Online lenders – Market DCD http://market-dcd.com/ Just another WordPress site Wed, 05 Jan 2022 14:39:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://market-dcd.com/wp-content/uploads/2021/06/icon-2021-06-29T174343.113.png Online lenders – Market DCD http://market-dcd.com/ 32 32 Apple and Tesla take off (again) after stock splits https://market-dcd.com/apple-and-tesla-take-off-again-after-stock-splits/ Mon, 22 Mar 2021 09:00:37 +0000 https://market-dcd.com/apple-and-tesla-take-off-again-after-stock-splits/ Many of the businesses featured on Money advertise with us. The opinions are ours, but the compensation and extensive research determines where and how companies can appear. Learn more about how we make money. Since Apple and Tesla announced their Distribution of stocks earlier this summer, investors and analysts scrambled to understand what the move […]]]>

Many of the businesses featured on Money advertise with us. The opinions are ours, but the compensation and
extensive research determines where and how companies can appear. Learn more about how we make money.

Since Apple and Tesla announced their Distribution of stocks earlier this summer, investors and analysts scrambled to understand what the move could mean for companies that recently hit registration Tops. Now the day of the stock split has arrived.

Apple stock closed at $ 124.81 – the adjusted price for the division – on Friday and immediately rose when the market opened this morning, reaching $ 129.95 by early afternoon. Meanwhile, Tesla closed at $ 442.68 on Friday and also started to rise to $ 481.04.

The jumps are not representative of the entire market, as the The Dow Jones Industrial Average lost 200 points.

What the stock split will look like for you

A stock split occurs when a company splits its shares so that the number of shares an investor owns increases (or decreases in the case of a reverse split), without affecting the shareholder’s actual stake in the stock. business. A 2-to-1 split would turn one stock that trades at $ 100 into two stocks that trade at $ 50, while a 4-to-1 split would turn it into four stocks of $ 25.

If you owned Apple stock before August 24 or Tesla stock before August 21, these stock splits will happen automatically – you don’t have to do anything.

Apple’s split is four to one, so if you owned 100 stocks trading at around $ 400, you now owe 400 stocks with a valuation of $ 100 per share. And Tesla was five to one, which means that if before the split you owned 100 stocks trading at around $ 1,500 each, you now own 500 that are valued at around $ 300 each.

And don’t worry about paying extra taxes – you will not need to pay taxes on the extra shares you get after splits.

So what’s the next step?

Companies don’t tend to spin off like this if they think there is a possibility that their stock price may go down. And Apple and Tesla enjoyed a booming 2020 despite market volatility and the pandemic-induced recession. Apple also has a new product it can bank on: the iPhone 12, which should be released this fall. It comes after the August 19 announcement that it had become the first American company worth $ 2,000 billion.

Tesla, meanwhile, is seeks to increase its sales with its activities in China.

And the stock split may mean more interest from retail investors as the new prices are much more accessible. (Tesla stock closed at $ 2,213.40 on Friday, which is likely out of the realm of a buy option for many mainstream investors).

While splits make company shares more affordable, Apple and Tesla shares are much more expensive than they were at the start of 2020 – Apple up 70% and Tesla up 440% before the split . This is good news for those who took advantage of the gains, but it also makes both stocks a lot riskier for investors now.

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Exclusive: Foxconn, Other Asian Firms Consider Factories In Mexico As Chinese Risks Rise https://market-dcd.com/exclusive-foxconn-other-asian-firms-consider-factories-in-mexico-as-chinese-risks-rise/ Mon, 22 Mar 2021 09:00:37 +0000 https://market-dcd.com/exclusive-foxconn-other-asian-firms-consider-factories-in-mexico-as-chinese-risks-rise/ HONG KONG / TAIPEI / MEXICO CITY (Reuters) – Taiwan-based electronics makers Foxconn and Pegatron are among companies considering new factories in Mexico, people with first-hand knowledge of the matter said as the war Chinese trade and the coronavirus pandemic are prompting companies to reexamine global supply chains. FILE PHOTO: A sign announces Foxconn PCE […]]]>

HONG KONG / TAIPEI / MEXICO CITY (Reuters) – Taiwan-based electronics makers Foxconn and Pegatron are among companies considering new factories in Mexico, people with first-hand knowledge of the matter said as the war Chinese trade and the coronavirus pandemic are prompting companies to reexamine global supply chains.

FILE PHOTO: A sign announces Foxconn PCE Technology’s manufacturing complex, in Ciudad Juarez, Mexico, February 6, 2020. Photo taken on February 6, 2020. REUTERS / Jose Luis Gonzalez / File Photo

The plans could usher in billions of dollars in much-needed fresh investments over the next few years for Latin America’s second-largest economy, which is poised to experience its worst recession since the Great Depression of the 1930s.

Foxconn 2317.TW2354.TW and Pégatron 4938.TW are known as subcontractors for several phone manufacturers, including Apple AAPL.O. It was not immediately clear which companies they would be working with in Mexico.

According to two of the sources, Foxconn plans to use the factory to make Apple iPhones. However, said one of the sources, there was no sign of Apple’s direct involvement in the plan yet.

