Florida Loans – Left Is Right http://left-is-right.com/ Fri, 18 Nov 2022 07:19:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://left-is-right.com/wp-content/uploads/2021/05/default.png Florida Loans – Left Is Right http://left-is-right.com/ 32 32 Barbados spearheads climate disaster financing https://left-is-right.com/barbados-spearheads-climate-disaster-financing/ Fri, 18 Nov 2022 07:19:09 +0000 https://left-is-right.com/barbados-spearheads-climate-disaster-financing/ FILE – Mia Mottley, Prime Minister of Barbados, speaks during the United Nations COP27 Climate Summit, November 8, 2022, in Sharm el-Sheikh, Egypt. The Barbados plan, dubbed the Bridgetown Initiative, could be a route to unlocking large sums of money from wealthy countries, which have contributed the most to greenhouse gas emissions. Mottley first unveiled […]]]>

FILE - Mia Mottley, Prime Minister of Barbados, speaks during the United Nations COP27 Climate Summit, November 8, 2022, in Sharm el-Sheikh, Egypt.  The Barbados plan, dubbed the Bridgetown Initiative, could be a route to unlocking large sums of money from wealthy countries, which have contributed the most to greenhouse gas emissions.  Mottley first unveiled her idea at the COP26 meeting a year ago in Glasgow, Scotland, where she delivered a powerful speech and sketched out a rough blueprint for coming up with innovative new forms of climate finance.  (AP Photo/Peter Dejong, File)

FILE – Mia Mottley, Prime Minister of Barbados, speaks during the United Nations COP27 Climate Summit, November 8, 2022, in Sharm el-Sheikh, Egypt. The Barbados plan, dubbed the Bridgetown Initiative, could be a route to unlocking large sums of money from wealthy countries, which have contributed the most to greenhouse gas emissions. Mottley first unveiled her idea at the COP26 meeting a year ago in Glasgow, Scotland, where she delivered a powerful speech and sketched out a rough blueprint for coming up with innovative new forms of climate finance. (AP Photo/Peter Dejong, File)

PA

At the UN climate summit in Egypt, leaders of developing countries repeatedly said that it is unfair to expect them to cover the costs of reconstruction following from devastating weather events in a warming world, in addition to investing in cleaner industry while also paying much higher interest rates on loans than rich countries.

A plan proposed by Barbados Prime Minister Mia Mottley would overhaul how much of development lending works. It also gives a voice to developing countries grappling with mounting debt from climate damage.

“We were the ones whose blood, sweat and tears funded the Industrial Revolution,” Mottley said in a scathing speech. “Are we now going to face a double risk of having to pay the cost of these industrial revolution greenhouse gases?”

Debt has risen in developing countries, sapping funds for education, health and clean energy. Much of the rising debt in some Caribbean countries is linked to extreme storms, Mottley said in a recent essay. The plan would make it easier for countries in the Caribbean, Latin America, Africa and Asia to obtain funds to bolster their defenses against global warming and defer debt payments in the event of a disaster.

Here’s a look at Barbados’ plan, dubbed the Bridgetown Initiative for the island nation’s capital. Proponents say this could be a pathway to unlocking $1 trillion in climate finance.

THE BIG IDEA

The plan includes special loan clauses that allow payments to be suspended when a country is hit by a natural disaster or pandemic. This would immediately free up millions of dollars that governments could spend on relief and reconstruction. Barbados has been a pioneer in such clauses, issuing its first sovereign bond last month with a provision to defer payments to creditors for up to two years if the country suffers a “predefined natural disaster”.

The initiative includes a push to expand lending by international development banks such as the World Bank. The bank and its sister institution, the International Monetary Fund, were created after World War II with the aim of financing reconstruction and alleviating poverty. The power of rich countries like the United States and Germany is rooted in institutions. But the World Bank in particular has been criticized for being too risk averse in lending. The Barbados plan would alter risk ratings, crucially lowering interest rates.

Another idea is to create a Climate Mitigation Trust backed by $500 billion in special drawing rights, dues that member countries pay to the IMF that can be levied in times of crisis. Much of it is held by countries that don’t need it, said Avinash Persaud, Mottley’s special climate envoy. The trust could be used to borrow an additional $500 billion from the private sector which could be loaned out at low rates to invest in major climate change mitigation infrastructure projects. Up to $5 trillion in private funding could be unlocked this way, according to the architects of the plan.

Other proposals include a levy on fossil fuel production or an international border carbon tax.

WORTHY OF CREDIT

The Barbados Initiative tackles a central problem: poorer countries face much higher borrowing costs.

When most rich countries borrow money, they pay 1-4% interest, while so-called southern countries face rates of 12-14%, Mottley told reporters.

“You’re starting to see the disparity,” Mottley said. “The system is broken.”

After World War II, she said, the victorious Allied nations agreed to cap the cost of Germany’s debt so it could rebuild. Britain refinanced its First World War debt, repaying the last one only in 2014.

“We’re just saying in the developing world that we also need the space to be able to finance our development in the case of climate,” Mottley said. Rich countries account for four-fifths of global greenhouse gas emissions.

Hanan Morsy, chief economist at the United Nations Economic Commission for Africa, told The Associated Press that a number of ideas from the Bridgetown Initiative have also been put forward by African finance ministers. He pointed to another financial inequity: the green bond market that helps finance environmental projects has reached $500 billion, but only 1% reaches Africa.

