Category: Montana Mortgages


‘Scary’ mortgage rates, sticker shock forcing buyers to forfeit contracts, broker says

September 28, 2022

Montana Mortgages

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As the 30-year fixed mortgage rate doubles from a year ago and the housing market faces ‘less affordability’, a real estate broker warns that potential buyers are more likely to forgo deals in course without consequence.

“These are some pretty scary numbers. You never would have expected this before because you usually wouldn’t have the option of going back on a contract,” said Pamela Liebman, president and chief executive of the Corcoran Group, at “Mornings with Maria” on Wednesday. “No one would give you a mortgage contingency when the market was on fire and just going up, up, up.”

“But now that sellers are a little more desperate to make these deals, they’re offering these contractual contingencies,” the brokerage continued.

As mortgage rates continue to hit multi-year highs every week and market demand begins to cool, a Redfin report found that Sun Belt states had the highest contract cancellation rates . According to Liebman, many homebuyers walk away after feeling the shock of the mortgage sticker.

DOUBLE MORTGAGE RATES VS. A YEAR AGO, REFINANCINGS HIT 22-YEAR LOW: SURVEY

Corcoran Group President and CEO Pamela Liebman said “scary” mortgage rates had created “less affordability” in the housing market during “Mornings with Maria” on Wednesday, September 28, 2022. (AP Newsroom)

Mortgage rates have risen more than one percentage point over the past six weeks. At the end of the week of September 23, the 30-year fixed rate was 6.52%, which is the highest since mid-2008.

“You may have applied for a mortgage two weeks ago, and now the cost is much higher, and that just makes it unaffordable and people will leave,” Liebman explained.

Onerous mortgages and house prices have taken “a lot of people” out of the home buying market, the broker said.

“I also think a lot of fun places to buy, whether it’s Vegas or Orlando or Montana, some of them aren’t as fun anymore because it’s gotten a lot more expensive,” Liebman said. “And disposable income isn’t what it used to be because of inflation everywhere.”

Now that home sellers have more listings to compete with, the real estate expert noted, people will try to get buyers’ attention and offers by lowering the asking price.

“It’s a nationwide market that has really seen such incredible price increases during the pandemic, that it’s a double whammy of expensive prices and expensive mortgages,” Liebman said. “So something must give.”

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Although Liebman said she doesn’t believe the United States is in a real estate recession, she advised those active in the market to “expect surprises.”

“We want more people to be able to buy new homes, and now we have a whole new generation preparing to enter the market. So I think housing will be fine, and as President Powell said, can -be a bit more balanced,” said the CEO of the Corcoran Group. “You really need to talk to someone who can advise you financially if a rate hike is going to crush you financially.”

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Elizabeth Pritchett of FOX Business contributed to this report.

Joanne Jeanine Stillman Hender, 60

September 25, 2022

Montana Mortgages

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Joanne Jeanine Stillman Hender, 60, of Idaho Falls, Idaho, was reunited with her Heavenly Father, parents, and previously departed siblings, Sept. 1, 2022, at Eastern Idaho Regional Medical Center.

Joanne was born March 16, 1962 in Kalispell to Theron Jackson Stillman and Maybelle Elaine Munter Stillman. Joanne grew up and attended schools in Kalispell, and graduated from Flathead High School. She is also a graduate of LDS Business College in Salt Lake City.

On August 25, 1990, she married John Arthur Hender Sr. in Salt Lake City. They were then sealed in the Jordan Temple on September 24, 2010. Joanne and John met in Salt Lake and seven years ago made their home in Idaho Falls, Idaho. While living in Utah, Joanne worked as a mortgage underwriter, mortgage processor, and more. She worked until her health prevented her. She was a real woman of strength who had been battling type 1 diabetes for over 48 years.

She was a member of The Church of Jesus Christ of Latter-day Saints. She loved to sew and play the piano. She was an avid reader. Her favorite authors were John Grisham and Anita Stansfield. She loves her scriptures and the manuals that accompany them. Later in life, she enjoyed playing 15 games at a time of “Words With Friends” with John because she liked to keep her mind active.

Her best friend was her niece, Kandice, known as “Buddy”.

The world was better because Joanne was part of it. There are relatively few individuals who have such a strong impact in such a quiet way.

“There aren’t enough words in the world to describe how wonderful she is. Everywhere she went she looked for people she could help. Where Joanne is is where happiness was. She was a godsend. You didn’t have to be anyone special, she just loved you. I bet she’s in heaven and makes everyone smile. — Jane Keller Kump, darling friend .


“Even though she pushed just to keep breathing the air of life, she always went out of herself to try to make other people’s days easier and her contagious smile lit up other people’s faces and made them smile too.

“I had the best wife one could dream of having; she held nothing back. She’s been my daughter since the day we met; As soon as I walked up and started talking to her, she said, “I knew you were trouble.” We were together from then on; We just did.

“So we’re about 30 years later saying, ‘I’ll see you in a minute. As we think of her and feel her gentle spirit, she will make us smile, not through a whole lot of pain, but without it. Can you imagine how liberating it must be for a person who has been riddled with disease for almost 50 years to be free from broken bones, type 1 diabetes, osteoporosis, gastroparesis, sinus surgeries, from cataracts, migraines, dialysis, heart surgeries, endless diagnostic procedures, and the relentless pain of a debilitating, insomnia-producing neuropathy, along with high blood pressure, night sweats, and a body that just be made a long time ago, and which would have been without a heroic effort that people might witness – if they’re lucky – once in a lifetime and not in a movie.

“I could never be more proud than to have you as my daughter, so so selfless, so cute, so smart, so witty, so loyal, so loving, so compassionate, my Joanne, Fonzie loves you and I love you, Baby – John A. Hender Sr.


“Joanne was my girlfriend. She and I did everything together. I remember a moment that sticks so clearly in my mind to this day when I went to her office for a Halloween party one year and she was dressed up as a mummy and I was dressed up as a doctor. We had a blast! We jumped for apples and played games. I was always included in her office stuff when she was working, helping her make copies of different things, etc. We had a bond like no other, she meant the world to me. —Kandice Morrison “Buddy”

“I remember when I was a child, Joanne liked to play at school with everyone who played with her and she also liked to prepare family home evening lessons for her family. Joanne loved all things paper, office, teaching and documents! She was the best at it! — Melanie Morrison

“Joanne could listen to my boring, meandering stories as if they were the greatest stories ever told. You made it feel important. If it mattered to you, it mattered to her. With her sharp mind, she could throw zingers with the best of them. —Bill Stillman

“For a Christmas present to family members for Christmas 1985, Joanne wrote a ‘life story of her mother Maybelle Elaine Munter Stillman’. This life story was a labor of love for Joanne and showed her love for his mother and family” – Ted and Claudia Stillman

“Whenever Joanne needed us to move her from place to place, she was always located on the third floor. Once she wanted to go from one side of the third floor to the other side of the third floor. The two sides of this third floor were not interconnected. We had to go down the three flights of stairs, cross to the ground floor and back up to the third floor. It was when all of our children were young; Jennifer was maybe 12 years old. I looked at the scene in front of me and saw our seven children with a lampshade or a box or a wall picture or a lamp, whatever they could carry on one side and come up on the other side like a small army. I don’t remember why the move, but Joanne needed it. -Gary Stillman

“Jeanine’s best memory is when we organized the family Christmas party at her house. Next, Joanne took us on a scavenger hunt to look at all the different lights in her neighborhood. The coolest thing was a display of different nativity scenes in his neighbour’s house. It was when all of our kids were young, Jennifer was maybe 12. —Jeanine Stillman

“We remember taking a summer vacation to Kalispell to see mum. Back then, Joanne always took our sons for wagon rides, playing games and watching cartoons. We went to the drive-ins, and Joanne and Mel always kept the kids busy in the back of Mom’s station wagon. They always had a great time with Joanne in Montana. —Larry Stillman

“Years ago when Joanne was Young Women president, she and Mel led the sweetest group of Young Women to do baptisms for the dead at the Idaho Falls Temple. They stayed here with us. I just remembered how the girls loved and admired her, how she interacted with them. They knew she loved them and wanted the best for them! She taught by example how to be devoted and loyal to what she believed to be right! Whatever she did, she gave it her all! — Kathy Stillman.

Joanne is survived by her beloved husband, John Hender, of Idaho Falls, Idaho; his dog, Fonzi Hender; siblings, Ted (Claudia) Stillman of Highland, Utah, Gary (Jeanine) Stillman of Salt Lake City, Melanie Morrison of Herriman, Utah, Larry (Loydene) Stillman of Bluffdale, Utah, and Tim Stillman of Idaho Falls, Idaho.

She was predeceased by her parents and siblings, Danny, Vicky, Ronnie, Bobby and her sweet niece Jennifer.

Services were held at 11 a.m. Wednesday, September 7 at Sand Creek 2nd Ward, 2545 Mesa Street, with Bishop Andrew Trane officiating. Interment took place at Fielding Memorial Park Cemetery.

In lieu of flowers, the family suggests donations to Snake River Animal Shelter or GoFundMe fundraiser.

Have you heard of ADCONs? How to Prepare for Fannie Mae and Freddie Mac’s New Address Privacy Program Requirements | Bradley Arant Boult Cummings LLP

September 23, 2022

Montana Mortgages

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In July of this year, Fannie Mae announced an update to the Agency’s guidance for sellers and service agents to include requirements that mortgage sellers and service agents comply with programs. address privacy policy (ADCON) and enter a coding for borrowers who identify themselves as participants in such programs (SEL-2022-06; SVC-2022-05). Fannie Mae’s announcement follows a similar announcement from Freddie Mac in December 2021 (Bulletin 2021-29).

What are ADCONs and what should banks, lenders and service providers know about them?

ADCONs are state-sponsored programs designed to protect certain “participants” who are victims of crime by keeping participants’ home, work and/or school addresses confidential (“protected information”). All states and the District of Columbia have some form of ADCON law except Alaska, Utah, South Carolina, South Dakota, and Wyoming. There are a variety of types of ADCON, but all programs work by providing the participant with an alternate address (a “designated address”) to use instead of the participant’s physical home address (or “real address”). . Each ADCON has a state-level administrator who processes ADCON participation requests, forwards incoming mail to the designated address, and accepts process service for participants.

As originally enacted, ADCON obligations only applied to government agencies such as state DMVs or county registrars. In recent years, however, 21 states have adopted ADCONs that explicitly extend these obligations to private entities. Five states require private entities such as financial services companies to use the designated address in correspondence and not disclose the participant’s protected information. These five mandatory states are Indiana, Iowa, Maryland, Minnesota and Wisconsin. Two other states, Michigan and Ohio, prohibit financial services companies from disclosing protected information of participating employees. In other states, financial services firms are prohibited from obtaining an individual’s real address if the firm knows the individual is a participant.

Even if an ADCON law does not explicitly oblige private companies to comply with it, all state administrators encourage voluntary compliance by private companies. See, for example, the Montana Safe at Home training video for private companies (note that various states refer to ADCONs as “Safe at Home” programs).

What is Fannie Mae and Freddie Mac want sellers and repairers to do?

First, agencies want vendors and services to let them know if a borrower is a participant. This means that sellers and managers must enter a unique code for existing loans and future transferred loans, marking the borrower as an ADCON participant. Freddie Mac is also asking vendors to notify it of the designated address for attendees.

Second, Fannie Mae also wants sellers and repairers to comply with state laws. This means that managers must send borrower statements and other correspondence to the designated address; not to disclose the actual address without the specific consent of an entrant; and, where applicable, not to search for the real address in the public records of known participants. Notably, even though agency announcements brought about the ADCON laws, these obligations existed before the agency announcements.

Fannie Mae’s compliance deadline was September 21, 2022 and Freddie Mac’s compliance deadline was December 1, 2021.

How can financial services companies comply with ADCON?

Most financial institutions and service providers face two fundamental challenges with ADCON compliance. First, they may not have a process in place to flag participants for account opening or loan onboarding and therefore may not be aware of existing participant accounts currently in their portfolio. . Second, when making loans and opening accounts, they may not have processes, policies and procedures in place to identify participants and manage participant accounts once they are opened. . This same problem may exist for the active loan service.

US cities with the highest rent-to-price ratios | Houses

September 21, 2022

Montana Mortgages

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Photo credit: tokar / Shutterstock

With the rapid rise in real estate and rental prices over the past two years, American households that do not currently own a home are facing a major affordability crisis.

The residential real estate market took off shortly after the start of the COVID-19 pandemic. Buoyed by rising savings, low interest rates and government stimulus programs and driven by a desire for more living space, buyers rushed into the market. Increased competition has sent home prices to record highs. But now, with interest rates rising in an attempt to cool the market and rising prices being the new normal, many potential buyers have been pushed aside.

This state of affairs has left more potential buyers in the rental market and, due to increased demand, rents have skyrocketed over the past year and a half. The early months of the COVID-19 pandemic in 2020 saw rents hold steady as eviction moratoriums and federal housing assistance programs were in place. But with the expiry of these programs and increased competition for rentals, rents have taken off: in 2021, the median rent increased by 17.6%, and the median rent increased again by 6.7% already in 2022. .

For homeowners and landlords with locked in costs, the current market has been a boon. Owners have earned about $6 trillion in equity during the pandemic. Landlords, especially large business owners, enjoy higher profit margins as they raise rents to reflect market conditions.

Sean Pahut, financial consultant at Montana Wealth Management, was interviewed on a podcast about working with a financial broker versus a financial planning advisor

September 20, 2022

Montana Mortgages

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Sean Pahut explains how Montana Wealth Management aims to build trust around financial planning by using their experienced advisors to create a personalized plan designed to best support their clients’ financial, family and life goals. Whether it’s a new empty nest, a wedding, a divorce, a move, a big promotion at work, aging parents, the sale of a business or the creating a new… change is inevitable.

Listen to the interview on the Business Innovators Radio Network:

Interview with Sean Pahut, Financial Consultant with Montana Wealth Management Discussing Working with a Financial Broker vs Financial Planning Advisor

A financial broker is someone who helps clients buy or sell financial products. They work with various financial institutions to get the best deal for their clients. Financial brokers can provide a wide range of services, including investment advice, insurance products and mortgage financing.

A financial planner is someone who helps clients create long-term financial plans. They will consider their current financial situation, goals, and risk tolerance to develop a plan that outlines how they can work to achieve their financial goals. Financial planners can also provide investment, retirement and estate planning advice.

Pahut said, “While financial brokers and financial planners can provide valuable services, there are some key differences you should be aware of. One of the most important differences is that financial planners are fiduciaries. This means they are legally bound to act in your best interests, which aligns their incentives with yours and helps ensure they provide personalized advice. Financial brokers, on the other hand, are not trustees. Trustees must adhere to a strict code of ethics. This helps to ensure that they provide high quality services.

Pahut says: “For more than 25 years, I have been helping my clients solve their financial problems and develop sound strategies by focusing on the specific needs of each one. My practice is founded on a commitment to my clients to follow a refined process, as I believe this is the foundation of a successful, long-term relationship. I work with qualified individuals, families and businesses to provide integrated wealth management and planning services. Integrity, personalized advice, attention to detail and an unwavering commitment to the well-being of my clients are the hallmarks of my service process.

About Sean Pahut

Sean earned his finance degree from Carroll College in Helena, MT and holds Series 7, 63 and 66 registrations through LPL Financial and a Montana insurance license. Giving back to the community is important to him. He was LT. Governor at Kiwanis previously served on the board of directors of Marias Medical Center and volunteered as a wrestling and baseball coach. He and his wife have two children and live in Great Falls, where they are active in their children’s school and sports activities.

Learn more: https://montanawm.com/

Other recent stories:

Discuss the benefits of being an Independent Financial Professional

https://authoritypresswire.com/sean-pahut-a-financial-consultant-with-montana-wealth-management-was-interviewed-on-podcast-about-how-the-benefits-of-being-an-independent- financial-professional/

Securities and advisory services are offered by LPL Financial, a registered investment adviser, Member FINRA/SIPC. The opinions expressed in this recording are for general information only and are not intended to provide specific advice or recommendations to any individual. To determine which strategies or investments might be right for you, consult the appropriate qualified professional before making a decision. Any investment involves risk, including loss of principal. No strategy guarantees success or protects against loss. There is no guarantee that a diversified portfolio will improve overall returns or outperform an undiversified portfolio. Diversification does not protect against market risk. The economic forecasts presented herein may not develop as expected and there can be no guarantee that the strategies promoted will be successful.

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Ousted: the housing crisis weighs heavily on the West | Local News

September 18, 2022

Montana Mortgages

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ABOUT THIS SERIES: Across the West, the costs associated with renting or buying a property have skyrocketed, forcing individuals and families to make tough decisions about what a home should look like in a volatile market. The median asking price for rent in the United States recently topped $2,000 for the first time ever, and the cost of buying a home has soared as much as 25% in some cities in the past year alone . These increases have pushed the housing crisis in the West to breaking point, making the American dream of stable housing accessible to fewer and fewer families and individuals. This series, Squeezed Out, observes the current state of the housing market and the challenges it presents to renters and buyers, as well as possible solutions to the problems. More than a dozen reporters, photographers and editors from Lee Enterprises locations across the West contributed to this series.

EXHAUSTED :

In Western cities, the average purchase price has climbed 25% over the past year, pushing the American dream of homeownership even further out of reach.

It’s the worst of both worlds: even though the historic rise in house prices is slowing, prices remain high and interest rates rise. As a result, middle-class homebuyers are already struggling to find a home they can afford in a place they want to live in the face of even tougher times.

They are competing with cash-rich investors who don’t need mortgages and are finding fewer new homes to choose from as homebuilders slack off on new construction.

TENANT PAIN:


Tenant pain: The brunt of the housing crisis is hitting people who aren't even looking to buy a house

Across the West, renters are being displaced when their apartments are converted to condos or their mobile home parks are sold to developers looking for land to build on.

High house prices hurt one group that isn’t even looking to buy: renters. Western tenants are being displaced by condominium apartment complexes, mobile home parks being sold for land and rents doubling as landlords find they can attract people who have money but don’t still can’t afford to buy houses. Those who stay are seeing their monthly payments skyrocket as remote workers move in and demand increases, and potential buyers can’t find places they can afford. All of this pushed the median asking price for rent in the United States past $2,000 for the very first time.

SOLUTIONS:


How to Solve the Affordable Housing Crisis

Communities seem to have three choices: expand, grow, or stop growing.

how to bring down homand price? Spreading, filling or regulation. Building on the outskirts, where land is cheaper, allows for cheaper homes to be built, but means scraping up open land and encouraging gas mileage as homeowners drive farther. Building on existing land in town allows developers to move up when they can’t get out, but rampaging NIMBYism often makes that impossible. Affordable housing requirements can create units for renters across the city, but some states specifically prohibit them.

FIRST TIME BUYER:


In Montana's booming real estate market, a cash-strapped young buyer beats the system

After many failed attempts, here I am sitting, a young non-traditional shopper in my own home.

Rotting floors, standing water and rejected offers left a Montana house hunter frustrated and discouraged. During the short time that Amy Lynn Nelson dreamed of becoming a first-time home buyer in Billings, Montana, the housing market had changed dramatically. Her choices, she said, ranged from chicken coop to ramshackle hut. But patience and connections helped her learn to work in a tough housing system — and finally land a small-town bungalow on her own.

IN THEIR OWN WORDS:

Countless individuals and families across the West are navigating a volatile housing market. In many cities and towns, the cost of renting or owning is increasing. Tenants facing big rate hikes are being forced to move elsewhere, and potential buyers are competing with deep-pocketed investors and all-cash offers. Here’s what tenants and buyers in the West have to say about the market.

Local leaders brainstorm ways to address fentanyl and mental health crisis

September 16, 2022

Montana Mortgages

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Governor Greg Gianforte met with local law enforcement, officials and mental health and addiction treatment providers in Kalispell on Thursday, where they brainstormed ways to address the fentanyl crisis and chiefs state health departments introduced a shelter program called the Montana Angel Initiative.

The initiative, which is currently being used in Yellowstone, Cascade and Lewis and Clark counties, would allow people with addictions to access law enforcement offices where authorities can connect people to treatment.

“The Angel Initiative is a partnership between the Department of Public Health as well as statewide providers and law enforcement to help increase access to treatment for those who need it. “said Ki-Ai McBride, of the Department of Health and Human Services (DPHHS). ) Opioid Prevention Program Manager. “They can ask for help by going to law enforcement if they are in possession of drugs and paraphernalia and they have the option to turn them over, get help and be connected with a supplier.”

To combat fentanyl overdoses, the state has ramped up its Narcan program, distributing 50% more anti-overdose drugs each year since 2018, which local law enforcement and emergency responders use multiple times a year. week.

“Montana law enforcement has confiscated more fentanyl in the first six months of this year than in the previous three years combined…We need to come up with a plan to deal with it,” Gianforte said during of the round table.

Flathead County Sheriff Brian Heino said his office has seen a significant increase in fentanyl and drug-related crimes, which he attributes in part to Flathead’s growing population. He also said that fentanyl primarily enters the region through the postal system and that he would like to see a solution at the federal level.

“Our mail system basically brings in drugs and narcotics and it delivers,” Heino said.

Flathead County District Attorney Travis Ahner confirmed that approximately 70 percent of the district attorney’s office cases involve drug-related crimes, many of which include property crimes and drug possession. He attributed the increase in crime in part to the pandemic, but he also pointed to changes in the 2017 legislature that reduced penalties for misdemeanors, which he said led to the rise in crime. which could otherwise have been avoided.

“There is a lack of accountability at these early stages,” Ahner said. “I think some accountability, wake-up calls, at that level of offense would help, including some of those diversion programs.”

Local mental health and addiction treatment professionals have also criticized the state’s response to numerous challenges, and Alpenglow Clinic clinical director Chad Kingery told the governor that patient treatment programs hospitalized were difficult to manage without funding, which is desperately needed to deal with the crisis.

“The tracking program is what’s broken in this state,” Kingery said.

Kingery suggested reassessing the distribution of liquor taxes to a wider range of treatment providers instead of providing funding to just one facility per county. He also highlighted the impact of challenges in the current housing market on the ability to provide hospital treatment that would require a large facility.

“I can tell you that there is no amount of clinics that I can open and there is no amount of employees who are perfect for what they do, it will generate enough of income so that we can pay the mortgage on a $2 million property.” Kingery said. “I think that kind of data extrapolates the challenges of these incredible ideas that we have — and there’s no no way to access it.”

Kalispell Mayor Mark Johnson was also frustrated with the city’s budget, which limits his ability to provide additional law enforcement services and resources within the municipality. State grants that would fund additional officers for two to three years would help in the short term, he said.

“We’re terribly behind in Montana when it comes to ways to raise taxes for law enforcement,” Johnson said. “With budgetary constraints, we cannot allocate so much.”

Gianforte told local leaders that his office would evaluate new programs and that he hoped to bring the Montana Angel Initiative to Flathead County.

Records show investors own hundreds of homes in the Boise area

September 14, 2022

Montana Mortgages

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Who are these investors in Treasure Valley? How many of them are Idahoans looking for extra income, and how many are tied to out-of-state interests profiting from the housing boom?

BoiseDev has spent the past four months digging through hundreds of real estate property records in Ada and Canyon counties, seeking investors to learn more about homeowners in our neighborhoods and where they are located. . This analysis is not a complete picture of every investor or owner in Treasure Valley due to the large number of records to review. Yet it revealed the prevalence of large-scale investor-owned properties, particularly in the outer suburbs of Treasure Valley.

Records reveal at least more than 400 single-family homes in Treasure Valley owned by out-of-state investors, with the vast majority owned by publicly traded California company American Homes 4 Rent.

Are houses a new investment asset class?

It’s not just in Idaho, where investment companies have taken hold, fundamentally changing the real estate market.

A months-long survey by the Charlotte Observer revealed the extent of the real estate holdings of Wall Street-backed companies in North Carolina earlier this year. A team of reporters uncovered 40,000 properties statewide owned by less than two dozen deep-pocketed investment firms.

The United States has no laws preventing private companies or individual investors seeking to expand their holdings from buying as many single-family homes as they want. Nothing about this change in the market is illegal, but it changes the dynamics of how supply and demand shape prices as growing families bid against Wall Street firms that can afford to pay. in cash, thousands more than the asking price of the houses.

Steven Peterson, clinical associate professor of economics at the University of Idaho, says investing in out-of-state real estate isn’t a negative thing on the face of it because it can help build more houses to accommodate a growing population. But, he said, problems arise when investment firms buy homes to boost profits without building more.

“What worries me is that they treat it like an asset class of investments, like a stock-like investment,” he said. “I don’t see on the surface how that leads to increased availability.”

He said it made the real estate market more sensitive to stock market boom and bust cycles, and it took homes away from the market for families to buy. But, even as economic forecasts point to a potential recession, Peterson warned anyone against hoping for a Wall Street crash, believing it would free up some of those investor-owned properties and make it easier to buy homes. a home for average Americans.

Peterson said that unless officials relax zoning laws and allow new homes to be built to address the nation’s growing housing shortage, these homes will continue to be valuable assets for these businesses. and prices will continue to rise.

“We can easily have a recession, and that has no effect on this problem,” he said. “You have to be very careful what you wish for. Recessions are generally not good things because they cause a lot of economic stress.

Small and large investors

BoiseDev’s research revealed three loosely defined groups of investors populating Treasure Valley neighborhoods.

The first group is what people generally refer to as “mommy-and-pop” owners. The vast majority of properties BoiseDev reviewed linked to LLCs on the Boise Bench and North End were linked to people who live in Treasure Valley and own one or possibly two properties. These properties could provide additional income for someone who lives locally or was originally purchased as a first home decades ago and is now rented out.

An aerial view of homes at Locust Grove Rd and Ustick Rd. in Meridian Photo: Charles Knowles/Shutterstock

The second class of investors operating in Treasure Valley are based out of state and own more than one or two properties. That includes outfits like investment firm WTS Investments LLC, which owns ten homes in Canyon County. The company is based in Houston and is linked to Tanweer Ahmed, the CEO of catering company PAK Foods. WTS purchased all ten properties on the same day in 2011.

Another example is Elco Enterprises LLC, which owns 15 properties in Ada County. He is associated with a large family home in Billings, Montana. The LLC, which is now listed as missing with the Idaho Secretary of State, is linked to Billings-based trucking company owner Carl Baltrusch. Sunset West LLC, which owns three properties in Ada County and is tied to a law firm in Cedar City, Utah, specializes in forming LLCs and is a registered agent for businesses. Public records do not reveal the direct owner.

Wall Street joins Main Street

Operations like publicly traded American Homes 4 Rent are on a different scale than any of these other companies or people who manage rental properties.

The company was one of the first major public companies to invest heavily in single-family homes about a decade ago. Since then, American Homes 4 Rent has amassed tens of thousands of homes across the country. A June filing by the US Security Exchange Commission said the company owned 57,000 homes in 22 states. The report noted a high concentration of ownership in cities like Atlanta, Dallas and Charlotte.

“American Homes 4 Rent is transforming the single-family rental industry,” American Homes 4 Rent CEO David Singelyn said in a video on the company’s website.

Public real estate records show American Homes 4 Rent owns 443 properties in Ada and Canyon counties, including 344 in Idaho’s largest county. Most homes are located in the once affordable outer suburbs of Kuna, Star, Meridian and unincorporated Ada County. For example, in a Star subdivision with 214 homes, seven are owned by American Homes 4 Rent.

A screenshot of homes available for rent in a Kuna subdivision by American Homes 4 Rent

These homes are often for rent in nondescript suburban neighborhoods with backyards and the typical amenities common to any subdivision. The average company-owned home is 17 years old and just under 2,000 square feet. They rent for an average of $1,856 per month, which is roughly equivalent to the mortgage payment for a $375,000 home with an interest rate of 4.25% on a 30-year mortgage. Kuna homes listed on the company’s website are rented for at least $2,300 per month.

And these are only the houses purchased by American Homes 4 Rent that already exist. The company has now shifted to building housing estates for rental. American Homes 4 Rent expects to bring between 2,100 and 2,400 new homes for rent online by the end of 2022. The company’s SEC filings boast of a “land pipeline of more than 20 000 units” that creates “years of growth stability” for potential investors to consider.

One of these subdivisions is expected to rise on the site once planned for a school in the Boise Independent School District. The school district opted to sell the land instead, and the highest bidder was AMH Development, the homebuilding arm of American Homes 4 Rent, for $6.3 million earlier this year.

“You don’t even know who to contact”

Investor-owned rentals are a whole different ballgame for eviction prevention nonprofit Jesse Tree.

Executive director Ali Rabe said his nonprofit’s strategy to help prevent evictions is to negotiate with landlords and use a combination of rental assistance and case management to resolve the issue for the customer. This gets complicated when tenants live in rentals owned by investors who have no relationship with their tenants and who might just be looking to move on to the next tenant.

“Communication is a lot more of a challenge for us with these companies and then they’re running a lot more on the books when it comes to evictions,” Rabe said. “Whereas family owners will treat each situation differently. These big companies will just hire a contract attorney who they will pay on contract rather than on a case by case basis, and if a tenant doesn’t pay their rent they will give them 3 days notice to pay or vacate, and they will file in front of the court, and there is no opportunity to have a conversation.

Notice of eviction
Notice of eviction

Rabe told several stories of clients facing evictions from out-of-state investment firms, including a woman who was taken to court while in hospice and the owner didn’t know. She once spent an entire afternoon on hold with American Homes 4 Rent trying to talk to someone at the company about a family of five who were evicted from a mobile home that the company Purchased in Canyon County with only notices in the mail and no further tracking. at the top.

“We’re actually pulling eviction court records to identify the major evictions, and a lot of them are these big corporations that are coming into Idaho and buying up a lot of multifamily units,” Rabe said. “You don’t even know who to contact.

Wall Street rallies further ahead of inflation report | national news

September 12, 2022

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By DAMIAN J. TROIS and STAN CHOE – AP Business Writers

NEW YORK (AP) — Stocks soared again on Monday as Wall Street took its final steps ahead of a high-stakes report that will hopefully show inflation hitting the economy less hard last month. .

The S&P 500 rose 43.05, or 1.1%, to 4,110.41 for its fourth straight gain. It is his longest winning streak since July, at the start of the market’s rebound from his blows earlier in the year.

The Dow Jones Industrial Average gained 229.63, or 0.7%, to 32,381.34, and the Nasdaq composite rose 154.10, or 1.3%, to 12,266.41.

The country’s extremely high inflation and the actions taken by the Federal Reserve to combat it have been the driving forces on Wall Street all year. Economists expect a report on Tuesday to show consumer prices were 8.1% higher in August than a year earlier, but inflation was not as bad as the rate 8.5% from July.

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A slowdown would bolster hopes that inflation peaked at 9.1% in June and is now coming down. This in turn could allow the Federal Reserve to avoid the worst-case scenario for the markets, where it would drive short-term interest rates up to recession-provoking levels and keep them there for a long time.

“This week is going to be very revealing,” said James Demmert, founder and managing partner of Main Street Research.

Beyond Tuesday’s headline consumer inflation report, a report on Wednesday is expected to show that wholesale inflation slowed last month. A report the following day will show how US households have shifted their spending amid high inflation, while a report on Friday will show how much inflation households are bracing for in the years to come.

These are all crucial data points for the Federal Reserve as it considers how much to raise interest rates at its meeting next week. Fed officials recently loudly reaffirmed their intention to raise rates enough to slow the economy, as well as their commitment to keep rates high long enough to ensure that the job gets done on inflation.

But with Tuesday’s report possibly continuing a trend, many investors and economists are hoping inflation could quickly return to more “normal” levels, unlike the 1970s, when it took many years.

Jonathan Golub, chief US equity strategist at Credit Suisse, wrote in a report that investors and economists expect inflation to plummet in the next 12 to 18 months.

Markets are fairly confident that the Fed will raise its main short-term interest rate by 0.75 percentage points next week for the third meeting in a row. But the hope is that a slowdown in inflation will allow the Federal Reserve to successfully follow the narrow path of a “soft landing” for the economy.

This is where higher rates slow the economy enough to halt inflation, but not so much as to cause a major recession. Higher rates hurt the economy by making it more expensive to buy a house, car, or anything else purchased on credit. They also drive down the prices of stocks, bonds, and other investments.

Many traders expect the Fed to begin tapering the size of its rate hikes after next week through the end of the year, before potentially holding rates steady through the first half of 2023.

Of course, such hopes could also lead to disappointment on Wall Street. The economy has already given evasions on inflation, with the hope that a peak has passed to start accelerating again.

Demmert said the broader market expects inflation to not only peak, but to begin to cool significantly. He said the high hopes raised by Tuesday’s inflation report “likely won’t be healthy for equities.”

Wall Street economists are still divided on whether the US economy will slide into recession next year due to higher interest rates and other factors.

The Fed has already raised short-term rates four times this year, and its aggressive moves have helped the value of the US dollar soar against many other foreign currencies.

A strong dollar helps limit inflation in the country by lowering the prices of raw materials and imports, but it can also hurt the profits of American companies that make many sales abroad. The dollar gave up some of its gains on Monday after slipping against the euro, sterling and several others.

Treasury returns were mixed. The 10-year Treasury yield, which helps control the direction mortgages and other lending rates are heading, is back at 3.34%, near its highest level in more than a decade.

The two-year yield, which tends to track Fed action expectations, was flat at 3.56%. It remains close to its highest level since before the 2008 financial crisis.

On the stock market, the vast majority of stocks rebounded. Energy producers were near the top of the rankings, benefiting from higher oil prices.

Bristol-Myers Squibb gained 3.1% for one of the largest gains in the S&P 500 after federal regulators approved its treatment for adults with moderate to severe plaque psoriasis.

AP Economics Writer Christopher Rugaber contributed.

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

Here are the 5 worst states to flip a house

September 11, 2022

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South Dakota’s data points clearly resemble the other states on this list, but one thing stands out above all the rest. South Dakota’s average yield is a very respectable 26.1%, but the take is just $17,750 (via CNBC).

Both of these figures are important when considering an investment, as a large profit margin is always desired. However, the actual dollar amount returned can signal a great opportunity or a difficult road ahead.

Penny stocks, for example, offer investors a unique opportunity to make a kill – if the stock price rises. A stock bought for a dollar only needs to inflate its price by 20 cents to earn a profit of 20% and double the annualized return that stock investors can expect with an indexed portfolio (via Nerd Wallet). But the risk factor associated with a penny stock is far greater than that of a portfolio marked by blue-chip company stocks, index funds and other traditional assets. Stocks could rise by that small margin and net you a nice raise, but to capture the value of that 20%, you’ll need to invest a huge amount of equity that might as well crash.

South Dakota’s average return is a lot like the speculative value provided by penny stocks: if things go as expected, a healthy percentage is expected, but to see a relatively valuable net increase, you’ll need to invest in a number of properties and continue to take advantage of the luck on your side.

FreightWaves Classics/Fallen Flags: Northern Pacific Railway enters service

September 8, 2022

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FreightWaves Classics is sponsored by Old Dominion Freight Line. Click to find out how we can help your business keep its promises.

On September 8, 1883, the Northern Pacific (NP) Railroad, which was the first of the transcontinental railroads that ran through the northern tier states, was officially completed. An extravagant ceremony was held that day near Gold Creek in the southwestern portion of Montana Territory (now the state of Montana). The North Pacific stretched between St. Paul, Minnesota, and Seattle, Washington, opening a key route that connected the Great Lakes region to the Pacific coast.

Four trains carried 300 officials and dignitaries representing the United States, England, and the German Empire to the ceremony. Among those who helped drive the final peak was Ulysses S. Grant, who was the 18th President of the United States when construction of the line began in 1870.

Driving the last spike on the Northern Pacific Railroad on September 8, 1883, at Gold Creek, Montana.  Former US President US Grant is pictured with a spiked maul and to his left is Henry Villard, then President of the North Pacific.  (Photo of the painting: digitalcollections.lib.washington.edu)
Driving the last spike on the Northern Pacific Railroad on September 8, 1883, at Gold Creek, Montana. Former US President US Grant is pictured with a spiked maul and to his left is Henry Villard, then President of the North Pacific.
(Photo of the painting: digitalcollections.lib.washington.edu)

Early History of the Railroad

The Northern Pacific was chartered by Congress in 1864 to build a railroad from Lake Superior west to a port on the Pacific coast. To do this, he received a land grant of 40 million acres. Despite the huge land grant, he encountered problems finding financial support for his venture in what was then a mostly unstable wilderness. Then Philadelphia banker Jay Cooke sought to raise $100 million to fund the railroad (over $1.87 billion today). By 1873, the rail line had been built almost to Bismarck in Dakota Territory (now North Dakota).

The North Pacific has been one of the keys to the economic growth of the Dakota Territory. The climate, although very cold, was favorable to wheat, which was in great demand in the United States and Europe. Most of the settlers in the Dakotas were German and Scandinavian immigrants who bought cheap farmland and raised large families. Territory farmers shipped huge amounts of wheat to Minneapolis (the center of the milling industry), while purchasing a variety of household equipment and supplies to ship by rail.

Unfortunately, Cooke’s bank collapsed due to the Financial Panic of 1873, a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 in the United States.

A map of the Northern Pacific Railroad.  (Image: projects.leadr.msu.edu)
A map of the Northern Pacific Railroad. (Image: projects.leadr.msu.edu)

The panic forced the Northern Pacific Railway into receivership; its construction was halted for six years. In 1878, the railway was acquired by Henry Villard, an American journalist and financier. After disagreements with former railroad executives, Villard was elected chairman of a reorganized board of directors on September 15, 1881.

Henry Villard.  (Photo: mrlincolnandfriends.org)
Henry Villard.
(Photo: mrlincolnandfriends.org)

Under Villard, the railroad was built west to Helena in Montana Territory, where it connected with the Oregon Railroad from Villard to Seattle in Washington Territory in 1883. C It was then that the ceremony took place near Gold Creek in the Montana Territory.

At that time, the North Pacific had approximately 6,800 miles of track. It served a wide area, including extensive lanes in the states of Idaho, Minnesota, Montana, North Dakota, Oregon, Washington, and Wisconsin. Additionally, the NP had a branch that served Winnipeg, Manitoba, Canada. The main freight carried by the railroad was the bountiful wheat and other grains, cattle, timber, and minerals. The NP also transported consumer goods and farmers (many of whom purchased farmland from the railroad) through the fertile Red River Valley along the Minnesota-North Dakota border.

An advertisement for the Northern Pacific Railway.  (Image: North Dakota State Historical Society)
An advertisement for the Northern Pacific Railway. (Image: North Dakota State Historical Society)

another panic

About 10 years after the railway was completed, another financial crisis hit. The Panic of 1893 was a national economic depression triggered by the collapse of two of the nation’s largest employers – the Philadelphia and Reading Railroad and the National Cordage Company. Following the bankruptcy of these companies, a panic broke out on the stock market. Hundreds of businesses have been overstretched, having borrowed money to expand their operations. When the financial crisis hit, banks and investment companies asked for loans, causing hundreds of business failures across the country. In particular, banks, railways and steel mills went bankrupt. Over 15,000 businesses closed during the Panic of 1893, which did not end until 1897. The unemployment rate in the United States soared to 20%-25%; and homelessness soared as workers were laid off and couldn’t pay their rent or mortgage. The panic also led to the political realignment of 1896 and the presidency of Republican William McKinley.

James J. Hill.  (Photo: mnhs.org)
James J. Hill. (Photo: mnhs.org)

Because of the Panic of 1893, the North Pacific encountered new financial difficulties. It was reorganized by JP Morgan, who shared control of the railway with James J. Hill, whose Great Northern Railway Company was a competitor to the Northern Pacific.

Hill sought to combine the Great Northern Railway and the Northern Pacific Railway with his Chicago, Burlington and Quincy Railroad Company through the Northern Securities Company, with Hill as chairman. (For more in FreightWaves Classics about James J. Hill and the Great Northern Railway, follow this link for Part 1 and this link for Part 2.)

20th century developments

However, President Theodore Roosevelt (who had ascended to the presidency after the assassination of President McKinley) opposed Hill’s railroad combination. Then, in 1904, the United States Supreme Court declared the Northern Securities Company in violation of the Sherman Antitrust Act and ordered the company dissolved in 1904.

The logo of the Northern Pacific Railroad.  (Image: Adam Burns/American-Rails.com)
The logo of the Northern Pacific Railroad.
(Image: Adam Burns/American-Rails.com)

While the Great Northern and Northern Pacific were linked to the Chicago, Burlington and Quincy Railroad, both railroads gained extremely important access to Chicago, the nation’s largest rail hub. They also gained access to the central Midwest and Texas, as well as the Spokane, Portland, and Seattle railroad lines, a major route through eastern and southern Washington.

In addition, money was reinvested in the North Pacific; Its physical plant has been upgraded, including dual track in key areas and automatic block signaling along its entire main line.

The Northern Pacific has also maintained and improved its equipment and services. It was among the first U.S. railroads to adopt diesel power (beginning in 1944), although due to its Wyoming-based coal reserves, NP was among the last U.S. railroads to complete dieselization (in 1960).

A North Pacific freight train.  (Photo: trains.com)
A North Pacific freight train. (Photo: trains.com)

By 1900, most of the remaining railroad land grants were located west of Montana. As further east, railroad management hoped to sell the majority of this land. Land sales would provide operating funds and help populate the area, providing new markets for the railroad. However, almost all of the good farmland had been sold before, even though the timberland was of high quality. Much of the timber land was sold to Frederick Weyerhaeuser.

A North Pacific freight train.  (Photo: pnwr.qstation.org)
A North Pacific freight train. (Photo: pnwr.qstation.org)

Railway consolidation

Despite the Supreme Court ruling, the three railroads continued to be financially tied. In 1970 they were allowed to merge, creating the Burlington Northern, Inc. Then Burlington Northern acquired the St. Louis-San Francisco Railway Company in 1980 and the Santa Fe Pacific Corporation in 1995. The railroad became the Burlington Northern Santa Fe, or BNSF, one of the last Class I railroads.

Photograph of a train crossing a desert.
A BNSF train heads for its next destination. (Photo: Jim Allen/FreightWaves)

FreightWaves Classics thanks american-rails.com, Burlington Northern Tribute, BNSF, McGill University, North Dakota Historical Society, and ndstudies.org for information and images that contributed to this article.

FREIGHTWAVES’ Top 500 For-Hire Carriers list includes Old Dominion Freight Line (#9).

Younger ‘dreamers’ watch with concern a legal challenge | national news

September 3, 2022

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By AMANCAI BIRABEN and ADRIAN SAINZ – Associated Press

LOS ANGELES (AP) — When Juliana Macedo do Nascimento signed up for an Obama-era program to protect immigrants who came to the country as young children from deportation, she enrolled in the California State University, Los Angeles, moving from a job in housekeeping, child care, auto repair and a construction business.

Now, a decade later, at 36, a graduate school at Princeton University is behind her and she works in Washington as deputy advocacy director for United We Dream, a national group.

“Dreamers” like Macedo do Nascimento, long a symbol of immigrant youth, are increasingly reaching middle age as eligibility requirements have been frozen since 2012, when the Deferred Action Program for Newcomer Arrivals children was introduced.

The oldest recipients were in their early 30s when DACA began and are in their early 40s today. At the same time, fewer people who have reached the age of 16 can meet the requirement of having been in the United States continuously since June 2007.

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The average age of a DACA recipient was 28.2 in March, down from 23.8 in September 2017, according to the Migration Policy Institute. About 40% are 30 or older, according to fwd.us, a group that supports DACA.

As fewer are eligible and new registrations have been closed since July 2021 by court order, the number of DACA beneficiaries fell to just over 600,000 by the end of March, according to government figures.

The beneficiaries became owners and got married. Many have US citizen children.

“DACA is not for young people,” said Macedo do Nascimento. “They don’t even qualify anymore. We’re well into middle age.”

Born out of President Barack Obama’s frustration with Congress’ failure to reach an agreement on immigration reform, DACA was meant to be a temporary fix and many viewed it as flawed from the start. Immigration advocates were disappointed that the policy did not include a pathway to citizenship and warned that the need to renew the program every two years would leave many feeling in limbo. Opponents, including many Republicans, saw the policy as legal excess on Obama’s part and criticized it as rewarding people who failed to follow immigration law.

In an effort to insulate DACA from legal challenge, the Biden administration issued a 453-page rule on August 24 that sticks closely to DACA as it was introduced in 2012. It codified DACA as regulation by subjecting it to potential changes after lengthy public comment.

DACA advocates welcomed the settlement but were disappointed that the eligibility age was unchanged.

The rule was “a missed opportunity,” said Karen Tumlin, an attorney and director of the Justice Action Center. DACA, she said, was “locked in time, like a fossil preserved in amber.”

The administration weighed expanding age eligibility but decided against it, said Ur Jaddou, director of U.S. Citizenship and Immigration Services, which administers the program.

“The president said to us, ‘How can we preserve and fortify DACA? How do we ensure program security and how best to do so? and it was the decision that was made after a lot of thought and careful consideration,” Jaddou said Monday in Los Angeles.

The 5th U.S. Circuit Court of Appeals, which is considering challenging DACA from Texas and eight other states, has asked both parties to explain how the new rule affects the program’s legal status.

Texas, in a filing Thursday, said the rule could not save DACA. States admitted that it is similar to the 2012 memo that created the program, but that they “share many of the same flaws.”

The executive has “neither the power to decide the major matters dealt with by DACA, nor the power to confer substantive immigration benefits,” the states wrote.

The Justice Department argued that the new rule — “substantially identical” to the original program — renders moot the argument that the administration failed to follow federal rule-making procedures.

DACA has been closed to new enrollees since July 2021 while the case continues in the New Orleans Court of Appeals, but two-year renewals are allowed.

The uncertainty surrounding DACA has caused anxiety and frustration among aging recipients.

Pamela Chomba, 32, arrived with her family from Peru when she was 11 and settled in New Jersey. She fears losing her job and missing mortgage payments if DACA is found to be illegal. She put off becoming a mother because she doesn’t know if she can stay in the United States and doesn’t want to be a “burden” on her children.

“We are people with lives and plans, and we really want to make sure we can feel safe,” said Chomba, director of state immigration campaigns for fwd.us.

Macedo do Nascimento was 14 when she arrived with her family from Brazil in 2001. She did not see a brother who returned to Brazil just before DACA was announced in 10 years. International travel under DACA is very limited.

Like Biden and many DACA advocates, she believes legislation is the answer.

“Congress is the ultimate solution here,” she said. “(Both sides) keep passing the ball to each other.

The uncertainty affected her, the eldest of three siblings.

“The fear of being deported has returned,” Macedo do Nascimento said, because “you never know when this policy is going to end.”

Sainz reported from Memphis, Tennessee.

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

As Montana celebrates the holiday weekend, here’s how we work.

September 1, 2022

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It’s the last big weekend of summer.

As Labor Day approaches and we prepare to celebrate a three-day weekend and say goodbye to summer, it’s time to reflect. Labor Day has been around since 1882 and was created to celebrate the worker. Of course, over time we focus more on going to the lake, eating, drinking and spending time with family and friends.

Being curious by nature, I began to wonder what the Montanese did for work. What are the top industries when it comes to employment in Montana?

According to World Atlas, the top industries for employment in Montana are agriculture and forestry. The report says Montana has about 28,000 farms across the state covering nearly 60 million acres that are used for agriculture. Forestry is important in the western part of the state, with over 13 million acres of woodland.

Tractor in a field on a rural Maryland farm at sunset with sunbeams
flownaksala

Then health care.

The healthcare industry is one of the fastest growing industries in the state with approximately 70,000 Montana residents working in the field. In fact, future projection models suggest that those looking to start a career with good pay and a high likelihood of advancement might consider going into healthcare.

The energy industry is also important in Montana. Montana produces energy in the form of coal, oil, wind, solar, and hydroelectric power, and while some people would like to see the state move away from our reliance on fossil fuels, that doesn’t seem to be happening. anytime soon.

