Condenetint Sat, 25 Sep 2021 07:26:22 +0000 en-US hourly 1 Condenetint 32 32 Cash-strapped Pakistan’s offer for $ 1 billion IMF loan could run into obstacles – Mysuru Today Sat, 25 Sep 2021 03:55:01 +0000

Prime News, International (Islamabad), September 25: – Pakistan, with increased debt levels, is considering another $ 1 billion loan from the International Monetary Fund (IMF). Negotiations for the deal will begin from October 4. At a time when Pakistan’s relations with the United States and the West have deteriorated dramatically, especially as a result of its role in Taliban-ruled Afghanistan, the country is hoping to secure a debt swap deal. against nature. .

The debt-for-nature swap basically means that Pakistan would be exempt from repaying the amount but would have to commit to investing the money in environmental and biodiversity conservation.

The IMF, meanwhile, has appointed a new country leader for Pakistan, “ahead of high-stakes talks to release a billion-dollar loan tranche,” the Express Tribune said. “The talks will take place amid deteriorating Pakistani relations with the West and threats to fragile stability in the country’s external economy,” the news agency said.

IMF to review Pakistani economy under Article IV

The IMF is also set to review Pakistan’s economic contours under Article IV of the multilateral agency’s statute. As part of the review process, the IMF holds bilateral discussions with its members on economic and financial policies and data. Usually it is an annual affair

Why is this important? Based on this report, the IMF decides on the direction of the lending model. The report also acts as a credible information platform for other international lenders.

During Pakistan’s last Article IV review in 2017, Pakistan’s extensive economic and trade ties with China were noted. (MR, Inputs: Agencies).

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Woman sparks debate over whether it is okay to withdraw money from a child’s savings Sat, 25 Sep 2021 00:30:00 +0000

A woman found herself in a complicated situation. She wasn’t sure whether it was okay to borrow money from her children’s savings, so she asked other parents how they would handle the situation and her question sparked an interesting debate.

Borrowing money from children has become common practice, and many parents do so without guilt. According to an article in Time magazine, hanging out with children for their savings can lead to mistrust. It’s almost similar to stealing their money management know-how from them.

Shockingly enough, nearly one in three parents admitted to “borrowing” money from their children’s savings. Another survey found that about half of parents occasionally loot their children’s bank accounts and are never guilty of doing so. Worse yet, half of them have never reimbursed their children.

Borrow from a child’s savings in a piggy bank | Photo: Amomama


One person wrote to Mumsnet asking if it was okay to borrow money from their child’s instant savings account and even promised a refund. A user named Ronnie Pickering then responded and reassured them that they disagreed with the practice, but “if you can guarantee that it is reimbursed, I guess the needs have to.” While another user said:

“The money was paid by the parent, so I don’t see any problem with that as long as the parent pays it back. However, I would be concerned as to why there was so much debt accumulated in the first place and the issue of spending beyond their means has been resolved. “

One argument for borrowing money from your children is that it can be viewed as your money. You are their legal guardian and you are also responsible for everything they own. So should you just take it, or is it better to ask your kid’s permission before you dip into their savings?

Person holds a wad of money |  Photo: Pixabay

Person holds a wad of money | Photo: Pixabay


A parent faced a similar dilemma when considering using some of their children’s savings to buy a new home. His wife disagreed and told him they would never reimburse their children. He posted an open question on The Guardian asking what other parents would do in a similar situation. A person named Jill le Neve Johnson replied:

“I couldn’t believe this question when I read it! Family allowances are paid to help cover the costs of raising children. I, like millions of others (and my mother with me), spend it on their children ”,

It is advisable to ask permission before borrowing money from your children, as this presents you as being honest. As long as your child is old enough to fully understand what is going on, you can ask him or her. But if your child is too young to know what you are talking about, it would be impossible to discuss it with him.

Person takes coins from a piggy bank |  Photo: Pexels

Person takes coins from a piggy bank | Photo: Pexels


If your child is in elementary school or above, you can explain your situation and ask them if they are ready to help you. Some parents think it is better to be frank than to take the money without their children’s consent. Sometimes parents have no choice but to make a candid request and see nothing wrong with it.

A parent shared their story on Today’s Parent, pointing out that they would never borrow money from their children without their permission. “I borrow money from my children. And until recently, I never saw anything wrong with it, ”she added:

“I never took them without permission, and I never borrowed what I can’t repay. But, over the past six years, I have also never hesitated to ask any of them for money if I run out.

Times are unpredictable. Households struggling with bills and debts generally have limited financial opportunities and are forced to use their savings. According to The Independent, a fifth of parents borrow money from their children’s savings to pay for living expenses.

couple counts the money they have withdrawn from the bank |  Photo: Pexels

couple counts the money they have withdrawn from the bank | Photo: Pexels

The study pointed out that parents plundered their children’s savings to support their households. The researchers interviewed about 5,000 parents and found that a fifth of them borrowed money from their children’s piggy banks and savings accounts to pay for living expenses.