RICH NATIONS

Mottley first unveiled his idea at the COP26 meeting a year ago in Glasgow, Scotland. Over the summer, she and Persaud convened economists, other academics and civil society groups to work on it.

Now, she says, the momentum of her ideas is gaining momentum.

French President Emmanuel Macron was the first leader of a wealthy country to lend his support.

“We need a huge financial shock of concessional financing,” Macron said in a speech at the opening of COP27. “We have to change the rules, the rules of our big international banks, the development banks, the IMF and the World Bank,” he said. “We can’t wait for the next COP.”

To support Mottley’s plan, “a group of wise minds at the highest level” has been set up tasked with developing climate finance solutions by spring 2023, when the World Bank and International Monetary Fund will hold their annual meetings, Macron said.

As climate-amplified disasters deepen suffering, the stilted international financial system designed for an early age could be about to change, led by those on the front lines.

Germany, the World Bank’s fourth largest shareholder, is among those calling for “fundamental reform”, including “climate loans on better terms”. Federal Reserve chief Janet Yellen said multilateral development banks must “evolve” beyond their traditional poverty reduction work to tackle climate and other global challenges.

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Wanjohi Kabukuru contributed to this report.

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Follow AP’s climate and environment coverage at https://apnews.com/hub/climate-and-environment

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The Associated Press’s climate and environmental coverage receives support from several private foundations. Learn more about AP’s climate initiative here. The AP is solely responsible for all content.

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Florida Digital Lending Market to Hit $13.89 Billion by 2027; https://left-is-right.com/florida-digital-lending-market-to-hit-13-89-billion-by-2027/ Mon, 14 Nov 2022 18:03:00 +0000 https://left-is-right.com/florida-digital-lending-market-to-hit-13-89-billion-by-2027/ The increase in the need and adoption of digital lending solutions in the state and the massive shift from traditional to digital lending is driving the growth of the digital lending market in Florida. Based on provider type, the FinTech institutions segment accounted for the highest share in 2019 and will continue its lead by […]]]>

The increase in the need and adoption of digital lending solutions in the state and the massive shift from traditional to digital lending is driving the growth of the digital lending market in Florida. Based on provider type, the FinTech institutions segment accounted for the highest share in 2019 and will continue its lead by 2027. There has been an increase in the adoption of online and digitized financial services in the State during the pandemic.

You can access the full report:
https://www.alliedmarketresearch.com/florida-digital-lending-market-A11092

According to the report published by Allied Market Research, the Florida digital lending market earned $4.35 billion in 2019 and is expected to reach $13.89 billion by 2027, growing at a 2020 CAGR of 16.7%. to 2027. The report offers a detailed analysis of changing market dynamics, competitive scenario, top segments, key investment pockets, value chain and regional landscape.

The increase in the need and adoption of digital lending solutions in the state and the massive shift from traditional to digital lending is driving the growth of the digital lending market in Florida. However, high interest on small amounts and shorter repayment terms provided by lenders are hampering the growth of the market. On the other hand, the adoption of advanced technologies in lending services creates new opportunities in the coming years.

Download a free sample report: https://www.alliedmarketresearch.com/request-sample/11457

According to loan type, personal loan segment contributed the highest market share in 2019, accounting for almost half of the total market share, and is expected to maintain its leading position during the forecast period. . However, the SME-focused lending segment is expected to grow at the highest CAGR of 22.5% from 2020 to 2027.

Based on vendor type, the FinTech institutions segment accounted for the highest share in 2019, holding more than two-fifths of the digital lending market in Florida, and is expected to maintain its leading status throughout the forecast period. . Moreover, this segment is expected to witness the highest CAGR of 18.7% from 2020 to 2027. The research also analyzes the segments including banks, credit unions and others.

On an end-user basis, the consumer segment accounted for the highest market share in terms of revenue, contributing more than two-thirds of the total share in 2019, and is expected to maintain its dominance in terms of revenue from by 2027. However, the SME segment is expected to witness the fastest CAGR of 21.0% during the forecast period.

Interested in getting the data? (Get a detailed analysis in PDF – 113 pages): https://www.alliedmarketresearch.com/purchase-enquiry/11457

Key Florida Digital Lending Market players analyzed in the research include Ally Financial Inc., Florida Credit Union, Credible, VyStar Credit Union, Navy Federal Credit Union, LendingPoint LLC, Suncoast Credit Union, Social Finance, Inc., TD Bank , NA , and WELLS FARGO

Related links:
AI in the insurance market: https://www.alliedmarketresearch.com/ai-in-insurance-market-A11615
BFSI crisis management market: https://www.alliedmarketresearch.com/bfsi-crisis-management-market-A11105
IoT insurance market: https://www.alliedmarketresearch.com/iot-insurance-market-A09784
Mortgage market: https://www.alliedmarketresearch.com/mortgage-lending-market-A17282
Payday loan market: https://www.alliedmarketresearch.com/payday-loans-market-A10012
Personal loan market: https://www.alliedmarketresearch.com/personal-loans-market-A07580

United States
USA/Canada:
+1-800-792-5285

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

This press release was published on openPR.

