Category: Montana Mortgages


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

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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.

People also read…

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

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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

Montana Mortgages

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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

Montana Mortgages

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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

Montana Mortgages

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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.

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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.

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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.

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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

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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?

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Nonprofit legal services help those struggling to keep their homes | national news

March 15, 2022

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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

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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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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.



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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.





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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.



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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

Comments Off on Stocks falter lower, crude climbs after US bans Russian oil | national news


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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UN report paints dire picture of Gulf of Mexico’s future | national news

March 3, 2022

Montana Mortgages

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NEW ORLEANS (AP) — Hurricane Harvey dumped more than 50 inches of rain on parts of the Texas coast in 2017. Then in 2020, fierce winds from Hurricane Laura destroyed homes on the Texas coast. Louisiana. Hurricane Ida hit in 2021 leaving the entire city of New Orleans without power for days.

Such extreme weather is becoming more common, and it’s just one of the warnings for the Gulf of Mexico region in a United Nations report released this week. The devastating effects of climate change in the region also include rising seas, collapsing fisheries and toxic tides, even if humanity somehow manages to limit global warming to 1.5 degrees Celsius above the pre-industrial era.

“The hurricanes that we get, there’s a greater likelihood that they could develop into major hurricanes,” Louisiana state climatologist Barry Keim said, agreeing with details from the weather report. more dangerous.

The report, an “atlas of human suffering,” details the many ways climate change will affect the Gulf. From Texas to Florida, which has the longest coastline of any state, the entire US Gulf Coast is under serious threat from rising seas as the planet’s polar ice caps melt, according to the UN report.

The region, home to major oil and gas production in Texas and Louisiana and tourist destinations in Mississippi, Alabama and Florida, tends to be politically conservative, and its mostly Republican leaders have put l Emphasis on adaptation to climate change – higher roads, levees, preventing salt water intrusion – more than broad efforts to reduce greenhouse gas emissions or promote cleaner energy.

For example, Florida’s Republican-led House of Representatives on Tuesday declined to add clean energy measures to a plan to bolster the state against rising sea levels and flooding. The bill’s sponsor, Miami-area GOP Representative Demi Busatta Cabrera, said her goal was to do “what we can fix today.”

Democratic Representative Ben Diamond, who is running for a congressional seat in the St. Petersburg area, was disappointed that lawmakers did not do more.

Improving resilience to climate change is good, he said, but “there is also stopping the causes of these problems in terms of greenhouse gas emissions, in terms of reducing our carbon emissions. The Florida House bill does not address this.

People considering 30-year mortgages are already looking for homes and commercial buildings that have less risk of flooding. A study cited by the UN says the trend is evident in Florida’s Miami-Dade County, where some buyers are avoiding expensive waterfront homes.

In Miami Beach, the streets are already flooded on sunny days, especially during the so-called King Tides, and the report says the Tampa Bay area, surrounded by shallow seas, is considered one of the hottest places the country’s vulnerability to storm surges.

Sea level rise poses an existential threat to much of Louisiana, as much of the Mississippi Delta has sunk due to human intervention. Sediment loss from river levee and saltwater intrusion caused by coastal oil and gas development are two big culprits, Keim noted.

“South Louisiana is probably the most vulnerable place to climate change in the United States,” Keim said.

Other parts of the Gulf face different problems, the report warns. Tourism and fishing industries depend on thriving habitats off the coast of Florida and the Yucatan Peninsula, but coral reefs are bleaching due to ‘warming ocean waters interacting with non-climate stressors’ . In Florida alone, reef decline could result in economic losses of $24 billion to $55 billion by 2100, the report said.

The report details efforts in the region to adapt to climate change. Miami-Dade released a 2021 Sea Level Rise Response Strategic Plan that calls for adapting infrastructure, raising roads, building on higher ground, and expanding waterfront parks and canals.

The city of Miami Beach has already spent more than $500 million installing pumps to drain water from the island, with no guarantee that it will keep tourists’ feet dry. The City of Miami is spending potentially billions of dollars to keep the ocean at bay and limit saltwater intrusion into freshwater supplies.

“The most common question I get asked is will Miami be here in 50 years, will it be here in 100 years,” Miami Mayor Francis Suarez said at a recent press conference. “This is the start of a comprehensive plan to answer that question in the affirmative.”

In Louisiana, the state’s Coastal Protection and Restoration Authority has a plan with “very specific projects”, according to the UN report, such as dredging to restore wetlands and rebuilding barrier islands damaged by the storms.

Alex Kolker, associate professor of coastal geology at the Louisiana Universities Marine Consortium in Cocodrie, noted that on Feb. 1, Louisiana also announced a plan to reduce greenhouse gas emissions to net zero by 2050.

Red tide outbreaks, which are naturally occurring poisonous organisms first noticed by Spanish explorers, have become more frequent and deadlier due to warming air and water, experts say.

Growing disease outbreaks are killing more fish and sea life and hurting the tourism industry with smelly fish-strewn beaches, poor fishing and the potential to harm human health, especially in people with asthma or other lung conditions.

From 2017 to 2019, according to a University of Florida study, tourism sectors lost $184 million in revenue due to the red tide. Warmer water also promotes algal blooms, caused by agricultural, urban and other pollution, which is worsening along Florida’s coasts, contributing to the lack of seagrass that has led to mortality. record number of manatees over the past year. The state instead resorted to romaine lettuce to feed a group of starving manatees.

“You can’t just go out and plant a bunch of seagrass,” said Tom Reinert, regional director for the Florida Fish and Wildlife Conservation Commission.

—————

Anderson reported from St. Petersburg, Florida.

All on deck to protect our rights

March 1, 2022

Montana Mortgages

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We recently spoke with Montana Attorney General Austin Knudsen (R-MT) about several headlines in the news: a human trafficking conviction in Billings, an investigation launched into Chinese social media company Tik Tok , the drug epidemic in Montana, and more. . We also took phone calls from all over the state.

The big picture is this: Attorney General Austin Knudsen is fighting important fights for the people of Montana at both the state and federal levels. While President Joe Biden’s “too little too late” sanctions against Russia don’t seem to hurt or stop Putin, it’s clear that Biden’s energy policies amount to sanctions that hurt the American people.

From the Keystone pipeline to moratoriums on oil and gas leases, AG Knudsen had to fight a legal battle to have these sanctions lifted on the backs of the American people. He also resisted federal mandates targeting private contractors and hard-working healthcare workers.

Simultaneously, the AG had to fight legal battles in order to also protect Montanan rights in state courts. This, after Montana Democrats and their front groups sought to use their cronies in the justice system to undermine laws written on the books by democratically elected lawmakers in the Montana State Legislature.

Here is part of our conversation with Attorney General Austin Knudsen:

And what of the huge turnout at Republican Lincoln Reagan dinners at Havre and Circle? When was the last time Circle, Montana even had a Lincoln Reagan dinner? Watch the full interview with AG Knudsen on the “Montana Talks with Aaron Flint” podcast on MontanaTalks.com

WATCH: What major laws were 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.

Best Home Insurance in Montana of 2022

February 28, 2022

Montana Mortgages

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Finding homeowners insurance in Montana can be difficult, especially since Montana homeowners typically pay more than the national average. The average cost of homeowners insurance in Montana is about $1,957 per year for a policy with $250,000 of homeowners coverage, based on Bankrate’s 2022 study of quoted annual premiums. The national average is $1,393 per year for the same housing coverage limits.

Given the prevalence of natural disasters in the state, homeowners in Montana need to be prepared for anything, and part of that plan could be a homeowners insurance policy. To help you start your search, Bankrate has reviewed dozens of home insurance companies based on their coverage options, discounts, financial strength ratings and customer satisfaction to bring you a curated list. from the best home insurance companies in Montana.

Best Home Insurance Companies in Montana

If you’re looking for home insurance in the Treasure State, we’ve done research to help you find the best home insurance companies in Montana. As part of our review process, we looked at each company’s policy offerings, insurance rates and discounts for home insurance, as well as the financial strength and customer satisfaction ratings of agencies. third parties such as S&P, Moody’s, AM Best and JD Power. The better a company performs in each of these categories, the higher its Bankrate score for a maximum score of 5 out of 5. Below, these carriers stand out with comprehensive coverage and generous discounts, as well as good marks for customer service and complaints handling.

USAA

USAA is one of the highest-rated insurance companies out there when it comes to things like JD Power’s customer satisfaction studies, but it only serves owners who are in active duty or retired military service members or their family members. In addition to excellent customer satisfaction and financial strength, USAA also offers solid coverage. Standard policies include all basics, plus military uniform coverage. Earthquake insurance and home sharing coverage are also available.

Learn more: USAA Insurance Review

state farm

State Farm is the nation’s largest home insurance provider, with 18% of the total market share. Montana homeowners can take advantage of State Farm’s generous discounts and helpful online tools, plus a highly rated mobile app with claims reporting. If you need to meet with an agent to discuss your policy, State Farm has locations in 12 Montana cities.

Learn more: State Farm Insurance Review

Chubb

Chubb could be an ideal choice for Montanese who want to save money on their home insurance policy. Depending on the features and characteristics of your home, Chubb might add additional discounts for home and security appliances, recent renovations, and new construction. Although discounts can range from 10-20%, the company’s policy offerings tend to be more standard compared to other insurers who offer a variety of add-on options.

Learn more: Chubb Insurance Review

Allstate

Allstate is the second most expensive provider on our list, but Montana homeowners have access to unique coverage options such as green improvement reimbursement coverage, yard and garden coverage, sports equipment coverage, coverage of musical instruments and more. Allstate also offers a few common discounts that can help lower your premium.

Learn more: Allstate Insurance Review

How much does homeowners insurance cost in Montana?

The average annual premium for home insurance in Montana is $1,957 per year. This is significantly higher than the national average rate for insurance, which is $1,393 per year. Many factors could contribute to Montana’s above-average homeowners insurance costs, such as inflation affecting the cost of labor and materials or an increase in covered losses.

In fact, the cost of home insurance in Montana is higher than in most neighboring states. Idaho’s statewide average premium for home insurance is $936 per year, and in Wyoming the statewide average rate is $1,144 per year. . Home insurance premiums in Montana are more expensive because the state faces a greater risk of losses, such as wildfires and tornadoes.

Montana Home Insurance

Although Montana is largely remote, the state experiences its fair share of extreme weather. From blizzards to severe hailstorms to wildfires, homes in Montana are at risk of damage from a variety of weather-related hazards. Fortunately, knowing the most common causes of loss in different ZIP codes and how home insurance can fix them can help protect your home.

Common Causes of Loss in Montana

Being prepared for a natural disaster could help inform a home insurance policy with full coverage. Some common causes of loss include:

  • Lightning and Fire Damage: According to the National Interagency Coordination Center (NICC), a federal agency that coordinates responses to natural disasters, nearly 750,000 acres have burned in Montana due to fire. Of this, nearly 570,000 acres have burned due to thunderstorms, with the remainder attributed to human causes.
  • Water damage and flooding: Depending on where your home is located, it may be in or near a designated flood zone. Since 2013, FEMA has recorded five major flood-related disaster declarations, including two in 2018 and another in 2019. This increase in flooding in recent years could make flood insurance a priority for many homeowners.
  • Damage caused by wind, storm and hail: High winds and severe storms could cause significant and costly damage to homes. According to data from the National Oceanic and Atmospheric Administration and collected by the Great Falls Tribune, Montana has experienced an average of 5 tornadoes per year, causing an average of $6.6 million in wind and associated storm damage.

Montana Home Insurance Coverage Options

Part of the process of buying home insurance is choosing coverage options and policy limits that are right for your home. While some font features are standard and can be adjusted, others must be purchased separately. These include:

  • Flood insurance: Flood damage could be a major concern depending on where your home is located. Since flooding is excluded from standard home insurance policies, you will need to purchase a separate policy either from the National Flood Insurance Program (NFIP) or from a private insurer.
  • earthquake insurance: Similar to flood insurance, earthquake insurance will need to be purchased separately from home insurance. Most of Montana’s seismic activity occurs in the western part of the state, making earthquakes more of a concern for homes in that area.

Frequently Asked Questions

What is the best homeowners insurance in Montana?

The best homeowners insurance in Montana varies for each person and depends on what you are looking for in your policies. Some people want the cheapest policy, while others want the highest coverage available. To find the best insurer in the area, be sure to compare quotes from different companies.

Is home insurance mandatory in Montana?

Although the state of Montana does not require homeowners to have homeowners insurance, you may be required to do so if you have a mortgage or lien on your home. Even if you bought your home outright or paid off the loan in full, a home insurance policy could be part of a well-rounded financial plan. Home insurance can save you from having to pay the full cost of repairs out of pocket if your home has been damaged due to a covered loss.

Is wildfire coverage included in Montana home insurance?

Standard home insurance policies cover fire losses, but given the intensity of wildfires in recent years and rising repair costs, even the Montana Department of Insurance has stepped in to give clarification on home insurance and forest fires. Since each insurance company may have its own claims handling process, the best resource will be a licensed insurance agent from that company.

Methodology

Bankrate uses Quadrant Information Services to analyze 2022 rates for all zip codes and carriers in all 50 states and Washington, D.C. Rates shown are based on 40-year-old male and female owners with clean claim history, a good credit and the following coverage limits:

  • Coverage A, Housing: $250,000
  • Coverage B, other structures: $25,000
  • Coverage C, personal property: $125,000
  • Coverage D, Loss of use: $50,000
  • Coverage E, civil liability: $300,000
  • Coverage F, Medical Payments: $1,000

Owners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sampling rates and should only be used for comparison purposes. Your quotes will be different.

Discount Rate Scores

Exchange rate scores primarily reflect a weighted ranking of industry standard ratings for financial strength and customer experience, in addition to analysis of annual premiums quoted by Quadrant Information Services, covering all 50 states and Washington, D.C. DC We know it’s important for homeowners to feel confident that their financial protection covers the most likely risks, is priced competitively and is provided by a financially strong company with a track record of positive customer support.

In determining how well the best home insurance companies meet these priorities, third-party agency ratings from JD Power, AM Best, S&P, NAIC and Moodys had the most impact on companies’ FX scores. . Since price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with clean claims histories and good credit. This profile, evaluated on more than 35,000 U.S. ZIP codes, provided a baseline against which owners can compare each provider.

While coverage options, insurer availability, affordability and customer experience are often top priorities, Bankrate also analyzed each insurer’s online and mobile resources for managing policies and handling claims. Insurance is changing rapidly to keep pace with our digital world, so these aspects have also weighed in determining the exchange rate scores.

Good option for bad credit

February 25, 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.

Benefits
  • Accepts alternative forms of credit to a credit score
  • The Carrington Flexible Advantage loan helps you refinance if you wouldn’t otherwise qualify
The inconvenients
  • Not available to residents of North Dakota or Massachusetts
  • No home equity loans, HELOCs, reverse mortgages or construction loans
  • No personalized interest rate displayed online

Read our review
Read our review A long arrow pointing to the right

More information
  • Offers mortgages in all US states except Massachusetts and North Dakota
  • Accepts other forms of credit, such as proof that you pay your bills on time, if you have a low or no credit score
  • Minimum credit score and down payment shown are for conforming mortgages

Overall Lender Rating

Advantages and disadvantages

Carrington Mortgage Services Mortgage Rates

Carrington Mortgage Services does not display mortgage rates on its website, which makes it difficult to know if it will get you a good deal before asking for pre-approval.

Many lenders at least post sample rates online. For example, it might show today’s average 30-year fixed rate, assuming a 20% down payment and a credit score of 700.

Others will even let you customize your rate by entering your credit score, down payment amount, or zip code. This method gives you a good idea of ​​the rate you’ll get if you take the next step and get pre-approved.

On the bright side, customer reviews on Zillow reveal that most borrowers’ rates were “as expected” or “below expectations.” So you might get a good rate with Carrington.

Carrington Mortgage Services v. Fairway Independent Mortgage Corporation

Fairway Independent Mortgage Corporation is the obvious choice if you need a reverse mortgage or a home improvement loan. It’s also fine if you live in Massachusetts or North Dakota, where you can’t get a Carrington mortgage.

Both companies accept alternative credit sources if you have bad credit. If you’re refinancing and have bad credit, you might like Carrington for its Carrington Flexible Advantage Refinance Loan.

Carrington Mortgage Services vs. Guild Mortgage

Your choice between the two might depend on where you live. Carrington is best if you live in New Jersey or New York, and Guild Mortgage is best if you live in Massachusetts or North Dakota. Guild also offers reverse mortgages, home improvement loans and manufactured home loans.

You might like Guild Mortgage’s unique lending options. Its bridging loans are short-term loans for a down payment if you need to move but haven’t sold your house yet. It also offers down payment assistance, loans or grants if you have a low to moderate income and need help financing a down payment.

Both lenders accept alternative credit instead of a credit score. If you’re refinancing with bad credit, you might like the Carrington Flexible Advantage Refinance Loan.

How Carrington Mortgage Services Works

Carrington Mortgage Services has offices in Arizona, California, Connecticut, Florida, Indiana and Maryland. It offers mortgages to residents of all US states except Massachusetts and North Dakota.

Carrington provides the following types of home loans:

Carrington does not offer reverse mortgages, construction loans, home equity loans or HELOCs.

If you are refinancing, you can choose between a rate and term refinance or a cash-out refinance. You can also streamline refinancing your FHA, VA, or USDA loan. The Carrington Flexible Advantage Refinance Loan lets you refinance even if you wouldn’t normally qualify for a government-backed mortgage.

Carrington might be a good option if you have bad or no credit. Most lenders pull your credit score when you apply for a mortgage. But Carrington lets you view alternative credit data, such as proof that you’re paying your bills on time. So you may qualify for a mortgage even if your rating isn’t excellent. If you have a good score, you can always opt for a credit.

Is Carrington Mortgage Services Trustworthy?

The Better Business Bureau gives Carrington an A+ rating. The BBB reviews a company’s responses to customer complaints, transparency in business practices and honesty in advertising.

However, a good BBB rating does not guarantee that you will have a smooth relationship with a lender. You can also read reviews online or ask friends and family about their experiences with Carrington.

Carrington has had no recent public controversies, so you may decide that you are comfortable working with this lender.

Carrington Mortgage Services FAQs

Are Carrington mortgage services legit?

Yes, Carrington Mortgage Services is a real mortgage lender. It is a Better Business Bureau accredited company with an A+ rating. It is also an equal opportunity housing lender, which means that the US Department of Housing and Urban Development holds it to certain standards regarding discrimination in lending.

Is it difficult to get approved for a mortgage through Carrington?

Carrington makes it relatively easy to get a mortgage. It offers several types of home loans, so you’ll likely find the one you qualify for. It also accepts other forms of credit if you have a low credit score, or no score at all.

What type of business is Carrington Mortgage?

Carrington is a direct lender. This means they issue their own mortgages, as opposed to a mortgage broker, who puts you in touch with multiple lenders to find the best fit.

Mortgage and Refinance Rates by State

See the latest rates in your state at the links below:

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Montana lawmakers close facial recognition legislation

February 24, 2022

Montana Mortgages

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Montana lawmakers tell me they are close to finalizing legislation that would put in place left-right limits on the use of facial recognition technology in the state.

Republican State Sen. Ken Bogner (R-Miles City) and Democratic Rep. Katie Sullivan (D-Missoula) are exploring the issue in depth during this year’s interim legislative hearings and joined us for an update. .

Representative Sullivan proposed legislation during the recent legislative session. She says even she, as a more tech-savvy young legislator, was surprised at how much technology has changed.