Jody Coughlan, fund manager at, said parents need to make sure they can afford to give their kids pocket money without using it to cover household bills. People on Quora have already pointed out whether it is okay for parents to ask for money from their children’s wages.

Person putting the coin in a piggy bank |  Photo: Pexels

Person putting the coin in a piggy bank | Photo: Pexels

Several people in the online community have shared their mixed opinions on the matter. While some have argued that it is okay to borrow from children as long as parents can pay them back, others were totally against the concept. One person opposed the idea, saying saving money is a learning factor for children, and added:

“If you take money away from them, you take away a very important lesson in life, especially when your child is doing everything he can to make money. “

Other parents believe that since they are responsible for putting money into their child’s savings, they do not need to ask permission to collect it.

Parent distributes money to his child |  Photo: Pexels

Parent distributes money to his child | Photo: Pexels


If you take money from your children when they are young, they may be more likely to withdraw money from your wallet when they are older. They may assume that taking money from the family is normal. You may be setting a bad example for your children without realizing it.

However, having an open conversation with children about money can help you function as a parent. You can learn how to help your children build a healthy relationship with money and make them understand its importance in today’s competitive world.

Nobody counts a wad of money |  Photo: Unsplash

Nobody counts a wad of money | Photo: Unsplash

Have you ever borrowed money from your child’s piggy bank? Many parents have. They think it is a delicate situation while others see it as morally shameful, akin to stealing money from the needy. “It’s my money anyway,” some parents say, trying to justify their situation.

Think back to your childhood and how your parents helped you deal with money and finances. Were you frugal? Did you spend on things that were not necessary? And are you willing to borrow money from your children knowing that you have sowed it for their future? Start the conversation today! Thanks for reading!

]]> 0 Riddle of the businessman’s four obscure ventures that got £ 40million in paid time off Fri, 24 Sep 2021 21:54:55 +0000

The enigma of the four obscure businesses of the businessman who got £ 40million in cash on leave … and his ‘European headquarters’ is a virtual letterbox in east London

Up to £ 40million in cash leave has been paid in a single month to a range of companies which appear to be unstaffed.

The four UK companies, created by an Indian entrepreneur, each claimed between £ 5 million and £ 10million in May this year.

They were founded by Rajanish Garibe, 44, an elusive businessman whose ‘European headquarters’ of companies turned out to be a virtual letterbox in east London.

Treasury says leave scheme has been abused and there are 23,000 ongoing investigations into ‘incorrect’ payments

The Treasury has disbursed its businesses from its Coronavirus Job Retention Scheme despite their poor or non-existent websites and no evidence of the existence of actual staff.

The Domain Corporation Ltd website – supposedly a technical consultancy firm – is so amateurish it has dummy text on it.

The other three companies – Domain Foundation, Domain International School, and Domain Research Hospital – don’t even appear to have websites.

Yet the two of them demanded enough holiday money in May to cover the salaries of 10,000 employees earning £ 50,000 in wages.

The Treasury says the leave scheme has been abused and that there are 23,000 ongoing investigations into “incorrect” payments.

When Financial Times reporters attempted to contact Garibe, they did not hear from him, but there was a flurry of documents at Companies House “updating” the records to suggest that he was not. plus corporate director.

The Daily Mail has emailed companies asking about the £ 40million and received a response last night from Maria James, managing director, who said Garibe resigned from the companies in early March ahead of the pandemic.

She refused to answer questions.

Last night, HMRC said it could not comment on the ongoing cases, but added: “We are taking tough action to tackle fraudulent and criminal behavior.”


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What to do about applying for a loan when you lose your job Fri, 24 Sep 2021 17:02:44 +0000

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

The Covid-19 pandemic has devastated the finances of many people. Maybe you’ve been fired from your job, or maybe you’re a gig worker who has experienced a significant drop in earnings. Even if you’ve kept your job while embracing a work-from-home model, we’re learning that things aren’t static. As businesses reorganize for the new normal, more organizational changes could be on the horizon.

But even during times of economic uncertainty, many of us continue to move forward with our life plans. Whether you’re buying a new car, exploring options for taking out a personal loan, or considering buying a new home, your employment status is a big part of your borrowing equation.

If you were employed when you applied for a loan and then lose your job, this has implications for the borrowing process.

“If you lose your job, you can assume that all your financial plans will be put on hold, but it’s still possible to apply for a loan,” says Baruch Silvermann, CEO of The smart investor. “Although it can be more difficult, it is still possible to get approved for auto loans, personal loans and mortgages.”

Your main obstacle will be convincing the lender that you still have the option of making regular payments on time each month, he explains. “Your lender may consider other sources of income such as social security benefits, disability benefits, public assistance or pension funds,” Silvermann continues.

In addition, you can also use the income of your partner or a family member by making them a co-signer on the loan, he says.