Foxconn is likely to make a final decision on a new plant later this year, and work will begin after that, the two said, adding that there was no certainty the company would stick to the plan. .

Apple spokesman Josh Rosenstock declined to comment.

Pegatron is also in talks with lenders about an additional facility in Mexico, primarily to assemble chips and other electronic components, said the people, who declined to be identified as the talks are confidential. Pegatron declined to comment.

Foxconn has five factories in Mexico that primarily manufacture televisions and servers. Its possible expansion would underline a wider and gradual shift of global supply chains away from China amid a China-U.S. Trade war and the coronavirus crisis.

The plans come as the idea of ​​”near-shoring” gains ground in Washington. The Trump administration is exploring financial incentives to encourage companies to move production facilities from Asia to the United States, Latin America and the Caribbean.

Brandishing a new deal locking in free trade with the world’s largest consumer market, Mexico also has geography, low wages and time zones in its favor. Despite the global recession and concerns about the business climate under President Andres Manuel Lopez Obrador, government data shows foreign investment has largely held up so far this year.

“The company has indeed contacted the (Mexican) government,” a third source said of Foxconn, adding that the talks were at an early stage and that the increase in coronavirus cases in Mexico was a major concern for the possible investment.

Foxconn, headquartered in Taipei, officially called Hon Hai Precision Industry Co Ltd, said in a statement that although it continued to expand its global operations and was an “active investor” in Mexico, it currently had no plans. to increase these investments.

In July, Reuters announced that Foxconn planned to invest up to $ 1 billion to expand a factory in India where it assembles Apple iPhones.

Foxconn Chairman Liu Young-way told an investor conference in Taipei on August 12 that the world was divided into “G2” – or two groups – in the wake of Sino-US tensions, saying that his company was working to “provide two sets of supply chains serving both markets.

“The global factory is no longer there,” he said, adding that around 30% of the company’s products were now made outside of China and the ratio could increase.

Foxconn Sharp’s unit said it was ramping up its television production in Mexico. Sharp announced last year that it would set up a factory in Vietnam to move some of its production to China. He said he had no further information to give.

Chinese company Luxshare Precision Industry Co 002475.SZ Also plans to build a facility in Mexico this year to offset the tariff war between the world’s two largest economies, the two sources said.

It was not immediately clear what product lines were being considered by Luxshare, which media reportedly is one of the major makers of Apple Airpods. Luxshare did not respond to a request for comment.

The Taipei Economic and Cultural Office in Mexico, which represents the government of Taiwan in the country, said it had heard that Foxconn was interested in building another factory in Ciudad Juarez, in the northern border state of Chihuahua.

“Pegatron, I also understand, wants to move a production line from China to Mexico,” bureau chief Armando Cheng told Reuters. He said he did not know the details of either company’s plans.

“Mexico is one of the ideal countries for companies considering readjusting their supply chain,” Cheng said.

It is not yet clear how far Asian subcontractors will invest in electronics and what jobs they would create in Mexico.

The promised investments in new manufacturing capacity did not always materialize.

In 2017, US President Donald Trump said Foxconn would build a $ 10 billion factory employing 13,000 people making LCD panels in the state of Wisconsin.

These plans have changed dramatically. In 2019, the company reduced the size of the planned plant. In April, Foxconn announced it would manufacture ventilators at the plant in partnership with Medtronic.

EXTENDED SUPPLY CHAINS

The coronavirus has immobilized trans-Pacific supply chains, blocking automotive, electronic and pharmaceutical components from China, exacerbating concerns among companies that their production base is an ocean away from American consumers.

In addition, the new US-Mexico-Canada trade deal requires more local inputs for duty-free exports to the United States.

Mexico has spoken to a host of foreign companies in a bid to attract Asian companies to take advantage of the trade deal and was preparing to talk to Apple about the outsourcing of manufacturing, the minister told Reuters. of Economy Graciela Marquez in July.

She said she had not spoken directly to Foxconn, Pegatron and Luxshare. A senior government official said the companies were among other things interested in investing in Mexico.

The government did not respond to a request for further comment before the publication.

Despite the strong investment potential and figures, many investors see Lopez Obrador squandering a historic opportunity.

“It could have been a tidal wave,” said Eduardo Ramos-Gomez, partner at Duane Morris & Selvam, a law firm working with Taiwanese and Chinese companies studying Mexico.

Critics cite Mexico’s mismanagement of the pandemic – it is the third in deaths worldwide – as well as Lopez Obrador’s interference in private investment decisions such as the cancellation of a brewery from a billion dollars by the American company Constellation Brands STZ.N, the abandonment of a major airport project and the pressure on energy companies.

The government denied that such decisions were anti-business.

Either way, Mexico’s allure attracts some.

Samuel Campos, executive managing director of real estate brokerage Newmark Knight Frank, said his company is currently helping two Chinese companies, one in the automotive sector and the other in manufacturing, set up in an industrial cluster in Mexico.

Campos said electronics, medicine and auto companies in Asia are expected to help boost investment in Mexico in the fourth quarter of this year.

For Alan Russell, managing director and chairman of Tecma Group, a company that operates factories in Mexico, Chinese manufacturers who want to maintain market share in North America have little choice.

