Goldman hit with £17.5m fine from FSA

first_img GOLDMAN SACHS has been slapped with a £17.5m fine for failing to tell the City regulator about a US investigation into Fabrice Tourre, the trader at the heart of a derivatives scandal.The Financial Services Authority (FSA) criticised the Wall Street titan for a breakdown in internal communication that meant Goldman’s American branch did not warn its UK office of the Securities and Exchange Commission (SEC) probe into Tourre’s role putting together a mortgage-backed security called Abacus. In turn, the UK division did not inform the watchdog. Tourre moved from New York to London midway through the SEC’s inquiry.The SEC accused Goldman of defrauding investors in Abacus by allowing John Paulson, a hedge fund manager, to help design its portfolio while planning to sell it short. Buyers including German bank IKB lost an estimated $1bn (£648m) when Abacus’ property loans turned toxic.Goldman settled the case for $550m in July, although Tourre denied any wrongdoing.Yesterday, the FSA said it did not find out Tourre had been served with a Wells Notice – which signifies US authorities’ intention to prosecute – until the SEC went public with its charges in April. The regulator chastised Goldman for “weaknesses” in its compliance routine.Enforcement director Margaret Cole said: “Goldman Sachs did not set out to hide anything, but its defective systems and controls meant the level and quality of its communications with the FSA fell far below what we expect of an authorised firm.”A Goldman spokesperson said: “We are pleased the matter is resolved.”The strength of the penalty, the second-largest the FSA has issued, was designed to embarrass the controversial investment bank. But analysts said it would have little impact on Goldman’s image in the UK.Stefano Harney, professor of strategy at Queen Mary, University of London, said: “This won’t do much damage. Just as Goldman’s huge bonus pools perversely enhance their reputation, judgements against them prove they’re at the cutting edge.”Shares in Goldman closed 1.1 per cent up at $149.14 in New York. Thursday 9 September 2010 8:42 pm KCS-content Show Comments ▼ whatsapp whatsapp Goldman hit with £17.5m fine from FSA Share Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald last_img read more

How a tax hike increased the deficit

first_img Share Show Comments ▼ SLOWLY but surely, the real cost of the return to the politics of envy is becoming clear. Figures out last night confirmed yet again that crippling tax hikes are driving people and economic activity away from Britain. Rather than raising extra tax receipts to plug Britain’s budget deficit, there is growing evidence that the raids are actually reducing the amount of money collected by the taxman, thus inflicting even greater debt on the rest of us. Our predicament is depressing almost beyond words.The number of non-doms living in the UK collapsed by 16,000 in 2008-09, the most recent year for which data is available, according to yesterday’s figures. This is a dramatic decline: an 11.6 per cent drop from 139,000 in 2007-08 to 123,000. When in April 2008 Labour – egged on by the Conservatives – introduced an annual levy of £30,000 for those who had claimed non-dom status for seven years, pundits dismissed the tax as too low to make a difference. City A.M. never bought this – unfortunately, we were right. Non-doms are people who originated overseas and pay UK tax on their UK earnings but no tax on their foreign income. The original non-doms were Greek shipping moguls who fled their socialist country to base themselves (and their businesses) in London. Until recently, the UK fought to attract such people; they pay a lot of UK tax and are often employers or high spenders. Yesterday’s figures actually underplay the true extent of the exodus: the departure of non-doms is bound to have accelerated in 2009-10 and will continue in the coming years as a result of the 50p tax rate, the hike in capital gains tax, the extra national insurance contributions and the near-hysterical war on financiers and myriad other attacks on wealth-creators and foreign investors that are now routine in this country. Not all of the decline in non-doms can be blamed on higher taxes. Part of it will have been due to the recession. Some non-doms – those with relatively modest foreign incomes – will have decided that it simply wasn’t worth paying £30,000 and will have opted instead to become regular taxpayers. But many will have left – and many more who would otherwise have settled here will have decided it was no longer worth it, especially given the constant fears that the fee could be hiked further.The Treasury told us 5,400 non-doms opted to pay the fee. This means that the taxman raised an extra £162m. The Treasury wouldn’t or couldn’t give us any more information, so I’ve made a few guesstimates to work out the net cost of the tax raid. Being over-generous to the government, it might be that half the missing non-doms are now full taxpayers. Let’s assume they are paying an extra £15,000 in tax each. That would make another £120m in tax, taking the total to £282m. Let’s then assume that the 8,000 missing non-doms would have paid £50,000 each in UK income tax, capital gains tax, VAT and stamp duty – the gross loss jumps to £400m, which means that the Treasury is £118m worse off. The real loss is almost certainly much higher. Once again, Arthur Laffer’s adage that increases in tax rates can lead to a reduction in tax receipts has come true. In years to come, Britain’s short-sighted stupidity will be used as a case study in introductory economics courses. In the meantime, the rest of us will have to pay even more tax to plug the [email protected] me on twitter: @allisterheath whatsapp whatsapp Tags: NULL Wednesday 12 January 2011 9:10 pm How a tax hike increased the deficit KCS-content More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comlast_img read more

