral and ineffective.

I do not approve of President Trump’s rude speech, but I give it credit for strengthening the economy, morals, and foreign relations of the United States. Three years after incidents in Charlottesville, Virginia, Democrats still take his speech condemning white supremacists out of context to claim that he has praised white supremacists. Many Americans have been fooled into believing lies.

Before this revolution of truth and civility, I always studied each candidate’s file and voted for character, not party. Because today’s Democratic Party candidates seldom condemn their corrupt leadership, I can only hope for the day when I can vote for Democrats again. It is high time for principled Democrats to shift their support for the 500,000 members of Walk Away, now censored by Facebook.

This propensity of Democrats to sacrifice the truth for control to prevail at all costs now puts America in the face of two new legislative actions with destructive consequences – House Resolution 1, the falsely named For the People Act of 2021, and Coronavirus Response and Relief Supplemental Appropriations Act of 2021.

Today we’re going to review the Covid Relief Act (CARES) and its successor, American Rescue Plan, the current media favorite. This last act is presented to the public as critical for the victims of Covid-19. We watch history repeat itself.

The first CARES law was drafted in March 2019 and quickly secured agreement in principle between members of the House and Senate to provide financial assistance to victims of Covid-19. That deal was put on hold when the queen of hypocrisy, Pelosi, returned to Washington and added $ 95 billion for ideological agendas unrelated to viruses. After Republican senators rejected $ 60 billion of his demands, a compromise was reached and the law was passed after a week of delay.

How many deaths and bankruptcies have resulted from this delay? The misinformed public blames the delay on Republicans, and Democrats claim credit for saving the victims of heartless Republicans.

The Queen hopes today that she repeats this story.

There is bipartisan support for direct Covid-19 aid. This includes vaccinations, testing, health department support, paycheck protection, economic damage loans, airline payroll support, and foreclosure business losses at a cost of $ 167. $ 2 billion.

Extending unemployment until August at a rate that encourages people to stay unemployed will cost $ 246 billion. The socialist dream of a guaranteed income for any family with an annual income of less than $ 160,000 will increase the national debt by $ 413 billion. Bipartisan support is lost. Are you voting to pass this debt on to your posterity?

The ultimate question is, do you approve of the $ 167 billion ransom in Covid-19 care to add ideological pig costing $ 1.04 trillion to fund:

• State and local government debt in predominantly blue states.
• Unemployment assistance based on October to December levels (leading New York and California).
• Save the Pension Benefit Guaranty Corporation.
• Lifesaving schools from grades 1 to 12, open or not.
• Rescue colleges.
• Add to “Obamacare” grants, increase state funds for Medicaid, child care, public transportation, residential rental assistance, mortgage assistance, household assistance. low-income home energy, food stamps, Head Start, Amtrak, the Federal Emergency Management Agency, underprivileged farmers and ranchers, global food aid and a new bridge between New York and Canada (for Schumer).

Embarrassing?

Earl Heal is a retired Air Force officer, resident of Vacaville and member of the Right Stuff Committee of the Solano County Republican Party. Reach it at [email protected].



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4 steps to take your credit rating from ‘bad’ to ‘perfect’ https://work-fromhomee.com/4-steps-to-take-your-credit-rating-from-bad-to-perfect/ https://work-fromhomee.com/4-steps-to-take-your-credit-rating-from-bad-to-perfect/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/4-steps-to-take-your-credit-rating-from-bad-to-perfect/ Understand your score Many creditors use the popular FICO or VantageScore scoring systems, which combine financial data collected from major credit bureaus, Equifax, Experian, and TransUnion, to determine your score. Each system ranges from a minimum of 300 to a maximum of 850. A score in the range of 750 to 850 is considered “excellent”, […]]]>

Understand your score

Many creditors use the popular FICO or VantageScore scoring systems, which combine financial data collected from major credit bureaus, Equifax, Experian, and TransUnion, to determine your score. Each system ranges from a minimum of 300 to a maximum of 850.

A score in the range of 750 to 850 is considered “excellent”, while 700 to 749 is considered “good”, 650 to 700 is “fair” and 300 to 649 is “poor”. At the national level, the the average score is now 704.

