Manmohan Singh combined courage, vision & humilityDonald Trump has told 37 people on death row who had their sentences commuted by Joe Biden to “go to hell” in a lacerating Christmas Day social media post. The president-elect – long a vocal advocate of capital punishment – lashed out at Biden’s decision on his Truth Social platform, after wishing a merry Christmas to political opponents he addressed as “Radical Left Lunatics”. He then turned to those shown clemency by Biden in a decision announced on Monday: “ ... to the 37 most violent criminals, who killed, raped, and plundered like virtually no one before them, but were just given, incredibly, a pardon by Sleepy Joe Biden . I refuse to wish a Merry Christmas to those lucky ‘souls’ but, instead, will say, GO TO HELL!” Biden’s move reduced the death sentences of 37 out of 40 prisoners on federal death row to life imprisonment without parole and followed pressure from campaigners who warned that they were likely to be executed on Trump’s return to the White House. The exceptions applied to three men who had been convicted of offences regarded as terrorism or hate crimes, including Dzhokhar Tsarnaev, who was found guilty of carrying out the 2013 Boston marathon bombing attack. Biden – a one-time adherent of capital punishment – said in a statement that “guided by my conscience ... I am more convinced than ever that we must stop the use of the death penalty at the federal level. I cannot stand back and let a new administration resume executions that I halted.” During his first presidency, Trump restarted federal executions after a 17-year gap, eventually presiding over more than the previous 10 presidents combined. Biden’s commutation order won the praise of campaigners, including Martin Luther King III, the son of the murdered civil rights leader Martin Luther King Jr. The majority of those whose sentences were commuted are people of colour, and 38% are Black, according to the Death Penalty Information Center. One of Trump’s earliest forays into the political arena was a full-page advert calling for the reinstatement of the death penalty after the rape of a jogger in New York City’s Central Park in 1989 and the subsequent arrests of five Black and Latino teenagers, who were charged and eventually convicted of the crime. All five, who denied involvement, were ultimately exonerated and released from prison after another man belatedly made a confession that was confirmed by DNA evidence. The men, now in their 50s, sued Trump for defamation after he falsely said during a presidential debate with Kamala Harris in Philadelphia in September that they had admitted guilt and that the victim had been killed. In another segment of his Christmas Day post , Trump sarcastically offered season’s greetings to Chinese troops serving in the Panama Canal, which he has publicly mused be returned to the US, and to the Canadian prime minister, Justin Trudeau, whom he taunted with the title “governor” in the latest of several demeaning provocations since winning November’s presidential election. “Merry Christmas to all, including to the wonderful soldiers of China, who are lovingly, but illegally, operating the Panama Canal (where we lost 38,000 people in its building 110 years ago), always making certain that the United States puts in Billions of Dollars in ‘repair’ money, but will have absolutely nothing to say about ‘anything’,” he wrote. “Also, to Governor Justin Trudeau of Canada, whose Citizens’ Taxes are far too high, but if Canada was to become our 51st State, their Taxes would be cut by more than 60%, their businesses would immediately double in size, and they would be militarily protected like no other Country anywhere in the World.” Christmas wishes were also extended to the residents of Greenland , “which is needed by the United States for National Security purposes and, who want the US to be there, and we will”. This was a reference to his call, initially made during his first presidency, that Denmark – which has sovereignty over the territory – sell it to the US. Both Denmark and Greenland’s autonomous administration have said that it is not for sale. In a later unrelated post , Trump wrote that he had met the retired Canadian ice hockey star Wayne Gretzky and asked him to run for the prime minister’s office, “soon to be known as the Governor of Canada”. “He had no interest, but I think the people of Canada should start a DRAFT WAYNE GRETZKY Movement,” Trump wrote. “It would be so much fun to watch!”