Up front, Select offers some tips on how to deal with a job loss during your borrowing process:

It’s not a lost cause

Even if you’ve lost your job, Silvermann says there are still a number of things lenders will be looking to see before approving a loan under these circumstances. They understand:

Strong credit history

“If you can show that you can handle any debt responsibly with a history of on-time payments, especially since you lost your job, they may be more prone to approval,” he says.

Good credit / debt ratio

Lenders can also set a minimum credit score requirements, so be sure to look at your credit utilization rate and make sure you haven’t maximized your credit accounts while you’ve had little to no income, says Silvermann.

Access to a qualified co-signer

If you have someone who will guarantee your loan and have strong credit, this could be a way to avoid job loss when approving the loan.

Be open with your lender

When you apply for a loan, including a mortgage, you sign a document stating that you will be honest with the facts and figures.

“Typically, when you apply for a mortgage, you should notify your lender of a change in employment. You will sign a statement at closing that everything in your application is still up to date,” says Mark McArdle, assistant. Director, Mortgage Markets at the Consumer Financial Protection Bureau. “To sign this and withhold the relevant information would be a fraud.”

Even if you don’t have a job, you have options. “For example, you can suspend your app while you secure additional work,” says McArdle. Also, if you have other sources of income, you may qualify for the same loan or a smaller one. “Being transparent with your lender and your loan officer is the best approach so that you can explore your options.”

Here’s a breakdown of what to do depending on the type of loan you’re applying for:

What to do if you are applying for a mortgage

Your plan was to take advantage of record mortgage interest rates. You’ve found your dream home, made an offer, and completed all the paperwork for a mortgage. And then you get the bad news. Losing your job is extremely overwhelming and stressful. The first thing to do is take a deep breath and give yourself a moment to put in place a strategy.

If you lose your job after applying for a mortgage, you should immediately call your lender and be honest with them. Your lender can discuss all of your options while determining if your loss of income is temporary, permanent, or if a spouse is still earning income, ”says Joe DeMarkey, Strategic Business Development Manager at Reverse Mortgage Funding LLC and Director of National Reverse Mortgage Lenders Association. “These factors can determine how or if you can go ahead with the loan, and whether there are programs in place that can help you when applying for the loan.”

What to do if you are applying for a car loan

If you are working with a dealership to finance the purchase of a car and during the process you receive a message that you are being fired from your job, the first thing you should do is share the update with your lender.

If you have an old car that still gets you from point A to point B, you may decide to postpone your purchase until you find a new job.

If you are unable to postpone buying the car, you can discuss ways to restructure your loan. One option is to extend the terms of the loan. For example, instead of taking a three-year loan, extend the terms to five years. This will likely lower your monthly payment.

You may also want to reconsider upgrades. You might be able to skip the tech package or forgo the expensive extended warranty. All of these small changes can make the purchase more affordable if money is tight.

What to do if you are applying for a personal loan

There are many reasons to take out a personal loan, whether it is a large home improvement project, starting a business, tuition, medical expenses, or a long-awaited purchase like a motorcycle or a boat.

If your professional situation changes when you apply for a personal loan, you may want to consider using a zero rate credit card to finance your project or purchase. For less urgent projects, it may make more sense to postpone your projects a bit until you find a new job.

If you need the cash to pay for your daily expenses while you’re between jobs, there are some options for personal loans, although you might not get the best interest rates. Do your research before taking out a loan. Some lenders like Marcus by Goldman Sachs and LightStream have online tools that you can use to determine if you would qualify for a personal loan without making a full application.

Do you have other sources of income?

The approval of a loan does not always depend solely on the job. For example, retirees can still apply for and get approved for auto loans, home loans, and personal loans.

But your chances of getting approved for a loan increase when you demonstrate a viable ability to repay the loan on schedule. Other sources include your spouse’s income, rental income from a separate property, payments from an inheritance, or support payments.

This additional income could very well influence the approval of a loan or mortgage.

What are the other avenues to follow?

If you don’t have other sources of income, there are still options.

Ask a co-signer

You can ask your family or friends to step in to help you. Perhaps a parent or sibling could co-sign your loan.

A co-signer will apply for the loan with you and share the responsibility for repaying the loan. Additionally, a co-signer is legally obligated to repay the loan if you, as the primary borrower, cannot make the payments. You must have a stable income and a good credit rating to be a co-signer.

Just make sure you have a clear plan for paying off the loan. Otherwise, missing payments could lead to loan default and severely damage the credit history of the co-signer.

Looking for a new job

It might sound obvious, but it’s best to start your job search as early as possible, especially if you’re in the middle of the mortgage process. Now is a good time to reach out to your contacts and let them know about your situation.

If you’re struggling to find a new job in your industry, consider looking outside your wheelhouse – your skills may be transferable to a new opportunity.

You can also take a part-time job to increase your income when looking for a full-time position. Often times, employers hire part-time workers with a plan for those hires to progress to a full-time position.