Scores are directly related to the financial decisions you make, such as repay your loans or credit card bills in right time.

Make full and on-time payments

It can be difficult for cardholders, especially younger ones, to pay off their credit card debt. Almost one in four people, or 23%, of Millennials (aged 23 to 38) say they have been have a balance for at least a year, according to the financial website CreditCards.com. And more than one in 10 say they have had credit card debt for more than five years.

But pay your balance in full and on time, as well as pay off any other lingering debt, such as student loans, is the key to increasing your credit score.

Details of your payment history, including late or missed payments, are a public record. So if you can’t pay the full balance, pay what you can and look to lower your payments or pay in full in the future.

Experts like David Bach, co-founder of AE Wealth Management, suggest saving a small percentage of each paycheck to pay unpaid bills. They also advise setting up automatic transfers.

“When your paycheck is deposited,” Bach says CNBC do it, “Automatically transfer money from your checking account to a separate money market account or a separate savings account that you won’t touch. You literally want to forget it’s there.”

Yet many young people have to juggle various and even daunting debts, such as bad credit loans and car loans, as well as rising housing costs and daily expenses. All of this can make it difficult to keep track of credit card payments.

Four in ten millennials say daily spending is the number one reason they have a balance, according to CreditCards.com, which suggests “create a brutally honest budget (track each item) and including money for fun and emergencies, “to get out of the red.

Cut or reduce these common expenses and pick up a side crush can also help you pay what you owe.

Know how much you are spending

In addition to making timely payments, keep an eye on your usage rate. This is the ratio of the amount you spent on your credit card to the limit on the card.

The lower the percentage, in general, the better your credit rating. The ideal utilization rate is less than 30% of your available credit.

Keep an eye on your score

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Co-borrower: do you need it for your loan application? https://work-fromhomee.com/co-borrower-do-you-need-it-for-your-loan-application/ https://work-fromhomee.com/co-borrower-do-you-need-it-for-your-loan-application/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/co-borrower-do-you-need-it-for-your-loan-application/ March 17, 2021 8:16 AM Kiah Treece – Councilor Forbes Posted: March 17, 2021 8:16 AM Update: March 19, 2021 5:47 AM Whether you need to secure a mortgage with your spouse or finance inventory with a business partner, a co-loan agreement can be a useful solution. These joint loans allow borrowers to share the […]]]>

Whether you need to secure a mortgage with your spouse or finance inventory with a business partner, a co-loan agreement can be a useful solution. These joint loans allow borrowers to share the direct benefit of the loan while also sharing the repayment responsibility.

Applying for a loan with a co-borrower also improves your chances of getting a higher loan amount and competitive interest rate, as the lender considers two incomes for repayment instead of just one.

If you’re considering a co-borrower – or if someone has asked you to be a co-applicant – it’s important to understand joint loans from start to finish. We will walk you through it term of the loan to show you how co-borrowing works, how it differs from co-signing, and other considerations to help you make the right decision.

What is a co-borrower?

A co-borrower, or co-applicant, is a person who requests and shares responsibility for repaying a loan with another borrower; approval is based on the creditworthiness of the borrower. Joint loans are less risky for lenders because they are repaid by two sources of income rather than that of a single borrower. In a joint loan, both borrowers own the loan proceeds and are also responsible for repaying the loan balance.

Co-borrower vs co-signer

Co-signers, on the other hand, are generally not ready to benefit from the loan. Instead, the goal of a co-signer is to help the principal applicant qualify for a bad credit loans that they would not otherwise qualify for. A lender takes the credit rating and income of the co-signer into account when assessing the borrower’s application.

Unlike co-borrowers, co-signers do not own the loan proceeds or collateral and are not responsible for making payments unless the primary borrower does.

How a joint loan works

With a joint loan, the co-borrowers assume equal responsibility to repay the loan as soon as it is disbursed. When the loan is tied to a specific asset or collateral, such as an automobile, each borrower also has equal ownership of that asset. Keep in mind, however, that not all lenders offer joint loans, so check with your lender before considering a joint application.