Railway tanks
Brian Brown

Here in Montana, we make things, so it’s no surprise that manufacturing is a big part of the state’s economy. Some of the things we produce here in the land of the big sky go hand in hand with the industries mentioned above. Some of the products made here in Montana include wood products, alcohol, pharmaceuticals, auto parts, farm equipment, and several outdoor recreation products.

Finally, we have tourism and recreation.

We all know that tourism is big business for Montana, especially during the summer months when millions of people travel to visit places like Yellowstone and Glacier National Park. This has a direct impact on several communities in the state in terms of people staying in their hotels, eating in their restaurants, and shopping in their stores.

Yellowstone National Park.Wyoming.USA
Purestock

Of course, there are many other industries that employ Montanese, and whatever you do for work, I wish you a very happy Labor Day weekend.

Beware of these 50 jobs that could disappear in the next 50 years

CHECK IT OUT: Discover the 100 most popular brands in America

‘Soo Burger Month’ a tasty way to support local charity

August 31, 2022

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Throughout September, 10 local restaurants will donate a portion of their specialty burger sales to the Blake Ave. of Habitat for Humanity.

Calling all burger lovers!

For a second consecutive year, Habitat for Humanity Sault Ste. Marie is bringing back “Soo Burger Month,” a tasty fundraiser that runs through September that encourages residents to eat burgers at local restaurants to support charities.

Ten restaurants in the city have reserved a specialty burger on their menu and will donate at least one dollar to the nonprofit housing organization for each burger sold.

Habitat Marketing Coordinator Chelsey Foucher says the event is a fantastic opportunity for Saultites to help others in the community who are in dire housing need.

“We’re trying to establish more signature events,” she said. “Last year was a bit of a trial run, so we’re really looking forward to getting this fundraiser going and making it work.”

Restaurants participating in Soo Burger Month include Soo Blaster, The Soup Witch Cafe, Ernie’s Coffee Shop, Montana’s BBQ and Bar, Shooters Downstairs Lounge, Getaway Restaurant (in Gateway Casinos), Center Ice Bar and Grill, The Root, Q-Patio (at the Quattro) and Uncle Gino’s cafe.

“Their support is super important,” says Foucher. “Coming out of the pandemic, we knew restaurants were struggling. We wanted to do something that would support us, but also support local businesses. Giving restaurants this opportunity to participate and support Habitat and their community is mutually beneficial, and it also creates a bit of friendly competition.

Money raised throughout September will be used to build a fully accessible four-bedroom home on Blake Avenue for a Syrian refugee family who has lived in Canada since 2016.

“The father uses a wheelchair and their two-bedroom apartment is not accessible or big enough for all five,” says Foucher. “This fundraiser will help house them by the end of the year.”

The ten participating restaurants will also compete for the Best Burger Award and the Most Burgers Sold Award.

Residents are encouraged to use the Burger Passport to keep track of their selections. Entrants are also encouraged to share photos of their burger on social media using the hashtag #SooBurgerMonth.

A full press release is below:

*********************************************

September is Soo Burger Month!

Habitat’s second annual Soo Burger Month fundraiser is about to begin!

Soo Burger Month, presented by SooToday.com, is a citywide fundraiser taking place throughout the month of September that encourages Saultites to eat burgers in support of charities.

Using the Burger Passport, generously sponsored by Cliffe Printing, Habitat will guide you to ten participating restaurants featuring a creative new burger (or a tried-and-true burger) from which at least $1 will be donated to Habitat for Humanity. Sault Ste. Marie & Area per burger sold.

Ten local restaurants are participating in this year’s fundraiser: Soo Blaster, The Soup Witch Cafe, Ernie’s Coffee Shop, Montana’s BBQ and Bar, Shooters Downstairs Lounge, Getaway Restaurant (in Gateway Casinos), Center Ice Bar and Grill, The Root , Q-Patio (at the Quattro) and Café de l’oncle Gino.

Last year, Soo Burger Month raised just under $3,000 to support the organization’s affordable homeownership program. Habitat hopes to see a modest increase from last year, after making some minor adjustments to the event based on some of last year’s feedback.

“We’ve decided to push fundraising back a month to September, so fans can enjoy their burgers during patio season,” says Chelsey Foucher, Fundraising and Marketing Coordinator.

The Burger Passport shows restaurant locations, the burgers they offer, and the amount donated to Habitat per burger sold. Burger Passports can be downloaded online or picked up at any of the following locations starting September 1:

  • Habitat ReStore (32 White Oak Drive)
  • Getaway Restaurant at Gateway Casinos (30 Bay Street West)
  • Ernie’s Cafe (13 Queen Street East)
  • Soo Blaster (345 Queen Street East)
  • Q-Patio by Quattro (229 Great Northern Road)
  • Montana BBQ and Bar (89 Foster Drive)
  • Main Floor Shooters’ Lounge (68 Dennis Street)
  • Center Ice Bar & Grill Inc. (285 Northern Ave East)
  • The Root (85 Old Hwy 17 N)
  • The Soup Witch (215 Fourth Line East)
  • Uncle Gino’s Cafe & Ristorante (56 Second Line West)

Fundraising will also be complemented by a small contest. The restaurants are competing to win the award for best burger and the award for most burgers sold – won by Ernie’s Coffee Shop and Getaway Restaurant respectively in 2021.

“We’d love for people to take photos and post their #SooBurgerMonth adventures on social media to help us spread the word,” says Foucher, “and don’t forget to tag Habitat!”

Funds raised by Soo Burger Month 2022 will support Habitat’s fully accessible Blake Avenue construction, which will house a family of five by the end of the year.

Foucher pointed out that it’s a common misconception that Habitat is giving away homes for free when, in fact, they’re selling them to eligible families.

“The families we work with volunteer 500 hours and buy their homes at fair market value with an affordable mortgage from Habitat. Our program removes the hurdle of a large down payment and ensures that mortgage payments do not exceed 30% of their household income,” explained Foucher. “Their mortgage payments then go into our ‘Fund for Humanity’ which exists solely to fund future construction.”

With the current Blake Avenue home completed, Habitat plans to build a quintuple on Goulais Avenue in 2023 — the organization’s largest project to date.

You can learn more about Soo Burger Month by visiting www.habitatsault.ca/sooburgermonth or follow Habitat on Facebook, Instagram or Twitter.

Donations to Habitat’s Affordable Homeownership Program can be made at www.habitatsault.ca/donate. Companies interested in sponsoring a Habitat home can contact Chelsey Foucher at [email protected]

Is America on the brink of another housing meltdown? Mountain West and Sun Belt overvalued by 72%

August 27, 2022

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Property prices could fall by up to 20% next year in a recession, experts warn – and property in some parts of the country is overvalued by up to 72%.

Moody’s Analytics chief economist Mark Zandi was pessimistic about the housing market in May, but has now made his forecast even gloomier, Fortune reported Wednesday.

It comes amid ongoing discussions about whether the United States is already in recession, with the country posting two straight quarters of negative growth – the traditional definition of such a slump.

The news is particularly dire for people who have bought homes in what Fortune calls “bubble” markets, with Boise in Idaho, Charlotte in North Carolina and Austin in Texas all named the most overvalued markets.

But a total of 180 other regions across the United States have properties deemed overpriced, many of which are highly desirable.

They include Los Angeles, Orlando, Seattle and Indianapolis, where properties are all estimated to be overvalued by 30%.

Homes in Houston are overvalued by approximately 34.5%, while properties in Montana are overvalued by 25%.

Picturesque Bend in Oregon – regularly voted one of the best places to live in the United States – has homes overpriced by 43.8%, according to Moody’s, with Billings in Montana overpriced by 25%.

REVEALED: America’s overvalued areas

While Boise, Charlotte and Austin are the top three in the United States for overvalued properties, 180 other areas across the country also have property values ​​that Moody’s says are inflated.

They understand:

Los Angeles/Long Beach: 30.3%

Ogden-Clearfield (Utah): 50.6%

Seattle-Tacoma: 29.5%

Orlando: 30.4%

Denver-Fort Collins: 42.7%

Houston: 34.5%

Indianapolis: 29.5%

Burlington, Vermont 27%

Columbus (Ohio) 29.4%

Grand Rapids, Michigan 45.6%

Vegas: 53.3%

Elbow (Oregon) 43.8%

Billing (Montana) 25%

Rapid City (SD): 44.2%

Atlanta: 35.3%

Charleston: 35.6%

It comes weeks after the US central bank raised the benchmark interest rate to 2.5%, with another increase to 3.4% expected by the end of the year as the Fed attempts to controlling inflation.

These interest rate hikes are expected to push the United States into recession and likely drive down the cost of real estate as it becomes too expensive for many to get a mortgage, making drop in demand.

The most overvalued areas are largely in the western mountain and the sunbelt.

Boise, Idaho – which has seen real estate prices soar during the pandemic as masses swap expensive towns in the Bay Area and wider California for bustling Idaho — is the most overvalued area, Zandi said.

Boise, where the current average home is worth $526,050 according to Zillow, is nearly 72% overvalued, though a recession should only wipe out 20% of home prices at most.

Charlotte, North Carolina is the second most overrated, at 66%, with Austin in third place at 61%.

Charlotte, North Carolina is 66% overvalued, with an average home at $406,137 right now — and Austin, Texas, is 61% overvalued, with an average of $661,337.

Flagstaff, Arizona ($668,845), is 61% overvalued, while Nashville, Tennessee ($460,447) is 54% overvalued and Miami ($552,082) is 34%.

It’s unclear why these overvalued areas should see a maximum of 20% of house prices wiped out, rather than the full amount that experts believe are overvalued.

Only a handful of places were considered undervalued – the most undervalued being Decatur, Illinois, where the average home is $92,129, 6% undervalued.

Montgomery, Alabama ($135,742) is undervalued by 2.6% and Grant’s Pass, Oregon ($418,440) is 3.1%.

The housing stock is at its highest level since April 2009, as sellers struggle to get rid of their property because mortgages have become more expensive and other financial pressures – high gas prices, soaring grocery prices – continue to be felt.

Mortgage rates have nearly doubled since January, hitting 5.13% for a 30-year loan last week, according to Freddie Mac.

The Fed’s efforts to reduce inflation by slowing spending caused a marked slowdown in home sales.

Moody’s Analytics assesses quarterly whether local economic fundamentals, including local income levels, can support local housing prices.

Their latest data, shared with Fortune, found that 183 of the country’s 413 largest regional real estate markets are “overvalued” by more than 25%.

And nationally, house prices are also likely to fall, Zandi said.

He predicts that U.S. house prices across the country will fall over the next 12 months between zero and -5%: a more pessimistic forecast than in June, when Moody’s Analytics expected house prices to fall. US real estate remain unchanged.

If the United States enters a recession, it will be worse: real estate prices will fall by 5 to 10%.

In the 183 overvalued areas, homes could fall 15-20% in a recession.

Moody's Analytics Chief Economist Mark Zandi updated his forecast for the housing market to be even more pessimistic

Moody’s Analytics Chief Economist Mark Zandi updated his forecast for the housing market to be even more pessimistic

The 10 cities that saw the largest share of listing price reductions last month are shown above

The 10 cities that saw the largest share of listing price reductions last month are shown above

Although real estate transactions have declined, prices remain solidly high, with the July national median sale price of $403,800 representing a 10.8% increase from a year ago.

Although real estate transactions have declined, prices remain solidly high, with the July national median sale price of $403,800 representing a 10.8% increase from a year ago.

Moody’s Analytics is not an outlier.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said on Tuesday the outlook for home sales was even bleaker than the Fed had predicted, and the “worse is yet to come” for house prices.

He tweeted on Tuesday that he had been “bearish as hell on housing for months” – meaning he predicted a major market drop.

A bear market is a market where prices are falling and people are selling.

He attached a graph showing the dramatic downturn and said, “Well, I feel vindicated.”

Sales of new single-family homes hit their lowest level in nearly seven years in July, falling 12.6% to a seasonally adjusted annual rate of 511,000.

Fitch Ratings has said it sees U.S. home prices falling by up to 15%, and Robert Shiller, an economist who correctly predicted the 2008 housing crash, thinks there’s a good chance house prices fall by more than 10%.

A study released Monday by real estate brokerage firm Redfin found that a high share of home sellers lowered their asking price in July, especially in former pandemic boom towns.

Boise saw 70% of registrations reduced in July, compared to just a third a year ago.

In Denver, 58% of real estate listings were reduced last month, while 56% of listings in Salt Lake City were removed from the original asking price.

“Sellers and individual home builders both quickly lowered their prices early in the summer, mostly because they had unrealistic expectations for price and time,” said Boise Redfin agent Shauna Pendleton. .

“They priced too high because their neighbor’s house sold for an exorbitant price a few months ago and expected to receive several offers the first weekend because they had heard stories at this topic,” she added.

A housing estate is seen in Boise, where last month 70% of home listings were reduced below their original asking price as sellers faced their 'unreasonable expectations'

A housing estate is seen in Boise, where last month 70% of home listings were reduced below their original asking price as sellers faced their ‘unreasonable expectations’

In Denver, 58% of real estate listings were reduced last month

In Denver, 58% of real estate listings were reduced last month

Home prices remain solidly high, with July's national median sale price of $403,800 representing a 10.8% increase from a year ago, and just below the record set in June.

Home prices remain solidly high, with July’s national median sale price of $403,800 representing a 10.8% increase from a year ago, and just below the record set in June.

The average rate for a 30-year fixed mortgage was 5.13% this week

The average rate for a 30-year fixed mortgage was 5.13% this week

“My advice to sellers is to price your home correctly from the start, accept that the market has slowed down and understand that the sale can take longer than 30 days. If someone is selling a nice house in a desirable neighborhood, they shouldn’t need to lower their price.

Although industry data shows home prices remain higher than they were a year ago nationally and in nearly every market, listing discounts have increased significantly as that the high expectations of sellers collide with the cold reality.

Redfin said the national share of homes for sale with price cuts hit a record high in July.

None of the 97 cities included in the analysis had less than 15% of real estate listings that were discounted from their original asking price.

More than half of the cities with the largest share of price cuts — Boise, Denver, Tacoma, Sacramento, Phoenix, San Diego and Portland — were among the 20 fastest-cooling housing markets in the first half of 2022.

Redfin notes that these markets had attracted dozens of eager homebuyers during the pandemic, when tech workers and other white-collar workers shunned more expensive markets and drove up home prices in small towns.

LIVINGSTON COUNTY BOARD OF SUPERVISORS MEETING WEDNESDAY, AUGUST 24

August 20, 2022

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An earlier meeting of the Livingston County Board of Supervisors. (Photo/Conrad Baker)

REGULAR MEETING OF THE LIVINGSTON COUNTY BOARD OF SUPERVISORS
WEDNESDAY AUGUST 24, 2022
1:30 p.m.
PROVISIONAL AGENDA
CALL
PLEDGE OF ALLEGIANCE
Mt. Morris Supervisor David DiSalvo
APPROVAL OF MINUTES
Minutes of the ordinary meeting of 8/10/22
COMMUNICATION
1. Receipt of Acknowledgment Letter from New York State Department of Tax and Finance
concerning Resolution No. 2022-267.
INTRODUCTION OF LOCAL LAW
LOCAL LAW NO. 2-2022 EXTENSION OF ADDITIONAL MORTGAGE REGISTRATION TAX
IN LIVINGSTON COUNTY
SUMMARY OF CLAIMS
RESOLUTION NO. 2022-295 APPROVAL OF CLAIMS SUMMARY #8B-AUGUST 24, 2022
FLOOR PRIVILEGES
SENATOR GEORGES BORRELLO
-Remarks and presentation of the New York State Senate Medal of Freedom to Sean Needham of Dansville
ASSEMBLY WOMAN MARJORIE BYRNES
-Remarks/Congratulations to Sean Needham
PREFERRED AGENDA REQUIRING A ROLL CALL VOTE
Ways and Means Committee
. Establish a standard work day
. Schedule a Public Hearing on Local Bill No. 2-2022 Extending the Additional Mortgage
Registration tax in Livingston County
DISCUSSION OF RESOLUTIONS ON PREFERRED AGENDA
MOTION TO MOVE RESOLUTIONS TO THE PREFERRED AGENDA AND TO ORDER THE
CLERK OF THE ROLL CALL VOTING APPEAL COUNCIL
RESOLUTIONS REQUIRING A VOTE BY SEPARATE CALL
WAYS AND MEANS COMMITTEE
County Administrator/Budget Officer
. 2022 Livingston County Budget Amendment: Department of Health and Highways (2)
. Authorization to transfer funds: Office for the elderly
. Establish a standard work day and retirement statement credit
county attorney
. Authorizing the Chairman of the Livingston County Board of Supervisors to sign a letter of
Commitment to Legal Services–Magavern Magavern Grimm LLP
Personal
. Modification of part of resolution no. 2022-36: Payment of the reduction in health insurance
. Modification of part of resolution no. 2022-36: Summer employment program for young people
. Modification of part of resolution no. 2022-36: accumulation of vacation
OTHER BUSINESS
1. APPOINTMENT OF THE CHAIRMAN
GLOW Workforce Development Council
Name Address Title/Represent Term
Mary Grace (Holli) Nenni 14016 Route 31 West, Albion, NY 14411 Youth At Pleasure
2. RECOGNITION OF SUPERVISORY BOARD SERVICES
ADJOURNMENT

‘He should have retired about five years ago’: Paige Spiranac makes bold comments on legendary golf broadcaster’s retirement

August 18, 2022

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Sir Nick Faldo recently retired from golf analyst. Since he was CBS’ senior golf analyst for PGA Tour coverage for the past 16 years, many golf fans were disappointed when he retired. However, that was not the case for former professional golfer Paige Spiranac.

“I was a big fan of Faldo, but I feel like he should have retired about five years ago.” said the 29-year-old. “Because he just…I don’t know if he just lost interest in it,” she explained again. “Maybe just getting a little senile.” Spiranac expressed his thoughts on Sir Faldo’s retirement through the latest episode of his podcast, “Playing a Round with Paige Renee”.

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The professional golfer turned golf analyst had chosen the 2022 Rocket Mortgage Classic as his retirement location. He then received a moving farewell from his colleagues and members of the CBS crew. Notably, most golf fans have had tears in their eyes watching their favorite golf analyst cry on TV.

However, Spiranac did not have the same emotions as the others. In a Twitter video she then posted, she expressed how she didn’t think Sir Faldo had been at his best over the past two years.

Paige Spiranac explained her reason for not being sad about Sir Faldo’s retirement

“He just started making these really weird comments,” Spiranac said in his podcast. “I don’t know what he was trying to do” she added. “It was trying to appeal to millennials or Gen Z, but it felt like it just didn’t hit well.”

The 1-time Catus Tour champion also added that she loves the former NBC golf analyst. Feherty is notably one of the few golf analysts to join the new LIV Golf Invitational series. He began commentating on Series LIV since his event, which was held at Trump National Golf Club in Bedminster.

Is Sir Nick Faldo joining the LIV Golf Invitational Series?

Since many players in the golfing world began leaving their old roles to join the show, many fans thought Sir Nick Faldo was stepping down from CBS to do the same. However, the English professional golfer had other ideas.

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According to Sir Nick Faldo, he and his wife, Lindsay De Marco, bought a ranch in Montana. And they decided to settle there to renovate it, which they named “Faldo Farm”.

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What was your reaction when Sir Nick Faldo retired after 16 years? Did you also think he should have retired years ago like Paige Spiranac?

Watch this story: Rigorous public scrutiny once made Paige Spiranac succumb to the pressure and nearly give up her career

‘Horse Whisperer’ author Nicholas Evans dies at 72

August 16, 2022

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Nicholas Evans, a British novelist whose debut album, ‘The Horse Whisperer’, became a publishing phenomenon, selling more than 15 million copies and leading to a hit film adaptation by Robert Redford, died on August 9 at his home in Totnes, in the English county of Devon. He was 72 years old.

His death, following a heart attack, was announced in a press release by his friend and literary agent, Caradoc King.

A mild-mannered former journalist and TV producer, Mr Evans was working as a screenwriter and trying to break into film when he heard a story that “shivered me”, as he later said. Visiting a friend in the South West of England in 1993, he met a blacksmith who told him about a “horse whisperer”, an almost mystical figure who could heal a traumatized pony with a few sweet words .

The story captivated Mr Evans, who had grown up playing cowboys and Indians in the English countryside and reading novels by Jack London. Now he was £60,000 in debt, looking for new direction – and possibly a second mortgage – after unsuccessfully trying to direct his own film. Here, he decided, lay the seeds of a story he could tell in his own voice.

“If my film career had been more successful, I might have tried writing the story in screenplay form,” he recalled in a Q&A on his website. “Fortunately, I was on my feet, deeply disillusioned with the cinema, and saw no point in writing another screenplay to gather dust on my desk.”

So Mr. Evans began writing a novel, traveling to Montana, New Mexico and California to interview expert riders and research the American West. He returned home with the outline of a story about a young girl, Grace Maclean, and her spirited horse, Pearl, who are hit by a truck and recover with the help of a Montana rancher who falls in love. of Grace’s mother. Mr Evans wrote half the book, around 200 pages, and shared the manuscript with his friend King, deciding that if the agent didn’t like it, “I was just going to throw it away”.

The manuscript remained. Marketed as a cross between Cormac McCarthy’s Western novel “All the Pretty Horses” and Robert James Waller’s bestselling romance “The Bridges of Madison County”, it generated a bidding war after King sent it to the publishers just before the Frankfurt Book Fair in 1994. The North American publishing rights were auctioned off for over $3 million, and Mr. Evans won another $3 million for the film rights, after what he described as a surreal evening during which he was tasked with sizing up Hollywood producers, including Redford and Scott. Roudin.

“My kids and my wife were downstairs,” Mr. Evans later told Variety, “and upstairs some of the biggest names in the business asked my permission to take $3 million from them. was just absurd.”

By the time “The Horse Whisperer” was published in 1995, critics seemed eager to cut Mr. Evans’ multimillion-dollar novel down to size. A New York Times reviewer, Randall Short, described it as “sentimentally bloated and utterly devoid of genuine feeling”; another, book reviewer Michiko Kakutani, called it “a sappy romance novel, stuffed with sentimental patter about the emotional lives of animals and lots of Walleresque hooey about men and women”.

Readers felt differently. The novel topped the Times bestseller list and Mr. Evans’ US publisher, Delacorte, claimed it was the best-selling debut novel in history, with more than 1, 5 million copies sold in its first year alone. The book has been translated into 40 languages ​​and adapted into a 1998 film starring Redford, who produced and directed. The film also starred Kristin Scott Thomas and Scarlett Johansson, in one of her first major film roles, and grossed over $186 million worldwide.

Mr Evans, who said he turned down an offer to write the screenplay, admired the acting but felt the film had ‘completely missed the point of the book’, hitting what he saw as a note of hope at the end, even though the penultimate scene featured a deadly stampede of wild horses.

“I think there seems to be a kind of quest going on right now, with people wanting to know if there’s more to life than material things,” he told The Times on the release. of the novel. “This book is about hope, healing and the redemptive power of love, and how humans have an extraordinary ability to go through the worst kinds of pain and survive. It is an affirming message from life at a time when there is a lot of darkness around.

Mr. Evans had direct experience of this darkness. As his novel was sold at auction, he was unsure of ever finishing it, having recently been diagnosed with skin cancer. He kept his illness a secret even as reporters hailed him as “Britain’s luckiest man”.

“The day after the operation, I was going around publishing houses trying to look suave and normal, and I was in cold sweats,” he revealed in a 2011 interview with the Guardian. “I was just dying, I was in so much pain.”

Then came the day of publication and the rapid rise of his book on the bestseller lists. There were more hardships ahead – a fractured marriage, near-fatal mushroom poisoning – but “for three or four years,” he said, “my feet didn’t touch the ground.”

Nicholas Benbow Evans was born in Bromsgrove, Worcestershire on July 26, 1950. His father was a sales manager for an engineering company and his mother was a housewife. At age 8, he was sent to boarding school and the nearby Bromsgrove Day School. He then studied law at St Edmund Hall, part of Oxford University.

After graduating in 1969 with first class honours, he was a reporter for the Evening Chronicle in Newcastle upon Tyne and later was a journalist and television producer, doing segments on American politics and the Lebanese Civil War for a weekly news program.

By 1982 he had begun making television documentaries about cultural figures, including actor Laurence Olivier and painters Francis Bacon and David Hockney. He was producing a special about filmmaker David Lean, the director of “Lawrence of Arabia,” when Lean encouraged him to strike out on his own.

“He kept saying to me, ‘Why are you making a movie about me? You should make a movie about yourself, not about someone else who makes movies,'” Mr Evans recalled in an interview with the Chicago Tribune.

He later wrote and produced the 1992 comedy “Just Like a Woman” – about a transvestite financial executive (played by Adrian Pasdar) who strikes up an affair with his landlord (Julie Walters) – before writing novels. His second book, “The Loop” (1998), involved a pack of wolves tormenting cattle ranchers and sold 5 million copies. Her later novels include ‘The Smoke Jumper’ (2001), about a love triangle involving two friends who fight wildfires, and ‘The Divide’ (2005), centered on a wealthy young woman who becomes an eco-terrorist.

Mr Evans’ first marriage, to Oxford schoolmate Jenny Lyon in 1973, ended in divorce shortly after his first novel shot him to stardom. He then married Charlotte Gordon Cumming, a Scottish singer-songwriter. In addition to his wife, survivors include two children from his first marriage, Max and Lauren; a son, Harry, from a relationship with television producer Jane Hewland; and another son, Finlay, from his second marriage.

On a trip to his brother-in-law’s Scottish Highland estate in 2008, Mr Evans and his wife accidentally ate poisonous mushrooms and were rushed to hospital convulsing. They suffered from kidney failure and needed transplants, which Mr Evans received three years later after his daughter persuaded him to take one of her own.

Mr Evans had almost finished his novel ‘The Brave’ (2009) when the poisoning happened, and said the novel’s themes of family secrets and guilt particularly resonated with his own foraging experience in the woods. He and another family member had picked the mushrooms “assuming the other knew what they were doing”, he told the Guardian.

“Guilt is my subject,” Mr. Evans liked to say. But this time, he joked, “I took the research to a rather extreme degree.”

Government tax U-turn: Landlords allowed breaks for long-term rentals

August 12, 2022

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Megan Woods: Owners of long-term rentals will get the tax breaks back. Photo/Mark Mitchell

The government has flip-flopped on the parameters of rental housing policy, backing away from scrapping landlord tax breaks.

Housing Minister Megan Woods today announced that owners of more than 20 rentals in one development, offering tenancies of 10 years or more, will now be able to claim mortgage interest deductibility.

This is to encourage this sector to thrive, she said, citing the fast-growing build-to-let sector.

Last year, the government announced that it would remove the benefits landlords enjoyed: the deduction of interest paid on mortgages for rental properties from their tax bills, which encouraged PAYE workers to buy rentals in order to reduce their tax bills.

The changes were first announced last March.

The end of the breaks sparked outrage from landlords, including Ockham Residential chief executive Mark Todd, who said he feared he would be forced to sell 85 apartments.

The change in tax policy has led to gloomy predictions from various interest groups that they will cause the maximum exodus of investors from the residential real estate market.

But homeowners buying a brand new property could still claim their mortgage interest as a tax deductible expense for up to 20 years.

Owners of existing older properties would not be able to recover tax on the interest portion of mortgages for rental units.

Today, Woods framed the U-turn in positive terms.

“We are granting an exemption from the interest limitation rules to certain types of new and existing construction developments for rent in perpetuity,” she said.

To be eligible, developments must offer tenants leases of at least 10 years. Tenants can request shorter agreements if they wish and the development will still qualify for the exemption. Tenants may terminate their lease at any time, subject to 56 days’ notice.

“We believe that security of tenure is essential for people who rent. This requirement will allow people to settle in and personalize their home, reduce the frequency with which they have to find new accommodation and all moving costs. associates, especially as people face the costs of life challenges and help them build and maintain connections with their community,” she said today.

“We recognize the important role that the build-to-let sector can play in filling a gap in the general rental market by increasing the supply, density and diversity of housing.

“Aotearoa New Zealand needs to build more homes where they are needed and at prices affordable to low-to-moderate income households. Building for rental can help continue the current momentum of new supply and improve quality rental units with new homes that are warm, dry and safe,” she said.

A spokesman for Woods denied it was a turnaround because the announcement on interest deductibility last year indicated the minister would do more work on the construction sector for rent.

Leonie Freeman, Managing Director of the Property Council.  Photo / Doug Sherring
Leonie Freeman, Managing Director of the Property Council. Photo / Doug Sherring

Leonie Freeman, chief executive of the Property Council, welcomed the turnaround.

“Today’s announcement is one of the best levers to unlock the potential of build-to-let. We support the government’s drive to allow build-to-let to provide warm, dry rental accommodation that provide Kiwis with long-term security of tenure,” she said.

Woods said the legislation would be presented to parliament at the end of August.

The Herald reported how Woods was seeking policy advice to encourage the build-to-rent market.

Last November, Todd of Ockham said the government wanted to eliminate mortgage interest deductions on loans for purpose-built rental properties, which would put existing urban properties in Ockham at a huge disadvantage to be built for rental.

Teachers and emergency service workers were among the buildings’ long-term tenants, but may have to find new homes if Ockham sells, he said.

“It’s weird that [Housing Minister] Megan Woods supports the BTR sector to provide more new, warm and safe occupancy properties, but [Revenue Minister David] Parker is happy to kill vendors who already follow government policy,” Todd complained last year.

“I could be forced to sell 85 rental units worth $60 million to $80 million if the interest, which is the main cost of owning these buildings, becomes non-deductible,” Todd said, referring to the apartments that the company owns at Sandringham, Gray Lynn, Ellerslie and Mt. Albert.

Mark Todd of Ockham at Domaine Wintergarden.  Photo / Fiona Goodall, Getty Images
Mark Todd of Ockham at Domaine Wintergarden. Photo / Fiona Goodall, Getty Images

On a single project, Ockham could lose a $500,000 mortgage interest tax deduction, he said. He cited a $22 million development 50% funded by an $11 million loan, resulting in annual interest charges of $500,000, Todd said in November.

The rental construction industry is growing rapidly at home and abroad.

Thousands of new build apartments for rent in Auckland are planned and many are being developed by NZX-listed Kiwi Property, expanding in Sylvia Park and due to start soon in its LynnMall.

Greg and Helen Reidy’s Reidy & Co and Kim Barrett’s Resident Properties are also developing apartments to be built on three sites in central Auckland and bought an Ockham block a few months ago.

Reidy said he expects the first three apartment buildings to have a total value of about $210 million.

Kendall Spray named director of women’s basketball operations

August 9, 2022

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FORT MYERS, Florida. – One of the most prolific three-point shooters in NCAA history, Kendall Vaporizer has been named director of operations for the nationally ranked FGCU women’s basketball program, as announced by the head coach Karl Smesko today.

“We’re really excited to have Kendall back on our program,” Smesko said. “Kendall has great energy, great attention to detail and great enthusiasm for the game. She also has a great ability to connect with people.”

Spray played one season for the Eagles helping the Greens and Blues win the 2022 ASUN Championship crown before reaching the second round of the NCAA Tournament following a thrilling win over fifth-seeded, No. 16 Virginia Tech.

The Mt. Juliet, Tenn., native finished her college career ranked fourth all-time in NCAA history with 466 three-pointers in 154 games between UT Martin, Clemson and the Eagles.

Overall, she scored 1,900 points in five seasons for an average of 12.3 points per game. During that time, Spray made 466 out of 1,169 field goal attempts for an average of .399. In her only year with the Vert et Bleu, she was 103 of 226 (.456) for second all-time in program history for single-season trebles. His 45.6% shooting percentage from deep also ranks third for a single season. Spray’s 103 three-pointers last season were also the second of his career. In 2017-18, she hit an Ohio Valley Conference record 125 as a sophomore with UT Martin.

After the season, Spray put on a show in front of a national ESPN audience by winning the 3-point Women’s Championship from Rocket Mortgage. The graduate student scored 18 points in the first round, 25 in the semifinals and 23 in the championship round to win the title. The crowd and ESPN announcers were mesmerized as Spray cleaned rack after rack at every turn.

The FGCU, ranked No. 20 in the latest WBCA poll of the season, finished 2021-22 with an overall record of 30-3 after advancing to the second round of the NCAA Tournament. This marked the eighth NCAA Tournament appearance for the Eagles in the last 11 years and the fifth in a row. Les Vert et Bleu won their ninth ASUN league title to earn the spot, while the 30 wins marked the fifth time in the last eight seasons to reach the milestone.

For full coverage of the women’s basketball schedule, follow the Eagles on Twitter and instagram to @FGCU_WBB, the Facebook at /fgcuwbb and online at www.FGCUathletics.com. You can also sign up to receive news about FGCU women’s basketball or other programs straight to your inbox by visiting www.fgcuathletics.com/email.

EAGLE CAMPAIGN
IT NEEDS A TEAM to achieve our most recent goal – a $10 million campaign to address the needs of student-athletes for continued academic success, life skills, mental health, nutrition, strength and conditioning as well as needs of the department for expansion and improvement of facilities as well as mentoring and leadership training for coaches and staff. The name embodies our mission and the goal of the EAGLE – Eagle Athletics Generating Lifetime Excellence campaign. Join our team and commit your donation today to help the Eagles of tomorrow!

SUPPORT THE WOMEN’S BASKETBALL PROGRAM

Do you enjoy watching or following the FGCU women’s basketball program? Would you like to play a role in the growth of the program and help it reach heights never reached before? If so, you can contact Director of Advancement, Matt Ring, to learn about opportunities to impact the experiences of our student-athletes. He can be contacted by email at [email protected] or by desk phone at 239-745-4434.

SMESKO COACH
FGCU Head Coach Karl Smesko maintains a career record of 610-128 (.826) overall, which is the third-highest winning percentage among active Division I coaches behind only UConn’s Geno Auriemma and LSU’s Kim Mulkey. He also led the Eagles to a 232-18 (.930) ASUN regular season record and a 30-2 (.933) ASUN tournament record. In the previous 10 seasons, he guided FGCU to a 153-5 (.968) conference record with six undefeated seasons. The 12-time ASUN Coach of the Year has led the program to 12 consecutive 25-win seasons and 18 consecutive 20-win campaigns, including more than 30 wins in five of the last eight years. On top of all that, the Eagles are 549-101 (.845) since Smesko started the program in the 2002-03 season, and the Greens and Blues’ all-time winning percentage of .845 is the best in NCAA Division I. the history of women’s basketball.



#FEEDFGCU
FGCU Athletics sponsors events in November and April to benefit the FGCU Campus Food Pantry (www.fgcu.edu/foodpantry) and the Harry Chapin Food Bank (www.harrychapinfoodbank.org), FGCU Athletics Charities of Choice. For more information, including how to make a contribution, please visit www.fgcu.edu/adminservices/foodpantry and use the hashtag #FeedFGCU to help raise awareness.

ABOUT THE FGCU
FGCU teams have combined to win an incredible 92 conference regular season and tournament titles in just 15 seasons at the Division I level. Additionally, in just 11 seasons of DI playoff eligibility, the Eagles brought together 45 teams or individuals competing in NCAA championships. In 2022, the men’s golf team became the first program to qualify for the NCAA Tournament. Eight FGCU programs ranked in the top 25 nationally in their respective sports, including women’s basketball (#20, 2021-22), beach volleyball (#20, 2022) and men’s soccer (2018, 2019) and women’s football. (2018) as four of the most recent. In 2016-17, the Vert et Bleu posted the department’s best sixth place finish in the DI-AAA Learfield Directors’ Cup and top 100 nationally, ahead of several Power-5 and FBS institutions. In 2018-19, the Eagles had an ASUN and Florida State’s top seven teams won the NCAA Public Recognition Award for their rate of academic progression in their sport. FGCU also collectively achieved a record 3.50 in-class GPA in the fall 2020 semester and outperformed the general undergraduate college population for 26 consecutive semesters. The last five semesters (Fall 2019 – Spring 2022) saw another milestone reached as all 15 programs achieved a cumulative team average of 3.0 or higher. The Eagles also served an all-time high of 7,200 volunteer hours in 2017 – being recognized as one of two finalists for the inaugural NACDA Community Service Award presented by the Fiesta Bowl.



—FGCUATHLETICS.COM—


Chuck Hoskin: Cherokee Nation extends assistance to homeowners

August 8, 2022

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Indianz.Com > News > Chuck Hoskin: Cherokee Nation Expands Landlord Assistance

Clifford and Esther Littledave, of Mayes County, Oklahoma, recently found help through the Cherokee Nation Homeowners Assistance Fund. The program helps eligible citizens who are experiencing financial hardship due to the COVID-19 pandemic. Photo: Anadisgoi/Cherokee Nation

Help Available for Cherokee Owners Facing Hardship Due to the Pandemic

Monday, August 8, 2022

Cherokee Nation

All families deserve to live in safety and dignity, without fear of losing their homes. During the economic uncertainty caused by the COVID-19 pandemic, some Cherokee homeowners have fallen behind on their mortgages or fallen into financial difficulty making payments. To ensure Cherokee families can stay in their homes, the Cherokee Nation Housing Authority is expanding the tribe’s Homeowners Assistance Fund (HAF) program. Qualified homeowners can apply for forgivable loans through the HAF. The loans are fully funded by federal dollars as part of the US bailout. They can be used to cover overdue mortgage payments, overdue home insurance premiums, overdue property taxes, or other debts that could displace homeowners if not paid. Once approved, funding goes directly to the mortgage loan officer. The financial assistance program is already helping Cherokees find more stability and security in their homes. The pandemic has taken a toll on many of our fellow Cherokees, increasing their physical, mental and financial stress. But it was also an opportunity for all of us to come together in the spirit of Gadugi, working together for the greater good. We know this program will directly impact hundreds of Cherokee families, while strengthening our communities and having positive generational impacts for everyone. Cherokees on our reservation and neighboring areas have access to the Tribe’s HAF program. The Housing Authority will give priority to homeowners located in counties comprising the reservation, which encompasses all or part of Oklahoma’s 14 northeastern counties. It will then extend to Cherokees who own homes in a county in Oklahoma, Kansas, or Arkansas that borders the Cherokee Nation reservation. Availability is also based on household income. Previously, this program was only open to people with mortgages through the Cherokee Nation or the Cherokee Nation Housing Authority, but now we are opening it to all Cherokee mortgage holders who meet the eligibility criteria. The expanded Homeowners Relief Fund will be available until funds are exhausted, which our housing experts estimate through 2026. For more information and a full list of eligibility criteria, visit www.hacn.org /HAF or call 918-456-5482. For some families, finding affordable housing is a lifelong struggle that has been exacerbated by the pandemic. We know the need for stable and secure housing is high, and it will remain so as the economy adjusts. Deputy Chief Bryan Warner, the Council, and my administration made housing a high priority with the landmark Housing, Jobs, and Sustainable Communities Act in 2019, which was renewed and expanded earlier this year. HJSCA has provided more than $120 million to meet the diverse housing needs of the Cherokee people, the largest real estate investment in history. More than that, HJSCA has incorporated into Cherokee Nation law that housing is one of the Cherokee Nation’s highest priorities. Setting this tone is what has spurred programs such as the Homeowners Relief Fund and will spur many more ideas in the future. The HAF is just one of many programs offered by the Cherokee Nation to meet the housing needs of our citizens. Others include the New Construction Home Ownership Program to pave the way for home ownership for Cherokee families, housing repairs for seniors and disabled Cherokees who need assistance. to maintain their home, emergency rental assistance, etc. A full list of programs is available on the Housing Authority of the Cherokee Nation website, https://www.hacn.org/.


Chuck Hoskin Jr.
Chuck Hoskin Jr. is the 18th elected Principal Chief of the Cherokee Nation, the largest Indian tribe in the United States. He is only the second elected Principal Chief of the Vinita Cherokee Nation, the first being Thomas Buffington, who served from 1899 to 1903. Prior to being elected Principal Chief, Hoskin served as the Tribe’s Secretary of State. He was also a member of the Cherokee Nation Council, representing District 11 for six years.

Jury awards former MHP soldier $114,000, DOJ appeals | 406 Politics

August 6, 2022

Montana Mortgages

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The Montana Department of Justice appealed a Park County case in which a jury found the department responsible for the early resignation of a Montana Highway Patrol trooper.

In May, a Park County jury awarded Shawn Fowler, who was hired as a Montana Highway Patrol Private in 2001, more than $114,000 after finding his supervisors had created an unreasonably hostile work environment by response to his professional performance during a DUI investigation in 2015.

Fowler sued the Justice Department and the Montana Highway Patrol in 2019 for wrongful discharge. He also sued the Montana Federation of Public Employees, the union for state employees, for failing to address his grievances against the agency.

The trial in May lasted four days. Fowler’s attorney, Karl Knuchel, said winning the jury meant showing that any reasonable person would have resigned under the terms his supervisors imposed on Fowler.

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Knuchel said Fowler brought the case, at least in part, to clear his name.

“I think Shawn did this more as a statement of his character and feeling like he was wronged by the department, even though he gave them 17 years of employment,” Knuchel said in a recent interview. .

The Department of Justice argued, however, that Fowler was subject only to the consequences of poor job performance and that the issues raised in Fowler’s complaints, such as scheduling, job duties and discipline, were at the discretion of the highway patrol in accordance with the collective agreement. with the MHP soldiers. Additionally, previous court cases have found employees covered by collective bargaining agreements to be excluded from wrongful dismissal claims, the DOJ argued.

A Justice Department spokesperson did not respond to a request for comment on the call before press time.

According to his initial filings in district court, Fowler’s fallout with the state began in 2015 when he investigated a hit-and-run in Sweet Grass County. Fowler issued multiple citations: leaving the scene of an accident, hit-and-run, reckless driving, and possession of drugs because he suspected the driver had used marijuana. Fowler obtained a blood sample from the driver, but did not cite them for a marijuana-impaired DUI because he was waiting for the state crime lab to do a blood test, according to the complaint. He did not make an arrest and the driver was allowed to leave.

Fowler’s initial decision not to cite the driver for a DUI would be the source of harassment, criticism and belittlement for years to come, according to court documents. Supervisors gave preference to the schedules of more junior soldiers, repeatedly questioned Fowler’s drug-fighting methods, withheld him from training conferences, and sent him a disciplinary letter for the incident of the Sweet Grass County in 2017, two years after the incident. In the spring of 2018, Fowler was disciplined again for failing to charge the suspect with a DUI, and he was removed from managing K-9 with the patrol.

The situation became ‘so intolerable’ that Fowler refinanced his mortgage and used the money to buy his remaining active duty so he could retire, rather than be fired by the Highway Patrol, court documents say. . In legal parlance, it’s called a “disguised discharge” and a Park County jury found in late May that the MHP had created an environment such that any reasonable person would also have quit.

Fowler had filed a grievance with the MHP near the end of his tenure with the Highway Patrol, arguing against a 2-day suspension and removal from K-9 duties. Then-Col. Tom Butler, the head of the MHP, denied the grievance, which would send the matter back to the union to decide whether to take the matter to arbitration. But the union’s board of directors, after reviewing the grievance, decided not to take the complaint to arbitration.

According to correspondence within the union regarding Fowler’s grievance contained in court documents, then-union director Quint Nyman summed up: “In a nutshell, he allowed a driver to leave the scene of an accident. … In discussing this issue with several soldiers, I was informed that they were surprised at the result and that he had not been fired.”

In its response to the lawsuit, the MFPE said the decision not to pursue Fowler’s grievance was in line with union policies. The union eventually settled with Fowler and was removed from the case.

The Justice Department sought to dismiss the case in district court, pointing out that Fowler’s grievance did not focus on the hostile work environment, but on the suspension and his K-9 duties. Because Fowler did not file a hostile work environment complaint through the union, he was barred from doing so in district court, especially after the 6-month statute of limitations set for disputes unions.

District Court Judge Brenda Gilbert rejected that argument in court proceedings, and the department appealed the dismissal to the state Supreme Court. Again, the High Court dismissed the state’s petition, but wrote that the Ministry of Justice was strictly prohibited from doing so until the normal appeal process, once the case was resolved by the court of district.

The Department of Justice filed its appeal on Thursday. The Risk Management and Tort Defense Division handles the case for the Department of Justice.






Letter to the Editor: We must tackle the housing crisis | Letters to the Editor

July 31, 2022

Montana Mortgages

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We must work together to solve Montana’s housing crisis. Affordable housing is increasingly unavailable to the middle class, affecting both rural and urban communities and making it difficult for employers to hire workers, who struggle to find housing.

The reasons for this crisis are manifold: the housing stock has grown more slowly than the population growth of our state; low interest rates encourage second home buyers to compete with assets for homes; the success of companies like AirBNB limits the supply of residential accommodation; and the prevalence of “cash” offers are blocking those in need of mortgage financing. And now more: the loss of many basement apartments at Red Lodge due to flooding.

Governor Greg Gianforte has convened a task force to deal with this crisis, hoping for an answer by October. Yet his actions come after he vetoed House Bill 397, a bipartisan bill that would have provided developers with tax credits to support workforce housing. Hopefully he is now more open-minded to this well-recognized approach, which is supported by state Democrats. In contrast, the Republican Party platform does not even mention affordable housing as an issue.

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Republicans passed a bill in 2021 prohibiting municipalities from requiring developers to include affordable housing in their projects. Again, very harmful to the housing of the workforce.

As a candidate for the Montana House of Representatives, I see a role for the state government in the fight against middle-class housing. I will initiate and support all efforts to resolve this complex issue.

Rents rise as deep-pocketed investors buy mobile home parks

July 30, 2022

Montana Mortgages

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KANSAS CITY (AP) — As far back as anyone can remember, rent increases have rarely happened at Ridgeview Homes, a family-friendly mobile home park in upstate New York.

That changed in 2018 when business owners took over the 65-year-old park located in the middle of farmland and on the road to a fast food restaurant and grocery store about 30 miles northeast of Buffalo.

Residents, about half of whom are seniors or disabled on fixed incomes, bore the first two increases. They hoped the last owner, Cook Properties, would take care of bourbon-colored drinking water, sewage bubbling in their bathtubs and pothole-filled roads.

When that didn’t happen and a new lease with a 6% increase was imposed this year, they formed an association. About half of residents launched a rent strike in May, prompting Cook Properties to send out around 30 eviction notices.

“All they care about is raising the rent because they only care about the money,” said Jeremy Ward, 49, who gets by on just over $1,000 a month on disability benefits after his legs suffered nerve damage in a car accident.

He was recently fined $10 for using a leaf blower. “I am disabled,” he said. “You don’t do your job and I get a violation?”

The fate of Ridgeview residents is being played out nationwide as institutional investors, led by private equity firms and real estate investment trusts and sometimes funded by pension funds, rush to buy up parks of homes mobiles. Critics say mortgage giants Fannie Mae and Freddie Mac are fueling the problem by backing a growing number of investor loans.

Shopping puts residents in a bind, as most mobile homes — despite their name — can’t be moved easily or cheaply. Landlords are forced to either accept unaffordable rent increases, spend thousands of dollars to move their home, or abandon it and lose tens of thousands of dollars they have invested.

“These industries, including the mobile home park manufacturing industry, continue to tout these parks, these mobile homes, as affordable housing. But it’s not affordable,” said Benjamin Bellus, Iowa’s assistant attorney general, who said complaints have “upped 100-fold” since out-of-state investors began buying up parks. few years ago.

“You put people in a trap and a trap, where they have no ability to defend themselves,” he added.

Buoyed by some of the strongest returns in real estate, investors have shaken up a once dormant sector that is home to more than 22 million mostly low-income Americans in 43,000 communities. Many aggressively promote parks as guaranteeing a steady return – repeatedly raising rents.