“They are going to have shortened their supply chain and be more regional,” he said. “It seems the virus has tipped the scales. “

Reporting by Sumeet Chatterjee in Hong Kong, Yimou Lee in Taipei and Anthony Esposito and Daina Beth Solomon in Mexico; Additional reporting by Stephen Nellis in San Francisco and Josh Horwitz in Shanghai; Editing by Frank Jack Daniel and Cynthia Osterman


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Tech-driven urban cooperative banks will now need to appoint an information security officer: RBI https://market-dcd.com/tech-driven-urban-cooperative-banks-will-now-need-to-appoint-an-information-security-officer-rbi/ Mon, 22 Mar 2021 09:00:37 +0000 https://market-dcd.com/tech-driven-urban-cooperative-banks-will-now-need-to-appoint-an-information-security-officer-rbi/ Listen to this article the Reserve Bank of India (RBI) said on Thursday that urban cooperative banks (UCBs) will now have to appoint an Information Security Officer (CISO) and also set up various committees, namely IT strategy committee, IT steering committee, etc. RBI also proposed to launch a new set of strict cybersecurity rules keeping […]]]>

the Reserve Bank of India (RBI) said on Thursday that urban cooperative banks (UCBs) will now have to appoint an Information Security Officer (CISO) and also set up various committees, namely IT strategy committee, IT steering committee, etc.

RBI also proposed to launch a new set of strict cybersecurity rules keeping in mind the complexity of urban cooperative banks (UCBs). This initiative will be taken somewhat to put UCBs on the same level as banks in terms of cyber protection against online threats.

“The approach will ensure that UCBs with high IT penetration and offering all payment services are brought up to par with other banks with mature cybersecurity infrastructure and practices,” the banking regulator said while unveiling its document. technological vision for 2020-23.

Also read: RBI pushes the use of digital modes for banking transactions

According to RBI, UCBs with more digital-based innovations will now have to appoint a Chief Information Security Officer (CISO) and also set up various committees, namely the IT strategy committee, the IT steering committee, etc.

The umbrella bank further stated that UCBs will also need to form an IT governance framework approved by the board of directors keeping in mind its higher implication in costs.

“Responsibility for implementation, monitoring, compliance and response should be assigned to the board level and extend to the end user,” the RBI said.

Also read: RBI cancels registration of 120 non-bank lenders, puts 50 under tight surveillance

The recently unveiled vision document for UCBS through 2023 is based on five pillars such as GUARD, namely, governance oversight, investment in useful technology, appropriate regulation and oversight, robust collaboration and the development of the necessary information technologies, cybersecurity skill set.

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Now is a good time to refinance student loans – here’s how to save the most money https://market-dcd.com/now-is-a-good-time-to-refinance-student-loans-heres-how-to-save-the-most-money/ Mon, 22 Mar 2021 09:00:37 +0000 https://market-dcd.com/now-is-a-good-time-to-refinance-student-loans-heres-how-to-save-the-most-money/ item There may never be a better time to refinance student loans. Here are some tips to follow if you are thinking about refinancing a student loan. (iStock) To support the economy during the coronavirus pandemic, the Federal Reserve has set the benchmark interest rate near record lows. Since banks are able to borrow from […]]]>

There may never be a better time to refinance student loans. Here are some tips to follow if you are thinking about refinancing a student loan. (iStock)

To support the economy during the coronavirus pandemic, the Federal Reserve has set the benchmark interest rate near record lows. Since banks are able to borrow from each other at extremely affordable rates, lenders pass these savings on to consumers. As a result, depending on what type you have, Now might be a great time to refinance student loans if you are a qualified borrower.

Refinancing can reduce your interest rate, Help you remove a co-signer from a loan, and allow you to modify other key terms of your current debt. There is one important caveat, however, that due to the payment of student loans and the deferral of interest on federal student loans until September 30, 2021, it is not currently beneficial to refinance federal loans. If federal student loans are refinanced, borrowers will lose access to this suspension as well as other federal benefits and protections (eg. income-based repayment plans and student loan exemption programs).

However, when it comes to refinancing private student loans, perhaps now is the time to act. See if you qualify for a private student loan refinance today through Credible. With Credible you can compare rates and lenders instantly to see how much you could save on monthly payments and accumulate your savings for the duration of your loan.

5 Ways To Save Money By Refinancing Student Loans

If you’re considering refinancing a private student loan, you’ll want to make sure you make the smartest choices possible when it comes to selecting your new lender, as well as avoiding some student loan refinancing mistakes.

Here are five key tips to help you through the process and make sure your private student loan refinancing effort is a success.

  1. Compare rates and lenders
  2. Use a student loan refinance calculator
  3. Check your credit score
  4. Make sure you have a stable income
  5. Pay off or consolidate debts

1. Compare rates and lenders

Unlike federal student loans, there are no standardized rates for private refinance loans. Rates can vary from lender to lender, so it’s essential that you shop around and compare loan terms to get the lowest interest rate.

You can visit Credible to display a rate table that compares the rates of several lenders at the same time to easily find the most affordable option.