When applying for a joint loan, check the “joint” or “co-request” box in the application to demonstrate your intention to have a co-borrower. This also ensures that the lender requests all the personal information and documentation needed from both parties. At a minimum, both applicants should expect to provide their Social Security Numbers (SSNs) for a credit check, documentation of their income, and contact details for employment verification.

Lenders often find joint loans to be less risky because two income will be used for the payment. For this reason, borrowers can access higher loan amounts and more favorable interest rates than they could without a co-borrower.

Each borrower is responsible for the payments once the lender approves the loan and disperses the funds. If a co-borrower fails to make payments on time, the lender can demand repayment of the full loan amount from either party. Ultimately, if a co-borrower defaults on the joint loan, it will be reflected on each borrower’s credit report.

When is a co-borrower a good option?

Co-borrowing is an appropriate option when both borrowers are likely to benefit directly from the loan and when both parties intend to make payments. For this reason, joint loans are the most common between business partners and spouses.

For example, if two business partners are starting a new business, they can apply for a joint loan so that they can benefit and repay the funds. Likewise, two spouses who plan to buy and pay off a new home together can do so as co-borrowers on their mortgage.

When to use a co-signer instead

Alternatively, a co-signer is more appropriate when a primary borrower needs help qualifying for a loan, does not plan to split the loan with the other borrower, and hires a co-signer with higher credit to help them out. support his request. In this case, only one of the borrowers benefits directly from the loan, and the primary borrower is the only one initially responsible for the payments.

Related: How to find a co-signer

When to avoid using a co-borrower

Joint loans can be mutually beneficial for both co-borrowers, but it’s not always the best option. For example, having a co-borrower can help someone with a low credit score qualify for a loan, but a low score will likely result in a higher interest rate or loan amount. For this reason, if your spouse, business partner, or other potential co-borrower has a low credit rating that might not qualify, it may be best to apply individually.

Also think of someone who has to take out a personal loan to cover emergency auto repairs or any other expense. Because he has a low credit score, he asks his sister to sign on as a co-applicant to improve his chances of approval and hopefully get a lower rate. However, the sister will not benefit from the loan, so it does not make sense to take responsibility for the payments. In this case, it makes more sense for the sister to serve as a co-signer.

Benefits of co-borrowing

  • Lower Annual Percentage Rate (APR): If both borrowers have a good credit rating, it is usually easier to qualify for a loan. APR or interest rate. That said, if you are considering a joint loan with, say, your spouse and they have a low qualifying credit rating, you might be better off applying individually.
  • Higher loan amounts: As with interest rates, the combination of credit and income from two co-applicants can lead to a higher loan amount. Indeed, the loan will be repaid using two incomes.
  • Borrowers share the benefits and responsibility: Joint loans allow two borrowers to share the benefit and responsibility of a loan. However, keep in mind that if one co-borrower defaults, the other borrower is responsible for the outstanding balance.
  • Better chances of approval: As with co-signers, adding a co-borrower to an application can help a borrower with less credit qualify for a loan. That said, if a co-borrower has a low qualifying credit rating, the lender is less likely to offer a competitive offer. This means that the most qualified co-borrower could be forced to repay the loan at a much higher interest rate.

Disadvantages of co-borrowing

  • Full responsibility: In addition to having full ownership rights to the loan proceeds, the co-borrowers assume full responsibility for repayment of the loan. So, if one co-borrower fails to make their payments, the other will be forced to repay the full loan amount.
  • Possible damage to credit score: When the co-borrowers take out a joint loan, they share the payment responsibilities. Because of this, if they miss payments, both borrowers will likely see their credit scores drop.
  • Strains on relationships: The damage that missed payments can cause on a joint loan is not limited to borrowers’ finances. Co-borrowing can also strain the relationship if one borrower doesn’t make payments and the other suffers.
  • Loss of warranty: If the lender needs collateral to secure a joint loan and a co-borrower does not make a payment, both parties risk losing the asset. In the case of an auto loan or mortgage, it could mean the loss of your home or your car.