There’s also a growing industry, with how-to books, webinars and even a mobile home university, offering advice on attracting small investors.

“You went from an environment where you had a local owner or manager looking after things because they needed fixing, to where you had people looking at a cost-benefit analysis to figure out how to get the lowest penny,” Bellus said. . “You combine that with the idea that we can just keep raising the rent and these people can’t leave.”

George McCarthy, president and CEO of the Lincoln Institute of Land Policy, a Cambridge, Mass.-based think tank, said parks containing about a fifth of the country’s mobile home land had been bought up by investors. institutions over the past eight years.

McCarthy singled out Fannie Mae and Freddie Mac for guaranteeing the loans as part of what the credit giants see as the expansion of affordable housing. Since 2014, the Lincoln Institute estimates that Freddie Mac alone has provided $9.6 billion in purchase funding for more than 950 communities in 44 states.

A Freddie Mac spokesperson countered that it purchased loans for less than 3% of mobile home communities nationwide, and about 60% of those were refinances.

Shortly after investors began buying up parks in 2015, complaints about double-digit rent increases followed.

In Iowa, Matt Chapman, a resident of a mobile home in a park purchased by Utah-based Havenpark Communities, said his rent and fees have nearly doubled since 2019. Legal Aid’s Alex Kornya of Iowa said another park purchased by Impact Communities saw rent and fees increase 87% between 2017 and 2020.

“A lot of people living in the park had fixed incomes, disabilities, social security and just weren’t going to be able to keep up,” said Kornya, who met about 300 angry mobile home owners in a mega-church. “It almost led to a political awakening.”

In Minnesota, purchases of parks by out-of-state buyers have increased from 46% in 2015 to 81% in 2021, with rent increases of up to 30%, according to All Parks Alliance For Change, an association of parks. ‘State.

US Senator Jon Tester of Montana, speaking at a Senate hearing this year, recalled tenants complaining about repeated rent increases at a Havenpark development in Great Falls. One resident, Cindy Newman, told The Associated Press that her monthly rent and fees rose from $117 to nearly $400 over a year and eight months, the increase of the previous 20 years. The company says the increase was $95 over a three-year period.

In addition to rent increases, residents have complained of being inundated with fees for everything from pets to maintenance and fines for crowding and speeding — all squeezed into leases that can exceed 50 pages.

Josh Weiss, a spokesperson for Havenpark, said the company must charge prevailing market rates when purchasing a park at the fair market price. That said, the company has decided since 2020 to limit its rent increases to $50 per month.

“We understand the anxiety that any rent increase exerts on residents, especially those on fixed incomes,” Weiss said. “While we try to minimize the impact, the financial realities do not change.”

The mobile home industry argues that communities are the most affordable housing option, noting that average rent increases in parks nationwide were just over 4% in 2021. improvement were about 11%. Significant investment is needed, they said, to make improvements to older parks and prevent them from being sold.

“You have people coming into space who are giving us all a bad name, but these are isolated examples and these practices are not common,” said Lesli Gooch, chief executive of the Manufactured Housing Institute, the association industry professional.

Both sides said the government could do more to help.

The industry wants Federal Housing Administration financing to be made available to residents, many of whom rely on high-interest loans to buy homes that cost an average of $81,900. They also want the US Department of Housing and Urban Development to allow the use of housing vouchers for mobile homes.

Resident advocates, including MHAction, want lawmakers to cap rent or require a reason for a raise or eviction — state legislation that succeeded in Delaware this year but failed in Iowa, Colorado and Montana.

They also want Fannie Mae and Freddie Mac to stipulate in the loans they support that rents remain affordable. And they’re supporting residents buying their communities, which started in New Hampshire and has grown to nearly 300 parks in 20 states.

A spokesperson for Freddie Mac said it had created a new loan offering that encourages tenant protection and last year made them mandatory for all future transactions in the mobile home community.

In Ridgeview, it is unclear how the rent strike will be resolved.

Cook, which claims to be the largest operator of mobile home parks in New York and has the slogan “Exceptional Opportunities. Exceptional returns,” declined to comment. The company closed a $26 million private equity fund in 2021 that bought 12 parks in New York, but it was unclear if any of them were Ridgeview.

The residents, meanwhile, continue. Joyce Bayles, an 85-year-old resident, has started mowing her own lawn because crews only show up every month. Gerald Korb, a 78-year-old retiree, said he was still waiting for the company to move a utility pole and transformer that he said could fall on his house during a storm.

“I bought a place and now they’re forcing all of this on us,” said Korb, who stopped paying rent in protest. “They are absentee owners, that’s what they are.”

Mountain. Public service urges judges to curb authority of tribal courts

July 26, 2022

Montana Mortgages

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By Andrew Westney (July 26, 2022, 7:15 p.m. EDT) – A Montana electric utility has urged the U.S. Supreme Court to overturn a Ninth Circuit ruling that the Crow Tribe Court may sue against the company for disconnecting a tribal member from electrical service, arguing that the situation did not meet an exception to the tribes’ general lack of civil authority over non-Indian entities.

A Ninth Circuit panel ruled in March that the Crow Tribe can subject Big Horn County Electric Cooperative Inc. to tribal regulations and that its court can hear claims under tribal law from senior tribal member Alden. Big Man, about cutting off his electricity during the winter. . The…

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HDFC Securities Says to BUY These 3 Stocks Next Week, Posts Strong Q1 Results

July 24, 2022

Montana Mortgages

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Following Q1FY23 results, brokerage firm HDFC Securities is bullish on shares of UltraTech Cement, Bandhan Bank and Mphasis. The brokerage has set a target price of INR 7,295 for UltraTech Cement, implying a potential upside of 13% from the current market price. The brokerage has set a target price of INR 396 for Bandhan Bank, indicating a potential upside of 38% from the current market price. And HDFC Securities has set a target price of INR 2,940 for Mphasis shares, representing a potential gain of 29% from the current price.

UltraTech Cement

The brokerage said that “UTCEM’s consolidated EBITDA in Q1FY23 came in around 10/15% ahead of ours/consensus numbers. Due to high fuel prices, UTCEM’s consolidated EBITDA/APAT in Q1FY23 fell 6/7% YoY (despite revenue growth of 28%).While EBITDA per unit fell 20% YoY, it rebounded 11% YoQ to reach a healthy level of INR 1,236/MT UTCEM has warned that its fuel cost has not yet peaked, it will add capacity of around 40 million metric tons during fiscal years 23-25E, increasing its gray capacity to 154 million metric tons by the end of FY25. It also plans to double its share of green power to 36% in FY25 from 18% currently.”

“The UTCEM-guided exit price on June 22 is down about 3-5% from Q1FY23 due to the onset of the monsoon. It expects its energy cost to continue to decline. quarter-to-quarter for 2-3 quarters UTCEM will spend ~INT 60 billion in Capex in FY23E, which also includes Phase 2 Capex. 16.7 million metric tons by the end of FY23 and approximately 23 million additional metric tons (North, Central, East and South by the end of FY23) 25e) Targets gray capacity of 154m MT by FY25 UTCEM is also aggressively expanding its green power capacities with a target of around 36% share by FY25 (Q1FY23 – 19%) We maintain our estimates for the 23/24 financial year as well as the target price of the stock,” said HDFC Securities.

“We are maintaining BUY on UltraTech (UTCEM) with an unchanged target price of INR 7,295 (16x Consolidated EBITDA Mar’24E). We continue to like the company for its strong growth, margin outlook and balance sheet management,” the brokerage said.

Bandhan Bank

HDFC Securities said in a note that “Despite a strong rebound in advances (+20% YoY), Bandhan reported a failure of around 14% due to soft NIMs (8%) and lower other income (-66% YoY) Incremental growth was driven by non-EEB business, in line with the bank’s strategy to drive portfolio diversification (FY25 targeted the group’s EEB share in the portfolio at 26%. Gross slippages were high (~5.4%), driven by the EEB portfolio due to Assam floods/restructuring, resulting in a QoQ increase of 79 bps in GNPA. We remain attentive to asset quality and the impact of a shift in portfolio composition on the bank’s stable return metrics We are reducing our FY23E /FY24E estimates to account for lower other income and higher credit costs Maintain BUY with price c revised ible of INR 396 (2.7x Mar-24 ABVPS).”

“The bank’s strategy of foraying into other retail and commercial banking businesses is on track. While we appreciate the need to diversify the loan portfolio for greater franchise stability, we believe this could set a new standard for steady-state performance metrics. We are monitoring redemption trends arising from the restructured portfolio to gain additional confidence in asset quality,” the brokerage added.

Mphase

“Mphasis (MPHL IN) reported lower online revenue and margin in the first quarter. Growth in direct international business (+2.4% T/T CC) was impacted by the weakness of the mortgage credit division. MPHL’s growth outlook remains strong, based on (1) healthy deal volume (USD 302m net new TCV in Q1FY23, up 18% YoY, ex-large deal of 250 million USD won in Q1FY22); (2) trending deal pipeline (up 6% quarter-on-quarter and 10% year-on-year); (3) a lower revenue contribution from the DXC business (

“We expect weakness in the (short-term) mortgage segment and weakness in DXC to have a combined impact of 250 basis points on FY23 growth. UK may have some impact, winning a cloud transformation contract over $60m TCV and onshore pricing is offset Operating margin levers include onshore pricing and improved utilization Maintain BUY with a TP of INR 2,940, valuing MPHL at 28x FY24E EPS, backed by the industry’s best large client mining engine, consistency in large contracts won and stable operating metrics,” the brokerage said.

“We factored in +14.3/13.1% revenue growth, based on direct business growth at +17.2/14.5% and DXC channel growth at -24. .1/-13.1% for FY23/24E respectively; Additionally, we considered an EBITM of 15.2/15.5% for FY23/24E, which translates to an EPS CAGR of 16% on FY22-24E,” HDFC Securities shared as a prospect for the stock.

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Author exposes Clarkdale’s ‘sinister’ history

July 22, 2022

Montana Mortgages

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Local author Peggy Hicks really loves her job.

While reading her latest book, “Bootleggers, Bottles & Badges: The More Sinister Side of the So-called “Model Town” of Clarkdale Arizona,” Hicks brought her stories to life using a trunk full of props : authentic antique bottles, newspaper clippings, a pistol and an old spittoon, which she literally threw from the stage, intentionally during her performance at Stardust Books on Saturday July 16th.

For about an hour, Hicks told stories — some true, some folk — about the history of Clarkdale and the colorful cast of characters who lived during the Prohibition era from around 1915 to 1930.

While wearing multiple hats, a veil, and even the classic disguise of nose and glasses, Hicks transformed, becoming the characters in the book, including town founder William A. Clark.

While wearing a top hat, Hicks exposed Clark’s more “sinister” side, including a “dishonest” campaign to become a senator in 1899.

“It has been reported that he bribed his constituents with $1,000 bills, spending over $430,000 to become a senator from Montana,” she said. “When Clark was confronted for his corruption, he said, ‘I never bought a man that wasn’t for sale. “”

According to senate.gov, “The Senate referred the matter to the Committee on Privileges and Elections, which promptly requested and received permission to conduct a full investigation into Clark’s election. On April 23, 1900, after hearing extensive testimony from 96 witnesses, the committee issued a report concluding unanimously that William Clark was not entitled to his seat. The testimony detailed a dazzling list of kickbacks ranging from $240 to $100,000. In a high-pressure, well-organized scheme coordinated by Clark’s son, Clark’s agents had paid mortgages, bought ranches, paid debts, funded banks, and blatantly presented envelopes of cash to lawmakers.

State legislatures elected senators before the 17th Amendment, had them directly elected by voters in 1913.

Although he resigned before the Senate committee could reject him from his seat, Clark eventually became a senator anyway, after the acting governor of Montana nominated him to fill a vacant seat.

The following year he was elected to the Senate by “a newly elected Montana legislature – in which most of the winning candidates had received financial support from [Clark].”

“Clark was a dealer, a miner, and a millionaire at the age of 30,” Hicks said. “In 1910 he began to purchase property at the base of Mingus Mountain, where he would build a foundry. Then he built a railroad along the Verde River, where he used the train to transport copper to market.

Hicks told stories of the city’s booming business and the growth fueled by the mines, which emitted smoke and toxic fumes and killed vegetation in surrounding areas.

Hicks said that while most mining towns of the day grew haphazardly out of control, Clark’s vision for the town of Clarkdale was different, and it became Arizona’s first masterplan town.

Hicks’ interest in history led her to write a total of four books, including “Bootleggers.” His other three books include “Ghost Town Stories and Wicked Legends, Are Ghosts Real?” “The Story of Belgian Jennie: The Richest Woman in Arizona Territory” and “The Ghost of Cuban Queen Bordello: The Story of a 1920s Woman Jerome”.

After operating his retail store in Jerome for 25 years, Hicks moved to Clarkdale.

“I lived in Clarkdale for 30 years,” she said. “Clarkdale was supposed to be the model town so I didn’t think there would be much history, until I started looking in the archives and doing some research, and after finding antique bottles of drugs, alcohol and more, I started wondering what they were used for and who sold them and it all kind of came together.

Hicks’ bottle collection includes old liquor and milk bottles, “snake oil” drugs and others, which she says she acquired from various junkyards around town.

“I’ve been digging for bottles for years,” she says. “I used to live in Colorado and go to Telluride and stuff like that. To me, it’s amazing how they worked; they used molds, the first bottles were blown glass.

Throughout his reading, Hicks used the bottles as props to tell stories of old pharmacies, bootlegging operations and more.

“I’ve always loved history,” she says. “My grandmother was a storyteller and I learned to love [storytelling] of her.”

Hicks said she sells her books locally, at Jerome and the Verde Canyon Railroad in Clarkdale, but most of her sales are online through Amazon, where she has self-published her works.

The next generation of NIMBY

July 20, 2022

Montana Mortgages

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This is an edition of The Atlantic Daily, a newsletter that guides you through the biggest stories of the day, helps you discover new ideas and recommends the best in culture. Register here.

The pandemic has enabled many Millennials to buy their first home. Could it also have paved the way for a new breed of NIMBY?

But first, here are three new stories from Atlantic.


fight in the yard

When we think of the typical NIMBY – a derogatory term (short for “Not in my backyard”) for someone who opposes change in their community, especially if they don’t oppose change elsewhere – we have tend to imagine a Boomer-class, waving his fist skyward as someone builds affordable housing or a new wind turbine in his neighborhood. Research backs it up: The types of people who show up at local meetings to oppose new housing are older, more likely to be white, and more likely to be homeowners than those who don’t.

But the pandemic has not only spawned variants of the coronavirus. It may also have accelerated the development of a new variant of the change-averse owner: the Millennial NIMBY.

Over the past two years, house prices have soared as the country’s longstanding housing supply shortfall has turned into demand fueled by low interest rates and increased labor from a distance. As a result, the median selling price of a home in the United States has risen from $313,000 at the start of 2019 to $428,700 at the start of 2022.

New research from Freddie Mac shows that first-time home buyers were “the main driver of increased demand. In 2021, Freddie Mac funded 554,000 loans for first-time buyers, up 22% from 2020,” writes chief economist Sam Khater. “This is the highest level since tracking began in 1994.(emphasis mine).

Becoming an owner does not automatically make you a NIMBY. In fact, the people who attend zoning board meetings to try to block new construction, or who hire lawyers to try to prevent the construction of renewable energy or public transit projects, are very bizarre and represent a very small percentage of people who own homes.

So why am I worried about these new owners? Because I believe many of them will soon be desperate to maintain their property value – a key ingredient of NIMBYism. (If you’re wondering why NIMBY-ism is bad, you can read my longer musings here. But it plays a big role in our critical housing shortage, our failure to build public transportation, and the floundering of renewable energy. projects such as wind and solar farms.)

The economist William Fischel’s book The local voter hypothesis details how homeowners become “voters” and act to avoid potential declines in the value of their property. Importantly, these local voters are becoming extremely risk averse. Even though the new condos down the street probably aren’t going to hurt your home’s value, why take the risk?

Millennials took longer than previous generations to buy their first home, largely because of the Great Recession. But low interest rates in the early 2020s made mortgage payments affordable for many, even as house prices soared. In their fever to take advantage of low rates, many of these new homeowners put everything on the line: Redfin found that “potential buyers who bid all the money were more than four times more likely to win a bidding war than those who did. not in 2021. They also found that waiving pre-inspection improved the odds of a competitive bid being successful by 25%. Another report says a record share of homebuyers bought their homes without seeing them.

So now a large number of Americans have not only invested a large portion of their savings in new homes, but are also more likely to encounter costly problems with these new homes, given the frenzy with which they bought them. . Unlike their older counterparts, who likely have more diversified savings portfolios, these younger homeowners have tied up their money in their homes. While all homeowners care about the value of their property, it stands to reason that people who have purchased homes with potential resale value issues – or who have no other savings to fall back on in case medical or financial emergency – will be all the more concerned about any potential decline in value.

It’s one of the first steps on the path to becoming a NIMBY: feeling like your entire financial future hinges on the value of a single asset, an asset whose value you have very little control over. Home values ​​depend on many variables, including local crime rates, the quality of local public schools, the weather, and the ineffable feeling that a neighborhood is “cool.” It’s a frightening position to find oneself in, especially in a country that leaves its elderly, sick and poor without an adequate social safety net.

It’s possible that young owners are less prone to NIMBY-ism than their ancestors. After all, they are more liberal and likely to accept new neighbors, and they are also less likely to have anti-tenant sensitivities, given that they have spent more of their lives as tenants themselves. themselves. But I’m worried – when personal finances collide with political ideals, guessing who the winner will be isn’t hard.

Related:


Today’s News

  1. The European Commission has proposed a natural gas rationing plan, hoping to avert a winter energy crisis if Russia cuts its gas exports.
  2. A Georgia judge has ordered Rudy Giuliani to testify in a criminal investigation into election interference.
  3. South Carolina disbarred attorney Alex Murdaugh has pleaded not guilty to murdering his wife and son.

Dispatches


Evening reading
Max Guter

By Alexis Madrigal

(A 2018 story from the Atlantic archive)

ChuChu TV, the company responsible for some of the most viewed toddler content on YouTube, has a cute enough origin story. Vinoth Chandar, the CEO, had always played on YouTube, making Hindu devotions and short videos of his father, a well-known Indian music producer. But after he and his wife had a baby girl, whom they nicknamed “Chu Chu”, he realized he had a new audience – of just one.

Read the article completely.


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Republicans have already unleashed a firestorm over how companies eager to help their employees have abortions are actually exploiting them to keep working. But the advocacy of American companies on the issue is not so simple. Today, The New Republic published an article reporting that CVS, the nation’s largest pharmacy chain, is running its local branches in states including Alabama, Arkansas, Idaho, Montana, Oklahoma and Texas to ensure that a prescription filled with misoprostol or methotrexate is not going to be used to induce an abortion. Some drugs, like methotrexate, that can be used to end a pregnancy are also used to treat diseases (like lupus). It seems clear to me that fear of liability is going to make companies extremely risk averse when it comes to helping women seeking needed reproductive care, especially as many states consider giving their residents the ability to sue anyone who helps a woman obtain an abortion.

— Jerusalem

Isabel Fattal contributed to this newsletter.

Thomas McGarity on Trump and the fall of corporate law and order

July 18, 2022

Montana Mortgages

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Koch Industries spent $3.1 million in the first three months of the Trump administration, largely to secure the confirmation of Scott Pruitt as head of the Environmental Protection Agency (EPA).

As of July 2018, more than sixteen federal investigations were underway into Pruitt’s mismanagement and corruption.

But Pruitt was just the first in a long line of pro-industry, incompetent and destructive agency chiefs put in place by the Trump administration in its effort to dismantle the protective edifice of federal government.

Interior Secretary Ryan Zinke has been the subject of eighteen separate federal investigations and has been fired.

Now Pruitt and Zinke, having been ousted from public office, are making a comeback.

Pruitt is running for US Senate in Oklahoma.

And last week, Zinke won the Republican primary for Congress in Montana’s first congressional district.

“While many progressives rightly fear that red and purple states will send more Christian nationalists and Big Lie fanatics to Congress this year, they should also worry that these states will rekindle the fortunes of self-defeating wrecking balls. enlargers like Pruitt and Zinke,” Thomas McGarity, a law professor at the University of Texas, wrote recently in a Nation magazine article titled Two of the biggest crooks of the Trump era are plotting a comeback. “Pruitt and Zinke were members of the wrecking crew that President Donald Trump assembled in January 2017 to roll back public health and environmental protections inside the executive branch. Pruitt served as the first administrator of the Trump administration’s Environmental Protection Agency, and Zinke served as its first Interior Secretary.

“Both men were responsible for protecting public health and the environment. Yet both have shied away from their legal obligations in the Trump administration’s determined pursuit of “energy dominance.” And both had a strong sense of entitlement to spend taxpayer dollars on creature comforts, which quickly led to their downfall.

McGarity is the author of the new book Demolition Agenda: How Trump tried to dismantle the US government and what Biden must do to save it (New Press, 2022).

What is your analysis of the state of business regulation today compared to the early days of OSHA and EPA and major regulators?

“It’s a lot lower,” McGarity said Corporate crime reporter in an interview last month. “I published a book a few years ago called freedom to harm. In this book, I have described four assaults on regulation.

“The first one came during the Ronald Reagan years. It kind of fell through because they had a number of scandals with Anne Gorsuch and James Watt. And Bill Ruckelshaus came along and tried to get things done.

“But then we had the Clinton administration and Congress Gingrich. It was a serious threat to the administrative state. They were going after basic environmental laws, OSHA and regulations. But they failed.

“There was a bill that was supposed to be an omnibus bill to slow down regulatory agencies, but it failed by a vote. Clinton triangulated and significantly slowed down regulation.

“The third assault came with the George W. Bush administration. We have seen a total slowdown. No significant new regulations and many rollbacks of existing regulations. »

“The fourth assault was quite brief. It came with the 2010 election and the Tea Party and the leadership change in Congress. This slowed down the Obama administration. But when he won re-election in 2012, Obama realized he could never get anything out of Congress. But he accomplished a lot administratively.

“Then we had the fifth assault, which I write about in The Demolition Agenda. This was started by the Trump administration. And there we saw an attempt to roll back almost everything the Obama administration has done. They have sometimes failed in court.

Trump was elected as an outsider who would drain the swamp, clean the swamp. Ordinary people thought – well, this is a swamp. And you have documented the influence of business on the regulatory process in all jurisdictions.

Most people know that corruption is rampant inside the device. And they wanted to elect someone who would at least say: empty the swamp.

“People from all political walks of life agreed. And this populist revolution could have gone either way. People were really pissed that these Wall Street banks were being bailed out and ordinary people were struggling to pay their mortgages, they didn’t get a bailout. It could have gone either way.

“Unfortunately, Obama brought in people like Larry Summers, the same people who, under the Clinton administration, deregulated the banking industry. And Obama brought them in to try to fix the problem. The right, through his think tanks and ground troops, was able to refocus this populist anger away from the banks and various businesses that were making life miserable for ordinary people and redirected the anger back to the government.

The Trump machine effectively portrayed Hillary as a tool of Wall Street. And she was lecturing at Goldman Sachs for $650,000.

“Yes. And we’re talking about the same people. We’re talking about Larry Summers as an adviser to Hillary. And a lot of the same people who were advising Bill Clinton to repeal Glass Steagall. Instead of focusing on health care, Obama should have gone after Wall Street directly.

But they were married on Wall Street. They weren’t going to do that.

“There is this problem.”

Demolition Agenda features Scott Pruitt and Ryan Zinke, two returning Trump appointees.

“Pruitt was tasked with tearing down the EPA. He has made a good start in this work. Zinke was tasked with tearing down the Home Office. He also got off to a good start in that job before they were both totally immersed in the scandal.

“Pruitt is from Oklahoma. He was Oklahoma’s attorney general, where he took pride in eliminating the environmental protection division of the attorney general’s office and suing the EPA as often as he could to protect the industry from environmental pollution. ‘energy. He was sending letters to members of Congress and others, letters that were actually written by energy companies.

“Pruitt was an ideal choice if you wanted to eliminate the EPA. Turns out he had no use for the officials. Civil servants are heroes in my book. And the other heroes are the environmental and public interest groups that fought these efforts in court to tear down federal protections. Civil servants tried to do their jobs and follow their statutory mandates.

“But Pruitt and Zinke were trying to circumvent their officials. They were not interested in their expertise.

“The Consumer Financial Protection Bureau (CFPB) was created at the time quite recently to protect consumers from payday lenders and banks using abusive tactics. But then Richard Cordray, the first head of the CFPB left, and Trump appointed Mick Melvaney as his head. And eventually, the agency agreed with its challengers that the agency was structured unconstitutionally. Mulvaney said – we should allow the president to fire the head of the CFPB. The Supreme Court agreed.

“It was ironic because it allowed Biden to fire Kathleen Kraninger, who succeeded Mulvaney, and replace her with his own person.”

“But back to Pruitt and Zinke. They both left office under clouds of corruption. And now they’re running for Congress. Zinke won his primary this week. And Pruitt’s primary is later this month.

“They are like Trump. Scandals make them more attractive. They thumb their noses at propriety. This is something that mystifies me.

[For the complete Interview with Thomas McGarity, see page 36 Corporate Crime Reporter 26(11), June 27, 2022, print edition only.]

US-based Here lets you make fractional vacation rental investments starting at $100 – TechCrunch

July 13, 2022

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Airbnb started out as a place where owners could rent out rooms and more in their own private residences to earn a bit of extra income, but it quickly evolved into something a little more specialized: a platform where a large part of the inventory became listings of those who owned property primarily as an investment vehicle. Now, an American startup called Here is announcing funding to create a democratizing twist on the provider side of that equation: a platform that allows people to become fractional investors in these vacation rentals, starting with stakes as low as 100. $.

Here secured a $5 million seed round led by Fiat Ventures, with participation from Joe Montana’s Liquid 2 Ventures, Mucker Capital, Basecamp Ventures and Cooley, bringing the total raised to date to $7 million, including including a first funding round earlier this year. Here we are using this latest injection of capital to invest in market growth, user growth, and product. It will make real estate acquisitions for the platform using debt raised separately from this equity.

Corey Ashton Walters, founder and CEO of the Miami, Florida-based startup, said when Airbnb was preparing to go public in 2020, he was looking for new ideas for a business in the real estate industry. He was inspired by real estate investment portal Roofstock and art investment platform Masterworks to create a new startup that allows retail investors to “own shares” of a vacation rental home with even an investment of $100.

Picture credits: Here.co

“Vacation rentals are an investment opportunity that historically was only available to the wealthy. Here has created a transparent and simple way for everyday investors to participate in this market, and support their mission to ‘Opening this opportunity to everyone was an easy decision,’ Adam Nash, CEO and co-founder of Daffy and former CEO of Wealthfront, said in a statement, who is an angel investor in the company.

To be perfectly clear, Here is not timeshare: you cannot book time off to stay in the property as an investor; it is simply investing in the property to earn dividends from other tenants and potential property sales.

Partial investment in houses next to others is also not an entirely unique idea. There are other startups, like US-based Pacaso – which has raised over $1.5 billion to date according to Crunchbase – and Mexico-based Kocomo, which allow you to have partial ownership of a vacation home. And in the United States and other markets, there are REITs, trusts where investors support real estate games.

The twist here is the low barrier to entry, $100, versus potentially thousands of dollars on the other platforms.

Fractional investing has been a very strong theme in the fintech world, where it’s used by neobanks and others to give users a way to buy fractional shares in premium stocks that might otherwise be too expensive. Others like Rally have taken the idea and applied it to the world of collectibles.

Here’s the model that works like this: the company acquires a property and makes it “season rental ready” through its own investments. Then he lists it in an IPO to investors at a price that includes all those expenses. All properties adhere to the rule of $1 = 1 property stock. Once all the shares are sold, Here places them on various vacation rental portals like Airbnb, Homeaway, and Booking.com for staycations. It then pays quarterly dividends to investors from the profits made by that property during the period.

The goal is to hold a vacation rental for five to seven years and then resell it on the market. Shareholders will receive payments based on their respective ownership stakes. The company deducts maintenance fees from dividends and final appreciation before the money is released to investors.

So how does Here make money? Ashton Walters said the company charges a supply fee of 1% to 10% depending on the purchase price – similar to a realtor’s fee – when a home is listed for investment. The company also charges a 1% annual asset management fee on the property. He also owns a minimum of 1% ownership to have “skin in the game,” so other investors can invest with confidence.

Picture credits: Here.co

Here officially opened its portal to the public earlier, and it has listed three properties in Bear, California, Clearwater, Florida and Gatlinburg, Tennessee, with a fourth going live shortly. Currently, it has over 30,000 registered users on the site, including 1,000 active investors. Ashton Walters said a list usually has 400-500 seats for investments, so it’s difficult to accommodate all users.

To comply with regulations, the company mentions all investment variables in its SEC circular. Before launching the property for investment on Here, the company acquires it and submits the offer to the SEC for approval. Each property is owned by an LLC, which protects investors from personal liability in the event of default in payment or bank repossession.

There are some things investors should consider when investing on Here. The company says it uses a mixed equity and debt financing model to acquire homes. Although it buys some properties outright, it has a mortgage component in others. Here claims that all such information is disclosed on the offering page and the official offering circular.

There is a question of investment returns when the housing market crashes. Here he said he intends to hold out indefinitely in the event of a downturn. “The idea is not just to survive a recession, but to thrive through it,” he said. The company also noted that often when house prices fall, rents rise, so it hopes properties will generate more cash flow for investors during the recession.

The company is ambitiously aiming to expand its lineup of offerings to launch 70 to 100 properties in 20 vacation destinations like New York’s Hudson Valley and Pennsylvania’s Pocono Mountains over the next year. It also plans to launch its own competitor Airbnb where it will list the properties it owns for members and the general public in the future.

“We have halted ad spend for the past 60 days because we don’t have enough supply to meet demand. Our last ad sold out in five hours. Short-term rentals are having their breakthrough moment. be recognized as an asset class, so our goal is to capture the market and become a trusted brand in this space,” said Ashton Walters.

HTLF to Host Second Quarter Earnings Conference Call on April 25, 2022

July 11, 2022

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DUBUQUE, Iowa, July 11, 2022 (GLOBE NEWSWIRE) — HTLF (NASDAQ: HTLF) announced today that the company plans to broadcast a conference call detailing its second quarter 2022 results live at 5:00 p.m. ET on Monday, July 25, 2022. Bruce K. Lee, President and Chief Executive Officer and Bryan R. McKeag, Vice -Executive Chairman and Chief Financial Officer, will lead the conference call. Financial results will be available on the company’s website on July 25, 2022, after market close. A question and answer session will follow the presentation.

Shareholders, analysts and other interested parties are invited to join the call. Please read the terms of appeal.

NEW PROCEDURE

Join the conference call via webcast:

  1. There is a new procedure for joining the HTLF results conference calls from July 25, 2022
  2. Within 10 minutes of the call start time, please visit this link: https://edge.media-server.com/mmc/p/hs5gr3re. Please complete the form and submit it; you will then be directed to the webcast which will begin at 5:00 p.m. EDT.

About HTLF

Heartland Financial USA, Inc., trading as HTLF, is a financial services company with assets of $19.2 billion. HTLF banks serve communities in Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas and Wisconsin. HTLF is committed to its core business, supported by a strong retail business, and provides a diverse range of financial services including cash management, wealth management, investments and residential mortgages. Additional information is available at www.htlf.com.

Bryan R. McKeag Executive Vice President and Chief Financial Officer (563) 589-1994 [email protected]

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Source: Heartland Financial USA, Inc.

What if you can’t “off budget” inflation? | national news

July 8, 2022

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Inflation is a nightmare for many Americans who are already spending their money on basic necessities. What happens when those dollars lose value?

Their choice is probably not to cut streaming services or opt for private label groceries. Instead, they may have to choose between buying enough food and paying rent.

Families hardest hit by inflation usually have few savings and other resources. And that lack of access to wealth may be rooted in a history of inequality, says Phuong Luong, a Massachusetts-based certified financial planner and founder of Just Wealth, a financial education and consulting company.

For example, suppose generations of your family have been underpaid or restricted in where they can live, in part because of racist policies. Then inflation makes everything more expensive.

You may need to raise money to support not only yourself, but also members of your family or community. You may have to spend money and time to get to the grocery store or the doctor’s office.

“Your proximity to people with resources and people with wealth will be different depending on where you live and who you are,” says Luong. “There is a broader context than spending and budgeting.”

Whatever context describes your situation, here’s how to fight inflation if money is already tight.

Prioritize the essential

Aim to pay the expenses that allow you to live safely: housing (mortgage or rent), utilities and food. Also try to cover expenses that help you work, such as transportation, cell phone, and childcare.

The next level priorities are those that trigger major consequences if you don’t pay: taxes, alimony, and insurance.

For credit cards, try to pay at least your minimum because you might need that access to credit.

Tap local resources

If you’re struggling to pay your bills, find help. Luong suggests Findhelp.org, which lists local programs designed to cut costs in many categories.

Calling 211 or visiting 211.org can also help you find help with housing, health, food, and emergency expenses.

Pick up the phone

You can also save money by calling credit card and insurance companies, lenders, banks, cell phone providers and other businesses you pay.

With the pandemic affecting so many consumers, these companies “are a little more empathetic than they have been,” says Emlen Miles-Mattingly, co-founder of Onyx Advisor Network, a support platform based in Sacramento, Calif. , for underrepresented financial advisors.

They can suspend or reduce payments, for example, or cancel overdue invoices. Or they could lower your interest rate.

But you have to ask. And often, a patient phone call with customer service yields faster, more efficient results than an email or online form.

Connect with your community

To overcome financial difficulties, “the community is going to be major,” says Dasha Kennedy, an Atlanta-based financial activist and founder of Facebook community The Broke Black Girl.

Leaning on – or supporting – your family members, friends and neighbors can take many forms. For example, Kennedy points out how temporarily living with others can reduce housing expenses. Or you can pool your resources by sharing a vehicle or sharing a large expense.

To connect with supportive locals you haven’t met yet, check out libraries, religious organizations, and recreation centers. Or use virtual platforms like Facebook and Nextdoor.

In these in-person and online spaces, you can find free or low-cost goods and services. Maybe someone will donate second-hand clothes or walk your dog while you work.

Or ask for advice. Your neighbors can direct you to nearby free health resources, for example, or describe what has helped them get the most out of their money.

Take advantage of your skills

Of course, making more money helps too. If you’re already working, Kennedy recommends first trying to increase your income through your employer. Consider working overtime or negotiating raises and role changes, she says.

Or explore parallel work – with caution. Many online gigs could waste your time, take your money or misuse your personal information.

“It’s high time for frauds and scams,” says Kennedy. Trust your instincts and read the reviews. Also check the Federal Trade Commission and Better Business Bureau websites for advice on avoiding scams.

The most effective way to earn money? “Monetize the skills you already have,” says Kennedy. These can include anything from cleaning and organizing to writing and designing.

Assuming you start without customers, she suggests reaching out to your community again.

“You may not have time to build trust and reputation, so you’ll have to rely on personal relationships,” she says. Ask your friends, neighbors and family members to promote and vouch for you.

Pay attention to your mental health

Money struggles are exhausting. So regularly “connect with yourself,” says Miles-Mattingly. Identify what makes you feel better, whether it’s walking outside, calling a friend, meditating or reading.

If time is tight, make your activity fast and consider Miles-Mattingly’s point: “People, when stressed, don’t have the best decision-making skills.” And tough times mean tough decisions. It pays to feel centered before negotiating a lower bill or accepting side work.

To avoid feeling overwhelmed during times of financial stress, Kennedy tries not to think too much about the unpredictable future. Instead, she suggests “focusing on the day.”

This article was written by NerdWallet and was originally published by The Associated Press.

Legal notice of July 8, 2022

July 8, 2022

Montana Mortgages

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NOTICE OF TRUSTEE SALE For cash sale at a Trustee Sale on November 2, 2022 at 2:00 p.m. outside the north entrance of the Lincoln County Courthouse, 512 California Avenue, Libby, MT, the property property described below located in Lincoln County, State of Montana: The properties described below are located in Lincoln County, State of Montana. That part of lots 25, 26, 27 and 28, block 6, West Troy, Montana, in section 12, township 31 north, range 34 west, PMM more particularly described as follows: Commencing at a point on the line north of Second Street 45 feet east of the junction of the said north line of Second Street with the east line of Kalispell Avenue; thence easterly along said second street north line a distance of 42 feet to a point; thence at right angles to Second Street on a line parallel to Kalispell Avenue for 100 feet to the north line of lot 25; thence westerly along the north line of said Lot 25 a distance of 42 feet to a point; thence southerly on a line parallel to said Kalispell Avenue for a distance of 100 feet to the point of commencement, being a rectangular lot or parcel of land 42 feet by 100 feet. More commonly known as 303 N 2nd St, Troy, MT 59935. Frank Kanc and Ronda Kanc, as settlors, conveyed said real property to Milestone Settlement, LLC, as trustee, to secure an obligation due to Mortgage Electronic Registration Systems, Inc., as nominee for Village Capital & Investment, beneficiary of the Deed of Guarantee, its successors and assigns, by Indenture dated August 22, 2020, and filed for record in the records of Clerk and Recorder of Lincoln County, State of Montana, September 1, 2020 under Instrument Number 287600, in Official Records Book 384, Page 465. The value of the Trust Deed has been assigned as follows: Assignee: WILMINGTON SAVINGS FUND SOCIETY, FSB, AS TRUSTEE OF STANWICH MORTGAGE LOAN TRUST M Assignment dated: May 26, 2022 Recorded Assignment: June 10, 2022 Registration Information the assignment: as instrument no. 301190, in Book 397, at page 294, all in the records of the Clerk and Recorder of Lincoln County, Montana Jason J. Henderson is the successor administrator pursuant to a substitution of administrator recorded in the office of the Clerk and Recorder of Lincoln County, State of Montana, June 27, 2022 under Instrument Number 301468, in Official Records Book 397, Page 536. The Beneficiary has declared a default in the terms of said Trust Deed due to the Settlor(s) failing to make monthly payments commencing December 1, 2021 and each month thereafter, which monthly payments would have been applied against the Principal and interest due on said bond and other charges on the property or loan. By reason of said default, the Beneficiary declared immediately due and payable all sums due on the obligation guaranteed by said Deed of Trust. The total amount due on this obligation is the principal amount of $38,486.86, interest in the amount of $923.02, other amounts due and payable in the amount of $374.12 for a total amount due of $39,784.00, plus accrued interest, late fees and other charges and fees that may be incurred or advanced. The Beneficiary anticipates and may disburse such amounts as may be necessary to preserve and protect the property and for property taxes which may become due or past due, unless such tax amounts are paid by the Grantor. If such amounts are paid by the Beneficiary, the amounts or taxes will be added to the obligations guaranteed by the Deed of Trust. Other expenses to be charged against the proceeds of such sale include trustee and attorney fees, costs and expenses of the sale and late fees, if any. The Beneficiary has elected and directed the Trustee to sell the property described above to satisfy the obligation. The sale is a public sale and anyone, including the Beneficiary, with the sole exception of the Trustee, can bid at the sale. The auction price must be paid immediately after the auction closes in cash or near cash (valid money orders, certified checks or cashier’s checks). Transfer will be made by deed of trust, without any representations or warranties, including warranty of title, express or implied, as the sale is made strictly on an as is basis, without limitation, the sale is subject to all existing conditions. , if any, lead paint, mold, or other environmental or health hazards. The buyer-seller takes possession of the property on the 10th day following the sale. The grantor, successor in title to the grantor, or any other person having an interest in the property, is entitled, at any time before the sale by the trustee, to pay to the beneficiary, or the successor in title to the beneficiary, the the full amount then due under the indenture and the obligation secured thereunder (including costs and expenses actually incurred and attorneys’ fees) other than that part of the principal not then due in the absence of default and in remedying any other default which is the subject of the complaint herein which is capable of being cured by offering the performance required under the obligation or to remedy the default, by paying all the costs and expenses actually incurred in enforcing the obligation and the trust indenture together with the successor trustee’s fees and attorney’s fees. In the event that all defects are corrected, the foreclosure will be rejected and the foreclosure sale will be cancelled. The scheduled trustee sale may be postponed by public proclamation for up to 15 days for any reason. In the event of a bankruptcy filing, the sale may be deferred by the trustee for up to 120 days by public proclamation at least every 30 days. If the Trustee is unable to pass title for any reason, the winning bidder’s sole and exclusive remedy shall be reimbursement of monies paid to the successor trustee and the winning bidder shall have no further recourse. . This is an attempt to collect a debt and any information obtained will be used for this purpose. As of June 28, 2022. Jason J. Henderson Alternate Administrator 38 2nd Avenue East, Dickinson, ND 58601 Telephone: 801-355-2886 Office Hours: Monday through Friday, 8:00 a.m. to 5:00 p.m. MST File No. MT11449 Published in The Western News July 8, 15 and 22, 2022. MNAXLP

MATTHEW J. CUFFE, District Judge 512 California Avenue, Libby, MT 59923 MONTANA NINETEENTH DISTRICT JUDICIAL COURT, LINCOLN COUNTY IN THE MATTER OF LNB, a youth in need of care. Case No. DN-17-16 SUBMITTAL FOR RELEASE TO: KELSI LYNN BENEFIELD YOU HEREBY BE NOTIFIED that a petition has been filed with the above court by the Montana Department of Public Health and Human Services, Division of Child and Family Services (DPHHS) seeking permanent legal custody, removal of parental rights with right to consent to adoption. NOW, THEREFORE, YOU ARE HEREBY ORDERED to appear on July 25, 2022, at 3:00 p.m., at the Montana Nineteenth Judicial District Court, 512 California Avenue, Libby, Montana, then and there to show evidence, if any you may have, why DPHHS requests for relief should not be granted. The youngster was born on 05/21/2010 in Kalispell, Flathead County, Montana. The youngster’s mother is Kelsi Lynn Benefield. The youngster’s father is Michael Alan Bush II. You have the right to be represented by a lawyer in these proceedings. If you are unable to afford a lawyer, you have the right to ask the court to appoint a lawyer to represent you. Your failure to appear at the hearing constitutes a denial of your interest in the aforementioned child, which denial may result, without further notice of this proceeding or any subsequent proceeding, in default judgment for the relief sought in the petition. A copy of the petition is filed with the Clerk of the Lincoln County District Court, 406-283-2342. WITNESS The Honorable Matthew J. Cuffe, Judge of the aforementioned Court and Seal of this Court, this 7th day of July, 2022. TRICIA BROOKS, Registrar of the District Court By: /s/ Jen Brown Deputy Registrar Published in The Western News July 8, 15 & 22, 2022. MNAXLP

MATTHEW J. CUFFE, District Judge 512 California Avenue, Libby, MT 59923 MONTANA NINETEENTH UDICIAL DISTRICT COURT, LINCOLN COUNTY IN THE MATTER OF XMB, A YOUTH IN NEED OF CARE. Case No. DN-17-17 SUBMITTAL FOR RELEASE TO: KELSI LYNN BENEFIELD YOU HEREBY BE NOTIFIED that a petition has been filed with the above court by the Montana Department of Public Health and Human Services, Division of Child and Family Services (DPHHS) seeking permanent legal custody, removal of parental rights with right to consent to adoption. NOW, THEREFORE, YOU ARE HEREBY ORDERED to appear on July 25, 2022, at 3:00 p.m., at the Montana Nineteenth Judicial District Court, 512 California Avenue, Libby, Montana, then and there to show evidence, if any you may have, why DPHHS requests for relief should not be granted. The youngster was born on 10/10/2015 in Kalispell, Flathead County, Montana. The youngster’s mother is Kelsi Lynn Benefield. The youngster’s father is Michael Alan Bush II. You have the right to be represented by a lawyer in these proceedings. If you are unable to afford a lawyer, you have the right to ask the court to appoint a lawyer to represent you. Your failure to appear at the hearing constitutes a denial of your interest in the aforementioned child, which denial may result, without further notice of this proceeding or any subsequent proceeding, in default judgment for the relief sought in the petition. A copy of the petition is filed with the Clerk of the Lincoln County District Court, 406-283-2342. WITNESS The Honorable Matthew J. Cuffe, Judge of the aforementioned Court and Seal of this Court, this 7th day of July, 2022. TRICIA BROOKS, Registrar of the District Court By: /s/ Jen Brown Deputy Registrar Published in The Western News July 8, 15 & 22, 2022. MNAXLP

Legal Notice Notice of Intent to Sell the contents of the storage units as listed below on July 16, 2022 at 9:00 a.m., for overdue rent due to Starlite Storage, LLC, 30569 US Hwy 2, Libby: Unit #3 Unit # 4 Unit #10 Unit Unit #15 Unit #22 Unit #64 Unit #82 Published in The Western News July 8-15, 2022. MNAXLP

Painful Remedy: Fed Interest Rate Hikes Seem to Slow Workers’ Wage Gains and Calm Housing Markets | national news

July 5, 2022

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Rising interest rates are slowing the housing market as the Federal Reserve focuses on stunting workers’ wages in the fight against high inflation.

Higher rates are making mortgages more expensive and could push a faltering US economy into a recession after first-quarter GDP growth was -1.4%. They also come as tenants of apartments and rental homes face steep rent increases as well as continued inflation in other spending areas such as groceries and gas.

“The housing market is slowing down because you see the high rates having an effect. This should have an effect on house prices, perhaps even fast enough that prices don’t necessarily go down, but price increases flatten out. We see a decline in home sales, a decline in housing starts. We are seeing a slowdown,” Fed Chairman Jerome Powell said during a Senate Banking Committee hearing on Wednesday, June 27.






Federal Reserve Chairman Jerome Powell prepares his papers as he arrives before the Senate Banking, Housing, and Urban Affairs Committee, Monetary Policy Report on Capitol Hill, Wednesday, June 22, 2022, in Washington. (AP Photo/Manuel Balce Ceneta)




After dismissing last year’s inflation hike as transitory, the Fed has raised interest rates three times so far this year by a combined 150 basis points.

Powell, whose background is in private equity, stressed the need to limit workers’ wage gains, even if current inflation of 8.6% outpaces wage gains of 4.5% at the end of 2021. Employers have struggled to hire and retain workers throughout the pandemic. The central bank’s inflation objective is to slow wage growth. It worries lawmakers on both sides that rate hikes will lead to job cuts and a recession without reducing the high prices driven by other factors.

“I know higher interest rates are painful, but it’s the tool we have to moderate demand and restore the balance between supply and demand,” Powell said of the US economy facing high inflation, potential recession and central bank pressure against wage gains.

The Fed hopes to bring inflation back into the 2% range from its current rate of 8.6%, the highest since 1981.

Fiscal conservatives have also pressured Powell over large monetary and bipartisan fiscal injections into the economy during the pandemic. US Senator John Kennedy, R-Louisiana, said the federal government had spent an additional $7 trillion on pandemic relief and the Fed’s balance sheet of assets and liabilities fell from $1.5 trillion. dollars to $9 trillion, Kennedy said.

“We pumped all that money into the economy,” Kennedy said during the June 22 hearing.

End of the real estate frenzy

Rate hikes by the US central bank pushed mortgage interest rates from the 3% range to 6%. That’s chilling a housing market that posted robust and at times record levels of sales and price increases during the early stages of the coronavirus pandemic.

It was one of many dichotomies during the pandemic with property investors and wealthy property owners building even more equity and profits while restaurants, bars and other low-wage service workers lost their jobs and their salary.

Now the real estate market is cooling with rising mortgage costs with higher US central bank rates

“The average monthly mortgage payment has increased by more than 40% since the end of last year, due to rising mortgage rates and rising house prices. This affordability shock is pushing many potential buyers out of the market as it has become increasingly difficult to qualify for a mortgage,” said Ali Wolf, chief economist at California-based real estate research firm Zonda.