DO I NEED TO REFINANCE MY STUDENT LOANS?

2. Use a student loan refinance calculator

It is important to understand math. Specifically, you want to know how your monthly payments and total repayment costs will change when you get a new loan. The easiest way to assess the financial impact of refinancing is to use an online student loan refinance calculator to see how your new loan would affect your finances.

3. Check your credit score

Student lenders want to make sure that you are a qualified borrower. Before you approve for a loan refinance, they will check your credit score to see if you have a history of responsible borrowing behavior. Your credit score will determine both if you’re approved and the rate you pay, so check your credit before you apply.

If your score is not that high, take some steps to improve it to maximize your chances of getting an affordable refinance loan. If you want to see where you are with your current score, plug some of your information into Credible’s free online tools.

WHAT ARE THE REFINANCING RATES FOR STUDENT LOANS?

4. Make sure you have a stable income

Lenders also look at your income to determine if you will be able to meet your monthly payments. If you don’t have proof that you’ve been in your job for a while and your salary has remained stable, you may not be able to qualify for a student loan refinance.

CAN I REFINANCE PART OF MY STUDENT LOAN?

5. Pay off or consolidate other debts

Finally, lenders look at your other debts before they approve you for a loan, because they want to make sure that you don’t burn out and risk not being able to make payments.

If you have a lot of other debt, pay part of it getting approved before refinancing your private student loans. Paying off your debt could also help improve your credit score.

You also have the option of consolidating high-interest debt with a personal loan to reduce your monthly payment. This improves your debt-to-debt ratio, which in turn maximizes your chances of loan approval. This is because lenders don’t just look at your total debt in a vacuum, but rather compare your monthly payments to your income to see how much of your monthly income they are absorbing.

You can visit Credible to compare rates and lenders and find the best personal loan rate. A personal loan calculator It will also help you see how refinancing other debts could affect your monthly payment costs.

HOW DOES DEBT CONSOLIDATION AFFECT YOUR CREDIT RATING?

By making sure your debt ratio isn’t too high, improving your credit before you apply, and looking for a low-cost loan, you should be able to take full advantage of today’s unique opportunity to refinance private student loans.


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Regional Management Corp. Announces the Appointment of Harp Rana as Executive Vice President and Chief Financial Officer https://market-dcd.com/regional-management-corp-announces-the-appointment-of-harp-rana-as-executive-vice-president-and-chief-financial-officer/ Mon, 22 Mar 2021 09:00:37 +0000 https://market-dcd.com/regional-management-corp-announces-the-appointment-of-harp-rana-as-executive-vice-president-and-chief-financial-officer/ GREENVILLE, South Carolina – (COMMERCIAL THREAD) – Regional Management Corp. (NYSE: RM), a diversified consumer credit company, announced today that it has appointed Harpreet (“Harp”) Rana as new executive vice president and chief financial officer, effective November 23 or before. 2020. “We are delighted to welcome Harp to Regional as the new CFO. Harp has […]]]>

GREENVILLE, South Carolina – () – Regional Management Corp. (NYSE: RM), a diversified consumer credit company, announced today that it has appointed Harpreet (“Harp”) Rana as new executive vice president and chief financial officer, effective November 23 or before. 2020.

“We are delighted to welcome Harp to Regional as the new CFO. Harp has a strong background in finance, and we believe she will be a key contributor to our digital and long-term growth efforts, ”said Rob Beck, President and CEO of Regional Management Corp. “Harp’s broad financial expertise and her success in leading digital initiatives and innovation at Citi make her an ideal fit as we continue to invest and improve our omnichannel and digital capabilities. At the same time, I would also like to thank Mike Dymski for his valuable contributions as interim CFO. Mike is an important asset to our company, and I look forward to continuing to work closely with him during his remaining tenure as Interim CFO and in his current role as CFO.

Ms. Rana has 20 years of financial services experience, with broad skills related to capital and credit management, profitable portfolio growth, digital product development and transformation, and banking management. Retail. Ms. Rana was until recently Managing Director, North America Retail Bank at Citigroup. She has also held various additional executive positions in commercial and financial roles at Citigroup, including Head of Deposit and Personal Lending Products in the United States. Ms. Rana received her BA from the University of British Columbia in Vancouver, Canada and her MBA from the University of Rochester in Rochester, New York.

“I am thrilled and honored to lead Regional’s finance team and to become a significant contributor to the continued evolution of Regional’s omnichannel and digital,” said Ms. Rana. “Regional has performed very well during this difficult period, maintaining a particularly strong balance sheet, and I look forward to working closely with Regional’s extremely talented team of professionals to further increase its results and results in the years to come. to come. ”

Additionally, Regional announced today that she has promoted Brian Fisher to Executive Vice President and Chief Strategy and Development Officer from previously serving as Executive Vice President, General Counsel and Secretary. In his new role, Mr. Fisher will lead strategic planning, product development and corporate development, among other responsibilities. Regional also announced that she has promoted Catherine Atwood to Senior Vice President, General Counsel and Secretary from her previous Vice President, Assistant General Counsel and Chief Compliance Officer. The promotions for Mr. Fisher and Ms. Atwood are effective immediately.