Sechaba Brewery Holdings Limited (SECHAB.bw) 2015 Abridged Report

first_imgSechaba Brewery Holdings Limited (SECHAB.bw) listed on the Botswana Stock Exchange under the Beverages sector has released it’s 2015 abridged results.For more information about Sechaba Brewery Holdings Limited (SECHAB.bw) reports, abridged reports, interim earnings results and earnings presentations, visit the Sechaba Brewery Holdings Limited (SECHAB.bw) company page on AfricanFinancials.Document: Sechaba Brewery Holdings Limited (SECHAB.bw)  2015 abridged results.Company ProfileSechaba Brewery Holdings Limited is an investment holding company with 60% controlling interest in Kgalagadi Breweries Limited (KLB) and Botswana Breweries (Pty) Limited. Kgalagadi Breweries produces lager beers, traditional beers, bottled water and soft drinks under license. The brewery has four traditional beer breweries, a clear beer brewery, a sparkling soft drinks production plant and six sales and distribution centres in Botswana. SABMiller has a 40% stake in Kgalagadi Breweries and has management control over the operation; offering manufacturing and technical expertise, brand building and distribution expertise. Botswana Breweries produces traditional opaque beer made from sorghum and maize under the brand names Chibuku and Phafana. The Botswana Development Corporation has a 25.6% shareholding in Sechaba Breweries Holdings Limited.last_img read more

These 2 cheap FTSE 100 shares pay strong dividends. Here’s why I’d buy them today

first_img Tom Rodgers has no position in the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Image source: Getty Images See all posts by Tom Rodgers These 2 cheap FTSE 100 shares pay strong dividends. Here’s why I’d buy them today “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Our 6 ‘Best Buys Now’ Sharescenter_img Enter Your Email Address Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Simply click below to discover how you can take advantage of this. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Since 10 March 2020, FTSE 100 companies have been trimming, slashing, or scrapping their dividend payments entirely. Thankfully, there are well-run companies with plenty of cash to spare that are still paying out.And the stock market crash means these businesses are cheaper to buy than they have been in years.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Confidence is creeping back into markets. The FTSE 100 touched 6,000 recently after the epic lows under 5,000 in mid-March. While markets are recovering, there are still cheap shares that I think are too good to ignore.Cheap FTSE 100 starsThe two I’ve chosen are highly diversified multinationals. To me this means they have the best shot at coming out of a stock market crash in the best possible shape.The UK’s best fund managers — the Terry Smiths and Nick Trains of this world — tend to favour these kinds of companies because they offer reliable long-term ways to gain. Either through steady share price appreciation or through gently increasing dividends, or both.Johnson Mathey (LSE:JMAT) is a specialist chemicals company. It’s one of those ones that has been far too expensive to buy in previous years. But now after the stock market crash it’s at an attractive price-to-earnings of 8. That makes these very cheap FTSE 100 shares in my book.Johnson Mathey pays a 4.2% dividend at the moment, which I think will continue to grow in future. It has, very steadily, been growing its dividends per share. Management are extremely careful about cash preservation. In 2017 it paid 75p per share for just a 2.4% yield. The year after, 80p, and in 2019, 85p. All with hefty dividend cover of 2.6 times earnings or more.Overall profits leapt from £320m to £448m in the past two years.In terms of products, it makes steady revenue from chemical agents like absorbents and additives, medical device components, surface coatings, and emission control technologies.But the best prospects for really big gains in the future come from its alternative renewable fuels and battery metals divisions. It is working on ultra-high energy density cathode materials. These will power the rapid growth in electric vehicle and battery technologies. The growth in the sector is slated to come not just from consumer cars but service vehicles in municipal fleets, aircraft, and military vehicles.For investors seeking truly long-term cheap FTSE 100 shares, I think this one is a no-brainer.Dig deeperMinerals and mining giant Anglo American (LSE: AAL) might be best recognised as the company that bought out the Woodsmith polyhalite mining project once run by disgraced Sirius Minerals. But it has operations all over the world. In copper mining, in diamonds, in South Africa, in Botswana – it is hugely diversified.And these are cheap FTSE 100 shares, that’s for sure. They come with a price tag that’s more affordable than they have been for years. The P/E ratio right now is just 6, while the company boasts a healthy dividend yield of 5.6%.CEO Mark Cutifani has said that “most of our sites around the world are continuing to operate“, in response to Covid-19. And making £500m of cost savings and spending $1bn less on its 2020 programme gives the company a “robust” liquidity position of $14.5bn.Its net debt may put some investors off, but it has been steadily reducing its leverage in the last five years and it looks very buyable to me. Tom Rodgers | Monday, 18th May, 2020 | More on: AAL JMAT last_img read more