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‘Am I the biggest fool in the world?’ I married my husband after being together for 25 years. Now he wants a divorce. I will have nothing. What can I do? https://left-is-right.com/am-i-the-biggest-fool-in-the-world-i-married-my-husband-after-being-together-for-25-years-now-he-wants-a-divorce-i-will-have-nothing-what-can-i-do/ Fri, 11 Nov 2022 19:27:00 +0000 https://left-is-right.com/am-i-the-biggest-fool-in-the-world-i-married-my-husband-after-being-together-for-25-years-now-he-wants-a-divorce-i-will-have-nothing-what-can-i-do/ By Quentin Fottrell “If we divorce, I will have my own retirement account left worth about $40,000, while he will have a pension of over $400,000” Dear Quentin, My husband and I have been together for over 28 years and married for three. We have lived in Florida for seven years. He now wants a […]]]>

By Quentin Fottrell

“If we divorce, I will have my own retirement account left worth about $40,000, while he will have a pension of over $400,000”

Dear Quentin,

My husband and I have been together for over 28 years and married for three. We have lived in Florida for seven years. He now wants a divorce. I stayed home with our kids for six years and the other years I worked in retail jobs while our kids were in school. We never lived near family, so it was our deal to make life work. I was making about $30,000 a year during that time.

We got married three years ago when my husband had health problems. He was concerned that I would have trouble accessing his pension, 401(k), social security, etc. Well, he’ll be fine. He feels so good that he now wants a divorce. He says I am not entitled to any of his pensions, alimony, properties or assets because we have only been married for three years.

He wants to buy our house back from me and told me that I should use my share ($100,000) to pay off our children’s student loans ($200,000) because they are in his name. We have another $1.5 million home in California that we use as a rental property that we purchased in the early 2000s that bears his name. He took my name off that title deed after our first child was born.

Currently, I make $55,000 a year and he makes $180,000. I pay $2,500 of my monthly income for our mortgage, utilities, and off-campus living expenses for our son, etc. He told me that I had to tell our children that they had to drop out of school if I couldn’t qualify for loans for their remaining time to finish school. (One son still has a year left in college, while the other has two years left.)

I work out the numbers and if we get divorced I will be left with my own retirement account worth about $40,000 while he will have a pension of over $400,000, the properties and everything we built together because — even though I used my money to help pay for our household — he still omitted my name.

Am I the biggest fool in the world? Or is there help for someone in my situation?

be cut loose

Dear Cut Loose,

No, you’re not a fool. You live your life with an open and confident heart.

Your husband, from what you say in your letter, is opportunistic and interested. He can bully and cajole, and use emotional blackmail and outright lies to get what he wants, if you let him. Hire a divorce lawyer today. They will advise you on your rights. Do not accept anything. Don’t sign anything. Don’t even engage with your husband on matters relating to your finances and/or your divorce. Your divorce attorney should direct you and do all the talking.

If there was ever a time to stand up to your husband, his untruths and his coercive control, this is it. He cannot take away the deed to a home you jointly own unless you voluntarily sign a document asking him to relinquish ownership. Likewise, he cannot force you to give up your current home and/or use the profits to pay for your children’s education. If his name is on those student loans, he, not you, is responsible for paying them.

Florida is an equitable distribution state – not a community property state. There is a presumption that marital assets should be split 50/50, but as the law firm Ayo & Iken points out, “It’s not always as simple as it sounds: it’s not as simple as looking at when a particular property or room Instead, Florida laws provide guidance to courts in determining whether a particular property or property is marital or non-marital property.

“The word ‘guidance’ is used because Florida courts and judges have incredible discretion to do what they think is right,” Ayo & Iken write. In addition to property that was pooled during your marriage, marital property includes: “Property acquired during marriage, valuation and appreciation of non-marital property, gifts between spouses during marriage, movable and immovable property held as tenants by the wholes, and certain retirement benefits.

As for Social Security benefits. There are strict eligibility requirements to collect Social Security benefits as a divorced spouse, as my colleague Alessandra Malito points out, as long as you have not remarried. Among these eligibility rules: you must be married for 10 years, he must be at least 62 years old, and if he has not yet claimed his benefits, you must be divorced for at least two years.

Your husband played you. He married you when he thought it was in his best interest to do so. He may or may not have tricked or bullied you into giving up your interest in your $1.5 million rental property. He uses a menacing combination of truth, falsehood and pressure to get what he wants now. It’s time to shake up his bag of tricks. Gather as many papers as you can now. Your lawyer will be able to advise you on the best way to proceed.

Check out the private Moneyist Facebook group, where we seek answers to life’s trickiest money problems. Readers write to me with all sorts of dilemmas. Ask your questions, tell me what you want to know more or weigh in on the latest Moneyist columns.

The Moneyist regrets not being able to answer the questions individually.

By emailing your questions, you agree to have them published anonymously on MarketWatch. By submitting your story to Dow Jones & Co., the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Read also :

“It took too long”: the bank paid itself $18,000 in fees. My late father’s trust was not distributed. What recourse do I have?

“He implied he was financially secure”: My husband has always been hesitant about his finances. Now I know why

“When we dated for 5 years, he hinted that he was financially secure”: My husband was always hesitant about his finances. Now I know why

‘Am I getting scammed?’ I moved into my husband’s house. I pay for the groceries. The rental income from my apartment goes into our joint savings

-Quentin Fottrell

 

(END) Dow Jones Newswire

11-11-22 1427ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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Disney World arrest: New York fugitive arrested after federal inspector spotted him while on vacation in Florida https://left-is-right.com/disney-world-arrest-new-york-fugitive-arrested-after-federal-inspector-spotted-him-while-on-vacation-in-florida/ Sat, 05 Nov 2022 00:59:00 +0000 https://left-is-right.com/disney-world-arrest-new-york-fugitive-arrested-after-federal-inspector-spotted-him-while-on-vacation-in-florida/ CNN — Federal official Jeff Andre was vacationing at Walt Disney World’s Animal Kingdom near Orlando last month when he spotted a man who looked familiar. The man looked like 31-year-old Quashon Burton, who authorities say fled to New York last November after allegedly using fraudulent documents to get coronavirus relief aid. A criminal complaint […]]]>



CNN

Federal official Jeff Andre was vacationing at Walt Disney World’s Animal Kingdom near Orlando last month when he spotted a man who looked familiar.