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How NYC is screwing up by giving taxi drivers debt forgiveness https://work-fromhomee.com/how-nyc-is-screwing-up-by-giving-taxi-drivers-debt-forgiveness/ https://work-fromhomee.com/how-nyc-is-screwing-up-by-giving-taxi-drivers-debt-forgiveness/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/how-nyc-is-screwing-up-by-giving-taxi-drivers-debt-forgiveness/ The New York City government has set aside $ 65 million in federal stimulus funds to address the taxi driver debt crisis after days, weeks, months of yellow cab protests for the closure of bridges and highways. Instead of giving money to drivers in need, he instead bailed out wealthy lenders, including a big hedge […]]]>

The New York City government has set aside $ 65 million in federal stimulus funds to address the taxi driver debt crisis after days, weeks, months of yellow cab protests for the closure of bridges and highways. Instead of giving money to drivers in need, he instead bailed out wealthy lenders, including a big hedge fund in Connecticut.

This is meant to be a Easy explaining therefore I will not try to understand or make sense of the city’s decision to bail out the lenders and not the drivers. I can only expose the dramas involved.

Taxi drivers are in debt and the city is responsible

Here in New York City, you don’t just paint your car yellow and start picking up people from the streets. You need a special taxi medallion to make your car a taxi and pick up hail, and the city limits the number of medallions there. As you can imagine, with limited supply and high demand, the value of a locket could increase. As Uber and Lyft have completely reshaped the taxi landscape here in the city, that value has plummeted and yellow cab drivers are now underwater, struggling to pay off loans on lockets that are now worth a fraction of that. that they were at the start.

Over the past two decades, the city has not only seen these prices skyrocket, but encouraged it. To give a few figures on this subject, the prices of medallions climbed 455% from 2001 to 2014 (the last medallion auction), as the New York Times reported, only to drop quickly again. This meant that the medallions “went from $ 200,000 in 2002 to over $ 1 million in 2014, then fell to less than $ 200,000 soon after,” as City and State NY Put the.

Under the Bloomberg and De Blasio administrations, the city made $ 855 million on these stocks, as the NY Times reported in 2019. A new NY Times feature explains how the city has helped:

As The New York Times reported in a series of articles, a group of leaders in the taxi industry had artificially inflated the price of a locket to over $ 1 million by about $ 200,000. They funneled immigrant drivers into bad credit loans they couldn’t afford, creating a buying spree that drove up the price of permits, then extracted hundreds of millions of dollars before the bubble burst.

During the bubble, government officials aggravated the problems by exempting the industry from regulation. The city has also chosen to fill budget gaps by selling medallions and running advertisements promoting the permits as “better than the stock market.”

The city sold these medallions, took advantage of them. Now it’s the drivers who are hurting. As NPR said in 2018, “cities have made millions selling taxi medallions, now drivers are paying the price. “

It is also the city that helped create the debt of the drivers, so its job is easy: cancel the debt. What did the city do? Instead, bailed out the lenders.

What is the city plan?

Let drivers borrow $ 20,000 to pay off their medallion debt, and they can borrow an additional $ 9,000 for other monthly payments.

What does this accomplish?

With drivers in debt of several hundred thousand dollars, that doesn’t accomplish much! Basically all it does is funnel a lot of money to the big lenders without helping the drivers.

How the city is bailing out lenders, not drivers

It would be hard for me to even imagine a debt cancellation plan that foregoes rich lenders and not poor drivers, but that’s exactly what the city is planning. Talk with Business of Business news agency, Bhairavi Desai, leader of the for-profit New York Taxi Workers Alliance, exposed how the city is bailing out lenders using the Marblegate hedge fund for example. Marblegate is based in Greenwich, Connecticut (drivers came all the way to protest last year) and is the largest holder of medallion loans, as reported by Business of Business.

Here’s how the city is giving up on lenders and not drivers by redistributing its relief money to them, as Desai explains:

In 2018 [Marblegate] purchased around 300 taxi medallions, covering their bets on the struggling industry; Uber and Lyft (which don’t require medallions) were just thriving. As of February 2020, Marblegate has started purchasing the Medallion Loans from lenders.