Consider the economy of concerts

Millions of Americans make a living by freelancing or hosting gigs like tutoring, ridesharing, bartending, nanny work, landscaping, or odd jobs. Although sometimes mortgage lenders can beware of the 1099 roles, careful bookkeeping can help demonstrate the extra income that these side jobs bring.

Consider the implications of your loan obligations without a full-time job.

Even though you may be able to find a co-signer or find additional sources of income, you should always do an assessment of your budget and finances before going ahead with a loan after job loss. .

Should you go ahead with a personal loan for that kitchen remodel, a mortgage for that 4 bedroom colonial center, or a car loan for that expensive new sedan? You really have to ask yourself if the loan obligation makes the most sense right now. Are you going to drain your savings, hurt your credit, or worse yet – default on the loan and make your co-signer pay off your loan debt?

There is a risk in taking out a loan if you cannot pay the monthly payments due to job loss. Your job loss will most likely be a problem in the short term, but you should seriously consider whether deferring the loan until you can once again find full-time employment is a better option.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

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The solution is there for experienced fins – NMP Fri, 24 Sep 2021 14:19:08 +0000

The past few years have been particularly difficult for fix-and-flip investors, with rapid price appreciation and slow recovery in stocks. Although the rate of home flips in the United States has been increasing steadily since March, ATTOM data reveals that profit margins have shrunk.

The return on investment for fix-and-flips fell to 33.5% from 37.2% three months earlier and 40.6% a year earlier. Looking only at the average, it would seem like a dismal year for fix-and-flippers. But profits are not the same for everyone, and experienced investors have a secret sauce for higher returns.

Experienced investors can be loosely defined as those who have been in the real estate game long enough to know how to handle dramatic fluctuations in the market, including rapid appreciation in prices and weakness in stocks. Before the pandemic, America was already in the midst of a housing affordability crisis, with low inventories and steadily rising housing costs. In 2019, 48.8% of households in the United States were overburdened with costs, meaning that 30% or more of household income went to housing costs, according to the US Census Bureau. But this problem increased tenfold during the pandemic, and not everyone was ready.

Last June, the S&P CoreLogic Case-Shiller National Home Price Index recorded the largest annual increase in home prices, at 18.6%, from 16.4% a month earlier. The reason neither mortgage advisers nor investors should panic is that this rapid price appreciation is fueled by consumer demand. Historically low mortgage interest rates have driven consumers to flood the market, and seasoned real estate investors are getting some of the best deals of their lives.

“This is the best time for experienced investors,” said William Tessar, President of CIVIC Financial. “The reason we haven’t slipped into another housing crisis or bubble is that we have historically low interest rates and an overwhelming amount of consumer demand. So price appreciation is actually a good thing, especially when thinking about resale value. This is a natural competition in the market, and experienced investors have taken advantage of these opportunities.

Experienced investors also have the privilege of partnering with service teams, such as property management teams or ancillary teams, to handle more minute details. They have also established partnerships with contractors, real estate agents and appraisers over the years. For example, seasoned investors know that a good real estate agent should act like a second set of eyes when buying flips, analyzing the appropriate purchase price, and estimating the value of the home after renovations. It takes time to develop these relationships, but you don’t necessarily need it to get better returns on your investment.

Remote work migration

To understand the economy, experts say “follow the money” and to understand real estate investing, experts say “follow consumer demand”.

“Investors can’t do enough research,” Tessar said emphatically. “The big reshuffle has had the biggest impact for both investors and lenders, and if you don’t pay attention to these trends you’ll be completely lost. “

The most important factor investors need to consider in today’s market are migration patterns, Tessar noted. Due to the proliferation of remote working during the pandemic, the upper and middle classes have sought more suitable places to live. Overall, preferences have changed because so many lives have changed. Suddenly parents needed a home office; mothers needed a classroom to teach their young children, and parents needed an extra bedroom to move in. In late August, Redfin reported that the sale of large homes (3,000 to 5,000 square feet) increased 21% year over year, growing 10 times faster than smaller homes.

“Investors who know what they’re doing pay attention to people’s preferences. Houses get bigger, they’re used differently and people buy bigger, ”Tessar said. “The great thing is that all of this information is available online. Where people migrate to the southern and western regions, you don’t need a team to figure it out. All information is easily accessible.

Indeed, many organizations have followed national migration patterns since the start of the housing boom a few months after the start of the pandemic. Zillow reported that southern states and metropolitan areas saw the largest inbound movements in the first 11 months of the pandemic, including Phoenix; Charlotte, North Carolina and Austin, Texas.

Zillow Senior Economist Jeff Tucker noted that “the mid-sized and more affordable metropolitan areas of the Sun Belt have seen a lot more people coming than leaving, especially the more expensive and larger towns further north and on the coast. The pandemic has catalyzed the purchases of millennial first-time buyers, many of whom can now work from anywhere. ”

On that note, Tessar also pointed out that the most important trend that investors need to pay attention to is the permanent shift to remote working. According to a investigation by the PulteGroup, 53% of consumers would rather buy a home with a dedicated home office, rather than buy one with an extra bedroom. Additionally, a Ledger study of 10,000 American workers found that 21% of the workforce was still telecommuting as of March 2021.