“We are delighted to promote Brian and Catherine, who have both done a tremendous job in their respective roles and are well prepared to take on additional responsibilities,” added Beck. “Brian has been a backbone of Regional for years, as well as a loyal and trusted partner, and I am confident in his ability to lead our strategic growth initiatives. Likewise, Catherine’s extensive knowledge and skills have helped keep our compliance management system running smoothly, and she is more than ready to take on the role of General Counsel.

Today’s decisions further strengthen Regional’s leadership team and position the company firmly for the future as it invests in its digital capabilities and omnichannel strategy to increase market share, as well as drive growth. and long-term value for shareholders.

About Regional Management Corp.

Regional Management Corp. (NYSE: RM) is a diversified consumer credit company that provides attractive and easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, savings banks, credit unions, credit card companies and other lenders. Regional Management operates under the name “Regional Finance” in 368 branches in 11 states in the Southeast, Southwest, Central Atlantic and Midwest of the United States, as of June 30, 2020. Most of its loan products are guaranteed, and each is structured on a fixed-rate, fixed-term basis with full amortization in equal monthly payments, repayable at any time without penalty. The regional branch obtains loans through its multi-channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, retailers and its mainstream website. For more information, please visit www.RegionalManagement.com.

Forward-looking statements

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather represent the expectations or beliefs of Regional Management Corp. regarding future events. . Forward-looking statements include, without limitation, statements regarding future plans, objectives, goals, projections, strategies, events or performance, and the underlying assumptions and other statements relating thereto. Words such as “may”, “will”, “should”, “probably”, “anticipate”, “expect”, “intend”, “plan”, “projects”, “believe” , “Estimates,” “outlook,” and similar expressions may be used to identify these forward-looking statements. These forward-looking statements speak only as of the date on which they were made and relate to matters inherently subject to risks and uncertainties, many of which are beyond the control of regional management. Therefore, actual performance and results may differ materially from those contemplated by these forward-looking statements. Therefore, investors should not place undue reliance on forward-looking statements.

Factors that could cause actual results or performance to differ from expectations expressed or implied in forward-looking statements include, without limitation, the following: changes in general economic conditions, including levels of unemployment and bankruptcies; the impact of the recent epidemic of a new coronavirus (COVID-19), including on the regional management’s access to liquidity and the credit risk of the regional management’s financial receivables portfolio; risks associated with regional management’s ability to implement, transition and maintain, in a timely and efficient manner, the information technology systems, infrastructure, processes and controls necessary to support its operations and its initiatives; risks associated with the regional office’s loan creation and maintenance software system, including the risk of prolonged system failures; risks associated with opening new branches, including the ability or inability to open new branches as planned; risks inherent in lending, including credit risk, repayment risk and the value of collateral, the risks of which may increase in light of adverse economic conditions or recession; risks associated with implementing new underwriting models and processes, including with respect to the effectiveness of new personalized scorecards; risks associated with securitization transactions backed by Regional Management assets; changes in interest rates; the risk that the Regional Management’s existing sources of liquidity will become insufficient to meet its needs or that its access to these sources will be unexpectedly restricted; changes in federal, state or local laws, regulations or regulatory policies and practices, and the risks associated with the way laws and regulations are interpreted, implemented and enforced; changes in accounting standards, rules and interpretations, and the failure of associated assumptions and estimates, including those associated with the implementation of the current recognition of expected credit losses (CECL); the impact of changes in tax laws, guidelines and interpretations; the schedule and amount of revenue that can be recognized by the regional management; changes in current income and expenditure trends (including trends affecting delinquencies and credit losses); evolution of the markets of the Regional Department and general evolution of the economy (in particular on the markets served by the Regional Department); changes in the competitive environment in which Regional Management operates or a drop in demand for its products; risks associated with acquisitions; variations in operating and administrative expenses; and the departure, transition or replacement of key personnel. The COVID-19 pandemic can also amplify many of these risks and uncertainties.

The above and other factors are discussed in more detail in documents filed by regional management with the Securities and Exchange Commission. Regional management will not update or revise forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen events or the non-occurrence of anticipated events, whether either because of new information, future developments, or otherwise, except as required by law. The regional management is not responsible for modifications made to this document by the communication services or the Internet services.


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SPECIAL REPORT: Pandemic real estate boom https://market-dcd.com/special-report-pandemic-real-estate-boom/ Mon, 22 Mar 2021 09:00:36 +0000 https://market-dcd.com/special-report-pandemic-real-estate-boom/ CBS 13’s Mercedes Martinez takes a closer look at real estate in coronavirus era EL CENTRO, Calif. (KYMA, KECY) – Homes on the market are going faster than expected in Yuma and Imperial County. Buyers quickly contact listing agents to make an appointment as soon as the real estate ads are made public. Some clients […]]]>

CBS 13’s Mercedes Martinez takes a closer look at real estate in coronavirus era

EL CENTRO, Calif. (KYMA, KECY) – Homes on the market are going faster than expected in Yuma and Imperial County.

Buyers quickly contact listing agents to make an appointment as soon as the real estate ads are made public. Some clients sometimes go so far as to make offers conditional on visiting the house.