In the proposal the city just announced, locket owners can borrow $ 20,000 from the city at no interest, but this must be used as leverage to negotiate debt restructuring. So the city’s plan is basically to loan the owner / driver $ 20,000, which they can then turn around and offer to the lender, Marblegate, banks or credit unions, with no concessions from the lenders. on the new balance. the loans.

Not only is the city directing its driver-driven stimulus to lenders, it does so without any guarantee that the loans will be repaid in any meaningful way.

How much debt are we talking about here?

“The city’s plan is nowhere near enough to bail out the drivers, who each owe about $ 500,000 in loans on average,” as the NY Times put it recently.

Why the city is bailing out lenders, not drivers

The De Blasio administration is having a lame duck year, with municipal elections in November 2021. Current officials will be looking for work, and it doesn’t look like they want to become taxi drivers. “A lot of them come from finance,” Desai says. “They are considering going back into finance.” Getting a bailout for a big operation like Marblegate doesn’t look bad on this resume.

What taxi drivers want

What the Taxi Workers Alliance plan is for the city to reduce loans to $ 125,000 and bail out the drivers it has helped put into debt. Lenders are still paid, but drivers are in the clear, as Desai explains:

Our proposal was for the city to put in place a safety net – if the hedge fund or the bank reduced the debt to $ 125,000, New York City would guarantee it 100% on delinquencies. The locket owners are protected and the banks and hedge funds would be guaranteed $ 125,000, even if the debt is $ 300,000 for example.

Marblegate can only collect amounts like $ 300,000 if people have assets; they hedge their bets on enough drivers with assets.

Even in the [worst] Scenario, our plan would end up costing the city $ 75 million over 20 years. Our plan is more financially sound and would save lives. Their plan costs more and does absolutely nothing, offers no relief.

The city is still under pressure

This crisis has been going on for years, and it is on the back of protests and direct pressure from other parts of the city government. The protests did not stop (we are in the seventh day of Taxi Workers Alliance protests, with a certain very good food be done in solidarity), and the threat of a lawsuit remains unclear either. New York State Attorney General Letitia James threatened to sue the city for $ 810 million last year, but abandoned the costume at the end of February 2021 in favor of supporting the Taxi Workers Alliance plan. The city may not be completely off the hook, but as The New York Times is currently reporting:

The city could still face a trial from state attorney general Letitia James, whose office investigated the crisis in response to the Times series and found the city to be primarily responsible. Ms James announced last year that unless the city bailed out the taxi drivers, it would sue the city for $ 810 million and give it to the drivers. His office did not respond to a request for comment on whether the mayor’s plan met his findings.

City controller Scott Stringer was also present at protests calling for the Taxi Workers Alliance proposal.

I’m still in awe of the city screwing up a clear and straightforward victory for one of the most public performances of New York City itself, its yellow cabs, and its drivers. The time for debt cancellation is now!

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ICRA raises Muthoot Finance’s long-term debt rating to AA + https://work-fromhomee.com/icra-raises-muthoot-finances-long-term-debt-rating-to-aa/ https://work-fromhomee.com/icra-raises-muthoot-finances-long-term-debt-rating-to-aa/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/icra-raises-muthoot-finances-long-term-debt-rating-to-aa/ ICRA has upgraded its ratings on Muthoot Finance Limited’s long-term debt facilities to ‘[ICRA] AA + (Stable) ‘of'[ICRA]AA (stable) ”. Upgrading the rating means achieving the best rating in the category and this rating is just one level below the “AAA” rating, which is the highest rating for long-term debt instruments. The rating indicates “high […]]]>


ICRA has upgraded its ratings on Muthoot Finance Limited’s long-term debt facilities to ‘[ICRA] AA + (Stable) ‘of'[ICRA]AA (stable) ”.

Upgrading the rating means achieving the best rating in the category and this rating is just one level below the “AAA” rating, which is the highest rating for long-term debt instruments. The rating indicates “high security” regarding the timely servicing of financial obligations, and these instruments carry very low credit risk.

This rating improvement will allow the company to raise more long-term debt funds and attract more investors. This upgrade may further attract investment from retail investors into the public NTM issue in which the company has a history of 24 issues raising ₹ 17,392 crore cumulatively. In addition, the company will be able to raise funds at much more competitive rates.