Rep. Katie Sullivan: Technology is moving faster than legislators…I was shocked to hear about all the surveillance technologies that have come online, and it’s time to address them. At the same time, we’re all thinking about how much are we willing to give up in terms of privacy and civil liberties, but to pursue public safety, and so it’s this very big balancing act that we now have to deal with .

Senator Bogner is the chairman of the committee that focuses on facial recognition technology. He’s heard of the abuse of facial recognition technology, but he’s also heard examples of how it can also be beneficial.

Senator Bogner: We have heard very compelling testimony about how this technology found trafficked minors and how the technology found people who were trafficking. And we’ve also heard how beneficial technology has been in preventing unemployment insurance fraud over the past two years, especially with some of the COVID funds.

Here’s the full audio as Bogner and Sullivan joined us on Montana Talks with Aaron Flint.

The next meeting of the interim committee will take place on April 20 and 21.

WATCH: What major laws were 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.

Eagle Bancorp Montana Stock: On the Sidelines (NASDAQ:EBMT)

February 24, 2022

Montana Mortgages

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suesmith2/iStock via Getty Images

Overview

Eagle Bancorp Montana, Inc. (EBMT), d/b/a Opportunity Bank of Montana, is a $1.4 billion commercial bank based in Montana. It offers residential mortgages for 1 to 4 families, such as residential mortgages and building residential properties; commercial real estate loans, including multi-family housing, non-residential property, commercial construction and development, and farmland loans; and home equity loans. As of December 31, 2021, it operates 23 branches and 26 ATMs.

From a loan portfolio perspective, the bank is a commercial retail lender with strong mortgage origination services. The bank has always maintained strong credit quality, but in fiscal year 2020 the NPL % reached 1% as the bank’s credit quality was challenged by the COVID 19 pandemic In terms of loan mix, real estate accounts for ¾ of the total loan portfolio, while C&I and consumer loans round out the rest of the loan portfolio.

In terms of funding mix, the bank has reduced its reliance on term deposit funding over time. We generally like to consider improving the funding mix as one of the essential steps in improving the banking franchise, and the management team is taking the right steps to build a funding base.

Historically, the bank has used acquisitions to add shareholder value. In the last three deals that have closed, given the relatively cheap stock price, Eagle Bancorp Montana is using a fair amount of cash for deal considerations. The details are as follows:

  • Oct-01-2021 First Community Bancorp, Inc.: Expand lending products to agriculture and commercial lenders and strengthen footprint as agriculture’s preferred lender in the state of Montana;
  • August 09, 2019 Western Holding Company of Wolf Point: Expanding Presence in Northeastern Montana. Management sees both revenue and cost synergy opportunities. The deal is 50% cash/50% stock, helping Opportunity Bank become the 4th largest bank by deposit size in the state of Montana; and
  • August 21, 2018 Big Muddy Bancorp, Inc.: Expand into the attractive markets of Broadwater, Fergus and Teton counties. The acquisitions help the bank exceed $1 billion in total assets.

Transaction Review

Eagle Bancorp Montana, Inc. (EBMT) reported net income of $14.4 million for fiscal 2021, compared to $21.2 million for the prior year. Earnings per share were $2.17 versus $3.11 a year earlier. Revenue for the year increased to $93.4 million from $89.1 million in fiscal 2020. During the fourth quarter, Eagle Bancorp Montana, Inc. reported an ROA and ROE of 0 .5% and 4.4%, respectively. The efficiency ratio is 83.9% and the net interest income/income is 56.1%. NIM is 3.75%.

From a profitability perspective, the bank has consistently generated a return on investment above 1% over the past three years, particularly in FY20, in which mortgage fees generate significant fee income . While revenue was down from FY21 to FY20, operating expenses were up, primarily due to a $10 million increase in payroll and benefits expenses. As most bankers would say, the wage increase will be one-sided and unlikely to come down. Without significant revenue growth prospects, the bank is stuck with a higher than necessary cost base.

The historical balance sheet growth has been impressive. Over the past six years, total assets, net income and EPS have increased by 16%, 23% and 10% respectively. In fact, most of the bank’s growth is driven by acquisitions aimed at expanding the asset base.

Operation matrix

Business deposits, 10k

Evaluation

The stock is priced at 10.3x P/E and 1.1x P/TBV.

Evaluation

Business Deposits, CapIQ

Risk/Reward

Lower mortgage activity will likely hurt earnings from a risk perspective. Mortgage origination deals rank fourth among the state of Montana and will likely experience lower volume given a higher interest rate environment. Additionally, the bank is stuck with a higher cost base due to a $10 million increase in year-over-year compensation, which is key from a corporate governance perspective. business (i.e. a higher cost base that is not justified).

From a compensation perspective, the bank will continue to drive asset growth through acquisitions, as this has historically been the primary means of improving shareholder returns. Despite some organic growth opportunities arising from acquisitions, in our view, the bank’s primary tool for creating long-term value would be to acquire smaller community banks in the region. While it may be unwise to use equities as currency from now on, the bank has shown an ability to use both cash and equities and retreat into smaller community banks adjacent to major banking markets. The bank’s NIM is stronger than its Midwest peers, given the more benign competitive dynamics within its core market. Eagle Bancorp Montana may be an acquisition target given its improved deposit franchise and industry-leading asset quality, and an acquirer may reduce the cost structure to improve the profitability of franchise. Given the relative size of the transaction that Eagle Bancorp of Montana is currently pursuing and the three transactions that have closed, the integration risk should be somewhat manageable. In bank mergers, the most important element of cost rationalization is the reduction of wages to gain efficiency. Investors should beware that Eagle Bancorp Montana is pursuing transactions that are too large to support.

Conclusion

In our view, while the valuation is attractive, we believe investors should be wary of the potential shortfall due to lower mortgage activity and, more importantly, a higher cost base for the bank. We believe Eagle Bancorp Montana is positioned in a market with a benign competitive environment. Improving cost of funding and industry-leading asset quality make it an acquisition target, although mergers and acquisitions are inherently uncertain in terms of timing and chances of success. We will be more excited about the bank’s growth prospects once the efficiency ratio achieves industry-leading status. For now, we are sitting on the sidelines.

Stocks fall further amid Ukraine crisis; S&P in correction | national news

February 22, 2022

Montana Mortgages

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NEW YORK (AP) — Stocks closed broadly lower on Tuesday after Russia sent forces to Ukraine’s eastern region and the United States, European Union and United Kingdom responded with protests. economic sanctions.

Rising geopolitical tensions have kept financial markets on edge, sending the S&P 500 into a correction – Wall Street is talking about a drop of at least 10% from its recent peak, but no more than 20%.

The benchmark fell 44.11 points, or 1%, to 4,304.76. That puts it 10.3% below the all-time high it hit on January 3. The index’s last correction dates back to the spring of 2020, when the pandemic upended the global economy. That correction deepened into a bear market — a decline of 20% or more — as the S&P 500 fell nearly 34% in about a month.

“We are behind the times, and right now the market has been thrown into turmoil by the punch of higher interest rates and geopolitical tensions,” said Sam Stovall, chief investment strategist at CFRA.

The Dow Jones Industrial Average and the Nasdaq composite also lost more than 1%.

The latest losses come as investors closely watched the crisis in Ukraine a day after Russia recognized the independence of several regions in eastern Ukraine and decided to send in forces. On Tuesday afternoon, President Joe Biden announced that the United States was ordering heavy financial sanctions against Russian banks and oligarchs, saying Moscow had flagrantly violated international law by invading Ukraine. Biden also said the United States was moving additional troops to the Baltic states on NATO’s eastern flank.

Earlier today, the 27 members of the European Union unanimously agreed to impose their own initial set of sanctions targeting Russian officials for their actions in Ukraine.

US crude oil prices jumped 1.4% after rising more than 3% previously as energy markets remained volatile. European natural gas prices jumped after Germany withdrew a key document needed to certify the Nord Stream 2 gas pipeline from Russia.

European stock markets, which were particularly sensitive to developments in the Russian-Ukrainian crisis, mostly closed lower.

The Dow Jones Industrial Average fell 482.57 points, or 1.4%, to 33,596.61. The blue chip index was down more than 700 points at the start. The Nasdaq slipped 166.55 points, or 1.2%, to 13,381.52.

Home Depot was the biggest weight on the Dow Jones and the biggest decliner in the S&P 500. It fell 8.9% as concerns over the home improvement retailer’s profit margins trumped a quarterly financial report by otherwise solid.

Tech stocks, which have an outsized impact on equity indices due to their high valuations, also weighed heavily on the S&P 500. Apple lost 1.8%.

Stocks of small companies fared less well than the market as a whole. The Russell 2000 Index fell 29.16 points, or 1.5%, to 1,980.17.

Bond yields rose. The 10-year Treasury yield rose to 1.93% from 1.92% on Friday night. Stock and bond markets were closed on Monday for the Presidents’ Day holiday.

The crisis in Ukraine is another concern for investors who started 2022 trying to figure out how the economy will fare amid rising inflation and impending interest rate hikes. Businesses face supply chain issues and higher raw material costs as demand for goods exceeds supply. The Federal Reserve plans to raise interest rates to fight inflation, but Wall Street is unsure how the number of rate hikes and their frequency will impact the market and the broader economy.

Investors also focused on the latest round of corporate report cards, especially department stores. Shares of Macy’s and Dillard’s initially rose after posting strong quarterly results, but eventually lost their gains. Macy’s fell 5% and Dillard’s 4.4%.

Mattress maker Tempur Sealy International fell 19.4% after posting disappointing financial results.

The conclusion of agreements also helped to lift several actions. The owner of television station Tegna rose 7.1% following a report that it is being bought by Standard General. Book publisher Houghton Mifflin Harcourt rose 15% after it announced its takeover by Veritas Capital.

————

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.

Two cases of child sexual abuse

February 18, 2022

Montana Mortgages

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The Missoula County Attorney’s Office filed 10 new criminal complaints this week, down two from last week. According to county attorney Kirsten Pabst, three of them involved crimes against persons.

“Two parents involved,” Pabst said. “The allegation is that a child victim had reported that his mother and stepfather had sexually abused him over time in various forms. We also assigned a paraeducator from Frenchtown. In this case, the accused would have used hidden cameras to film young people who lived in his home. He admitted to viewing the tapes more than once a week.

Pabst said his office also charged a defendant with assault with a weapon.

“In this case, the defendant got tired to break down the door of a trucking company and then got into a moving tractor-trailer, which was carrying a load of pharmaceuticals,” Pabst said. “An employee came out. The accused allegedly pulled a knife on the employee and chased him.

In addition, there was an assault case in which the accused allegedly headbutted a victim in a bar. Pabst said there were also four rather concerning cases of endangerment.

“One was a DUI felony,” Pabst said. “The accused was arrested with a blood alcohol level of 0.139. In the other three cases, they all involved criminal endangerment where there was extremely reckless driving that put members of the community at risk.

In these particular cases, Pabst said several innocent community members were at risk of death or serious bodily harm. You can listen to Pabst’s full report below:

WATCH: What major laws were 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.

24 Missoula businesses that have closed in the past two years

A large number of Missoula businesses have closed over the past two years for various reasons. Retirement, COVID-19, change of ownership…here’s a list of 24 businesses we’ve lost.

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.)

Rosendale hits back at former Montana governor over Cheney Censorship

February 16, 2022

Montana Mortgages

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Mark who? How do you pronounce his name? Rosco? Rackicoot? And where the hell is Roscoe anyway? (For those of you who know the big bumper sticker and the steakhouse.)

I must have joked on the radio Wednesday morning. Although many of you know and love former Montana governor Marc Racicot, many Montana residents may not remember the governor from the 1990s.

Anyway, when the headline flashed across the screens – “Racicot condemns RNC censorship of Cheney, Kinzinger” – I think most Montanans brushed it off. As Jenna in Billings messaged me on the radio Tuesday morning, “Didn’t he vote for Biden in 2020?” Yeah.

Montana Congressman Matt Rosendale (R-MT) fired back in favor of the Republican National Committee (RNC) and their vote to censure Liz Cheney and Adam Kinzinger. Here is a statement sent to me by the Rosendale office.

Rep. Matt Rosendale: When Liz Cheney and Adam Kinzinger accepted committee assignments from Nancy Pelosi to be part of the Jan. 6 partisan committee witch hunt because of their personal vendettas against President Trump, it was apparent that not only did they were out of touch with the Republican base, but were actively seeking to harm the Republican Party and our members. A formal censure of Cheney and Kinzinger from the Republican Party was absolutely justified.

Rosendale was one of the first to call on Wyoming Congresswoman Liz Cheney to resign as House Republican Conference Speaker last year. The GOP conference finally ousted her in May.

Rep. Matt Rosendale: Last year I led the charge to remove Liz Cheney as Republican Conference Speaker because instead of championing our conservative priorities, she used her bullying pulpit position against President Trump . Clearly Cheney and Kinzinger continue to do so to this day and report to Nancy Pelosi and the Democratic Party – we cannot allow members of the other team to join our caucus. I’m glad they were censored and I think they should be removed from the House Republican Conference.”

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.

Is the cost of in-place age upgrades getting you down? Help is available!

February 14, 2022

Montana Mortgages

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By Jim Miller

(SAVVY SENIOR) A number of financial assistance programs are available to help seniors with on-the-spot age upgrades. What is available for these types of home modifications and improvement projects will depend on your financial situation and where you live. Here are different options to explore.

Benefits of Medicare Advantage

Although Original Medicare generally does not pay for home improvements, if you are enrolled in a Medicare Advantage (Part C) plan, it may offer assistance with modifications as needed. Contact your Medicare Advantage provider to see if this is available.

Medicaid Waivers

If you’re low-income and eligible for Medicaid, most states have Medicaid Home and Community Based Services waivers that provide financial assistance to help seniors avoid nursing homes and stay home. Each state has different waivers, eligibility requirements, and benefits. Contact your Medicaid office for more information.

Non-Medicaid government assistance

Many state governments and several federal government agencies have programs that help low-to-moderate income seniors who are not eligible for Medicaid with home modifications. For example, the Department of Housing and Urban Development offers HUD home improvement loans through private lenders. Contact a HUD-approved counseling agency (call 800-569-4287) to learn more.

The US Department of Agriculture has a Rural Development Program that provides grants and loans to rural homeowners who want aging upgrades. Your local USDA service center can give you more information.

Many states also have financial assistance programs known as nursing home diversion programs. These programs, which may include grants or loans or a combination, help pay for modifications that allow older and disabled people to continue living at home. Covered modifications typically include accessibility improvements such as wheelchair ramps, handrails and grab bars.

To find out if there are programs in your area, contact the city or county housing authority (Housing Authorities of Montana), the local aging agency for the area (Agencies of Montana) (800-677 -1116) or the state housing finance agency (Montana agencies) – see NCSHA.org/housing-help.

Benefits for veterans

If you or your spouse are a disabled veteran, the VA offers grants such as the SAH, SHA, and HISA grants that will pay for aging-in-place improvements in the home. See Benefits. va.gov/benefits/factsheets/homeloans/sahfactsheet.pdf for details and eligibility requirements.

Some other VA programs to inquire about are the “Veteran-Directed Care” program and “Aid and Attendance or Housebound Benefits.” Both programs provide monthly financial benefits to eligible veterans, which can help pay for age-related upgrades on the spot. To learn more, visit VA.gov/geriatrics or call 800-827-1000.

Non-profit aid for in-place seniority upgrades

Depending on where you live, you may also be able to get help in the form of financial aid or volunteer work to help you make changes. One of the most notable is the organization Rebuilding Together (800-473-4229), which offers three programs: Safe at Home, Heroes at Home, and National Rebuilding Day.

Another option is community building projects, which provide seniors with volunteer labor to help them make improvements to their homes. To find projects in your area, do a web search containing the phrase “community building project” followed by your city and state.

Reverse Mortgage

Available to people aged 62 and over who own and currently live in their own home, a reverse mortgage will allow you to convert some of the equity in your home into cash – which can be used for home improvements. home – which doesn’t have to be paid back as long as you live there. But reverse mortgages are expensive loans, so this should be a last resort.

For more information on these and other financial assistance programs, go to PayingForSeniorCare.com and click on “Senior Care” followed by “Home Modifications”. ISI


Send your senior questions to: Savvy Senior, PO Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the BNC today show and book author, The wise elder.

Incident commander says natural immunity only lasts three months

February 12, 2022

Montana Mortgages

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On Friday, KGVO spoke with Missoula County Health Department Incident Commander Cindy Farr about plans to distribute a new supply of home testing kits from the state of Montana.

“We have received another allocation of test kits from the state health department and will be distributing them at our West Broadway facility,” Farr said. “You can pick them up at 3665 West Broadway. We will start distributing them on Monday. You don’t even have to get out of your car. You can just stop by and you will see the little line and where you need to go and you can pick them up during our opening hours.

Farr said home testing differs from testing administered in a clinic or healthcare facility.

“These are the rapid antigen test kits,” she said. “The difference is if you go to a clinic, usually you’re going to be tested with a PCR, (polymerase chain reaction) and who is sent to a lab for confirmation to be processed and home test kits are antigen tests. The big difference is that PCR will actually pick up a positive case very early in the disease, where those home test kits that have been distributed could take a day or two to show symptoms before the test becomes positive.

KGVO asked Farr about the theory that once a person gets COVID and recovers, they have natural immunity and don’t need to be vaccinated. She disagreed.

“We definitely encourage people to go ahead and get vaccinated, even if you’ve had COVID in the past,” she said. “Also be aware that you can get it again because basically when you get the disease you only end up developing antibodies for about three months and then after those three months, or after you recover, you’re not more protected against COVID.”

Conversely, Farr said it is vaccination that helps make antibodies.

“If you got COVID and got vaccinated, you actually have even higher immunity than people who just got vaccinated and didn’t get COVID. So if you’ve already had COVID and don’t want to worry about getting it again, come in and get vaccinated. It’s never too late. We are still running our vaccination clinic and we can help you with that and that will provide you with even more immunity.

Farr said the hours at the West Broadway location to pick up home test kits are 3:00 p.m. to 7:00 p.m. Monday and Tuesday; 9:00 a.m. to 4:00 p.m. Wednesday and Thursday; Friday from 9 a.m. to 1 p.m. and Saturday from 10 a.m. to 2 p.m.

WATCH: What major laws were 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.

Popular child stars of each year

Below, Stacker sifted through movie databases, movie histories, celebrity biographies, and digital archives to compile this pint-sized list of popular actors from 1919-2021.

WATCH: 100 years of American military history

Montana is the No. 4 state with the largest black homeownership gap

February 11, 2022

Montana Mortgages

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For many, along with financial independence, becoming a homeowner is considered the quintessential American dream. Home ownership is one of the fundamental tools for creating wealth in the United States, but historically black home buyers have faced unfair policies and systematic discrimination, such as getting low rates. higher interest from mortgage lenders and real estate agents.

During the Great Depression of the 1930s, the federal government implemented ways to strengthen homeownership by creating the Home Owners’ Loan Act in 1933 as well as the Home Owners’ Loan Corporation (HOLC). The goal of these efforts was to help stimulate mortgage financing. The HOLC would pioneer the neighborhood rating system, known today as redlining. For decades, these neighborhood maps and rankings served as a model in real estate practices. Predominantly white neighborhoods were considered more desirable and lower risk to bankers and other lenders and were coded green by this ranking system. Neighborhoods with predominantly black, Hispanic, and Asian residents were often closer to industrial locations and were considered “unsafe” and coded red.