This is not how realtors expected the market to be at the start of the pandemic. On the contrary, the pandemic has raised many concerns.

Sylvia Rubio, Broker and President of Rubio Realty said, “As soon as March hit, we were like oh my god, what’s going to happen? Personally, I thought it was going to end abruptly, but it isn’t.

Jay Goyal, an Exit Realty broker, shared his experience and said “business has been slow from April to July”.

Valentina Estes, senior loan officer at Benchmark Mortgage, also shared her thoughts, saying she was scared at first. Estes went on to say, “What’s going to happen? Are we going to lose our jobs? No one will be able to buy houses.

Despite the fears and concerns, things continued to move forward.

Since June, the demand for housing has been huge, causing prices to continue to rise.

Goyal said: “Due to the pandemic, the federal government is trying to help every person and drastically lower interest rates.” He went on to give an example, “Some people can buy, depending on their credit, the house as low as 2.5%, 2.75%, 3%, which is very low and helps a lot of buyers to make the decision to buy the homes. “

Rubio also spoke about the rate cut saying, “With the rate cut people were very motivated. They were saving $ 200 to $ 300 over what they would normally have paid six months previously. So on the same house, a $ 250,000 house, they were going to pay $ 300 less.

But as more and more people are buying homes now, inventory has gone down as the competition to buy a home has increased.

Estes said: “What we’ve seen over the last six months is that the prices are very competitive. People come in with $ 2,000, $ 5,000, $ 10,000 in cash to buy a house because we don’t have enough houses. and it’s all over the world.

Estes was able to help a client from Texas who was trying to move to California.

The client was to live in a hotel with her two dogs. After Estes pulled her client’s loan in Texas, she was able to find him a home in a month.

Goyal said now is the perfect time to sell. The sellers “hit the market price. We haven’t seen this kind of award since 2006, ”said Goyal.

Rubio shared tips for those who want to buy. “For buyers, you might be in competition. You might be competing with other buyers so make sure you are prequalified with your lender and once you are ready you really need to write this offer really clear. There can’t be a lot of conditions because if there is, you’re going to be competing with at least four or even six people, ”said Rubio.

Real estate agents have also had to follow COVID-19 protocols to keep their clients safe. One of the precautions being that buyers and sellers must sign a form stating that they are negative for COVID-19.

Another measure taken is that only two people can walk around the house instead of having the whole family.

Rubio said a new standard must be prepared with hand sanitizer, gloves, masks and even shoe covers. Lenders also have new protocols.

Estes said loan documents need to be signed in a hybrid form, which means 70% of documents are signed online and the 30% are signed in front of a notary. Estes went on to say, “I had an amazing team of attorneys. They would go over to the house and sign outside on a table in a garage to make sure everyone was safe.”

And for those struggling to make their payments during the pandemic, there are programs that can help. All people have to do is reach out and ask for help.

Rubio mentioned the forbearance program. “If you have a landlord who is behind in payments, or even a landlord who is behind in payments because they have not been able to collect their rent, lenders are very flexible with the rental program. ‘abstention,’ said Rubio.

Some locals are willing to move into larger homes due to home schooling and working.

Jay Goyal says a common question he hears from people is, “What are the expectations for long-term interest rates?” “

Goyal’s response was, “It’s impossible for anyone to predict. But due to this pandemic, we don’t expect the federal government to raise interest rates anytime soon. “

Estes shared his general thoughts, saying that “at the end of the day, while it’s been a strange year for all of us, I think the economy was good when it comes to real estate.


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Minority-owned businesses waited months for PPP loans, data shows https://market-dcd.com/minority-owned-businesses-waited-months-for-ppp-loans-data-shows/ Mon, 22 Mar 2021 09:00:36 +0000 https://market-dcd.com/minority-owned-businesses-waited-months-for-ppp-loans-data-shows/ NEW YORK (AP) – Thousands of small minority-owned businesses were at the end of the government’s coronavirus relief program as many struggled to find banks that would accept their demands or were disadvantaged by the terms of the program . Paycheck Protection Program data released on December 1 and analyzed by the Associated Press shows […]]]>

NEW YORK (AP) – Thousands of small minority-owned businesses were at the end of the government’s coronavirus relief program as many struggled to find banks that would accept their demands or were disadvantaged by the terms of the program .

Paycheck Protection Program data released on December 1 and analyzed by the Associated Press shows that many minority homeowners desperate for a relief loan only received it in the last few weeks of the P3, while many other homeowners white businesses were able to obtain loans earlier in the program.

The program, which began on April 3 and ended on August 8 and granted 5.2 million loans worth $ 525 billion, has helped many businesses stay on their feet during a period when Government measures to control the coronavirus have forced many people to shut down or operate at reduced capacity. . But he has struggled to keep his promise to help communities that historically have not received the help they need.

Congress approved a third round of $ 284 billion of P3 loans. While businesses that have not obtained loans before have another chance to be helped, according to a bill, businesses hard hit by the virus outbreak will be eligible for a second loan.

The first round of the program saw overwhelming demand, and the Small Business Administration approved $ 349 billion in loans in just two weeks. But many minority-owned businesses applied to multiple banks at the start of the program and were turned down, while others were unable to get banks to respond to their inquiries and inquiries.