George Alexander Muthoot, Managing Director, said: “With this improvement in the ICRA rating, Muthoot Finance Ltd has taken an important milestone in the AA + rating of two rating agencies, previously of CRISIL. This is recognition of its leading position in the market in the gold lending sector as well as its solid financial position. We would like to emphasize that obtaining this rating level for Muthoot Finance Ltd is done independently without any parental support taken into account in this rating. We steadfastly continue in the mission of making Atmanirbhar Indians and supporting the financial needs of each individual as well as MSMEs. “

ICRA, in its rating rationale, stated that “the rating upgrade takes into account the continued good financial performance of Muthoot Finance Limited as well as the ramp-up of the overall portfolio, which was largely driven through gold lending activities. MFL’s gold loan portfolio has more than doubled over the past five years to reach ₹ 49,622 crore in December 2020 and represented around 90% of its overall consolidated portfolio. Credit costs in the gold lending activities have been brought under control, which improves the performance of the consolidated results. ICRA expects consolidated earnings performance to remain healthy, as gold loans would represent around 85 to 90 percent of the overall loan portfolio. MFL’s capitalization profile, characterized by consolidated debt under management of around 3.5 times in December 2020, should also remain comfortable in the medium term, supported by its expected good regularizations. “



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BlueShore Reports Strong Financial Results for 2020 https://work-fromhomee.com/blueshore-reports-strong-financial-results-for-2020/ https://work-fromhomee.com/blueshore-reports-strong-financial-results-for-2020/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/blueshore-reports-strong-financial-results-for-2020/ Vancouver, British Columbia – (BUSINESS WIRE) – BlueShore Financial Reports Strong Fiscal Year 2020 with Record Profits (Net Operating Income) of $ 32 Million, Including One-Time Gain of $ 9 Million and Return on Retained Earnings (RORE) of 15.5 %. Assets under administration increased 4% to $ 6.5 billion, including a 15% growth in wealth […]]]>


Vancouver, British Columbia – () – BlueShore Financial Reports Strong Fiscal Year 2020 with Record Profits (Net Operating Income) of $ 32 Million, Including One-Time Gain of $ 9 Million and Return on Retained Earnings (RORE) of 15.5 %. Assets under administration increased 4% to $ 6.5 billion, including a 15% growth in wealth management assets to $ 1.3 billion.

While 2020 has been a difficult year due to the global pandemic, BlueShore has remained resilient and stable. Despite the impact of COVID-19, BlueShore was happy to increase residential loans by $ 45 million (2%) and commercial loans by $ 34 million (2%). In addition, BlueShore exceeded $ 100 million in revenue for the first time.

“During COVID-19, BlueShore worked hard to help our customers, our employees and our communities. Throughout 2020, we have supported our clients with expert and personalized advice, as well as credit assistance through relief programs, to help them navigate the poor business climate and health, ”said Chris Catliff, President and CEO. “Going forward, to better serve our customers, we will continue to invest in our digital strategy and deepen our high-tech, high-touch approach to our premium customer experience.” BlueShore ended the year with historically low credit delinquencies as customers rebounded from the healthcare shutdown.

“In 2020, we have delivered on our commitment to keep our entire organization and move forward,” said Allan Achtemichuk, Chairman of the Board of BlueShore Financial. “In addition to achieving exceptional financial results, we were recognized as a Top 10 Kincentric Employere year in a row, gave back to the community in a meaningful way and received high marks from customers in our survey results. Our annual independent survey showed that 83% of clients surveyed rate BlueShore High as an expert provider of financial advice, compared to 66% of those who do business with other financial institutions. We are very proud of these achievements and the continued affirmation of our customers.

About BlueShore Financial

BlueShore Financial is a specialized financial institution that offers a full range of solutions for personal and business banking, wealth management, insurance and commercial loans. With a branch network located in the Lower Mainland and the Sea-to-Sky Corridor, BlueShore Financial helps clients achieve financial well-being® thanks to personalized solutions and expert advice, delivered in a unique Financial Spa® branch environment. BlueShore Financial manages over $ 6.5 billion in assets under administration and is consistently ranked among the top 20 financial planning firms in Metro Vancouver.

