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Eurocrats back new tax on City

Eurocrats back new tax on City THE European Parliament voted yesterday to slap a Tobin tax on all financial transactions that pass through Europe, in a bid to raise €200bn (£172bn) for EU?spending. The tax would disproportionately hit the City, Europe’s financial capital, at a time when banks are struggling to build up their capital bases. The EU?Parliament said the proposal, to impose a 0.05 per cent tax on “every type of transaction” at EU-level, is aimed to “help finance budgets, reduce public deficits and fight speculation”.The EU is keen to find new ways to raise cash for itself and sees the region’s banks as a ripe target for extra revenue-raising, claiming the tax would make the industry pay for the crisis.The vote would require the consent of member states to become law, but the margin by which it passed – 529 to 127 – will force the European Commission to draw up plans for its implementation.“We want to send out an institutional signal saying that the private sector bears its part of the responsibility for the crisis,” said German MEP Martin Schulz.Critics fear the charge, dubbed a “Robin Hood tax” by supporters, will drive capital flows outside the EU.The CBI’s Brussels director, Sean McGuire, said: “It would hamper the EU’s long-term competitiveness as a leading centre for financial services companies, and ultimately have a negative impact on jobs and growth.” He added that the tax would also be passed on to consumers.The British Bankers’ Association said: “It would require simultaneous worldwide application to succeed, otherwise the business would simply migrate elsewhere, along with the jobs, the tax revenues and the rest.”The transaction tax vote comes a day after the EU Parliament’s Economic Affairs Committee passed a motion to ban trading of naked credit default swaps (CDS) on sovereign debt and to force traders to settle naked short sales at the end of each day.The measures, which must be negotiated by European finance ministers, would mean that traders could not buy CDSs to insure sovereign debt that they did not own.“They’re trying to say hedging is OK but speculating isn’t,” said an industry source. “But if they ban naked trading, there’ll no one for the worthy hedgers to trade with. They’ll dry up the market.”A naked trade is a bet on a derivative where the trader does not own the underlying asset. whatsapp KCS-content Tuesday 8 March 2011 9:22 pm Share Show Comments ▼ whatsapp Tags: NULL read more

Chams Plc HY2017 Interim Report

first_imgChams Plc ( listed on the Nigerian Stock Exchange under the Technology sector has released it’s 2017 interim results for the half year.For more information about Chams Plc ( reports, abridged reports, interim earnings results and earnings presentations, visit the Chams Plc ( company page on AfricanFinancials.Document: Chams Plc (  2017 interim results for the half year.Company ProfileChams Plc provides enterprise technology solutions for identity management and transaction payments to the public and private sectors in Nigeria. The company builds robust, secure and adaptable platforms to facilitate identity management, identity transactions and verification systems. Established in 1985, Chams Plc has executed identification and verification projects for major institutions including INEC, NCC, NHIS, PeNCOM, ICAN, Customs, Nigeria Air Force, NAHCO, Head of Service of the Federation as well as government departments and private education institutions. The company has also handled identity management and transaction payments for the governing bodies of the states of Osun, Anambra, Ogun, Adamawa, Benue and Oyo. Chams Plc handled the execution and deployment of identity management solutions for the Bank Verification Project which was a multi-million dollar initiative of the Central Bank of Nigeria (CBN) and the Banker’s Committee. It was the first banking industry biometrics identity matching solution in the global financial markets. Chams Plc is the front end partner to the national Identity Management Commission (NIMC), the agency of the Federal Government of Nigeria (FGN). Other notable accolades include pioneering Nigeria’s first payment card scheme, Valucard; and is the first homegrown company in Nigeria to be listed in the Guinness Book of Records for setting up the mega ChamsCity Digital Mall. Chams Plc’s head office is in Lagos, Nigeria. Chams Plc is listed on the Nigerian Stock Exchangelast_img read more

First Aluminium Nigeria ( Q12018 Interim Report

first_imgFirst Aluminium Nigeria ( listed on the Nigerian Stock Exchange under the Mining sector has released it’s 2018 interim results for the first quarter.For more information about First Aluminium Nigeria ( reports, abridged reports, interim earnings results and earnings presentations, visit the First Aluminium Nigeria ( company page on AfricanFinancials.Document: First Aluminium Nigeria (  2018 interim results for the first quarter.Company ProfileFirst Aluminium Nigeria Plc manufactures and sells a range of aluminium products in Nigeria including aluminium coils and sheets and laminate, aluminum and seamless tubes. The company sells on its finished products to the secondary aluminum and packaging industries. The Manufacturing division produces collapsible aluminium tubes, plastic laminate and seamless tubes for the toothpaste, cosmetic, pharmaceutical and engineering sectors. First Aluminum Nigeria Plc also manufactures a range of continuous sheet painting products sold under the Colortek brand name; and supplies roofing sheets and executes roofing projects. It purchases and sells its aluminium products, building components and accessory items through its subsidiary company, Aluminium City Limited. Founded in 1960 and formerly known as First Aluminium Company (Nigeria) Limited, the company changed its name to First Aluminium Nigeria Plc in 1992. The company is a subsidiary of Alucon Holdings SA. Its head office is in Lagos, Nigeria. First Aluminium Nigeria Plc is listed on the Nigerian Stock Exchangelast_img read more