The man looked like 31-year-old Quashon Burton, who authorities say fled to New York last November after allegedly using fraudulent documents to get coronavirus relief aid.

A criminal complaint alleged Burton stole the identities of at least four people to secure nearly $150,000 in government loans for struggling businesses during the pandemic.

André knew the suspect. As an inspector with the United States Postal Inspection Service, he was involved in the case and had signed the warrant for Burton’s arrest.

And, in an incredible stroke of luck, the fugitive he was looking for in New York also appeared to be vacationing the same day at the same Florida theme park.

André took action.

Andre alerted Disney World Security, who in turn notified the local Orange County Sheriff’s Office. And so began a process that ended with Burton behind bars – all because of the two men’s overlapping vacation in “the happiest place on Earth.”

A 2021 criminal complaint – signed by Andre – laid out the details of the case against Burton.

Burton was indicted on federal charges last December, including theft of public funds, conspiracy to steal public funds and aggravated impersonation.

In its complaint, the U.S. Attorney’s Office for the Southern District of New York accused it of stealing the victims’ identities to receive the fraudulent loans and alleged that it attempted to convert some of the funds into money orders. .

Billions of pandemic frauds require ‘100 years’ of investigative work

09:25

– Source: CNN

“The defendant used fraudulent email accounts, false identity documents, bank accounts and bank cards in the names of others…in a manner that created a complex web of identities that rendered his crimes difficult to investigate,” federal court documents said.

In an email to CNN, Burton’s attorneys Lauren Di Chiara and Harvey Fishbein declined to comment or offer information about his plea.

A warrant for Burton’s arrest was issued in November last year and law enforcement officials attended his last known address in Brooklyn. He was nowhere to be found. They returned home twice and spoke to Burton’s mother, who told them her son would not turn up, according to federal court documents.

For months, Burton allegedly used false identities, including while visiting Disney World, which made it difficult to find him, authorities said.

Quashon Burton

But on October 20 around 3:05 p.m., Andre recognized him at Animal Kingdom and informed Disney security that there was a fugitive in the park. Disney authorities then alerted the county sheriff’s office, telling them that Burton had left the park and was waiting at a nearby bus stop with two family members.

A deputy approached him at the bus stop and asked for identification, and Burton asked why he had to provide it, the Orange County Sheriff’s Office said in an incident report.

When the deputy attempted to handcuff Burton, he stiffened his arms and refused to cooperate, and the deputy took him to the ground and secured him, according to the incident report. Burton was charged with resisting an officer without violence.

Even after fingerprints confirmed his identity, he insisted he was not Burton, according to federal documents.

Burton has since been transferred to federal custody. Federal prosecutors have opposed his release on bail, saying he “presents an extreme flight risk.”

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PACE loans in Ohio may need more consumer protection – ProPublica https://left-is-right.com/pace-loans-in-ohio-may-need-more-consumer-protection-propublica/ Wed, 02 Nov 2022 09:00:00 +0000 https://left-is-right.com/pace-loans-in-ohio-may-need-more-consumer-protection-propublica/ ProPublica is a nonprofit newsroom that investigates abuse of power. Subscribe to dispatchesa newsletter that shines a light on wrongdoing across the country, get our stories delivered to your inbox every week. Ohio lawmakers this fall consider adding protections for consumers to “clean energy” loan programs, addressing the concerns they may impose on vulnerable homeowners. […]]]>

Ohio lawmakers this fall consider adding protections for consumers to “clean energy” loan programs, addressing the concerns they may impose on vulnerable homeowners.

In testimony during the State House Committee hearings this year, some proponents of the bill have pointed out reporting by ProPublica as proof that Ohio should regulate loans tightly. This report showed that Property Assessed Clean Energy, or PACE, loans often left low-income borrowers in Missouri at risk of losing their homes.

Two Republican members of the State House from eastern Ohio are pursuing rules for PACE, though such a loan program has only been offered as part of a pilot program in Toledo. But lawmakers Bill Roemer, of Richfield, and Al Cutrona, of Canfield, said they wanted to make sure that, if companies try to introduce a statewide program in Ohio, they comply with stricter rules.

PACE provides financing for energy-efficient home improvements that borrowers repay in their property taxes. Unlike some other types of financing, default on a PACE loan can result in the sale of a home during a tax sale.

Missouri, California, and Florida are the only states with active statewide PACE residential programs. Last year, Ohio nearly become the fourthafter California-based Ygrene Energy Fund announced it would offer homeowner loans in partnership with the Toledo-Lucas County Port Authority.

But the program never started. Ygrene has since suspended all loans nationwide and last week agreed to settle a complaint by the federal government and the state of California that the company had harmed consumers through deceptive practices.

Roemer said in an interview that he co-sponsored the measure after speaking to a coalition which included mortgage lenders, real estate agents, and advocates for affordable housing and homelessness.