House Berlin II / flow.studio GmbH

first_imgShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/194040/house-berlin-ii-flow-studio-gmbh Clipboard Area:  461 m²Text description provided by the architects. The project is situated in Berlin-Pankow in the north-east of Berlin. The design was conceived as a split-level-concept originally and redesigned afterwards with the same characteristic front view. Save this picture!Courtesy of flow.studio gmbhRecommended ProductsEnclosures / Double Skin FacadesRodecaRound Facade at Omnisport Arena ApeldoornEnclosures / Double Skin FacadesAlucoilStructural Honeycomb Panels – LarcoreEnclosures / Double Skin FacadesFranken-SchotterFacade System –  LINEAEnclosures / Double Skin FacadesIsland Exterior FabricatorsCurtain Wall Facade SystemsAn individually designed atrium in the center of the building is the interior highlight. The rear side opens southwards to a beautiful garden with a old tree population. Save this picture!Courtesy of flow.studio gmbhThe Useful space with a two car garage is located in the basement. The family enters the building on the main floor by a individually designed atrium space. The sections Cooking/Dining/Living are arranged in a open structure to the southside. The bedrooms are located on the the upper floor. The roof terrace can be reached by the penthouse lounge.Save this picture!Courtesy of flow.studio gmbhProject gallerySee allShow lessEuropan 11 – Leeuwarden Housing Proposal / OODA + OOIIOArticlesThe Polonsky Academy of Advanced Studies in the Humanities and Social Sciences / Chy…Articles Share ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/194040/house-berlin-ii-flow-studio-gmbh Clipboard CopyAbout this officeflow.studio GmbHOfficeFollowProductsGlassConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesDabasBerlinHouses3D ModelingGermanyPublished on December 23, 2011Cite: “House Berlin II / flow.studio GmbH” 23 Dec 2011. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogSinkshansgroheBathroom Mixers – Metropol ClassicVinyl Walls3MVinyl Finish – DI-NOC™ StonePartitionsSkyfoldVertically Folding Operable Walls – Zenith® SeriesPanels / Prefabricated AssembliesProdemaProdEx Wood Facade in the Aspen Art MuseumSealantsSikaRenovation of Zeitz MuseumSinksBradley Corporation USAVerge Coordinated Soap Dispenser and Faucet SetsWoodLunawoodThermo Timber and Industrial ThermowoodAcousticFabriTRAK®FabriFELT™ for Walls and CeilingsGlassDip-TechDigital Ceramic Etch PrintingWindowspanoramah!®ah! Ultra MinimalistEngineered Wood FlooringAustralian Sustainable Hardwoods (ASH)Australian Oak Engineered FlooringLouvers / ShuttersConstruction SpecialtiesSunshades – Airfoil LuxMore products »Read commentsSave想阅读文章的中文版本吗?柏林住宅二号 / flow.studio GmbH是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream Save this picture!Courtesy of flow.studio gmbh+ 7 Share CopyHouses•Berlin, Germany ArchDaily Architects: flow.studio GmbH Area Area of this architecture project “COPY” Houses House Berlin II / flow.studio GmbH “COPY” House Berlin II / flow.studio GmbHSave this projectSaveHouse Berlin II / flow.studio GmbH Germany Projectslast_img read more