Texas: Missionpalooza brings hope to Bastrop County

first_img By Luke BlountPosted Jul 29, 2013 Episcopal Church releases new prayer book translations into Spanish and French, solicits feedback Episcopal Church Office of Public Affairs New Berrigan Book With Episcopal Roots Cascade Books Assistant/Associate Rector Washington, DC Curate Diocese of Nebraska Associate Priest for Pastoral Care New York, NY Canon for Family Ministry Jackson, MS Featured Events An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET August 5, 2013 at 2:44 am Having received one of the bird houses, I would like to commend these youngsters for their hard work on the birdhouses. Thank you so much. I am going to love seeing the birds eat out of it. Family Ministry Coordinator Baton Rouge, LA Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Submit a Job Listing Featured Jobs & Calls Director of Music Morristown, NJ Curate (Associate & Priest-in-Charge) Traverse City, MI Associate Rector for Family Ministries Anchorage, AK Rector Knoxville, TN Rector Tampa, FL Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Rector Pittsburgh, PA Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Virtual Episcopal Latino Ministry Competency Course Online Course Aug. 9-13 The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Rector/Priest in Charge (PT) Lisbon, ME Priest Associate or Director of Adult Ministries Greenville, SC Youth Minister Lorton, VA Director of Administration & Finance Atlanta, GA Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Comments are closed. Rector Smithfield, NC Bishop Diocesan Springfield, IL center_img Rector Belleville, IL Texas: Missionpalooza brings hope to Bastrop County [Episcopal Diocese of Texas] Every summer, Missionpalooza sends youth from around the Episcopal Diocese of Texas on a common mission trip. This year, the group of 185 youth made a repeat trip to Bastrop County, Texas where a devastating fire destroyed more than 1600 homes in 2011.The youth participated in many projects throughout the week, including building decks and sheds, clearing debris, and even building and painting 180 bird feeders from scratch. At first, most Missionpalooza volunteers questioned the worth of building the bird feeders. But when they finished the work, Bastrop fire victims arrived to choose their gift. When a homeowner found a feeder that he or she liked, they would be introduced to the youth that created it.“It’s really exciting to meet people that I’ve actually done something for,” said Abby Akard of St. Mary’s, Cypress. “It’s the best feeling ever.”Youth and adults alike were encouraged to post pictures of their work through social media, using the hash tag “#missionpalooza.” Many of the photos went viral, and a recipient of one of the bird feeders commented on Facebook: “I picked one up for myself and my daughter. These are great, giving kids that have done a fantastic job. They are learning how rewarding it is to give. They are proud of their work and rightfully so…Thank you so much, I will cherish it forever.”On one worksite, youth built two sheds in addition to clearing a lot for “Ms. Kathy,” a homeowner that has not yet been able to rebuild her home. The kids moved charred trees and trash, setting aside some items that may be salvaged. The highlight of the week came when Ms. Kathy visited the worksite to thank the kids for their work and retrieve a couple small trinkets they unearthed.“Seeing hope in the people of Bastrop has been really cool,” said the Rev. Jimmy Abbott of Holy Comforter, Spring.  “Ms. Kathy had sure confidence that she will return. Biblically speaking, its like people returning from Babylon and Ezra and Nehemiah have been commissioned to rebuild the temple and the city walls. And even though it really sucked, we trust that God will be good to us for a long time.”The youth at Missionpalooza are separated from their fellow church members on different worksites in order to encourage them to build relationships with new people. Kim Faasse of Holy Comforter Spring noticed a difference in the her crew by the end of the week.“The kids have really come out of their shell,” she said. “They have been working hard all week long and they just want to stay and make a difference. A lot of these kids don’t know what it is like to lose stuff. They live a life where they are well taken care of, but now they really get it. They get that these people have been through a lot, and it is important to them that they make a difference. And now they want to make sure the people of our church know what is really going on out there.”Thursday marked the final night of the mission trip, and a closing Eucharist really encapsulated what Missionpalooza meant to the community. Chris Files, the president of the Bastrop County Long Term Recovery Committee (BCLTRC), thanked the youth before the Eucharist began.“The folks of Bastrop are so thankful, you can’t even imagine,” she said. “Fantastic job all week. I just can’t say enough thank yous to all of you.”To further exemplify that sentiment, the Missionpalooza leadership invited Michelle Vainwright to speak. Vainwright is a youth group member of Calvary, Bastrop, and she lost her home in the fire. She brought much of the group to tears and garnered a standing ovation with her address to the crowd.“It was really new to me to experience something that sad and stressful,” Vainwright explained with a wavering voice. “I didn’t know how to deal with it… For three or four days, I wouldn’t eat or drink anything. I couldn’t sleep. I wanted to cry so bad. I wanted it all to fall apart and let people comfort me, but I couldn’t…For a full year, I couldn’t go to bed without crying before I went to sleep.“But even though this is sort of ironic, I‘m so happy that it happened because it brought me so much closer to God. I remember watching the whole community come together and knowing that God was there… You have no idea how happy I am to see all of you here to help us, including the group that worked on my house this week. You have no idea what that means to me… I saw a preacher not long after the fire, and he said ‘ashes attract light.’ And that’s the thing about the fire. It attracted God to everybody, whether they realized it or not.”The Missionpalooza trip marks the ending of Faith Village, an ecumenical volunteer housing facility sponsored by the Diocese of Texas in partnership with Methodists, Baptists and Presbyterians. The Bastrop County Long Term Recovery Committee will still disperse funds to build homes for a while, but volunteer trips have essentially ended with the passage of Missionpalooza. Rector Albany, NY Assistant/Associate Rector Morristown, NJ Course Director Jerusalem, Israel This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Missioner for Disaster Resilience Sacramento, CA Debra Canava says: Priest-in-Charge Lebanon, OH Rector Collierville, TN Rector Bath, NC Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Comments (1) Submit a Press Release Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Press Release Service Submit an Event Listing Rector and Chaplain Eugene, OR TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Rector Washington, DC AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Associate Rector Columbus, GA Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Rector Hopkinsville, KY An Evening with Aliya Cycon Playing the Oud Lancaster, PA (and streaming online) July 3 @ 7 p.m. ET Assistant/Associate Priest Scottsdale, AZ Rector Martinsville, VA Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Cathedral Dean Boise, ID Rector Shreveport, LA Rector (FT or PT) Indian River, MI last_img read more