BlueShore Financial is a Caring Company of Imagine Canada, which annually donates at least 1% of pre-tax profits to charities and non-profits in the communities it serves. BlueShore Financial is the trading name of BlueShore Financial Credit Union.

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Anyone who makes it harder to vote should ask themselves if they have any bad ideas. https://work-fromhomee.com/anyone-who-makes-it-harder-to-vote-should-ask-themselves-if-they-have-any-bad-ideas/ https://work-fromhomee.com/anyone-who-makes-it-harder-to-vote-should-ask-themselves-if-they-have-any-bad-ideas/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/anyone-who-makes-it-harder-to-vote-should-ask-themselves-if-they-have-any-bad-ideas/ National review Black Lives Matter claims police wasted no time in taking Ma’Khia Bryant’s life senseless In an article mourning the death of Ma’Khia Bryant, a teenager from Columbus, Ohio, Black Lives Matter claimed that police “wereted no time in taking another black child unnecessarily.” . Bryant was fatally shot by police officer Nicholas Reardon […]]]>


National review

Black Lives Matter claims police wasted no time in taking Ma’Khia Bryant’s life senseless

In an article mourning the death of Ma’Khia Bryant, a teenager from Columbus, Ohio, Black Lives Matter claimed that police “wereted no time in taking another black child unnecessarily.” . Bryant was fatally shot by police officer Nicholas Reardon after accusing two women with a knife and attempting to stab them. Many nearby witnesses, after watching video footage of the incident, concluded that the cop had no choice but to open fire to end the threat against the other parties. “Together, we will raise, center and honor this black child for what she loved: combing her hair, making TikToks and being a teenager,” commented Black Lives Matter. The Black Lives Matter page on Bryant continues: “Columbus Police Officer Nicholas Reardon arrived and shot this 16-year-old at point blank range within seconds. The message also claimed that Bryant made the 911 call which drew officers to the scene. While Bryant’s family members said she made the call, police declined to identify the caller, although they released an audio recording of the call in which the caller can being heard say that an unidentified person is “trying to stab us”. Bryant’s death closely followed the release of the guilty verdict of Officer Derek Chauvin, who was convicted of second degree murder, third degree murder and manslaughter of George Floyd. “Another black life stolen without regard,” the organization wrote. “Ma’Khia Bryant’s life mattered.”



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‘Moral leader’ for Greenwich: historic town leader Nancy Brown dies at 88 https://work-fromhomee.com/moral-leader-for-greenwich-historic-town-leader-nancy-brown-dies-at-88/ https://work-fromhomee.com/moral-leader-for-greenwich-historic-town-leader-nancy-brown-dies-at-88/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://work-fromhomee.com/moral-leader-for-greenwich-historic-town-leader-nancy-brown-dies-at-88/ GREENWICH – Called “a great healer and sympathizer of the people of Greenwich,” Nancy Brown is remembered as an icon in the history of the city government committed to providing for the less fortunate by those in need. knew her and loved her. Brown died on March 11 in Bridgeport Hospital from lymphoma. She was […]]]>


GREENWICH – Called “a great healer and sympathizer of the people of Greenwich,” Nancy Brown is remembered as an icon in the history of the city government committed to providing for the less fortunate by those in need. knew her and loved her.

Brown died on March 11 in Bridgeport Hospital from lymphoma. She was 88 years old.

A town resident for 65 years, Brown was the town’s director of community development from 1978 to 2007 – the first black woman to head a town department in Greenwich’s history.

“She had this way of herself that was very confident and sure of herself,” Myra Klockenbrink, Brown’s daughter-in-law said Friday. “But at the same time, she was very withdrawn. She’s gained so much recognition and accomplished so much – but she never wore it.

“She had that kind of Southern way that was so graceful, and she opposed a lot of the limelight and attention given to her,” Klockenbrink said. “When she was recognized, she was always kind. She had a nice way of her.

Brown, who lived in an assisted living facility until shortly before her death, never lost what made her special – not even when she was hospitalized, Klockenbrink said.