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Channel 10’s The Cheap Seats co-hosts Tim McDonald and Melanie Bracewell ruffled some feathers at the 2024 GQ Australia Men of the Year Awards, held on Wednesday night at Sydney’s White Bay Power Station. The pair, known for their sharp humour, didn’t hold back as they delivered a cutting monologue that had the celebrity-packed audience laughing- and cringing. "Tonight is all about honouring the unsung heroes," McDonald began, before Bracewell cheekily added: "Yes, hot, rich, successful people." Throughout the night, they poked fun at big names, including fellow Channel 10 star Osher Gunsberg. "A lot of outstanding people are here tonight," McDonald said. Bracewell nodded knowingly: "[Social media stars] The Inspired Unemployed are here." McDonald quipped back: "You mean Jack and Falcon?" to which Bracewell replied, deadpan: "No, sorry, Osher Gunsberg and Daniel Ricciardo." Radio icon Jackie 'O' Henderson’s memoir also got a roasting. "Finally, someone who talks about her life for five hours a day was ready to share her story," Bracewell said. McDonald added: "Jackie's book bravely recounts her struggles with addiction ... to Prada handbags and 20-year-old men." For the influencers in the room, Bracewell offered a helpful explanation: "A 'book' is like a really long Instagram caption." Even the event’s venue wasn’t spared. "Where better to honour the next generation of Aussie talent than at a 112-year-old decommissioned power station?" McDonald joked. Bracewell, ever quick, chimed in: "Some of you may recognise us from Channel 10... which was also decommissioned in 1984." As the awards rolled on, the evening celebrated the best of Australian and international talent. Australian actor Sam Worthington was crowned GQ Australia’s Man of the Year, presented by his wife, model Lara Worthington. Emma McKeon won Sportsperson of the Year, while Noemie Fox took home Breakthrough Sportsperson of the Year. Eddie Betts, former AFL star, was honoured as Sporting Icon of the Year. Felix Mallard, best known for his acting roles, was named Actor of the Year. American model and musician Gabbriette was crowned International Sensation. Cooper Koch, star of Monsters, won International Actor, while country pop star Orville Peck took home International Musician of the Year. Peck, known for his masked persona and flamboyant style, added his own humour to the night. "Some of you may know me as Orville Peck, the country star, and some of you may know me as the yodelling poof who wears a mask," he joked during his speech. "Either way, I’m very happy to be here." Peck also took a moment to celebrate Australia’s contributions to global talent. "I really love Australia... you gave us Bailey Smith, Chris Hemsworth and Hugh Jackman, so on behalf of gay people everywhere, thank you very much," he said, drawing big laughs from the audience. Speaking to SkyNews.com.au on Thursday, McDonald said it was an honour to be "even allowed into the building", let alone to host the awards. "I reckon because it’s the Men of the Year awards all the actual talent are in the crowd, so they need an average man to hand out their trophies and point out where the bathrooms are," he said. According to McDonald, the stars on the roasting hot seat were none the wiser about their foreboding roast but were happy to still chat with the comedians afterwards. "We didn’t speak to any of the celebs beforehand - the event security kept us 500 metres from the actual stars at all times," McDonald joked. "But afterwards we met a lot of them which was great, and some of their legal teams, which was less great. "Plus I reckon we roasted each other more than anyone, we try to make sure no one in the crowd cops it more than we do!"NEW YORK (AP) — With the end of 2024 around the corner, you might be reflecting on financial goals for 2025. Whether you're saving to move out of your parents' house or pay off student loan debt, financial resolutions can help you stay motivated, said Courtney Alev, consumer advocate for Credit Karma. “Entering a new year doesn’t erase all our financial challenges from the prior year," Alev said. “But it can really help to bring a fresh-start mentality to how you’re managing your finances.” If you’re planning to make financial resolutions for the new year, experts recommend that you start by evaluating the state of your finances in 2024. Then, set specific goals and make sure they're attainable for your lifestyle. Here are some tips from experts: Think about how you currently deal with finances — what's good, what's bad, and what can improve. “Let this be the year you change your relationship with money,” said Ashley Lapato, personal finance educator for YNAB, a budgeting app. If you feel like money is a chore, that there's shame surrounding the topic of money, or like you were born being “bad at money,” it's time to change that mentality, Lapato said. To adjust your approach, Lapato recommends viewing money goals as an opportunity to imagine your desired lifestyle in the future. She recommends asking questions like, “What do my 30s look like? What do my 40s look like?” and using money as a means to get there. Liz Young Thomas, head of SoFi Investment Strategy, added that it’s key you forgive yourself for past mistakes in order to move into the new year with motivation. When setting your financial resolutions for 2025, it's important to establish the “why” of each, said Matt Watson, CEO of Origin, a financial tracking app. “If you can attach the financial goal to a bigger life goal, it’s much more motivating and more likely you’ll continue on that path,” Watson said. Whether you're saving to buy a house, pay off credit card debt or take a summer vacation, being clear about the goal can keep you motivated. Watson also recommends using a tool to help you keep track of your finances, such as an app, spreadsheet, or website. “After three years of inflation, your pay increases are likely still playing catch up to your monthly expenses, leaving you wondering where all the