“A lot of our businesses were turned down in the first and second rounds of funding. This has caused application fatigue and frustration, ”said Ron Busby, president of the Black Chambers of the United States, a national chamber of commerce.

Loan data analyzed by zip codes revealed that in this first round of funding, six loans were approved per 1,000 people living in the 20% of zip codes with the largest proportions of white residents, nearly double the loan rates approved for people living within 20% of zip codes with the smallest proportions of white people.

That trend reversed in the last four weeks of the second round, in part because banks responded to criticism by making it easier to apply for the loan. Throughout the program, the number of approved loans increased and stabilized at 14 loans per 1,000 residents in the most zip codes with the most and least white-owned businesses.

Yet minority owners were forced to wait while their businesses were in jeopardy.

“Many cling to the skin of their teeth. Most are found in professional services, small retail stores, restaurants, hair salons, ”says Ramiro Cavazos, president of the US Hispanic Chamber of Commerce.

Recent data from the SBA provided a more in-depth look at companies that received loans than data released on July 6. Previous data provided only limited details on loans under $ 150,000; the government initially refused to disclose more information about these borrowers, citing confidentiality concerns. The AP and other news organizations successfully sued under the Freedom of Information Act to make data on all PPP loans public, leading to the latest publication.

The SBA did not address the timing of minority-owned business loans when the AP asked for comment. But spokeswoman Shannon Giles said in an email that $ 133 billion, or 25%, of PPP funding went to companies in economically disadvantaged areas known as historically underprivileged business zones. used, and 27% had gone to low and moderate income neighborhoods.

The bill that President Donald Trump enacted on December 27 provides that $ 15 billion will be set aside for community banks, minority-owned financial institutions and community development financial institutions, non-bank lenders who aim to raise funds. funding for underserved communities.

AP analysis shows restaurants hit by the virus outbreak got the most loans in the first round, but they were followed by companies in two high-income professions: law firms and doctors’ offices. At the end of the first round, millions of small businesses were waiting.

The disparities in the program were apparent from the start. A AP analysis of initial data The statement revealed that some of the country’s largest banks initially processed larger loans. This included loans to well-known and well-funded companies including Shake Shack, Ruth’s Chris Steakhouse and the Los Angeles Lakers. Many have returned the money.

In addition, the conditions of the program made it possible to exclude minority-owned businesses. One of the main purposes of the loans was to allow homeowners to continue paying employees who would otherwise be unemployed. For example, companies without an employer or companies with owners but no other staff were only allowed to apply for a week after the start of the program.

Of the 2.6 million black-owned businesses operating before the pandemic, 2.1 million were businesses without an employer, according to the Black Chambers of the United States.

This has discouraged many minority owners, Busby says.

“This program was made available for payroll and so many companies did not have payroll and did not apply,” he says.

Minority-owned businesses and other very small businesses were also initially excluded as some banks refused to process inquiries that did not come from established customers with multiple accounts. Many of these banks have ended this practice after being publicly criticized. The SBA, which initially had over 3,000 lenders in the program, eventually attracted 2,000 additional banks, non-bank lenders, and online lenders, allowing more minority applications to be approved as the PPP was moving forward.

“A lot of our first-round Hispanic-owned businesses have never heard from their banks or have been turned down. They had to wait for the second round and many had to leave their bank and go to a community lender or a non-profit agency run by a minority, ”Cavazos explains.

Lisa Marsh tried unsuccessfully to get the banks to process her request. She first applied in June, but was unable to get answers about her status at her bank, a subsidiary of a large national bank. It also got nowhere with the small community banks.

Marsh, owner of MsPsGFree, a Chicago-based gluten-free bakery company, finally applied through an online lender in late July and got his loan a few days before the PPP ended.

“I was very frustrated and almost gave up,” she says.

The lack of a banking relationship was one of the reasons cited by the New York Federal Reserve for the disparities in PPP loan approvals to black-and white-owned businesses. The study based on the first release of SBA data found that in areas of the country where there were concentrations of black-owned businesses, the percentage of loans was well below the national average. For example, only 7% of businesses in New York City’s Bronx and 11.6% of businesses in Wayne County, Michigan, where Detroit is located, received P3 loans, compared with nearly 18% of businesses in Wayne County, Michigan, where Detroit is located. companies nationwide.

Community outreach has helped turn the tide. Community development finance institutions connected with local minority-owned businesses and helped them apply in the second round, says Claire Kramer Mills, co-author of the New York Fed study.

“The disparities that were found earlier were really appalling,” says Mills.

The outreach has brought in thousands of last-minute applications, according to SBA data.

MBE Capital, a lender focused on minority-owned businesses, received a pledge in mid-May from NBA Hall of Fame member Magic Johnson to fund $ 100 million in PPP loans.

MBE loans accounted for nearly a quarter of approvals on the final day of the PPP, according to the AP analysis. More than half of the company’s loan approvals came in the last three weeks of the program. MBE did not respond to requests for comment.

Busby noted that the PPP was supposed to help underserved communities.

“We know that didn’t happen,” he says.