Mortgage rates

A sign indicating a reduced sale price for a home sits atop a realtor’s sign in Jackson, Mississippi, Wednesday, Sept. 25, 2019. (AP Photo/Rogelio V. Solis)




Higher mortgage costs combine with large and ongoing rent increases for apartments and rental homes, impacting many US households.

Land sales — especially in growth markets — are slowing, with builders and developers holding back purchases. Banks, securities firms, builders and real estate developers are also starting to lay off workers as the housing market slows.

The California Association of Realtors reported on June 16 that home sales in May were down 9.8% from April and 15.2% from a year ago. The property group said home sales volumes were at their lowest since June 2020.

The slowdown in sales is also reflected in more homes staying on the market longer. The Florida Realtors group reports a 31.5% increase in inventories of homes for sale compared to last May.

“We actually started to see a change towards the end of the first week of May,” said Jennifer Calenda, broker-owner of Calenda Real Estate Group in Punta Gorda. “We’ve gone from a frenzy to a bit more normal pace here.”

Sharon Neuhofer, president of the Punta Gorda-Port Charlotte-North Port-DeSoto Realtors, said prices have “definitely stabilized, but it’s still a seller’s market.”

She attributed the slowdown in prices to higher interest rates.

“But if a house is priced right, it will sell,” Neuhofer said, adding that if the market isn’t “boiling, it’s simmering.”

High end sales down

Sales of luxury homes are also slowing with higher interest rates and falling US stock markets weighing on wealthy buyers.

Real estate company Redfin reports that sales of luxury homes fell 17.8% between February and April 2022 compared to a year ago. These are the 5% most expensive homes in a given real estate market.

This includes a 27% drop in luxury home sales in Phoenix, a 33% drop in Austin, a 24% sales slowdown in Portland. New York City was the only major U.S. real estate market to see luxury sales growth (30%), according to Seattle-based Redfin.

“The pool of qualified people to buy luxury properties is shrinking because the stock market is down and mortgage rates are rising,” said Elena Fleck, Redfin real estate agent in West Palm Beach, Florida. “The good news for buyers is that the market is leveling out and the competition is easing. Of course, this does not help the dozens of Americans whose price has been completely exceeded.

The median price of a luxury home is $1.15 million nationwide, according to Redfin. These median prices include $5.5 million in San Francisco and $4 million in New York, $2.6 million in Miami, $1 million in Baltimore, and $656,000 in Cleveland.

Recession in sight?

While Powell and US Treasury Secretary Janet Yellen hope for a soft landing in the economy, the current situation and monetary trajectory could mean that consumers are potentially facing high interest rates affecting housing, auto loans and other financing, combined with continued high inflation (including record high gas prices and high grocery prices).

The combination could lead to a slowing economy but persistently high prices – the opposite of a soft landing.

A survey by California-based Freedom Financial Network found that 50% of US consumers would have to use credit cards or borrow money from family and friends if they faced an unexpected expense. $1,000 or more.

A central bank policy aimed at stunting wage growth won’t help consumers worried about gasoline prices of $5 a gallon or more and double-digit increases in the prices of groceries and other goods basic.

It also includes double-digit increases in apartment rents and a dearth of affordable housing options in expensive coastal cities, rural areas and growing markets. The largest rent increases are in Florida markets, according to CoStar Group and its subsidiary Apartments.com.

“More people are living paycheck to paycheck now,” Calenda said.







Federal Reserve Powell

Sen. John Kennedy, R-La., questions Federal Reserve Chairman Jerome Powell during the Senate Banking, Housing, and Urban Affairs Committee hearing as he presents the monetary policy report to the committee on Capitol Hill on Wednesday, June 22, 2022, in Washington. (AP Photo/Manuel Balce Ceneta)




An analysis by TransUnion found that apartment rents increased by 14% between 2020 and 2021, but median renter incomes increased by 6%. The median income for an apartment renter is $37,232, according to the credit reporting agency. These income brackets feel the brunt of inflation the most and could also be the hardest hit by higher interest rates.

The median income for apartment renters in 2020 before the COVID pandemic was $35,000, according to TransUnion.

U.S. Senator Elizabeth Warren, D-Massachusetts, worries these households will bear the brunt of interest rate hikes, while other drivers of inflation such as industry consolidations and the impact of the Russia’s war in Ukraine and US sanctions will persist.

“The reason I raise this and the reason I’m so concerned about this is that rate increases make it more likely that companies will lay people off and cut hours to reduce labor costs. Rate increases are also making it more expensive for families to do things like borrow money for a home – and so far this year the cost of a mortgage has already doubled,” Warren told Powell. at the June 22 hearing.

Warren worries that the Fed is “tipping this economy into a recession.”

LendingTree Study finds the pl

July 4, 2022

Montana Mortgages

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Before Father’s Day, the LendingTree study found that there were more than 1.5 million single dads in the United States, and Nevada has the highest prevalence of single fathers in the country

CHARLOTTE, North Carolina, June 14, 2022 /PRNewswire/ — LendingTree®the country’s leading online financial services marketplace, released its study find the places in the United States with the highest rate of single-parent families. While single fathers are nowhere near as prevalent as single mothers, the study found that single fathers make up 4.6% of families where parents live with their children. This translates to over 1.5 million single fathers nationwide. Additionally, the study found that Nevada (6.8%), Montana (6.3%) and Oklahoma (6.1%) are the places where the prevalence of single-parent families is highest.

Main conclusions

  • Single-parent families are the most common in Nevada (6.8%), Montana (6.3%) and Oklahoma (6.1%). These are the only places in the country where single fathers make up more than 6% of families where parents live with their children.
  • In contrast, the states with the fewest single-parent families are Utah (3.6%), New Jersey (3.6%), Massachusetts (3.7%) and New York (3.9%). These are the only places in the country where single-parent families make up less than 4% of families where parents live with their children.
  • Although single fathers still earn more than single mothers, they earn a third less than the average for all families where parents live with their children. The average income of single-parent families is $67,405 — the average income of families whose parents live with their parents is $101,536.
  • Single fathers are generally more educated than cohabiting parents — only 12% of cohabiting fathers have at least a bachelor’s degree, compared to 26% of single fathers.

Here are the top 10 states with the highest prevalence of single parent families:

  1. Nevada – 6.8%
  2. Montana – 6.3%
  3. Oklahoma – 6.1%
  4. New Mexico – 5.8%
  5. Delaware – 5.7% – tied
  6. South Dakota – 5.7% – tied
  7. Wisconsin – 5.7% – tied
  8. Maine – 5.6% – tied
  9. North Dakota – 5.6% – tied
  10. Arizona – 5.5% – tied
  11. Kentucky – 5.5% – tied
  12. Vermont – 5.5% – tied

Chief Credit Analyst at LendingTree, Matt Schulzhad this to add:
“Being a single parent is a monumental task for anyone. While single fathers tend to earn more than single mothers and are even more likely to have a college degree than men living in two-parent households, their job of raising a child on their own is anything but easy.”

For single dads looking to expand their financial freedom, Schulz offers the following advice:

  • Creating and sticking to a budget provides the opportunity to make choices and prioritize what matters, says Schulz. With clearly defined limits and areas of flexibility, a budget makes it easier to prioritize spending, plan for the future, and pay down existing debt.
  • Pay attention to your future expenses. “Feel free to cut some expenses to free up money to fund your priorities,” says Schulz. “Be creative with ways to generate a little more income.”
  • Take action, no matter how small. “Life is at its most stressful when things seem out of our control,” says Schulz. “Taking steps to improve your situation, even the smallest ones, can be uplifting and motivating, and that feeling can carry you forward even on the most difficult days.

To view the full report, go to
https://www.lendingtree.com/debt-consolidation/single-dads-study/

Methodology

LendingTree researchers analyzed microdata from the US Census Bureau 2020 American Community Survey (five-year estimates) to calculate the number of families headed by single men, single women, married couples, and unmarried couples who live with their own children under the age of 18.

For this study, lone parents are people living with their minor children who are neither married nor living with unmarried partners. Married and unmarried partners include same-sex couples.

“Own children” include biological, adopted and stepchildren who are under the age of 18 and unmarried. This study does not include households and institutions where children live without at least one parent.

About LendingTree

LendingTree is the nation’s first online marketplace that connects consumers to the choices they need to be confident in their financial decisions. LendingTree empowers consumers to make smarter financial decisions through choice, education and support. Consumers can compare multiple offers from a nationwide network of over 500 partners in a single search and choose the option that best suits their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the Connect experience, consumers receive free credit scores, credit monitoring, recommendations to improve credit health, and notifications when the proprietary algorithm identifies a savings opportunity. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.com, call 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nelson Garcia
[email protected]
704-943-8208

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SOURCE LendingTree

Legal notice of July 1, 2022

July 1, 2022

Montana Mortgages

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NOTICE OF TRUSTEE SALE For cash sale at a Trustee Sale on October 19, 2022 at 2:00 p.m. outside the North Entrance of the Lincoln County Courthouse, 512 California Avenue, Libby, MT, the property described below located in Lincoln County, State of Montana: Tract I: Lots 12A and Lots 13-15 of Block 2 of the Amended Plate of Remp Addition, as per the plate thereof filed in the office of the Clerk and Recorder, Lincoln County, Montana. Tract II: Lots 16, 17, 18, 19, 20, and the west 62 feet of lot 22 and the north 9 feet of the east 65 feet of lot 22 of block 2 of Remp Addition, according to the flat of the latter on file in the office of the Lincoln County Clerk and Recorder, Montana. More commonly known as 208 N Colorado Ave, Libby, MT 59923. Steven W. Cannon, as grantor, conveyed said real property to Lincoln County Title Company, as trustee, to secure an obligation owed to Mortgage Electronic Registration Systems, Inc., as named nominee for Glacier Bank, beneficiary of the security instrument, its successors and assigns, by trust deed dated August 15, 2017, and filed for record in the records of the Clerk and Recorder of Lincoln County, State of Montana, on August 23, 2017 under Instrument Number 270280, in Book 368, Page 870, Official Records. The Indenture has been assigned for value as follows: Assignee: Truist Bank Assignment dated: September 15, 2021 Registered Assignment: September 21, 2021 Assignment Registration Information: as Instrument No. 296073, in the book 392, at page 467 All in the Records of the Clerk and Recorder of Lincoln County, Montana Jason J. Henderson is the successor administrator pursuant to a substitution of administrator recorded in the office of the Clerk and Recorder of Lincoln County, State of Montana, on May 11, 2022 as Instrument No. 300624, in Book 396, at page 762, of the Official Records. The Beneficiary has declared a default in the terms of said Deed of Trust due to the Settlor(s) failing to make monthly payments commencing on May 1, 2021 and each month thereafter, which monthly payments would have been applied against Principal and interest due on said bond and other charges on the property or loan. By reason of said default, the Beneficiary declared immediately due and payable all sums due on the obligation guaranteed by said Deed of Trust. The total amount due on this bond is principal of $117,952.64, interest in the amount of $6,246.79, escrow advances of $3,581.59, other amounts due and payable in the amount of $510.24 for a total amount due of $128,291.26, plus accrued interest, late fees, and other fees and costs that may be incurred or advanced. The Beneficiary anticipates and may disburse such amounts as may be necessary to preserve and protect the property and for property taxes which may become due or past due, unless such tax amounts are paid by the Grantor. If such amounts are paid by the Beneficiary, the amounts or taxes will be added to the obligations guaranteed by the Deed of Trust. Other expenses to be charged against the proceeds of such sale include trustee and attorney fees, costs and expenses of the sale and late fees, if any. The Beneficiary has elected and directed the Trustee to sell the property described above to satisfy the obligation. The sale is a public sale and anyone, including the Beneficiary, with the sole exception of the Trustee, can bid at the sale. The auction price must be paid immediately after the auction closes in cash or near cash (valid money orders, certified checks or cashier’s checks). Transfer will be made by deed of trust, without any representations or warranties, including warranty of title, express or implied, as the sale is made strictly on an as is basis, without limitation, the sale is subject to all existing conditions. , if any, lead paint, mold, or other environmental or health hazards. The buyer-seller takes possession of the property on the 10th day following the sale. The grantor, successor in title to the grantor, or any other person having an interest in the property, is entitled, at any time before the sale by the trustee, to pay to the beneficiary, or the successor in title to the beneficiary, the the full amount then due under the indenture and the obligation secured thereunder (including costs and expenses actually incurred and attorneys’ fees) other than that part of the principal not then due in the absence of default and in remedying any other default which is the subject of the complaint herein which is capable of being cured by offering the performance required under the obligation or to remedy the default, by paying all the costs and expenses actually incurred in enforcing the obligation and the trust indenture together with the successor trustee’s fees and attorney’s fees. In the event that all defects are corrected, the foreclosure will be rejected and the foreclosure sale will be cancelled. The scheduled trustee sale may be postponed by public proclamation for up to 15 days for any reason. In the event of a bankruptcy filing, the sale may be deferred by the trustee for up to 120 days by public proclamation at least every 30 days. If the Trustee is unable to pass title for any reason, the winning bidder’s sole and exclusive remedy shall be reimbursement of monies paid to the successor trustee and the winning bidder shall have no further recourse. . This is an attempt to collect a debt and any information obtained will be used for this purpose. Dated June 8, 2022. Jason J. Henderson Alternate Administrator 38 2nd Avenue East Dickinson, ND 58601 Phone: 801-355-2886 Office Hours: Monday through Friday, 8:00 a.m. to 5:00 p.m. MST File No. MT11447 Posted in The Western News June 17, 24 and July 1, 2022. MNAXLP

NOTICE OF TRUSTEE SALE For cash sale at a trustee sale on October 24, 2022 at 2:00 p.m. outside the north door steps of the Lincoln County Courthouse located at 512 California Avenue, Libby, MT 59923, the property described below located in Lincoln County, State of Montana: Lots 15 and 16 of Block 4, East Libby, according to the plate thereof on file in the office of the Clerk and Recorder , Lincoln County, Montana. Except right of way to J. Neils Lumber Company by deed recorded in Book 101 at page 375, Records of Lincoln County, Montana. More commonly known as 722 1/2 East 6th Street, Libby, MT 59923. Earl O. Stevens Jr. and Ada P. Westlake, as licensors, conveyed said real property to First American Title Insurance Company, in as trustee, to secure an obligation owed to Mortgage Electronic Registration Systems, Inc., as appointed agent for Guild Mortgage Company LLC f/k/a Guild Mortgage Company, a California corporation, beneficiary of the deed of guarantee, its successors and assigns, by deed of trust dated January 27, 2020, and filed for recording in the records of the County Clerk and Recorder of the County of Lincoln, State of Montana, on January 31, 2020 under instrument number 283894, in the book 380, at page 999, official documents. The Trust Deed has been assigned for value as follows: Assignee: Guild Mortgage Company LLC Assignment dated: March 15, 2022 Recorded Assignment: March 25, 2022 Assignment Registration Information: as Instrument No. 299792, in Book 395, at page 962, All in the Records of the Clerk and Recorder of Lincoln County, Montana Jason J. Henderson is the successor administrator pursuant to a substitution of administrator recorded in the office of the Clerk and Recorder of the County of Lincoln, State of Montana, April 20, 2022 as Instrument No. 300300, in Book 396, Page 455, Official Records. The Beneficiary has declared a default in the terms of said Trust Deed due to the Settlor(s) failing to make monthly payments commencing March 1, 2020 and each month thereafter, which monthly payments would have been applied against Principal and interest due on said bond and other charges on the property or loan. By reason of said default, the Beneficiary declared immediately due and payable all sums due on the obligation guaranteed by said Deed of Trust. The total amount due on this obligation is the principal amount of $80,000.00, interest in the amount of $7,404.60 and other amounts due and payable in the amount of $6,627.80 for a total amount owed of $94,032.40, plus accrued interest, late fees and other charges. and the costs that may be incurred or advanced. The Beneficiary anticipates and may disburse such amounts as may be necessary to preserve and protect the property and for property taxes which may become due or past due, unless such tax amounts are paid by the Grantor. If such amounts are paid by the Beneficiary, the amounts or taxes will be added to the obligations guaranteed by the Deed of Trust. Other expenses to be charged against the proceeds of such sale include trustee and attorney fees, costs and expenses of the sale and late fees, if any. The Beneficiary has elected and directed the Trustee to sell the property described above to satisfy the obligation. The sale is a public sale and anyone, including the Beneficiary, with the sole exception of the Trustee, can bid at the sale. The auction price must be paid immediately after the auction closes in cash or near cash (valid money orders, certified checks or cashier’s checks). Transfer will be made by deed of trust, without any representations or warranties, including warranty of title, express or implied, as the sale is made strictly on an as is basis, without limitation, the sale is subject to all existing conditions. , if any, lead paint, mold, or other environmental or health hazards. The buyer-seller takes possession of the property on the 10th day following the sale. The grantor, successor in title to the grantor, or any other person having an interest in the property, is entitled, at any time before the sale by the trustee, to pay to the beneficiary, or the successor in title to the beneficiary, the the full amount then due under the indenture and the obligation secured thereunder (including costs and expenses actually incurred and attorneys’ fees) other than that part of the principal not then due in the absence of default and in remedying any other default which is the subject of the complaint herein which is capable of being cured by offering the performance required under the obligation or to remedy the default, by paying all the costs and expenses actually incurred in enforcing the obligation and the trust indenture together with the successor trustee’s fees and attorney’s fees. In the event that all defects are corrected, the foreclosure will be rejected and the foreclosure sale will be cancelled. The scheduled trustee sale may be postponed by public proclamation for up to 15 days for any reason. In the event of a bankruptcy filing, the sale may be deferred by the trustee for up to 120 days by public proclamation at least every 30 days. If the Trustee is unable to pass title for any reason, the winning bidder’s sole and exclusive remedy shall be reimbursement of monies paid to the successor trustee and the winning bidder shall have no further recourse. This is an attempt to collect a debt and any information obtained will be used for this purpose. As of June 10, 2022. Jason J. Henderson Alternate Administrator 38 2nd Avenue East, Dickinson, ND 58601 Telephone: 801-355-2886 Office Hours: Monday through Friday, 8:00 a.m. to 5:00 p.m. MST File No. MT11317 Published in The Western News June 17, 24 and July 1, 2022. MNAXLP

It’s always a vendor’s market in Chicagoland

June 28, 2022

Montana Mortgages

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With the data compiled from late spring, one thing is clear: this is still a seller’s market. Across the state of Illinois, homes sold faster in May 2022, year over year. Although interest rates rose slightly, demand remained strong.

In May, a total of 16,194 homes were sold statewide, according to Illinois REALTORS®. And while the number reflects a 10.1% year-over-year decline, that’s mostly due to lack of inventory. Year over year, the number of homes for sale fell 24.4% to 21,718 homes. Reflecting the tight competition, the median price also rose 6.2% to $276,000.

“Now is a great time to sell your home,” Illinois REALTORS® President Ezekiel “Zeke” Morris said in a press release. “The average Illinois home spent just over three weeks on the market in May, and some properties are attracting multiple offers from potential buyers.” The average Illinois home spent 24 days on the market in May, nine days less than a year ago.

Statistics from the Chicago Association of REALTORS® (CAR) revealed that 3,335 properties were sold in the city proper in May 2022: 3.4% less than in May 2021. And although the days on the market decreased by 23.6%, at 55 days on average, the median sale price remained the same as last year: $350,000.

In the Chicago metro area, however, home sales fell at a more drastic rate of 10.6%. A total of 11,641 homes were sold in the area in May, but the price increase was slightly less pronounced – 5.5% – bringing the metro median to $327,000. The average days on market in Chicagoland also fell 19.2% to 21 days in May.

“Clearly, we’re in an extreme seller’s market with historically low inventory and strong buyer demand,” said John Gormley, CEO of the Mainstreet Association of REALTORS®, reflecting on the data from suburban Chicago. “If a seller is ready, now is the time to list.”

According to Mainstreet, the suburbs that saw the biggest declines were, in order: Vernon Hills (down 89.3%), Sugar Grove (down 89.1%), Addison (down 84 .5%), Antioch (down 79.5%), Western Springs (down 72.6%), Western Springs (down 72.6%), Hinsdale (down 70%), Lemont (down 66.7%), Homewood (down 62.1%), Mt. Prospect (down 60.7%), Oak Forest (down 56.6%). ), Naperville (-56.4%) and Schaumburg (-45.8%).

New figures from the North Shore-Barrington Association of REALTORS® (NSBAR) paint a similar picture. As inventory continued to decline in the North Shore-Barrington area — new listings fell 21% — prices rose further. The median sale price in this zone is now $565,000, reflecting a 7.6% year-over-year increase to $565,000. And, with average days on the market falling to 38 days, an NSBAR statement notes that sellers have been encouraged.

“Buyers face fierce competition and don’t have the luxury of stalling,” Mainstreet President John LeTourneau said. Especially since mortgage rates continue to rise. “The longer you wait, the more expensive it is likely to be,” Gormley added. “Over a 30-year mortgage, there are still great financial advantages to buying a home, even in this market.”

Combined with inflationary fears, home sales should now rebound over the next few months. Daniel McMillen, head of the Stuart Handler Real Estate Department (SHDRE), voiced this SHDRE prediction in the Illinois REALTORS® press release. “Foreclosures have decreased significantly since the same period last year,” he said. “Inflation continues to be a concern for consumers, particularly among high-income households, and interest rates are expected to rise this summer.”

CAR President Antje Gehrken echoed this sentiment. “Despite rising mortgage rates and a significant drop in inventory, buyer activity remains elevated, as evidenced by the continued decline in days on market and the slight rise in median selling prices,” he said. she declared. “The market continues to slowly return to pre-pandemic behavior and normalize after a breakneck pace.”

Local musician brings bullfighting to Clarksville with Bulls, Booms, and Burgers event

June 27, 2022

Montana Mortgages

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CLARKSVILLE, TN (NOW CLARKSVILLE) – Local musician Daniel Walker runs the Walker Farm & Ranch off Parchman Road. On Saturday, he hosted the second annual “Bulls, Booms, and Burgers.”

The event started with a Tannerite bang, followed by live music, live bull riding and the first ever freestyle bullfighting event in Clarksville.

Walker told Clarksville Now that while he knows there are concerns about the humane treatment of the bulls, he encourages anyone who cares about their quality of life to come to his ranch.

“We love these animals as much as we love rodeo,” Walker said. “They live a life of luxury, they are fed 15 pounds of feed a day, not including hay, and they are pampered.”

Walker brought in professional bull riders for this event, including cowboy protection bulls, which protect bulls from bulls once they have fallen. These cowboys came from every state, Walker said, including places like Kentucky, Illinois, Ohio and Louisiana. Even with the free bullfighting event, Walker said these animals would not be harmed.

“It’s very interesting, it’s like dancing, they’re trying to keep that bull engaged on them.”

Walker said he hopes more people enjoy next year.

After Kelly Clarkson finally got her ranch back from ex Brandon Blackstock, he found an expensive new Bachelor Pad

June 24, 2022

Montana Mortgages

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Could the Montana ranch drama finally be over for Kelly Clarkson? Although her ex-husband, Brandon Blackstock, left the property in early June, when their divorce settlement required, the musical director would have continued to be “a thorn in the side” and reportedly even considered continuing to fight Clarkson for the ranch in court. However, Reba McEntire’s stepson has now found a new bachelor pad, so perhaps the family can start closing down.

Brandon Blackstock’s new digs were reportedly purchased on April 18, according to a transfer deed obtained after the fact by We Weekly, but it’s unclear when, or even if, Blackstock moved in. The 4,800 square foot home in Butte, Montana was listed at $1.8 million, although the actual purchase price was not reported. While Kelly Clarkson’s ex-husband surely ended up paying a pretty penny for the new estate, the 4-bedroom, 2.5-bathroom home is still a notable downgrade from the Montana ranch, which the american idol champion purchased in 2019 for $10.4 million.

The registration on Berkshire Hathaway HomeService website reports Brandon Blackstock’s home features large windows to capture panoramic views, a chef’s kitchen with a pantry and wine fridge, an outdoor kitchen, a steam room, three wells, a shop, a barn with a loft , a greenhouse and a three-car garage. (What, no pool? Although I suppose there is are three wells.)

The home sits on over 40 acres of land in a seemingly “very private” setting, and as Brandon Blackstock recently renamed his cattle ranching business from Vintage Valley Ranch (his former home) to V Bar V Cattle Co. , it would appear that he is taking steps to further limit his time in the entertainment industry continue farming full time. Blackstock received all of the couple’s cattle in the divorce settlement.

Although Kelly Clarkson and Brandon Blackstock’s divorce was filled with controversy over everything from their Business affairs at custody of their two children to their prenup, it was the ranch in Montana that seemed to cause the biggest headache. Although Clarkson wanted to sell the property, which was costing $81,000 a month in mortgage, taxes and insurance, she was not allowed to deport her exwho had maintained his residence there and did not have the financial means to move.

It was agreed that Kelly Clarkson would pay Brandon Blackstock a tax-free one-time payment in the amount of $1,326,161, in addition to 5.12% of the value of the ranch (approximately $908,000) and $115,000 in monthly alimony. But the drama continued, even in the weeks leading up to the future rancher’s moving day, as he filed papers in court demanding that his ex-wife turn off the property’s 13 security cameras while still living there, and to show evidence of how this was accomplished.

As The Kelly Clarkson Show the host prepares to revamp his daytime talk showShe decided take the summer spend with her two children, apparently with some of that time planned for fun at the Montana ranch. Now that Brandon Blackstock has his own place, maybe everyone can really start moving forward.

Check your local listings to see when The Kelly Clarkson Show is playing in your area, and even if she is officially out for season 22 of The voicecould we see her back in the Big Red Chairs for season 23? You can also check out the other shows that will be airing soon on our TV program 2022.

Powell says recession is ‘a possibility’ but unlikely

June 22, 2022

Montana Mortgages

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Federal Reserve Chairman Jerome Powell said the central bank was determined to regain control of inflation, although he acknowledged the Fed had little power to treat its most visible symptoms at the pump. petrol or the supermarket.

Powell addressed the Senate Banking Committee on Wednesday, a week after the Fed ordered the biggest interest rate hike since 1994. The central bank is under increasing pressure to fight inflation, which has reached a four-decade high of 8.6% in May.

“We need to bring inflation down to 2%,” Powell told lawmakers. “We are using our tools to do that. And the public should believe that we will bring inflation down to 2% over time.”

Sen. Elizabeth Warren, D-Mass., has warned that a sharp rise in borrowing costs could lead to increased layoffs, while doing nothing to unravel the supply shocks that have driven up the price of oil. gasoline and groceries.

“You know what’s worse than high inflation and low unemployment?” said Warren. “It’s high inflation and a recession with millions out of work. I hope you reconsider that before you knock this economy off a cliff.”

Powell stressed that the economy was well positioned to withstand higher interest rates, although he acknowledged that the war in Ukraine and ongoing supply chain problems increased the risk of an economic slowdown. .

“It’s definitely a possibility,” Powell said. “It’s not our expected outcome at all, but it’s certainly a possibility.”

“We are not trying to cause – and do not think we will need to cause – a recession,” he added. “But we think it’s absolutely essential to restore price stability, really for the benefit of the labor market as much as anything else.”

A growing number of forecasters are now seeing storm clouds on the horizon. Economists interviewed by the the wall street journal put the odds of a recession over the next 12 months at 44%, down from 28% in April.

Powell argued that forecasting recessions is notoriously difficult, but added that he does not see the risk as particularly high.

“The US economy for now is strong. Spending is strong. Consumers are in good shape. Businesses are in good shape,” Powell said. “Monetary policy is notoriously a blunt tool. And there is a risk that weaker outcomes are certainly possible. But that is not our intention.”

After keeping interest rates near zero for the first two years of the pandemic, the Fed is now taking aggressive action to raise borrowing costs in an effort to reduce demand. The Fed’s benchmark rate jumped to 1.6%, and more rate hikes are expected in the coming months.

Mortgage rates have risen sharply in anticipation of the Fed’s actions, and this is starting to weigh on both home sales and home construction.

Some Republicans on the committee blamed the Fed for waiting too long to quell inflation and blamed the $1.9 trillion relief bill passed by congressional Democrats last year for fueling consumer demand.

“The Federal Reserve and this administration have let the American people down by ignoring these warnings a year ago and not acting sooner to respond to them,” said Sen. Richard Shelby, R-Ala.

Powell and other officials admitted that they initially misjudged both the severity and the resilience of inflation. But the Fed Chairman insists he is determined to get prices under control.

“We have the tools, the determination and hopefully the judgment to accomplish this task,” Powell said.

Copyright 2022 NPR. To learn more, visit https://www.npr.org.

Zinke Campaign Misses Financial Disclosure Deadline Again | 406 Politics

June 20, 2022

Montana Mortgages

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GOP congressional candidate Ryan Zinke has yet to file his updated financial disclosure report, after missing the deadline by more than a month.

His Democratic opponent for the new US West District in Montana, Missoula attorney Monica Tranel, filed the required documents last month. It was due May 16. Its financial disclosure shows slight increases in its assets and salaries compared to its previous report, filed last November.

Zinke, a former congressman who earlier this month won a close primary race to become the Republican nominee, also missed the previous financial disclosure deadline. His campaign filed the report later that month following media requests.

Campaign spokeswoman Heather Swift said last week that the campaign plans to submit its 2022 financial disclosure report on Monday.

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“Lost track of the deadline,” Swift said in a text message last week.

On Monday, Swift noted that Congress was closed for the federal recess — since Juneteenth fell on Sunday — when asked if the campaign still plans to file Zinke’s 2022 financial disclosure. She did not respond to questions. requests for a copy of the report.

Tranel’s financial disclosure report, filed May 19 with the U.S. House Clerk’s Office, shows its 2022 revenue was between $199,000 and $260,000 last year. Candidates declare their income, assets and liabilities within wide ranges.

His reported assets consist entirely of joint investments, primarily in stocks and mutual funds. They totaled between $2.7 million and $6.5 million. Tranel’s sole liability, a mortgage with Bank of America, was between $500,000 and $1 million.

Zinke’s previous disclosure listed assets between $8 million and $34 million. His earnings for 2020 were between $900,000 and $1 million, mostly from consulting work.

Aikta Marcoulier: SBA Helps Montana Communities – Homeowners, Renters, Nonprofits and Businesses – Recover Quickly from Disasters | Columnists

June 17, 2022

Montana Mortgages

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AKITA MARCOULIER

Montana is no stranger to disasters, both natural and man-made. The state has a long history of natural disasters, including floods, wildfires, tornadoes, and drought. The recent flooding near Yellowstone National Park is an example of this problem. It’s more important now for residents and small businesses to remember that the best course of action to limit damage from natural disasters is to prepare before disaster strikes.

The Biden administration and SBA Administrator Isabella Casillas Guzman have been at the forefront of ensuring that small businesses, nonprofits, and individual landlords and tenants impacted by natural disasters across the country are getting the support and recovery assistance they need, and the tools to build resilience.

Natural disasters are not only more devastating; they also happen faster, more frequently, and often change rapidly in complexity and scope. In 2020, the United States suffered twenty-two separate billion-dollar disasters – the largest in our history – but space experts expect that number to continue to rise. As the anchors of our communities, small businesses rely on resilient neighborhoods for their customers and employees, and SBA disaster relief loan programs help communities recover quickly.

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• The SBA Disaster Loan Program is the only federal assistance program that provides private homeowners with an affordable way to lessen the impacts of disasters and protect their homes, families, businesses, employees and livelihoods against the next disaster.

• SBA disaster loan funds can be used to cover insurance deductibles, refinance an existing mortgage, pay for mitigation and protection upgrades, relocate to a safer, lower-risk area, and Moreover. These loans have fixed interest rates amortized over 30 years for low monthly payments and provide an affordable way for homeowners to fully repair/replace their disaster losses not covered by other resources.

• Borrowers using SBA’s physical disaster loan programs are also eligible for up to 20% of their total physical losses, as verified by the SBA, to incorporate additional safeguards to mitigate future damage and loss against the next disaster.

• The SBA offers non-pandemic economic disaster loans to help small businesses, small agricultural cooperatives, and most private nonprofit organizations in a declared disaster area rebuild after suffering a loss. substantial.

• The SBA has several local partner resources to help business owners develop a disaster continuity plan, whether your business is in disaster relief, recovery, or continuity. Across Montana, there are more than fifteen resource partner offices, including Small Business Development Centers, SCORE, a Veterans Awareness Center, and a Women’s Business Center to help you plan for your disaster.

The best way to mitigate the effects of a disaster is to create a disaster continuity plan. This plan should outline how you will contact family, friends, employees and first responders after a disaster. You should also review your insurance coverage to ensure it is up to date and covers all necessary costs. Most importantly, practice and evaluate your plan with family members, managers, and staff to make sure it works. For more information about SBA’s disaster programs, please visit sba.gov/disaster and be sure to follow us on Twitter @SBArockymtn.

Aikta Marcoulier is the SBA’s regional administrator based in Denver. She oversees agency programs and services in Colorado, Montana, Utah, North Dakota, South Dakota and Wyoming.

Plumas Bancorp awarded among the best banks in its category

June 15, 2022

Montana Mortgages

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RENO, Nev., June 15, 2022 (GLOBE NEWSWIRE) — Plumas Bancorp (NASDAQ:PLBC), the holding company of Plumas Bank, announced several accolades by leading financial investment firms that assess the performance of financial institutions at national scale. Honors are awarded based on key performance indicators that signal positive value to potential investors and indicate an institution’s ability to generate consistent growth.

Building on over 40 years of excellence, Plumas Bancorp has again been recognized with numerous awards from key financial industry groups. “Plumas Bank is focused on building strong communities – one business and one customer at a time. This foundation drives us to deliver banking excellence and deliver strong value to our customers, shareholders and local communities,” said Andrew J. Ryback, President and CEO, Plumas Bancorp and Plumas Bank.

Ryback continued, “We are growing and performing very well despite the past two years of volatility with the pandemic and wildfires that have devastated our region. These accomplishments are a testament to the strategic vision of our Board of Directors and our leaders and the incredible work of each member of the team.

DA Davidson Bison Select Report recognizes Plumas Bancorp for Fourth consecutive year
For the fourth consecutive year, Plumas Bancorp has met the criteria to be included in DA Davidson’s 2021 Bison Select Report. A financial services firm, DA Davidson releases the semi-annual research report with a focus on recognizing high performing emerging institutions that may be overlooked by investors due to their size.

The Raymond James Bankers Cup awarded to Plumas Bancorp for the fifth consecutive year
For the fifth consecutive year, Plumas Bancorp received the prestigious Raymond James Bankers Cup. Plumas Bancorp ranked in the top 10% out of 229 community banks with assets between $500 million and $10 billion. Additionally, it has consistently ranked among the top five banks every year since 2017. Recognition is based on profitability, operational efficiency, and balance sheet metrics. The Community Bankers Cup recognizes outstanding performance and rewards community banks that create long-term shareholder value.

Findley Reports awards Plumas Bancorp its highest recognitionsame years in a row
For the seventh consecutive year, The Findley Reports, Inc. has recognized Plumas Bancorp as a Super Premier Performing Bank – the highest of The Findley Report’s recognition levels. Plumas Bank is one of 84 Western banks to receive a Super Premiere rating for performance in 2021. Findley’s annual review rates banks on increased liquidity, capital adequacy, structure and growth of assets, quality of loan portfolio and deposits, operational performance, return on equity and stability of senior management.

2022 KBW Bank Honor Roll names Plumas Bancorp as one of the best banking institutions in its category
For the first time, Plumas Bancorp has been added to the coveted Keefe, Bruyette & Woods, Inc., Bank Honor Roll. The winners are publicly traded banking institutions with more than $500 million in total assets that have consistently recorded increases in annual earnings per share over the past decade. KBW found that 17 banking institutions, or only 5% of all banks reviewed, qualified to be on the 2022 KBW Bank Honor Roll.

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About Plumas Bancorp and Plumas Bank
Founded in 1980, Plumas Bank is a locally managed, full-service community bank headquartered in Quincy, California. The bank’s holding company, Plumas Bancorp, was established in 2002 and entered the Nasdaq small cap market in 2005. Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bank operates fourteen branches: twelve located in the California counties of Plumas, Lassen, Placer, Nevada, Modoc, Shasta and Sutter, and two branches located in Nevada in Washoe and Carson City counties. The bank also operates three loan origination offices: two located in California’s Placer and Butte counties, and one located in Klamath County, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has been awarded Nationwide Preferred Lender Status with the United States Small Business Administration. For more information about Plumas Bancorp and Plumas Bank, please visit our website at plumasbank.com.

About DA Davidson
DA Davidson Companies is an employee-owned financial services company providing a range of financial and advisory services to individuals, businesses, institutions and municipalities nationwide. Founded in 1935 with headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,475 employees and offices in 27 states.

About Raymond James Financial, Inc..
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing services to private client groups, capital markets, asset management, banking and other retail services. , businesses and municipalities. The company has approximately 8,700 financial advisors. Total client assets are $1.18 trillion. Public since 1983, the company is listed on the New York Stock Exchange under the symbol RJF.

About Findley Reports
Since 1967, The Findley Reports has been the foundation of Findley Companies, providing valuable and accurate financial information to help directors and management navigate the challenges and complexities of banking. The Findley Reports provide the banking industry with performance benchmarking through its annual Super Premier Performing, Premier Performing and Commendable Performing designations.

About KBW
KBW (Keefe, Bruyette & Woods, Inc.) is a Stifel company. Over the years, KBW has established itself as a leading independent authority in the banking, insurance, brokerage, asset management, mortgage banking and specialty finance industries. Founded in 1962, the firm maintains leadership positions in research, corporate finance, mergers and acquisitions, and the sale and trading of equity securities of financial services companies.


        

East Helena man convicted of bank fraud in $1million COVID-19 relief package

June 13, 2022

Montana Mortgages

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An East Helena man who admitted to lying in a scheme to receive more than $1 million in Paycheck Protection Program (PPP) loans backed by the Small Business Administration (SBA) for aid to coronavirus relief and using the money instead for personal gain was sentenced on June 7 to 30 months in prison, followed by three years of supervised release, according to a press release from the US attorney’s office.

Trevor Gene Lanius-McLeod, 48, pleaded guilty in December 2021 to bank fraud and engaging in monetary transactions in property from specified illegal activities.

Chief U.S. District Judge Brian M. Morris presided. Chief Justice Morris also ordered restitution of $1 million, $125,000 of which will be paid jointly with co-defendant Kasey Wilson who was sentenced in March 2022.

“During a difficult time in our country’s history, Lanius-McLeod stole money from a government program designed to keep businesses afloat and lined their pockets at the expense of truly needy businesses. Today we send a strong message that such fraud will not go unpunished in the District of Montana. I want to thank Assistant U.S. Attorney Colin M. Rubich, IRS Criminal Investigation, the FBI, and all of our law enforcement partners for their work on this case,” U.S. Attorney Jesse Laslovich said.

The PPP program, part of the federal CARES (Coronavirus Aid, Relief and Economic Security Act), provided emergency assistance to small businesses for job retention and certain other expenses.

“Today’s sentence is a direct reflection of the seriousness of Mr. Lanius-McLeod’s crimes,” said Andy Tsui, special agent in charge of the IRS local office of criminal investigations in Denver. “Not only is Lanius-McLeod guilty of crimes against the federal government, but he also victimized individuals and businesses that the Paycheck Protection Program was meant to protect. These actions will not be tolerated, and the judge’s decision sends a clear message to those who attempt to defraud CARES Act programs that these crimes will not go unpunished.

In court documents, the government alleged that beginning in April 2020, Lanius-McLeod devised a scheme to fraudulently obtain PPP money. Lanius-McLeod applied for four PPP loans through the Valley Bank of Helena. In the applications, Lanius-McLeod made numerous material and false statements to obtain approximately $1,043,000 in fraudulent funds from the four loans. In addition, Lanius-McLeod applied for and received a PPP loan in the amount of $349,000 on behalf of Renovated Montana Properties LLP, an entity controlled by Lanius-McLeod.

Lanius-McLeod made numerous misrepresentations about the PPP loan application. If not for the misrepresentations, Lanius-McLeod would not have qualified for a PPP loan. The defendant falsely stated that Renovated Montana Properties LLP paid payroll taxes and had 25 employees. The company never paid payroll taxes and had no employees outside of Lanius-McLeod.

The government further alleged that, in a promissory note, the defendant agreed to use the funds for business-related expenses. None of the loan money was used for these purposes. Instead, the proceeds were spent on various personal expenses, including the mortgage on Lanius-McLeod’s personal residence.

“Trevor Lanius-McLeod greedily robbed small businesses that depended on PPP funds to survive,” said Salt Lake City FBI Special Agent in Charge Dennis Rice. “His sentence should serve as a reminder that the FBI and our federal partners are working vigilantly to ensure that federal aid funds are used as intended, and that those who defraud these programs will be held accountable.”

Assistant U.S. Attorney Colin M. Rubich prosecuted the case, which was investigated by the IRS-Criminal Investigation and the FBI, with assistance from the U.S. Treasury Inspector General for the US tax administration and secret service.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to mobilize the resources of the Department of Justice in partnership with agencies across government to scale up efforts to combating and preventing fraud linked to the pandemic.

The task force strengthens efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies administering relief programs to prevent fraud, among other methods, by increasing and integrating coordination mechanisms existing ones, identifying resources and techniques to uncover fraudulent actors and their agendas, and sharing and leveraging information and knowledge gained from previous enforcement efforts. For more information about the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about alleged attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) hotline at 866-720-5721 or via NCDF’s online complaint form at: https://www. .justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

Low Mortgage Rates, Low Inventory, Migration, Causing Boiling Real Estate Market

June 11, 2022

Montana Mortgages

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The rise in home values ​​over the past two years, which has fueled the boiling real estate market in many places across the country, is due to a variety of factors, Freddie Mac reported this week.

The federally funded housing finance company, licensed by Congress in 1970, operates in the secondary mortgage market, buying loans from approved lenders, giving it the ability to issue more mortgages and bring more Americans in their own homes, according to the organization.

The company reported Thursday that home prices have jumped 33% nationally over the past two years, largely due to low mortgage interest rates, falling home inventories due to underconstruction and declining distressed sales, and the migration of people out of cities to suburban and rural parts of the country.

Despite the COVID-19 pandemic, interest rates have fallen to a low of just 2.7% in 2020, nearly 2% lower than the 4.7% rate in 2018, helping homeowners looking to refinance and increasing demand from home buyers entering the market.

The company said falling inventory of homes, which were already in short supply before the pandemic hit, has also driven prices higher with fewer homes available relative to buyer demand.

“An increase in home sales and a decline in homes listed for sale are both clearly noticeable (in the data),” the report said. “Sales would have been – and still will be – even higher if more homes were available for purchase.”

The pandemic has exacerbated the problem with a slowdown in construction due to rising prices for lumber and other materials caused by shutdowns and worker and supply chain shortages during this time.

There has also been a drop in the number of “short” or struggling sales, with those listings falling from 8% to 3% in 2020 and 2021, according to the report.

The final piece of the puzzle was the “accelerated migration” of people from metropolitan areas to more rural areas in the South and West, with medium-sized metropolitan areas with between 500,000 and 1 million people seeing the biggest increases. , while the 25 largest cities, according to the company, have seen migration out of those places increase by three times the previous exodus rate.

Sun Belt states like Florida, Tennessee, Georgia, North and South Carolina, and Texas saw their populations increase by 20% or more, as did several western mountainous states, including Montana, Idaho, Nevada, Utah and Arizona, according to the report.

According to the National Association of Realtors, Florida currently has the top five metropolitan commercial real estate markets, including Orlando, Miami, Palm Beach, Fort Lauderdale and Fort Myers.

Part of the calculation of this index takes into account the migration of people who settle in the region.

© 2022 Newsmax. All rights reserved.

Contrast First Interstate BancSystem (NASDAQ:FIBK) and First Internet Bancorp (NASDAQ:INBK)

June 10, 2022

Montana Mortgages

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First Interstate BancSystem (NASDAQ:FIBK – Get Rating) and First Internet Bancorp (NASDAQ:INBK – Get Rating) are both finance companies, but which is the best investment? We’ll compare the two companies based on valuation strength, analyst recommendations, risk, profitability, earnings, institutional ownership and dividends.

Volatility and risk

First Interstate BancSystem has a beta of 1.03, indicating that its stock price is 3% more volatile than the S&P 500. In comparison, First Internet Bancorp has a beta of 0.73, indicating that its stock price is its stock is 27% less volatile than the S&P 500.

Institutional and Insider Ownership

69.4% of First Interstate BancSystem shares are held by institutional investors. By comparison, 70.5% of First Internet Bancorp’s shares are held by institutional investors. 6.4% of the shares of First Interstate BancSystem are held by insiders of the company. By comparison, 7.2% of First Internet Bancorp’s shares are held by insiders of the company. Strong institutional ownership indicates that large fund managers, hedge funds, and endowments believe a company is poised for long-term growth.

Analyst Recommendations

This is a summary of current ratings and price targets for First Interstate BancSystem and First Internet Bancorp, as provided by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
First interstate banking system 0 0 3 0 3.00
First internet bank 0 0 3 0 3.00

First Interstate BancSystem currently has a consensus price target of $44.00, indicating a potential upside of 19.70%. First Internet Bancorp has a consensus price target of $58.67, indicating a potential upside of 56.99%. Given First Internet Bancorp’s likely higher upside, analysts clearly believe that First Internet Bancorp is more favorable than First Interstate BancSystem.

Profitability

This table compares the net margins, return on equity and return on assets of First Interstate BancSystem and First Internet Bancorp.

Net margins Return on equity return on assets
First interstate banking system 14.78% 7.09% 0.73%
First internet bank 29.10% 13.17% 1.16%

Dividends

First Interstate BancSystem pays an annual dividend of $1.64 per share and has a dividend yield of 4.5%. First Internet Bancorp pays an annual dividend of $0.24 per share and has a dividend yield of 0.6%. First Interstate BancSystem pays 85.4% of its earnings as dividends, suggesting it may not have enough earnings to cover its dividend payment in the future. First Internet Bancorp pays 4.9% of its profits as a dividend. First Interstate BancSystem has increased its dividend for 9 consecutive years. First Interstate BancSystem is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.

Benefits and evaluation

This table compares the revenue, earnings per share and valuation of First Interstate BancSystem and First Internet Bancorp.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
First interstate banking system $656.00 million 6.14 $192.10 million $1.92 19.15
First internet bank $166.73 million 2.16 $48.11 million $4.91 7.61

First Interstate BancSystem has higher revenue and earnings than First Internet Bancorp. First Internet Bancorp trades at a lower price-to-earnings ratio than First Interstate BancSystem, indicating that it is currently the more affordable of the two stocks.

Summary

First Internet Bancorp beats First Interstate BancSystem on 8 out of 15 factors compared between the two stocks.

About First Interstate BancSystem (Get a rating)

First Interstate BancSystem, Inc. operates as a bank holding company for First Interstate Bank which provides a range of banking products and services in the United States. It offers various traditional deposit products, including checks, savings deposits and term deposits; and repurchase agreements primarily for commercial and municipal depositors. The Company also offers real estate loans including commercial real estate, construction, residential, agricultural and other real estate loans; consumer loans including direct personal loans, credit card loans and lines of credit and indirect loans; variable and fixed rate business loans for small and medium sized manufacturing, wholesale, retail and service businesses for working capital needs and business expansion; and agricultural loans. Additionally, it provides a range of trust, employee benefits, investment management, insurance, agency and custodial services to individuals, businesses and non-profit organizations. In addition, the company offers marketing, credit review, loan servicing, credit card issuance and servicing, mortgage sales and servicing, indirect purchase and processing of consumer loans, loan collection and other operational services, as well as online and mobile banking. It serves individuals, businesses, municipalities, and other entities in a variety of industries, including agriculture, construction, education, energy, government services, healthcare, hospitality, housing, l mining, professional services, real estate development, retail, technology, tourism and wholesale. Trade. As of December 31, 2021, it operated 147 banking offices, including self-drive facilities in communities in Idaho, Montana, Oregon, South Dakota, Washington and Wyoming. The company was incorporated in 1971 and is based in Billings, Montana.