The Glade / DLM Architects

first_img Houses 2017 ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/888180/the-glade-dlm-architects Clipboard Project gallerySee allShow lessAlejandro Aravena Discloses New Details on ELEMENTAL’s Cultural Mega-Project in QatarArchitecture NewsJesus College / Niall McLaughlin ArchitectsSelected Projects Share Photographs Save this picture!© Peter Landers+ 23Curated by María Francisca González Share Architects: DLM Architects Area Area of this architecture project CopyHouses•Guernsey Projects ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/888180/the-glade-dlm-architects Clipboard The Glade / DLM Architects Area:  300 m² Year Completion year of this architecture project Manufacturers: Smart Systems, ScotscapeSave this picture!© Peter LandersRecommended ProductsWindowsSolarluxSliding Window – CeroEnclosures / Double Skin FacadesFranken-SchotterFacade System –  LINEAWindowspanoramah!®ah!38 – FlexibilityEnclosures / Double Skin FacadesRodecaRound Facade at Omnisport Arena ApeldoornText description provided by the architects. The brief was to create an energy efficient and sustainable new build family home on a densely planted site in St Peter Port, Guernsey. Due to a number of protected trees and the high quality of natural landscape within an urban setting, the site was heavily restricted by the local planning department. After 4 years negotiating with planning, a solution was found that complied with the relevant policies and alleviated the concerns of the planners.  The building was designed to minimise overlooking to and from neighbouring properties, and maximise natural light and solar gain, whilst avoiding the numerous root protection areas of the surrounding trees and maintaining a proportionate footprint to the previous development on site.Save this picture!© Peter LandersSave this picture!Ground floor planSave this picture!© Peter LandersThe dwelling is sunk into the natural topography of the site, located within an existing clearing in the trees, hence the name ‘The Glade’. A large basement takes advantage of the existing swimming pool excavation and the deep foundations required in this area, whilst the ground floor is entirely wrapped in Guernsey granite and reclaimed brick, predominantly sourced on site. Natural lime render highlights the porch and a carport carved out from the overall mass of the building. A steel frame cantilevers above the eastern side planted on all elevations as a living wall with a mix of 13 native species (over 4000 total), camouflaging the building within the surrounding tree canopy and providing an acoustic and pollution buffer to the surrounding roads, plus the additional associated thermal benefits. It reflects the character of the overall site; surrounded by high granite walls with mature vegetation above. A double height glazed link accommodates the vertical circulation and breaks the overall mass to the cedar clad, shed-like form that floats above the western side.Save this picture!© Peter LandersThe spacial arrangement provides open plan living, maintaining vertical connections and a direct relationship to external amenity, whilst offering the opportunity of enclosed intimate pockets.Save this picture!© Peter LandersSave this picture!First floor planSave this picture!© Peter LandersInternally a natural pallet has been selected throughout, a skin of locally reclaimed brick is coated with lime slurry, raw pigment plasters line the walls, with grey limestone to the floors, oak joinery, machined brass ironmongery, a bespoke raw steel staircase and furnishings and a reclaimed granite trough as the cloakroom sink. Where possible local materials and fabrication has been utilised delivering a soft traditional character within a contemporary envelope.Save this picture!© Peter Landers “COPY” “COPY” Guernsey ArchDaily Year:  The Glade / DLM ArchitectsSave this projectSaveThe Glade / DLM Architects Photographs:  Peter Landers Manufacturers Brands with products used in this architecture project CopyAbout this officeDLM ArchitectsOfficeFollowProductsWoodGlassStone#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesGuernseyPublished on February 02, 2018Cite: “The Glade / DLM Architects” 02 Feb 2018. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Browse the CatalogAluminium CompositesTechnowoodHow to Design a Façade with AluProfile Vertical ProfilesSynthetics / AsphaltMitrexSolar RoofMetal PanelsAurubisCopper Alloy: Nordic RoyalPlumbingSanifloGreywater Pump – Sanifast®SWH190WoodLunawoodInterior ThermowoodMembranesEffisusAVCL Systems for FacadesSinksCosentinoBathroom Collection – Silestone® WashbasinsDoorsStudcoPocket Door Trims – CavKitWoodStructureCraftEngineering – Architectural & FreeformMetal PanelsRHEINZINKPanel Surface Finish – prePATINA-LineHanging LampsEureka LightingSuspended Lights – BloomMetallicsBaileyFacade Systems- I-Line Snap-On Feature ChannelMore products »Save世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my streamlast_img read more