Even more recent research from Zillow suggests that more of the U.S. workforce will become remote as the year progresses, with 84% of workers wanting partial remote work after telecommuting during the pandemic. Zillow’s survey even suggests a generational shift will occur, as half of all millennials and gen z workers said they are likely to look for a new job if their employer demands that they be. they are in person more than they would like.

Tips for new investors

As part of Tessar’s paramount point, investors should first look at affordable subways and counties that offer the largest inventory to meet the preferences of today’s consumers. At the start of the pandemic, states like Texas, Florida and Georgia experienced significant net in-migration, mostly from California subways and other expensive coastal cities. A recent report from Redfin noted that a buyer could buy three homes in Austin, Texas for the same price as a home in San Francisco or Los Angeles.

Only 7% of investors working with CIVIC Financial are newbie investors, “mainly because they’re all unique,” ​​Tessar said. “A lot of them come and see this investment as a hobby. They don’t realize how much effort it takes, and after experiencing multiple delays and cost overruns, they never want to do it again.

On the other hand, he said, “Experienced investors have reliable partnerships and a trustworthy team. They strategize by researching their domain, looking at a comparable inventory; they buy in bulk to allocate their assets and seek to invest in low cost rural areas where people move.

Essentially, today’s market is just as hostile to new investors as it is to first-time home buyers. Most investors are battered by rising prices, more on buying than on resale. The median resale price of reverse homes nationwide was $ 267,000 in the second quarter of 2021, generating gross profit $ 67,000 above the median investor purchase price of $ 200,000. This marks a 10-year low on fixed and inverted profit margins, according to ATTOM.

Rising material costs and labor shortages have already made home renovations difficult enough. The U.S. Bureau of Labor Statistics Purchase Price Index shows that, overall, building materials have increased 19.4% in the past 12 months and 13% since the start of the year. So without a reliable team to work flexibly and allow for discount rates, newbie investors are left behind.

Most of the time, investors try to save money on purchases by finding a good deal or reducing closing costs. Closing costs incur additional expenses, such as set-up costs, call points, appraisal costs, title searches, title insurance, surveys, taxes, registration fees. deeds and credit file fees. Investors can often find good luck negotiating fees from lenders to keep costs down.

“As they say in golf, ‘work from the green to the back,’” said Tessar. “Consider what your end product would be. So if you want X amount of profit, what will your resale value be? What would your closing costs and renovation budget look like? Thinking this way can help set goals and define a better business model.

Going forward, many assume that the end of forbearance and the federal moratorium will provide investors with an opportunity to take hold of stocks. In recent months, the supply of used homes has been near its all-time low, but by early October, everyone will be taken out of federal aid. It is too early to say how much vacant homes this will leave, as many are in various stages of delinquency and may be able to pay off their mortgages.

Of greater concern is that repair investors will renovate affordable homes, increasing their value so that they are no longer affordable for low-middle-class families. Tessar responds to this by saying, “A lot of houses and buildings have fallen into disrepair during the pandemic. There are health and safety risks that need to be addressed, so it is important that our repair investors make the necessary renovations. This increases the cost of housing and we don’t want to move anyone, but it is important to build houses that are truly habitable.

About CIVIC Financial

CIVIC Financial Services is a private money lender, specializing in the financing of residential investment properties not occupied by their owners. CIVIC provides mortgage brokers and real estate investors with a fast and profitable source of financing for their real estate investing needs.

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McClaughry: A Crisis of Unsustainability Facing Seniors | Chroniclers Fri, 24 Sep 2021 12:00:00 +0000

Let’s put aside for a moment a long list of national issues – crime, drugs, racism, electoral laws, epidemics, vaccinations, the climate and the perilous international situation – to focus on a truly critical issue beyond the scope of the evening news.

To set the stage: the federal government’s current debt to the public – before the net contributions to that debt from a pending infrastructure bill of $ 1 trillion and up to a pending spending bill of $ 3 500 billion dollars to be added to the national accounts – is 28.43 billion dollars. That’s 102 percent of the nation’s total gross domestic product, a level not seen since the last year of World War II. A nation with this level of debt is usually associated with budget failures like Argentina and Greece.

The Treasury pays nearly $ 1 billion a day in interest on this debt – at a time when the federal government is borrowing (yield on 10-year notes) at 1.33%. In a year, this rate is much more likely to be higher than lower. The interest component of the federal budget will increase accordingly, and it must be paid to preserve the nation’s credit.

Now let’s focus on two extremely important programs for 65 million elderly Americans and their survivors and dependents: Social Security and Medicare.

Last month, administrators of the Social Security system, including Medicare, released their annual report on the status of these programs. The directors are four cabinet members appointed by President Biden. Here is what they tell us:

The two combined social security funds (retirement and disability) will be exhausted in 2034. That is to say that all the reserves will have been paid, and the funds will only be able to pay what comes from social charges. At the current payroll tax rate, this will represent 78 percent of the benefits promised for that year.