$1.5m humanitarian award invites nominations from around the world

first_img The Conrad N. Hilton Foundation has started accepting nominations for the 2015 Hilton Humanitarian Prize. At $1.5 million, this is the largest humanitarian award available to charities.Since 1996, it has been presented annually to a nonprofit organisation anywhere in the world that is “doing extraordinary work to alleviate human suffering”. UK organisations have received the award in the past, including St Christopher’s Hospice. The nomination period runs from 30 July to 31 August 2014. You can find the guidelines and eligibility criteria on the Foundation’s website. Restrictions include, for example, the requirement for organisations to have legally established for at least five years, and to have annual operating expenditure of more than $500,000.Nominations can be made to [email protected] or toPrize DepartmentConrad N. Hilton Foundation30440 Agoura RoadAgoura HillsCA 91301USATel: 818-851-3700 $1.5m humanitarian award invites nominations from around the world Tagged with: Awards Funding Howard Lake | 30 July 2014 | Newscenter_img AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis  27 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of Researching massive growth in giving.last_img read more

Renewables Make Up Nearly 90% of New Power in May

first_img Facebook Twitter Home Energy Renewables Make Up Nearly 90% of New Power in May SHARE Renewables Make Up Nearly 90% of New Power in May Facebook Twitter A new report shows that renewable energy sources made up nearly 90 percent of all new electrical generating capacity in the U.S. in May and more than half the new capacity this year so far. A news release from the SUN DAY Campaign, a non-profit research and educational organization that promotes sustainable energy technologies as cost-effective alternatives to nuclear power and fossil fuels, says that a new “Energy Infrastructure Update” report from the Federal Energy Regulatory Commission’s Office of Energy Projects shows that wind, solar, biomass, and hydropower provided 88.2 percent of new installed U.S. electrical generating capacity for the month of May, and for the first five months of 2014, renewable energy sources accounted for 54.1 percent of the 3,136 MW of new domestic electrical generating installed.Since January 1, 2012, renewable energy sources have accounted for nearly half (47.83%) of all new installed U.S. electrical generating capacity followed by natural gas (38.34%) and coal (13.40%) with oil, waste heat, and “other” accounting for the balance.Renewable energy sources, including hydropower, now account for 16.28% of total installed U.S. operating generating capacity: water – 8.57%, wind – 5.26%, biomass – 1.37%, solar – 0.75%, and geothermal steam – 0.33%. This is more than nuclear (9.24%) and oil (4.03%) combined. *“Some are questioning whether it’s possible to satisfy the U.S. EPA’s new CO2 reduction goals with renewable energy sources and improved energy efficiency,” noted Ken Bossong, Executive Director of the SUN DAY Campaign.”The latest FERC data and the explosion of new renewable energy generating capacity during the past several years unequivocally confirm that it can be done.”You can read the full report here. By Gary Truitt – Jun 24, 2014 SHARE Previous articleIndiana Cattleman Attends Elite Beef Industry ConferenceNext articleA Stink over Cheese May Scuttle Trade talks Gary Truittlast_img read more