The black-white homeownership gap is wider today (30%) than it was in 1968, when the Fair Housing Act was originally passed, prohibiting discrimination in housing. selling, renting or financing a home.

Census data from 2019 showed nearly 72% of white families are homeowners, compared to just 42% of black families. Black homeownership rates have steadily declined over the years, even before the housing market crash of 2008. The average first home purchased by a black buyer is valued at $127,000, but he racks up $90,000. $ in mortgage debt, while white first-time buyers’ homes are valued at $139,000 with mortgage debt of $75,000. This puts black buyers in more debt for a less valued asset, weakening their investment returns. Most southern states have over 50% black homeownership rates.

Stacker compiled a list of statistics on the black property gap in Montana using data from the US Census Bureau. The homeownership rate is the percentage of all households that are owner-occupied as estimated 2019 year over year.

Montana in numbers

– Home ownership gap among Blacks: 51.6%
– #4 highest among all states
– Home ownership rate: 68.9%
— Black homeownership rate: 19.7% (3rd lowest among all states)
— Rate of white owners: 71.3%
— Home ownership rate for American Indians and Alaska Natives: 47.7%
— Homeownership rate in Asia: 52.8%
— Home ownership rate among Hispanics: 43.8%

States with the Largest Black Homeownership Gap

#1. North Dakota: 61.5%
#2. Wyoming: 56.6%
#3. Minnesota: 51.7%

States with the lowest black homeownership gap

#1. Washington, D.C.: 15.3%
#2. Alaska: 23.1%
#3. Maryland: 24.9%

Montana is the #4 state with the widest black homeownership gap | Montana News

February 10, 2022

Montana Mortgages

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For many, along with financial independence, becoming a homeowner is considered the quintessential American dream. Home ownership is one of the fundamental tools for creating wealth in the United States, but historically black home buyers have faced unfair policies and systematic discrimination, such as getting low rates. higher interest from mortgage lenders and real estate agents.

During the Great Depression of the 1930s, the federal government implemented ways to strengthen homeownership by creating the Home Owners’ Loan Act in 1933 as well as the Home Owners’ Loan Corporation (HOLC). The goal of these efforts was to help stimulate mortgage financing. The HOLC would pioneer the neighborhood rating system, known today as redlining. For decades, these neighborhood maps and rankings served as a model in real estate practices. Predominantly white neighborhoods were considered more desirable and lower risk to bankers and other lenders and were coded green by this ranking system. Neighborhoods with predominantly black, Hispanic, and Asian residents were often closer to industrial locations and were considered “unsafe” and coded red.

The black-white homeownership gap is wider today (30%) than it was in 1968, when the Fair Housing Act was originally passed, prohibiting discrimination in housing. selling, renting or financing a home.

Census data from 2019 showed nearly 72% of white families are homeowners, compared to just 42% of black families. Black homeownership rates have steadily declined over the years, even before the housing market crash of 2008. The average first home purchased by a black buyer is valued at $127,000, but he racks up $90,000. $ in mortgage debt, while white first-time buyers’ homes are valued at $139,000 with mortgage debt of $75,000. This puts black buyers in more debt for a lower valued asset, which weakens their returns on investment. Most southern states have over 50% black homeownership rates.

Stacker compiled a list of statistics on the black property gap in Montana using data from the US Census Bureau. The homeownership rate is the percentage of all households that are owner-occupied as estimated 2019 year over year.

Montana in numbers

– Homeownership gap among Blacks: 51.6%

—#4 highest among all states

– Home ownership rate: 68.9%

— Black homeownership rate: 19.7% (#3 lowest among all states)

— White home ownership rate: 71.3%

— American Indian and Alaska Native home ownership rate: 47.7%

— Home ownership rate in Asia: 52.8%

— Home ownership rate among Hispanics: 43.8%

States with the Largest Black Homeownership Gap

#1. North Dakota: 61.5%

#2. Wyoming: 56.6%

#3. Minnesota: 51.7%

States with the lowest black homeownership gap

#1. Washington, D.C.: 15.3%

#2. Alaska: 23.1%

#3. Maryland: 24.9%

Stocks close higher, bond yields hit pre-pandemic high | national news

February 8, 2022

Montana Mortgages

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Tech companies and banks helped lift stocks on Wall Street on Tuesday as the market rebounded from an early plunge to more than offset its losses the day before.

The S&P 500 rose 0.8% after falling 0.4%. More than three-quarters of stocks in the benchmark index posted gains. The Dow Jones Industrial Average rose 1.1% and the Nasdaq composite gained 1.3%.

Bond yields rose, taking the 10-year Treasury yield to the highest level since before the pandemic began.

The indices were all down at the start of the session, but turned significantly higher around mid-morning. This reversal gained momentum after the S&P 500 broke through 4,500 points, an important “resistance level” that traders watch for when trying to guess the direction in which a stock or index is heading. will then move.

“Maybe today was more of a technical decision as the market broke through this important resistance level,” said Sam Stovall, chief investment strategist at CFRA.

The S&P 500 rose 37.67 points to 4,521.54. The index is now about 5.7% below the all-time high it hit on Jan. 3.

The Dow gained 371.65 points to 35,462.78 and the Nasdaq rose 178.79 points to 14,194.45.

Shares of small companies have outpaced the broader market, a potential sign that investors are optimistic about economic growth. The Russell 2000 rose 32.77 points, or 1.6%, to 2,045.37.

The mostly muted trading so far this week follows weeks of volatility for major indices. Rising inflation and the Fed’s plan to raise interest rates to combat it were the primary concerns for investors. Any rate hike would mark a sharp turnaround from much of the past two years, when ultra-low rates drove up prices for everything from stocks to cryptocurrencies.

“We’re in a bit of a holdover situation right now,” said Ross Mayfield, investment strategy analyst at Baird. “A lot of short-term indigestion is taken care of.”

The Labor Department’s latest consumer price report released Thursday will give Wall Street another update on the depth of inflation hitting consumers’ wallets. Economists expect inflation to rise 7.3% in January, which would show that inflation remains at its highest level in four decades. This could add to concerns about how often the Fed will raise rates this year.

Tuesday afternoon’s market rebound could suggest investors are assuming the consumer price index report will show a smaller increase than expected, Stovall said.

“We could see the 10-year yield retrace some of its milestones in the coming days,” he said.

The yield on the 10-year Treasury note rose to 1.96%, its highest level since before the pandemic. The yield, which is used to set interest rates on mortgages and many other types of loans, traded at 1.91% late Monday.

Banks, which are benefiting from rising interest rates and rising bond yields, made solid gains. Bank of America rose 1.8%. Commodity companies, including steel and paper makers, also gained ground.

Technology companies accounted for much of the S&P 500 rally. Apple rose 1.8%.

Chipmaker Nvidia rose 1.5% after suffering an early loss following news that it was ending its plan to buy chip designer Arm from Softbank.

Retailers and other businesses that rely on direct consumer spending have also helped boost the market. Amazon.com rose 2.2% and Home Depot 1.1%.

The price of US crude oil fell 2.1% and weighed on energy stocks. Chevron fell 1.5%.

Peloton jumped 25.3% after announcing a company shakeup that included the resignation of its co-founder as CEO and major job cuts.

Investors continued to scrutinize the latest corporate results with mixed reactions. Pfizer fell 2.8% after giving Wall Street disheartening earnings and revenue forecasts. Harley-Davidson jumped 15.5% after reporting a surprising fourth-quarter profit.

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

Sales Boomerang’s Reverse Mortgage Alert Helps Lenders Bring Timely Home Equity Opportunities to More Homeowners | national news

February 7, 2022

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Additionally, enhancements to Sales Boomerang’s rate alert improve its accuracy, speed, and ease of use.

BALTIMORE, Md., Feb. 7, 2022 (SEND2PRESS NEWSWIRE) — Sales Boomerang, the mortgage industry’s top-rated automated borrower intelligence and retention system, today announced the launch of Reverse Mortgage Alert, a new addition to its pantheon of automated borrower intelligence. products, as well as significant enhancements to the company’s existing Rate Alert product.

The all-new Reverse Mortgage Alert notifies lenders when a previous or prospective borrower would be a good candidate for a Home Equity Conversion Mortgage (HECM), also known as a Reverse Mortgage. Sales Boomerang’s reverse mortgage alerts help lenders identify contacts who could qualify for a reverse mortgage based on their current age and accumulated equity in their property. As US homeowners sit on historic levels of untapped home equity, Reverse Mortgage Alert gives lenders the head start they need to connect with Reverse Mortgage prospects before the competition.

Reverse mortgages include both HUD-insured and proprietary home equity loan products that offer unique ways for senior homeowners — typically age 62 and older — to tap into the equity in their home. Reverse mortgages can be used to finance the purchase of a new home, make improvements to an existing home, pay for long-term care or medical expenses, or supplement a homeowner’s retirement income, among other things. .

“With untapped real estate capital at an all-time high, this latest expansion to our award-winning suite of automated borrower intelligence and retention alerts is extremely timely,” said Mike Spotten, Boomerang’s vice president of sales. “By enabling Reverse Mortgage Alerts, Sales Boomerang users can create healthier lending pipelines while helping customers access lending options they would otherwise learn from a competitor – or perhaps they didn’t learn at all.”

Sales Boomerang has also improved its existing rate alert. A new feature allows users to limit the frequency of alerts they receive. Additionally, tighter integration with Optimal Blue eliminates the need for lenders to manually update their rates in Sales Boomerang; instead, lenders receive timely and accurate rate alerts based on Optimal Blue Mortgage Market™ indices. For more information on Sales Boomerang’s Rate Watch and Reverse Mortgage Alert offerings, contact your Customer Success Representative or email [email protected]

About Sales Boomerang:

Sales Boomerang transformed the relationship between mortgage lenders and borrowers with the introduction of the first automated borrower information system in 2017. The company’s smart alerts notify lenders the moment a former client or prospect is ready and qualified for a loan. More than 150 lenders, including brokers, independent mortgage companies, credit unions and banks, trust Sales Boomerang, the mortgage industry’s #1 borrower engagement tool, to help build lasting relationships with borrowers that maximize customer lifetime value. To date, Sales Boomerang alerts have enabled lenders to close more than $150 billion in incremental loan volume that would otherwise have been overlooked and achieve customer retention rates that exceed industry standards. 3 to 5 times on average. To learn more about Sales Boomerang and its No Borrower Left Behind™ philosophy, visit https://www.salesboomerang.com.

@SalesBoomerang #fintech #digitalmortgage #mortgageindustry #mortgagemarketing #noborrowerleftbehind

NEWS SOURCE: Sales Boomerang

This press release has been issued on behalf of the source of the information (Sales Boomerang) who is solely responsible for its accuracy, by Send2Press® Newswire. Information is believed to be accurate but not guaranteed. Story ID: 78734 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/sales-boomerangs-reverse-mortgage-alert-helps-lenders-bring-timely-home-equity-opportunities-to-more-homeowners/

Disclaimer: The content of this press release was not created by The Associated Press (AP).

Copyright 2022 Send2Press Newswire

Baltimore’s top prosecutor pleads not guilty in federal case | national news

February 4, 2022

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BALTIMORE (AP) — Baltimore’s top prosecutor pleaded not guilty Friday to making false statements on financial documents to withdraw money from his retirement savings and buy two vacation homes in Florida.

State’s Attorney Marilyn Mosby pleaded in a remote hearing for her initial appearance and arraignment in federal court.

Defense attorney A. Scott Bolden said Mosby wants a jury trial to begin within 60 days.

“It’s a politically charged case. My client is in the middle of a re-election campaign. The government has decided to bring an indictment against her in four or five months,” Bolden said.

U.S. Magistrate Judge J. Mark Coulson, who presided over Friday’s hearing, told Bolden he needed to review his request for a trial date with U.S. District Judge Lydia Kay Griggsby. A conference call between Griggy and the lawyers is scheduled for February 23.

A trial is expected to last four days. Prosecutors did not seek Mosby’s pretrial detention.

Mosby, 41, was elected Baltimore State’s Attorney in 2014 and re-elected in 2018. She received national acclaim in 2015 for bringing criminal charges against six police officers in the death of Freddie Gray, a black man whose the neck was broken in custody. Gray’s death sparked protests and riots. None of the officers have been convicted.

On Jan. 13, a grand jury indicted Mosby on two counts of perjury and misrepresentation on a loan application to purchase a house in Kissimmee, Florida, and a condominium in Long Boat Key. , in Florida.

The indictment accuses her of falsely stating that the COVID-19 pandemic had damaged her finances so that she could withdraw $90,000 from her municipal retirement account. Mosby’s gross salary in 2020 was over $247,000 and was never reduced, according to the indictment.

Bolden said the state of Mosby’s fledgling private businesses — Mahogany Elite Travel, Mahogany Elite Enterprises LLC and Mahogany Elite Consulting — allowed him to make the withdrawals.

Mosby used money from his retirement account to make down payments on Florida home purchases in 2020 and 2021, the indictment alleges.

The indictment also charges Mosby with making false statements in mortgage applications to purchase the Florida homes. She was required to disclose her debts, but did not disclose in either request that she had unpaid federal taxes from previous years, the indictment says.

Mosby denied lying on his mortgage applications.

“I wanted the people of Baltimore to hear from me: I did nothing wrong. I did not defraud anyone to take money from my retirement savings,” she said last month.

Mosby is married to Baltimore City Council President Nick Mosby. He has not been charged with any crime.

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

A plunge in Facebook’s parent company weighs on tech stocks | national news

February 3, 2022

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A historic drop in the stock price of Facebook’s parent company helped send other tech stocks tumbling on Wall Street on Thursday, abruptly ending a four-day winning streak for the market.

The 26.4% wipeout of meta platforms, as the owner of Facebook is now known, wiped out more than $230 billion in market value, by far the biggest one-day loss in history for a company American. Shares of other social media companies, including Twitter and Snap, also fell.

Because Meta is highly valued, a large swing in its stock price can also cause broader stock indices to fall or rise. The S&P 500 fell 2.4%, its biggest decline in nearly a year. The tech-focused Nasdaq composite fell 3.7%, its biggest loss since September 2020. The Dow Jones Industrial Average, which doesn’t include meta platforms, fell 1.5%.

Meta sank after forecasting revenue well below analysts’ expectations for the current quarter following privacy changes by Apple and increased competition from TikTok. It’s a disappointment for a company that investors have become accustomed to delivering spectacular growth. Meta also reported a rare drop in profits due to a sharp increase in expenses as it invests to transform itself into a virtual reality-based company.

The sharp drop weighed on fellow Twitter, which fell 5.6%. Snapchat’s parent company, Snap, fell 23.6% and Pinterest 10.3%. Snap soared 54% and Pinterest jumped 28% in aftermarket trading after each reported better-than-expected results. Amazon.com jumped 18% in after-hours trading after posting strong fourth-quarter results despite supply chain issues.

Big tech and communications companies have been instrumental in driving gains for the overall market throughout the pandemic and much of the recovery in 2021, but the market appears to have changed, Brad said. McMillan, Chief Investment Officer for Commonwealth Financial Network.

“There’s a general feeling that what drove the market up isn’t going to take us to the next level,” McMillan said. “The question is, where is the next engine of growth coming from?”

The S&P 500 fell 111.94 points to 4,477.44. The Dow Jones lost 518.17 points to 35,111.16. The Nasdaq slipped 538.73 points to 13,878.82.

Shares of smaller companies also fell. The Russell 2000 Index fell 38.48 points, or 1.9%, to 1,991.03.

Communications and technology stocks recorded some of the largest losses. These sectors have been the source of much of the market volatility since the start of the year, with investors shifting money in anticipation of higher interest rates. Higher rates make stocks of high-flying tech companies and other expensive growth stocks relatively less attractive to investors.

Bond yields rose sharply on Thursday. The yield on the 10-year Treasury note, which serves as a benchmark for setting interest rates on mortgages and many other types of loans, rose to 1.84% from 1.76% on Wednesday evening.

Wall Street is anticipating the Federal Reserve’s first interest rate hike in March and is cautiously watching how the central bank will regulate future hikes to help fight rising inflation.

“It’s not a perfect road, it will be bumpy, but the direction is pretty clear,” said Guy LeBas, chief fixed income strategist at Janney Capital Management.

Inflation will likely persist until supply chains loosen and help reduce costs for businesses, while lowering prices for consumers. Still, the Fed needs to convince people that it is taking action to fight rising inflation.

“The idea is that increasing short-term rates reduces the perception that inflation will be higher in the future,” LeBas said. “If the Fed gets it right, expectations won’t rise.”

In Europe, the Bank of England raised interest rates for the second time in three months, moving faster to control inflation than the Fed and the European Central Bank. Meanwhile, the head of the ECB said record inflation could persist “longer than expected” and appeared to open the door ever so slightly for a rate hike this year. Stock markets in Europe fell.

Spotify fell 16.8% after the major music streaming service gave investors a weak outlook for a closely watched measure of its earnings. The company has come under pressure after Neil Young removed his music from its platform in protest at the spread of misinformation about COVID-19 by star Spotify podcaster Joe Rogan. Other musicians followed.

Wall Street’s losses ended a string of strong daily gains for the major indices this week, although they are still on track for weekly gains. Investors have been encouraged by strong earnings reports from companies including Apple, Exxon, UPS and Alphabet, Google’s parent company, over the past few days.

Some earnings reports drew positive reactions on Thursday. Mobile operator T-Mobile rose 10.2% after posting strong results. Health insurer Humana rose 6.2% and high-end clothing company Ralph Lauren rose 3.5% after also reporting encouraging financial results.

But aside from these positives, the fall in equities has been broad. Retailers, industrial companies and energy companies also fell. Manufacturers of household and personal goods made gains.

Investors are also bracing for the latest update on the job market recovery. The Labor Department will release its January monthly report on Friday.

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

Proposed Slavery Reparations Commission in Boston | national news

February 1, 2022

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BOSTON (AP) — Boston would form a new commission to assess how it can provide reparations and other forms of atonement for its role in slavery and its legacy of inequality, under a proposal presented to the council city ​​this week.

The order presented Wednesday by Councilwoman Julia Mejia calls on the special panel to document the disparities and “historical damage” suffered by black Bostonians, drawing on oral histories, archival research, community forums and other resources.

The commission would then issue its findings within two years, outlining how Boston can officially apologize for its role in the slave trade, how the city’s laws and policies continue to disproportionately impact African Americans, and how these injuries can be reversed, according to a copy of the proposal provided to The Associated Press.

The proposal represents the “final stretch” in a decades-long effort to get the city to recognize and atone for its role in slavery, said Tammy Tai, deputy director of King Boston, one of the local organizations that will have a seat on the draft 15- members committee.

“We are at a catalyst moment,” she said Tuesday. “Repairs can actually take place in Boston.”

King Boston, which is also working to create a Boston memorial to honor Dr. Martin Luther King, Jr. and Coretta Scott King, has already begun compiling historical research on the damage inflicted on the black community of Boston which he hopes will be incorporated into the work of the commission, according to Taï.

Mejia said the proposal was co-authored by Yvette Modestin, founder and executive director of advocacy group Encuentro Diaspora Afro, and Dr. Jemadari Kamara, professor of African studies at the University of Massachusetts Boston.

A spokeswoman for Mayor Michelle Wu said in a statement that she is reviewing it and “looks forward to working with City Council to advance racial equity.”

The proposed order indicates that Boston benefited from and was complicit in supporting and funding slavery even after Massachusetts abolished the practice in 1780.