money is going," said Greg McBride, chief financial analyst at Bankrate. "Make that monthly budget for 2025 and resolve to track your spending against it throughout the year." McBride said that you may need to make adjustments during the year as certain expenses increase, which would require cutting back in other areas. “Calibrate your spending with your income, and any month you spend less than budgeted, transfer the difference into your savings account, ideally a high-yield savings account,” he said. “Interest rates aren’t likely to come down very fast, so you’re still going to have to put in the hard work of paying down debt, especially high-cost credit card debt, and do so with urgency,” McBride said. Start by taking stock of how much debt you have now relative to the beginning of the year. Hopefully you’ve made steady progress on paying it down, but, if you’ve gone in the other direction, McBride encourages making a game plan. That includes looking into 0% balance transfer offers. “You have more power over credit card interest rates than you think you do," said Matt Schulz, chief credit analyst at LendingTree. “Wielding that power is one of the best moves you can make in 2025.” A 0% balance transfer credit card is “a good weapon” in the fight against high card APRs, or annual percentage rates, he said. A low-interest personal loan is an option as well. You may simply be able to pick up the phone and ask for a lower interest rate. LendingTree found that a majority of people who did that in 2024 were successful, and the average reduction was more than 6 points. When planning for your financial resolutions, it’s important to consider how you’re going to make your goals sustainable for your lifestyle, said Credit Karma's Alev. “It really is a marathon, not a sprint,” Alev said. Alev recommends setting realistic, practical goals to make it easier to stick with them. For example, instead of planning to save thousands of dollars by the end of the year, start by saving $20 a paycheck. Even when your plans are achievable, there are times you'll get derailed. Maybe it’s an unexpected medical bill or an extraordinary life event. When these situations happen, Alev recommends trying not to feel defeated and working to get back on track without feeling guilty. “You can't manage what you can't see, so set a New Year’s resolution to check your credit score monthly in 2025," said Rikard Bandebo, chief economist at VantageScore. “Be sure to pay more than the minimum on your credit accounts, as that's one of the best ways to boost your credit score.” Bandebo also advises student loan borrowers to make all payments on time, as servicers will begin to report late payments starting in January, and missed payments will affect borrowers' credit scores. Automated changes, like increasing workplace 401(k) plan contributions, setting up direct deposits from paychecks into dedicated savings accounts, and arranging for monthly transfers into an IRA and/or 529 college savings accounts all add up quickly, McBride said. Your financial goals can encompass more than just managing your money better — they can also be about keeping your money safe from scams . A golden rule to protect yourself from scams is to “slow down,” said Johan Gerber, vice president of security solutions at Mastercard. “You have to slow down and talk to other people if you’re not sure (whether or not) it’s scam,” said Gerber, who recommends building an accountability system with family to keep yourself and your loved ones secure. Scammers use urgency to make people fall for their tricks, so taking your time to make any financial decision can keep you from losing money. Your financial goals don’t always have to be rooted in a dollar amount — they can also be about well-being. Finances are deeply connected with our mental health, and, to take care of our money, we also need to take care of ourselves. “I think that now more than any other year, your financial wellness should be a resolution," said Alejandra Rojas, personal finance expert and founder of The Money Mindset Hub, a mentoring platform for women entrepreneurs. "Your mental health with money should be a resolution.” To focus on your financial wellness, you can set one or two goals focusing on your relationship with money. For example, you could find ways to address and resolve financial trauma, or you could set a goal to talk more openly with loved ones about money, Rojas said. —— The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.None