HUD Approves $8.2B Puerto Rico Recovery Plan

first_imgHome / Daily Dose / HUD Approves $8.2B Puerto Rico Recovery Plan Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Ben Carson HOUSING HUD Hurricane Irma Hurricane Maria infrastructure Puerto Rico 2019-03-01 Radhika Ojha Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Previous: The 10 Most Homebuyer Friendly Markets Next: Ask the Economist with Skylar Olsen About Author: Radhika Ojha Related Articles Servicers Navigate the Post-Pandemic World 2 days ago March 1, 2019 2,348 Views The U.S. Department of Housing and Urban Development (HUD) reaffirmed its commitment to get Puerto Rico back on its feet after the devastation caused by Hurricane Maria in late 2017. The agency approved the island nation’s latest disaster recovery plan as well as the disbursement of $8.2 billion as part of the grant made available to Puerto Rico’s recovery by Congress in 2018. However, this approval comes with tight fiscal controls.“This is an unprecedented investment and since Puerto Rico has a history of fiscal malfeasance, we are putting additional financial controls in place to ensure this disaster recovery money is spent properly,” said HUD Secretary Ben Carson. “With stringent HUD oversight, these dollars should have a real, lasting impact on Puerto Rico and help our fellow citizens who are struggling to recover from these devastating storms.”HUD said that its approval of Puerto Rico’s action plan makes the island nation eligible for Congressionally appropriated disaster relief funds which will be awarded through HUD’s grant programs.The heightened scrutiny of how these funds are spent will include enhanced monitoring of expenses as well as other measures designed to ensure Puerto Rico’s legal and prudent use of the funds, HUD said in a statement.On its part, Puerto Rico has said that it will address the “urgent humanitarian needs” of the island’s residents while “also developing and implementing a transformative recovery.” The amended action plan submitted by the island includes an analysis of early damage estimates and gives details about an initial program design to address the island’s recovery with the first tranche of $1.5 billion that was approved by HUD as well as the additional $8.2 billion.The action plan indicated that the parameters within which the remaining funds would be spent would be outlined in forthcoming federal guidelines, and its proposed uses determined in subsequent action plans.In February 2018, Congress had approved $1.5 billion towards the recovery efforts with an additional $18.5 billion approved in April, which also included funds targeted to reinstating the electric grid and other mitigation activities after the devastation caused by Hurricanes Irma and Maria in 2017. in Daily Dose, Featured, Government, Loss Mitigation, News Tagged with: Ben Carson HOUSING HUD Hurricane Irma Hurricane Maria infrastructure Puerto Rico Subscribe  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago HUD Approves $8.2B Puerto Rico Recovery Plan The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Fannie Mae and Freddie Mac: Getting From Here to There