City leaders also created a society that limited opportunities for black residents after emancipation. The result was that in 2015, a Federal Reserve Bank of Boston report found a wide wealth gap between white and black families in Boston, the proposal says.

The proposed order notes that atonement can take various forms, not just direct financial payments to affected Black residents. It says Boston may also consider “rehabilitation” efforts that provide care and services to victims, and restitution, which aims to restore a victim to their position before the violations occurred.

Tai said the city should look at how Evanston, Ill., has developed its repairs program. The Chicago suburb became the first U.S. city to start paying for repairs last year with a program giving eligible black residents housing subsidies to help pay down payments, home repairs and existing mortgages.

“It’s not just about issuing checks,” Tai said. “This is a complete healing of the community.

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

Biden is the ‘chief trafficker’

January 31, 2022

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He is not the commander in chief. He is the “chief trafficker”. That’s how Rep. Kat Cammack (R-FL), the youngest Republican in Congress, described Joe Biden after his disastrous first year as president.

Congresswoman Cammack headlined the Montana Republican Party’s winter kickoff in capital Helena on Friday night. She joined us earlier on the statewide radio show – “Montana Talks with Aaron Flint”.

I asked him about all the news about the Ukrainian border, but where is the attention on our own borders here in America?

Rep. Cammack: I’ve seen human trafficking – these little kids getting raped and mugged, Border Patrol agents with their hands tied behind their backs. And it’s really just a giant, expensive welcome party. And that’s why I don’t even call Biden commander in chief, I call him chief trafficker because he created a system where if you’re a member of the cartel, if you’re a trafficker, if you’re a drug dealer dealer – it’s a great day in America for you because you have someone in the White House supporting you. But if you’re a law-abiding citizen just trying to make a living – you get the small end of the stick, because we’re paying for these flights, these bus tickets – we’re paying for the health care of all these illegals, and under the Trump administration, this would NEVER have been tolerated.

Check out the full audio on our podcast:

She also opened up about her run-ins with Nancy Pelosi and AOC, and being a young woman in Congress:

Rep. Cammack: If you’re a conservative Republican woman, you’re public enemy number one in the eyes of the left, because you’re a traitor to your gender, even though they’re very confused about what gender is. I’ve seen more vitriol and hatred from the left because I’m a conservative young woman.

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.

US New Home Sales Jump in December as Prices Fall | national news

January 26, 2022

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SILVER SPRING, Md. (AP) – Sales of new single-family homes in December hit a 10-month high as buyers bought cheaper homes in anticipation of higher interest rates.

The increase took the pace of seasonally adjusted annual sales to 811,000 for the month, the Commerce Department said, an 11.9% increase from the November figure, which was revised down to 725,000 from 744. 000.

The median price of a new home, the point where half the homes have sold for more and the other half for less, fell to $377,700 last month, its lowest level since June but about 4% higher only in December 2020.

In the months following the pandemic outbreak in the spring of 2020, new home sales skyrocketed as people sought more space. Taking into account the large increase in December, sales for 2021 fell 14% compared to 2020.

New home sales rose in three of the four regions, with the Midwest leading the way with a whopping 56.4% increase. Sales rose 14.9% in the south and nominally in the west, offsetting a 15.6% decline in the northeast.

Historically low mortgage rates have fueled housing demand, although rates are expected to rise as the Federal Reserve scales back its bond purchases to curb soaring inflation. Mortgage buyer Freddie Mac says the average 30-year long-term mortgage rate in the United States has risen from just over 3% a month ago to 3.5% last week, the highest level since March 2020.

With the Fed set to announce its first rate hike since the start of the pandemic, the Mortgage Bankers Association reported Wednesday that for the week ending Jan. 21, mortgage applications fell 7.1% from the previous week with an even bigger drop – about 13% – in the number of people looking to refinance existing mortgages.

The National Association of Realtors reported last week that sales of previously occupied homes fell in December for the first time in four months as many potential buyers were bailed out, frustrated by the lowest level of available homes in more than two decades.

Median existing home prices also rose at a blistering pace, jumping nearly 16% from a year ago to $358,000. Homes sold in 19 days on average and the number of homes for sale fell to just 910,000 in December, the lowest number since records began in 1999. The lack of previously occupied homes has put further pressure on homebuilders, who have accumulated huge backlogs of orders. to be completed in 2022.

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

Former AME Zion Church leaders charged with $14 million fraud | national news

January 26, 2022

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OAKLAND, Calif. (AP) — A former bishop and lay leader of a historically African-American church has been accused of defrauding California congregations by mortgaging their properties to obtain $14 million in loans they used for personal expenses, authorities said on Tuesday.

An unsealed federal indictment on Tuesday charges Staccato Powell, 62, of Wake Forest, North Carolina, and Sheila Quintana, 67, of Vallejo, Calif., with conspiracy and wire fraud, with Powell also being charged with mail fraud , the U.S. Attorney’s Office for the North said the District of California in a statement.

Both men were arrested on Tuesday and appeared in courts in North Carolina and Sacramento, Calif., prosecutors said. It was not immediately clear if they had attorneys to speak on their behalf.

Powell was elected bishop in 2016 of the African Methodist Episcopal Church of Zion, whose history dates back to 1796 and has about 1.4 million members, authorities said. He led congregations in the western United States but was stripped in a church trial last year after officials concluded he had mishandled funds.

The indictment says Powell and Quintana created Western Episcopal District, Inc. and used the entity to illegally obtain grant deeds for properties owned by congregations in Oakland, San Jose, Palo Alto and Los Angeles. .

The congregations had little to no mortgage debt until the couple, without permission, used their real estate as collateral to secure more than $14 million in high-interest loans, prosecutors said .

Some congregations that had paid off mortgages years earlier found themselves in debt, prosecutors said.

Powell and Quintana then embezzled money for personal gain, including canceling a mortgage on Powell’s home in North Carolina, buying real estate there and making cash payments to Quintana’s spouse, said the prosecutors.

Western Episcopal District, Inc. filed for Chapter 11 bankruptcy in 2020 and listed 11 churches in California, Arizona and Colorado among its assets, authorities said.

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

2022 GMC Sierra AT4 MultiPro Tailgate

January 24, 2022

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Autoblog Editor Greg Migliore shows off the functionality of the MultiPro tailgate on the 2022 GMC Sierra AT4 pickup truck. It was first released in 2021 and is available across the Sierra lineup. The truck tested is a 1500 Limited with the EcoDiesel powertrain. It stickers for around $67,400. MultiPro offers six functions, including step, full-open, work surface and more. It also opens in the traditional way and the tailgate panels can function as a bed extension. The MultiPro tailgate is known as MultiFlex on the Chevy Silverado.

Video transcript

GREG MIGLIORE: Hey, everyone it’s Greg Migliore. And in this Autoblog Shortcut, I’m going to show you how the 2022 GMC Sierra MultiPro hatchback works. So let’s check it out. This is probably a familiar feature for many of you. You can do a lot with it. So let’s start here by giving you some articulation here in the back if you like some. Save it, that’s it. See, it might be good for kayaks, canoes, 2-by-4s, that sort of thing.

Now let’s go and do this. There is another kind of natural thing. Traditional bed opening, that’s right. Here. We can also go ahead and do it. So there you go, open up a bit more. Excuse me, a van just passed. And then there is the stage. So you can do a lot of different things with the Sierra’s bed using the MultiPro feature. I think that’s pretty cool. GMC launched it a few years ago. We see it on some Chevys now, and it’s pretty good for pickup truck owners.

For Autoblog, I’m Greg Migliore.

The Best Regional Banks Across the Mountain States

January 21, 2022

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amircudic / iStock.com

The geographically massive mountainous region — and its many banks and credit unions — stretches from the Canadian border to the Mexico-California border in the Midwest. It includes New Mexico, Arizona, Colorado, Utah, Nevada, Wyoming, Idaho and Montana.

GOBankingRates’ Top Picks: The Best Online Banks of 2022
And more: the best national banks of 2022

As in all other parts of the country, a few giant corporate banks are among the best in the region, as well as regional heavyweights with a few hundred branches and smaller chains with a few dozen. Unlike some regions, however, none of the top 10 is really a small franchise with just a few locations.

GOBankingRates identified the best banks and credit unions in the Mountains region by looking at the 12-month savings and CD returns offered by each, as well as the number of branches and whether or not they charge verification fees. These four main considerations are outlined in the list, but the ranking also weighed the presence or absence of human-to-human live chat and 24/7 customer service, as well as each bank’s other offerings, such as credit cards, car loans, insurance. , mortgage loans and investment services. Finally, the rankings took into account each institution’s app reviews and ratings in Android and Apple stores.

Read on to learn more about the best places to keep your money in the Mountain States.

JPMorgan Chase

  • Branches: 4,960
  • Verification fees: $12
  • APY savings: 0.01%
  • CD APY 12 months: 0.02%

Learn more about this financial institution in our full review about it.

Discover: 40 financial habits that can ruin you

Federal Naval Credit Union

  • Branches: 298
  • Verification fees: $0
  • APY savings: 0.25%
  • CD APY 12 months: 0.55%

Learn more about this financial institution in our full review about it.

Bank of America

  • Branches: 4,215
  • Verification fees: $12
  • APY savings: 0.01%
  • CD APY 12 months: 0.03%

Learn more about this financial institution in our full review about it.

Important: 25 things you should never do with your money

Wells Fargo

  • Branches: 5,024
  • Verification fees: $10
  • APY savings: 0.01%
  • CD APY 12 months: 0.01%

Learn more about this financial institution in our full review about it.

American Airlines Credit Union

  • Branches: 38
  • Verification fees: $4.75
  • APY savings: 0.40%
  • CD APY 12 months: 0.50%

Learn more about this financial institution in our full review about it.

See: Old-school money advice you shouldn’t follow anymore

Financial of the desert

  • Branches: 48
  • Verification fees: $0
  • APY savings: 0.1%
  • CD APY 12 months: 0.35%

Learn more about this financial institution in our full review about it.

KeyBank

  • Branches: 1,046
  • Verification fees: $0
  • APY savings: 0.01%
  • CD APY 12 months: 0.05%

Learn more about this financial institution in our full review about it.

American bank

  • Branches: 2,319
  • Verification fees: $6.95
  • APY savings: 0.01%
  • CD APY 12 months: 0.05%

Learn more about this financial institution in our full review about it.

Read more: A third of people have $100 or less in their checking accounts, survey finds — Here’s how many experts say you should actually have

Ent

  • Branches: 45
  • Verification fees: $0
  • APY savings: 0.05%
  • CD APY 12 months: 0.29%

Learn more about this financial institution in our full review about it.

BMO Harris

  • Branches: 552
  • Verification fees: $0
  • APY savings: 0.01%
  • CD APY 12 months: 0.05%

Learn more about this financial institution in our full review about it.

More from GOBankingRates

Methodology: To discover the Top 100 Banks, GOBankingRates looked at all institutions with published data available (national, regional, local, and online) from the Best Banks 2021 categories as well as all credit unions with more than $1 billion in dollars of total assets and accessible to a wide audience. GOBankingRates considered the following factors: (1) total assets from the FDIC and NCUA; (2) the number of branches from the FDIC and NCUA; (3) annual current account fees; (4) savings account APY rate; (5) 12-month APY CD rate; (6) customer service products offered (24/7 customer service and live chat with a human); (7) Bauer rating (out of 5 stars); (8) products/services offered (car loans, mortgages, credit cards, investment services and insurance); and (9) the average mobile app rating between Android and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (4) were weighted 1.5 times in the final rating, factor (2) was weighted 2 times, factor (6) was weighted 0.5 times and factor (8) was weighted 2.5 times. For all savings and checking account data, only the core accounts/products offered at each institution were analyzed. All data current as of 12/08/21, rates and fees are subject to change.

About the Author

Andrew Lisa has been writing professionally since 2001. An award-winning writer, Andrew was previously one of the youngest nationally distributed columnists for the nation’s largest newspaper syndicate, the Gannett News Service. He worked as a business editor for amNewYork, the most widely distributed newspaper in Manhattan, and worked as an editor for TheStreet.com, a financial publication at the heart of New York’s Wall Street investment community. .

30- and 20-year mortgage refinance rates end the week with a surprise drop | January 21, 2022

January 21, 2022

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Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Check out the January 21, 2022 mortgage refinance rates, which have been mixed since yesterday. (iStock)

Based on data compiled by Credible, current mortgage refinance rates have fallen for longer repayment terms while remaining stable for shorter terms since yesterday.

  • Refinancing at a fixed rate over 30 years: 3.625%, vs 3.750%, -0.125
  • Refinancing at a fixed rate over 20 years: 3.375%, vs 3.500%, -0.125
  • Refinancing at a fixed rate over 15 years: 2.875%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.875%, unchanged

Rates were last updated on January 21, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

Despite gradual gains since last week, mortgage refinance rates unexpectedly fell today for 30- and 20-year repayment terms. With 20-year rates at the advantageous level of 3.375% and 15- and 10-year rates holding at 2.875% for a third day in a row, homeowners could realize interest savings by refinancing under one of these conditions. Homeowners who took out their mortgage when interest rates were higher can also save with a 30-year refinance.

These rates are based on the assumptions indicated here. Actual rates may vary.

If you are considering refinancing your home loan, consider using Credible. Whether you want to save money on your monthly mortgage payments or are considering a cash refinance, Credible’s free online tool will let you compare rates from multiple mortgage lenders. You can see pre-qualified rates in as little as three minutes.

Current 30-year fixed refinance rates

The current rate for a 30-year fixed rate refinance is 3.625%. It’s been down since yesterday. Refinancing a 30-year mortgage into a new 30-year mortgage might lower your interest rate, but may not have much of an effect on your total interest costs or your monthly payment . Refinancing from a shorter-term mortgage to a 30-year refinance could result in a lower monthly payment but higher total interest charges.

Current 20-year fixed refinance rates

The current rate for a 20-year fixed rate refinance is 3.375%. It’s been down since yesterday. By refinancing a 30-year loan to a 20-year refinance, you could get a lower interest rate and lower total interest costs over the life of your mortgage. But you can get a higher monthly payment.

Current 15-year fixed refinance rates

The current rate for a 15-year fixed rate refinance is 2.875%. It’s the same as yesterday. A 15-year refinance might be a good choice for homeowners looking to strike a balance between lowering interest costs and maintaining a manageable monthly payment.

Current 10-year fixed refinance rates

The current rate for a 10-year fixed rate refinance is 2.875%. It’s the same as yesterday. A 10-year refinance will help you pay off your mortgage sooner and maximize your interest savings. But you could also end up with a higher monthly mortgage payment.

You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.

Rates were last updated on January 21, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

Is it the right time to refinance?

Mortgage refinance rates have been at historic lows all year. They are unlikely to go much lower and it is extremely possible that they will start to rise in the coming months. But low rates aren’t the only factors that determine whether the time is right for you to refinance your home loan.

Everyone’s situation is different, but in general, it might be a good time to refinance if:

  • You will be able to get a lower interest rate than you currently have.
  • Refinancing will save you money over the life of your home loan.
  • Your refinance savings will ultimately outweigh the closing costs.
  • You know you’ll stay in your home long enough to recoup the refinance costs.
  • You have enough equity in your home to avoid private mortgage insurance (PMI).

If your home needs major and expensive repairs, now may be the time to refinance to take out some of the equity to pay for those repairs. Just be aware that lenders generally limit the amount you can take out of your home in a cash refinance.

How to get your lowest mortgage refinance rate

If you want to refinance your mortgage, improve your credit score, and pay off any other debt, you could secure a lower rate. It’s also a good idea to compare rates from different lenders if you’re hoping to refinance so you can find the best rate for your situation.

Borrowers can save an average of $1,500 over the term of their loan by purchasing just one additional rate quote, and an average of $3,000 by comparing five rate quotes, according to research by Freddie Mac.

Be sure to shop around and compare rates from several mortgage lenders if you decide to refinance your mortgage. You can do this easily with Credible’s free online tool and see your prequalified rates in just three minutes.

How does Credible calculate refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence how mortgage refinance rates move. Credible’s average mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a credit score of 740 and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points and a 20% deposit.

Credible mortgage refinance rates will only give you an idea of ​​today’s average rates. The rate you receive may vary depending on a number of factors.

What is the average cost of refinancing?

Refinancing a mortgage loan can generate significant interest savings over the life of a loan. But all these savings are not free. Typically, you’ll run into costs — $5,000 on average, according to Freddie Mac — when refinancing your mortgage.

Your exact refinance costs will depend on several factors, including your loan amount and where you live. Typical refinance costs include:

  • The cost of registering your new mortgage
  • Expert fees
  • Lawyer’s fees
  • Lender fees, such as origination or underwriting
  • Title Service Fee
  • Credit application fees
  • Mortgage points
  • Prepaid interest charges

Keep in mind that there is no such thing as a truly no-cost refinance. Lenders who market “no-fee loans” usually charge a higher interest rate and build the cost into the loan, which means you’ll pay more interest over the life of the loan.

Credible also has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible’s partner here. It’s quick, easy, and the whole process can be done completely online.

Think now might be a good time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do this easily with Credible and see your prequalified rates in just three minutes.

Rates were last updated on January 21, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

Do you have a financial question, but you don’t know who to contact? Email The Credible Money Expert at [email protected] and your question may be answered by Credible in our Money Expert section.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.

States deal with accused LOs as part of education program

January 19, 2022

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The Massachusetts Banking Division has joined more than 40 other regulators nationwide in settling hundreds of mortgage originators who allegedly participated in schemes to avoid taking courses required to maintain mortgages. mortgage licenses.

Led by California’s Department of Financial Protection and Innovation (DFPI), agencies in 42 states reached agreements with 441 mortgage originators who “misleadingly claimed to have completed annual continuing education as required state and federal laws,” according to a statement. yesterday from the Conference of State Banking Supervisors.

CSBS, a trade group representing state banking agencies, also operates the National Mortgage Licensing System, which provides a registry of licensed mortgage originators in each state.

Minimum standards for licensing and registration of mortgage originators were created by the federal Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act in 2008 to reduce fraud and protect consumers. States are required to enforce these standards using their own version of the SAFE law, the CSBS said, and mortgage originators must complete at least 20 hours of pre-licensing training and eight hours continuing education every year.

The program involving continuing education requirements was discovered in December 2020 through a gesture-based authentication tool called BioSig-ID, a tool CSBS said it uses to monitor online classes.

The tool revealed that nationwide mortgage originators had not taken the courses they claimed to have taken, the CSBS said. The loan originators were all tied to Real Estate Educational Services (REES), a former NMLS education provider based in Carlsbad, California.

Danny Yen, owner of REES, was authorized to offer an eight-hour course on the SAFE Act, according to a CSBS document providing information on the settlement. State agencies allege that Yen conducted two education fraud schemes from 2017 to 2020: a scheme in which Yen completed online training on behalf of mortgage originators and another in which Yen granted course credit to loan originators who did not take the course.

Yen faces administrative enforcement action for providing false certificates and taking courses on behalf of mortgage originators at other educational institutions, violations of the SAFE Act, the CSBS said. These enforcement actions are handled by agencies in California, Maryland and Oregon.

An investigative task force, which included 26 of the state agencies, found 608 loan originators involved in the REES. Approximately 450 have received settlement offers and 441 have entered into consent orders.

The consent orders ask loan originators to surrender their licenses for three months and pay a $1,000 fine for each state in which they hold a license. To reapply for a license, loan originators must retake the 20 hours of pre-licensing courses and eight hours of continuing education courses. These loan originators will not be eligible for online self-study courses.