“You never really see all these people coming together on a bill,” he said. “I did my research and said, ‘This is a really bad program that takes advantage of the most vulnerable people. “”

The legislative session ends on December 31, leaving little time to pass the bill.

“It’s going to take a lot of work,” Roemer said, “but I think it’s very important that we do it.”

Ben Holbrook, a Cutrona aide, said that after Ygrene’s withdrawal Bill was “less reactive and more proactive”.

ProPublica found that state and local authorities in Missouri exercised little control over the two entities that operated clean energy loan programs in that state. Ygrene and the Missouri Clean Energy District charged high interest rates and fees over terms of up to 20 years, collecting loan repayments through tax bills and executing debts by placing liens on property – which left some borrowers vulnerable to losing their homes if they defaulted.

The reporters analyzed about 2,700 loans registered in the five counties with the most active PACE programs in Missouri. They found that borrowers, especially in predominantly black neighborhoods, sometimes paid more interest and fees than their home was worth.

PACE lenders said their programs provide much-needed financing for home renovations, especially in predominantly black neighborhoods where traditional lenders typically don’t do much business. They said their interest rates were lower than payday lenders and some credit cards.

Weeks after ProPublica’s investigation, the Missouri Legislature passed and Governor Mike Parson signed a law mandate more consumer protection and oversight of PACE. In Ohio, following our reporting, leaders of the state’s two most populous cities, Columbus and Cleveland, said they would not participate in any residential PACE plan.

The Ohio Bill would cap the annual interest rate on PACE loans at 8% and prohibit lenders from charging interest on fees. Lenders must verify that a borrower can repay a loan by confirming that the borrower’s monthly debt does not exceed 43% of their monthly income and that they have sufficient income to meet basic expenses.

The measure would also change the way PACE lenders secure their loans. In states where PACE has thrived in residential markets, PACE liens are paid first if a home is foreclosed. And a homeowner can borrow without the consent of the bank that holds the mortgage. The Ohio bill would refund PACE liens after the mortgage and any other liens on the property. Additionally, the mortgage lender should agree to add a PACE loan.

Ygrene officials did not respond to requests for comment. But a company official told the legislative committee that the bill would “unequivocally kill residential PACE.” Crystal Crawford, then vice-chairman of Ygrene, told the committee in May that the bill was “not a consumer protection bill – it’s a bank protection bill” .

Ohio’s limited experience with PACE illustrated how the program, with sufficient oversight, could be a low-cost option for borrowers. The Port Authority of Toledo-Lucas County has implemented a pilot program allowing residents to borrow money for energy-saving projects without paying high interest or fees. A local nonprofit, the Lucas County Land Bank, made sure borrowers had the means to repay loans, connected homeowners with contractors, and made sure home improvements were made. properly completed before releasing the loans.

Ygrene announced in August that she had suspended the granting of PACE residential loans in Missouri and California, but continued to provide PACE residential loans in Florida and PACE commercial loans in more than two dozen states. Commercial loans have not attracted as much attention from regulators because they tend to involve borrowers with more experience and access to capital who are not as likely as residential borrowers to default.

More recently, the Ygrene website suggests that instead of providing loans directly, Ygrene now operates as an online lending marketplace where consumers looking for personal home improvement loans can enter personal information and receive offers from third-party lenders.

The lawsuit filed by the Federal Trade Commission and the California Department of Justice alleges that the company misled consumers about the potential financial impact of its financing and registered liens on borrowers’ homes without their consent. To solve the case, Ygrene agreed to provide financial assistance to certain borrowers, to end allegedly deceptive practices and to significantly supervise contractors who act as its sales force. The settlement must be approved by a judge.

Ygrene said in an email that the complaints date back to the “early days” of the company marketing PACE loans in 2015 and that it has since taken “extensive steps” to protect consumers.

“We deeply regret any negative consequences any customer may have suffered, as even one unhappy customer is too much,” the company said.

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Carolina is a high cost university https://left-is-right.com/carolina-is-a-high-cost-university/ Sun, 30 Oct 2022 10:17:37 +0000 https://left-is-right.com/carolina-is-a-high-cost-university/ RALEIGH — The US Department of Education has begun accepting applications from former college students in hopes of forcing taxpayers to repay their loans. President Joe Biden’s loan transfer diktat is one of the worst policies of modern times: hugely expensive, blatantly illegal, and hugely unfair to the millions of borrowers who have worked hard […]]]>

RALEIGH — The US Department of Education has begun accepting applications from former college students in hopes of forcing taxpayers to repay their loans. President Joe Biden’s loan transfer diktat is one of the worst policies of modern times: hugely expensive, blatantly illegal, and hugely unfair to the millions of borrowers who have worked hard and sacrificed so much to pay off their debts.

I hope the policy will be overturned by the court. He fully deserves to be. Today, however, I want to refute a frequently made argument for it: that it will reduce the cost of higher education in America. No, it will increase the cost. This is clearly one of its objectives.

Although we sometimes use the terms “price” and “cost” interchangeably, they are different things. The price of a good or service is what a consumer pays to acquire it. The cost of a good or service is the total of all resources used or given up to produce it.