Trussell Trust issues call for supplies due to extra demand for foodbanks

first_img  82 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis6 Melanie May | 22 August 2017 | News Data published by the charity last month on 2016’s summer reveals that 47% of children who received support from foodbanks in its network were 5-11 years old. The figures also show that 4,412 more three day emergency food supplies were given to children in July and August 2016 than in the previous two months.67,506 three-day emergency food supplies were provided for children by The Trussell Trust’s foodbank network in July and August 2016 compared to 63,094 in May and June 2016. Between July and August 2016, of the 67,506 three-day emergency food supplies from The Trussell Trust foodbank network that went to children, 27% went to 0-4 year olds, 47% went to 5-11 year olds, 21% went to 12-16 year olds, and 5% went to children whose age was not known.July also saw The Trussell Trust launch its national Summer Appeal, to encourage people to donate to their local foodbank as the school holidays started. Donation to the Summer Appeal help develop projects like the charity’s Holiday Clubs, which help foodbanks provide additional support to people and prevent them needing a foodbank in the future, while a food donation to a local foodbank will go to someone referred for emergency help.Photo: Providence Doucet Tagged with: Donated goods Trussell Trust issues call for supplies due to extra demand for foodbanks AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis6  81 total views,  1 views today Foodbanks have become stretched this summer due to a combination of a spike in demand and year-on-year rises in their use, but suggestions that some have run out of supplies are untrue The Trussell Trust has said.However, while none of The Trussell Trust’s foodbanks have run out of supplies, many are running low on certain items, with the charity asking people to find out what their local foodbank is running low on and to make a donation. About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com.last_img read more

Biden White House seeks to turn page on Trump

first_img By Digital AIM Web Support – February 13, 2021 President Joe Biden walks on the Colonnade to Marine One for departure from the South Lawn of the White House, Friday, Feb. 12, 2021, in Washington. Biden is en route to Camp David. Facebook TAGS  Twitter Pinterest WhatsApp Facebookcenter_img Pinterest Previous articleJones scores 17, Stanford holds off Utah 73-66Next articleSpring training ’21: New year, but COVID-19 protocols remain Digital AIM Web Support Twitter Local NewsUS News WhatsApp Biden White House seeks to turn page on Trumplast_img read more