The companies where these loan originators work have not been involved in the program, the CSBS said, and state agencies do not intend to pursue enforcement actions with the companies, even those owned. by the originator of the loan.

Mortgages made by loan originators remain valid, the CSBS said. However, the CSBS recommended that businesses that currently have outstanding loans from someone involved in the settlement contact the state agency based on the location of the property.

“State financial regulators do not take these violations lightly,” CSBS President and Montana Banking and Financial Institutions Commissioner Melanie Hall said in the statement. “Through collective action by states, consumers can rest assured that their mortgages are being serviced by loan originators who follow the law and are up to date with their education requirements.”

Baltimore District Attorney Marilyn Mosby Charged | national news

January 13, 2022

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BALTIMORE (AP) — A federal grand jury on Thursday indicted Baltimore’s top prosecutor for perjury and making false mortgage applications in the purchase of two vacation homes in Florida, the U.S. District Attorney’s Office said. Maryland.

The four-count indictment alleges Baltimore State’s Attorney Marilyn Mosby lied about meeting qualifications for coronavirus-related distributions from a city’s retirement plan in 2020. Federal prosecutors also allege Mosby lied on 2020 mortgage application forms to buy a home in Kissimmee, Florida. , and a condominium in Long Boat Key, Florida.

Mosby, 41, is a top prosecutor who has aligned herself with criminal justice reformers. She rose to national prominence in 2015 when she pursued criminal charges against six police officers in the death of Freddie Gray, a black man whose death in police custody sparked riots and protests. None of the officers have been convicted.

The indictment of Mosby, who is married to Baltimore City Council Speaker Nick Mosby, comes months after media reports that federal officials had subpoenaed the Maryland State Board of Elections for business and funding records. campaign related to the couple dating back to 2014. An attorney representing the couple alleged misconduct by federal prosecutors in a letter to the U.S. Department of Justice’s Office of Professional Responsibility and requested a stay of the criminal investigation into the couple . Nick Mosby has not been charged with any crime.

“We will vigorously fight these charges, and I remain confident that once all the evidence is presented, it will prevail against these bogus charges — charges rooted in personal, political and racial animosity five months from his election,” A. Scott Bolden, Mosby’s attorney, in a statement late Thursday.

In 2020, Mosby submitted requests for one-time withdrawals of $40,000 and $50,000, respectively, from Baltimore’s deferred compensation plans, according to the indictment. It alleges that Mosby falsely certified that she experienced financial hardship due to the coronavirus, but in fact received her nearly $250,000 salary in 2020. The indictment also alleges that in 2020 and 2021 , Mosby made false statements in mortgage applications for $490,500 to buy a house in Kissimmee, Florida, and for a mortgage of $428,400 to buy a condominium in Long Boat Key, Florida .

Mosby was required to disclose her debts, but did not disclose that she had unpaid federal taxes from a number of previous years and that in March 2020 the Internal Revenue Service placed a lien on all property and property rights belonging to the Mosbys in the amount of $45,022, the amount of unpaid taxes that Mosby and her husband owed to the IRS at that time.

About a week before closing the Kissimmee home, Mosby signed an agreement with a vacation home management company giving the company rental control of the property, according to the indictment. She then signed a “second home covenant” which provided that the borrower occupied and used the property as a second home and retained sole ownership control of the property, according to the indictment, alleging that by performing falsely endorsement, Mosby might get a lower interest rate.

Mosby’s initial appearance has not yet been scheduled, according to a press release from the U.S. Attorney’s Office.

The two perjury counts each carry a maximum sentence of five years in prison and the two mortgage-related counts each carry a maximum of 30 years in prison.

———

The spelling of the name of A. Scott Bolden, Marilyn Mosby’s lawyer, has been corrected.

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

Is it the right time to refinance your mortgage?

January 13, 2022

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To determine if now is a good time to refinance, homeowners must weigh the costs of refinancing against the benefits. Although it may seem daunting, it doesn’t have to be a difficult task.

The truth is that millions of homeowners can still benefit from a mortgage refinance.

Current mortgage rates are hovering around 3%, higher than at the start of 2021 but still near historic lows. At current rates, there are about 11.2 million well-qualified homeowners who could reduce their mortgage interest rate by at least 0.75% if they decided to refinance today, according to mortgage data firm Black. Knight.

Together, these owners could save a total of $3.1 billion per month, or about $279 per owner per month. That’s a potential savings of $3,348 per year. About 1.2 million of these homeowners could save up to $500 per month, for annual savings of $6,000.

These borrowers – as well as those who can lower their interest rate less – will have to decide whether these savings justify the closing costs.

With the potential savings, it’s worth taking the time to consider your options and see if a refi is the right move. We’ve covered the basics to help you decide.

If your mortgage rate is above 4.45%, it’s probably a good time to refinance

Mortgage rates for well-qualified borrowers have hovered around 3% for the past four months. The current average for a 30-year fixed rate loan is 3.45%.

One of the indications that a refinance is a good idea is if you can reduce your current interest rate by at least 0.5% to 1%.

If you have a balance of $300,000 on your mortgage and are refinancing a new 30-year loan, reducing your interest rate from 3.75% to 3.25% will save you about $84 per month or $1,008 per year. If you can reduce the rate by 1%, from 3.75% to 2.75%, your monthly savings would be $165 per month or $1,980 per year.

Of course, you don’t have to refinance into another 30 year loan. If your finances have improved and you can afford higher monthly payments, you can refinance your 30-year mortgage into a 15-year fixed rate mortgage, which will allow you to pay off the loan faster and pay less. of interests.

However, taking a look at your monthly savings is only part of the refi equation. You also need to consider the cost of terminating your loan and how long it will take you to recoup those costs, or “break even.”

Just like with a purchase loan, you will have to pay closing costs for a refinance. These costs may include origination and application fees, appraisal and inspection fees, and title search fees. In total, closing costs can represent between 3% and 6% of the total amount of the refinanced loan.

You can determine your break-even point by dividing your total closing costs by the amount you will save each month. The result is the number of months it will take you to recoup the cost of refinancing and start saving money. The less time it takes to break even, the more sense it makes to refinance your home loan.

The final piece of the refi puzzle is balancing your refinance goals with the change in loan term. For example, if you have 10 years in a 30 year mortgage, refinancing into another 30 year loan means you will be paying off a mortgage for 40 years instead of 30.

If your main reason is to lower your monthly payment, refinancing into another 30-year mortgage makes sense. However, if your goal is to save on interest and reduce the term of your loan, refinancing a 30-year mortgage to a 15-year mortgage may be the best option, as long as you can afford the monthly payments. higher. Use a mortgage refinance calculator to get an idea of ​​what might work for you.

Are mortgage refinance rates still low?

When the COVID-19 pandemic first hit in March 2020, the Federal Reserve designed monetary policy to help stabilize financial markets and mitigate the economic impact of the virus. Part of that policy was to cut the federal funds rate — the interest rates banks charge themselves for short-term loans — to near zero.

The Fed has also pledged to buy $40 billion worth of mortgage-backed securities and $80 billion worth of Treasuries and other financial instruments per month to inject cash into the economy and encourage investments and loans.

However, as the economy continues to show signs of improvement, the central bank announced at its November meeting that it would begin to scale back its asset purchase program. The Fed began to reduce its purchases of Treasuries by $10 billion per month and MBS by $5 billion per month.

The net effect of these policies was to lower mortgage rates, with the 30-year average rate falling below 3% for the first time in history in July 2020. Rates hit a record low of 2, 65% on January 7 of this year. . Since then, rates have increased, but have hovered around 3%. Rates currently average 3.45%.

Still, if you’re considering refinancing, it may be best to act as soon as possible. Most economists agree that mortgage rates will rise in 2022, with rates ending the year between 3.5% and 4%.

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How to know when to refinance your mortgage

Here are some key points you should consider when deciding to refinance your mortgage:

  • Your credit score. With most mortgage lenders, you will need a credit score of at least 620 to qualify for a mortgage refinance. To get the lowest mortgage rate, you’ll need a 740. Also keep in mind that if your credit is lower than it was when you took out your current mortgage, you may not be able to. not benefit from a rate as advantageous as before.
  • Your debt to income ratio (DTI). For conventional loans, some lenders will work with a DTI as high as 43%. FHA loans will go a little higher, typically accepting 50% DTIs. Lower, however, is usually better.
  • How long do you stay. When you refinance, you will have to pay closing costs. If you plan to move in the near future, you may not break even.
  • How much equity you have in your home. In order to qualify for a mortgage refinance, you generally need at least 20% equity in your home.

Don’t try to time the market. Waiting for rate fluctuations is as troublesome as timing the stock market. Don’t wait to see what happens to mortgage rates tomorrow if you can save money or get closer to your financial goals by refinancing today.

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Mortgage Refinance FAQs

Are refinancing rates falling?

Although current mortgage rates remain low, most mortgage experts expect rates to rise in the months and years ahead. The Federal Reserve is expected to start raising short-term interest rates in 2022. The Fed doesn’t set mortgage rates, but lenders tend to raise the price to borrow money when the Fed acts.

Why would refinancing be a bad idea?

Refinancing is a bad idea if it doesn’t represent some sort of gain, whether in the form of lower monthly payments or interest savings by reducing the term of your loan. If the interest rate offered isn’t at least 0.5% lower than your current rate, it’s probably not worth the cost of a refi. Another reason not to refinance is if you plan to sell the home before you break even or if the new monthly payment is more than you can comfortably afford.

Is it cheaper to refinance with my current lender?

Not necessarily. While it’s possible that an established relationship with your current lender could lead to better rates, that’s not a guarantee. Your best option for finding the best mortgage rate is to shop around and consider different types of lenders, including banks, mortgage brokers, private lenders, and credit unions.

How can I get the best refinance loan rates?

Try to go through the mortgage pre-approval process with at least three lenders to find out your real rate and ensure you get the best deal. Freddie Mac found that borrowers save an average of $1,500 over the life of the loan by getting one additional quote – and an average of about $3,000 if they get five quotes.

Mid America Mortgage welcomes Jarred Talmadge to its team of reverse mortgage experts | national news

January 12, 2022

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ADDISON, Texas, Jan. 12, 2022 (SEND2PRESS NEWSWIRE) — Mid America Mortgage, Inc. (Mid America) announced that industry veteran Jarred Talmadge has joined Mid America as Director of Reverse Mortgage Sales of the ‘Where is. In this role, Talmadge is responsible for expanding Mid America’s reverse mortgage presence in the western United States.

“Mid America is dedicated to meeting the diverse needs of every borrower, including existing homeowners looking to tap into their home’s equity in retirement,” said Jeff Bode, owner and CEO of Mid America. “Reverse mortgage borrowers are often underserved, even though seniors make up a large share of the homeownership market. We are extremely happy to announce that Jarred has joined our team and excited to expand our team of reverse mortgage experts.

Talmage brings over 25 years of experience in the mortgage industry and has spent the last three years focusing specifically on reverse mortgages. Talmage joins Mid America from the American Advisors Group, where he was director of market sales for the Rockies region. In addition to being an industry veteran, Talmage is an author and instructor, providing courses in sales, marketing and reverse mortgages for realtors, loan officers and financial planners.

In 2020 Talmadge wrote the book “Too Good To Be Free: How a Reverse Mortgage Can Improve Your Life, Your Cash Flow and Pay You Too”. It can be found on Amazon.com. He has also been a guest on 9News NBC in Denver, Colorado and Company, KLZ AM 560 and on the Michael Bailey Radio Show. Talmadge received his Masters in Business Administration from the University of Phoenix.

“As a Reverse Mortgage Specialist, I’m passionate about helping lenders, borrowers and realtors understand the often misunderstood product that is Reverse Mortgage,” said Talmadge. “The best part of the mortgage business is being able to help other people, to have that capability extended to Mid America is exhilarating.”

To learn more about joining the Mid America Reverse Mortgage team, contact Talmadge at [email protected]

About Mid America Mortgage, Inc.

Mid America Mortgage, Inc., Addison, Texas, is a full-service, multi-state mortgage lender that serves consumers and mortgage originators through its retail, wholesale and correspondent channels. We offer a wide range of residential real estate loan programs to meet the needs of most home buyers and homeowners and are also the nation’s leading provider of Section 184 home loans for Native Americans. Learn more at https://www.midamericamortgage.com/.

In business since 1940, Mid America has thrived by maintaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eNotes eClosings. Click n’ Close is Mid America’s ultra-secure digital mortgage approval and closing process that allows homebuyers to go from application to closing in two weeks. With just a few clicks to close, Click n’ Close puts the keys in the buyer’s hand in 15 minutes or less. Apply online at https://www.midamericamortgage.com/click-n-close/#cnc.

Frequently named one of the Top Mortgage Employers/Places to Work by industry trade magazines such as Mortgage Professional America, MReport, National Mortgage News and National Mortgage Professional, Mid America is looking for savvy mortgage professionals. technology and service-oriented to join our growing team. We are committed to providing our employees with state-of-the-art tools and technology to deliver an excellent set of competitive pricing, programs, and knowledgeable services. Want to join our team? Visit https://www.midamericamortgage.com/careers/.

Twitter: @midamericamtge

NEWS SOURCE: Mid America Mortgage, Inc.

This press release has been issued on behalf of the source of the information (Mid America Mortgage, Inc.) which is solely responsible for its accuracy, by Send2Press® Newswire. The information is believed to be accurate but not guaranteed. Story ID: 78137 APDF-R8.2

© 2022 Send2Press®, a press release and electronic marketing service of NEOTROPE®, California, USA.

To view the original version, visit: https://www.send2press.com/wire/mid-america-mortgage-welcomes-jarred-talmadge-to-its-team-of-reverse-mortgage-experts/

Disclaimer: The content of this press release was not created by The Associated Press (AP).

Copyright 2022 Send2Press Newswire

Stocks shake off early loss and end higher as tech rebounds | national news

January 11, 2022

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Stocks shook off an early drop and closed higher on Tuesday as Wall Street welcomed more modest moves in the bond market after a recent surge in Treasury yields weighed on the market.

The S&P 500 rose 0.9% after falling 0.7% at the start. Selling slowed in the afternoon as tech stocks reversed course and rose. The benchmark had just suffered five straight losses and hadn’t had a winning day since the first trading day of the year, when it hit an all-time high.

The Dow Jones Industrial Average rose 0.5% and the tech-heavy Nasdaq rose 1.4%. Small company stocks also rebounded, pushing the Russell 2000 up 1.1%.

Bond yields, which have risen sharply since the start of the year, have fallen slightly. The 10-year Treasury yield fell to 1.74% from 1.77% on Monday evening. Yields affect interest rates on mortgages and other consumer loans.

“Once rates started stabilizing, that started to ease some of the investor fears of rising rates on a one-way train, which then put some supply back under the tech,” he said. said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. “We don’t need rates to come down, we just need them to stabilize or move at a much slower pace.”

The S&P 500 rose 42.78 points to 4,713.07, and the Dow added 183.15 points to 36,252.02. The Nasdaq rose 210.62 points to 15,153.45, while the Russell 2000 gained 22.85 points to 2,194. The indices are all in the red so far this month.

Traders are trying to calibrate how markets and the economy will handle the higher interest rates that are likely on the way from the Federal Reserve this year. This weighed more heavily on expensive tech stocks, which are becoming less attractive to investors as interest rates rise.

Tech stocks have been choppy since Monday night, when a late afternoon rally for the sector pared much of the broader market’s losses. Apple rose 1.7% and chipmaker Nvidia rose 1.5%.

Communication actions and a mix of retailers and other businesses that depend on direct consumer spending have increased. Parent meta platforms Facebook gained 1.9% and Gap rose 3%.

Energy futures rose. The price of US crude oil jumped 3.8%, which helped boost energy stocks. Exxon Mobil rose 4.2%.

Utilities and other investments considered less risky fell.

The Fed said it would accelerate the reduction of its bond purchases, which have helped keep interest rates low. The market is now pricing the odds of the Fed raising short-term rates by at least a quarter point in March at around 75%. A month ago it was around 36%.

The central bank is easing its support for the U.S. economy and financial markets as businesses and consumers grapple with steadily rising inflation.

Fed Chairman Jerome Powell acknowledged on Tuesday that high inflation has emerged as a serious threat to the Fed’s goal of helping get more Americans back to work and that the Fed will raise rates more than ‘it currently does so if necessary to stem soaring prices. Powell spoke at a Senate Banking Committee hearing, which is considering his nomination for a second four-year term.

The World Bank has lowered its forecast for the global economy, partly blaming supply chain problems that have fueled inflation. The 189-nation anti-poverty agency predicts global economic growth of 4.1% this year, down from the 4.3% growth it predicted last June. That’s also down from the 5.5% expansion it estimates the global economy has seen in 2021.

Investors will receive two key inflation reports from the Department of Labor this week. The December Consumer Price Index will be released on Wednesday and will provide an update on how inflation determines the price of goods for consumers. An index based on US wholesale prices in December will be released on Thursday and will provide another update on how inflation is affecting costs for businesses.

Wall Street is also monitoring the growing number of coronavirus cases around the world to gauge the economic impact. China, the world’s second-largest economy, has quarantined a third city due to the latest surge.

Major companies, including automakers such as Toyota, were counting on a resumption of supplies of semiconductor chips and other products from China and the rest of Asia as vaccinations and other prevention efforts prevention of coronaviruses were progressing. The recent spike in infections with the omicron variant of the coronavirus has dashed those hopes.

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

Another hot year expected in local real estate

January 10, 2022

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Even though it’s a cold winter, the Yakima real estate market remains warm with more homes now available in the local market.

More homes are now on the market and the list is growing

According to Cory Bemis, owner of Yakima’s John L. Scott Real Estate, this is the biggest news in the business. He says the number of homes currently for sale rose to 406 in December 2021. This is 71% more than the 237 homes that were actively for sale a year ago in December 2020. Bemis says “look for that number. continues to rise slowly through 2022 as higher interest rates help reduce buyer demand. ”If you were looking for a home last year, the median home selling price in 2021 was $ 323,000. This is a 17% increase over last year when the price was $ 276,000. Home sales increased 16% in 2021 with a total of 2,265 homes sold.

Even though it was December, many people still moved into new homes

As for the month of December. 191 homes sold last month. This is a decrease of 2.6% from the 196 homes sold in December 2020.
According to MortgageNewsDaily.com, 30-year fixed rate mortgages have an average interest rate of 3.5% right now. This is 0.64% more than a year ago.

The past two years have seen gains across the board in the local real estate market and there is no sign of the market slowing down for anything including COVID-19.

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WATCH: Here are America’s 50 Best Beach Towns

Each beach town has its own set of pros and cons, which got us thinking about what makes a beach town the best to live in. To find out, Stacker took a look at WalletHub data, released on June 17, 2020, which compares US beach towns. Ratings are based on six categories: affordability, weather, safety, economy, education and health, and quality of life. Cities had a population of 10,000 to 150,000, but they had to have at least one local beach listed on TripAdvisor. Read the full methodology here. From these rankings, we have selected the top 50. Readers who live in California and Florida won’t be surprised to learn that many of the cities featured here are in one of these two states.

Read on to see if your favorite beach town has made the cut.

Expectation that the Fed will raise rates drives stocks down | national news

January 5, 2022

Montana Mortgages

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Stocks slumped and bond yields rose on Wednesday as Wall Street interpreted the minutes of the recent Federal Reserve policymakers meeting as a sign that the central bank is ready to accelerate interest rate hikes this year as it fights inflation.