About First Internet Bancorp (Get a rating)

First Bancorp Internet logoFirst Internet Bancorp operates as a bank holding company for First Internet Bank of Indiana which provides commercial and retail banking products and services to personal and business customers in the United States. The Company accepts unpaid and interest-bearing demand deposits, savings accounts, money market accounts and traded deposit accounts, as well as certificates of deposit. It also offers commercial and industrial real estate, homeownership and investors, construction, residential mortgages, home equity and home improvement, small installments, term loans and other consumer loans, as well as single-tenant lease financing and public and healthcare financing; franchise financing; and small business loans. In addition, the company is involved in the purchase, management, service and custody of municipal securities; and the provision of municipal credit and leasing products to government entities. In addition, it offers corporate credit card and cash management services. The company provides its services through its website firstib.com. First Internet Bancorp was founded in 1999 and is based in Fishers, Indiana.



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Low Homeownership Rates Hurt Native Americans in MT / Public News Service

June 8, 2022

Montana Mortgages

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After a history of forced eviction from their lands, Native Americans are now struggling to own homes.

Until recently, Indigenous peoples had little recourse against discrimination in housing policies. The Fair Housing Act of 1968 helped. However, data from Prosperity Now showed that only 45% of Native Americans in Montana own their homes, compared to nearly 70% of white residents.

Darrell LaMere, loan officer at the Billings-based Native American Development Corp., said the pandemic and the current housing crisis have compounded that problem.

“Affordability, availability, substandard housing – everything about the housing market is terrible in bookings,” he said. “Housing is in dire straits right now, on all reservations in Montana.”

LaMere said housing is an important part of economic development, adding that he thinks a priority should be helping potential borrowers improve their bad credit scores or negative credit reports, which could otherwise reduce their chances of qualifying for a mortgage.

LaMere said some big banks don’t work with people on reservations. This is reminiscent of the practice of redlining, when banks discriminated against people based on their race or neighborhood. He says there are also legal differences for reservations.

“We are considered sovereign countries,” he said, “and some banks are hesitant to invest on reserves, just because of the lockdown issue.”

He explained that part of the concern is that some tribes don’t have foreclosure laws, so it can be harder for banks to recoup their losses if a homeowner defaults.

Some financial institutions, including the NADC, work with these borrowers to improve their chances. LaMere noted that there is also 1st Tribal Lending, which can provide loans through India’s Section 184 Home Loan Guarantee Scheme. It is a product of the US Department of Housing and Urban Development.

“A conventional bank would look at your credit score and your credit report. If it was bad, they would say, ‘No, we can’t give you a loan. But 1st Tribal Lending will work with you. Thus, they help people whose credit reports and credit history are compromised.

HUD data from 2017 showed the program guaranteed more than 37,000 loans.

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Lorenz Named Director of Specialty Banking at First Interstate | Company

June 5, 2022

Montana Mortgages

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Gary Lorenz was appointed Chief Specialty Banking Officer of First Interstate Bank.

In this new role, Lorenz will provide leadership and oversight for First Interstate’s Indirect Lending, Payment Services and Home Lending divisions. Lorenz will be a member of the company’s management team and will report directly to Kevin Riley, president and CEO of First Interstate.

A 30-year veteran of the financial services industry, Lorenz has held various senior management positions and has extensive experience in direct/indirect lending and retail banking. Lorenz most recently served as President of Cedar Valley Market for Great Western Bank, which was acquired by First Interstate in February 2022. A graduate of Hawkeye Institute of Technology (Hawkeye Community College) with a degree in accounting, Lorenz will move to Billings , Montana .

“It is an honor to serve as Director of Specialty Banking Services for First Interstate, a new role for the Bank. I am excited to work with our business leaders to elevate First Interstate’s indirect lending, debit/credit card and mortgage products and services to the next level for our customers,” said Lorenz.

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First Interstate Bank is a community bank with $33 billion in assets as of March 31, 2022. First Interstate proudly offers financial solutions in Arizona, Colorado, Idaho, Iowa, Kansas, Montana, Nebraska, Missouri, Minnesota, North Dakota, Oregon, South Dakota, Washington and Wyoming. A recognized leader in community banking, First Interstate is driven by strong values ​​and a commitment to providing a rewarding employee experience, strong shareholder returns, exceptional products and services to its customers, and resources to communities. which she serves. More information is available at firstinterstate.com.

The city with the fewest people owning a home in every state – 24/7 Wall St.

June 2, 2022

Montana Mortgages

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The U.S. real estate market took off in the early months of the COVID-19 pandemic. The homeownership rate – or share of owner-occupied housing – jumped 2.6 percentage points between the first and second quarters of 2020, by far the biggest increase on record. At the end of 2020, there were 2.1 million more homeowners in the United States than there were a year earlier.

The surge in home sales has been fueled by several factors, including historically low mortgage rates and, as some experts speculate, the pandemic, which has led many Americans to reassess where and how they live. Here’s a look at the mortgage rate in America every year since 1972.

Nationally, the homeownership rate stands at 64.4%, according to the latest data from the US Census Bureau’s American Community Survey. However, this rate varies widely across the country, from state to state, and from city to city.

Using census data, 24/7 Wall St. identified the metropolitan area in each state with the lowest homeownership rate. Metropolitan areas are ranked according to the share of owner-occupied dwellings.

It’s important to note that four states – Delaware, New Hampshire, Rhode Island and Vermont – each have only one metropolitan area, and that one ranks as having the highest homeownership rate default lowest only. Among the places on this list, homeownership rates range from 48.7% to 70.6% and are lower than the state’s homeownership rate in almost all cases.

Home ownership can be expensive, and in most metro areas on this list, the typical household earns less than the statewide median household income. The low incomes of these areas can make home ownership less affordable for a larger portion of the population. Here’s a look at the 20 cities where the middle class can no longer afford housing.

Many metropolitan areas on this list are home to large colleges or universities. Because a large portion of the population of college towns resides there temporarily, the transient population is more likely to rent a house than to buy one. These locations include New Haven, Connecticut, home to Yale University; Ann Arbor, Michigan, home of the University of Michigan; and Ames, Iowa, home to Iowa State University.

Click here to see the metro area with the lowest homeownership rate in each state
Click here to read our detailed methodology

Housing boom is making many Mountain West homeowners ‘equity rich’

May 24, 2022

Montana Mortgages

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According to real estate data analyst Attom, there is a record $27 trillion in equity in the United States. In fact, thanks to the overfed housing market, almost half of the owners with mortgages are considered “equity rich” after the first quarter of 2022. This means they owe less than 50% of the market value of their property.

Idaho leads the nation, with nearly 70% of homeowners in the state falling into this category. Utah and Arizona rank third and fourth respectively, where more than 60% of homeowners owe less than half the value of the property. The number is over 50% in Colorado and Nevada, ranked 12th and 13th.

Rick Sharga, executive vice president of market intelligence at Attom, says Mountain West stands out in part because its fast-growing states have attracted an influx of cash buyers snapping up homes.

“What we’ve seen is really a migration of people from higher cost states selling their homes, taking the money and buying bigger homes that are much cheaper in states like Idaho and Utah or Arizona,” Sharga said.

That doesn’t happen as much in Wyoming, where only a quarter of homeowners in the state are considered equity-rich. It is the fifth lowest rating in the country.

Meanwhile, New Mexico saw the largest increase in the number of stock-rich homeowners, rising from 35.3% in the fourth quarter of 2021 to 43.4% in the first quarter of 2022. Montana ranked fifth in this category, rising from 40.5% to 45.7%.

This story was produced by the Mountain West News Bureau, a collaboration between Wyoming Public Media, Nevada Public Radio, Boise State Public Radio in Idaho, KUNR in Nevada, the O’Connor Center for the Rocky Mountain West in Montana , KUNC in Colorado, KUNM in New Mexico, with support from affiliate stations throughout the region. Funding for the Mountain West News Bureau is provided in part by the public broadcasting company.

States with worst foreclosure rates this year – 24/7 Wall St.

May 22, 2022

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Part of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act, passed by Congress and signed by President Donald Trump in March 2020, included temporary foreclosure and eviction protections for homeowners holding federally guaranteed mortgages. This emergency regulatory safeguard kept millions of Americans at home during the pandemic’s most economically crippling time. (These are the states where most people own their homes.)

Thanks to the continued spike in home prices nationwide, many of these borrowers are holding more equity in their homes than before the global virus outbreak. But not everyone emerged above the water from this abstention lifeline.

According to recent analysis by real estate data provider ATTTOM, foreclosure filings hit a post-pandemic high in the first quarter of 2022 at 78,271, up 39% from the previous quarter and 132% from the same period. period last year. To find the states with the most foreclosures, 24/7 Wall St. looked at 2021 and 2022 foreclosure data provided by ATTOM Data Solutions. States are ranked by the number of foreclosures per 100,000 dwellings.

Foreclosure activity is still 57% lower than it was in the first three months of 2020, but the return to normal is fast approaching. Foreclosures have declined in the 12 months to March 2022 in just three states – Alaska and the Dakotas – while foreclosure activity has jumped more than 200% in five states – New York, New Jersey, Colorado, Nevada and Michigan. Foreclosure activity jumped nearly 500% in Nevada and Michigan. Nationally, foreclosure activity increased by 135%.

Chicago, New York, Los Angeles, Houston and Philadelphia had the highest number of foreclosures. For cities with populations under 200,000, the highest foreclosure rates were in Cleveland, Ohio; Atlantic City, New Jersey; Jacksonville, North Carolina; Rockford, Ill.; and Columbia, South Carolina. (See also the city with the highest housing costs of any state.)

In three states — Wyoming, Louisiana and Mississippi — underwater mortgages accounted for between 10% and 17% of all mortgages, the most among the states. An underwater mortgage is when a home is worth less than the money owed on the mortgage.

Here’s the state with the worst foreclosure rate this year

DC Dispatch: Lawmakers disagree on how to address formula shortage | News, Sports, Jobs

May 21, 2022

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Photo by Jared Strong/Iowa Capital Dispatch U.S. Senator Chuck Grassley, R-Iowa, addresses a crowd of about 100 people in Denison on April 20.

Iowa officials joined in bipartisan support to help veterans and members of the armed forces re-enter the workforce, as well as advance breast cancer treatment technology for female veterans.

Before the House took a two-week recess, lawmakers also passed legislation to allocate additional funds to address the baby formula shortage.

Shortage of infant formula

Iowa lawmakers disagreed on how best to address a national infant formula shortage.

All Iowa lawmakers supported the Access to Baby Formula Act. The bill directs the U.S. Department of Agriculture to ensure that those dependent on the federal Women, Infants, and Children’s Assistance (WIC) program receive formula at an affordable price.

Sen. Chuck Grassley was one of the co-sponsors of the bill, which passed the Senate unanimously on Thursday and is heading to the president’s desk.

“Today and in the future, we must ensure that all families are able to buy the formula milk needed to feed their infants. That’s why I was proud to support the Infant Formula Access Act, which will help families use the WIC program while taking the necessary steps to prevent a dangerous infant formula shortage from happening again. “Grassley said in a statement.

Rep. Cindy Axne, the only Democrat on the delegation, was the only one from Iowan to support the Infant Formula Supplemental Appropriation Act, which passed the House this week. The bill would allocate $28 million in emergency funds to the U.S. Food and Drug Administration to deal with the crisis and prevent future shortages. In Iowa, more than 50% of formulas are out of stock.

“As a mom, I know firsthand how critical it is for families to have access to safe baby formula and the current crisis is leaving families in Iowa and across the country with no one to go to. to turn. I’ve heard stories of parents in my district spending hours trying to find formula, and it’s unacceptable,” Axne said in a press release.

Rep. Ashley Hinson has proposed an alternative plan that would take $5.7 million from unused pandemic funds to address the formula shortage. His plan would also require the FDA to report to Congress on the supply chain shortage.

“The Biden administration ignored warning signs that a formula shortage was imminent, sitting on its hands until the shelves were empty,” Hinson said in a press release. “Their incompetence underscores the need for funding with safeguards and accountability for FDA failures. Throwing extra money at a problem is the wrong approach.

Supporting veterinarians to develop small businesses

A bipartisan bill introduced by Sen. Joni Ernst to help veterans develop their entrepreneurial skills passed the Senate Small Business Committee on Wednesday. Ernst sponsored the Veterans Entrepreneurship Training (VET) Act with Senator Tammy Duckworth, an Illinois Democrat and veteran. The bill creates trade training for serving members of the armed forces and veterans.

In 2021, the Bureau of Labor Statistics found that 386,000 veterans were unemployed, but that number has been declining over time. The VET law would codify the “Boots to Business” program for four years.

“Our service members and their families sacrifice themselves to defend and preserve our country, and for many, the years following their time in uniform can be difficult,” Ernst said in a press release. “We want to create ways to make this transition to civilian life easier by providing them with opportunities that will allow them to succeed not only in the job market, but also in their everyday lives.”

Create health services for female veterans

The Senate and House passed two bipartisan laws to support female veterans. Representative Mariannette Miller-Meeks co-sponsored the SERVICE Act with Republican and Democratic members of the Senate.

The bill would require Veterans Affairs to inform the Senate and House Veterans Affairs Committees of the number of women diagnosed with breast cancer who serve in the armed forces. It would also require the Department of Veterans Affairs to provide mammography screenings to veterans who have been exposed to combustion fireplaces or other toxic exposures. Miller-Meeks told the House on Wednesday that female veterans have a 20 to 40 percent higher risk of breast cancer, and the risk increases when exposed to toxins and burns.

Miller-Meeks also joined Sen. Jon Tester, D-Montana, in introducing the MAMMO for Veterans Act, which passed unanimously in the Senate. This bill would upgrade all 3D mammograms at Veterans Affairs to the highest level of imaging technology and expand research for the treatment of breast cancer.

“Our veterans risked their lives and health in the service of our country. Female veterans are at particular risk for several types of cancer, particularly breast cancer,” Miller-Meeks said in a press release. “As a physician, I have always told my patients that early detection is the key to successful treatment of all types of cancer. I am thrilled to see my two bipartisan bills pass the House today and look forward to seeing them become laws to support female veterans across the country.

Axne to expand affordable post-secondary education for veterans

A bill introduced by Axne in January, the Veteran Student Work Study Modernization Act, passed the House 370-43 on Tuesday. The bill is intended to help part-time student veterans earn certifications or a degree without taking on excessive debt.

“I am thrilled that my legislation passed the House with broad bipartisan support, as our veterans received their benefits while serving,” Axne said in a press release. “We don’t need to put limits on the education of veterans when they have families to support or mortgages to pay.

Iowa Republicans sponsor awards for responsible farming practices

The House Agriculture Committee unanimously passed a bill sponsored by Hinson to create a conservation loan program to adopt environmentally friendly farming practices and technologies. The PRECISE Act (Producing Responsible Energy and Conservation Incentives and Solutions for the Environment) was co-sponsored by Rep. Randy Feenstra and Miller-Meeks.

“This legislation will make it easier for Iowa farmers to access precision farming technology through USDA programs they already know and trust,” Hinson said.

Grassley introduces bill to improve public safety

Grassley joined Democratic Georgia Sen. John Ossoff in introducing legislation to create training for law enforcement officials and first responders called in to deal with mental health cases. The Traumatic Brain Injury (TBI) and PTSD Law Enforcement Training Act builds on an existing mental health program for people who come into contact with the justice system.

DC Dispatch: Iowa lawmakers disagree on how to address infant formula shortage



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Broker confidence in New York fell in the first quarter

May 19, 2022

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Broker confidence in New York fell for a third consecutive quarter but remained in positive territory, according to the latest survey from the Real Estate Board of New York (REBNY).

But the drop was largely due to the outlook for brokers in the residential market: the current confidence index for the sector fell from 50.63 to 31.41 in the first quarter, while the current confidence index for businesses was essentially stable.

Contrary to the latest reports, however, COVID-19 was not solely responsible for the decline in confidence. Residential brokers suggest that the residential market may moderate on the back of rising interest rates and mortgage rates; the latter metric hit 5% for 30-year mortgages in March, a record high since the fall of 2018.

On the trading front, brokers have expressed concern about a delayed return to work as well as quality of life issues, despite large employers recently signing up and executing first-quarter return-to-work plans. . Office occupancy in New York was 37% in mid-April, according to Kastle Systems, compared to 22% at the end of January. However, this figure still lags behind the average occupancy among the 10 largest metropolitan areas monitored by Kastle.

Six-month expectations were even gloomier, down 17% for commercial brokers and 20% among residential professionals, but the overall outlook was still better than at the start of the pandemic, when commercial and residential indices of REBNY were -33.74 and -64.32, respectively. .

Some factors suggest a positive trend for New York, including a narrowing of the gap between subway and bus ridership and ridership on the LIRR and Subway North and a doubling of gross ticket sales for Broadway shows between the last week of January and mid-April. Restaurant occupancy has improved from 70% below pre-pandemic levels in January to around 40% below new pandemic levels now.

Brokers say critical issues that need to be addressed to sustain progress this year include tackling quality of life issues such as crime, transit safety and sanitation management, local incentives supporting companies and the control of inflation.

“The major challenges facing the brokerage community have thankfully moved away from unprecedented public health concerns,” Keith DeCoster, REBNY Marketa’s chief data and policy officer, said in a statement.. “Economic momentum and broker confidence should remain in positive territory, particularly if policymakers continue to prioritize quality of life issues and empower homeowners and businesses to invest more in New York City. “

A “more consistent and sustained” returning to the office will also be necessary to boost the minds of trading brokers, according to the survey, but despite this, the demand for Class A assets and trophies with updated equipment remains high.

“Although the New York office market is experiencing significant headwinds, including a historically high availability rate, and many workers are still hesitant to return to the office, there is undeniably very strong occupant demand for space in the best office properties in premium locations,” said Bill Montana of Savills.

A little spring cleaning – NMP

May 16, 2022

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* Moving on, the article I wrote about criminals (October 2021) plying their trade in the housing industry has been widely read. And the scammers keep giving. Here are some of their latest gambits:

A former Miami realtor, formerly of Century 21, has been charged with the murder of two homeless people last fall and the attempted murder of a third in December. He was filmed at several stages of the murders, including shooting one man and then another. He was driving a car registered in his name. “We literally followed in the suspect’s footsteps,” Deputy Police Chief Armando Aguilar told the Miami Herald…

Tamara Dadyan, a Los Angeles real estate broker, was sentenced to more than 10 years in prison after pleading guilty to her role in the Payment Protection Program fraud, the small business relief program, to the tune of nearly of $20 million. Dadyan and his compatriots used dozens of fake or stolen identities to apply for loans, including those of elderly or deceased people. And they used the proceeds to buy luxury homes, designer handbags, clothes, and even a Harley. Now, as she sits behind bars, she awaits trial for state mortgage fraud…

A disbarred Massachusetts attorney and his wife have pleaded guilty to running several mortgage fraud schemes. In a ruse, Barry Wayne Plunkett Jr. and his wife, Nancy, both of Barnstable, defrauded six lenders and 14 refinance homeowners and kept $900,000 for their own purposes. They also used various names, entities and false documents to obtain three successive mortgages on their own house in Hyannis Port for amounts of $412,000, $470,000 and $1.2 million…

Pastor Brandon Huber, a part-time agent at Windermere Real Estate in Missoula, Montana, withdrew his congregation’s support for the local food aid program because it was promoting LGBTQ+ pride and rights week. Someone filed an ethics complaint with the Missoula Organization of Realtors, alleging a violation of the Nation Association of Realtors’ Code of Ethics. And Huber sued MOR right away.

It’s not a crime in itself, but the pastor’s attorney said: “The real estate agent hate speech rule is meant to purge Christians from the real estate industry. If you’re a Christian who believes like tens of millions of American Christians, that homosexuality is wrong, there’s simply no way you can participate as a real estate agent, with the kind of ban on hate speech that exists.

This guy should move to Florida…

Maybe he had nothing else to do. John MacMillan Cameron, a broker from Port Orchard, Washington, whose license is currently inactive, has pleaded not guilty to federal charges related to the January 6, 2021 Capitol insurrection. It appears that he posted this message on his site to believers: “The least safe I felt was when I was coming back to catch a train…I was told FU by a little antifa BLMer on a Vespa going in the opposite direction…”

Thank you Zillow for helping build a case against former Green Beret and former Florida congressional candidate Jeremy Brown for attacking the Capitol on January 6, 2021. Brown had previously been on the FBI’s radar as a potential leader of the Oath Keepers. But to prove their case, authorities focused on listing his Tampa residence on the popular search engine. A listing photo showed a whiteboard listing all sorts of listings allegedly related to the riot.

FBI agents raided the house, where they discovered a short-barreled shotgun, a sawed-off shotgun, over 8,000 rounds of ammunition and two hand grenades…

* I warned of inflation, the mortgage market’s equivalent of a four-letter word, last July. As an economist, which I am certainly not, I could have been right or wrong. Turns out I was the latter.

In mid-March, the Federal Reserve Board made the first of what are expected to be many increases of a quarter point or more this year in the federal funds rate. With inflation nearing 8% at the time of this writing, Mortgage Bankers Association Chief Economist Mike Fratantoni said of the widely expected initial 25 basis point increase: “It’s what the Fed needs to do to control inflation. ”

Fed Chairman Jerome Powell said in prepared remarks to the National Association for Business Economics that “inflation is way too high.” And for what it’s worth, the central bank doesn’t expect inflation to drop below 2% until “after 2024” at the earliest…

* When I last looked at the Latino market (June 2021), I reported that most of Hispanics’ wealth came from real estate. Now, the latest State of Hispanic Homeownership report, released in early March, shows Latinos added 657,000 homeowner households between 2019 and 2021, bringing their homeownership rate to 48.4%.

This is still on the low side compared to other demographics. Worse still, it only accounted for 20.6% of total ownership growth over the two-year period.

At the same time, however, “significantly” more Hispanics are looking to buy their first home than the population as a whole, according to a survey by Realtor.com in conjunction with the National Association of Hispanic Real Estate Professionals. NAHREP also produces the State of Hispanic Home Ownership report.

* Last month’s article focused on the influx of institutional investors into the housing market. I’ve since found these stats buried in an ATTOM Data report: Institutional investors nationwide accounted for 6.9%, or one in 14 single-family home and condo sales in 2021, the highest level since 2013.

Meanwhile, there is an upward trend among investors to build as well as buy homes for rent. According to the National Rental Home Council, homes purposely built for rental rather than sale accounted for 26% of properties added to investors’ portfolios in the fourth quarter. This represents an increase from just 3% in the third quarter of 2019. At the same time, purchases of existing single-family homes by investors fell from 81% to 57% over the same two-year period.

“Providers have increasingly turned to new housing development over the past two years as a way to respond to housing market supply constraints and a corresponding increase in demand for single-family rental housing,” the trade group said in a press release…

* A Naples, Florida property management company sued for embezzlement by several of its homeowners’ association clients could also come into Uncle Sam’s crosshairs for taking nearly a quarter of a million dollars in federal COVID relief funds. When American Property Management Services requested PPP money, the request required certification that it was not “engaged in any activity unlawful under federal, state, or local law.” According to some legal beagles, the feds can sue, even if the company wasn’t involved in criminal activity when it applied for a PPP loan…

That’s all for the moment. My basket is full.

Missoula Justice of the Peace Alex Beal on running for re-election

May 12, 2022

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Outgoing Department One Justice of the Peace Alex Beal appeared on KGVO Talk Back on Thursday to answer questions from listeners about his re-election bid for a second four-year term.

Beal discussed the tumultuous state of the justice system when he was elected four years ago and his efforts to “right the ship” with fellow justice of the peace Landee Holloway.

“The first month we were there, we got to all the staff together,” Judge Beal began. “We have a new Independent Trustee who is in charge of personnel and this is something we have been working on with the County Commissioners Office. Judges should be in charge of the courtroom and responsible for making decisions about things. No one elects us to be a group of managers.

Beal acknowledged that Justice Court is often the first experience a member of the public has with the criminal justice system.

“I try to treat the court professionally,” he said. “We handle it cleanly, but in a friendly way and it can be a scary process. I want you in and it doesn’t have to be scarier than that. We will walk you through the process. I’ll let you know what your options are, and we’ll go from there. There are consequences for people’s actions. These consequences are addressed. We issue sentences, fines, jail time, whatever is appropriate in the circumstances, but I try to explain to people, “this is why we are doing this.”

He explained what the Court of Justice can and cannot do in the criminal justice system.

“I think it’s important to understand what the Court of Justice does and doesn’t do,” he said. “And so we’re not doing the whole thing on a crime. People who are on their 13th DUI the only time we’re going to see it is if they’ve been arrested and that first hearing and what kind of bail should there be and then the rest but as and as this case progresses, like jail, it’s all up to the district court. We don’t care about that. »

Beal said criminal cases tend to get attention, but that’s only a small fraction of what happens in court every day.

“We’ve talked a lot today about violent crime, criminal crime, things like that, but that’s about half a percent of what we do on a daily basis,” he said. “The remaining 49.5% are misdemeanors. 50% is civilian stuff. No one thinks of us in terms of civilians (cases) but half of our work is about people being prosecuted. People getting kicked out, all those little things and just being able to provide a fair and reasonable experience for people to come and settle their differences, and that makes me happy.

Beal is opposed in the primary by Bill Burt and Daniel Kaneff, both of whom have extensive military and police experience.

WATCH: What are the main laws passed in the year you were born?

The data in this list was acquired from reliable online sources and media. Read on to find out which major law was passed the year you were born and find out its name, vote count (if any), and its impact and significance.

25 real crime scenes: what do they look like today?

Below, find out where 25 of history’s most infamous crimes took place – and what these places are used for today. (If they remained standing.)

Popular Downtown Missoula Bars For Sale

See photos of iconic Missoula bars The Badlander, Locals Only, The Golden Rose and Three in the Side. The businesses went up for sale with an asking price of $3,200,000.

What impact will the Fed’s rate hike have on consumers and inflation? Here’s what we know

May 5, 2022

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Following through on its promise of aggressive action to contain record US inflation, the Federal Reserve raised its key rate by 0.5% on Wednesday, the biggest gradual jump in 22 years.

US inflation hit a 12-month rate of 8.5% in March, according to the latest report from the US Department of Labor.

While the 8.5% inflation rate is the overall US average, Utah and other Mountain West states including Arizona, Colorado, Idaho, Montana, Nevada , New Mexico and Wyoming, recorded an annual increase in inflation to 10.4% in March.

Fed Chairman Jerome Powell said the rate hike, which is expected to be followed by further upward adjustments of 0.5% in the coming months, has a “good chance” of slowing rate hikes. inflation-induced consumer prices that are currently at 40-year highs.

“We need to do everything we can to restore stable prices as quickly and efficiently as possible,” Powell said at a press conference on Wednesday, according to CNBC. “We think we have a good chance of doing that without a significant increase in unemployment or a really sharp downturn.”

But, Powell also acknowledged that the Fed’s monetary toolkit is imprecise at best and that the hoped-for outcome of controlling inflation is by no means guaranteed.

“We don’t have precision surgical tools. We basically have interest rates, balance sheet and forward guidance and those are… notoriously blunt tools,” Powell said at the press conference.

“Nobody thinks it will be easy. No one thinks it’s simple. But there is certainly a plausible path to that,” he added.

Here’s how rising rates could impact the average US consumer:

I am considering buying a house. Will mortgage rates continue to rise?

Home loan rates have skyrocketed over the past few months, mostly in anticipation of the Fed’s actions, and will likely continue to rise. On Wednesday, Freddie Mac announced that the average interest on a 30-year fixed-rate mortgage was 5.27%, the highest in more than a decade.

“Mortgage rates resumed their ascent this week as the 30-year fixed rate hit its highest level since 2009,” Sam Khater, chief economist at Freddie Mac, said in a press release. “While housing affordability and inflationary pressures pose challenges to potential buyers, house price growth will continue but is expected to slow in the coming months.”

Mortgage rates don’t necessarily go up at the same time as Fed rate hikes. Sometimes they even move in the opposite direction. Long-term mortgages tend to follow the yield of the 10-year treasury bill, which, in turn, is influenced by various factors. These include investor expectations for future inflation and global demand for US Treasuries.

For now, however, accelerating inflation and strong US economic growth are pushing the 10-year Treasury rate up sharply. As a result, mortgage rates have jumped more than 2 percentage points since the start of the year.

How will this affect the housing market?

If you’re looking to buy a home and you’re frustrated with the lack of available homes, which has sparked bidding wars and exorbitant prices, that’s unlikely to change any time soon.

Economists say higher mortgage rates will discourage some potential buyers. And average home prices, which have been climbing at an annual rate of about 20%, could at least rise at a slower rate.

Soaring mortgage rates “will temper the pace of home price appreciation as the price of potential buyers rises,” said Greg McBride, chief financial analyst for Bankrate.

Yet the number of available homes remains historically low, a trend that will likely frustrate buyers and keep prices high.

What about car loans?

Fed rate hikes can make car loans more expensive. But other factors also affect these rates, including competition between car manufacturers which can sometimes reduce borrowing costs.

Rates for buyers with lower credit scores are the most likely to rise following Fed hikes, said Alex Yurchenko, chief data officer for Black Book, which monitors vehicle prices in the United States. Since the prices of used vehicles increase on average, the monthly payments will also increase.

Right now, new vehicle loans are averaging around 4.5%. Used vehicle rates are around 5%.

What about other prices?

For users of credit cards, home equity lines of credit and other variable-interest debt, rates would rise by roughly the same amount as the Fed hike, typically within one or two billing cycles. That’s because those rates are based in part on the banks’ prime rate, which moves in tandem with the Fed.

Those who don’t qualify for low-rate credit cards may end up paying higher interest on their balance. The rates on their cards would increase as the prime rate does.

If the Fed decides to raise rates by 2 percentage points or more over the next two years – a distinct possibility – it would significantly increase interest payments.

Will I be able to earn more on my savings?

Probably, although unlikely. And it depends on where your savings, if you have any, are parked.

Savings, certificates of deposit and money market accounts generally do not follow Fed changes. Instead, banks tend to take advantage of a higher rate environment to try and boost their profits. They do this by charging higher rates to borrowers, without necessarily offering higher rates to savers.

Contributor: Associated press

One Person’s Junk Fee is Another’s Treasure | Alston and bird

May 4, 2022

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The Consumer Financial Protection Bureau has asked for feedback on how best to crack down on what it calls “unwanted charges.” Our Financial Services and Products group examines how mortgage services are distinguished and why mortgage servicers should be aware that their fees will be closely monitored.

  • Republican attorneys general urge greater federal-state cooperation
  • Democratic attorneys general want to add convenience fees to list
  • Takeaway: Now is the time for service agents to review their fee structures

On January 26, 2022, Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), issued a Request for Information (RFI) seeking public comment on the fees which “are not subject to competitive processes ensuring fair pricing”. The director said when consumers don’t select their provider, as in loan servicing, “it can lead to stagnation, unwanted fees and poor treatment.” Chopra also said the CFPB would launch other initiatives to identify ways to lower barriers to entry and increase the pool of companies competing for customers based on quality, price and service. .

By the close of the comment period on April 11, the CFPB had received thousands of responses. While the broad RFI extends to providers of consumer financial products and services, the mortgage service is isolated and should alert mortgage servicers that their fees will be closely monitored. In fact, Chopra indicated in a blog post that the CFPB will use this information to review existing rules and to develop new ones “to stimulate competition and transparency” and to identify “illegal practices through… . supervision and enforcement”.

The CFPB has sought comment on what the CFPB pejoratively calls “junk fees” and “operating, back-end and excessive fees”. Examples of such mortgage service charges cited by the CFPB include late fees, insufficient funds (NSF) fees, payment processing convenience fees, and delinquency-related fees such as monthly fees. property inspection, new title fees, legal fees, appraisal and appraisal fees. , broker price opinion fees, forced insurance, foreclosure fees and corporate advances. Comments received by the CFPB include those from attorneys general (AGs) in both Republican and Democratic-leaning jurisdictions.

Republican AGs: How about federal-state cooperation?

To date, GAs in Alabama, Arizona, Arkansas, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Montana, ‘Ohio, Oklahoma, South Carolina, South Dakota, Utah, Texas and West Virginia have all called for the CFPB to drop its plan to regulate fees and instead , to coordinate and cooperate with states to determine where federal action is “duplicated or unwarranted.” Republican AGs argue that the CFPB is trying to establish itself as the primary regulator in the consumer financial products pay-for-services space and, therefore, infringing on states’ right to regulate business practices within their borders. . These AGs argue that the CFPB’s RFI on “Undesirable Charges – Exploitative, Indirect, Hidden or Excessive” suggests that the CFPB is “predisposed to create a subjective standard for identifying problematic charges”.

And these AG Republicans argue that the CFPB fails to recognize that state laws already regulate many such fees in consumer financial products and that federal regulation would be duplicative. According to AG Republicans, states are better able to assess the needs of their citizens as well as the impact of royalties on state markets. They point to the fact that states specifically allow many types of fees, such as late fees, NSF fees, filing fees, administrative fees, amendment and deferral fees, and title fees. They also note that states are prepared to enforce their laws if a consumer financial services provider fails to comply with or take action under the state’s Unfair or Deceptive Acts or Practices (UDAP) provisions when a consumer is misled. AG Republicans also expressed concern that the CFPB would seek to use its UDAAP authority to regulate fees and questioned the use of that authority for fees that are “disclosed pursuant to state law. or federal, in some cases permitted by state law, and agreed to by a consumer in writing.

This is a dominance concern – Republican AGs are concerned that the CFPB sees itself as the primary regulator and intends to limit states’ power to regulate fees. Of course, the CFPB’s retort may simply be that it fixes the ground and states are free to go further. The real question is where the CFPB draws the line – and if that line goes further than some states have, will that raise preemption concerns.

Democrat AGs: Go get them, Director Chopra!

The AG Democrats praise the CFPB’s RFI and call for comment and limit their comments to one issue: convenience fees charged by mortgage services. California, Colorado, Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania GAs , Rhode Island and Washington, along with the Hawaii Consumer Protection Bureau, consider convenience fees (along with overdrafts and NSFs) to be “harmful unwanted fees” and urge the CFPB to prohibit managers from mortgages to impose a convenience fee or, alternatively, to restrict mortgage lending services from charging a convenience fee that exceeds the documented actual cost of the service.

It’s ironic: not too long ago, many of these same blue states allowed convenience fees with restrictions in a multi-state settlement agreement with a large loan servicer.

Now the AG Democrats argue that because lenders are supposed to earn their profit for mortgage servicing through the interest rate and other fees originally, managers have already been compensated for the costs of accepting mortgages. payments (a core function of managers) and therefore are compensated twice for accepting payments. The CFPB should recognize that this argument reflects a fundamental misapplication of basic service business practices.

In fact, the CFPB recognized fee structures for servicing activities in its 2013 Mortgage Servicing Rules. loan owners usually negotiate prices with the manager, usually a monthly management fee. Repairers also receive ancillary fees, late fees and, as the CFPB acknowledged in 2013, “telephone payment processing fees”. It should be noted that the CFPB did not prohibit convenience fees in its 2013 Mortgage Servicing Rules. The CFPB also declined to address convenience fees in its recently enacted Bylaw F, although this issue has been raised during the CFPB’s Small Business Regulatory Enforcement Fairness Act review process.

Mortgage managers will argue that borrowers enter into a contract, in the form of a promissory note, and agree to repay the borrowed money in monthly installments. The borrower also agrees to pay late fees if their payments are not received by the end of the grace period, usually 15 days after the contractual due date. Typical mortgage agreements don’t require managers to offer expedited payment options, such as online and phone payments, for borrowers waiting until the last day to make their payment.

Nevertheless, many mortgage servicers choose to make these payment options available to borrowers, even if these accelerated options come at a cost to the servicer. For example, expedited options often require the use of third-party payment processing providers such as Western Union, and among other costs, the mortgage servicer typically must hire and train customer service agents to receive payments over the phone and hire computer programmers to build and maintain the systems necessary to accept payments online or through interactive voice response telephone technology. It should also be noted that managers do not assess convenience fees without the knowledge and consent of borrowers. Rather, the fact and amount of the convenience fee is disclosed to borrowers at that time, before borrowers choose to continue with that payment method.

The GA Democrats argue that “like refinancing, this so-called choice is actually delusional for many borrowers,” noting that “convenience fees actually work like alternative late fees — maybe cheaper, but with a delay.” shorter grace period, and in breach of contract the terms of most mortgages which outline the exact amount and timing of late fees, so rationally the consumer chooses the cheapest option and accepts the convenience fee But the simple fact of choosing the least bad option does not mean that the consumer really has a choice Does the borrower have no choice to make his payment on time, or at least contractually agreed grace period?Borrowers who choose a modest, fully disclosed convenience fee leave themselves much better off financially than incurring considerably more expensive late fees (not to mention avoiding ra negative credit reports, which can negatively impact the consumer even more broadly).

Penalizing mortgage servicers by eliminating their ability to charge clearly disclosed and agreed fees for services – those they are not required to provide – will, at a minimum, reduce their incentive to offer such options, limit the choice of consumers and discourage future service innovation. for the benefit of borrowers.

Take away food

In 2013, the CFPB recognized that repairers are not really subject to market discipline from consumers, as consumers have little opportunity to change repairers. The CFPB acknowledged, however, that “service agents compete for contracts with loan owners (investors, assignees and creditors) and that, therefore, competitive pressures tend to cause service agents to lower the price of services and to adjust their investments in the provision of services to consumers accordingly”. .” Chopra seems to challenge this premise. While service portability is something to consider in the future, now is the time for services to take a close look at the fees charged to consumers to ensure these fees are legally permitted and properly disclosed.

Download the PDF of the notice

[View source.]

Late buying push pushes stock indexes up on Wall Street | national news

April 25, 2022

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NEW YORK (AP) — A late wave of buying left major indexes higher on Wall Street after another day of trading up and down. A rebound in tech stocks helped turn the tide in the final hour of trading on Monday. The S&P 500 closed 0.6% higher and the tech-heavy Nasdaq added 1.3%. Dow Jones industrials rose 0.7%. The S&P 500 is coming off a three-week losing streak amid concerns about high inflation and the rapid increase in interest rates the Federal Reserve is likely to prescribe for it. Bond prices have risen. The yield on the 10-year Treasury fell to 2.83%.

THIS IS A BREAKING NEWS UPDATE. AP’s previous story follows below.

NEW YORK (AP) — Stocks on Wall Street erased their steep morning losses and are holding relatively steady on Monday, the latest in a string of upside trades.

The S&P 500 was virtually unchanged, as of 2:46 p.m. EST, coming back from an early loss of 1.7%. The Dow Jones Industrial Average rose 94 points, or 0.3%, to 33,905 after erasing an earlier loss of 488 points, and the Nasdaq composite rose 0.8%.

Stocks have been fragile recently, with the S&P 500 emerging from a three-week losing streak, amid concerns about high inflation and the rapid hike in interest rates the Federal Reserve is likely to prescribe. Strong earnings reports for the first three months of the year from major US corporations had offered some support, but even that looked less robust after several mixed forecasts last week.

Investors are now in the middle of one of the most important periods of earnings season. Apple, Microsoft, Amazon and the parents of Facebook and Google are all on deck to report this week. And because they are among the largest companies by market value, their movements have the most influence on the S&P 500.

Earlier in the morning, US stocks were on course to follow global markets lower, particularly in China, on fears that strict lockdown measures there could jeopardize the world’s second largest economy and potentially damage the global economic growth. Hong Kong’s Hang Seng fell 3.7%. The Shanghai Composite fell 5.1%.

China’s capital, Beijing, began mass testing of more than 3 million people on Monday and restricted residents of part of the city to their compounds, raising concerns about a broader lockdown similar to Shanghai. This city has been closed for more than two weeks and this has already prompted the International Monetary Fund to revise downwards its growth forecasts for the Chinese economy.

Prices for ultra-safe US government bonds rose as traders feared the risk. The 10-year Treasury yield, which affects rates on mortgages and other consumer loans, fell to 2.82% from 2.90% on Friday evening.

Energy companies were among the biggest losers as US crude oil prices fell 2.9%. Exxon Mobil fell 3.4%.

Banking and industrial stocks also fell. Bank of America fell 1.1% and Lockheed Martin 1%.

Communication actions were in the lead. Twitter jumped 6% after the social media company agreed to be taken private by Tesla CEO Elon Musk for $54.20 a share, or about $44 billion.

Rising inflation remains a major concern for investors. Investors continue to focus on the measures taken by central banks to contain it. The Federal Reserve Chairman indicated that the central bank may raise short-term interest rates to double the usual amount at upcoming meetings, starting next week. The Fed has already raised its overnight rate once, the first such hike since 2018.

Wall Street will also receive key economic data this week. The Conference Board will release its consumer confidence measure for April on Tuesday. The Commerce Department will release its first-quarter gross domestic product report on Thursday.

It’s also a busy week for US corporate earnings reports. Google’s parent company, Alphabet, and General Motors will release their results on Tuesday, along with Microsoft and Visa. Boeing, Ford and Facebook parent Meta are on deck to report results on Wednesday. McDonald’s, Amazon and Apple report Thursday.

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

Mortgage Advisory Firm Vice Capital Markets Promotes Shawn Ansley to CIO | national news

April 21, 2022

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NOVI, Michigan, April 21, 2022 (SEND2PRESS NEWSWIRE) — Vice Capital Markets, a leading mortgage advisory firm for independent lenders, banks and credit unions, today announced that it has promoted Shawn Ansley as Chief Information Officer (CIO). As CIO, Ansley will be responsible for the continued development of information technology and deepening integrations with agencies and major lending systems and leading the development of new tools to improve the customer experience. .

“Since joining our firm, Shawn has tirelessly pushed Vice Capital to continuously evolve and stay current with ever-changing market and execution environments. This promotion is really more of a formal recognition of leadership and guidance exaggerations that he had already shown in the past few years,” said Chris Bennett, founder and director of Vice Capital.

Joining Vice Capital in 2005 after earning his master’s degree in mathematics, Ansley rose through the ranks at Vice Capital, most recently serving as a managing director. He leads the quantitative analytics that underpins the firm’s hedging advisory services and is credited with revolutionizing the attraction of Vice Capital through modeling for more accurate pipeline management.

Ansley is also responsible for automating many of Vice Capital’s day-to-day processes to improve operational efficiency and eliminate opportunities for human error, including overseeing several LOS integrations to allow information to flow between Vice Capital and customers transparently. Ansley has also developed proprietary APIs with Fannie Mae and Freddie Mac to facilitate direct data pricing requests and loan commitments with GSEs, dramatically speeding up this critical process.

“Having had the privilege of working with Chris, Troy and the team at Vice Capital for over 15 years, this promotion is truly an honor,” said Ansley. “I look forward to leading the next phase of our software development initiatives, which will help to further enhance the client experience while significantly enhancing the value, advice and services that Vice Capital offers to the market.”

Founded in 2001, Vice Capital serves independent mortgage lenders and financial institutions of all sizes, with monthly mortgage production volumes ranging from $10 million to $5 billion per month. Last year, the company set a new record for internal trade volume, transacting more than $202 billion on behalf of its full-service clients, and experienced a marked increase in its customer base, including growth of more than 50% in the credit union space. Today, one in 15 mortgages issued in the United States is negotiated by Vice Capital or covered using its proprietary software.

About Vice Capital Markets

Since 2001, Vice Capital Markets has successfully managed interest rate risk and maximized profitability in MBS transactions and mortgage-related transactions for banks, credit unions and mortgage lenders of all sizes. With an average of over 10 years of experience behind each of the traders on our team, Vice Capital has helped clients achieve, on average, a 25 to 55 basis point improvement over their best execution, and patterns Vice Capital’s proprietary risk management capabilities and complex investor and agency best execution platform have consistently generated safe and efficient profit maximization for its clients. To learn more, visit https://www.vicecapitalmarkets.com/ or call (248) 869-8100.

SOURCE OF INFORMATION: Vice Capital Markets

This press release has been issued on behalf of the source of the information (Vice Capital Markets) who is solely responsible for its accuracy, by Send2Press® Newswire. The information is believed to be accurate but not guaranteed. Story ID: 81040 APDF-R8.5

© 2022 Send2Press®, a press release and electronic marketing service of NEOTROPE®, California, USA.

To view the original version, visit: https://www.send2press.com/wire/mortgage-hedge-advisory-firm-vice-capital-markets-promotes-shawn-ansley-to-cio/

Disclaimer: The content of this press release was not created by The Associated Press (AP).

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Tech stocks rally after early loss, leading market higher | national news

April 19, 2022

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NEW YORK (AP) — Stocks overcame a weak start and ended broadly higher on Tuesday, giving Wall Street’s major indexes their best day in nearly five weeks.

The S&P 500 rose 1.6%, enough to recoup nearly all of its losses from last week. The Dow Jones Industrial Average rose 1.5% and the Nasdaq 2.2%.

The last time the indices mounted a larger rally was on March 16. The S&P 500 and Nasdaq entered this week with two consecutive weekly losses, while the Dow Jones fell three weeks in a row.

Equities have mostly struggled this year amid uncertainty about how the US economy and businesses will be affected as the Federal Reserve decides to reverse low interest rate policies that have helped markets to soar in recent years.

“We’re just picking up a bit of a rebound after a tough few weeks,” said Bill Northey, chief investment officer at US Bank Wealth Management.

The S&P 500 rose 70.52 points to 4,462.21. The Dow Jones recovered from a 17-point slump and climbed 499.51 points to 34,911.20. The Nasdaq gained 287.30 points to 13,619.66.

Nearly 90% of stocks in the benchmark S&P 500 index rose. Tech stocks helped propel the broad gains. The expensive valuations of many of the biggest tech companies give them more leverage to steer the broader market up or down. Microsoft rose 1.7%.

Retailers and healthcare companies also helped lift the market. Amazon rose 3.5%. Johnson & Johnson rose 3.1% after reporting surprisingly strong earnings while increasing its dividend.

Banks have gained ground alongside rising Treasury yields, allowing them to charge higher interest rates on loans. The 10-year Treasury yield rose to 2.94% from 2.85% on Monday evening. Bank of America rose 1.9%.

Shares of small companies outperformed the broader market, a sign of confidence in economic growth. The Russell 2000 rose 40.63 points, or 2%, to 2,030.77.

Energy values ​​were the only laggard. US crude oil prices fell 5.2% and natural gas prices fell 8.2%.

Wall Street is shifting its focus to the latest round of corporate bulletins as more big companies report their earnings. Signature Bank jumped 8.1% after beating analysts’ expectations.

Dental products maker Dentsply Sirona fell 13.4% after laying off its CEO without giving a reason, while posting current-quarter profit forecasts well below analysts’ estimates.

Netflix fell 25% in after-hours trading after the video streaming giant reported its first loss of subscribers globally in more than a decade. Netflix said it was preparing for things to get even worse with an expected loss of another 2 million subscribers in the April-June period. As of Tuesday’s close, Netflix had already lost half of its value since hitting an all-time high last November.

Railroad giant CSX will report results on Wednesday, along with Tesla. American Airlines and Union Pacific will release their results on Thursday.

The latest round of earnings comes as investors try to gauge how businesses and consumers are coping with rising inflation that has made everything from food to clothes and gasoline more expensive.

The conflict in Ukraine has added to these price pressures. The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting world trade, pushing up oil prices, threatening food supplies and to increase the uncertainty already heightened by the coronavirus and its variants.