The Medicare program is threatened by the increase in life expectancy and the constant increase in health care costs for the elderly. At the current tax rate (1.45% of wage and salary income, plus an Obamacare surtax of 0.9% on very high-income seniors), the Health Insurance Trust Fund (HI) will not be able to pay only 91% of expected claims in 2026, which decreases with each subsequent year.

Each proposed remedy is extremely controversial. For pension funds, freeze increases in the cost of living. Increase social contributions to 10% for employees and employers and to 20% for the self-employed. Pay general income – actually borrowed money – to cover annual deficits. Eliminate early retirement at 62 and raise the retirement age to 70. Tell the elderly that they will have to live on less.

Solutions for Medicare are even more controversial. Increase the payroll tax rate from 1.45% to 5%. Offer senior citizens a financial incentive not to resort to expensive medical care here and to seek treatment in low-cost countries (“medical tourism”). Ration care UK style, reducing services for the very old and unhealthy, and lengthening wait times until the death of some patients. Reduce reimbursements to providers, at the risk of having fewer providers willing to accept Medicare patients at reduced prices, offering them cheaper services and reducing the number of small clinics and hospitals, especially in minority areas and rural underserved.

Not only are politicians from both parties allergic to any discussion of this issue, but a large number of them – the Sanders-Biden Democrats – are hard at work to quickly escalate the Medicare problem.

Their current plan, in Sanders’ pending $ 3.5 trillion budget bill, would expand benefits to include dental, vision and hearing, and lower the age of eligibility for insurance. illness at age 60. If implemented this year, it would bring two years to the day of reduced Medicare benefits. closer, 2026 to 2024. The Sanders Bill would also create new federally funded fees, such as free tuition, national child care, and universal preschool, the spending of which would compete for billions of dollars. budget with all other spending programs.

Covering fund deficits through “general revenue” is no longer, if it ever was, a viable solution. “General revenue” means more borrowed money and / or more taxpayer money. The burden of new taxes to prevent the depletion of both funds would threaten to cripple the U.S. economy, already facing challenges from COVID, the growing dollar depreciation and fierce international competition.

What is my solution? This is an unprecedented titanic problem, and the only advice I can give is: don’t make it worse. Restoring the sustainability of failing social security and medicare will require extraordinarily courageous leadership that is not on the horizon.

Perhaps the roar of seniors receiving reduced pension benefits and restricted health care services will put those funds back on the path to fiscal sustainability. I hope to live to see it.

John McClaughry is Vice President of the Ethan Allen Institute ( The opinions expressed by columnists do not necessarily reflect the opinions of Bennington Banner.

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What happens to your mortgage when you die? Thu, 23 Sep 2021 23:52:09 +0000

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

An important aspect of estate planning is deciding what will happen to your home after your death. The answer could be quite simple if the house is fully paid for. If not, you will need to consider the financial ramifications for your estate and for the person who inherits the house.

Here’s what happens to your mortgage when you die:

Who assumes a mortgage after my death?

No one automatically assumes your mortgage after you die. Your executor (i.e. the person you appoint to execute your will and manage your estate after your death) or administrator (i.e. everything is sorted out.

Later, the person who inherits the house may be able to take on the loan.

Good to know: If you are a co-borrower or co-signer with the deceased, you do not have to do anything to repossess the mortgage, because you are already responsible for paying it. You will simply continue with the payments. However, you should contact the mortgage agent to inform them of the death of the deceased.

How to take over the mortgage on an inherited house

Mortgages have a sellability clause, also known as an accelerator clause, which requires full repayment of the loan if it is transferred to a new owner. However, federal law prohibits lenders from accelerating a loan upon the death of a borrower. People who acquire property in this way are considered “successors in interest”, and lenders should treat them as if they were the borrower.

The law allows an eligible person to assume the loan, without having to apply or qualify, and to continue making payments. You also have the right to modify the mortgage to avoid foreclosure if you want to keep the house.

What are my options as an heir to a house with a mortgage?

If you inherit a mortgaged home, there are several options available to you. The best depends on your personal preferences and your financial situation.

If you want to keep the house, you can:

  • Suppose the mortgage: Federal law allows heirs to assume the mortgage loan of a deceased person in many cases. As long as you are a qualified successor – someone who inherited or otherwise acquired the property following the death of the owner – you can repossess the loan once the deed has been signed to you. The law also allows you to modify the loan if you are not financially able to make the payments.
  • Refinance the mortgage loan: You can also refinance the mortgage into a new mortgage as soon as the deed is signed for you. You will need to apply for the loan, qualify based on your own creditworthiness, and pay closing costs. However, refinancing could cause the interest rate to drop or the loan repayment period to be extended, which can make the home more affordable.
  • Repay the loan in full: Assuming you have the cash on hand, you can avoid mortgage problems entirely by paying off the balance in full. The house would then be yours free and unobstructed.