The S&P 500 fell 1.9%, its biggest drop since September, as tech companies pushed the market down sharply. The tech-heavy Nasdaq composite fell 3.3%, its worst drop since February. The Dow Jones Industrial Average fell 1.1%, retreating from the record it set a day earlier.

Bond yields rose after the release of the Fed meeting minutes. The yield on the 10-year Treasury bill, a benchmark for pricing mortgages and many other types of loans, rose to 1.70% soon after the minutes were released, from 1.68% just before. . It has not been at 1.70% since April.

The Fed minutes showed that policymakers at their meeting last month expressed concerns that inflation, which has peaked in four decades, is spreading to more areas of the world. economy and lasts longer than expected. Fed officials also concluded that the US labor market was nearing sufficiently healthy levels that the Fed’s low interest rate policies were no longer necessary.

For both of these reasons, Fed Chairman Jerome Powell said after the December 14-15 meeting that the central bank was accelerating the reduction of its ultra-low interest rate policies.

Even so, Wall Street appeared to read the minutes as a sign that the central bank may be more aggressive in reversing the economic stimulus policies it put in place after the pandemic, which could mean a longer path. fast towards higher interest rates.

“We believe the Fed is likely to raise interest rates faster and potentially reduce its balance sheet sooner than expected, as it signals that it is more important to fight inflation than to hedge against a decline in economic activity, ”said Chris Zaccarelli, Investment Director of Independent Advisor. Alliance.

The S&P 500 lost 92.96 points to 4,700.58. The Dow Jones lost 392.54 points to 36,407.11. The Nasdaq lost 522.54 points to 15,100.17.

Small business stocks also posted significant losses. The Russell 2000 lost 74.87 points, or 3.3%, to 2,194.

Fed minutes show policymakers discussed how they may need to raise short-term interest rates at a faster rate and allow their bond purchases to proceed sooner than they do. have done so in previous attempts to bring interest rates back to normal.

“They noted that current conditions included a stronger economic outlook, higher inflation and a larger balance sheet and could therefore justify a potentially faster pace of policy rate normalization,” the minutes said.

The message seemed to catch bond investors, in particular, off guard.

“The Fed has spoken, but the bond market has not listened,” said Willie Delwiche, investment strategist at All Star Charts. “That started to change this week, and today’s minutes echo what the bond market is starting to reflect this week, and (stocks) are taking note.”

About 80% of the stocks in the benchmark S&P 500 fell. The main drag on the index was tech companies, which led gains on Monday and then pulled the broader market lower on Tuesday. Microsoft fell 3.8% and software maker Adobe lost 7.1%.

A mix of retailers and other businesses that rely on consumer spending has also lost ground. Tesla slipped 5.4% and Amazon fell 1.9%.

AT&T rose 2.2% after giving investors an encouraging update on growth in subscriber numbers.

European markets closed largely higher and Asian markets largely lower overnight.

Investors face a busy first week of the New Year with a wide array of economic data. The latest reports on different sectors of the economy and the labor market come out as Wall Street continues to assess the potential economic impact of rising inflation and the latest wave of COVID-19 cases.

The Institute for Supply Management will release its service sector index for December on Thursday, giving Wall Street a better idea of ​​how the larger sector of the economy is handling the latest wave of variant COVID-19 cases. highly contagious from omicron.

The Ministry of Labor will publish its monthly employment report for December on Friday.

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


Expectation that the Fed will hike rates pushes stocks lower | national news

January 5, 2022

Montana Mortgages

Comments Off on Expectation that the Fed will hike rates pushes stocks lower | national news



Stocks slumped and bond yields rose on Wednesday as Wall Street interpreted the minutes of the recent Federal Reserve policymakers meeting as a sign that the central bank is ready to accelerate interest rate hikes this year as it fights inflation.

The S&P 500 fell 1.9%, its biggest drop since September, as tech companies pushed the market down sharply. The tech-heavy Nasdaq composite fell 3.3%, its worst decline since February. The Dow Jones Industrial Average fell 1.1%, retreating from the record it set a day earlier.

Bond yields rose after the release of the Fed meeting minutes. The yield on the 10-year Treasury bill, a benchmark for setting rates on mortgages and many other types of loans, rose to 1.70% shortly after the minutes were released, from 1.68 % just before. It has not been at 1.70% since April.

The Fed minutes showed that policymakers at their meeting last month expressed concerns that inflation, which has peaked in four decades, is spreading to more areas of the world. economy and would last longer than expected. Fed officials also concluded that the US labor market is nearing sufficiently healthy levels that the Fed’s low interest rate policies are no longer necessary.

For both of these reasons, Fed Chairman Jerome Powell said after the December 14-15 meeting that the central bank was accelerating the reduction of its ultra-low interest rate policies.

Even so, Wall Street appeared to read the minutes as a sign that the central bank may be more aggressive in reversing the economic stimulus policies it put in place after the pandemic, which could mean a longer path. fast towards higher interest rates.

“We believe the Fed is likely to raise interest rates faster and potentially reduce its balance sheet sooner than expected, as it signals that it is more important to fight inflation than to hedge against a decline in economic activity, ”said Chris Zaccarelli, Investment Director of Independent Advisor. Alliance.

The S&P 500 lost 92.96 points to 4,700.58. The Dow Jones lost 392.54 points to 36,407.11. The Nasdaq lost 522.54 points to 15,100.17.

Small business stocks also posted significant losses. The Russell 2000 lost 74.87 points, or 3.3%, to 2,194.

Fed minutes show policymakers discussed how they may need to raise short-term interest rates at a faster rate and allow their bond purchases to proceed sooner than they do. have done so in previous attempts to bring interest rates back to normal.

“They noted that current conditions included a stronger economic outlook, higher inflation and a larger balance sheet and could therefore justify a potentially faster pace of policy rate normalization,” the minutes said.

The message seemed to catch bond investors, in particular, off guard.

“The Fed has spoken, but the bond market has not listened,” said Willie Delwiche, investment strategist at All Star Charts. “That started to change this week, and today’s minutes echo what the bond market is starting to reflect this week, and (stocks) are taking note.”

About 80% of the stocks in the benchmark S&P 500 fell. The main drag on the index was tech companies, which led gains on Monday and then pulled the broad market on Tuesday. Microsoft fell 3.8% and software maker Adobe lost 7.1%.

A mix of retailers and other businesses that rely on consumer spending has also lost ground. Tesla slipped 5.4% and Amazon fell 1.9%.

AT&T rose 2.2% after giving investors an encouraging update on growth in subscriber numbers.

European markets closed largely higher and Asian markets largely lower overnight.

Investors face a busy first week of the New Year with a wide array of economic data. The latest most recent reports on different sectors of the economy and the labor market come as Wall Street continues to assess the potential economic impact of rising inflation and the latest wave of COVID cases. 19.

The Institute for Supply Management will release its service sector index for December on Thursday, giving Wall Street a better idea of ​​how the larger sector of the economy is handling the latest wave of variant COVID-19 cases. highly contagious from omicron.

The Ministry of Labor will publish its monthly employment report for December on Friday.

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


Rob Natelson on ‘Get Over It’ Washington January 6 riot

January 3, 2022

Montana Mortgages

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On Monday’s KGVO Talk Back, former UM law professor and Constitutional Fellow at the Independence Institute, Rob Natelson, gave some advice to those on the left absorbed by January 6.e riot in Washington, DC; ‘move on’.

“Let me suggest something to my friends on the left about January 6, it was a riot,” Natelson began. “It was serious, but forget about it, okay?” It was not at all as bad as the riots that unfolded throughout the summer of 2020, which killed around two dozen people and resulted in billions and billions of dollars in property damage and which also destroyed city centers across the country. They were much more serious.

Natelson also touched on the three main vaccine mandates offered by the Biden administration in an attempt to turn the problem into a weapon.

“The Health Care Workers Ordinance says the federal government will not give money to a health care provider who does not vaccinate all of their staff,” he said. “With this, they are extending a statute of Congress for the payment of this money and, and the control of the quality of the health services in a mandate of immunization.”

Natelson said federal courts have so far failed to welcome Biden’s warrants.

“The fate of these three terms in federal courts has not been very good,” he said. “The administration has not lost them all, but it has lost most and lost most of them on the grounds that the laws it uses to justify these mandates were never intended to be extended to general laws. public health statutes, and that if Congress had wanted them to be general public health statutes, Congress would have said so, “he said.” But several other courts have also expressed constitutional concerns that it’s really not something that affects public health issues, like immunization issues, is really not something that is left to the federal government. “

Finally, on the issue of recent oral arguments in the United States Supreme Court that could potentially overturn Roe v Wade, in which UM law professor Anthony Johnstone told the KGVO that the Montana Constitution would still allow the law from a woman to an abortion, Natelson vehemently disagreed.

“I don’t agree with that at all,” he said. “I strongly disagree with that. Now it’s unclear what the Montana Supreme Court will do. I mean, it’s a very unpredictable tribunal. But if you go back to Montana’s legislative history, in the right privacy, there is no evidence that it has anything to do with abortion. First, it was enacted a year before Roe vs. Wade invented the right to abortion into federal privacy law. Second, by the time Montana’s privacy law was enacted, Montana probably had one of the toughest pro-life laws in the country. This was not to suggest that the right to privacy was going to change. I have gone through the ratifications file and people are free to consult a database that I have collected for this purpose. There is no indication that Montana’s right to privacy was presented to people in a way that would compromise what was then Montana’s strong pro-life standard. So the evidence for me is compelling that Montana’s right to privacy does not in fact include any claimed right to abortion.

Read articles by Natelson of the Independence Institute here. Her weekly articles in The Epoch Times can be found here.

LOOK: What important laws were 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 in the year you were born, and learn its name, vote count (if any), impact, and meaning.

WATCH: 50 Vital Speeches on Civil Rights

Many speakers have made lifelong commitments to human rights, but one attempted to silence an activist pushing for the right to vote, before later signing major legislation on human rights. civil rights. Many fought for freedom for more than one oppressed group.

Read on for 50 essential speeches on civil rights.

PHOTOS: Scene at the U.S. Capitol shows chaos and violence


The Motley Fool | Nvdaily

December 30, 2021

Montana Mortgages

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Ask the fool

Why is my stock going down?

Q: A stock I bought has gone down and I don’t see any explanation in the news. What’s up?

– TG, Billings, Montana

A: Individual stocks, like the stock market as a whole, do not move in a straight line. Over long periods of time, the stock market has always risen, but via a jagged line. Individual stocks will also be volatile to some extent, although stocks of successful companies rise in the long run and those of less successful companies either fall or fall.

Stock prices will rise or fall overnight due to company news (big profits!), Economic news (a pandemic!), Or some other reason, or sometimes no reason for the all. Stock prices basically reflect what investors are willing to buy and sell at that time – and investor sentiment can change quickly.

Long-term investors don’t have to worry about short-term moves. Focus on your confidence in a company’s prospects and the real value of its actions. The prices that matter most are the price at which you bought and the price at which you ultimately sell.

Q: How much will health care cost when I retire?

– PL, Lawrence, Kansas

A: The estimate increases every year. According to Fidelity Investments, an average 65-year-old couple retiring in 2021 will spend around $ 300,000 on health care in retirement, excluding costs such as long-term care, most dental expenses, and drugs. on sale. Of course, many of us can end up spending a lot more or a lot less. Either way, this shocking number is a good reminder to plan for the heavy costs of health care in retirement. From the age of 65, Medicare is a big help, but even with it you will probably still have some personal expenses.

School of fools

Rising interest rate?

The Federal Reserve Bank, which is a key driver of interest rates, has signaled that rates may rise soon, in part to fight inflation. Here’s how higher rates could affect you, positively or negatively.

For starters, higher rates mean you’ll pay more when you borrow money, like on a mortgage or car loan. Credit card interest rates will also rise – and they are already quite high, with average card rates recently approaching 16% and many cards charging a lot more. Paying off debt always makes good sense, and that’s especially important now.

Note that even if mortgage interest rates double from where they are now – around 2% to 3% is typical – they will be far from historically high levels. Still, rising rates will mean higher mortgage payments for home buyers, and they could also force buyers to settle for cheaper homes. Borrowers with variable rate mortgages (ARMs) are likely to see their rates increase over time. Some homeowners may want to consider refinancing their home loans now, in order to lock in the current low rates.

Rising rates also mean that those who save money will benefit from more generous interest rates on their various bank accounts, certificates of deposit (CDs), money market accounts and bonds. The prices of existing bonds will likely take a hit because bond buyers will prefer to buy new bonds that carry higher interest rates.

Rising interest rates can dampen stock market performance, in part because alternatives to stocks, such as bonds, will look more attractive as rates rise. In addition, companies that borrow money by issuing bonds will have to pay more interest on these loans. (We’ve been through a very long time with ultra low interest rates, and the stock market has performed very well for much of that time.)

When borrowing costs rise, it can slow overall economic growth, as businesses (and consumers) can spend less, which depresses corporate profits. However, certain types of businesses, such as financial companies, will benefit from rising interest rates.

My dumbest investment

Sour apple

My dumbest investment was to buy 5,000 Apple shares at $ 23 a share and sell them at $ 26.

– G., online

The madman replies: Ouch – it’s a painful regret. We don’t know when your buying and selling occurred, but due to the stock splits that have taken place, if you had held on you would have a lot more stocks – each recently priced at almost $ 176.

If your trading took place before the August 2020 4-for-1 split, you would have 20,000 shares, recently valued at $ 3.5 million. If this happened before the 7-to-1 split in June 2014, you would have seven times 20,000, or 140,000 shares, with a recent value of almost $ 25 million. And if that happened before 2-for-1 split in June 2000 and 2-for-1 split in February 2005, you would have 560,000 shares worth almost $ 99 million.

While that might seem like a very stupid investment now, let go: no one could have known, at various points in the past, how incredibly well Apple would do. Still, it’s a prime example of the power of just hanging on to the stocks of companies you believe in that continue to grow and perform well. Also, keep in mind that stock splits aren’t as exciting as they seem, because even though they can suddenly multiply the number of stocks you own, stock prices are reduced proportionately. The splits are mainly math exercises.

Stupid anecdotes

Name this company

My roots go back to 1940, when two brothers opened a barbecue restaurant in California. In 1948, they switched to selling 15-cent burgers and made their restaurant more efficient with their “Speedee Service System”. In 1954, a visiting salesman was impressed. In 1961, he bought the rights to their name and operating system. Today, based in Chicago, I am a quick service powerhouse, with nearly 40,000 locations worldwide and a recent market value of nearly $ 200 billion. At the end of 2020, I employed around 200,000 people and over 2 million people were working for my franchises. Who am I?

Answer to questions from last week

My roots go back to 1869, when two fellows started a canning business in Camden, New Jersey. In 1895, I launched my first pot of ready-to-eat soup, Beefsteak Tomato. In 1897, I invented condensed soup, which allowed for more compact packaging and made soup more affordable. I won a bronze medal for excellence at the Universal Exhibition in Paris in 1900, and it remains on my cans today. My brands include Cape Cod, Goldfish, Kettle Brand, Lance, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. I now raise over $ 8 billion a year. Who am I? (Answer: Campbell Soup Co.)

The motley fool

Biotechnology packages

Do you want to invest in an exciting and growing sector? Think about biotechnology, where groups of companies (such as Amgen, Moderna and Gilead Sciences) are developing innovative therapies, some of which will be game-changing.

There are big drawbacks to investing in biotech stocks, however: many are very risky, stocks can be quite volatile, and it’s difficult to assess them if you don’t have a higher science degree. Fortunately, you can reduce the level of risk and volatility by investing in exchange-traded funds (ETFs) focused on the biotech industry.

ETFs are similar to mutual funds in that they can hold many stocks (and sometimes other assets), but like stocks, they trade on public exchanges. Like mutual funds, ETFs charge a fee (often called expense ratios) to cover their operating costs.

Here are some strong biotech-focused ETFs to consider: iShares Biotechnology ETF (IBB), SPDR S&P Biotech ETF (XBI), ARK Genomic Revolution ETF (ARKG), First Trust NYSE Arca Biotechnology Index Fund (FBT) and the VanEck Biotech FNB (BBH).

You can (and should) research all the ETFs that interest you, learn more about their fees, portfolios, and track record, among others. Morningstar.com and ETFTrends.com are good places to start, as is each ETF’s own web page. You can find out more about ETFs (and mutual funds) in the “Investing Basics” corner on Fool.com.


10 stats about the Idaho real estate market

December 22, 2021

Montana Mortgages

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Robert Seibel // Shutterstock

10 stats about the Idaho real estate market

The economics of real estate is both simple and complex. As with any other product, supply and demand drive costs in the housing market, and right now house costs are at an all time high – an 18% increase since September 2020. But the factors creating the Record stocks and an increase in interest purchases are varied and complicated.

To illustrate how asymmetric the market is, we can look at the months of supply measurement. This metric tells us how many months it would take for all homes on the market to sell at the current rate. In a balanced real estate market, that number is six. Since 2019, the average number of months of supply has fallen from around four to less than two. The number of single-family homes for sale in the United States at the start of 2021 was only 870,000, the lowest in about 40 years, according to a 2021 study from Harvard University.

Investment firms have found themselves on the positive side of the pandemic housing crisis, accounting for one in six homes and 25% of all apartments purchased in the second quarter of 2021. Investors have been able to take advantage of low interest rates . and the demand for rentals, especially among those with off-market prices.

Although the pandemic has played an important role in stimulating demand for housing, it is only partially responsible for the shortage of supply. This problem – which is actually an underproduction problem – began two decades before the world ever heard of COVID-19.

According to the National Association of Realtors (NAR), the United States built 276,000 fewer homes per year, on average, between 2001 and 2020, compared to the previous 30 years. If the rate of production had not slowed down over the past 20 years, there would have been 5.5 million additional households. The NAR estimates that the United States would need to build more than 2 million new units per year over the next decade to close the gap. Under the best of circumstances, this rate would be difficult to achieve. In the current circumstances, where supply chain disruptions affect 88% of construction projects and almost 90% of construction companies cannot find enough skilled craftsmen to meet demand, this seems like a task. of Sisyphus.

The real estate market is nuanced from state to state, and while many national trends hold true at a more localized level, it’s important to understand the context of your individual state.

To analyze each state’s real estate market, the ZeroDown Purchase Option rental platform compiled current and historical data from the US Census Bureau and the Department of Housing and Urban Development. The data will cover homeownership rates, vacant homes, foreclosures, mortgages, new home construction and manufacturing, as well as housing characteristics such as median age, square footage and number. of parts for houses in your state.

Idaho in numbers

– Home ownership rate: 71.4%
– Owner vacancy rate: 1.0%
– Rental vacancy rate: 3.4%
– Occupied dwellings: 655,859
– Owner-occupied housing: 469,387, tenant-occupied housing: 186,472
– Year of construction of houses: 2014 or later (8.0%), 2010 to 2013 (3.3%), 2000 to 2009 (19.8%), 1980 to 1999 (27.8%), 1960 to 1979 (23.3%), 1940 to 1959 (9.4%, 1939 or before (8.4%)
– Number of bedrooms: no bedroom (1.5%), 1 bedroom (5.7%), 2 or 3 bedrooms (62.9%), 4 or more bedrooms (29.9%)
– Type of heating used: utility gas (50.9%), cylinder, tank or LPG (5.2%), electricity (34.4%), fuel oil, kerosene, etc. (1.5%), coal or coke (0.0%), all other fuels (7.6%), no fuel used (0.3%)
– New building permits: 19,130 ​​(value of $ 3,948,590)
– Prefabricated homes shipped as is: 376 (average selling price: $ 108,900)

The COVID-19 pandemic has created a world where some people have found the financial flexibility to buy a home and the incentive to do so quickly. Remote working, closings and record mortgage rates have caused people – especially those under 35 – who might have delayed buying a home to suddenly seek more space for themselves. , their families, and a yard for their pandemic puppies in cheaper neighborhoods far from employment hubs and major subways.