Rising prices prompted the Federal Reserve and other central banks to raise interest rates to lessen the impact of inflation. The Fed has already announced a quarter percentage point rate hike and Wall Street expects a half percent rate hike at its next meeting. Currently, investors expect rate hikes to push the benchmark interest rate into a range between 2.5% and 2.75% by the end of the year, according to the tool. FedWatch by CME Group.

“It’s going to be interesting to see how quickly they increase rates from meeting to meeting,” said Shawn Cruz, chief strategist at TD Ameritrade. “How we come to the end of the year will have a lingering effect on market uncertainty and continued volatility.”

Bond yields rose as Wall Street braces for higher interest rates. The 10-year Treasury yield is the highest since the end of 2018. Rising yields have also added pressure to an already tight housing market, with mortgage rates rising and making borrowing more expensive. Wall Street will get more details on that impact when the National Association of Realtors releases its March home sales report on Wednesday.

———

Veiga reported from Los Angeles.

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

Equity loans help create new owners

April 15, 2022

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Great Falls will welcome 10 new owners through the NeighborWorks Great Falls Owner Built Homes program. U.S. Senator Jon Tester attended an event Friday at one of the newly built homes touting the program’s success and discussed the ongoing housing crisis both in the city and across the state.

“I have to be honest with you when I walked into the house, I thought, you know, just another house,” Tester said at the top of his remarks. “But that’s not it, just look around you. It’s damn nice.

Cascade County is expected to need 450 new homes per year over the next 10 years, about 190 rental units and 250 owner units, according to the Great Falls Development Authority’s housing study earlier this year.

Tester explained that 70 percent of Great Falls’ housing stock was built before the 1980s: “And that’s higher than any other market in Montana. »

“It’s just too difficult for too many families to find quality, affordable housing without literally breaking the bank,” Tester said.

How the program works

NeighborWorks Great Falls executive director Sherrie Arey explained that qualified applicants receive a “502 loan” from the US Department of Agriculture to build their home, which later turns into their mortgage. Then people commit to putting in 30 hours a week of “sweat equity” to build their own homes.

“The way it makes it affordable is that they build,” she said. “So they would need another 20 in that case, maybe $30,000 in loans that they can’t afford.”

Brenda Kukay of NeighborWorks estimated that mortgages range from $900 to just over $1,000 a month, which she says families are likely already paying rent. She said that before the program, some people rented or lived with their families.

Arey said construction is being supervised by professionals and local contractors are helping train people when construction is complete. She said the program usually takes 12 to 14 months, but COVID-19 has complicated their timeline, so for this group it was closer to 18 months.

Arey said Kukay works with families to ensure they are ready to commit to the project. Arey said people typically work one night a week and all day on Saturdays to make all hours work with their schedule.

Affordability in Great Falls, Tester comments on state’s slow distribution of emergency rental assistance

Arey said Great Falls still has the ability to be affordable.

“A lot of other cities have lost that,” Arey said. “We have it.”

She said she is grateful to the partners at the local and federal levels who help fund these projects.

Tester spoke about federal programs that help keep people housed, including the Emergency Rental Assistance Program through the American Rescue Plan Act, but commented on how the state has handled the funds.

“I think the state has been slow to provide these resources to families in Montana,” Tester said. “I hope that will change because we can’t play politics when it comes to keeping people at home.”

The state has distributed nearly $47 million of their over $350 million allocation, with the Helena Independent Record reporting in March that the US Treasury Department would reallocate $53 million of the total funds to other states, as Montana State failed to oblige at least 64% of the first round.

When asked, Tester agreed that people earning minimum wage would struggle to pay rent and said that’s where housing assistance can be used. The average overall rent costs more than $900, according to the GFDA study.

“Trying to find ways to get more rental units on the market as a bargain, some of these older buildings, maybe they can be rehabilitated,” he said. “I don’t think the state of Montana wants to get into the rental business, but there are things you can do to make interest-bearing loans more affordable to allow the private sector to do that.”

Tester said he’d like to see ARPA funds spent on housing and workforce training, though he said it’s ultimately up to local municipalities to decide where. go the funds.

New owners

It was quite a housewarming party for new neighbors Cameron Weninger and Ed Dustrude on Friday morning. The two new owners should receive the keys to the houses they have built in the coming weeks.

Cameron Weninger, 24, a first-time homeowner who works at Johnson Madison Lumbar Company, said he was grateful for the program, adding that otherwise it would have been difficult to get a home in this market. The tester said it would still be difficult and recommended Weninger look at his books.

The senator commented that in 1967 a house in this neighborhood cost $12,000. Tester earned his undergraduate degree in music in this district at the College of Great Falls, now the University of Providence.

Weninger said before the program that he lived with his family to save money.

Ed Dustrude, a 58-year veteran of Operation Desert Storm, is about to move into a three-bed, two-bathroom just next door to Weninger.

“When they say blood, sweat and tears, they’re not kidding,” Dustrude said of the building process. He praised the young people in the group who did most of the climbing and roofing work.

He said he had furniture from his apartment and storage furniture that he would be moving in the coming weeks.

Both were grateful for lower interest rates on their loans, one of the few silver linings to work on this during the pandemic, they said. However, they said almost everyone contracted COVID-19 at some point during construction and it caused several delays.

Dustrude said he bonded with Weninger over a shared love of hunting, and their new neighborhood would bond after that shared experience.

“When it comes to housing, the bottom line is that there is no one-size-fits-all solution, no silver bullet,” Tester said during his remarks. “The big takeaway here is that we need to take the whole approach above, all on deck, to make sure we’re supporting the Montana family’s ability to keep a roof over their heads.”

US stocks fall; investors look at Elon Musk’s bid for Twitter | national news

April 14, 2022

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NEW YORK (AP) — Stocks closed lower on Wall Street on Thursday as investors gave mixed views on earnings at four of the nation’s biggest banks.

The S&P 500 fell 1.2%, ending a shortened trading week with a 2.1% drop. The Dow Jones Industrial Average fell 0.3% and the Nasdaq composite lost 2.1%. Both indexes also ended in the red for the week.

A quartet of big banks reported notable declines in first-quarter earnings as the latest earnings season kicks off. Market volatility and the war in Ukraine caused transactions to dry up, while a slowdown in the housing market led to fewer people looking for mortgages.

Citigroup rose 1.6% while Wells Fargo fell 4.5%. Morgan Stanley rose 0.7% and Goldman Sachs slipped 0.1%.

Bond yields rose again, pushing the 10-year Treasury yield to 2.83%, and the price of US oil rose, ending nearly 11% higher for the week.

“With higher oil prices, higher bond yields, (this) implies that the market is still worried about inflation, about Ukraine, about the Fed’s response to all of this,” he said. Sam Stovall, chief investment strategist at CFRA.

The S&P 500 fell 54 points to 4,392.59. The Dow fell 113.36 points to 34,451.23. The Nasdaq fell 292.51 points to 13,351.08. The US stock market will be closed for Good Friday.

Tech stocks led the way lower on Thursday, reversing gains elsewhere in the market. The expensive valuations of many of the biggest tech companies give them more leverage to steer the broader market up or down. Microsoft fell 2.7%.

Retailers and other businesses that rely on consumer spending also weighed on the market. Amazon fell 2.5%. Energy stocks rose along with the price of crude oil. Exxon Mobil rose 1.2%.

Small company stocks also lost ground. The Russell 2000 fell 20.12 points, or 1%, to 2,004.98.

Investors once again turned their attention to the drama surrounding Tesla founder and CEO Elon Musk and Twitter. Musk offered to buy the social media company for $54.20 per share, two weeks after revealing he had accrued a 9% stake.

Musk has criticized Twitter for failing to uphold free speech principles and said in a regulatory filing that it should be turned into a private company. Twitter’s stock fell 1.7% to $45.08, well below Musk’s offer price.

Wall Street had mixed economic data to review after several hot inflation reports earlier in the week. The Commerce Department said retail sales rose 0.5% in March, boosted by higher gasoline prices as consumers continued to spend despite high inflation.

Inflation remains at its highest level in 40 years in the United States and that forces economists and analysts to closely monitor the reaction of consumers to the rising prices of everything from food to clothing to essence. Inflation concerns escalated with Russia’s invasion of Ukraine, which made energy prices more volatile and contributed to rising oil and wheat prices globally.

US crude oil prices reversed an early decline on Thursday and settled up 2.6%.

The head of the International Monetary Fund warned on Thursday that Russia’s war on Ukraine is weakening economic prospects for most countries in the world and reiterated the danger that high inflation poses to the global economy.

Rising prices are prompting the Federal Reserve and many other central banks to tighten monetary policy by raising interest rates, among other measures, to help calm the growing demand that is contributing to the problem.

Bond yields have mostly risen as Wall Street braces for higher interest rates.

Investors received another update on the job market recovery. The number of people applying for unemployment benefits rose last week, according to the Labor Department, but remained at a historic low. The data reflects a robust US labor market with near-record job openings and few layoffs.

Besides the banks, insurer UnitedHealth Group was the other big name on the profit ledger. UnitedHealth rose 0.4% after reporting strong first-quarter results and raising its 2022 guidance.

Investors are watching the latest round of corporate earnings closely to see how companies have handled rising costs and whether consumers have cut spending.

———

Veiga reported from Los Angeles.

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

Reports: As inflation rose in 2021, so did Americans’ credit card debt | national news

April 11, 2022

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(The Center Square) – As inflation hit a 40-year high last year, Americans’ credit card debt also soared, according to analysis published by the personal finance website WalletHub.

In his Credit card debt study, Wallethub found that consumers racked up $87.3 billion in new debt in 2021. During the fourth quarter of 2021, debt increased by $74.1 billion, the largest increase ever reported, notes Wallethub. It was also a 63% increase above the post-Great Recession average for a fourth quarter.

At the end of 2021, the average household credit card balance was $8,590. “That’s $2,642 below WalletHub’s predicted breakout point,” the report said.

By early 2022, nearly 47% of consumer credit card spending habits had returned to pre-pandemic levels, the analysis found.

According to Wallethub quarterly report credit card inquiry33 million Americans say they will have more credit card debt by the end of 2022. However, 37% say they would do anything to be debt free, according to the report.

In his Fed rate hike report, Wallethub found that the Federal Reserve’s 0.25% interest rate hike on March 16 will cost people with credit card debt an estimated $1.6 billion in additional finance charges in 2022.

Around 88% of respondents said they were concerned about inflation; 55% said rising federal rates were bad for their personal finances, another Wallethub says survey on interest rates.

“People are struggling to make ends meet, and they know that rising rates will only increase the cost of their debt,” WalletHub analyst Jill Gonzalez said in a statement accompanying the results. investigation. “Every 25 basis points the Fed raises its target rate will cost people with credit card debt about $1.6 billion a year.”

A key area where consumers can expect to pay more due to inflation and rising interest rates is the average APR of a 48-month new car loan. Wallethub expects this to rise by around 16 basis points in the months following the Fed’s recent rate hike. By comparison, he notes, the average APR on a 48-month new car loan rose from 4% in November 2015 to 5.5% in February 2019. “That’s an increase of 150 basis points over a period characterized by 225 basis points of the Fed rate. hikes,” he says.

“The average APR for credit card accounts earning finance charges is already over 16%, which is significantly higher than rates charged for secured debt like mortgages and auto loans,” Gonzalez said. “With credit card rates set to rise after the Federal Reserve takes action, people will see the cost of their credit card debt rise.”

Despite Americans’ record debt, about 25% of respondents said it was difficult to take on credit card debt during the COVID-19 shutdowns for several reasons. Federal stimulus checks have filled Americans’ bank accounts, restrictions and security concerns have led to more stays and fewer dining out, and daily travel costs have fallen to near zero, survey results show. .

However, that has changed now that some aspects of society have reopened. Americans “have accumulated new debt at increased rates lately,” Gonzalez said.

On top of the $87 billion in new debt Americans added in 2021, WalletHub estimates an increase of more than $100 billion in 2022.

To help consumers manage their credit card debt and manage their finances, Wallethub has released a advice list in line. These include creating a budget and sticking to it, building an emergency fund, and taking steps to improve credit.

Rapper French Montana’s New Album Will Be Part of His Upcoming Metaverse, Artist Announces

April 8, 2022

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During Miami NFT Week, the event that preceded Bitcoin Miami, the biggest cryptocurrency event in the world, American rapper French Montana announced that his next album will be a non-fungible token (NFT) that will be used in their own play-to-earn metaverse.

According to Radio Caca, the metaverse will be a 2D play-to-earn game integrated with the Radio Caca (RACA) metaverse platforms, specifically Metamon Worlds. The metaverse will be called 2DMMontega and is expected to release around July 2022.

Additionally, according to the artist, the album will contain 2D characters from the game.

“This is the first NFT collection that combines music, visual arts, games and the metaverse. NFTs are a big deal for artists. I finally own 100% of my music,” the rapper said.

On NFTs, Montana said he sees great potential in NFT technology in the music and other creative industries and that NFTs are a great way to confer ownership of intellectual property.

“My New Year’s resolution this year was to own everything that bears my name. I want to make sure my family benefits from everything I create, not from a record label,” he said.

According to him, NFTs also allow artists to create a deeper connection with their biggest fans, to engage more with them and to get to know them.

“I don’t want to denigrate a platform, but if you go to sites like Instagram, the connection you get there is pretty superficial. NFTs allow you to build a real community,” Montana said.

NFTs are the next music trend

The rapper said he sees NFTs as a natural continuation of technology trends the music industry has been going through. The metaverse is not a digital world separate from the physical world but a world that people have to adapt to this revolution.

French Montana said:

“When I started, DVDs were the only game in town. Soon YouTube became a big business. After that, the same thing happened with Instagram and TikTok. “I live in the real world, say- they. The universe, not the metaverse,” say some critics. But when I talk to younger people, like my nephews, they’re much more open. You have to constantly adapt to new trends so you don’t fall behind .

According to the rapper, 10,000 physical copies will also be released along with the hand-signed CD. When it comes to the metaverse game, $25 million is invested in creating the game.

The developed NFTs will also have different functions in 2DMMontega and rewards in Metamon Island and Lost World, both produced by Radio Caca.

Following Montana’s announcement, an official Radio Caca Medium post said the Metaverse will be a move-to-win, where players are rewarded for spending 30 minutes in-game.

About 2DMMontega, Radio Caca also stated that the game will have NFTs called Kevin badges as the main token generated by the game, in addition to houses, cars and other items in the NFTs, which the developers say will be the next investment trend: collecting in the metaverse.

“In the real world, most urban youth go into debt with mortgages for homes and loans/leases for their cars. Over time, the house needs repairs and the car wears out, the tires get changed and possibly new – an endless cycle of cost and debt.In the Radio Caca universe, owning a house or car for their avatar characters will only grow in value and create a freer future as those houses and cars are assets that can be passed down from generation to generation and can increase in value, as discussed on Radio Caca’s recent post here.

Metaverse on Ethereum

The metaverse will be built on the Ethereum blockchain and will support all smart contracts running on ERC-721 and ERC-1155. According to the team, if the user has an NFT embedded in this model, it can be embedded and used as a playable item in the metaverse.

NFTs will be used to their full potential in 2DMM, representing all of your in-game assets, be it pets, 2D homes, or various tools. NFTs will even unlock a custom view to experience unique visual effects for any type of NFT.

Going into more detail about the game, the developers reveal that there will be three different stories with three game views. To interact with these resources, 1 million NFTs of 2D houses with different types of rarity between castles, mansions and villages will be sold. In them, owners can decorate their space, display NFT art, and host events.

The Kevin Badge NFT will, as a feature, be a reward for every user who deposits an NFT from a verified collection in the new 2D metaverse. Any user with a Kevin badge will have access to airdrops, private parties in the metaverse, and exclusive access to whitelists, among other benefits.

2D houses can also be earned by playing Metamon Island.

Disclosure: This is a sponsored press release. Please do your research before purchasing any cryptocurrency.

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Stocks fall, yields rise as Fed details inflation efforts | national news

April 6, 2022

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Stocks closed lower and bond yields rose on Wall Street on Wednesday after details from last month’s meeting of Federal Reserve policymakers showed the central bank intends to be aggressive in its efforts to fight against inflation.

The S&P 500 fell 1%, adding to its losses the day before. The Dow Jones Industrial Average fell 0.4% and the Nasdaq 2.2%.

Minutes from the meeting three weeks ago show that Fed policymakers agreed to start reducing the stockpile of central bank Treasuries and mortgage-backed securities by about $95 billion. dollars per month, starting in May. That’s more than some investors expected and nearly double the pace the last time the Fed shrunk its balance sheet.

At the meeting, the Fed raised its benchmark short-term rate by a quarter of a percentage point, the first increase in three years. The minutes showed that many Fed officials wanted to raise rates by an even larger margin last month, and they still saw “one or more” such oversized increases potentially coming in future meetings.

“Essentially, the Fed has concluded that a good offense is the best defense,” said Sam Stovall, chief investment strategist at CFRA. “We’re likely to see not only higher short-term interest rates as a result of the Fed’s actions, but also higher long-term rates, which should put pressure on potential (equity) gains. “

Higher rates tend to lower the price-to-earnings ratio of stocks, a key valuation barometer. Such a scenario can particularly hurt stocks considered to be the most expensive, including big tech companies. That explains why tech stocks were the biggest drag on the benchmark S&P 500 on Wednesday. Apple fell 1.8% and Microsoft 3.7%.

Communications companies, retailers and others that rely on direct consumer spending also weighed heavily on the index. Amazon fell 3.2% and Facebook parent company Meta fell 3.7%.

The S&P 500 ended down 43.97 points at 4,481.15. The Dow Jones slid 144.67 points to 34,496.51, and the tech-heavy Nasdaq fell 315.35 points to 13,888.82.

Shares of smaller companies also fell, sending the Russell 2000 Index down 29.11 points, or 1.4%, to 2,016.94.

Investors focus on Fed policy as the central bank moves to reverse low interest rates and the extraordinary support it began providing the economy two years ago when the pandemic hit. plunged the economy into a recession.

The Fed’s proposed timeline for allowing billions of bonds and mortgage-backed securities to roll off its balance sheet was hinted at in remarks Tuesday by Fed Governor Lael Brainard, who said the process could start as early as May and proceed at a rapid pace.

Rapidly shrinking the Fed’s balance sheet would help drive longer-term rates higher, but would also contribute to higher borrowing costs for consumers and businesses.

“The reality is that we are in uncharted waters here and the Fed has a tough job unwinding the huge monetary support over the past two years,” said Charlie Ripley, senior investment strategist at Allianz Investment Management. “Against this backdrop, it is entirely conceivable that uncertainty over the path of monetary policy will remain entrenched in markets and that is exactly what we are seeing with the recent moves in interest rates and assets to risk.”

The 10-year Treasury yield rose to 2.61% after the release of the minutes. It was at 2.59% earlier in the day, compared to 2.54% on Tuesday evening. The yield, which is used to set interest rates on mortgages and many other types of loans, is the highest in three years.

Traders are now pricing in a nearly 77% chance that the Fed will raise its key interest rate by half a percentage point at its next meeting in May. That’s double the usual amount and something the Fed hasn’t done since 2000.

“Even though we were aware of the upcoming rate hikes, it’s been quite challenging for long-term equity managers across the board,” said William Huston, chief investment officer at Bay Street Capital Holdings.

Inflation is at its highest level in four decades and threatens to dampen economic growth. Rising prices for everything from food to clothes have raised fears that consumers may end up cutting back on spending. Russia’s invasion of Ukraine added to these concerns, pushing energy and commodity prices, including wheat, even higher.

Benchmark crude oil prices in the United States fell 5.6% on Wednesday, but are more than 30% higher for the year. This pushed gasoline prices higher, putting more stress on shipping costs, commodity prices and consumer wallets.

Treasury Secretary Janet Yellen warned a House panel on Wednesday that the dispute would have “huge economic repercussions in Ukraine and beyond.”

The conflict in Ukraine continued to cause financial pressures against Russia. The White House has said Western governments will ban further investment in Russia following evidence that its soldiers deliberately killed civilians in Ukraine. The US Treasury has said President Vladimir Putin’s government will be prevented from paying the dollar debts of US financial institutions, potentially increasing the risk of default.

European governments have resisted calls to boycott Russian gas, Putin’s biggest source of export revenue, because of the possible impact on their economies.

Wednesday ended up being a pretty quiet day for corporate news ahead of the latest round of corporate earnings reports. JetBlue Airways fell 8.7% after it offered to buy rival airline Spirit for $3.6 billion and scrap a plan to merge Spirit with Frontier Airlines. The spirit fell 2.4%.

Miami Crypto Craze On Full Display At Bitcoin Conference | national news

April 6, 2022

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Thousands of cryptocurrency enthusiasts are flocking to Miami as the city builds its reputation as one of the key places to develop blockchain technology despite its underdog status.

Dozens of companies use the Bitcoin 2022 conference which runs from Wednesday to Friday as a place to network, pitch ideas, and share announcements with the industry and beyond.

New York City and Silicon Valley continued to lead in funding raised by blockchain startups in 2021, with $6.5 billion and $3.9 billion. But Miami is now tied with Los Angeles, where companies have secured more than $760 million in funding, according to market research firm CB Insights.

Cryptocurrency exchange FTX bought the naming rights to the NBA arena in downtown Miami last year, replacing American Airlines. The largest crypto company to move to Miami so far, Blockchain.com, will house 200 employees in a location in trendy Wynwood, where other tech companies and investors are also moving in.

“Wynwood really has that kind of spirit that you’re looking for when a new tech industry is built,” Blockchain.com CEO and co-founder Peter Smith said, comparing it to San Francisco’s South of Market neighborhood and in Brooklyn in New York. “At the end of the day, you want to be with the other tech companies.”

Many cite a welcoming environment cultivated by local officials, primarily Miami Mayor Francis Suarez, who has garnered national attention for attracting tech investment and becoming one of America’s crypto-friendly mayors.

Others note that Miami and Florida are business-friendly and have remained open during the pandemic, making it more attractive as places where people can work remotely.

“It’s possible to move to a place where you can buy a house and see the sun every day,” Smith said.

All of this enthusiasm stands in stark contrast to Bitcoin’s tough year. Financially, the cryptocurrency peaked at $67,553.95 in November just before plunging nearly in half at the end of January; it remains down about 30% from that November peak. Bitcoin is also largely absent from many of the hottest crypto trends, such as non-fungible tokens, or NFTs, which allegedly offer a way to auction off “one-of-a-kind” copies of digital art and digital art. other cyberobjects.

More generally, critics question the assumptions underlying the claimed value and usefulness of crypto technology, with some comparing the hype and so far unfulfilled promises of blockchain technologies to a pattern of Ponzi which benefits the first participants but leaves everyone in the lurch.

As Miami aims to attract more investment for cryptocurrency projects, Bitcoin 2022 organizers say at least 75 companies will make announcements at the conference.

Last year, Salvadoran President Nayib Bukele made international news at the event, revealing via video that his country would be the first to make cryptocurrency legal tender. Bukele will be at the conference this year.

One of the most anticipated announcements may come from Jack Mallers, 27, CEO of bitcoin payment app Strike, who worked with the government of Bukele on the nationwide launch of bitcoin.

Mallers has also partnered with Twitter to sync its app with the social network to allow digital money to be sent as “tips” without the need for a bank like Cash App and PayPal, demonstrating in a video how he sent $10 to a man at a Salvadoran Starbucks. .

“Why would anyone use Western Union again? When you take one of the largest social internet networks in the world, you combine it with the best open money network in the world,” he says in the posted video. on YouTube. “Western Union, pawn at E4. What is your approach?”

It remains to be seen what the effort will yield in the future. South Florida saw its population shrink by more than 18,000 people between July 2020 and July 2021. And critics fear the city lacks a top-ranking university that could create a workforce to grow businesses, as the Bay Area and New York are doing.

But Miami businessman Josip Rupena, who will speak about his crypto-mortgage startup at the conference, said he would give the effort a few years.

Rupena’s company, called Milo, has received $24 million in venture capital from investors to become a lender for people who have accumulated massive digital wealth but don’t want to convert cryptocurrency into US dollars to buy a House.

“For the first time, I think we have a platform – and a national platform – to tell others that there really are a lot of smart, capable people here. It’s great that we can amplify that message,” Rupena said.

———

Associated Press writer David Hamilton contributed to this story from San Francisco.

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

Kevin Costner on the “dysfunctional” Yellowstone family “It’s been a fun ride” | Television & Radio | Showbiz and television

April 2, 2022

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Kevin Costner delivered a powerful speech before presenting the Best Director award to Jane Campion at this year’s Oscars. Although his presentation was later overshadowed by Will Smith’s showdown with Chris Rock, fans are still eager to see the Hollywood legend return to the Paramount Network for another season of Yellowstone.

The film and TV star actor has revealed what made him take on the role of John Dutton in Taylor Sheridan’s hit drama Yellowstone.

The Paramount Western follows John and his family of conflicted children as they fight to protect one of the largest cattle ranches in Montana, USA.

When asked if the series changed television, Kevin admitted, “Well, I don’t know if I changed it.”

Yellowstone is one of Kevin’s only forays into small-screen drama and his first starring role in a prime-time cable series.

READ MORE: Domenica MAFS Australia: Where is Domenica Calarco now?

“You bring together a dysfunctional family in the mountains and watch them fight,” he added. “It was a fun ride.”

John’s efforts to protect the ranch are frequently sabotaged by his daughter Beth (Kelly Reilly), especially when she feuds with her adopted brother Jamie (Wes Bentley).

Meanwhile, his youngest son Kayce (Luke Grimes) has stepped back from the ranch to support his wife Monica (Kelsey Asbille) and their son Tate (Brecken Merrill) after the traumatic assault on the family.

Kevin is set to reprise his role for Season 5 of Yellowstone, which was confirmed by Paramount in February this year.

However, could his comments suggest that his time on the show has an expiration date?

After being shot at the end of the third season, John found his way back to life, although his health has been a point of contention ever since.

His lasting injuries may start to get the better of him in season five, forcing John to step down from herding duties and let Rip Wheeler (Cole Hauser) and the rest of the dorm take over.

Yellowstone Seasons 1-4 are now available to stream on Peacock in the United States. Yellowstone Seasons 1-3 are now available on PlutoTV in the UK.

California reparations plan moves movement forward, advocates say | national news

March 31, 2022

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DETROIT (AP) — In the long debate over whether black Americans should receive reparations for the atrocities and injustices of slavery and racism, California took a big step this week to become the first state American to make some form of restitution a reality.

The state reparations task force has grappled with the contentious issue of which black residents should be eligible – it narrowly decided in favor of limiting compensation to descendants of free and enslaved black people who were in the United States in the 19th century.

Whether Tuesday’s vote by the task force prompts other states and cities to advance their own proposals, and whether they adopt California’s still-controversial standard on who would benefit, remains to be seen. Some veterans reparations advocates strongly disagree with proposals to limit eligibility to only black people who can prove they have enslaved ancestors, while excluding those who cannot and leaving out victims. other historical injustices, such as redlining and mass incarceration.

Still, a lawyer noted that California’s decision was a step that could give impetus to stalled redress proposals elsewhere in the United States.

“It has precipitated a debate and it will influence communities,” said Ron Daniels, president of the 21st Century Black World Institute and trustee of the National Commission for African American Reparations, an advocacy group for scholars and activists. .

As to whether others will take the same approach to eligibility, Daniels said: “That remains to be decided. … We believe that ultimately a broader definition will prevail.

The Daniels-led commission took a position that limiting reparations to descendants of slaves, or Americans whose ancestors were free blacks living during the era of slavery, ignores the effects of racism that persisted for more a century after emancipation.

“There will always be criteria” for reparations, Daniels said. “The problem is that the harms have been so severe that almost no black people are eligible in one form or another.”

Although there is still some debate among historians about exactly when the practice began, chattel slavery in what would become the United States dates back to 1619, when approximately 20 enslaved Africans were brought in Jamestown, Virginia – then a British colony. According to the Trans-Atlantic Slave Trade Database, a project funded by the National Endowment for the Humanities and maintained by Rice University.

Slavery in the United States officially ended in 1865 with the ratification of the 13th Amendment. Union Army General William Sherman promised freed slaves compensation in the form of land and mules to farm them – hence the phrase “40 acres and a mule” – after the victory of the North over South during the Civil War. But President Andrew Johnson withdrew the offer.

More than 120 years later, then-Rep. John Conyers, a Detroit Democrat, first introduced HR 40, a bill that would create a federal commission to study reparations and make proposals. Conyers reintroduced it in every session of Congress until his resignation in 2017. As a candidate, President Joe Biden has said he supports the creation of the commission, but has yet to officially endorse it. supported as Commander-in-Chief. Representative Sheila Jackson Lee, a Democrat from Texas, is currently the House bill’s lead sponsor.

Getting government leaders to openly consider slavery reparations was daunting and took decades. But progress has been made at the state and local levels, especially since the national toll on racial injustice that was sparked after the 2020 police killing of George Floyd in Minneapolis.

In Michigan, legislative proposals submitted to the House of Representatives earlier this year call for $1.5 billion federal dollars to be placed in a racial equity and reparations fund within the state treasury. The funds would be disbursed to various state departments and agencies to provide grants, loans and other economic assistance to businesses and economic developments that promote the black community.

The bills have yet to receive a hearing in the House.

Last year, Evanston, Illinois — the first U.S. city to find a source of funding for repairs — began giving eligible Black residents $25,000 housing grants for down payments, repairs or existing mortgages. The program is intended to atone for the history of racial discrimination and housing discrimination. Recipients were randomly selected from applicants, black residents who lived in the city between 1919 and 1969.

And in Providence, Rhode Island, the mayor announced a city reparations commission in February that will seek to atone for the city’s role in slavery and systemic racism, as well as the mistreatment of Native Americans.

For Anita Belle, a grassroots activist in Detroit, where residents of the predominantly black city voted in November to create a city reparations commission, getting to this point in the pursuit of reparations is cause for celebration. But what happens next is worrying, especially when it comes to who gets what and how much, she said.

“I am happy for all of us who have worked in the field for all these years,” said Belle, founder of the Reparations Labor Union. “We’re a little scared that these people who jumped on the bandwagon are actually there to sabotage it and make $12.62 repairs, if that. There will be these saboteurs – people who look like us, but who have hidden agendas.”

“You have some of that fear in California where the scope of reparations has been limited to people who can prove they were enslaved,” she added. “People in California will say ‘why am I paying reparations for someone who was enslaved in Mississippi?'”

In California, the task force is taking the next step with economists to determine the cost of compensating more than 2 million black residents, though not all would be eligible. After the abolition of slavery, black migration to California occurred primarily in the decades following World War II, with newly arrived African Americans settling in cities such as Oakland, Los Angeles and San Francisco.

The black population rose from just under half a million, or 4.4% of the population, in 1950 to 1.4 million, or 7% of the population, in 1970. Decades later, the 2020 census recorded 2.1 million black residents in California, or about 5.3% of the state’s population.

Although the proposals and who is eligible seem to vary, they are always types of reparations, according to Rashawn Ray, senior research fellow in governance studies at the Brookings Institution.

“California chose to focus on black slavery,” Ray said. “In Evanston, it’s segregation and housing segregation. Both are problems that should be compensated to them according to what is wrong.

But, added Ray, “Federal reparations — definitely and hands down — is what we need. What happens in California should happen in Congress.”

As a former Evanston, Illinois, city councilor and longtime advocate for reparations, Robin Rue Simmons said reaching consensus on eligibility can be difficult because Decision makers should be as broad and inclusive as possible, while identifying the specific harms they seek. Address.

California’s big step could help spur action on reparations proposals in other cities and states, Simmons said, and perhaps add pressure for the federal government to act, which she considers essential.

She doesn’t expect California’s lineage-based eligibility standard to become the norm.

“I don’t think one community should think another has it figured out for them,” Simmons said, “because each community is going to have its own priorities and specific story.”

———

Bynum reported from Savannah, Ga. AP writers Janie Har in San Francisco and Michael Schneider in Orlando contributed to this story.

Stocks fall, snapping a 4-day winning streak on Wall Street | national news

March 30, 2022

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Tech companies led stocks lower on Wall Street on Wednesday, ending a four-day winning streak for the market, after an economic report stoked concerns about the health of the economy.

The S&P 500 fell 0.6% after losing nearly 1.1% at one point. The Dow Jones Industrial Average slid 0.2%, almost fully recovering from a 0.7% loss. The pullback was the indices’ first close lower in five days. The tech-heavy Nasdaq composite fell 1.2%.

New data from the Commerce Department on Wednesday showed the U.S. economy grew at an annual rate of 6.9% from October through December, slower than previous estimates and below economists’ expectations.

The data, which came amid a rebound in stocks over the past two weeks, may have led investors to claw back some recent gains, said Sam Stovall, chief investment strategist, CFRA.

“The GDP numbers were weaker than we expected,” Stovall said. “It looks like we are in the throes of a period of weakness in the first quarter.”

The S&P 500 fell 29.15 points to 4,602.45. The Dow slipped 65.38 points to 35,228.81. The Nasdaq lost 177.36 points to 14,442.27.

In a reversal from the previous day, shares of smaller companies fell more than the market as a whole. The Russell 2000 Index slipped 42.03 points, or 2%, to 2,091.07.

Markets have mostly gained ground this week as talks between Russia and Ukraine appear to be progressing and following encouraging data on consumer confidence.

Negotiations between Russia and Ukraine remain uncertain, however, and Russian bombardments in areas where they said they would dampen tempered optimism about the prospects for resolving the conflict.

Tech stocks were among the largest weightings in the broader market. Many companies in the sector have high values ​​which tend to have an outsized effect on the evolution of stock indices. Chipmaker Nvidia fell 3.4%. Retailers also fell. Home Depot slipped 2.9%.

Oil prices, volatile since Russia’s invasion of Ukraine in February, gained ground. U.S. benchmark crude oil rose 3.4% and Brent crude, the international standard, rose 2.9%. Energy stocks gained ground as oil prices rose. Phillips 66 rose 4.8%.

Bond yields fell. The yield on the 10-year Treasury note, which influences interest rates on mortgages and other consumer loans, slipped to 2.35% from 2.40% on Tuesday evening.

Bond yields have mostly risen this year as Wall Street braces for a policy shift from the Federal Reserve. The central bank, along with its global counterparts, is raising benchmark interest rates to help tackle persistently rising inflation.

Wall Street is also watching the bond market closely for clues about the economy’s trajectory. On Tuesday, the 10-year Treasury yield briefly fell below the 2-year Treasury yield, in what Wall Street calls an “inversion” of the Treasury yield curve. Investors are taking note as prolonged yield reversals have accurately predicted previous US recessions. The 2-year Treasury yield fell to 2.33% from 2.35% on Tuesday night.

Investors have several other economic updates to review this week. On Thursday, the Commerce Department will release its Personal Income and Spending report for February and the Labor Department will release its March jobs report on Friday.

Wall Street is also gearing up for the latest round of corporate report cards as the quarter draws to a close. Several companies have already released financial results and updates.

Sportswear maker Lululemon jumped 9.6% after announcing encouraging financial results for its latest quarter and giving strong sales guidance. Online pet store Chewy fell 16.1% after reporting a bigger fiscal fourth-quarter loss than analysts expected.

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

IRS Releases Latest COVID-Related Fraud Investigation Statistics | News

March 28, 2022

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Here is a press release from the IRS Criminal Investigation:

DENVER- IRS Criminal Investigation (IRS-CI) today released investigative statistics on the agency’s COVID-related fraud investigations over the past two years.

The agency investigated 660 tax and money laundering cases related to COVID fraud, with alleged fraud in those cases totaling $1.8 billion. These cases included a wide range criminal activity, including fraudulently obtained loans, credits and payments intended for American workers, families and small businesses.

“The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) was enacted nearly two years ago as a safety net for Americans in the face of an unprecedented health crisis. Unfortunately, even in times of crisis, criminals stick their heads out to look for ways to take advantage of those at their most vulnerable. Through the investigative work of IRS-CI Special Agents and our law enforcement partners, we have ensured that criminals who attempt to defraud CARES Act programs face the consequences of their acts,” said IRS-CI chief Jim Lee.

“The IRS Criminal Investigation’s enforcement efforts have a direct impact on the American public’s confidence in federal tax laws and assistance programs,” said Andy Tsui, Special Agent in Charge of the IRS Field Office. the IRS Criminal Investigation in Denver. “Our special agents are committed to identifying and investigating individuals who attempt to defraud the federal government for their personal gain and to send a clear message to criminals that they will be held accountable for their actions.”

These consequences include a 100% conviction rate for cases prosecuted with prison sentences averaging 42 months.

The IRS Criminal Investigation Denver Field Office conducts investigations throughout Colorado, Wyoming, Montana, and Idaho. Case examples include:

Kasey Wilson was sentenced to a year and a day in federal prison and ordered to pay $125,000 in restitution for orchestrating a scheme to receive Paycheck Protection Program loan payments. Wilson and a co-defendant made false statements on a PPP loan application that their company paid payroll taxes and had 34 employees. The company never paid payroll taxes and had no employees other than Wilson and the co-defendant.

Douglas Wold of Meridian, Idaho was sentenced to federal prison for wire fraud, mail fraud and money laundering based on schemes to defraud his employer. Wold committed fraud in a COVID-19 testing program by issuing a fraudulent invoice to Fry Foods Inc. on behalf of his company, Hala Lallo Health. When Fry Foods paid Hala Lallo Heath for the tests, Wold deposited the money in a bank account he controlled and did not pay the health care provider who actually performed the tests.

The IRS-CI encourages the public to share information regarding known or suspected fraud attempts against any of the programs offered through the CARES Act. For report a suspected crimetaxpayers can visit IRS.gov.

The CARES Act was signed into law on March 27, 2020 to provide emergency financial assistance to millions of Americans suffering from the economic effects of the COVID-19 pandemic. One of the sources of relief provided by the CARES Act was the authorization of up to $349 billion in small business forgivable loans for job retention and certain other expenses, through the PPP. . In April 2020, Congress authorized over $300 billion in additional funding, and in December 2020 another $284 billion.

The Paycheck Protection Program allows eligible small businesses and certain other organizations to receive loans with terms of two to five years and an interest rate of 1%. Businesses must use PPP loan proceeds for payroll costs, mortgage interest, rent and utilities. The PPP allows interest and principal to be waived if businesses spend the proceeds of these expenses within a specified time frame and use at least a certain percentage of the loan for payroll expenses.

To learn more about COVID-19 scams and other financial schemes visit IRS.gov. Official IRS information on COVID-19 and Economic Impact Payments can be found at Coronavirus tax relief pagewhich is frequently updated.

Tenants can be in line for $53 million in stimulus aid — but at a state’s expense

March 26, 2022

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Image source: Getty Images

When the COVID-19 outbreak first broke out, it led to a massive wave of jobless claims. Without healthy savings accounts, many Americans quickly fell behind on essential bills, including housing payments.

Protections were put in place at the start of the pandemic to prevent people from losing their homes. Landlords were allowed to suspend their mortgages, while an eviction ban prevented landlords from evicting tenants for non-payment of rent.

At this point, both protections have largely expired. But fortunately, there are still rent relief funds available for tenants who have not yet updated their housing payments.

In fact, the federal government could soon allocate an additional $53 million in rent relief funds to states that need the most help. But this money is being taken back from a State that has been too slow to grant this aid.

Montana residents could be losers

Montana has, to date, received $352 million in rental assistance funds over two funding rounds. But the state has distributed just under $46 million, or an average of $7,300 in assistance per household that has received assistance so far.

Because Montana was slow to disburse this aid, the federal government is now taking back much of it. And it’s not the only state where this is happening. On the contrary, Montana is one of 11 states losing aid due to what is called “excess” funding.

Montana received a $200 million award for rent relief in its first round of funding. But the state was required to allocate 65% of that money by last September to prevent some of those funds from being taken back. Because Montana failed to meet this requirement, it was forced to return $7.6 million in rent relief funds in December and another $45.3 million in February.

Fortunately, the state has until 2025 to spend the $152 million it was awarded in its second round of funding. But the state isn’t happy to lose that $53 million, especially as it resolves its backlog of rent relief claims.

The loss of one state is a gain for the other states.

While it’s unfortunate that Montana is losing rent relief funds, the good news is that those dollars are being reallocated to states in dire need of assistance due to a high percentage of renters. These include New York, New Jersey, California and Illinois.

Still, Montana officials say the state’s rent relief program is helping many residents. In addition, the State plans to launch an awareness campaign to encourage qualified tenants to apply for assistance.

Montana also directed some of its existing assistance to the state health department for Housing Stability Services. And he is actively working with the Montana Legal Services Association to identify tenants at risk of eviction.

Yet the state maintains that rent relief funds will only solve part of its current housing crisis — and the lack of affordable housing is an issue it continues to grapple with. Unfortunately, the rent relief funds Montana has received cannot be used to build affordable housing. But the state Department of Commerce is working on several projects that could help.

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Stocks gain ground on Wall Street, oil prices fall | national news

March 22, 2022

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Tech companies led a rally for stocks on Wall Street on Tuesday as the market more than offset a modest pullback earlier in the week.

The S&P 500 rose 1.1% as more than 70% of stocks in the benchmark index gained. The Dow Jones Industrial Average rose 0.7% and the tech-heavy Nasdaq composite climbed 2%.

Bond yields rose sharply for the second day in a row, reflecting expectations of more aggressive interest rate hikes from the Federal Reserve as the central bank moves to stifle the highest inflation in decades . The 10-year Treasury yield climbed to 2.38% from 2.30% late Monday. The yield, which influences interest rates on mortgages and other consumer loans, was 2.14% Friday night.

The rise in bond yields and stocks comes a day after Federal Reserve Chairman Jerome Powell said the central bank was ready to act more aggressively to raise interest rates in its fight against the inflation, if it needed it. Powell said the Fed would raise its benchmark short-term interest rate by half a point at multiple Fed meetings if necessary.

“Perhaps investors feel that with a more proactive approach from the Fed, it won’t have to put the brakes on later,” said Sam Stovall, chief investment strategist at CFRA.

The S&P 500 rose 50.43 points to 4,511.61 and the Dow gained 254.47 points to 34,807.46. The Nasdaq gained 270.36 points to 14,108.82.

Small company stocks also rebounded. The Russell 2000 Index added 22.41 points, or 1.1%, to 2,088.34.

Worries about rising inflation and slowing economic growth have weighed on stocks so far in 2022, but a rally last week helped pare some of the S&P 500’s benchmark losses for the year. . The index is now down 5.3%.

Markets have been choppy as Wall Street adjusts to slowing economic growth now that federal spending on various stimulus measures has faded.

“It’s actually pretty normal, but it doesn’t seem normal because the last few years have been really strong,” said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth.

Last Wednesday, the central bank announced a quarter-point rate hike, its first interest rate hike since 2018. The Fed has not raised its key rate by half a point since May 2000.

“What has been a frustrating inflation setup for the Federal Reserve likely becomes more complex given the geopolitical dispute,” Stucky said.

Investor concerns about persistently rising inflation have been heightened by Russia’s war in Ukraine. Energy and commodity prices were already high as demand outstripped supply amid the global economic recovery, but the conflict pushed prices for oil, wheat and others even higher.

Rising raw material costs and shipping issues have made it more expensive for businesses to operate. Many of these costs have been passed on to consumers, and rising prices for food, clothing and other goods could lead to lower spending and slower economic growth.

Technology and communications stocks generated much of the S&P 500’s gains on Tuesday, as did companies that rely on consumer spending. Apple rose 2.1% and Twitter gained 2.6%. Nike added 2.2% after reporting surprisingly strong third-quarter financial results. Energy stocks fell as oil prices fell.

Banks helped drive the market higher as bond yields continued to rise. Higher bond yields allow banks to charge more lucrative interest on loans. Bank of America gained 3.1% and JPMorgan Chase gained 2.1%.

The price of benchmark U.S. crude oil fell 0.3% to $111.76 a barrel, while Brent, the international standard, slipped 0.1% to 115, $48 a barrel. European markets rose overall, while Asian markets closed higher overnight.

Investors will soon begin to prepare for the next round of corporate earnings reports as the current quarter draws to a close at the end of March, which could provide a clearer picture of how industries continue to manage the rise. costs.

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

How did Kody, Meri and Christine Brown make the system work?

March 19, 2022

Montana Mortgages

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Christine Brown has openly admitted to Truely’s kidney problems as a toddler left her with exorbitant debt. Securing insurance in a plural family is not the easiest thing and it is apparently left to the mother. For Ysabel’s scoliosis surgery, Christine said she was waiting for the insurance to kick in. sister wives fans were surprised that the kids weren’t covered or had to worry. Wives may be much more stable now, enough to leave Kody if they wish, it wasn’t always that way. There was a time when they relied heavily on each other. In fact, the family was in such dire financial straits that they were doing and saying everything they could to get out of it.

Christine Brown runs the house, Kody and Meri go bankrupt?

One of the best things Christine brought to the family was her housewife side. She kept the house and took care of the children. As for the other two original wives, Meri had part-time jobs while Janelle was admittedly a workhorse. Kody was still into something even though no one was quite sure what it was. He wanted to make babies and move. They had a well-oiled machine and never had to worry about subjecting their children to scrutiny. The Brown babies went to polygamous schools or were homeschooled. Then, in 2005, Kody and Meri realized their lifestyle was too much to handle. So they filed for bankruptcy.

Janelle had just given birth to Savanah a few months before. In the documents, obtained by RadarOnline, the couple owed $229,873.49 to their creditors, about half of which was in mortgages. There was about 40,000 in credit card debt and 7,000 in car loans. They also raised nearly 3,000 at Sears and 8,000 at Home Depot. Apparently Kody and Meri had ten dollars in cash and five dollars in their joint account. As for work, Kody worked as a salesman for a Montana brand doing 4K/month. Meri earned $625/month working for engravers. Yet the mortgage was on a house in Wyoming.

Kody and Christine Brown via YouTube
Kody and Christine Brown via YouTube

Ultimately, more than two years later, they were ordered to pay $187,885.74 in costs and others. To add to all that, Kody and Meri reportedly claimed Janelle’s six children in their bankruptcy. It looked like they had six children, not just one. It wasn’t fair to Janelle who was still contributing financially to the family. Unfortunately, their troubles were not over and this time it was going to involve the other two wives.

Wait…there’s more

Speaking of Janelle, she filed for bankruptcy in 1997, just four years after joining the family. Not much is known about her status, but Christine Brown was also not exempt from the curse of brown bankruptcy. She actually filed in 2010, the same year sister wives created, according to Hollywood gossip. Although she had a listed “mate” who contributed $1,200/month, she listed herself as single. In the end, she was written off about 25,000 debts. No one knew she was actually married in a sense and her TLC earnings may have been listed under Kody’s name.

Two women sitting on a sofa
Janelle Brown and Christine Brown/Credit: TLC YouTube

Because they always seemed “single”, Janelle and Christine got more than they deserved. As for Meri, she and Kody seemed to owe the government less. Did claiming six more children help? May be. While it looks like they did it all when the series premiered, that wasn’t the case behind closed doors. Meri had just been fired from her job, leaving Janelle and Kody as the sole providers.

kody brown sister wives youtube
kody brown sister wives youtube

They were about to invite a fourth wife into the house who would have her own debt. In addition, all wives received or had received food stamps and government assistance. Now, Meri treats Christine horribly since she left the family, publicly mocking her cooking show. There was hardly any relationship between Janelle and Meri when the pandemic hit. After all they had been through and survived, it’s a shame to see him fall apart like this.

Are you surprised they were in such financial ruin before they started the show? Was it fair to act like life was perfect when they were bankrupt and on relief?

Amanda Nowitz
Latest posts by Amanda Nowitz (see everything)

Nonprofit legal services help those struggling to keep their homes | national news

March 15, 2022

Montana Mortgages

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Elizabeth Vermillera, a retired pharmaceutical technician, spends her days distributing clothes and food to the people of Baltimore. Since 1997, she has lived with a Shih Tzu and a fox terrier in a townhouse given to her by her father.