first_img Related Articles April 21, 2020 2,943 Views About Author: Phil Britt Tagged with: Conservatorship Cover Fannie Mae Freddie Mac Sign up for DS News Daily Share Save Conservatorship Cover Fannie Mae Freddie Mac 2020-04-21 Seth Welborn Fannie Mae and Freddie Mac: Getting From Here to There Editor’s note: This feature originally appeared in the April issue of DS NewsFannie Mae and Freddie Mac, the two government-sponsored entities (GSEs) that back the majority of the country’s mortgage market, went into conservatorship in September of 2008 as they faced default of their loan portfolios. The conservatorship was initially thought to be a short-term arrangement to enable the GSEs to get back on their feet, and there were some efforts in Congress to unwind the positions within five years, but now there is little chance they will exit conservatorship before the November election. In fact, the status of the GSEs may remain largely unchanged for some time beyond that, though opinions of when and how they would leave conservatorship are widely varied.Further delaying any resolution is the COVID-19 pandemic, which by mid-March had the government focusing all efforts on trying to minimize the effects of the disease on the nation’s health and economy. The various stimulus efforts were being undertaken with health and economy as the only consideration, so after-effects on any government plans not directly related, like moving the GSEs out of conservatorship, were pushed far to the back.Before the pandemic became an issue, even FHA Director Mark Calabria has questioned the current financial status of the GSEs, telling the Credit Union National Association Government Affairs Conference last month: “The lack of capital at Fannie and Freddie jeopardizes their important mission. That is why we are focused on strengthening Fannie and Freddie.”The goal is to strengthen them enough to bring them out of conservatorship, according to Calabrio. That prospect remains a hot topic of discussion among everyone from the pundits to the President, questions remain: will this goal truly come to fruition? And if so, what are the obstacles that remain along the way? DS News looks at the history—and future—of the GSEs.A Storied HistoryThough much of the recent attention on them has been centered on their time since the turn of the century, Fannie Mae and Freddie Mac’s story begins long before that.A 1938 amendment to the National Housing Act initially established Fannie Mae as a government agency, according to the FHFA’s Inspector General office. Fannie Mae’s mandate was to act as a secondary mortgage market facility that could purchase, hold, and sell FHA-insured loans, creating liquidity in the mortgage market and thereby providing lenders with cash to fund new home loans. Fannie Mae started buying Veterans Administration-insured loans in 1948, leading to a rapid expansion of the business, according to The American Mortgage in Historical and International Context by Richard K. Green and Susan M. Wachter.The Federal National Mortgage Association Charter Act of 1954 (Charter Act) transformed Fannie Mae from a government agency into a public-private, mixed ownership corporation and exempted the GSE form state and local taxes, with the exception of property taxes.Fannie Mae was reorganized through the Housing and Urban Development Act of 1968 from a mixed ownership corporation to a for-profit, shareholder-owned company, a change that also removed the GSE from the federal budget. As a result, Fannie Mae began funding its operations through the stock and bond markets.Freddie Mac came into existence as a result of the 1970 Emergency Home Finance Act. Freddie Mac’s initial charge was to help savings and loans manage the challenges associated with interest rate risk. Most thrifts had made low-rate, fixed-interest-rate loans during the previous period of steady rates and were ill-equipped to handle the interest rate increases that had spiked from 6-10% at the end of the decade.The Federal Home Loan Banks initially capitalized Freddie Mac with a $100 million contribution, enabling the GSE to start buying long-term mortgages from thrifts, which, in turn, cut their interest rate risk while also enabling them to make additional mortgages.Though they had the same basic purpose—to provide lenders with a secondary market for conventional mortgages, Fannie Mae and Freddie Mac used different business strategies during the 1970s and 1980s, according to the FHFA Inspector General.As a result of differing strategies, Fannie Mae and Freddie Mac had different outcomes in the late 1970s and early 1980s. Fannie Mae suffered from the sharp rises in the interest rates in the late 1970s and early 1980s because the long-term, lower rate mortgages were funded by shorter-term, higher cost obligations like deposits. But since it sold off its interest rate risk, Freddie Mac was relatively unaffected by the increase in interest rates.To help Fannie Mae, the federal government provided forbearance and tax benefits.The government, through the 1989 Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), reorganized Freddie Mac’s corporate structure to more closely match Fannie Mae’s.The 1992 Federal Housing Enterprises Financial Safety and Soundness Act amended the GSE charters, requiring more of a dedication to supporting financing of low-income housing, resulting in aggressive in purchasing Alt-A mortgages, and private-label MBS collateralized by subprime mortgages, as foreclosures and losses increased, GSE borrowing costs went up and equity declined, resulting in the FHFA placing the GSEs into conservatorship.The Cause of ConservatorshipThough their problems escalated sharply from 2006 until they went into conservatorship, the reasons for the government takeover go back far before the event actually happened, said Edward Pinto, Resident Fellow and the Director of the AEI Housing Center at the American Enterprise Institute (AEI).In 1992, Congress started pushing for increased homeownership, and for several years there was a loosening of credit and lending standards, resulting in a lending boom that extended through 2005. The more relaxed mortgage underwriting rules for Alt-A and subprime mortgages heightened the liability for the GSEs just as the mortgage market was softening, said Stephen Ornstein, Co-Leader of Alston & Bird’s consumer financial services team.Both