For others, the pandemic has created a new reality of financial insecurity, overdue mortgage or rent payments, risk of eviction and prices outside previously affordable neighborhoods. Almost a quarter of households earning less than $ 25,000 a year were behind on mortgage payments at the start of 2021. During the same period, a fifth of all renters in the United States were behind on their payments. monthly. In these aggregate numbers, the burden of economic fallout from the pandemic is disproportionately on low-income and minority families.

Read on to find out how the real estate market is doing for neighbors in your state.

Montana in numbers

– Home ownership rate: 67.8%
– Owner vacancy rate: 1.1%
– Rental vacancy rate: 3.8%
– Occupied dwellings: 437,651
– Owner-occupied housing: 301,456, tenant-occupied housing: 136,195
– Year of construction of houses: 2014 or later (5.5%), 2010 to 2013 (3.5%), 2000 to 2009 (14.7%), 1980 to 1999 (24.9%), 1960 to 1979 (26.2%), 1940 to 1959 (12.6%), 1939 or before (12.7%)
– Number of bedrooms: no bedroom (1.9%), 1 bedroom (8.7%), 2 or 3 bedrooms (64.5%), 4 or more bedrooms (24.9%)
– Type of heating used: utility gas (51.5%), cylinder, tank or LPG (13.5%), electricity (26.2%), fuel oil, kerosene, etc. (0.9%), coal or coke (0.1%), all other fuels (7.6%), no fuel used (0.2%)
– New building permits: 5,980 (value of $ 1,051,886)
– Prefabricated homes shipped as is: 254 (average selling price: $ 108,400)

Nevada in numbers

– Home ownership rate: 61.7%
– Owner vacancy rate: 0.6%
– Rental vacancy rate: 4.8%
– Occupied dwellings: 1,143,557
– Owner-occupied housing: 647,518, tenant-occupied housing: 496,039
– Year of construction of houses: 2014 or later (5.9%), 2010 to 2013 (3.5%), 2000 to 2009 (25.5%), 1980 to 1999 (41.2%), 1960 to 1979 (18.8%), 1940 to 1959 (4.0%), 1939 or before (1.0%)
– Number of bedrooms: no bedroom (2.7%), 1 bedroom (9.2%), 2 or 3 bedrooms (64.1%), 4 or more bedrooms (24.0%)
– Type of heating used: utility gas (58.1%), bottle, tank or LPG (2.6%), electricity (36.1%), fuel oil, kerosene, etc. (0.5%), coal or coke (0.0%), all other fuels (2.1%), no fuel used (0.5%)
– New building permits: 19,716 (value of $ 4,057,456)
– Prefabricated homes shipped to the Crown: 391 (average selling price: $ 104,200)



Process your mortgage in 7 days

December 20, 2021

Montana Mortgages

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* The minimum credit score and down payment are for compliant mortgages

Overall rating of the lender

Advantages and disadvantages

Mortgage rates movement

Movement Mortgage does not post mortgage or refinance rates on its website. Some lenders display sample rates online, and others even allow you to enter information such as your zip code and credit score to see more personalized rates.

You can click on “Free quote” to enter your personal information and see a price. But you’ll need to enter things like your full name and contact details, which many lenders don’t need to see a more personalized rate.

On the bright side, clients report in Zillow’s online reviews that their mortgage rate with Movement was “as expected” or “below expectations.” So, you could get a competitive rate of interest with this lender.

How the motion mortgage compares

We compared Movement Mortgage to two other online lenders available in all 50 states: Rocket Mortgage and Fairway Independent Mortgage Corporation.

The movement mortgage against the rocket mortgage

The motion mortgage is the obvious choice for a USDA mortgage, construction, renovation, condominium, or reverse mortgage because Rocket Mortgage does not offer these types of home loans. You may also be able to show alternative credit data, such as proof that you are paying your bills on time, to Movement if you don’t have a credit score. Rocket Mortgage requires a credit score.

You may like Rocket Mortgage for its user-friendly online application process, including a live chat feature available seven days a week. Rocket Mortgage has been ranked as JD Power’s # 1 Customer Satisfaction Lender for 11 years in a row, and he ranked # 2 in 2021.

Movement Mortgage vs Fairway Independent Mortgage Corporation

The moving mortgage sometimes allows you to apply for alternative credit if you don’t have a credit score. But Fairway Independent Mortgage Corporation tends to be a bit more lenient with this rule, and you might be eligible for alternative credit even if you just have bad credit. Each situation is different, however.

Fairway Independent also gives you the option to close digitally rather than in person.

How the motion mortgage works

Movement Mortgage is a lender that offers mortgages in all 50 US states. Its goal is to get underwriting results within six hours of receiving your request, process your home loan in seven days, and close the house in one day.

Movement Mortgage offers the following types of mortgage loans:

The movement does not have home equity loans or HELOCs.

You can choose between regular rate and term refinancing or cash flow refinancing, or streamline refinancing your VA or FHA mortgage. However, there is no way to refinance your USDA mortgage to another USDA mortgage with Movement.

Some lenders allow you to apply with alternative data, such as proof that you are paying your bills on time, whether your credit score is low or zero. The move requires a credit score if you have one. It sometimes accepts alternate data if you don’t have a credit score, but that’s on a case-by-case basis.

To contact the Loan Service, call Monday through Friday 8:30 a.m. to 8 p.m. ET, or Saturday 9 a.m. to 3 p.m. ET.

Is The Motion Mortgage Trustable?

The Motion Mortgage has no public controversy.

The Better Business Bureau gives Movement Mortgage an A + rating. A high BBB rating indicates that a business responds effectively to customer complaints, is transparent about business practices, and advertises honestly.

However, a good BBB score does not guarantee that you will have a smooth relationship with a lender. You can always read customer reviews online or ask friends and family about their experiences with Movement Mortgage.

Mortgage rates by state

Check out the latest rates for 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 DC
West Virginia
Wisconsin
Wyoming


Pentagon Federal Credit Union Mortgage Review 2022

December 20, 2021

Montana Mortgages

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The minimum credit score and down payment are for compliant mortgages.

Overall rating of the lender

Advantages and disadvantages

Pentagon Federal Credit Union Mortgage Rates

Pentagon Federal Credit Union does not have general mortgage rate information on its website. Other lenders can provide mortgage rate examples so you can better understand what the current market looks like.

If you would like to see a personalized rate for a mortgage, PenFed asks you to fill out a form.

How To Compare Pentagon Federal Credit Union Mortgages

We compared the Pentagon Federal Credit Union to two other


credit unions

who provide mortgage products: Navy Federal Credit Union and Alliant Credit Union.

Pentagon Federal Credit Union v Navy Federal Credit Union

PenFed and Navy Federal Credit Union are both solid options if you want a lender that emphasizes services and products for military or families.

You may prefer Navy Federal Credit Union if your credit score is low or low. You can provide alternative credit data, such as utility bills, when you apply for a home loan. At PenFed, you will need to show your credit score if you apply.

If you have a decent credit score, PenFed offers a lender credit of $ 500 to $ 2,500 to all members, depending on how much you borrow.

Pentagon Federal Credit Union vs Alliant Credit Union

PenFed is the go-to product if you want to apply for or refinance a VA loan. Alliant Credit Union does not process VA loans. You may also be eligible for lender credit of up to $ 2,500 when you apply for a VA mortgage through PenFed.

You may like Alliant Credit Union if the Alliant Home Rewards program sounds appealing to you. With Alliant Home Rewards, you can earn up to $ 6,500 in cash back. You will be matched with a real estate agent who will help you find a home, and after the closing process you will be eligible for the reward. The amount will depend on the purchase price of the house. There are limits on the value of rewards in some states, and you cannot get a reward if you buy a home in Arkansas, Iowa, Louisiana, or Missouri.

How Pentagon Federal Credit Union Mortgages Work

PenFed is featured in our guide to the best banks and credit unions for military personnel and their families. You don’t need to be affiliated with the military to sign up, however – everyone is eligible for membership as long as you fill out a form and open a savings account with a minimum deposit of $ 5.

PenFed has approximately 50 branches in 13 US states, Washington, DC, and military bases in Guam, Puerto Rico, and Japan. You can find a PenFed credit union in the following states:

  • California
  • Florida
  • Georgia
  • Hawaii
  • Maryland
  • Nebraska
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Pennsylvania
  • Texas
  • Virginia

PenFed offers a variety of home loans, including:

There are also refinancing options for conventional and VA mortgages.

The credit union has no FHA, USDA, new construction, or reverse mortgage options. You will also need to have a good credit rating to apply for a loan. PenFed does not accept any alternative form of credit.

Customer service for mortgage products is available by phone. If you have general mortgage questions, you can call Monday to Friday 8 a.m. to 8 p.m. ET, Saturday 8 a.m. to 11 p.m. ET, or Sunday 9 a.m. to 5 a.m. 30 p.m. ET.

If you’re applying for your first or second mortgage and have specific questions about the applications or the process, you’ll need to call another number available Monday through Friday, 9 a.m. to 10 p.m. ET, or Saturday. , 9 a.m. to 6 p.m. ET.

Can the Pentagon Federal Credit Union be trusted?

PenFed has no recent public controversies. The financial institution also received an A + rating from the Better Business Bureau. BBB ratings indicate whether a company responds effectively to customer issues and has transparent business practices.

A good BBB rating doesn’t necessarily guarantee that your experience with a lender will be great. If you want to see if a lender is right for you, talk to friends or family members who have worked with the lender. You can also read customer reviews online.

Mortgage and refinancing rates by state

Check out the latest rates for 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 DC
West Virginia
Wisconsin
Wyoming


PNC Bank Mortgage Review 2022: Variety of Home Loans

December 20, 2021

Montana Mortgages

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Personal Finance Insider writes about products, strategies, and tips to help you make informed 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. The conditions apply to the offers listed on this page. Read our editorial standards.

Overall rating of the lender

Advantages and disadvantages

PNC Bank mortgage rates

PNC displays personalized mortgage rates on its website when you enter your zip code and desired loan amount. It displays rates for a variety of fixed rate and variable rate mortgage terms, as well as FHA and VA loan rates.

Take these personalized rates with a grain of salt, however. PNC does not allow you to enter information such as your credit score or the down payment amount at this point, which it will eventually use to determine your rate once you request pre-approval.

PNC rates are comparable to national averages on the Federal Reserve website, so you may be able to lock in a low rate.

PNC Bank Mortgage Loan Comparison

We compared PNC with two other lenders that offer mortgages in all 50 states: Bank of America and Fairway.

PNC Bank v Bank of America

PNC has more types of home loans than Bank of America, so this will be the obvious choice if you need a mortgage, construction loan, or USDA home equity loan.

You may prefer Bank of America for down payment assistance. PNC has its grant of $ 1,500, but Bank of America has a down payment and closing cost assistance that often results in even more money. Programs vary by state.

PNC Bank vs. Fairway

PNC and Fairway both offer a range of home loans. You will go to PNC for a USDA mortgage, HELOC, home equity loan, or construction loan. But Fairway has reverse mortgages and home improvement loans.

Fairway is the best option if you have a low or no credit rating. Like most lenders, PNC checks your credit score to decide whether or not to approve you for a loan. But Fairway allows you to apply with alternative credit data, such as proof that you pay your bills on time.

How PNC Bank Mortgages Work

PNC provides loans in all 50 US states and Washington, DC. PNC has bank branches across the country, but you cannot apply for a mortgage at a branch – you must apply online.

You can get the following types of home loans through PNC:

PNC does not offer reverse mortgages.

If you are refinancing, you can choose between interest rate and term refinancing or cash flow refinancing. You can also streamline refinancing your FHA, VA, or USDA loan.

Ask the PNC about the PNC Homeownership Grant application. You will receive $ 1,500 to use for purchasing expenses such as closing costs. PNC doesn’t provide a lot of information online, but you can talk to an agent about the grant.

To speak with customer support, call Monday through Thursday 8:00 a.m. to 9:00 p.m. ET, or Friday 8:00 a.m. to 5:00 p.m. ET. Or call Saturday 9:00 a.m. to 2:00 p.m. ET.

Is PNC Bank trustworthy?

The Better Business Bureau gives PNC Bank an A + rating. A good BBB rating means that a business responds effectively to customer complaints, has honest advertising practices, and is transparent in the way it conducts its business.

Despite PNC’s excellent BBB score, the bank recently had a public scandal. In 2019, PNC was accused of helping a man complete a bogus debt relief project, which cost clients a total of $ 85 million. In 2014, the PNC suspected the man of leading a scheme and closed his bank accounts. But nine months later, the bank allowed him to open other accounts.

Mortgage and refinancing rates by state

Compare your PNC mortgage rate to the rates for your state 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 DC
West Virginia
Wisconsin
Wyoming


Insider’s 30 rising real estate stars under 35 in 2021

December 17, 2021

Montana Mortgages

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  • Meet Insider’s list of promising talents in commercial and residential real estate.
  • We have selected 30 young professionals aged 35 and under whose leadership spans a vast industry.
  • The list ranges from innovators of companies like Blackstone to founders of startups with inspiring goals.

The COVID-19 pandemic has supercharged residential real estate markets and plunged commercial markets into vertigo as Americans reassessed their lives at home and at work. This year, some of the most disturbing reactions – from


Zoom

– cities are exploding to reinvent retail stores – have become longer term trends.

Businesses, policymakers and advocates have responded to the persistent demand for housing at affordable and luxurious levels. The winners and losers emerged from the battle between office barons and work from home advocates. Real estate investing has spread to the memes crowd, who thinks anyone can own a home.

Propelling these developments into the quagmire is a roster of visionary young industry leaders. Insider tried to capture the brightest of the bunch on our second annual “Rising Real Estate Stars” list.

Our inbox was inundated with broker appointments that broke sales records, thanks to increased mobility of landlords and tenants, as well as a second year of soaring prices. As technology plays an increasingly important role in real estate transactions and management, dozens of young executives behind real estate technology, or proptech, startups have emerged as formidable contenders. You’ll see some of the more ambitious and creative from the list below.

But real estate isn’t just about making money. Accelerating housing demand in a time of economic uncertainty has also put the spotlight on those disadvantaged by the trend, and some of our rising stars are fighting to fix what is wrong with the system.

We asked that the candidates on the list be no more than 35 in November, work in the United States, and stand out from their peers. From the dozens of remarkable young people leading the next generation, we’ve selected 30 to watch.

Presented in alphabetical order of first names, here are the rising stars of real estate for 2021.


Biparty bill aims to increase indigenous home ownership

December 15, 2021

Montana Mortgages

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By Victoria McKenzie (December 15, 2021, 4:47 p.m. EST) – Four US Senators on Tuesday introduced a bipartisan bill that promises to increase homeownership across Indian country by reducing government delays in processing loans mortgage.

Republican Sen. John Thune of South Dakota and Democratic Senators Tina Smith of Minnesota, Mike Rounds of South Dakota and Jon Tester of Montana said the new legislation would set deadlines for reviewing and processing mortgage applications by the Office of Indian Affairs. . The bill would also create the role of a real estate ombudsman within the agency to improve communication between government, tribes and lenders.

“Affordable housing opportunities on tribal trust lands can …

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Home prices at their highest in 45 years, excluding many buyers from the market | national news

December 14, 2021

Montana Mortgages

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(The Center Square) – Home prices are at their highest level in 45 years, excluding many buyers from a historic sellers market, new The data published by the CoreLogic show.

Annual home prices were 18% higher in October this year than last October, and were also the highest recorded in the 45-year history of a home price index released by the global real estate company.

“The formation of new households, investor purchases and the pandemic-related factors driving demand for the limited supply of available-for-sale housing continue to propel the upward spiral in home prices in the United States.” , said Frank Martell, president and CEO of CoreLogic, in a statement accompanying the report’s findings. “However, we expect home price growth to moderate in the near term as many buyers take a break for the holidays.”

Single-family homes were the preferred choice of buyers during this period, with the appreciation of detached properties being 6.6% higher than that of semi-detached properties.

Arizona, Idaho and Utah saw the largest increases in home prices from October 2020 to October 2021, over 24%.

Arizona homes saw the largest increases in a year of 28.8%; Idaho homes sold 28.7% more; Utah homes for 24.5% more.

Single-family home prices increased the most in Twin Falls, Idaho, according to the report, with the largest year-over-year increase of 35.8%.

For the first time in 2021, Florida topped the list in home price increases, with homes in Naples selling 33.5% more than the year before.

Despite the housing market’s record-breaking affordability, millennials have applied for more mortgages than any other generation, CoreLogic found, with the majority of mortgage applications being between the ages of 26 and 41.

As house prices rose in many parts of the country, indicators of the state of the home market in some parts of the country are overvalued, the report notes. With higher demand and lower supply, bidding wars and cash buyers, homes are selling for more than they are worth. Overvalued homes are mostly found in Denver-Aurora-Lakewood area of ​​Colorado, Houston-Woodlands-Sugarland area of ​​Texas, Las Vegas-Henderson-Paradise area of ​​Nevada, Miami-Miami Beach-Kendall area in Florida, the Phoenix- the Mesa-Scottsdale area in Arizona and the Washington-Arlington-Alexandria area in Virginia.

In contrast, not all markets are sellers’ markets, the report adds.

The main markets at risk of falling home prices are Worcester and Springfield, Massachusetts, Modesto and Merced, Calif., And Kalamazoo-Portage, Michigan, according to CoreLogic.

Overall, recent forecasts for next year’s housing market by Fannie Mae and Zillow indicate that it will be another sellers’ market.

Fannie Mae’s November forecast projects the median used home price to exceed $ 400,000 by the middle of 2023. He also predicts the median new home price to hit $ 464,000 by the next month. end of 2024, or about $ 100,000 more than the median new home price. the price was in January 2021.

Zillow is recent provide predicts house prices will rise more than 13% from October 2021 to October 2022. He also expects federal monetary policy to tighten due to high inflation.

“High inflation increases the risk of a tightening of monetary policy in the short term, which would cause mortgage rates to rise and put pressure on housing demand,” Zillow reports.

Anticipating further Federal Reserve action, Fannie Mae also revised his 30-year mortgage rate forecast from 3.1% to 3.3% for 2022.

While these forecasts do not bode well for buyers, there is a silver lining. Prices will not stay at record highs and a market correction is ultimately expected.

The Mortgage Bankers Association predicts that home prices will begin to decline in the second half of 2022.

Likewise, CoreLogic expects home price gains to slow to an annual increase of 2.5% by October 2022, as its affordability and economic concerns will deter some potential buyers. He also expects more homes to be available for sale.


Florida aquarium creates legacy for famous Winter the Dolphin

December 10, 2021

Montana Mortgages

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CLEARWATER, Fla. (AP) – A Florida aquarium has created a legacy for its famous Winter the Dolphin after his recent death, including virtual reality encounters with the prosthetic tail star of the Dolphin Tale films.

The Clearwater Marine Aquarium announced Friday that Winter’s legacy will include a permanent memorial, a financial endowment, a special song and a plan to release the cremated ashes of the animal in the Gulf of Mexico.