In 2021, the city informed Vermillera that she could lose her home due to unpaid property taxes. She panicked. Vermillera, who is disabled and unable to work, lives on a limited income.

She says she paid $300 of the $600 in taxes she owed for 2019. Then in 2020, she paid the city another $300, intending to cover the balance for 2019. However, her taxes for 2020 were due, so the city applied a portion of the final $300 payment to its 2020 tax bill. ‘other expenses.

She turned to the Maryland Volunteer Lawyers Service for help. Aja’ Mallory, an attorney at the nonprofit, which helps people in financial difficulty, worked with Vermillera and the city to resolve the issue. She was able to keep her house.

“I almost lost my house for $1,000,” Vermillera said.

The Maryland Volunteer Advocate Service, Community Legal Services of Philadelphia, and other nonprofit groups in cities with high percentages of low-income homeowners have helped thousands of people at risk of losing their homes to unpaid property taxes.

Non-profit legal associations help homeowners by providing free legal assistance, helping them obtain tax credits to reduce their taxes, and working to reduce taxes on properties with higher assessments. at their value. Working with advocacy groups and governments, legal groups are also pushing for legislative and systemic changes to address a growing problem made worse during the Covid pandemic. Without legal aid, many low-income homeowners could lose their homes.

Christopher Berry, a University of Chicago professor and property tax equity expert, said in a 2021 report that property taxes fall disproportionately on owners of less valuable homes. Berry found that property tax rates are 50% higher in neighborhoods where more than 90% of residents are black.

Margaret Henn, director of program management at the Maryland Volunteer Lawyers Service, said that in the past, people who needed foreclosure help usually had trouble paying their mortgages. But from 2008 to 2014, most of the association’s clients had paid off their mortgages. Instead, unpaid property taxes were the source of foreclosure threats.

Baltimore did not keep data on foreclosures until 2020, the attorneys say, but based on the cases the nonprofit was handling, non-payment of property taxes led to many foreclosures. In 2020, 1,015 Baltimore homeowners were facing foreclosure due to unpaid property taxes, according to a 2021 report from the Maryland Tax Office.

To keep low-income families in their homes during the pandemic, the Legal Department, Housing Advocates and the City of Baltimore were able to temporarily save 900 homes from possible foreclosure in 2021, according to the Volunteer Advocate Service.

With a 2021 budget of $3 million, a staff of 30, and 1,700 volunteer attorneys, the nonprofit handled consumer, family, housing, and other cases. Its funding comes from foundations, individual donors, government and the Maryland Legal Services Corporation.

Much of the foreclosure work done by the Maryland Volunteer Lawyers Service in 2020 and 2021 was funded by grants of $367,000 from the state Department of Housing and Community Development, Henn said. The nonprofit also used $105,000 from the legal society for its work helping families with foreclosures.

Maryland law states that once a homeowner’s property taxes are past due, the city or county can sell the debt on the property at a public auction. During this time, the owner pays 12% to 18% interest and other fees to the investor who bought the debt. Those most affected by tax auctions are black homeowners and seniors, disabled or low-income people, according to the nonprofit Legal Service. The tax auction may leave them with little choice if they want to keep their home even with rising interest rates and fees, Henn said.

“People who are desperate to stay where they live, do what they have to do to be able to stay there,” she said.

Nonprofits and legal advocates are working to develop new ways to keep people in their homes. For example, some homeowners may be eligible for tax credits to reduce their property taxes. The Legal Department helps homeowners apply for state property tax credits, which set a limit on the amount of property taxes homeowners pay based on their income. When Baltimore homeowners fall behind, they can turn to Fight Blight Bmore, a nonprofit advocacy housing group, which can help pay property tax balances.

The Maryland Volunteer Lawyers Service encouraged the city to increase the foreclosure debt cap for owner-occupied residences from $250 to $750. Additionally, after a home’s debt auction, the homeowner has the option to avoid losing their home by paying what is owed to them within nine months. The owners were only six months old. The nonprofit Legal Department has been working to have that period extended, according to Henn.

Two hours northeast of Baltimore, Philadelphia Community Legal Services is working to save homes as increased gentrification has led to higher property taxes, according to Caitlin Nagel, director of advancement and group communications.

Nagel said about 90% of the group’s customers are people of color, which matches the demographics of residents who live in neighborhoods most affected by gentrification.

She describes Philadelphia as a city of homeowners, even among low-income residents. But landlords there face some of the same issues seen nationwide. In 2010, the city filed approximately 1,100 tax foreclosures. In 2015, lawyers noticed a spike at more than 11,000, with half being owner-occupied, according to Jonathan Sgro, a lawyer with Community Legal Services.

The nonprofit, which in 2021 had a $16 million budget funded by contracts, individual donors and foundation grants, has 150 staff who tackle a range of legal issues. For many years, helping with tax foreclosure threats was the top reason clients sought service at their North Philadelphia office, Sgro said. Individual donations support the nonprofit’s work on tax foreclosure cases, which cost about $250,000 a year.

In 2017, the Philadelphia nonprofit lobbied for the Court of Common Pleas to create a tax foreclosure prevention program. Prior to the program, property owners received notice of property tax foreclosure by mail and posted on their property. If the owner does not file a written response to the notice within 15 days, the court will allow the city to put the property up for sale for taxes without a hearing, Sgro said.

Because the owners were not personally notified of the notice, many did not realize what was happening, according to Sgro. Now lawyers and housing counselors are available in the courtroom as landlords face foreclosure hearings.

The nonprofit, other legal service organizations, and city council members worked to create the Owner-Occupied Payment Agreement, which allows landlords to make monthly payments based on their income if they have unpaid property taxes. Once listed, the city is prohibited from placing the property on the tax auction listing. In 2020, 11,700 owners were enrolled in the payment program.

In Baltimore, Vermillera summed up how she felt when she learned she could stop her home from being put up for auction.

It was “instant relief” and an “answer to prayer beyond expectation”.

————

This article was provided to The Associated Press by the Chronicle of Philanthropy. Kristen Griffith is a staff writer at The Chronicle. Email: [email protected] The AP and the Chronicle are supported by the Lilly Endowment for coverage of philanthropy and nonprofit organizations. The AP and the Chronicle are solely responsible for all content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.

Mortgages in all 50 US states

March 10, 2022

Montana Mortgages

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Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

Types of loans offered

Compliant, jumbo, VA, FHA, refinance

Types of loans offered

Compliant, jumbo, VA, FHA, refinance

Benefits
  • Several types of mortgages
  • Offers mortgages in all 50 US states
The inconvenients
  • No mortgage rate posted on website
  • No USDA loans, HELOCs, home equity loans or reverse mortgages
  • You cannot use other credit data if you have a low or low credit score
  • The only refinance option for jumbo mortgages is a cash refinance
  • Website can be confusing to use
  • Requires 5% down payment, while many lenders accept 3%

Read our review
Read our review A long arrow pointing to the right

More information
  • Offers mortgages in all 50 US states and Washington, DC
  • Physical branches in 44 states
  • Does not accept alternative credit data, such as utility bills, if you have a low or no credit score
  • Minimum down payment and credit rating shown are for conforming mortgages

Overall Lender Rating

Advantages and disadvantages

LoanDepot Mortgage Rates

LoanDepot does not offer general or personalized mortgage rate information on its website.

When using the LoanDepot website, you may find it difficult to find what you are looking for. For example, if you click on “Compare Mortgage Rates”, you will need calculators to purchase and refinance monthly payments.

Other lenders’ websites will show sample mortgage rates. Or you can fill out a form to get a personalized mortgage rate so you can start to get an idea of ​​what your mortgage might look like with the lender. However, with LoanDepot, you will need to contact a loan officer or start filling out a loan application online.

According to customer reviews on Zillow, rates with LoanDepot were “lower than expected”, so you might be able to get a good rate.

LoanDepot v. Fairway Independent Mortgage Corporation

Fairway has more home loan options than LoanDepot. Fairway is the obvious choice if you are specifically looking for a reverse mortgage, USDA mortgage, or home improvement loan – LoanDepot does not offer any of these types of home loans.

Fairway also lets you use alternative credit data to apply for a loan if you have a low or poor credit score.

Both lenders offer loans throughout the United States. If you prefer a lender with a nearby branch, your decision may be based on what’s available in your state. Fairway does not have branches in Alaska or West Virginia. Meanwhile, LoanDepot branches are located in every state except Montana, Wyoming, North Dakota, South Dakota, Nebraska, and Alaska.

LoanDepot vs. Guild Mortgage

If you live in New Jersey or New York, you will not be able to apply for a mortgage from Guild Mortgage. However, LoanDepot mortgages are available in all states of the United States.

That being said, if you are looking for more home loan options, Guild Mortgage may be the best choice. You may also find Guild Mortgage more attractive than LoanDepot if you have bad credit or no credit. Guild Mortgage allows homebuyers to use other forms of credit when applying for a loan.

How LoanDepot mortgages work

LoanDepot is a national mortgage lender, so you can apply for a home loan from anywhere in the United States. There are branches in every state except Montana, Wyoming, North Dakota, South Dakota, Nebraska and Alaska.

If you want to know where the nearest branch is, you can use this search tool.

LoanDepot has several home loans, such as:

There are also refinance options for fixed rate mortgages, adjustable rate mortgages, FHA loans, or VA loans. You can refinance in cash for mortgages starting at $80,000.

LoanDepot does not have USDA loans, home equity loans, HELOCs or reverse mortgage options. Also, if you have a poor or no credit score, you cannot apply for a LoanDepot loan using alternative credit data – you will need to show your credit score.

If you have questions about new credit, you can contact a loan officer Monday through Friday from 8 a.m. to 10 p.m. ET, or Saturday from 11 a.m. to 6 p.m. ET.

For customer service questions on existing loans, you can contact support Monday through Friday from 8:30 a.m. to 11 p.m. EST, or Saturday from 8:30 a.m. to 5 p.m. EST.

Is LoanDepot trustworthy?

LoanDepot has no recent public controversies.

LoanDepot received an A+ rating from the Better Business Bureau. The BBB rates companies based on how the company handles customer disputes. A good BBB rating does not necessarily guarantee that your relationship with a lender will be the same as others. If you want to see if a bank is an ideal partner, get the perspective of friends or family members who have been customers. Another option is to browse customer reviews online.

LoanDepot FAQs

Who owns LoanDepot?

Anthony Hsieh founded LoanDepot in 2010, and he now serves as CEO. The lender became a publicly traded company in 2021.

How long does LoanDepot take to close?

Once the seller accepts your offer, it will likely take 30-60 days to close through LoanDepot. You will go through the assessment and inspection, sign the remaining documents, and then close within two or three days.

Mortgage and Refinance Rates by State

Check the latest rates in your state at the links below.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
new York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
Caroline from the south
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
washington d.c.
West Virginia
Wisconsin
Wyoming

EAGLE BANCORP MONTANA, INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS. (Form 10-K)

March 9, 2022

Montana Mortgages

Comments Off on EAGLE BANCORP MONTANA, INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS. (Form 10-K)


The following discussion and analysis of the financial condition and results of
operations of Eagle is intended to help investors understand our company and our
operations. The financial review is provided as a supplement to, and should be
read in conjunction with the Consolidated Financial Statements and the related
Notes included elsewhere in this report.



Introduction



The following Management's Discussion and Analysis of Financial Condition and
Results of Operations ("MD&A") describes Eagle and its subsidiaries' results of
operations for the year ended December 31, 2021 as compared to the year ended
December 31, 2020, and also analyzes our financial condition as of December 31,
2021 as compared to December 31, 2020. Like most banking institutions, our
principal business consists of attracting deposits from the general public and
the business community and making loans secured by various types of collateral,
including real estate and other consumer assets. We are significantly affected
by prevailing economic conditions, particularly interest rates, as well as
government policies concerning, among other things, monetary and fiscal affairs,
housing and financial institutions and regulations regarding lending and other
operations, privacy and consumer disclosure. Attracting and maintaining deposits
is influenced by a number of factors, including interest rates paid on competing
investments offered by other financial and nonfinancial institutions, account
maturities, fee structures and levels of personal income and savings. Lending
activities are affected by the demand for funds and thus are influenced by
interest rates, the number and quality of lenders and regional economic
conditions. Sources of funds for lending activities include deposits,
borrowings, repayments on loans, cash flows from maturities of investment
securities and income provided from operations.



Our earnings depend primarily on our level of net interest income, which is the
difference between interest earned on our interest-earning assets, consisting
primarily of loans and investment securities, and the interest paid on
interest-bearing liabilities, consisting primarily of deposits, borrowed funds,
and trust-preferred securities. Net interest income is a function of our
interest rate spread, which is the difference between the average yield earned
on our interest-earning assets and the average rate paid on our interest-bearing
liabilities, as well as a function of the average balance of interest-earning
assets compared to interest-bearing liabilities. Also contributing to our
earnings is noninterest income, which consists primarily of service charges and
fees on loan and deposit products and services, net gains and losses on sale of
assets, and mortgage loan service fees. Net interest income and noninterest
income are offset by provisions for loan losses, general administrative and
other expenses, including salaries and employee benefits and occupancy and
equipment costs, as well as by state and federal income tax expense.



The Bank has a strong mortgage lending focus, with a large portion of its loan
originations represented by single-family residential mortgages, which has
enabled it to successfully market home equity loans, as well as a wide range of
shorter term consumer loans for various personal needs (automobiles,
recreational vehicles, etc.). The Bank has also focused on adding commercial
loans to our portfolio, both real estate and non-real estate. We have made
significant progress in this initiative. As of December 31, 2021, commercial
real estate and commercial business loans represented 60.97% and 15.82% of the
total loan portfolio, respectively. The purpose of this diversification is to
mitigate our dependence on the residential mortgage market, as well as to
improve our ability to manage our interest rate spread. Recent acquisitions have
added to our agricultural loans, which generally have shorter maturities and
nominally higher interest rates. This has provided additional interest income
and improved interest rate sensitivity. The Bank's management recognizes that
fee income will also enable it to be less dependent on specialized lending and
it maintains a significant loan serviced portfolio, which provides a steady
source of fee income. As of December 31, 2021, we had mortgage servicing rights,
net of $13.69 million compared to $10.11 million as of December 31, 2020. Gain
on sale of loans also provides significant noninterest income in periods of high
mortgage loan origination volumes. Such income will be adversely affected in
periods of lower mortgage activity.



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Contents



Fee income is also supplemented with fees generated from deposit accounts. The
Bank has a high percentage of non-maturity deposits, such as checking accounts
and savings accounts, which allows management flexibility in managing its
spread. Non-maturity deposits and certificates of deposit do not automatically
reprice as interest rates rise.



Management continues to focus on improving the Bank's earnings. Management
believes the Bank needs to continue to concentrate on increasing net interest
margin, other areas of fee income and control operating expenses to achieve
earnings growth going forward. Management's strategy of growing the loan
portfolio and deposit base is expected to help achieve these goals as follows:
loans typically earn higher rates of return than investments; a larger deposit
base should yield higher fee income; increasing the asset base will reduce the
relative impact of fixed operating costs. The biggest challenge to the strategy
is funding the growth of the statement of financial condition in an efficient
manner. Though deposit growth has been steady, it may become more difficult to
maintain due to significant competition and possible reduced customer demand for
deposits as customers may shift into other asset classes.



Other than short term residential construction loans, we do not offer "interest
only" mortgage loans on residential 1-4 family properties (where the borrower
pays interest but no principal for an initial period, after which the loan
converts to a fully amortizing loan). We also do not offer loans that provide
for negative amortization of principal, such as "Option ARM" loans, where the
borrower can pay less than the interest owed on their loan, resulting in an
increased principal balance during the life of the loan. We do not offer
"subprime loans" (loans that generally target borrowers with weakened credit
histories typically characterized by payment delinquencies, previous
charge-offs, judgments, bankruptcies, or borrowers with questionable repayment
capacity as evidenced by low credit scores or high debt-burden ratios) or Alt-A
loans (traditionally defined as loans having less than full documentation).



The level and movement of interest rates impacts the Bank's earnings as well.
The Federal Open Market Committee decreased the federal funds target rate during
the year ended December 31, 2020 from 1.75% to 0.25%. The rate remained
at 0.25% during the year ended December 31, 2021. The rate reductions add
continued pressure on loan yields.





COVID-19



The Company's performance for the year ended December 31, 2021 was solid due to
higher loan production, record deposit generation and net interest income
growth. However, the Company also continues to see the impact of the COVID-19
pandemic and its consequences on our Montana communities. The Bank remains
focused on supporting our customers, communities and employees while prudently
managing risk. The Bank is closely monitoring borrowers and businesses serviced
and is providing debt service relief for those that have been impacted.



On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic
Security Act ("CARES Act") providing economic relief for the country, including
the $349 billion Small Business Administration ("SBA") Paycheck Protection
Program ("PPP") to fund short-term loans for small businesses. In April 2020,
additional funding was approved for the PPP. Eagle began taking loan
applications from its small business clients immediately after the program was
implemented, and as of the close of the program, had helped764 customers receive
$45.71 million in SBA PPP loans. The Bank has processed applications for PPP
loan forgiveness for customers, with759 loans representing over $45.31 million
now paid in full. The remaining five SBA PPP loans represent $402,000.



On December 27, 2020, the Consolidated Appropriations Act ("CAA") was signed
into law, providing new COVID-19 stimulus relief, and it included $284 billion
allocated for another round of PPP lending, extending the program to March 31,
2021. On March 31, 2021, the program was extended to May 31, 2021. The program
offered new PPP loans for companies that did not receive a PPP loan in 2020, and
also "second draw" loans targeted at hard-hit businesses that have already spent
their initial PPP proceeds. As of the close of the program, Eagle supported
646 borrowers in receiving $19.51 million in new PPP funding. The Bank has
processed applications for PPP loan forgiveness for customers, with514 loans
representing$15.45 million now paid in full. The remaining 132 PPP loans
represent$4.06 million.



While all industries have and will continue to experience adverse impacts as a
result of the COVID-19 pandemic, we had exposures in the following impacted
industries, as a percentage of loans as of December 31, 2021: hotels and lodging
(6.8%), health and social assistance (3.5%), bars and restaurants (2.7%),
casinos (0.8%) and nursing homes (0.4%). The Bank continues to reach out to
specific borrowers to assess the risks and understand their needs.



The Bank has offered multiple accommodation options to its clients, including
90-day deferrals, forbearances and interest only payments. During 2020, the
Montana Board of Investments ("MBOI") began offering 12-months of interest
payment assistance to qualified borrowers. As of December 31, 2021, there way
only one remaining loan modification for a nonresidential borrower representing
a loan for $6,000, compared to40 nonresidential borrowers representing $29.00
million, or 3.5% of gross loans excluding loans held-for-sale, as of December
31, 2020. The Bank qualified32 borrowers for the MBOI program
representing$27.25 million in loans, all of which had aged out of the program as
of the third quarter of 2021. Only one loan in the hotel and lodging industry
was approved in the MBOI loan program and was considered a troubled debt
restructured ("TDR") loan as of December 31, 2020, prior to aging out of the
program. No other loans that had been modified related to COVID-19 were reported
as TDR's due to the CARES Act exemption. As of December 31, 2021 there
remain approximately 15 forbearances approved for residential mortgage loans,
all of which are sold and serviced. Utilization of credit lines were78.6% at
December 31, 2021 to 82.7% at December 31, 2020, which has declined slightly
compared to historical usage rates.



Our fee income could still be reduced due to COVID-19. In keeping with guidance
from regulators, we are actively working with COVID-19 affected customers to
waive fees from a variety of sources, such as, but not limited to, insufficient
funds and overdraft fees, early withdrawal fees, ATM fees, account maintenance
fees, etc. These reductions in fees are thought, at this time, to be temporary
in conjunction with the length of the expected COVID-19 related economic crisis.
At this time, we are unable to project the materiality of such an impact, but
recognize the breadth of the economic impact is likely to impact our fee income
in future periods.



As of December 31, 2021, our capital ratios, and our subsidiary bank's capital
ratios, were in excess of all regulatory requirements. While we believe that we
have sufficient capital to withstand an extended economic recession brought
about by COVID-19, our reported and regulatory capital ratios could be adversely
impacted by further credit losses. We rely on cash on hand as well as dividends
from our subsidiary bank to service our debt. If our capital deteriorates such
that our subsidiary bank is unable to pay dividends to us for an extended period
of time, we may not be able to service our debt.



                                       23

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Contents



While certain valuation assumptions and judgments will change to account for
pandemic-related circumstances such as widening credit spreads, we do not
anticipate significant changes in methodology used to determine the fair value
of assets measured in accordance with GAAP.



As of December 31, 2021, our goodwill was not impaired. COVID-19 could cause a
further and sustained decline in our stock price or the occurrence of what
management would deem to be a triggering event that could, under certain
circumstances, cause us to perform a goodwill impairment test and result in an
impairment charge being recorded for that period. In the event that we conclude
that all or a portion of our goodwill is impaired, a noncash charge for the
amount of such impairment would be recorded to earnings. Such a charge would
have no impact on tangible capital or regulatory capital. At December 31, 2021
we had goodwill of $20.8 million.



The State of Montana ended their phased approach to reopening and lifted the
state-wide mask mandate on February 12, 2021. On March 22, 2021, all of our
lobbies opened while still requiring everyone to practice necessary safeguards.
As of May 7, 2021, masks were no longer required for the Bank's branches,
customers or vendors. The Company remains committed to assisting our customers
and communities as the vaccine rollout continues and COVID-19 restrictions lift
in Montana. Management is encouraging its employees to receive the COVID-19
vaccine.





Acquisitions


The Bank used growth through mergers or acquisitions, in addition to its organic growth strategy.

In January 2019, the Company acquired Big Muddy Bancorp, Inc. ("BMB"), a Montana
corporation, and BMB's wholly-owned subsidiary, The State Bank of Townsend, a
Montana chartered commercial bank ("SBOT"). SBOT operated four branches in
Townsend, Dutton, Denton and Choteau, Montana. The transaction provided an
opportunity to expand market presence and lending activities throughout the
state.



In January 2020, Eagle acquired Western Holding Company of Wolf Point ("WHC"), a
Montana corporation, and WHC's wholly-owned subsidiary, Western Bank of Wolf
Point ("WB"), a Montana chartered commercial bank. In the transaction, Eagle
acquired one retail bank branch in Wolf Point, Montana.



On October 1, 2021, Eagle announced that it had reached an agreement to acquire
First Community Bancorp, Inc. ("FCB"), a Montana corporation and its
wholly-owned subsidiary, First Community Bank, a Montana chartered commercial
bank. The agreement provides that, upon the terms and subject to the conditions
set forth in the agreement, FCB will merge with and into Eagle, with Eagle
continuing as the surviving corporation. Upon completion of the transaction,
Eagle will have an additional $377 million of assets, $306 million of deposits
and $208 million in gross loans, based on September 30, 2021 information.
Headquartered in Glasgow, Montana, FCB currently operates nine branches and two
mortgage loan production offices. The transaction is subject to the approvals of
bank regulatory agencies, the shareholders of Eagle and FCB and other customary
closing conditions. As of March 9, 2022, the Company received approval of the
pending merger from the Montana Department of Banking and Financial
Institutions, and the shareholders of both Eagle and FCB have approved the
transaction. The Company is awaiting the approval of the Federal Reserve
Board. The acquisition is expected to close during the first quarter of 2022.
Upon approval, a Form 8-K will be filed to disclose the anticipated closing
date.







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Critical Accounting Policies



Certain accounting policies are important to the understanding of our financial
condition, since they require management to make difficult, complex or
subjective judgments, some of which may relate to matters that are inherently
uncertain. Estimates associated with these policies are susceptible to material
changes as a result of changes in facts and circumstances, including, but
without limitation, changes in interest rates, performance of the economy,
financial condition of borrowers and laws and regulations. The following are the
accounting policies we believe are critical.



Allowance for Loan Losses



We recognize that losses will be experienced on loans and that the risk of loss
will vary with, among other things, the type of loan, the creditworthiness of
the borrower, general economic conditions and the quality of the collateral for
the loan. We maintain an allowance for loan losses to absorb losses inherent in
the loan portfolio. The allowance for loan losses represents management's
estimate of probable losses based on all available information. This allowance
is based on management's evaluation of the collectability of the loan portfolio,
including past loan loss experience, known and inherent losses, information
about specific borrower situations and estimated collateral values, and current
economic conditions. The loan portfolio and other credit exposures are regularly
reviewed by management in its determination of the allowance for loan losses.
The methodology for assessing the appropriateness of the allowance includes a
review of historical losses, internal data including delinquencies among others,
industry data, and economic conditions.



In addition, as an integral part of their examination process, banking
regulators will periodically review our allowance for loan losses and may
require us to make additional provisions for estimated losses based upon
judgments different from those of management. Although management believes that
it uses the best information available to establish the allowance for loan
losses, future adjustments to the allowance for loan losses may be necessary and
results of operations could be adversely affected if circumstances differ
substantially from the assumptions used in making the determinations. Because
future events affecting borrowers and collateral cannot be predicted with
certainty, there can be no assurance that the existing allowance for loan losses
is adequate or that increases will not be necessary should the quality of loans
deteriorate as a result of the factors discussed previously. Any material
increase in the allowance for loan losses may adversely affect our financial
condition and results of operations. The allowance is based on information known
at the time of the review. Changes in factors underlying the assessment could
have a material impact on the amount of the allowance that is necessary and the
amount of provision to be charged against earnings. Such changes could impact
future results.


Good will and other intangible assets



The Company accounts for business combinations under the acquisition method of
accounting. The Company records assets acquired, including identifiable
intangible assets and liabilities assumed at their fair values as of the
acquisition date. Transaction costs related to the acquisition are expensed in
the period incurred. Results of operations of the acquired entity are included
in the consolidated statements of income from the date of acquisition. Any
measurement-period adjustments are recorded in the period the adjustment is
identified.



The excess of consideration paid over fair value of net assets acquired is
recorded as goodwill. Determining the fair value of assets acquired, including
identifiable intangible assets and liabilities assumed often requires
significant use of estimates and assumptions. This may involve estimates based
on third-party valuations, such as appraisals, or internal valuations based on
discounted cash flow analyses or other valuation techniques such as estimates of
attrition, inflation, asset growth rates, discount rates, multiples of earnings
or other relevant factors. Goodwill is not amortized, but is tested at least
annually for impairment.


Other intangible assets are assigned useful lives and are amortized. The determination of useful lives is subjective. See Note 7 to the Consolidated Financial Statements under “Item 8. Financial Statements and Supplementary Data” for more information.

The Company’s accounting policies and discussion of recent accounting pronouncements are included in note 1 to the consolidated financial statements under “Item 8. Financial statements and supplementary data”.

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Financial Condition


December 31, 2021 compared to December 31, 2020



Total assets were $1.44 billion at December 31, 2021, an increase of
$178.30 million, or 14.2% from $1.26 billion at December 31, 2020.Securities
available-for-sale increased by $108.31 million from $162.95 million at December
31, 2020. In addition, loans receivable, net increased by $91.14 million
from December 31, 2020. Total liabilities were $1.28 billion at December 31,
2021, an increase of $174.50 million, or 15.8%, from $1.10 billion at December
31, 2020. The increase was largely due to an increase in deposits
slightly offset by a reduction in FHLB advances and other borrowings. Total
deposits increased by $189.47 million from December 31, 2020. However, FHLB
advances and other borrowings decreased $12.07 million from December 31, 2020.
Total shareholders' equity increased by $3.79 million from December 31, 2020.



Financial Condition Details



Investment Activities



We maintain a portfolio of investment securities, classified as either
available-for-sale or held-to-maturity to enhance total return on investments.
Our investment securities generally include U.S. government and agency
obligations, U.S. treasury obligations, Small Business Administration pools,
municipal securities, corporate obligations, mortgage-backed securities
("MBSs"), collateralized mortgage obligations ("CMOs") and asset-backed
securities ("ABSs"), all with varying characteristics as to rate, maturity and
call provisions. There were no held-to-maturity investment securities included
in the investment portfolio at December 31, 2021 or 2020. All investment
securities included in the investment portfolio are available-for-sale. Eagle
also has interest-bearing deposits in other banks and federal funds sold, as
well as, stock in FHLB and FRB. FHLB stock was $1.70 million and $2.06 million
at December 31, 2021 and 2020, respectively. FRB stock was $2.97 million at
both December 31, 2021 and 2020.



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The following table summarizes investing activities:


                                                                                  December 31,
                                                   2021                               2020                               2019
                                                       Percentage of                      Percentage of                      Percentage of
                                       Fair Value          Total          Fair Value          Total          Fair Value          Total
                                                                             (Dollars in Thousands)
Securities available-for-sale:
U.S. government obligations           $      1,633              0.60 %   $      2,245              1.38 %   $        695              0.55 %
U.S. treasury obligations                   53,183             19.61            5,657              3.47           12,902             10.17
Municipal obligations                      123,667             45.58           99,088             60.81           52,222             41.17
Corporate obligations                        9,336              3.44           10,663              6.54            8,388              6.61
Mortgage-backed securities                  14,636              5.40            7,669              4.71            9,495              7.48
Collateralized mortgage obligations         63,067             23.25           31,189             19.14           33,334             26.27
Asset-backed securities                      5,740              2.12            6,435              3.95            9,839              7.75
Total securities available-for-sale   $    271,262            100.00 %   $    162,946            100.00 %   $    126,875            100.00 %



Securities available for sale have been $271.26 million at December 31, 2021an augmentation of $108.31 millioni.e. 66.5%, of $162.95 million at December 31, 2020. The increase was largely due to purchasing activity due to excess cash levels.



The following table sets forth information regarding fair values, weighted
average yields and maturities of investments. The yields have been computed on a
tax equivalent basis. Maturities are based on the final contractual payment
dates and do not reflect the impact of prepayments or early redemptions that may
occur.



                                                                                                                          December 31, 2021
                                            One Year or Less                  One to Five Years                 Five to Ten Years                  After Ten Years                       Total Investment Securities
                                                        Weighted                          Weighted                          Weighted                           Weighted                         Approximate         Weighted
                                      Fair Value      Average Yield    

Fair value Average return Fair value Average return Fair value Average return Fair value Market value Average return

                                                                                                                       (Dollars in Thousands)
Securities available-for-sale:
U.S. government obligations           $         -              0.00 %   $         -              0.00 %   $     1,633              2.07 %   $          -              0.00 %   $     1,633     $        1,633              2.07 %
U.S. treasury obligations                       -              0.00           5,457              2.76          47,726              0.01                -              0.00          53,183             53,183              0.02
Municipal obligations                         223              2.65           4,843              2.60          27,321              0.03           91,280              0.03         123,667            123,667              0.03
Corporate obligations                       3,003              2.31           3,008              1.18           3,325              0.05                -              0.00           9,336              9,336              0.03
Mortgage-backed securities                      -              0.00               -              0.00             212              0.02           14,424              0.01          14,636             14,636              0.01
Collateralized mortgage obligations             -              0.00           6,853              2.88               -              0.00           56,214              0.01          63,067             63,067              0.01
Asset-backed securities                         -              0.00               -              0.00               -              0.00            5,740              0.01           5,740              5,740              0.01
Total securities available-for-sale   $     3,226              2.33 %   $    20,161              1.78 %   $    80,217              1.13 %   $    167,658              2.09 %   $   271,262     $      271,262              2.07 %




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Lending Activities



The following table includes the composition of the Bank's loan portfolio by
loan category:



                                                                                             December 31,
                                       2021                         2020                         2019                         2018                         2017
                                           Percent of                   Percent of                   Percent of                   Percent of                   Percent of
                              Amount         Total         Amount         Total         Amount         Total         Amount         Total         Amount         Total
                                                                                        (Dollars in thousands)
Real estate loans:
Residential 1-4 family (1)   $ 101,180          10.82 %   $ 110,802          13.14 %   $ 119,296          15.28 %   $ 116,939          18.92 %   $ 109,911          21.37 %
Residential 1-4 family
construction                    45,635           4.88        46,290           5.49        38,602           4.95        27,168           4.40        25,306           4.92
Total residential 1-4
family                         146,815          15.70       157,092          18.63       157,898          20.23       144,107          23.32       135,217          26.29

Commercial real estate         410,568          43.92       316,668          37.56       331,062          42.41       256,784          41.54       194,805          37.88
Commercial construction
and development                 92,403           9.88        65,281           7.74        52,670           6.75        41,739           6.75        38,351           7.46
Farmland                        67,005           7.17        65,918           7.82        50,293           6.44        29,915           4.84        11,627           2.26
Total commercial real
estate                         569,976          60.97       447,867          53.12       434,025          55.60       328,438          53.13       244,783          47.60

Total real estate loans        716,791          76.67       604,959          71.75       591,923          75.83       472,545          76.45       380,000          73.89

Other loans:
Home equity                     51,748           5.54        56,563           6.71        56,414           7.23        52,159           8.44        52,672          10.24
Consumer                        18,455           1.97        20,168           2.39        18,882           2.42        16,565           2.68        15,712           3.06

Commercial                     101,535          10.86       109,209          12.95        72,797           9.33        59,053           9.56        63,300          12.31
Agricultural                    46,335           4.96        52,242           6.20        40,522           5.19        17,709           2.87         2,563           0.50
Total commercial loans         147,870          15.82       161,451          19.15       113,319          14.52        76,762          12.43        65,863          12.81

Total other loans              218,073          23.33       238,182          28.25       188,615          24.17       145,486          23.55       134,247          26.11

Total loans                    934,864         100.00 %     843,141         100.00 %     780,538         100.00 %     618,031         100.00 %     514,247         100.00 %

Deferred loan fees              (1,725 )                     (2,038 )                     (1,303 )                     (1,098 )                     (1,093 )
Allowance for loan losses      (12,500 )                    (11,600 )                     (8,600 )                     (6,600 )                     (5,750 )

Total loans, net             $ 920,639                    $ 829,503                    $ 770,635                    $ 610,333                    $ 507,404



(1) Excluding loans held for sale

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Loans receivable, net increased $91.14 million to $920.64 million at December
31, 2021. The increase was largely driven by an increase in total commercial
real estate loans of $122.11 million. Construction projects were slow to start
in 2020 and early 2021 due to COVID-19 concerns and supply chain
issues. This increase was offset by decreases in total commercial
loans of $13.58 million, total residential 1- 4 family loans
of $10.27 million, home equity loans of $4.81 million and consumer loans
of $1.71 million.



Total loan originations were $1.56 billion for the year ended December 31, 2021.
Total residential 1-4 family originations were $1.14 billion, which includes
$1.04 billion of originations of loans held-for-sale. Total commercial real
estate originations were $274.40 million. Total commercial originations were
$110.58 million, which includes $19.51 million of SBA PPP loans. Home equity
loan originations totaled $25.59 million. Consumer loan originations totaled
$8.94 million. Loans held-for-sale decreased by $28.80 million, to
$25.82 million at December 31, 2021 from $54.62 million at December 31,
2020 after a robust refinancing period in 2020.



Loan Maturities. The following table sets forth the estimated maturity of the
loan portfolio of the Bank at December 31, 2021. Balances exclude deferred loan
fees and allowance for loan losses. Scheduled principal repayments of loans do
not necessarily reflect the actual life of such assets. The average life of a
loan is typically substantially less than its contractual terms because of
prepayments. In addition, due on sale clauses on loans generally give the Bank
the right to declare loans immediately due and payable in the event, among other
things, the borrower sells the real property, subject to the mortgage, and the
loan is not paid off. All mortgage loans are shown to be maturing based on the
date of the last payment required by the loan agreement, except as noted.



Loans with no declared due date, those with no payment due date, demand loans and loans that have reached maturity are presented as due within six months.


                                                   After One        After Five
                                    One Year      Year to Five       Years to
                                    or Less          Years         Fifteen Years      After Fifteen Years        Total

Total residential 1-4 families (1) $38,411 $13,739 $53,488 $

              41,177     $ 146,815
Total commercial real estate           48,846           48,016           333,732                   139,382       569,976
Home equity                             3,403           15,867            32,062                       416        51,748
Consumer                                  942           12,922             4,367                       224        18,455
Total Commercial                       45,024           52,147            49,483                     1,216       147,870
Total loans (1)                    $  136,626     $    142,691     $     473,132     $             182,415     $ 934,864



(1) Excluding loans held for sale




The following table includes loans by fixed or adjustable rates at December 31,
2021:



                                          Fixed        Adjustable        Total
                                                 (Dollars in Thousands)
Due after December 31, 2022:
Total residential 1-4 family (1)        $  52,669     $     55,735     $ 108,404
Total commercial real estate               27,368          493,762       521,130
Home equity                                43,605            4,740        48,345
Consumer                                   14,679            2,834        17,513
Total commercial                            1,176          101,670       102,846
Total due after December 31, 2022 (1)     139,497          658,741       792,238

Due in less than one year                  18,262          118,364       136,626

Total loans (1)                         $ 157,759     $    777,105     $ 934,864

Percent of total                            16.88 %          83.12 %      100.00 %



(1) Excluding loans held for sale

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Nonperforming Assets. Generally, our collection procedures provide that when a
loan is 15 or more days delinquent, the borrower is sent a past due notice. If
the loan becomes 30 days delinquent, the borrower is sent a written delinquency
notice requiring payment. If the delinquency continues, subsequent efforts are
made to contact the delinquent borrower, including face to face meetings and
counseling to resolve the delinquency. All collection actions are undertaken
with the objective of compliance with the Fair Debt Collection Act.



For mortgage loans and home equity loans, if the borrower is unable to cure the
delinquency or reach a payment agreement, we will institute foreclosure actions.
If a foreclosure action is taken and the loan is not reinstated, paid in full or
refinanced, the property is sold at judicial sale at which we may be the buyer
if there are no adequate offers to satisfy the debt. Any property acquired as
the result of foreclosure, or by deed in lieu of foreclosure, is classified as
real estate owned until such time as it is sold or otherwise disposed of. When
real estate owned is acquired, it is recorded at its fair market value less
estimated selling costs. The initial recording of any loss is charged to the
allowance for loan losses. Subsequent write-downs are recorded as a charge to
operations. As of December 31, 2021 and 2020, the Bank had $4,000 and $25,000,
respectively, of real estate owned and other repossessed property.



The State of Montana placed a freeze on foreclosures on March 28, 2020.
Subsequently the State of Montana released the freeze effective May 24, 2020
with the exception of continued protections for those individuals deemed
vulnerable to the coronavirus. The Federal foreclosure moratorium that began
March 18, 2020 was later extended to July 31, 2021. On June 28, 2021, the
Consumer Financial Protection Bureau finalized a rule requiring loan servicers
to enhance their efforts to help homeowners affected by the COVID-19 pandemic.
As a result, servicers could not initiate a foreclosure until the borrower was
more than 120 days delinquent and were effectively prohibited from beginning the
foreclosure process before January 1, 2022. However, the Bank has had minimal
impact due to foreclosures affected by these freezes.



Loans are reviewed on a quarterly basis and are placed on nonaccrual status when
they are 90 days or more delinquent. Loans may be placed on nonaccrual status at
any time if, in the opinion of management, the collection of additional interest
is doubtful. Interest accrued and unpaid at the time a loan is placed on
nonaccrual status is charged against interest income. The interest on these
loans is accounted for on the cash-basis or cost-recovery method, until
qualifying for return to accrual. Loans are returned to accrual status when all
the principal and interest amounts contractually due are brought current and
future payments are reasonably assured. At December 31, 2021, the Bank had
$5.49 million ($4.89 million net of specific reserves for loan losses) of loans
that were nonperforming and held on nonaccrual status. At December 31, 2020, the
Bank had $6.27 million ($5.92 million net of specific reserves for loan losses)
of loans that were nonperforming and held on nonaccrual status.



The following table provides information regarding the Bank's delinquent loans:



                                                                December 31, 2021
                                         30-89 Days                                    90 Days and Greater
                                                       Percentage of                                       Percentage of
                           Number         Amount           Total           Number            Amount            Total
                                   (Dollars in Thousands)                            (Dollars in Thousands)
Loan type:
Real estate loans:
Residential 1-4 family            2     $       21              2.26 %             -       $         -              0.00 %
Commercial real estate            2            788             84.64               -                 -              0.00
Farmland                          2             61              6.55               -                 -              0.00
Other loans:
Consumer                         24             55              5.91               -                 -              0.00
Commercial                        1              6              0.64               -                 -              0.00
Total                            31     $      931            100.00 %             -       $         -              0.00 %




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The following table presents information on non-performing assets:


                                                                   December 31,
                                             2021         2020         2019         2018         2017
                                                              (Dollars in Thousands)
Non-accrual loans
Real estate loans:
Residential 1-4 family                     $    616     $    684     $    618     $    253     $    475
Residential 1-4 family construction             337          337          337          634            -
Commercial real estate                          497          631          583          432            -
Commercial construction and development           -           36           50           13            -
Farmland                                        989        2,245          323            -            -
Other loans:
Home equity                                     100           94           78          469          242
Consumer                                         62          151          156          127          153
Commercial                                      516          537          750          308          107
Agricultural                                  1,718        1,542          499           32            -
Accruing loans delinquent 90 days or
more
Real estate loans:
Residential 1-4 family                            -           34            4          130            -
Residential 1-4 family construction               -          170            -            -            -
Commercial real estate                            -            -            -        1,347            -
Other loans:
Home equity                                       -            -            -            -            -
Commercial                                        -            6            -            -            -
Agricultural                                      -          182        1,805            -            -
Restructured loans
Real estate loans:
Commercial real estate                        1,527        1,633            -            -            -
Commercial construction and development           -           14            -            -            -
Farmland                                        641            -          153            -            -
Other loans:
Home equity                                      15           17           20           22            -
Commercial                                        -            -           74            -            -
Agricultural                                     41          160            -            -            -
Total nonperforming loans                     7,059        8,473        5,450        3,767          977
Real estate owned and other repossessed
property, net                                     4           25           26          107          525
Total nonperforming assets                 $  7,063     $  8,498     $  

5,476 $3,874 $1,502

Total nonperforming loans to total loans       0.76 %       1.00 %       0.70 %       0.61 %       0.19 %
Total nonperforming loans to total
assets                                         0.49 %       0.67 %       0.52 %       0.44 %       0.14 %
Total nonaccrual loans to total loans          0.59 %       0.74 %       0.47 %       0.37 %       0.19 %
Total allowance for loan loss to
nonperforming loans                          177.08 %     136.91 %     157.80 %     175.21 %     588.54 %
Total nonperforming assets to total
assets                                         0.49 %       0.68 %       0.52 %       0.45 %       0.21 %



Loans not accrued at December 31, 2021 and 2020 include $492,000 and
$1.28 millionrespectively acquired loans that deteriorated after the acquisition date.



During the year ended December 31, 2021, the Bank sold three real estate owned
and other repossessed assets resulting in a net loss of $12,000. There was
one write-down on real estate owned and other repossessed assets for a loss of
$10,000 during the year ended December 31, 2021. During the year ended December
31, 2020, the Bank sold five real estate owned and other repossessed assets
resulting in a net loss of $9,000. There were no write-down on real estate owned
and other repossessed assets during the year ended December 31, 2020. During the
year ended December 31, 2021 and 2020, an insignificant amount of interest was
recorded on loans previously accounted for on a nonaccrual basis.



Management, in compliance with regulatory guidelines, conducts an internal loan
review program, whereby loans are placed or classified in categories depending
upon the level of risk of nonpayment or loss. These categories are special
mention, substandard, doubtful or loss. When a loan is classified as substandard
or doubtful, management is required to evaluate the loan for impairment and
establish an allowance for loan loss if deemed necessary. When management
classifies a loan as a loss asset, an allowance equaling up to 100.0% of the
loan balance is required to be established or the loan is required to be
charged-off. The allowance for loan losses is composed of an allowance for both
inherent risk associated with lending activities and specific problem assets.



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Management's evaluation of classification of assets and adequacy of the
allowance for loan losses is reviewed by the Board on a regular basis and by
regulatory agencies as part of their examination process. We also utilize a
third party review as part of our loan classification process. In addition, on
an annual basis or more often if needed, the Company formally reviews the
ratings of all commercial real estate, real estate construction, and commercial
business loans that have a principal balance of $750,000 or more.



The following table reflects our classified assets:


                                                             December 31, 2021
                                   Special
                                   Mention        Substandard       Doubtful         Loss          Total
                                                               (In Thousands)
Real estate loans:
Residential 1-4 family            $        -     $         301     $      199     $        -     $     500
Residential 1-4 family
construction                               -               337              -              -           337
Commercial real estate                 1,527             2,145              -              -         3,672
Commercial construction and
development                                -                 -              -              -             -
Farmland                                 177             1,744             47              -         1,968
Other loans:
Home equity                                -               134              -              -           134
Consumer                                   -                63              -              -            63
Commercial                               130               524              -              -           654
Agricultural                             332             1,444              9              -         1,785
Total loans                            2,166             6,692            255              -         9,113

Real estate owned/repossessed
property, net                                                                                            4

                                                                                                 $   9,117






                                                             December 31, 2020
                                   Special
                                   Mention        Substandard       Doubtful         Loss          Total
                                                               (In Thousands)
Real estate loans:
Residential 1-4 family            $        -     $         857     $      199     $        -     $   1,056
Residential 1-4 family
construction                               -               337              -              -           337
Commercial real estate                 2,568             2,344              -              -         4,912
Commercial construction and
development                               14                36              -              -            50
Farmland                                 136             2,164             53              -         2,353
Other loans:
Home equity                              274               112              -              -           386
Consumer                                   -               151              -              -           151
Commercial                               829               570              -              -         1,399
Agricultural                             355             1,395            121              -         1,871
Total loans                            4,176             7,966            373              -        12,515

Real estate owned/repossessed
property, net                                                                                           25

                                                                                                 $  12,540






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Allowance for Loan Losses. The Bank segregates its loan portfolio for loan
losses into the following broad categories: residential 1-4 family, commercial
real estate, home equity, consumer and commercial. The Bank provides for a
general allowance for losses inherent in the portfolio in the categories
referenced above. General loss percentages which are calculated based on
historical analyses and other factors such as volume and severity of
delinquencies, local and national economy, underwriting standards and other
factors. This portion of the allowance is calculated for inherent losses which
probably exist as of the evaluation date even though they might not have been
identified by the more objective processes used. This is due to the risk of
error and/or inherent imprecision in the process. This portion of the allowance
is subjective in nature and requires judgments based on qualitative factors
which do not lend themselves to exact mathematical calculations such as: trends
in delinquencies and nonaccruals; trends in volume; terms and portfolio mix; new
credit products; changes in lending policies and procedures; and changes in the
outlook for the local and national economy.



At least quarterly, the management of the Bank evaluates the need to establish
an allowance for losses on specific loans when a finding is made that a loss is
estimable and probable. Such evaluation includes a review of all loans for which
full collectability may not be reasonably assured and considers, among other
matters: the estimated market value of the underlying collateral of problem
loans; prior loss experience; economic conditions; and overall portfolio
quality.



Provisions for, or adjustments to, estimated losses are included in earnings in
the period they are established. At December 31, 2021, we had $12.50 million in
allowances for loan losses.



While we believe we have established our existing allowance for loan losses in
accordance with generally accepted accounting principles, there can be no
assurance that bank regulators, in reviewing our loan portfolio, will not
request that we significantly increase our allowance for loan losses, or that
general economic conditions, a deteriorating real estate market, or other
factors will not cause us to significantly increase our allowance for loan
losses, therefore negatively affecting our financial condition and earnings.



In originating loans, we recognize that credit losses will be experienced and
that the risk of loss will vary with, among other things, the type of loan being
made, the creditworthiness of the borrower over the term of the loan and, in the
case of a secured loan, the quality of the security for the loan.



It is our policy to review our loan portfolio, in accordance with regulatory classification procedures, at least quarterly.