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SBA will open a mobile disaster recovery center on Pine Island on Monday; will work five days https://left-is-right.com/sba-will-open-a-mobile-disaster-recovery-center-on-pine-island-on-monday-will-work-five-days/ Sat, 22 Oct 2022 20:30:00 +0000 https://left-is-right.com/sba-will-open-a-mobile-disaster-recovery-center-on-pine-island-on-monday-will-work-five-days/ The US Small Business Administration will open a mobile disaster recovery center in Phillips Park, Pine Island, at 10 a.m. Monday to help Floridians apply for SBA disaster loan assistance for losses from Hurricane Ian that has started September 23. The Center will remain open until October 29 at 7 p.m., when it will close […]]]>

The US Small Business Administration will open a mobile disaster recovery center in Phillips Park, Pine Island, at 10 a.m. Monday to help Floridians apply for SBA disaster loan assistance for losses from Hurricane Ian that has started September 23.

The Center will remain open until October 29 at 7 p.m., when it will close permanently.

“Our disaster recovery centers are one of the most powerful resources available to SBA to support business owners in the midst of a disaster,” said Francisco Sanchez, Jr., associate administrator, Office of Disaster Assistance. “Business owners can meet in person with our specialists to apply for SBA disaster loans and get information on all of our programs designed to help them navigate their recovery.”

SBA disaster declaration includes Brevard, Charlotte, Collier, DeSoto, Flagler, Glades, Hardee, Hendry, Highlands, Hillsborough, Lake, Lee, Manatee, Monroe, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk , Putnam, Saint Johns, Sarasota, Seminole, and Volusia counties in Florida, which are eligible for both SBA physical and economic disaster loans.

Small businesses and most private nonprofit organizations in the following adjacent counties can only apply for Economic Disaster Disaster Loans (EIDLs) from the SBA: Alachua, Bradford, Broward, Clay, Duval, Hernando, Indian River, Marion, Martin, Miami-Dade, Saint Lucia and Sumter in Florida.

SBA customer service representatives will be available as listed above to answer questions about the disaster loan program and help business owners complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect public health and safety. All visitors to CRBs are encouraged to wear a face mask.

Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and must apply under SBA statement #17644.

To be considered for all forms of disaster assistance, applicants must apply online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is not available, applicants should call FEMA’s toll-free hotline at 800-621-3362. Those using 711 Relay or Video Relay services should call 800-621-3362.

Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech impediment , please dial 7-1-1 to access telecommunications relay services) or by emailing DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline for filing property damage return claims is November 28, 2022. The deadline for returning economic loss claims is June 29, 2023.

SBA Disaster Recovery Center Sites

Collier County

Napoli players, 701 5th Avenue South, Naples, FL 34102; Opening hours: Monday from 9 a.m. to 4:30 p.m., Tuesday to Sunday from 9 a.m. to 5 p.m.

Lee County

The hub of SWFL, Inc., 25071 Chamber of Commerce DriveBonita Springs, FL 34135, Hours: Monday through Sunday, 9 a.m. to 5 p.m.

Cape Coral Kiwanis Club, 360, boul. Santa Barbara SCape Coral, FL 33991, Hours: Monday through Thursday, 8 a.m. to 6 p.m., Closed: Friday, Saturday, and Sunday

Phillips Park, 5675 Sesame ParkwayBokeelia, FL 33922.k Open: Monday, October 24, 10 a.m.-7 p.m. Hours: Tuesday-Saturday, October 25-29, 8 a.m.-7 p.m. Permanently closed: Saturday, October 29, 7 p.m.

Sarasota County

United Way of South Sarasota, 4242 S. Tamiami TrailVenice, FL 34293, Hours: Monday-Wednesday, October 24-26, 9 a.m.-6 p.m. Closed: Saturday-Sunday, October 22-23, permanently closed: Wednesday, October 26, 7 p.m.

WGCU is your trusted source for Southwest Florida news and information. We are a non-profit public service and your support is more essential than ever. Keep the public media strong and make a donation now. Thanks.

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Third quarter profit down 1.5% for LR bank https://left-is-right.com/third-quarter-profit-down-1-5-for-lr-bank/ Fri, 21 Oct 2022 06:55:07 +0000 https://left-is-right.com/third-quarter-profit-down-1-5-for-lr-bank/ OZK Bank’s third-quarter profits fell as Little Rock Bank reported net profit of $128.3 million on Thursday, down 1.5% from the same quarter’s $130.3 million. period last year. Earnings per share for the period ended Sept. 30 were $1.08, an 8% increase from $1 in the third quarter of last year. Although up year-over-year, earnings […]]]>

OZK Bank’s third-quarter profits fell as Little Rock Bank reported net profit of $128.3 million on Thursday, down 1.5% from the same quarter’s $130.3 million. period last year.

Earnings per share for the period ended Sept. 30 were $1.08, an 8% increase from $1 in the third quarter of last year. Although up year-over-year, earnings per share were well below industry analysts’ forecasts.

Little Rock’s Stephens Inc. forecast $1.15 for the quarter while Zacks Investment Research’s Wall Street consensus was $1.18.

Lending activity was strong, with total loans increasing by 6.6%. Loan volume in the quarter was $19.5 billion, compared to $18.3 billion a year ago. The bank’s Real Estate Specialties Group (RESG) posted a fourth consecutive quarter of record production with $4.35 billion in loans.

“We are delighted to report our strong results for the third quarter of 2022,” said George Gleason, chairman and chief executive officer, in a press release announcing the results after the close of trading.

“Our results were highlighted by our fourth consecutive quarter of record RESG loan originations and solid growth in loans funded by RESG, as well as significant contributions to the growth of our community banks and other lending teams” , the statement said. “This reflects our dual focus of both organic loan growth and increased portfolio diversification.”