GSEs had several times more in outstanding loans than their capital could support and spent the first year in conservatorship deferring the hits to their capital, Pinto said.The conservatorship was a necessary evil that helped to stabilize an unstable mortgage infrastructure, said Rick Sharga, President and CEO of CJ Patrick Co. “It helped the market recover and ensured there was liquidity. On the downside, it increased the government footprint in the mortgage market, making it very hard for private capital to come back in.”As the conservator, the FHFA maintained broad authority over the GSEs. But rather than managing every aspect of their operations, the FHFA reconstituted the boards and charged them with enforcing normal corporate governance and procedures.But in the first year of the conservatorship, the delinquencies continued, further extending the GSE financial troubles, Pinto said.Under the 2014 strategic conservatorship plan, FHFA outlined three goals:Maintain safe and sound operations while fostering a liquid, competitive, and resilient housing finance marketReducing taxpayer risk by increasing the amount of private capital in the mortgage marketBuilding a new single-family securitization infrastructure for use by the GSEs and adaptable for use by other secondary market participants“Conservatorship, and any associated cost-of-funds advantage related thereto, is also augmented by the carve-outs for QM and ATR through the safe-harbors created for the GSEs,” said Tim Rood, Head of Industry Relations at SitusAMC and the Chairman of The Collingwood Group, a SitusAMC company. “The Safe Harbor provisions have allowed the GSEs to issue loans to borrowers whose loans would not otherwise qualify as QM, at a lower price point than private capital. During this same time, lending through GNMA-backed programs has also greatly expanded. The result is a much larger subsidy to borrowers through these government programs than would otherwise exist in the private markets.”The benefit of the conservatorship is that it froze the market and allowed the GSEs to rebuild their capital, said Steve Horne, CEO of Insight One. However, stricter underwriting guidelines also made it more difficult for many consumers to obtain mortgages. Many potential borrowers could not meet the 43% debt-to-income ratio. While lenders could still make loans that didn’t meet those guidelines, it would mean keeping loans in their own portfolio, which lenders are reticent to do.“The politicians understand this issue which is why solving for the GSEs has been difficult to get momentum around,” Rood said. “It is also why consumer advocacy groups are pushing for an average prime offering rate (APOR) test for QM in the hopes that limiting the spread allowed for a QM loan will force lenders to keep risk premiums down for the loans that enjoy QM status today but would not under the existing non-GSE definitions (ex. 43% DTI being exceeded)”Seller-servicer guidelines for appraisals changed immediately with the conservatorship, said Bill Garber, Director of Government and External Relations for the Appraisal Institute. Previously, the same entity could make the loan and appraise the property. Under the new rules, a separate third party had to be used or there had to be a solid separation of the appraisal and lending processes if done with the same company.“There weren’t enough checks and balances before,” Garber said.The End in Sight?When they went into conservatorship, few expected them to be there nearly a dozen years later. And even those calling for conservatorship to end soon, don’t expect any changes until some time after this fall’s election.How quickly conservatorship will end remains a matter of debate. There’s no real consensus on the best way to end the conservatorship, Ornstein said. “They’ve been shock absorbers for risk in the mortgage market. If they leave conservatorship, there’s no assurance that the private market will step in.”Allen Price, Senior Vice President at BSI Financial, said that any plans for emergence from conservatorship are likely to be put on the back burner until some time after the current coronavirus pandemic has passed.The pandemic is going to have such a significant impact to the economy, that preparedness in not only planning for such health issues but in all phases of government, will be given a much more through examination, even if plans were thought to be good previously, according to Price.Even before the pandemic, government organizations seem to be going in different directions. In October of 2019, the Treasury Department and FHFA agreed to allow the GSEs to keep $45 billion in capital to exit conservatorship, but a month later, the FHFA said it would re-propose the capital requirement rules sometime this year.The FHFA wants to ensure that the GSEs are a source of liquidity in an economic downturn and support equitable market access for small lenders, Calabrio said. So the FHFA wants to build their capital, reduce their risk profiles and strengthen the FHFA’s regulatory capabilities.The FHFA plans to have a draft proposal for commentary around April, with a final proposal by the end of the year, meaning the soonest the GSEs could come out of conservatorship would be 2021.Even that scenario is dependent on the outcome of the coming election, said Michael Flynn co-chair of the Mortgage Banking and Financial Services Regulatory Industry Groups at the Buchalter law firm, who previously served as Acting General Counsel of the U.S. Department of Housing and Urban Development, and as General Counsel of Flagstar Bank and PNC Mortgage.“I’ve seen what Calabrio has said and he’s interested in pushing [conservatorship] forward, even if he can’t get the outcome during the current Administration,” Flynn said.If there’s a second Trump administration, the plans to emerge from conservatorship are more likely to move forward after the election, said Clifford Rossi, professor of the practice in finance and executive-in-residence at the University of Maryland’s Robert H. Smith School of Business and former senior risk manager for Fannie Mae and Freddie Mac, If the Democrats win in November, they might look at it a little longer.”Whichever party is in power after the election will want GSEs with a stronger risk governance so that neither Fannie or Freddie goes back to making the risky loans that were responsible, a least in part, for the conservatorship in the first place, Rossi added.