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The following table includes information on the allowance for loan losses:


                                                                Years Ended
                                                                December 31,
                                                     2021           2020           2019
                                                           (Dollars in Thousands)

Beginning balance                                 $   11,600     $    8,600     $    6,600

Provision for loan losses                                861          3,130          2,627
Loans charged-off
Commercial real estate                                   (35 )          (18 )         (195 )
Home equity                                                -              -            (75 )
Consumer                                                 (16 )          (36 )          (78 )
Commercial                                                (6 )         (173 )         (380 )
Recoveries
Commercial real estate                                    21             12             17
Home equity                                                -              -              -
Consumer                                                   8             16             26
Commercial                                                67             69             58
Net loans charged-off                                     39           (130 )         (627 )

Ending balance                                    $   12,500     $   11,600     $    8,600

Allowance for loan losses to total loans
excluding loans held-for-sale                           1.34 %         1.38 %         1.10 %
Allowance for loan losses to total
nonperforming loans                                   177.08 %       136.91 %       157.80 %
Allowance for loan losses to nonaccrual loans         227.65 %       184.89 %       236.20 %
Net charge-offs to average loans outstanding
during the period                                       0.00 %         0.01 %         0.08 %



Net allocations to average outstanding loans for each loan category are considered insignificant for the periods presented in the table above.

The following table shows the breakdown of the allowance for loan losses by loan category and the percentage of loans in each category relative to total loans:


                                                                                                  December 31,
                                                    2021                                              2020                                              2019
                                              Percentage of          Loan                       Percentage of          Loan                      Percentage of          Loan
                                               Allowance to       Category to                    Allowance to       Category to                   Allowance to       Category to
                                 Amount      Total Allowance      Total Loans      Amount      Total Allowance      Total Loans     Amount      Total Allowance      Total Loans
                                                                                             (Dollars in Thousands)
Real estate loans:
Residential 1-4 family          $  1,596                12.77 %         15.70 %   $  1,506                12.98 %         18.63 %   $ 1,301                15.13 %         20.23 %
Commercial real estate             7,470                59.76           60.97        6,951                59.92           53.12       4,826                56.12            55.6
Total real estate loans            9,066                72.53           76.67        8,457                72.90           71.75       6,127                71.25           75.83

Other loans:
Home equity                          533                 4.26            5.54          515                 4.44            6.71         477                 5.55            7.23
Consumer                             365                 2.92            1.97          364                 3.14            2.39         284                 3.30            2.42
Commercial                         2,536                20.29           15.82        2,264                19.52           19.15       1,712                 19.9           14.52
Total other loans                  3,434                27.47           23.33        3,143                27.10           28.25       2,473                28.75           24.17

Total                           $ 12,500               100.00 %        100.00 %   $ 11,600               100.00 %        100.00 %   $ 8,600               100.00 %        100.00 %




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Deposits and other sources of funds



Deposits. Deposits are the Company's primary source of funds. Core deposits are
deposits that are more stable and somewhat less sensitive to rate changes. They
also represent a lower cost source of funds than rate sensitive, more volatile
accounts such as certificates of deposit. We believe that our core deposits are
checking, savings, money market and IRA accounts. Based on our historical
experience, we include IRA accounts funded by certificates of deposit as core
deposits because they exhibit the principal features of core deposits in that
they are stable and generally are not rate sensitive. Core deposits were $1.10
billion or 89.8% of the Bank's total deposits at December 31, 2021
($1.07 billion or 87.9% excluding IRA certificates of deposit). The presence of
a high percentage of core deposits and, in particular, transaction accounts
reflects in part our strategy to restructure our liabilities to more closely
resemble the lower cost liabilities of a commercial bank. However, a significant
portion of our deposits remains in certificate of deposit form. These
certificates of deposit, if they mature and are renewed at higher rates, would
result in an increase in our cost of funds.



The following table includes the deposit accounts and the associated weighted average interest rates for each category of deposits:


                                                                                              December 31,
                                                      2021                                         2020                                        2019
                                                                   Weighted                                     Weighted                                   Weighted
                                                     Percent       Average                        Percent       Average                      Percent       Average
                                      Amount        of Total         Rate          Amount        of Total         Rate         Amount       of Total         Rate
                                                                                         (Dollars in Thousands)
Noninterest checking                $   368,846         30.16 %         0.00 %   $   318,389         30.82 %         0.00 %   $ 200,035         24.72 %         0.00 %
Interest-bearing checking               203,410         16.64           0.02         160,614         15.55           0.02       116,397         14.39           0.03
Savings                                 223,069         18.25           0.06         179,868         17.41           0.06       126,991          15.7           0.08
Money market                            277,469          22.7           0.25         202,407         19.59           0.24       132,506         16.38           0.42
Total                                 1,072,794         87.75           0.08         861,278         83.37           0.07       575,929         71.19           0.12
Certificates of deposit accounts:
IRA certificates                         25,333          2.07           0.44          24,693          2.39           0.50        25,240          3.12           0.71
Brokered certificates                         -          0.00           0.00             495          0.05           1.35        10,180          1.26           2.13
Other certificates                      124,422         10.18           0.38         146,617         14.19           0.71       197,644         24.43           1.81
Total certificates of deposit           149,755         12.25           0.39         171,805         16.63           0.68       233,064         28.81           1.70
Total deposits                      $ 1,222,549        100.00 %         0.12 %   $ 1,033,083        100.00 %         0.18 %   $ 808,993        100.00 %         0.55 %




Deposits increased by $189.47 million, or 18.3%, to $1.22 billion at December
31, 2021 from $1.03 billion at December 31, 2020. Money market increased by
$75.06 million, noninterest checking increased by $50.46 million, savings
increased by $43.20 million, and interest-bearing checking increased by
$42.80 million. However, certificates of deposit decreased by $22.05 million.
The decrease was driven by a decrease in other certificates of $22.20 million.
Due to the continued low interest rate environment, some depositors have been
compelled to move funds from other certificates to non-maturity deposits upon
maturity.


AT December 31, 2021 and 2020, the Company held $444.89 million and $326.53 millionrespectively, in deposit accounts that have reached or exceeded the Federal Deposit Insurance Corporation (“FDIC”) requirements of $250,000 and bigger.



The following table shows the amount of certificates of deposit with balances of
$250,000 and greater by time remaining until maturity as of December 31, 2021:



                          Balance
                          $250,000
                        and Greater
                       (In Thousands)
3 months or less      $          3,853
Over 3 to 6 months               4,482
Over 6 to 12 months              8,391
Over 12 months                   7,746
Total                 $         24,472



Our depositors are primarily residents of the state of Montana.



Borrowings. Deposits are the primary source of funds for our lending and
investment activities and for general business purposes. However, as the need
arises, or in order to take advantage of funding opportunities, we also borrow
funds in the form of advances from FHLB of Des Moines to supplement our supply
of lendable funds and to meet deposit withdrawal requirements. In addition,
during the year ended December 31, 2020, the Bank utilized the FRB's Payroll
Protection Program Loan Funding ("PPPLF") facility as a partial source of
funding for its SBA PPP loans. The Bank has Federal funds lines of credit with
PCBB, PNC, TIB and UBB. Eagle has a line of credit with Bell Bank.



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The following table includes information related to FHLB of Des Moines and other
borrowings:



                                                               Years Ended
                                                               December 31,
                                                     2021         2020          2019
                                                          (Dollars in Thousands)
FHLB advances:
Average balance                                    $  9,410     $  61,252     $  97,000
Maximum balance at any month-end                     16,917        94,585   

123,512

Balance at period end                                 5,000        17,070   

88,350

Weighted average interest rate during the period 1.86% 1.84%

        2.41 %
Weighted average interest rate at period end           1.81 %        1.89 %        2.18 %

FRB's PPPLF facility:
Average balance                                    $      -     $  14,675     $       -
Maximum balance at any month-end                          -        24,065   

Balance at period end                                     -             -   

Weighted average interest rate during the period 0.00% 0.35%

        0.00 %
Weighted average interest rate at period end           0.00 %        0.00 %        0.00 %

Other:
Average balance                                    $    548     $     192     $   2,307
Maximum balance at any month-end                          -             -   

6,311

Balance at period end                                     -             -   

Weighted average interest rate during the period 0.43% 1.15%

        2.11 %
Weighted average interest rate at period end           0.00 %        0.00 %        0.00 %

Total borrowings:
Average balance                                    $  9,958     $  76,119     $  99,307
Maximum balance at any month-end                     16,917       105,820   

124,377

Balance at period end                                 5,000        17,070   

88,350

Weighted average interest rate during the period 1.86% 1.55%

        2.40 %
Weighted average interest rate at period end           1.81 %        1.89 %        2.18 %



Advances on FHLB and other borrowings decreased by $12.07 million for
$5.00 million at December 31, 2021 compared to $17.07 million at December 31, 2020. This decrease is due to maturities.



Other Long-Term Debt. The following table summarizes other long-term debt
activity:



                                                 December 31,                 December 31,
                                                     2021                         2020
                                              Net         Percent          Net         Percent
                                            Amount        of Total       Amount        of Total
                                                          (Dollars in Thousands)
Senior notes fixed at 5.75%, due 2022      $   9,996          33.47 %   $   9,952          33.41 %
Subordinated debentures fixed at 5.5% to
floating, due 2030                            14,718          49.27        14,684          49.29
Subordinated debentures variable, due
2035                                           5,155          17.26         5,155          17.30
Total other long-term debt, net            $  29,869         100.00 %   $  29,791         100.00 %



The total of other long-term debt was $29.87 million at December 31, 2021 compared to $29.79 million at December 31, 2020.

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Shareholders' Equity



Total shareholders' equity increased slightly by $3.79 million or 2.5%, to
$156.73 million at December 31, 2021 from $152.94 million at December 31, 2020.
The increase was impacted by net income of $14.42 million.
This increase was largely offset due to treasury stock purchased through the
Tender Offer of $6.28 million, dividends paid of $3.02 million and other
comprehensive loss of $2.36 million.





Net interest income analysis



The Bank's earnings have historically depended primarily upon net interest
income, which is the difference between interest income earned on loans and
investments and interest paid on deposits and any borrowed funds. It is the
single largest component of Eagle's operating income. Net interest income is
affected by (i) the difference between rates of interest earned on loans and
investments and rates paid on interest-bearing deposits and borrowings (the
"interest rate spread") and (ii) the relative amounts of loans and investments
and interest-bearing deposits and borrowings.



The following table includes average balances for statement of financial
position items, as well as, interest and dividends and average yields related to
the average balances. All average balances are daily average balances.
Nonaccrual loans were included in the computation of average balances, but have
been reflected in the table as loans carrying a zero yield. The yields include
the effect of deferred fees and discounts and premiums that are amortized or
accreted to interest income or expense.



                             Year Ended December 31, 2021                Year Ended December 31, 2020                Year Ended December 31, 2019
                          Average        Interest                     Average        Interest                     Average        Interest
                           Daily           and          Yield/         Daily           and          Yield/         Daily           and          Yield/
                          Balance       Dividends      Cost(4)        Balance       Dividends      Cost(4)        Balance       Dividends      Cost(4)
                                                                            (Dollars in Thousands)
Assets:
Interest earning
assets:
Investment securities   $   215,978     $    4,238         1.96 %   $   166,577     $    3,742         2.24 %   $   135,904     $    3,672         2.70 %
FHLB and FRB stock            4,831            255         5.28           6,534            370         5.65           7,363            408         5.54
Loans receivable(1)         914,804         45,134         4.93         874,669         45,381         5.17         764,075         42,344         5.54
Other earning assets         74,102            120         0.16          44,771            161         0.36           5,030             87         1.73
Total interest
earning assets            1,209,715         49,747         4.11       1,092,551         49,654         4.54         912,372         46,511         5.10
Noninterest earning
assets                      147,534                                     127,339                                      97,645
Total assets            $ 1,357,249                                 $ 1,219,890                                 $ 1,010,017

Liabilities and
equity:
Interest-bearing
liabilities:
Deposit accounts:
Checking                $   190,645     $       47         0.02 %   $   151,745     $       58         0.04 %   $   116,424     $       44         0.04 %
Savings                     198,648            117         0.06         154,224            145         0.09         119,674             85         0.07
Money market                244,113            545         0.22         169,531            473         0.28         124,785            449         0.36
Certificates of
deposit                     158,959            765         0.48         213,696          2,938         1.37         212,370          3,315         1.56
Advances from FHLB
and other borrowings
including long-term
debt                         39,245          1,733         4.42         104,712          2,870         2.73         123,497          3,833         3.10
Total
interest-bearing
liabilities                 831,610          3,207         0.39         793,908          6,484         0.81         696,750          7,726         1.11
Noninterest checking        346,243                                     265,304                                     184,654
Other
noninterest-bearing
liabilities                  22,382                                      19,518                                      12,819
Total liabilities         1,200,235                                   1,078,730                                     894,223

Total equity                157,014                                     141,160                                     115,794

Total liabilities and
equity                  $ 1,357,249                                 $ 1,219,890                                 $ 1,010,017
Net interest
income/interest rate
spread(2)                               $   46,540         3.72 %                   $   43,170         3.73 %                   $   38,785         3.99 %

Net interest
margin(3)                                                  3.85 %                                      3.94 %                                      4.25 %
Total interest
earning assets to
interest-bearing
liabilities                                              145.47 %                                    137.62 %                                    130.95 %




(1)   Includes loans held-for-sale.

(2) The interest rate spread represents the difference between the average return on interest-bearing assets and the average rate on interest-bearing liabilities.

(3) Net interest margin represents income before allowance for loan losses divided by average interest-earning assets.

(4) For the purposes of this table, tax-exempt income is not calculated in tax equivalent.



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Rate/Volume Analysis



The following table presents the dollar amount of changes in interest income and
interest expense for major components of interest-earning assets and
interest-bearing liabilities. For each category of interest-earning assets and
interest-bearing liabilities, information is provided on changes attributable
to: (1) changes in volume multiplied by the old rate; (2) changes in rate, which
are changes in rate multiplied by the old volume; and (3) changes not solely
attributable to rate or volume, which have been allocated proportionately to the
change due to volume and the change due to rate.



                                           Year Ended December 31, 2021              Year Ended December 31, 2020
                                                        Due to                                    Due to
                                         Volume          Rate         Net         Volume           Rate         Net
                                                                       (In Thousands)
Interest earning assets:
Investment securities                  $    1,110      $   (614 )   $    496     $     829       $   (759 )   $     70
FHLB and FRB stock                            (96 )         (19 )       (115 )         (46 )            8          (38 )
Loans receivable(1)                         2,082        (2,329 )       (247 )       6,129         (3,092 )      3,037
Other earning assets                          105          (146 )        (41 )         687           (613 )         74
Total interest earning assets               3,201        (3,108 )         

93 7,599 (4,456) 3,143

Interest-bearing liabilities:
Checking                                       15           (26 )        (11 )          13              1           14
Savings                                        42           (70 )        (28 )          25             35           60
Money Market                                  208          (136 )         72           161           (137 )         24
Certificates of deposit                      (753 )      (1,420 )     (2,173 )          21           (398 )       (377 )

Advances from FHLB and other borrowings, including long-term debt (1,794 ) 657 (1,137 ) (583 ) (380 ) (963 ) Total interest-bearing liabilities (2,282 ) (995 ) (3,277 ) (363 ) (879 ) (1,242 )

Change in net interest income $5,483 ($2,113) $3,370 $7,962 ($3,577) $4,385



(1)   Includes loans held-for-sale.





Results of Operations



Comparison of operating results for the years ended December 31, 2021 and 2020



Net Income



Eagle's net income for the year ended December 31, 2021 was $14.42 million
compared to $21.21 million for the year ended December 31, 2020. The decrease of
$6.79 million was largely due to an increase in noninterest expense of
$13.50 million and a decrease in noninterest income of $1.30 million. These
changes were partially offset by an increase in net interest income after loan
loss provision of $5.64 million and a decrease in provision for income taxes of
$2.37 million. Basic and diluted earnings per share were both $2.17 for the year
ended December 31, 2021. Basic and diluted earnings per share were $3.12 and
$3.11, respectively, for the prior period.



Net Interest Income



Net interest income increased to $46.54 million for the year ended December 31,
2021, from $43.17 million for the year ended December 31, 2020. This increase of
$3.37 million, or 7.8%, was primarily the result of a decrease in interest
expense of $3.27 million.



Interest and Dividend Income



Interest and dividend income was $49.75 million for the year ended December 31,
2021, compared to $49.65 million for the year ended December 31, 2020, an
increase of $93,000, or 0.2%. Interest and fees on loans decreased to
$45.13 million for the year ended December 31, 2021 from $45.38 million for the
same period ended December 31, 2020. This slight decrease of $247,000, or 0.5%,
was due to a decrease in the average yield of loans, largely offset by
an increase in the average balance of loans. The average interest rate earned on
loans receivable decreased by 24 basis points, from 5.17% to 4.93%. Interest
accretion on purchased loans was $579,000 for the year ended December 31,
2021,which resulted in a 5 basis point increase in net interest margin compared
to $1.55 million for the year ended December 31, 2020,which resulted in
a 14 basis point increase in net interest margin. Average balances for loans
receivable, including loans held-for-sale, for the year ended December 31,
2021 were $914.80 million, compared to $874.67 million of the prior year period.
This represents an increase of $40.13 million or 4.6% and was impacted by
organic growth and PPP funding. Interest and dividends on investment securities
available-for-sale increased by $496,000 or 13.3% period over period. Average
balances for investments increased to $215.98 million for the year ended
December 31, 2021, from $166.58 million for the year ended December 31, 2020.
Investments have increased in the current period due to excess liquidity.
However, average interest rates earned on investments decreased to 1.96% for the
year ended December 31, 2021 from 2.24% for the year ended December 31, 2020.







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Interest Expense



Total interest expense was $3.21 million for the year ended December 31, 2021,
decreasing from $6.48 million for the year ended December 31, 2020. The decrease
of $3.27 million, or 50.5%, was due to a decrease of $2.14 million in interest
expense on deposits and a net decrease of $1.13 million in interest expense on
total borrowings. The overall average rate on total deposits was 0.13% for the
year ended December 31, 2021 compared to 0.38% for the year ended December 31,
2020. However, the average balance for total deposits was $1.14 billion for the
year ended December 31, 2021 compared to $954.50 million for the year
ended December 31, 2020. This increase was impacted by PPP funding and economic
stimulus. Due to the continued low interest rate environment though, some
depositors have moved funds from certificates of deposit to other non-maturity
deposit accounts that earn lower yields. The average balance for total
borrowings decreased from $104.71 million for the year ended December 31,
2020 to $39.25 million for the year ended December 31, 2021. However, the
average rate paid on total borrowings increased from 2.73% for the year ended
December 31, 2020 to 4.42% for the year ended December 31, 2021. The increase in
the average rate paid is due to the change in the mix of the outstanding
borrowings.



Loan Loss Provision



Loan loss provisions are charged to earnings to maintain the total allowance for
loan losses at a level considered adequate by the Bank to provide for probable
loan losses based on prior loss experience, volume and type of lending we
conduct and past due loans in portfolio. The Bank's policies require the review
of assets on a quarterly basis. The Bank classifies loans if warranted. While
management believes it uses the best information available to make a
determination with respect to the allowance for loan losses, it recognizes that
future adjustments may be necessary. Using this methodology, the Bank recorded
$861,000 in loan loss provisions for the year ended December 31, 2021.
Management made the decision that due to the strength of the local economy, in
conjunction with loan credit quality, no additional loan loss provision was
necessary in the year ended December 31, 2021 when considering the COVID-19
pandemic. Loan loss provisions were $3.13 million for the year ended December
31, 2020, which included $1.40 million related to the potential impact of
COVID-19. Management believes the level of total allowances is adequate to cover
estimated losses inherent in the portfolio. However, if the economic outlook
worsens relative to the assumptions we utilized, our allowance for loan losses
will increase accordingly in future periods. Total nonperforming loans,
including restructured loans, net, was $7.06 million at December 31, 2021
compared to $8.47 million at December 31, 2020. The Bank had $4,000 in other
real estate owned and other repossessed assets at December 31, 2021 compared to
$25,000 at December 31, 2020.



Noninterest Income



Total noninterest income was $47.77 million for the year ended December 31,
2021, compared to $49.07 million for the year ended December 31, 2020. The
decrease of $1.30 million, or 2.6% was largely due to a decrease in a mortgage
banking, net of $1.01 million for the year ended December 31, 2021. Mortgage
banking, net includes the impact of fair value changes of loans held-for sale
and derivatives. The net change in fair value of loans held-for-sale and
derivatives was a loss of $5.44 million for the year ended December 31,
2021 compared to a gain of $5.97 million for the year ended December 31,
2020. Mortgage banking, net also includes net gain on sale of mortgage loans
which increased $9.70 million to $46.09 million for the year ended December 31,
2021 compared to $36.39 million for the year ended December 31, 2020. During the
year ended December 31, 2021, $1.06 billion residential mortgage loans were sold
compared to $874.72 million in the same period in the prior year. In addition,
gross margin on sale of mortgage loans for the year ended December 31, 2021 was
4.34% compared to 4.16% for the year ended  December 31, 2020.



Noninterest Expense



Noninterest expense was $74.17 million for the year ended December 31, 2021
compared to $60.67 million for the year ended December 31, 2020. The increase of
$13.50 million, or 22.3%, was largely driven by increased salaries and employee
benefits expense of $9.93 million. The increase in salaries expense is due in
part to higher commission-based compensation related to mortgage loan growth, as
well as overall increased staff levels. In addition, occupancy and equipment
expense increased $1.43 million due to office expansion and the corresponding
depreciation and amortization expense, as well as utilization and maintenance
costs. Other noninterest expense includes a recovery of $736,000 of
mortgage servicing rights incurred during the year ended December 31, 2021.
However, impairment expense on mortgage servicing rights of $792,000 was
recorded for the year ended December 31, 2020.



Provision for Income Taxes



Provision for income taxes was $4.86 million for the year ended December 31,
2021, compared to $7.23 million for the year ended December 31, 2020 due to
decreased income before provision for income taxes. The effective tax rate was
25.2% for the year ended December 31, 2021 compared to 25.4% for the prior year.



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Cash and capital resources


Liquidity



The Bank is required by regulation to maintain sufficient levels of liquidity
for safety and soundness purposes. Appropriate levels of liquidity will depend
upon the types of activities in which the company engages. For internal
reporting purposes, the Bank uses policy minimums of 1.0%, and 8.0% for "basic
surplus" and "basic surplus with FHLB" as internally defined. In general, the
"basic surplus" is a calculation of the ratio of unencumbered short-term assets
reduced by estimated percentages of CD maturities and other deposits that may
leave the Bank in the next 90 days divided by total assets. "Basic surplus with
FHLB" adds to "basic surplus" the additional borrowing capacity the Bank has
with the FHLB of Des Moines.The Bank exceeded those minimum ratios as of
December 31, 2021 and 2020.



The Company's primary sources of funds are deposits, repayment of loans and
mortgage-backed securities, maturities of investments, funds provided from
operations, advances from the FHLB of Des Moines and other borrowings. Scheduled
repayments of loans and mortgage-backed securities and maturities of investment
securities are generally predictable. However, other sources of funds, such as
deposit flows and loan prepayments, can be greatly influenced by the general
level of interest rates, economic conditions and competition. The Company uses
liquidity resources principally to fund existing and future loan commitments. It
also uses them to fund maturing certificates of deposit and demand deposit
withdrawals. In addition, the Bank uses liquidity resources for investment
purposes, to meet operating expenses and capital expenditures, for dividend
payments and stock repurchases and to maintain adequate liquidity levels.



Liquidity may be adversely affected by unexpected deposit outflows, higher
interest rates paid by competitors, and similar matters. Management monitors
projected liquidity needs and determines the level desirable based in part on
Eagle's commitments to make loans and management's assessment of Eagle's ability
to generate funds.



Through the year ended December 31, 2021, liquidity levels remained strong, as a
result of PPP loan payoffs and deposit growth. A portion of the excess funds
was deployed into investment securities. Eagle utilized the FRB's PPPLF facility
as a partial source for its SBA PPP loans during the year ended December 31,
2020. However, as of December 31, 2020, Eagle had repaid all PPPLF borrowings.
The Company completed a $40.00 million subordinated debt offering in January
2022. A portion of the net proceeds were used to redeem $10.00 million of senior
notes due in February 2022. The Company closed a $15.00 million subordinated
debt offering in June of 2020, adding to borrowings. In July of 2020, $10.00
million in callable subordinated debt was paid off, reducing overall borrowings.



Comparison of cash flows for the years ended December 31, 2021 and 2020



Net cash provided by the Company's operating activities, which is primarily
comprised of cash transactions affecting net income, was $56.45 million for the
year ended December 31, 2021 compared to $2.12 million for the prior year. Net
cash provided by operating activities was higher for the year ended December 31,
2021 primarily due to changes in loans held-for-sale activity.



Net cash used in the Company's investing activities, which is primarily
comprised of cash transactions related to investment securities and activity in
the loan portfolio, was $232.92 million for the year ended December 31, 2021
compared to $22.04 million for the year ended December 31, 2020.
Available-for-sale securities purchases were $132.18 million during the year
ended December 31, 2021. Net cash used in investing activities for the year
ended December 31, 2021 was also impacted by loan originations being higher than
loan pay-off and principal payments during the year. Loan origination and
principal collection, net was $98.67 million for the year ended December 31,
2021.  Net cash used in investing activities for the year ended December 31,
2020 was due in part to loan originations being higher than loan pay-off and
principal payments during the year. Loan origination and principal collection,
net was $24.29 million for the year ended December 31, 2020. In addition,
purchases of premises and equipment, net was $20.64 million. Available-for-sale
securities purchases were $47.72 million during the year ended December 31,
2020. These uses of cash during the year ended December 31, 2020 were more than
offset by available-for-sale securities sales and maturities, principal payments
and calls of $64.44 million.



Net cash provided by the Company's financing activities was $168.10 million for
the year ended December 31, 2021 compared to $64.80 million for the year ended
December 31, 2020. Net cash provided by financing activities for the year ended
December 31, 2021 was largely impacted by a net increase in deposits of
$189.47 million. This was slightly offset by net payments on FHLB and other
borrowings of $12.07 million. Net cash provided by financing activities for the
year ended December 31, 2020 was impacted by a net increase in deposits of
$137.52 million. This was partially offset by net payment on FHLB and other
borrowings of $73.78 million.





                                       40

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  Table of Contents



Capital Resources



At December 31, 2021, the Bank's internally determined measurement of
sensitivity to interest rate movements as measured by a 200 basis point rise in
interest rates scenario, increased the economic value of equity ("EVE") by
8.90% compared to an increase of 15.0% at December 31, 2020. The Bank is within
the guidelines set forth by the Board of Directors for interest rate
sensitivity.



The Bank's Tier 1 leverage ratio, as measured under State of Montana and FRB
rules, decreased from 11.72% as of December 31, 2020 to 10.96% as of December
31, 2021. The Bank's strong capital position helps to mitigate its interest rate
risk exposure.



As of December 31, 2021, the Company's regulatory capital was in excess of all
applicable regulatory requirements and both are deemed "well capitalized"
pursuant to State of Montana and FRB rules. At December 31, 2021, the Bank's
total capital, Tier 1 capital, common equity Tier 1 capital and Tier 1 leverage
ratios amounted to 15.32%, 14.17%, 14.17% and 10.96%, respectively, compared to
regulatory requirements of 10.50%, 8.50%, 7.00% and 4.00%, respectively. At
December 31, 2021, Eagle's consolidated total capital, Tier 1 capital, common
equity Tier 1 capital and Tier 1 leverage ratios were 15.18%, 12.64%, 12.18% and
9,75%, respectively.


Impact of inflation and price changes



Our consolidated financial statements and the accompanying notes, which are
found in Item 8, have been prepared in accordance with generally accepted
accounting principles, which require the measurement of financial position and
operating results in terms of historical dollars without considering the change
in the relative purchasing power of money over time and due to inflation. The
impact of inflation is reflected in the increased cost of our operations.
Interest rates have a greater impact on our performance than do the general
levels of inflation. Interest rates do not necessarily move in the same
direction or to the same extent as the prices of goods and services.



Interest Rate Risk



Interest rate risk is the potential for loss of future earnings resulting from
adverse changes in the level of interest rates. Interest rate risk results from
several factors and could have a significant impact on the Company's net
interest income, which is the Company's primary source of net income. Net
interest income is affected by changes in interest rates, the relationship
between rates on interest-bearing assets and liabilities, the impact of interest
fluctuations on asset prepayments and the mix of interest-bearing assets and
liabilities.



Although interest rate risk is inherent in the banking industry, banks are
expected to have sound risk management practices in place to measure, monitor
and control interest rate exposures. The objective of interest rate risk
management is to contain the risks associated with interest rate fluctuations.
The process involves identification and management of the sensitivity of net
interest income to changing interest rates.



The ongoing monitoring and management of this risk is an important component of
the Company's asset/liability committee, which is governed by policies
established by the Company's Board that are reviewed and approved annually. The
Board delegates responsibility for carrying out the asset/liability management
policies to the Bank's asset/liability committee. In this capacity, the
asset/liability committee develops guidelines and strategies impacting the
Company's asset/liability management related activities based upon estimated
market risk sensitivity, policy limits and overall market interest rate levels
and trends. The Company's goal of its asset and liability management practices
is to maintain or increase the level of net interest income within an acceptable
level of interest rate risk. Our asset and liability policy and strategies are
expected to continue as described so long as competitive and regulatory
conditions in the financial institution industry and market interest rates
continue as they have in recent years.



The Bank has established acceptable levels of interest rate risk as follows for
an instantaneous and permanent shock in rates: Projected net interest income
over the next twelve months (i.e. year-1) and the subsequent twelve months (i.e.
year-2) will not be reduced by more than 15.0% given an immediate increase in
interest rates of up to 200 basis points or by more than 10.0% given an
immediate decrease in interest rates of up to 100 basis points.



                                       41

————————————————– ——————————

Contents



The following table includes the Banks's net interest income sensitivity
analysis.



Changes in Market        Rate Sensitivity
 Interest Rates      As of December 31, 2021     Policy
 (Basis Points)        Year 1         Year 2     Limits

      +200              4.2%           8.7%      -15.0%
      -100             -2.6%          -7.8%      -10.0%



The following table shows how the Bank’s Economic Value of Equity (“EVE”) would react to changes in interest rates.


Changes in Market         EVE as a % Change from 0 Shock
 Interest Rates     As of December 31, 2021     Board Policy
 (Basis Points)          Projected EVE              Limit
                                              Maximum % change:
      +400                   13.7%                 -40.0%
      +300                   11.7%                 -35.0%
      +200                   8.9%                  -30.0%
      +100                   5.4%                  -20.0%
        0                    0.0%                    0.0%
      -100                  -10.5%                 -20.0%



Off-balance sheet arrangements



As a financial services provider, we routinely are a party to various financial
instruments with off-balance-sheet risks, such as commitments to extend credit
and unused lines of credit. While these contractual obligations represent our
future cash requirements, a significant portion of commitments to extend credit
may expire without being drawn upon. Such commitments are subject to the same
credit policies and approval process accorded to loans we make.



The commitments are summarized as follows:


                                    December 31,
                                 2021          2020
                                   (In Thousands)

Credit commitments $252,485 $173,866
Letter of credit

                  4,129         2,647

© Edgar Online, source Previews

Stocks falter lower, crude climbs after US bans Russian oil | national news

March 8, 2022

Montana Mortgages

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NEW YORK (AP) — Stocks closed lower on Tuesday after another wobbly day of trading on Wall Street as oil prices soared after the United States banned imports from Russia.

The economic fallout from his invasion of Ukraine also rattled the nickel market, driving up its price so much that trading in the metal was shut down.

The S&P 500 fell 0.7% after hovering between a 1% loss and a 1.8% gain. Such swings have become common as investors struggle to guess how high oil prices will go and how much they will weigh on the economy. The benchmark lost 30.39 points to 4,170.70. It has fallen four days in a row and now stands 13.1% below its record set at the start of this year.

Oil surged on fears that global supply could be disrupted as Russia is one of the world’s largest energy producers. Following President Joe Biden’s announcement of the Russian oil ban, the price per barrel of US crude rose 3.6% to $123.70. Brent, the international standard, rose 3.9% to $127.98.

But oil prices did not climb as high as they had the day before, when concerns erupted over a possible ban and the price of U.S. oil hit $130.50. As oil pared its gains after Biden’s announcement, stocks also pared their losses.

The surprising reactions may have been the result of the big moves markets had already made a day earlier in anticipation of the announcement, said Nate Thooft, chief investment officer of multi-asset solutions at Manulife Investment Management.

“You’ve seen the sanctions escalate, but in the eyes of the market, that’s old news,” he said. “Now that it’s happened, and a lot of selling has already taken place, the market is asking, ‘sell?’ and you have people buying in the market.”

He expects the dizzying hour-to-hour swings to continue. Uncertainty is still high and many investors are still keen to trade quickly. “For me, for the traditional investor,” he said, “it’s one of those situations where you buy into weakness and turn a blind eye.”

The Nasdaq composite fell 35.41 points, or 0.3%, to 12,795.55. On Monday, it closed 20% below its record high. The Dow Jones Industrial Average fell 184.74 points, or 0.6%, to 32,632.64. It went from a loss of 238 points to a gain of 585 earlier.

Small company stocks held up better than the broader market. The Russell 2000 rose 11.68 points, or 0.6%, to 1,963.01.

Already high oil prices have pushed the average price of a gallon of gasoline in the country to a record high. Biden said he hoped to limit Americans’ pain, but he acknowledged the ban would raise gas prices.

“Defending freedom is also going to cost us dearly,” he said.

Biden also said he understands many European allies may not be able to take similar steps because they are much more dependent on Russian energy supplies. European nations have said they plan to reduce their dependence on Russia for their energy needs, but filling the void without crippling their economies will likely take some time.

“The markets just need time to digest things and they were presumably shocked when (the invasion) happened,” said Kristina Hooper, chief global market strategist at Invesco. “It’s no surprise that the EU disagrees with the US on this, and that’s certainly positive for oil, but we also have to recognize that this is changing quite rapidly.”

The US ban on Russian oil imports is the latest move by governments and companies around the world to squeeze Russia’s finances in the wake of its attack on Ukraine. All of the penalties raise questions about how prices will go not just for oil but also for natural gas, wheat and other commodities where the region is a major producer. This in turn adds more pressure to the already high inflation that is sweeping the world, tightening its grip on the global economy.

It also makes an already difficult path for the Federal Reserve and other central banks around the world even more treacherous. They hoped to raise interest rates enough to bring down high inflation, but not enough to cause a recession.

“That geopolitical risk has essentially reduced some of the Fed’s political risk and they’re much less likely to make a policy mistake this year,” Hooper said. “The Fed recognizes this risk to US policy and will act more cautiously.”

All the uncertainty has led to a particularly wild commodity trade, where supply challenges collide with strengthening demand as the global economy recovers from its coronavirus-caused shutdown.

Nickel trading was suspended on the London Metal Exchange on Tuesday after prices doubled to an all-time high of $100,000 per metric ton.

Nickel is primarily used to produce stainless steel and some alloys, but is increasingly being used in batteries, particularly electric vehicle batteries.

Russia is the world’s third largest nickel producer. And Russian mining company Nornickel is a major supplier of high-grade nickel used in electric vehicles.

The yield on the 10-year Treasury note, which is used to fix interest rates on mortgages and many other types of loans, rose to 1.84% from 1.75% on Monday evening.

———

AP Business Writers Damian J. Troise, Yuri Kageyama, and Alex Veiga contributed.

The best cheap auto insurance in Montana 2022

March 7, 2022

Montana Mortgages

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Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

According to the Insurance Information Institute, the average driver in Montana will pay $825 per year for


car insurance

. Compared to the national average of $935 per year, car insurance in Montana is affordable.

Car insurance companies consider your location, age, gender, and driving record to calculate premium rates. Other factors such as credit score, marital status, type of vehicle, previous coverage, and miles driven can all play a role in how much you’ll pay for coverage.

There are opportunities to save by shopping around and comparing coverage beyond the premium or the amount you will pay for coverage.

Minimum Automobile Liability Insurance Requirements in Montana

In the United States, drivers must have liability coverage required by law. If you are involved in an accident, liability insurance covers the damage you cause to the other vehicle, driver and passengers. If you finance or lease your car, your lender likely requires comprehensive coverage and collision coverage.

The two main components of liability insurance are bodily injury and property damage, which most states require. Liability insurance also includes uninsured motorist and underinsured motorist coverage to protect you when an at-fault driver hits you and they have no or insufficient coverage.

Montana requires bodily and property coverage, according to the Insurance Information Institute. Montana’s minimum liability requirements are 25/50/20, which means up to $25,000 in injury protection for each person involved in an accident, up to $50,000 in injury per incident and up to $20,000 property damage per incident.

Best Cheap Auto Insurance in Montana based on credit score

Consumer Reports has compiled a list of all auto insurance rate plans from all companies in every state. He used an average single adult driver to find the best price in each state and found that three companies came out on top for three different credit ratings. Here are the top three companies and their average cover price:

*USAA is only available to military members, veterans and their families

Average premiums for older and teenage drivers in Montana

The chart below shows what average older and teenage drivers can expect to pay in Montana. Because teenage drivers are new drivers with little driving history and are more accident-prone, their rates are high. Most insurance companies offer discounts to teen drivers for getting good grades or taking road safety courses.

Older drivers generally see an increase in car insurance premiums as they get older, but not as much as new or teenage drivers. If you’re still driving in your 60s or 60s, there are ways to negotiate cheaper car insurance rates, such as using pay-per-mile.

Data provided by Chicken head insurance

Montana auto insurance rates by city

Where you live affects your premium. Those in urban areas pay more than those in rural areas. Below is the estimated average annual premium of


car insurance

policies per household in Montana’s most populous cities:

Data from S&P Global Market Intelligence

Best auto insurance in Montana based on customer satisfaction

Customer satisfaction with car insurance providers may be a factor in your decision. Five factors make up customer satisfaction: billing process and policy information, claims, interaction, policy offers, and price. According to a 2021 survey by JD Power, a consumer research firm that polls customers, these are the top auto insurance companies in the Northwest region (which includes Montana):

Here are the most popular car insurance companies in Montana, based on the percentage of insured Montana drivers who use them:

* USAA is restricted to active military members, veterans and their families.

Data from S&P Global Market Intelligence

Who Gets the Best Auto Insurance in Montana?

The drivers who get the best car insurance rates will be the ones with the best credit. Several other factors can affect how an insurance company will price your premium, including your age, gender, type of car you drive, and where in Montana you live.

Another way to save is to shop around – every insurance company prices policies differently, and no two policies are the same. Prices vary greatly depending on whether you have liability, comprehensive or collision coverage.

Consider the amount of coverage and types of coverage listed on your quote. Remember, you are looking for the best coverage for your money. Don’t forget to look at the deductible or the amount you will pay out of pocket if you have an accident.

Realtors to Conservatives Living in Liberal Areas: Try Idaho

March 7, 2022

Montana Mortgages

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SANDPOINT, Idaho (AP) — Linda Navarre moved to Sandpoint, Idaho, from Cleveland in 1978, when the town was made up of lumber folks and hippies “and they all got along.”

Now she barely recognizes the small resort community near the Canadian border that is growing rapidly as people disillusioned with big-city life move in. Many are conservatives who are fed up with liberal politics in blue states.

“The division is getting wider and wider,” Navarre said, adding that many of the newcomers are changing the civility of the community. “My concern is that there are so many people who are not nice.”

Sandpoint is a four season resort built along the shores of scenic Lake Pend Oreille. It had a population of 7,300 at the 2010 census, but grew 21% over the decade to around 8,900 at the 2020 census. In addition to the natural beauty, “people come here because it’s a state red,” said longtime resident Gail Cameron, 67.

To capitalize on this trend, a growing number of real estate companies are advertising to right-wingers, claiming they can get them out of liberal strongholds like Seattle and San Francisco and find them homes in places like Idaho. rural.

Flee The City, based in Sandpoint, is a consortium of four companies that specialize in selling properties to conservatives in northern Idaho and western Montana. The company presents itself as “a real estate company for the vigilant”.

Flee the City has partnered with a company that provides “durable home design with built-in ballistic and defensive capabilities.”

Todd Savage, whose company Black Rifle Real Estate is part of Flee The City, said in a brief email exchange that his business is booming, thanks to “insane” leftist politics.

One of the biggest players among right-wing real estate companies is Dallas-based suburban Conservative Move. Founder and chief executive Paul Chabot said blue states had only themselves to blame for driving out the Tories.

“People are tired of runaway crime and forced masking,” Chabot said.

Idaho has been the nation’s fastest growing state for five straight years, growing 2.9% in 2021, driven primarily by immigration.

But the influx of people to places like Idaho has made it harder for some longtime residents. People are struggling to find accommodation in Sandpoint, with many homes selling the same day they list, after bidding wars, Cameron said.

Many of those homes are being converted into vacation rentals, which is tightening the market for people who live in the area, Cameron said.

Carolyn Knaack, associate director of the conservation group Lake Pend Oreille Waterkeeper, has lived in town for a year.

She said the confluence of the coronavirus pandemic and politics “has created a division among people”.

“I was applauded and belittled for wearing a mask,” she said. “I have friends who refused to be vaxxed.”

Savage was asked if it was desirable for people to separate by political ideology.

“I don’t agree with the term ‘separate’,” he wrote. “People are just ‘voting with their feet’ on issues like crime, taxes, homeschooling, gun laws, mask and vaccine mandates, Orwellian laws, and uncontrollable tyranny in the sanctuary states.”

Not everyone is a fan of what the wild, conservative real estate agents are up to in Sandpoint and elsewhere.

Mayor Shelby Rognstad, a Democrat, worries about real estate companies that serve only conservatives are “increasingly pushing Idaho into a playground for extremism.

“It doesn’t bode well for our sense of community here,” said Rognstad, who is organizing a campaign for governor. “It’s a challenge to civility.”

Barbara Russell, who lives near Bonners Ferry, Idaho, expressed similar concerns.

Bonners Ferry feels overrun by white nationalists, said Russell, who owns a dance studio in the town of 2,600.

“What they’re doing is preparing for war,” Russell said of the newcomers, who often carry guns when in town.

“New people are moving in and going to city council meetings and telling people who grew up here to move back to California,” Russell said. “They sell fear, that’s what they do.”

The National Association of Realtors does not keep records if any of its members are marketing themselves out of political ideology, spokesman Quintin Simmons said. And not all real estate agents are members of the Realtors. It is therefore difficult to determine whether the tendency to target conservative customers is generalized.

The Western States Center, a human rights group based in Portland, Oregon, monitors right-wing real estate companies, said member Kate Bitz.

“This is just the latest in several waves of politically motivated relocation to the interior of the Northwest,” Bitz said.

Indeed, in recent decades various extremist groups, primarily the Aryan nations, have sought to create a white homeland in northern Idaho due to the small number of minorities in the area.

“People in the United States move all the time,” Bitz said. “What concerns us is when white nationalists and anti-democratic actors move into the region with the aim of organizing, recruiting and taking control of local institutions.”

Nicholas K. Geranios, The Associated Press

Colin and Justin: the sweet dreams of movie queens

March 4, 2022

Montana Mortgages

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Content of the article

Recreating These Celebs’ Bedroom Might Be Easier – and Less Expensive – Than You Think

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When it comes to bedroom design, unexpected inspiration can be derived via the small screen, especially if you identify with a strong main character and yearn to recreate a bit of their home style in your own space.

A recent survey by finance house Uswitch.com/mortgages combed through Pinterest to find the ten most popular mock bedrooms, rating them by the number of Pins each earned.

It’s safe to say that the girls are definitely on top, with each of the heavy hitters being a dynamic female character that has risen to prominence over the past few decades.

To make your screen’s dream vibe achievable, Uswitch hired an interior designer to theoretically “shop around” and estimate the approximate cost of each look. If you’re a conspiratorial Carrie or aspiring Bella, Uswitch’s results provide some insight into how much you should be spending to bring your iconic character home. Decoratively speaking…

Cost to recreate mock rooms using items readily available from high street and online retailers

Room Owner – Movie or TV Show – Estimated Cost

1. Blair Waldorf – Gossip Girl – $6,780
2. Carly Shay-iCarly – $5,351
3. Hannah Montana – Hannah Montana – $4,362
4. Kat Stratford – 10 Things I Hate About You – $3,654
5. Monica Geller – Friends – $2,357
6. Lara-Jean Covey – To All The Boys I’ve Loved Before – $2,105
7. Dear Horowitz – Distraught – $1,997
8. Bella Swan – Twilight – $1,925
9. Carrie Bradshaw – Sex and the City – $1,298
10. Lizzie McGuire-Lizzie McGuire – $1,157

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Gossip Girl-style, Blair Waldorf’s (played by Leighton Meester) penthouse bedroom in New York turned out to be the most expensive, costing $6,780 to recreate.

Balancing old-school sophistication and refined comfort, Blair’s Nest can be recreated with a coat of Benjamin Moore Bachelor Blue, gray tactile rug, and stately mahogany furniture. Hey, with a little planning, the look of Upper East Side royalty could be yours…

In second place is the brightly colored bedroom of Carly Shay from Nickelodeon’s iconic show iCarly. With an estimated recreational cost of $5,351, this sleep zone encompasses the fun factor, with fun furnishings and bright colors that promise to deliver the perfect teenage dream.

Disney’s Hannah Montana, played by Miley Cyrus, follows in third place. Proving that Hannah’s style is just as enduring as Miley’s (has it really been 11 years since the last ep’?), the singer’s bedroom vibe could be yours for $4,359.

Kat Stratford’s bold gothic bedroom from the ’90s romantic comedy ’10 Things I Hate About You’ ranks number four, a true design classic, as far as we’re concerned, given that we had all the two of the dramatic poster walls in our bedrooms while navigating our teenage years. Slated to cost around $3,654 to recreate, mahogany furniture and a collection of assorted rock band posters will help put your grunge on display.

In fifth place, costing around $2,357 to recreate, the iconic apartment bedroom is a scene stealer. Bring it to life with a box of Benjamin Moore Bunny Nose Pink, an antique whitewash bed frame, and a few matching bedside tables.

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Simple, huh? Add some extra TV comfort with a plush cream armchair and floral bedding, and you’ll be good to go. Who knows: you might even want to grab the vacuum cleaner to act out Monica’s cleaning obsession.

Recreating Carrie Bradshaw’s bedroom from “Sex and The City” would cost $1,298, a bargain considering a pair of Carrie’s beloved crystal-strapped Manolo Blahnik sandals would cost $1,800!

The simple piece can be achieved with a coat of Benjamin Moore Sage Wisdom and mixing mismatched furniture and wall shelves. It’s worth noting, though, that Mrs. B practically invented the walk-in closet, so you might need to spend a few extra bucks on clothing storage to properly capture the Bradshaw aesthetic.

Male representative on the Uswitch roster distinctly noticeable by his absence, we thought (for the sake of balance) we should shout out the rooms of our favorite on-screen guys. So, without further ado: Ferris Bueller (assailed with Union Jacks and Cabaret Voltaire posters) Iron Man Tony Stark (all glass and curvaceous concrete) and Halsten (as evidenced by Netflix) a true mix of butch and female dog, covered with a ruby ​​red carpet, Warhol serigraphs and steel tube chairs.

But be warned: if you’re planning a sketchy homage to your favorite screen idol, make sure you’re fully committed: flipping the switch on a brand new bedroom, after all, will probably be a lot trickier than just switching. TV channel…

Watch Colin and Justin on Cabin Pressure and Great Canadian Cottages
(Cottage Life TV) and on Cityline (CityTV). Find Colin and Justin
Collection in stores across Canada. Visit www.colinandjustin.tv

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