In management comments prepared and released with the results, the bank touted the growth of the Real Estate Specialties group. “Our RESG portfolio has performed very well and we expect it to continue to outperform the industry in this environment of heightened economic turbulence,” the statement said.

Net interest income, fueled by higher interest rates and loan growth, set a quarterly record of $294.6 million. This is an increase of 18.8% from nearly $248 million last year. Net interest margin increased to 5.03% from 4.16% in the third quarter of 2021.

Deposits increased 1.5% to $20.4 billion from $20.1 billion in the third quarter of 2021. term deposits,” the bank noted in management comments.

Total assets remained relatively stable at $26.2 billion, compared to $26.1 billion a year ago.

OZK has set aside $39.8 million to protect against potential loan losses, a provision that is eating into profits. The lender had a negative provision of $7.5 million in the third quarter of 2021.

During the quarter, OZK repurchased approximately 1.2 million shares for $47.7 million. Since the start of the buyback program in July 2021, OZK has repurchased 12.1 million shares – more than 9% of outstanding shares – for $520.2 million. Program authorization ends November 4.

Shares of the bank fell $2.02, or 4.7%, to close Thursday at $41.37.

OZK’s management team has scheduled a conference call with the investment community for 10 a.m. today. The call can be viewed through the investor relations section of the bank’s website, ir.ozk.com.

The bank operates 240 offices in Arkansas, California, Florida, Georgia, Mississippi, New York, North Carolina and Texas.

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Florida among top 10 states for taking out the most home loans https://left-is-right.com/florida-among-top-10-states-for-taking-out-the-most-home-loans/ Tue, 18 Oct 2022 14:57:17 +0000 https://left-is-right.com/florida-among-top-10-states-for-taking-out-the-most-home-loans/ Sales of existing homes hit their highest level in 15 years in 2021, according to the National Association of Realtors. It was largely driven by record mortgage rates and the need for more ex-urban space after coronavirus pandemic restrictions. 2021 30-Year Fixed Rate Mortgage Levels overcome around 3.1%, lower than current rates of nearly 6%, […]]]>

Sales of existing homes hit their highest level in 15 years in 2021, according to the National Association of Realtors. It was largely driven by record mortgage rates and the need for more ex-urban space after coronavirus pandemic restrictions. 2021 30-Year Fixed Rate Mortgage Levels overcome around 3.1%, lower than current rates of nearly 6%, pushed higher by the Federal Reserve’s attempts to rein in runaway inflation in the housing market.

american shield analyzed mortgage origination data Consumer Financial Protection Bureau to see which states took out the most mortgages per 10,000 homes in 2021, the latest information available. The rate was determined by dividing the total number of primary mortgages issued in each state by the number of owner-occupied homes.

There are four common types of mortgages that a potential homeowner can take out to finance their purchase: a conventional loan, a bank-issued mortgage; a Federal Housing Administration loan, a government-backed mortgage with lower requirements than a conventional loan; a VA loan, mortgage for active duty or retired members of the US military; and an FSA loan, available to farmers through the United States Department of Agriculture’s Farm Service Agency.

Americans took out more than 5.2 million mortgages in total last year, as properties traded hands at a rapid volume and pace not seen since a U.S. real estate market last booming collapsed. However, the housing market crash of the late 2000s was primarily driven by unsustainable lending practices and excessive debt levels. Economists and other analysts maintain that this time is different and that Americans expect a “correction” in house prices rather than another bubble bursting.

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10 States That Have Taken Out the Most Home Loans

Homebuyers took out the most mortgages for a primary residence — not investment properties — in Utah, Colorado, Idaho and South Carolina. The states with the most mortgage activity are also among those that have seen their housing markets overheated by COVID-19-era interstate migration. The fewest home loans were taken out in New York, West Virginia, Mississippi, Pennsylvania and Vermont last year.

A map of the states that take out the most home loans.
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How mortgage rates vary by state

The Midwest and Mid-Atlantic states along with Florida and Alaska were the hottest states for new home loans last year. Migration patterns of Americans have changed since the arrival of COVID-19 in 2020. Not only are a record number of Americans aging out of the labor force and to retire in recent years, but many working-age Americans have spent the past year look for more space to change work routines. These Americans are also moving to less expensive and less dense areas.

Breakdown of loans in each state.
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The share of different types of mortgages taken out by the state

Conventional loans were the loan type of choice for the majority of homebuyers in 2021. Homebuyers in Alaska used conventional loans less than any other state. Homebuyers took out more VA loans there than in other states.

FHA loans were the next most common to be issued nationwide. Compared to a conventional loan, these loans have lesser requirements regarding the amount of money a buyer has to put down as a deposit. FHA loans often help first-time home buyers enter the housing market. Rhode Island led all other states in FHA loans last year, accounting for nearly 1 in 4 home loans originating in the state. Louisiana had the second largest share with 22% of all loans.

The highest percentage of VA loans by state were made in Alaska, with nearly a quarter of all loans issued, followed by Hawaii and Wyoming. The three states are somewhat isolated geographically from the rest of the country and have large US military bases and large veteran populations.

A three-person construction team works on the frame of a two-story house in the hills.
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How the housing market has changed in 2021

Ever since the United States passed more mortgage regulations, following the housing crash of the 2000s, applying for a home loan has been an intensive process. Underwriting requires borrowers to open up their financial history to banks that lend them hundreds of thousands of dollars, and the whole process can easily take a month or more. But the housing market got so hot in 2021 that even getting a mortgage was often not enough to secure you a purchased home. A combination of lagging new home construction and soaring demand has accelerated the home buying process, pushing U.S. real estate prices to levels never seen before.