Winter died on November 11 at the age of 16 from an inoperable bowel problem. She was rescued in December 2005 along the east coast of Florida after her tail got caught in a crab trap rope. The tail had to be amputated.

The uplifting story of his recovery using an unprecedented prosthetic tail was the subject of both Dolphin Tale films in 2011 and 2014, making the marine mammal a hero for people with disabilities and chronic diseases around the world. .

James “Buddy” Powell, president of the aquarium, said the virtual reality experience will allow people from January to interact with Winter even though she is gone. It was built on videos and photos taken of Winter throughout his life.

“We have the technology at our disposal where guests can virtually swim with Winter and experience her personality as if she were still alive,” said Powell.

The aquarium, a former water treatment plant that recently completed an $ 80 million renovation largely due to Winter’s fame, will have a permanent memorial that encourages people to bring cards, notes and memories of the dolphin. The renovation includes new 1.5 million gallons (5.6 million liters) habitat for dolphins.

The Winter’s Endowment will use the contributions for the investment to continue the work of the aquarium, which includes the rehabilitation of other sea creatures such as turtles and manatees, Powell said.

There is also a winter song called “In Our Hearts You’ll Be” with lyrics by Stephen Page and music by Rudiger. It’s now available on music streaming services, Powell said. A portion of the song’s proceeds go towards aquarium operations.

Finally, the aquarium plans to disperse Winter’s ashes in the adjacent Gulf of Mexico next month, Powell said.

“Returning Winter to his natural home is a poetic end to his 16-year journey and we couldn’t think of a better way to rest his mind,” said Powell.


Tunnel to Towers Foundation pays off mortgages on fallen homes First responders with military service in honor of Pearl Harbor Day

December 7, 2021

Montana Mortgages

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Mortgage Repayments Part of Tunnel to Towers’ Third Annual Season of Hope

Tunnel to Towers Foundation pays off mortgages on fallen homes First responders with military service in honor of Pearl Harbor Day

Montana Search and Rescue Vice Commander Tyler Weir and Virginia State Police II Soldier Chad Dermyer

Montana Search and Rescue Vice Commander Tyler Weir and Virginia State Police II Soldier Chad Dermyer

Tunnel to Towers Foundation pays off mortgages on fallen homes First responders with military service in honor of Pearl Harbor Day

Police Corporal James Chapman and Senior Inspector Jared Keyworth of the US Department of Justice Marshals Service

Police Corporal James Chapman and Senior Inspector Jared Keyworth of the US Department of Justice Marshals Service

Police Corporal James Chapman and Senior Inspector Jared Keyworth of the US Department of Justice Marshals Service

Staten Island, NY, December 07, 2021 (GLOBE NEWSWIRE) – Today is the 80th commemoration of the Japanese attack on Pearl Harbor and to honor the memory of the 2,403 service members and civilians killed, the Tunnel to Towers Foundation is reimbursing the mortgages on the homes of five deceased first responders who served their country and community.

  • US Department of Justice Marshals Service Senior Inspector Jared Keyworth – US Army Veteran – Baton Rouge, Louisiana

  • Vice Commander Montana Search and Rescue Tyler Weir – Master Sergeant Montana Air National Guard – Great Falls, MT

  • Police Corporal James Chapman – United States Marine Corps Veteran – Johnston, South Carolina

  • Virginia State Police Trooper II Chad Dermyer – United States Marine Corps Veteran – Richmond, Virginia

  • Sergeant Joseph Deccio – US Army National Guard E5 – Yakima, Washington

The five mortgage payments are part of the Tower Tunnel’s Season of Hope, which celebrates the holiday season by delivering homes without mortgages or mortgage payments to families of deceased first responders, Gold Star families and veterans catastrophically injured across the country. .

This year, the Foundation will reimburse or dedicate 65 mortgage-free homes between Thanksgiving and New Year’s Eve.

These selfless heroes have answered the call to serve their country and their community. I call them superheroes, brave men and women who have come together to keep us safe at home and abroad. I am honored to support the families who have sacrificed so much for the freedoms and security we all enjoySaid Frank Siller, President and CEO of the Tunnel to Towers Foundation.

On October 1, 2021, US Marshals Service Senior Inspector Jared Keyworth died after being injured in an accident while assisting a law enforcement mission in Mississippi.

Principal Inspector Keyworth served in the United States Army and was hired to escort the riderless horse to President Ronald Reagan’s funeral in 2004. He left behind his wife Crystal and their two children.

It is difficult to explain the peace of mind this brought knowing that our children have the opportunity to continue to be surrounded by memories of their father. Tunnel to Towers gave a glimmer of light and hope in a very difficult time in our lives“said Crystal Keyworth.

Montana Air National Guard Master Sgt and Cascade County Search and Rescue Team Vice Commander Tyler Weir and his son were killed in an accident on March 27, 2021. Weir and his family were returning to Great Falls to participate in a rescue mission when their SUV was struck by another vehicle. His wife Jennifer and their two other children were injured in the crash.

For Jennifer, who is also a member of the Cascade County Search and Rescue Team in Montana, being able to stay in their home helps preserve her husband’s memory.

My husband and I built our house, and knowing that it is mine forever is truly the best blessing I can ask for. I’ll always have that part of him“said Jennifer Weir.

Johnston, South Carolina Police Corporal James Chapman was killed in a single vehicle crash while responding to replace another officer on December 8, 2017.

Corporal Chapman was a United States Marine Corps veteran and had served in the Johnston Police Department for two and a half years.

Corporal Chapman had always wanted to be a highway patroller in South Carolina. Shortly after his death, his wife Tonya Chapman was informed that he had been accepted into the highway patrol and in January 2018 he would have started to fulfill his dream.

Tunnel to Towers gave his wife, Tonya, a mortgage repayment notice before the fourth anniversary of her death.

I feel blessed beyond measure and very, very grateful to know that my house has been paid off and is forever mine“said Tonya Chapman, who added:”receiving this gift during the season of hope makes me feel secure knowing that I am not alone and that anything is possible with God.

On March 31, 2016, Virginia II State Police Soldier Chad Dermyer was shot and killed in the line of duty while speaking to a suspicious person inside a Greyhound bus terminal in Richmond , Virginia. He leaves behind his wife Michelle and the couple’s two children.

Private II Dermyer was a veteran of the United States Marine Corps, serving his country for four years. His wife Michelle was overwhelmed by the generosity of the Foundation’s donation.

It’s hard to find the words to describe how lucky our family feels to have paid off our mortgage. What an incredible way for the Siller family to honor Stephen and continue his legacy, blessing so many Gold Star first responders and families. We will be eternally grateful for this life changing gift,Said Michelle Dermyer.

This year marks the 20th anniversary of the Tunnel to Towers Foundation and the Season of Hope is the culmination of the Foundation’s anniversary events.

This year, the Tunnel to Towers Foundation delivered 135 mortgage-free homes across the country. The 65 Season of Hope households will bring the total to 200 households for the year.

For more information on Tunnel to Towers’ mission of supporting U.S. veterans, deceased first responders, and Gold Star families, visit T2T.org and consider donating just $ 11 per month.

About the Tunnel to Towers Foundation

The Tunnel to Towers Foundation is dedicated to honoring the sacrifice of FDNY firefighter Stephen Siller, who sacrificed his life to save others on September 11, 2001. For 20 years, the Foundation has supported our country’s first responders, the elders fighters and their families by providing these heroes and the families they leave behind with homes without mortgages. To learn more about the Tunnel to Towers Foundation and its commitment to DO GOOD, please visit T2T.org.

Follow Tunnel to Towers on Facebook, Twitter and Instagram at @ Tunnel2Towers

Attachments

CONTACT: Trevor Tamsen Tunnel to Towers Foundation 916-524-0941 [email protected]


15 of the top 20 equity-rich US real estate markets are in the Western States

December 3, 2021

Montana Mortgages

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Based on ATTOM Data Solutions third quarter 2021 Home Equity Report in the United States and Underwatert, 39.5% of mortgaged residential properties in the United States were considered high in equity in the third quarter, which means that the combined estimated amount of loan balances secured by these properties did not exceed 50% of their market value estimated.

The share of equity-rich mortgages in the third quarter of 2021 – one in three – was up from 34.4% in the second quarter of 2021 and to 28.3% in the third quarter of 2020.

The report also shows that only 3.4% of mortgaged homes, or one in 29, were considered seriously underwater in the third quarter of 2021, with a combined estimated property-backed loan balance of at least 25% more. than the estimated market for the property. value. That was down from 4.1% of all U.S. homes with a mortgage in the previous quarter and down to 6%, or 17 properties, a year ago.

Across the country, 46 states, including the District of Columbia, saw stock wealth levels rise from the second to third quarters of 2021, while seriously underwater percentages declined in 39 states. Year over year, fairness levels rose in 49 states, including the District of Columbia, and seriously underwater portions fell in 47 states, including the District of Columbia.

Improvements at both ends of the equity scale represented some of the biggest quarterly gains in two years and provided another sign of the strength of the US real estate market in the third quarter, even as the economy as a whole has only gradually recovered from the damage resulting from the crisis. Coronavirus pandemic that struck early last year.

The increases in equity in the months July through September came as the nationwide median home price rose 4% quarterly and 16% year-on-year, to a new record high of 310,500 $. Median values ​​have increased by at least 10% per year in two-thirds of the country’s metropolitan areas. These ongoing price hikes continued to increase equity as they widened the spreads between what homeowners owed on their mortgages and the value of their properties.

Prices have continued to rise over the past year due to lower mortgage rates and the desire of many households to flee virus-prone areas for the perceived safety of a home and yard or to find more space to adapt to new lifestyles of working from home. This has created a bubble of home buyers looking for a tight supply of properties for sale over the past year and a half, increasing demand and increasing home values.

Some signs of a possible market slowdown have emerged recently in the form of declining housing affordability, increasing foreclosures and falling investor profits. But the price and equity gains in the third quarter shone as prime examples of how the housing market boom continues to intensify in its 10th consecutive year.

“Homeowners across most of the United States could once again smile in the third quarter and watch their balance sheets grow as soaring home prices pushed their equity levels even higher. Among the best gains in two years, almost four in ten owners found themselves in equity rich territory, ”said Todd Teta, director of products at ATTOM. “Of course, there is some uncertainty ahead as other key market barometers have been a bit shaky lately. And the coronavirus pandemic remains a threat. around the country. “

Western and Southern States Show Biggest Improvement in Share of Equity-Rich Housing

Eight of the top 10 states where the equity-rich share of mortgaged homes increased the most between the second quarter of 2021 and the third quarter of 2021 were in the West and the South. The states with the largest increases were Utah, where the share of mortgaged homes considered to be equity-rich rose from 45.5% in the second quarter of 2021 to 60.9% in the third quarter, Arizona ( from 39.7 percent to 53.2 percent), Idaho (up 54.2 percent to 65.1 percent), North Carolina (up 28.4 percent to 38.6 percent) percent) and Nevada (up 34.9 percent to 44.9 percent).

The states with the richest equity share of mortgaged homes declined the most from the second to third quarters of this year were Kansas (down 31.4 percent to 27.1 percent), Wyoming (down from 29.5 percent to 25.8 percent), Mississippi (down from 26.6 percent to 23 percent), Montana (down 40.8 percent to 38.5 percent) and California (down 53.8 percent to 52.1 percent).

South and Midwest Show Biggest Declines in Underwater Properties

The top 10 states with the largest declines from the second quarter of 2021 to the third quarter of 2021 in the percentage of mortgaged homes considered seriously underwater were in the South and Midwest. They were led by West Virginia (share of seriously underwater mortgaged homes down 11.7% to 7.1%), Ohio (down 7.8% to 5.4%), l Arkansas (down 8.8% to 7%), Michigan (down 5.4%). at 3.7 percent) and Kentucky (down 7.7 percent to 6.2 percent).

The states where the percentage of seriously underwater homes increased the most from the second to third quarters of 2021 were Mississippi (7.6% to 17.7%), Wyoming (3.6% to 11.5 %), Maine (3.4% to 5.8 percent), Kansas (up 4.6 percent to 6.7 percent) and Montana (up 3 percent to 3.6 percent).

The largest shares of equity-rich homes are still in the West; the smallest in the Midwest and South

The West continued to have much higher levels of equity-rich properties than other regions in the third quarter of 2021. Eight of the top 10 states with the highest levels in the third quarter were in the West. , led by Idaho (65.1 percent of mortgage homes were high in equity), Vermont (61.2%), Utah (60.9%), Washington (56.2%) and Arizona (53.2%).

Thirteen of the 15 states with the lowest percentages of equity-rich properties in the third quarter of 2021 were in the Midwest and South, led by Louisiana (19.8% of mortgaged homes), Illinois (21, 5%), Alaska (23%), Mississippi (23%) and Oklahoma (24.7%).

Among 106 metropolitan statistical areas with more than 500,000 residents, 14 of the 15 with the highest shares of mortgage-rich equity-rich properties in the third quarter of 2021 were in the West. The top five were Austin, TX (66.9% high in stocks); Boise, ID (66.7%); San José, California (65.8%); Ogden, UT (62.8%) and Spokane, WA (62.2%). While Austin again led the South, the Northeast region’s leader remained Boston, MA (48.9%), and the Midwest’s # 1 subway remained Grand Rapids, MI (44.8%).

The 10 metropolitan areas with the lowest percentages of equity-rich properties in the third quarter of 2021 were in the Midwest and South, led by Jackson, MS (10.2% of mortgage homes were equity-rich); Baton Rouge, LA (16.2%); Wichita, KS (17.6 percent); Little Rock, AR (20.2%) and Virginia Beach, VA (21.5%).

The share of mortgaged homes considered to be equity-rich increased from the second quarter of 2021 to the third quarter of 2021 in 95 of the 106 metropolitan areas analyzed (90%), while all but two (98% improved year to year). ‘other.

The main counties rich in equity still grouped in the West region

Of the 1,605 counties that had at least 2,500 homes with mortgages in the third quarter of 2021, 15 of the top 20 equity-rich locations were in the Western region.

The counties with the highest share of equity-rich properties were Nantucket County, MA (76.6% equity-rich); Blaine County, ID (north of Twin Falls) (74.5%); Dukes County (Martha’s Vineyard), MA (74.3%); Valley County, ID (north of Boise) (74 percent) and Gem County, ID (outside of Boise) (71.8 percent).

The counties with the smallest share were Campbell County (Gillette), WY (7.3 percent stock-rich); Geary County (Junction City), KS (7.4%); Madison County, MS (north of Jackson) (8.2%); Hoke County, North Carolina (outside of Fayetteville) (9.6%) and Cowley County, KS (outside of Wichita) (11%).

At least half of all properties rated as equity rich in more than 1,900 postcodes

Of the 8,657 US zip codes that had at least 2,000 residential properties with mortgages in the third quarter of 2021, there were 1,948 where at least half of the mortgaged properties were high in equity.

Forty-five of the top 50 were in California, Texas, Massachusetts and Idaho, with 11 of the top 20 in Austin. TX. They were run by zip codes 78746 in Austin, Texas (80.5% of mortgaged properties were high in equity); 94122 in San Francisco, California (80.1%); 78749 in Austin, Texas (79.7%); 94,116 in San Francisco, California (79.4%) and 78,733 in Austin, Texas (79.2%).

The highest seriously submarine shares yet in the South and Midwest

Nine of the 10 states with the highest mortgage shares that were seriously underwater in the third quarter of 2021 were in the South and Midwest, led by the Mississippi (17.7 percent severely submarine), Wyoming (11.5%), Louisiana (10.7 percent), Iowa (8.4%) and Illinois (7.6%). The lowest percentages were in the West, led by Washington (1.2%), Utah (1.2%), Oregon (1.3%), Arizona (1.3% ) and Nevada (1.4%).

Of the 106 metropolitan statistical areas with more than 500,000 residents, those with the largest share of seriously underwater mortgages in the third quarter of 2021 included Jackson, MS (37.3%); Baton Rouge, LA (11.6%); Wichita, KS (8.7 percent); Scranton, PA (8.4%) and New Orleans, LA (8.2%).

Of the 106 metropolitan areas, 93 (88%) showed a decrease in seriously underwater property levels from the second to third quarters of 2021. Seriously underwater rates have fallen, year over year, in 102 of these areas (96%).

Over 25% of seriously underwater residential properties in just 27 zip codes

Of the 8,657 U.S. zip codes that had at least 2,000 homes with mortgages in the third quarter of 2021, there were only 27 locations where more than 25% of mortgaged properties were seriously underwater. Four of the 27 were in Cleveland, OH.

The top five zip codes with the largest shares of seriously underwater properties in the third quarter were 04330 in Augusta, ME (72.5% of mortgaged homes were seriously underwater); 66441 at Junction City, KS (64.9%); 39046 in Canton, MI (48.9%); 44108 in Cleveland, OH (47.7 percent) and 39401 in Hattiesburg, MI (47.4 percent).


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Asian markets mixed after Wall St decline, virus malaise | national news

December 1, 2021

Montana Mortgages

Comments Off on Asian markets mixed after Wall St decline, virus malaise | national news



By JOE McDONALD Business Writer AP

BEIJING (AP) – Asian stock markets were mixed on Thursday after a turbulent day on Wall Street as traders tried to predict the impact of the omicron variant of the coronavirus.

Shanghai and Tokyo fell while Hong Kong and Seoul advanced.

Wall Street’s benchmark S&P 500 ended down 1.2% on Wednesday after rising 1.9% earlier today. This was despite surveys showing that hiring and factory activity in the United States in November was better than expected.

Markets were down when the White House announced the discovery of the first omicron box in the United States. It’s unclear whether the omicron is more dangerous, but governments have responded by tightening travel controls, fueling unease over the prospects for a global economic recovery.

The latest data “painted a bullish picture of economic conditions, but this appears to be lagging behind as the Omicron variant has the potential to change the landscape,” IG’s Yeap Jun Rong said in a report.

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The Shanghai Composite Index lost 0.3% to 3,567.70 and the Nikkei 225 in Tokyo lost 0.7% to 27,760.67. Hong Kong’s Hang Seng gained less than 0.1% to 23,680.79.

The Kospi in Seoul jumped 1% to 2,930.31 while the S & P-ASX 200 in Sydney lost 0.1% to 7,227.90. The New Zealand and Southeast Asian markets fell.

The S&P 500 fell to 4,513.04. The Dow Jones Industrial Average was down 1.3% to 34,022.04. The Nasdaq slipped 1.8% to 15,254.05.

The S&P 500 posted its biggest loss since February on Friday, slipping 2.3%. It rose 1.3% on Monday and dropped 1.9% on Tuesday.

On Wednesday, the Institute for Supply Management reported that growth in manufacturing activity in the United States had accelerated faster than expected in November. The ADP payroll processor said employers hired more people than expected. That could raise expectations for Friday’s U.S. government employment data.

Investors have already been shaken after Federal Reserve Chairman Jerome Powell said on Tuesday that the US central bank may withdraw its stimulus measures earlier than expected amid still high inflation.

The Fed’s bond purchases pump money into the financial system, pushing up stock prices. The S&P 500 has more than doubled since March 2020.

In energy markets, benchmark US crude rose 64 cents to $ 66.21 in electronic trading on the New York Mercantile Exchange. The contract fell 61 cents on Wednesday to $ 65.57. Brent crude, the standard for international oil prices, gained 68 cents to $ 69.55 a barrel in London. It lost 36 cents the previous session to $ 68.87.

The dollar gained 113.02 yen against 112.79 yen on Wednesday. The euro rose to $ 1.1332 from $ 1.1319.

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