“The chance of the GSEs leaving conservatorship any time soon is slim,” Pinto said. “There are a lot of obstacles and not a lot of agreement of how to do it. There needs to be agreement on capital and how the GSEs can de-risk.”Price agreed, adding that many in the industry would be skeptical of the ability to de-risk without very careful government oversight. So he expects any emergence from conservatorship to be delayed until a couple of years after the election.The FHFA has hired Houlihan Loukey, an investment bank and financial services company to develop a plan for the privatization, but any plan is still in its earliest stages.“Houlihan Loukey will aid the FHFA in the development of a capital restoration plan on the heels of a capital framework; you can’t build a plan until you know what the framework is,” Rood said, pointing out that as of early March, the FHFA had yet to publish a new capital standard. “The most likely outcome in a conservatorship exit is that the UST and FHFA will need to amend the PSPAs of Fannie and Freddie to settle outstanding lawsuits with investors and amend the NWS to permanently stop the sweeping of their earnings. The enterprises will continue to be allowed to build capital to the new standard set by the FHFA—consistent with the requirements of conservatorship.”The UST white paper on GSE reform runs the gamut of administrative and legislative reforms, but the preferences and priorities of stakeholders is largely unclear, according to Rood. What is clear is that the administration wants the GSEs to take less risk, to be fairly compensated for the risks they take, and to take risks that are commensurate with their level of capital.Rossi said another possibility to raise capital for the GSEs would be an initial public offering.Measure Twice, Cut OnceSeveral in the industry point to the need for a careful, gradual, well thought out plan before conservatorship would end.“You can’t just unplug them; a lot of things could happen. The chances of getting it wrong are too high,” Horne said.“Will they be capitalized enough and strong enough?”, Flynn asked.Ornstein added that, even if the end of conservatorship is some time off, the GSEs will definitely have a smaller role in the mortgage market of the future. The “qualified mortgage patch,” which exempts GSE-backed loans from meeting all aspects of QM terms, is set to expire in 2021.However, the Mortgage Bankers Association doesn’t want the QM Patch expire without a defined plan for creditworthy borrowers who don’t reach the QM’s 43% debt-to-income ratio.Sharga also expects the GSEs to leave conservatorship, though any changes to how the GSEs operate will need to be done gradually, with much thought and consideration, he said. “The whole trick is to move them out in a way that protects taxpayers and enhances consumer access to credit.”Sharga added: “They will need more oversight than before. They need better controls for credit risk than they had before.”Sharga said he also wants to see a more level playing field for community banks and credit unions with any restructured GSEs.Regulators want to make sure GSEs “aren’t over their skis” when they leave conservatorship, added Garber, who expects the process to move forward once the capital rule is defined.Rossi and several others said that one of the big questions that remains is whether post-conservatorship Fannie and Freddie will offer implied government guarantees.Horne added that leaving conservatorship would likely lead to increased consolidation in the mortgage market.In the unlikely event that there’s no path for the enterprises to build sufficient capital, statutorily they will be required to be taken into receivership, Rood added. This will force the outstanding lawsuits and investors to settle disputes or, if the lawsuits are too much for the entities to bear, face a receivership. He thinks the first scenario is much more likely.“We believe it’s likely that the GSEs will maintain a UST backstop and access to a line-of-credit. The QM patch will likely expire in Q2 of 2021 (following an extension of the patch) and QM will likely be amended in ways that are aimed at luring private capital back into the housing market,” Rood said. “If this happens, the safe-harbor advantage the GSEs experiences today would be removed and greater competition from private players would likely arise.”“In the new age (post-conservatorship), we will see the GSEs and private market compete more directly,” Garber said.Whether the GSEs leave conservatorship entirely or are little changed in the next few years, their status will certainly change. But whether an implied government guarantee will still exist is still a matter of some debate. If it still does exist in a new GSE environment, private lenders are unlikely to pick up any slack the GSEs leave as they change.As the GSE environment changes, it also remains to be seen if it will result in tighter or looser credit, which would have a direct effect on the housing market, said Rohit Gupta, President and CEO of Genworth Mortgage Insurance. He also pointed out that any changes should be made when the market is strong. “A down cycle is a bad time to do reform.”“They need to have complete transparency across the mortgage market,” Gupta added. “It’s important to have a functioning and transparent mortgage market. Any reform needs to provide better [protections] to ensure a stable financial system.” The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fannie Mae and Freddie Mac: Getting From Here to There The Best Markets For Residential Property Investors 2 days ago  Print This Postcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Phil Britt started covering mortgages and other financial services matters for a suburban Chicago newspaper in the mid-1980s before joining Savings Institutions magazine in 1992. When the publication moved its offices to Washington, D.C., in 1993, he started his own editorial services room and continued to cover mortgages, other financial services subjects, and technology for a variety of websites and publications. Demand Propels Home Prices Upward 2 days ago Previous: Mortgage Credit Tightens Slightly Next: GSEs Will Purchase Qualified Loans in Forbearance The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Man with Donegal parents elected to congress in US