Residential construction nearly came to a halt in the spring of 2020 as COVID-19 workplace regulations were enacted in the United States. A year later, properties were selling in record time as builders struggled to finish enough homes to meet demand.

Americans have seen pandemic-reduced interest rates as an opportunity to upgrade to more living space, a safer or warmer geographic location, or closer proximity to friends and relatives. According to the Federal Reserve Bank of St. Louis, during the summer months, typically the annual peak of real estate activity, listings were selling twice as fast as before the pandemic. Data. It’s only the Fed raised interest rates in March, home sales began to cool.This story originally appeared on american shield and was produced and distributed in partnership with Stacker Studio.

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Lessons from Hurricane Michael applied to Ian’s recovery https://left-is-right.com/lessons-from-hurricane-michael-applied-to-ians-recovery/ Sun, 16 Oct 2022 13:37:02 +0000 https://left-is-right.com/lessons-from-hurricane-michael-applied-to-ians-recovery/ FORT MYERS, Fla. (AP) – Four years before Category 4 Ian wiped out parts of Southwest Florida, the state Panhandle had its own encounter with a even stronger hurricane, Michael. The Category 5 storm nearly destroyed a city, fractured thousands of homes and businesses, and caused approximately $25 billion in damage. With damage from Ian […]]]>

FORT MYERS, Fla. (AP) – Four years before Category 4 Ian wiped out parts of Southwest Florida, the state Panhandle had its own encounter with a even stronger hurricane, Michael. The Category 5 storm nearly destroyed a city, fractured thousands of homes and businesses, and caused approximately $25 billion in damage.

With damage from Ian estimated multiple times and the Fort Myers area beginning a cleanup that will be even greater than after Michael, the two areas are collaborating on the way forward as South Florida. residents wonder what their region will look like in a few years.

Mayor Greg Brudnicki and other leaders from a rebuilt Panama City traveled to the southwest coast this week at the request of Governor Ron DeSantis to help officials plan the way forward. Keeping crews and trucks in the area to clear mountains of debris is task No. 1 because all other progress depends on it, Brudnicki said, and that may mean getting loans as a bridge until the federal refund money appears.

“You can’t fix anything until you clean it up,” Brudnicki said.

Tiny Mexico Beach, which was nearly flattened by Michael in 2018, has even fewer structures and people than before the storm. The city’s mayor, Al Cathey, said one of the biggest challenges in recovering from a natural disaster is fundamental: looking forward, not backward.

With little in town after Michael, Cathey said, residents gathered daily in a portable kitchen to chart the way forward after the hurricane, and there was an unwritten rule.

“When we had our afternoon meetings at the food truck, all we talked about was, ‘What are we going to do tomorrow? — not what wasn’t done four days ago,” Cathey said.

Michael has been blamed for more than 30 deaths. With more than 100 deaths, Ian was the third deadliest storm to hit the continental United States this century behind Hurricane Katrinawhich caused around 1,400 deaths, and Hurricane Sandywhich killed 233 people despite weakening from a tropical storm just before landfall.

Recovery will be more complicated in southwest Florida than it was in the Panhandle due to population, Cathey said. Bay County, which includes Panama City and Mexico Beach, is home to just 180,000 people, while Lee County, where the Fort Myers area is located, is home to nearly 790,000 people, many of whom are retirees.

Simply removing the boats that have been tossed ashore around Lee County could take months, and there are remains of homes and businesses scattered by 155 mph (250 km/h) winds or flooded by seawater that surged for miles inland along streams and canals.

One of the damaged ships and waterlogged homes belongs to Mike Ford, who is preparing for an extended recovery that could change the character of the area.

The flooded mobile home park where Ford lives — one of hundreds of such communities in the area — would be better as an RV park where people can come and go than a permanent neighborhood, he said. Residents could be ripe for redemption or conversion after Ian, especially as he and others had to repair the damage after Hurricane Irma in 2017.

“I have enough money to rebuild, but I can’t see it because what I’ve (already) done is rebuild, and now it’s happened,” said Ford, who lost a valuable collection of Beatles guitars and records for Ian’s benefit. . “It kind of cuts the wind off you.”

Ford neighbor Chuck Wagner said some people were already frustrated with Ian. Many Southwest Florida residents are retirees who only live in the area half the year, spending the hot summers up north, and they hear that help might not be available for the part-time residents.

“It’s all up in the air,” he said. “It could take years. Who knows?”

In Mexico Beach, 82-year-old Tom Wood is proof that progress will happen – slowly and painfully.

His beachfront business, the Driftwood Inn, was destroyed and filled with seawater when Michael made landfall with sustained winds of 160 mph (258 km/h) on October 10, 2018. Initially, a-t he said, the only logical step seemed to be giving up.

But the storm passed and the Gulf kept beckoning, Wood said, so he decided to rebuild. The new Driftwood Inn reopened in June with 24 rooms in its original location after a $13 million outlay and numerous headaches from insurance, government regulations and contractors.

Mexico Beach is still in desperate need of a grocery store to avoid the more than 10 miles to the nearest one, he said, and a pharmacy and more restaurants would be nice. But looking back, Wood said he believes he made the right decision to rebuild and hopes the people of Fort Myers Beach will do the same.

“I’m so glad we did it, not just for us but for the city,” he said. “It makes the city better, I think.”

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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