Staff at both “tripped over looking after her because she was so adorable,” Klockenbrink said. “Everyone who came in contact with her, I think, was uplifted just by her presence.

U.S. Representative Jim Himes, D-4th District, fondly remembered Brown on Friday. Himes knew Brown through his role as chairman of the Democratic City of Greenwich committee and through his time on the Estimates and Taxation Council and as chairman of the council of commissioners for housing authority.

“She was so important to the city,” Himes said. He recalled his work to administer the Community Development Block Grants, which provide essential support to the city’s nonprofit services. “She has always been associated with this effort, with so many philanthropic efforts and with the city’s social services. She was a great healer and a supporter of the people of Greenwich.

After stepping down as the city’s director of community development in 2007, Brown became more active in city politics, he said. But she didn’t want to be seen as a partisan politician.

“She was a wonderful person,” Himes said. “She was one of those rare people who never had a bad thing to say about anyone. She has always been thrilled to volunteer and be a part of things in the city.

First Selectman Fred Camillo offered his condolences to his friends and family.

“Nancy has always been a positive presence in the city,” said Camillo. “I have seen her for many years and I never remember seeing her without a smile on her face. It’s a pretty good legacy to leave. She was always smiling, always kind and always optimistic.

Brown’s civic and social commitments covered a lot of ground. She was a member of the board of directors of Family Centers Inc. and served on the representative city meeting of Greenwich. She also helped found the Southwestern Fairfield County Urban League in 1969.

In 1976, she became director of First Woman’s Bank and Trust, which her family describes as a pioneering bank for women that provides loans regardless of gender or marital status. He also sensitized women to the creation of credit and the granting of loans.

His passion for helping people stood out from former Selectman Drew Marzullo, who was in regular contact with Brown until the pandemic struck last year.

“I can honestly say that Nancy Brown was one of the most influential people I have ever met,” said Marzullo. “Kind, awesome, funny and always available to offer advice when needed. I loved and adored him on every level. To say she will be missed would be an understatement.

Brown’s family recalled that they had actively campaigned for presidential candidates Jimmy Carter and Barack Obama, whose election in 2008 was of great personal importance to them.

“I remember her telling me how proud she was to vote for Sen. Barack Obama, ”said Marzullo. “And I thought his election day would never come. But it did. And how happy she was.

All of Brown’s work in the community, especially helping girls and women, earned him a YWCA Greenwich Spirit of Greenwich award in 2014. YWCA President and CEO Mary Lee Kiernan, who knew Brown well, explained Brown’s impact on Greenwich and said she was “One of my she-roes.”

“Nancy was truly a brilliant, thoughtful and moral leader for this community and for the region,” said Kiernan. “She had an incredible work ethic. She has always been a focus on gender and race equity in her work. She has been incredibly productive and constructive in her role as administrator of the Community Development Block Grant and in her many roles as a volunteer with the Fairfield County Community Foundation and other organizations.

She has also done volunteer work and advocacy work for the Women and Girls Advisory Council. Among her honors, Brown was named Woman of the Year by the Greenwich Women Civic Club in 1987 and received the State Office of the Treasurer Contributions to the Community Award in 2005, the Greenwich Bar Association Liberty Bell Award and the Greenwich Democratic Town Committee Lifetime Achievement. Price in 2018.

Brown’s life and legacy was celebrated this week at a Greenwich DTC reunion by BET member Jeff Ramer.

Howard Richman, a resident of the city, who has worked with Brown on Democratic campaigns, including his own, remembered her as a friend he had known for decades.

“She has always been someone who went into everything she did for the community,” said Richman. “She’s been involved in so many different ways, and she’s made the city a better place for all she’s done for the community.

Brown left a “powerful legacy,” former Republican top pick Peter Tesei said. He recalls her work in community development – she “meticulously administered the program” with in-depth knowledge of all organizations asking for help – and highlighted her leadership by chairing the housing task force for the community. city ​​conservation and development plan 2009.

“Nancy was a very elegant woman,” Tesei said. “She was very determined to provide for the less fortunate living in Greenwich. … I found her a real joy to work with and someone who made a difference in the lives of people in the city who needed this advocacy.

kboursuk@greenwichtime.com



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