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US Suits OCC, Challenging “Real Lender” Rule | Locke Lord LLP https://market-dcd.com/us-suits-occ-challenging-real-lender-rule-locke-lord-llp/ Mon, 22 Mar 2021 09:00:36 +0000 https://market-dcd.com/us-suits-occ-challenging-real-lender-rule-locke-lord-llp/ On January 5, 2021, the Attorneys General of New York, California, Colorado, District of Columbia, Massachusetts, Minnesota, New Jersey and North Carolina (collectively, the “States”) sued the Office of the Comptroller of the Currency (the “OCC”), alleging that its “true lender” rule (the “true lender rule”) is invalid.1 The lawsuit represents the first legal challenge […]]]>

On January 5, 2021, the Attorneys General of New York, California, Colorado, District of Columbia, Massachusetts, Minnesota, New Jersey and North Carolina (collectively, the “States”) sued the Office of the Comptroller of the Currency (the “OCC”), alleging that its “true lender” rule (the “true lender rule”) is invalid.1 The lawsuit represents the first legal challenge to the True Lender Rule, which came into effect on December 29, 2020.2

Background to the True Lender Rule

On June 2, 2020, the OCC published its final rule clarifying that an assignee of a national bank is entitled to charge interest at the same rate as the national bank on loans made by the national bank.3 In doing so, the OCC codified the common law doctrine of “valid when granted”, which states that a loan which was valid when made will not be rendered usurious by a subsequent transfer. Our analysis of the OCC “valid once done” rule is available here. At the time, the OCC declined to address the related issue of whether a bank is the “real lender” in a transaction where the loan is assigned to the assignee shortly after being made pursuant to an agreement between the bank. bank and the assignee. On October 29, 2020, the OCC answered this question by promulgating the True Lender Rule, which provides that a bank grants a loan if, on the inception date, it (1) is named as a lender in the loan agreement. . or (2) finance the loan.4 When a bank is named as the lender in the loan agreement and another entity funds the loan, the entity named as the lender in the loan agreement is the actual lender for that loan.5 Our analysis of the True Lender Rule is available here.

The suit

Concerned that the True Lender Rule would facilitate predatory lending by non-bank entities, states have filed a lawsuit in the United States District Court for the Southern District of New York. In their factum, the States submit that the true lender rule is void under the Administrative Procedures Act (the “APA”).6 Specifically, the states argue that the true lender rule goes beyond the statutory authority granted to the OCC under federal law and in fact unreasonably interprets that federal law.seven In support of their argument, the States suggest that the standard set forth in the true lender rule departs significantly from the established true lender analysis applied by the courts, ignores the economic realities of the lending transaction, and does not not solve the problem it claims to solve. remedy.8 In particular, states highlight the apparent tension between the True Lender Rule and the OCC’s long-standing policy of condemning bank leasing programs in which domestic banks simply act as intermediaries for loans made by non-bank entities. that would otherwise be illegal under state usury. law.9 From a state perspective, the True Lender Rule favors these “fictitious arrangements” between domestic banks and non-bank lenders.ten

The OCC has yet to file a response brief, but when it does, it will likely expand on the arguments it made in the press release accompanying the publication of the True Lender Rule. In that statement, the OCC explained that the True Lender Rule interprets a statutory ambiguity in the National Bank Act of 1864 which has resulted in legal uncertainty.11 The OCC noted in the statement that the True Lender Rule would reduce this legal uncertainty by simplifying the analysis for courts, which had previously applied a complex balancing test, leading to divergent results on virtually identical facts.12 Finally, in response to the accusation that the True Lender Rule encourages predatory lending, the OCC held that the True Lender Rule actually frustrates bank leasing programs by implementing a clear and easily administered test.13

We will continue to monitor the lawsuit for new developments.

1. Plaintiffs’ brief in New York v. OCC, # 1: 21-cv-00057 (SDNY January 5, 2021).
2. National banks and federal savings associations as lenders, 85 Fed. Reg. 68 742 (Oct. 30, 2020) (codified in 12 CFR § 7.1031).
3. Allowable interest on loans that are sold, assigned or otherwise transferred, 85 Fed. Reg. 33,530 (June 2, 2020).
4. 12 CFR § 7.1031 (b).
5. Id. § 7.1031 (c).
6. Applicants’ brief at 21.
7. Id. At 23, 25.
8. Id. At 25, 27.
9. Id. At 33.
10. Id. At 33.
11. 85 Fed. Reg. 68 742.
12. Id. At 68,743.
13. Id.


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Banker Group reports ‘significant issues’ hampering PPP 2.0 https://market-dcd.com/banker-group-reports-significant-issues-hampering-ppp-2-0/ Mon, 22 Mar 2021 09:00:36 +0000 https://market-dcd.com/banker-group-reports-significant-issues-hampering-ppp-2-0/ Through Archive Email Jon Hill “href =” http://161.35.220.217/feed-generator/# “> Jon Hill Law360 provides free access to its coronavirus coverage to ensure that all members of the legal community have accurate information in this time of uncertainty and change. Use the form below to subscribe to one of our weekly newsletters. By subscribing to one of […]]]>

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