If you can’t or don’t want to keep the house, you can:

  • Sell ​​it: The house is yours as soon as the deed is transferred to you, so you can put it up for sale just like you would a house you bought yourself.
  • Let the lender enter: If you don’t want the house and don’t want to sell it – a reasonable move if you’re unlikely to be selling for a profit – you can just do nothing. After a period of time without payment, the lender will foreclose and repossess the house.

Important: Foreclosure can have tax consequences for the estate. Contact an accountant or lawyer before taking this route.

What Happens to a Reverse Mortgage When You Die?

The rules change when you inherit a house from someone other than a spouse with whom you are a co-borrower on the home reverse mortgage.

A reverse mortgage gives senior homeowners access to the existing equity in their home. These loans do not have to be repaid unless the borrower and his co-borrowing spouse die or move out of the home.

If you inherit a property with a reverse mortgage, you have the option of selling or keeping the house. The loan is not assumable, but you can keep the house by doing one of two things: paying off the balance or paying 95% of the value of the house, whichever is less.

Likewise, if you decide to sell the home, you’ll use the proceeds to pay off the debt owed on the loan – or an amount that is at least 95% of the home’s value – and then pocket the remaining proceeds.

Plan ahead

A crucial step in estate planning is to write a will detailing how you want your estate to be managed after your death, as well as who you want to name as executor. If you die intestate – without a will – the court will appoint an administrator to take on this role.

When planning to bequeath a mortgaged home, it’s important that you disclose the mortgage to your executor and loved ones, otherwise they won’t be able to make the payments and the home could be inadvertently lost.

Also, determine if the person who inherits your home will be able to afford the mortgage payments and maintenance. An estate or financial planner can help you develop a strategy to prevent your gift from becoming a burden on your loved ones.

Compare your mortgage options

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About the Author

Daria uhlig

Daria Uhlig is a Credible associate who covers mortgages and real estate. His work has been published in publications such as The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

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Ex-COO of LoanDepot: Tony Hsieh cropped to increase volume Thu, 23 Sep 2021 21:14:43 +0000

A former frame of loan deposit bombed the mortgage industry on Wednesday night, alleging in a trial that the California-based non-bank lender, in a ploy to raise money during the refi boom and in preparation for its initial public offering, closed thousands of loans without proper documentation.

The lawsuit, filed by Tammy Richards, former COO, accuses LoanDepot CEO Anthony Hsieh of ordering the sales team to “trust [their] borrowers’ and close loans, disregarding the proper underwriting etiquette.

Richards claims that this request was announced at a production meeting in August 2020, where Hsieh reportedly shouted, “I’m Mello Clear, and we need to close the loans immediately regardless of the documentation.” Senior LoanDepot executives would not have looked at Hsieh’s tactics.

After two months, the same remark was made to Ms. Richards, with Hsieh allegedly announcing that the sales team was to “close all loans… close without credit report… close without documentation… close all loans”.

Closing loans without documentation violates federal laws, including the Dodd-Frank Law, which requires mortgage originators to meet minimum standards for all mortgage products. Historical legislation also prohibits lenders from making loans unless they reasonably determine that the borrower can repay based on documentation proving current and expected credit history and income.

Officials of the Consumer Financial Protection Bureau, the Federal Housing Finance Agency and Fannie Mae and Freddie mac did not immediately respond to HousingWire’s requests for comment.

Richards’ lawsuit, filed in California Superior Court in Orange County, claims his refusal to comply with Hsieh’s demands, particularly regarding the closing of non-credit report loans, resulted in his demotion in November.

Richards claims that after his demotion, LoanDepot executives devised a strategy dubbed “Project Alpha” in which Hsieh personally identified more than 8,000 loans that were closed without proper documentation. Two hundred processors were tasked with closing these loans in exchange for additional bonuses at the end of the year, according to the lawsuit.

Richards accuses the CEO, who founded LoanDepot in 2009, of ordering the company’s chief credit officer, Brian Rugg, to refrain from auditing the 8,000 loans.

Richards, who at one point supervised 4,000 employees, said she was ultimately forced to quit her job for refusing to break the rules. After going on sick leave, she resigned in March 2021.

Richards’ lawsuit also includes multiple allegations that male business executives created and enforced a “misogynistic fellowship house culture” that has consistently led to harassment and demeaning of women.

The non-bank mortgage lender took issue with the claims of Richards, who held senior positions at Wells fargo, Bank of America, Caliber home loans and Nationwide financial (one of the bad actors of the subprime crisis) before joining LoanDepot.

“LoanDepot is committed to operating at all times in accordance with ethical, responsible and compliant business practices,” a company statement read.