The Long Road Ahead for Default Servicing

first_img The Long Road Ahead for Default Servicing Subscribe Home / Daily Dose / The Long Road Ahead for Default Servicing in Daily Dose, Featured, Print Features Demand Propels Home Prices Upward 1 day ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Share Save Demand Propels Home Prices Upward 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Payment-Market Evolution Explained Next: Housing Market Forecast and Predictions for 2021 Editor’s note: This story originally appeared in the December edition of DSNews, out now.When COVID-19 reached and spread across U.S. soil, it shocked every sector of American industry. The default servicing business was no exception—albeit several high-level executives say its collective response was nothing short of exceptional. The pandemic sent servicing workforces and their customers, like the entire country, into an initial panic. Delinquency levels spiked, and the government changed rules on the fly. Health and federal agencies compelled brokers, agents, lending staff, and consumers alike to stay home.However, from that place of perturbation emerged new perceptions and processes. Looking back on 2020, there is enough concrete and anecdotal evidence to suggest that the housing market has been a bright spot in an economy tattered by a national health crisis. Leaders reacted to the global disaster by revolutionizing everything from how employees do their jobs to the homebuying process itself. Housing-finance professionals have swiftly implemented systems to address distressed borrowers. What they are building, they believe, is a foundation that can withstand anything the coming year throws their way.As 2020 becomes 2021, we find these captains of industry training for the marathon ahead.PANDEMIC PANIC ENSUESAmericans’ way of life changed in March 2020, as the global pandemic became the mortgage market’s most significant challenge since the 2008 financial crisis. At once, lenders had to shift focus from current projects to deliver organization-wide responses to the virus and its implications.For servicers like Bob Caruso, CEO at ServiceMac, “the first thoughts were focused on how to best support our employees, customers, and the mortgage servicing rights (MSR) owners.”Caruso and several other high-level executives say their companies had implemented, or at least were on track, for a more-digitized enterprise. When COVID-19 arrived, it forced them to swiftly transform large in-office staff to remote workforces and fast-track new rules and technologies.“The pandemic impacted my team and me dramatically,” Caruso said. “I had been hearing about the virus and the warnings, but I didn’t think it would get serious enough to close significant parts of the country and major sectors of the economy.”He says he initially was nervous about closing the office and shifting employees to work from home; however, the result exceeded his expectations.“Our technology, being new and cloud-based, has worked exceptionally well, and our employees have been outstanding. We have been able to excel as a company in every facet of our work. Our focus quickly shifted to hiring and training new employees to support our rapid growth and still maintain the same culture that has helped with our success.”Courtney Thompson, SVP Default Mortgage at Flagstar, says her bank had decided to push all available roles to remote work before the declaration of the national emergency. That move proved pivotal as the country commenced to close.Prior to Friday, March 13 (“Go figure,” Thompson quipped), Flagstar had undergone a full-scale initiative “to bring default servicing to our homes,” she said. In other words, Flagstar went remote in advance of the forbearance wave that hit in the following weeks.“Default is a human business,” she said. She says she felt fortunate that “our humans on the inside of our operation were home safe and positioned to help our humans on the outside, our consumers.”Tim Rood, Head of Industry Relations at SitusAMC, says he had to “lean into data and analytics-driven processes like never before.”“Five-year strategic plans were collapsed into rapid development plans across entire enterprises to deal with a confluence of market events—record-low interest rates driving record-high loan production, social distancing impacting loan origination, processing, closing, and the need to have whole companies working remotely.”Those at the helm of major servicing businesses compared the pandemic’s effects to those of other environmental calamities.“When the forbearance wave hit in mid-March,” Thompson said, “it can only be likened to a large-scale-natural disaster in every state, county, city across the country.”Michael Keaton, Chief Servicing Officer at Shellpoint Mortgage Servicing, echoed that.“The challenges related to COVID-19 are similar to those servicers faced with floods, hurricanes, fires, and the like. However, the key difference is instead of a regional event impacting a segment of your loan population, COVID-19 impacted homeowners all over the country.”Thompson says her role shifted, immediately, “to the trenches, to ensure that we could keep up with the consumers, the quickly issued changes in the law, the need to recruit and train a new workforce, and beginning, early, to plan for what was to come.”SHIFTS IN BORROWING BEHAVIORWhile the country collectively dealt with rising turmoil, pundits saw some striking trends.“First, people were expecting the market to crater,” said Ralph Defranco, Chief Economist at Arch MI, “And it did, sort of, at first it did, and everyone was watching the news every day, but now, it’s come back stronger than ever.”He believes there are two major contributing factors, including record-low interest rates, thanks to the Federal Reserve, he says. The other is the fact that the home has never been more critical than it is now.“People have recognized the need for more space, more comfort, and they’re out there looking for a different housing situation.”… Read the rest of the feature on p. 46 of the December edition of DS News, available here.  Related Articles December 7, 2020 14,080 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago DS5 2020-12-07 Christina Hughes Babb About Author: Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: DS5 Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago  Print This Postlast_img read more

Donegal Councillor says there is a need for the council to clampdown on dog…

first_imgHomepage BannerNews RELATED ARTICLESMORE FROM AUTHOR Previous articleCall for fairer housing points scheme in DerryNext articleReaction to Harps’ game being postponed at short notice – Buckley wants league season extended admin Twitter Google+ By admin – September 24, 2016 Donegal Councillor says there is a need for the council to clampdown on dog owners Facebook Twitter 75 positive cases of Covid confirmed in North Further drop in people receiving PUP in Donegal Main Evening News, Sport and Obituaries Tuesday May 25th center_img Pinterest WhatsApp A Donegal County Councillor is calling on the Council to clamp down on dog owners who are not controlling their dogs properly.The issue is said to be particularly prevalent on beaches across Donegal.Cllr Kennedy says while dogs not on their leads is an issue, dog fouling still remains an on-going problem in the county.She says although it is a difficult one to address, there are a number of ways to tackle the issue:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/09/niamk10.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry 365 additional cases of Covid-19 in Republic Google+ Pinterest Facebook Gardai continue to investigate Kilmacrennan firelast_img read more