first_img Google+ By News Highland – November 5, 2014 Brendan and his brother Kevin, with their fatherThe Republican party has stormed to victory in U.S. midterm elections, beating the Democrats to clinch control of both houses of Congress.The results mean Barack Obama will struggle to pass any reforms in the final stretch of his presidency.Brendan Boyle, son of Donegal and Sligo parents won his congress seat in Philadelphia.He becomes the only congressman with an Irish-born parent. Man arrested on suspicion of drugs and criminal property offences in Derry Twitter Facebook Pinterest WhatsApp Gardai continue to investigate Kilmacrennan fire WhatsApp Twitter 365 additional cases of Covid-19 in Republic center_img RELATED ARTICLESMORE FROM AUTHOR Google+ News Man with Donegal parents elected to congress in US Previous articleMoville beach to designated as a bathing area by EUNext articleTwo men arrested near Strabane being questioned about Glenties/Dungloe burglaries News Highland Main Evening News, Sport and Obituaries Tuesday May 25th Further drop in people receiving PUP in Donegal Facebook 75 positive cases of Covid confirmed in North Pinterestlast_img read more

LIFE Mission Case : Supreme Court Issues Notice On Petition Challenging CBI Investigation

first_imgTop StoriesLIFE Mission Case : Supreme Court Issues Notice On Petition Challenging CBI Investigation LIVELAW NEWS NETWORK25 Jan 2021 12:47 AMShare This – xThe Supreme Court on Monday issued notice on a petition filed by the CEO of the LIFE Mission Project of the Kerala Government challenging the Kerala High Court judgment which dismissed the petitions challenging the CBI investigation into corruption allegations and FCRA violations in relation to receipt of foreign donations for constructions houses for the flood victims in the state.A…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court on Monday issued notice on a petition filed by the CEO of the LIFE Mission Project of the Kerala Government challenging the Kerala High Court judgment which dismissed the petitions challenging the CBI investigation into corruption allegations and FCRA violations in relation to receipt of foreign donations for constructions houses for the flood victims in the state.A bench comprising Justices Ashok Bhushan, R Subhash Reddy and BR Gavai issued notice to the Union Government and the Central Bureau of Investigation, returnable within four weeks.Senior Advocate K V Vishwanathan, appearing for the LIFE Mission CEO, argued that government projects have exemption under the Foreign Contributions Regulation Act. In any case, the LIFE Mission CEO has not received any amounts from the UAE Red Crescent for the project, and the donations were received by the private contractors who were entrusted with the construction work, he submitted. Therefore, the CBI FIR had no basis.Vishwanathan further argued that the CBI investigation in the instant case was contrary to the spirit of federalism. The CBI needs either the sanction of the state government or an order from the High Court to investigate a crime within a state. Here, under the pretext of enquiry under FCRA, the CBI is seeking to undertake a roving investigation into baseless allegations of corruption, with political motivations, argued the senior counsel.”If there is corruption, the vigilance will investigate. If there is cheating, it is for the state police to investigate”, he said. A case under FCRA – which is not applicable to the government agency- cannot be converted into a corruption case to probe into a state’s project, he submitted.He highlighted that the LIFE Mission project was to help people to tide over the heavy losses caused by floods.High Court’s dismissalIt was on January 12 that the the Kerala High Court  dismissed the petitions filed by the CEO of Life Mission Project of Kerala Government and Santhosh Eappen, the MD of the contractor company, challenging the CBI investigation into the case related to alleged corruption and FCRA violations.The HC observed that the modus operandi of the case and the nature of allegations suggested the involvement of higher officials of the government.The Court however held that the criminal liability of the non-political actors in the case cannot be extended to the political executive of the State, just because the crime was done while executing a policy decision of the government.The court explained in the order that the executive of the State consists of the political executive (ministers) and non-political executive(the civil servants). The non-political executive implements the policy decisions taken by the political executive. If criminal misdeeds are done by the non-political executive while implementing a policy decision of the political executive, such criminal liability cannot be extended to the political executive just because the latter took the policy decision.A single bench of Justice P Somarajan observed in the order :”In the instant case, all these mischiefs were done during the implementation of the LIFE mission by permanent members of non-political executive attached to the IAS along with Swapna Suresh, Sandeep Nair and other accused. The mere fact that policy decision was taken by the CM and the ministers or the legislature may not be itself a sufficient ground to extend criminal liability for the wrong done by non -political actors and their allies to the political executive. Therefore criminal liability cannot be extended to political executive merely because they took a policy decision”.On October 13 last year, a bench of Justice V G Arun had passed a stay order in the petition filed by U V Jose, CEO of the LIFE Mission Project, seeking to quash the FIR registered by the central agency alleging violations of the Foreign Contributions Regulation Act over the receipt of foreign contributions from the United Arab Emirates for the construction of housing units for the flood victims at a government plot in the Thrissur district. The bench had also considered a petition filed by Santhosh Eappen, the Managing Director of Unitac Ltd, the private builder, who was arrayed as first accused in the CBI FIR.LIFE(Livelihood, Inclusion and Financial Empowerment) Mission’ is a housing project mooted by the Kerala Government for the benefit of the homeless.The issue relates to the project for the construction of 140 housing units in Wadakkanchery in Thrissur district. As per the application filed by the CEO in the HC, in 2019, the ‘Red Crescent Authority’ of the United Arab Emirates offered to sponsor the project and accordingly, a Memorandum of Understanding was entered into that year itself. As per the MoU, the sponsor was to execute the project through independent contractors.Alleging that foreign contributions to the tune of 10 Lakh Arab Emirates Dirham were transferred to the private contractors – Unitac Ltd and Sane Ventures – in violation of FCRA norms, a legislator belonging to the Congress party, Anil Akkara, filed a complaint before the CBI on September 20.Next Storylast_img read more