“The claims in the lawsuit, which we take very seriously, have already been thoroughly investigated by independent third parties and have been found to be without merit,” LoanDepot said, without providing further information on who has conducted these investigations and when they took place. “We intend to vigorously defend ourselves against these far-fetched allegations …”

LoanDepot, the country’s second-largest non-bank retail mortgage lender, went public in February, selling 3.85 million shares at $ 14 and raising $ 54 million. The company has filed reports showing that its revenues have grown from $ 1.3 billion in 2019 to $ 4.3 billion in 2020, according to Security and Trade Commission deposits. The company made approximately $ 100.7 billion in loans in 2020.

Hsieh was the biggest beneficiary of the IPO – as the largest shareholder he enjoyed a one-time discretionary performance bonus of $ 42.5 million last year.

In recent months, the non-bank lender has decided to appoint new faces to its board, including Pamela Hughes Patenaude, former deputy secretary of the US Department of Housing and Urban Development and Mike Linton, a marketing expert who currently serves as chief revenue officer for a genomics company Ancestry,

The company was trading at $ 6.98 late Thursday afternoon, with a valuation of $ 2.1 billion. He recently named the former Department of Housing and Urban Development Assistant Secretary Pamela Patenaude on the Board of Directors.

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CEDA: The Keys to Creating a Strong Business Loan Application | Business Thu, 23 Sep 2021 11:00:00 +0000

Experts from the Cayuga Economic Development Agency helped Theresa Mendez, owner of Moonflower Macarons, obtain a loan from the Auburn City Small Business Assistance Program. Mendez is pictured near center holding scissors during Moonflower’s ribbon cutting on September 4, 2020.


Taylor Symes special for the citizen

Whether you are a brand new business or an existing business looking for funding, everyone can get funding in one way or another. As a technical specialist with the Cayuga Economic Development Agency, I underwrite business loan applications for the city and county small business loan programs. In addition to underwriting, I work hand in hand with the Cayuga County Industrial Development Agency and Auburn Industrial Development Authority. In these difficult times of COVID-19, the loan applications that are coming to my desk are from businesses trying to get back to normal. I also support startups and companies that need help with strategy and financial assistance. For businesses unsure of how to get a business loan, here are some guidelines for creating a loan application from an underwriter’s perspective:

Have an up-to-date business plan.

Being able to provide a business plan when applying for a business loan is a key part of underwriting. Whether it’s a brand new business or an existing one, a business plan is needed. As an underwriter, I pay close attention to a few main sections of the business plan: the executive summary, business objectives, market analysis and financial projections. The summary gives a big picture of what the business is, and the goals give me an idea of ​​where the business wants to go.

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User reports suggest GTA Online is down for several PS4 and PS5 users Thu, 23 Sep 2021 10:08:41 +0000

New updates are added at the bottom of this story …….

The original story (published July 24, 2021) follows:

GTA Online is one of the best online multiplayer action-adventure games of all time. Developed by Rockstar, it is the online component of the best-selling GTA 5 game.

The game is currently available on all major consoles and platforms. It looks like GTA Online is here to stay for a few more years due to its popularity and active player base.

Located in the fictional state of San Andreas, the game allows up to 30 players to roam freely. Users can complete missions together or opt for competing or cooperative missions.

Over the years, GTA Online has been played and loved by millions of people around the world. Despite a lot of content, the game is sometimes riddled with glitches and bugs from time to time.

Having said that, a lot PS4 and PS5 users have flooded the internet with reports complain that the GTA Online the servers are down for them. Multiple users say they can’t log into the game.

The issue prevents users from loading the game by greeting them with an error stating: “Rockstar services are not available or” Your save data could not be loaded from Rockstar cloud servers at this time.


@RockstarSupport A friend is having trouble logging into GTA Online. He receives an error indicating that Rockstar services are not available. Or its saved game is not available from the cloud. Help would be appreciated. Thank you.

@RockstarSupport I can’t access GTA online on ps4, every time I try it tells me it can’t get the saved data from Rockstar cloud servers.

Judging by the number of reports, we can safely say that something is indeed broken on the Rockstar side. However, according to Rockstar Games’ server health check, everything is fine.

It appears the company is still unaware of the issue preventing players from signing in to GTA Online on PS4 and PS5.

Click / tap to enlarge the image

We hope Rockstar recognizes the problem soon and works on a fix. In the meantime, you can check the status of the server by clicking on this link.

PS4 and PS5 users, is GTA Online down for you right now? Let us know in the comments below!

Update 1 (September 23)

3:22 p.m. (IST): New reports on Twitter and Reddit (1, 2, 3, 4) suggest that many GTA Online users got stuck because they can’t play the game.

The official Rockstar Games service status page says GTA Online is down on PC, PS4, and Xbox One.

To note: We have more such stories in our dedicated games section, so be sure to follow them as well.

PiunikaWeb started out as an investigative tech journalism website, focusing primarily on “breaking” or “exclusive” news. In no time at all, our stories were picked up by Forbes, Foxnews, Gizmodo, TechCrunch, Engadget, The Verge, Macrumors and many more. Do you want to know more about us? Head here.

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