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What is the economic legacy of Manmohan Singh in India? Both the Left and the Right would like to remember him as the man who brought economic reforms and privatisation to what was a State-dominated Licence-Quota Raj economy. Singh, himself would have liked to differ. “What is the future of capitalism especially in India?” Singh was asked in a 2009 Financial Times interview. His answer would have disappointed market fundamentalists. “Capitalism with a human face. We are a mixed economy. We will remain a mixed economy. The public and private sector will continue to play a very important role,” he answered. To be sure, Singh’s ideas of a mixed economy were radically different from what his party, the Congress, tried to achieve when India gained Independence. The Report of the South Commission, published in 1990 ( Singh was the secretary-general of the commission) provides some insights into Singh’s thoughts on the misplaced romanticism on State-led development strategies in the Third World. “In many countries, the State has underachieved precisely because it has tried to do too much, too soon... In such conditions, the withdrawal of the State from some activities may well enhance its effectiveness as an instrument of development,” the report said. Also Read: How Manmohan Singh’s economic reforms changed India Singh’s 1991 budget speech, perhaps the most important in post-Independence India till date, echoed this sentiment. “The public sector has made an important contribution to the diversification of our industrial economy. But there have been a number of shortcomings. In particular, the public sector has not been able to generate internal surpluses on a large enough scale. At this critical juncture, it has therefore become necessary to take effective measures so as to make the public sector an engine of growth rather than an absorber or national savings without adequate return”, it said. The 1991 Union Budget was accompanied by a new industrial policy which de-reserved a large number of sectors from public sector monopoly. It is in this transformation of the Indian economy that Singh played the most important role, first as the finance minister in the 1991 Narasimha Rao government and then as the prime minister of India for 10 years from 2004 to 2014. If the somewhat crude yardstick of GDP growth rates – external factors can emerge as big disruptors and some policies only yield a growth dividend in the long-run – is applied to judge Singh’s performance, his was one of the most successful tenures in India. As an academic-turned-technocrat, Singh hit the political ground running, learning to deal with the constraints politics puts on policymaking. The Narasimha Rao government was a minority one. But the first resistance to undoing the Nehruvian consensus on economic policy came from within the Congress party. A lot of the 1991 reform was actually reform by stealth, wrapped in rhetorical commitments to continue the old ways. While political expediency necessitated that Singh displayed commitment to the old guard on the outside, he was pretty firm when it came to pushing his reform agenda on the inside. In his essay The Road to the 1991 Industrial Policy Reforms and Beyond , published in the collection India Transformed: 25 Years of Economic Reforms , former Reserve Bank of India deputy governor Rakesh Mohan (who was then working in the industry ministry) provides an account of Singh’s firm resolve to push the reform process. “Within a few days of his appointment (as finance minister), Manmohan Singh called a meeting of all the secretaries of the major economic ministries and the chief economic adviser.... Manmohan Singh outlined the full economic reform programme that was to be followed over the next five years — and more importantly, over the next six weeks. The latter included immediate action to be taken on industry policy. He said quite clearly that he had the full mandate of the Prime Minister to do whatever had to be done to solve the crisis... Since he knew that some of the mandarins present were not on board with the kind of liberalising economic reforms envisaged, he added: ‘If any of you have any difficulty with the proposed reform programme, we can find other things for you to do!’ This was perhaps the most firm and forceful that I ever saw Dr Manmohan Singh.” Welfare State The first four years of the United Progressive Alliance (UPA) government, of which Singh was the head, were spent on the parliamentary support of the communists, the most consistent critiques of economic reforms or neoliberal policies in India. This phase saw radical and progressive changes in India’s social-democratic fabric. The enactment of the National Rural Employment Guarantee Act, the largest demand driven employment programme in the world and the Right to Information Act are some such examples. The welfare push would continue in the second term of the UPA, this time without the support of the communists – they parted ways on the question of the Indo-US Nuclear Deal – and on the back of improved performance of the Congress party itself. And it would continue with the NDA under Narendra Modi. The 2009 election results were perhaps the biggest political vindication of Singh’s vision of capitalism with a human face. Things changed soon after the moment of glory. While the 2008 economic crisis did not have an immediate effect on India’s growth prospects, the export engine of growth ran into headwinds soon after. This, accompanied by a sharp rise in commodity prices and what many economists believe was a delayed withdrawal of the fiscal stimulus, which was administered to deal with the 2008 crisis, made things very difficult for the Indian economy. Inflation, fiscal deficit and trade deficit shot up; growth slowed. From being seen at the cusp of sustained double digit growth rates, India joined the infamous club of fragile five countries, whose macroeconomic fundamentals were deeply in the red. The fact that the UPA did not do enough to reform governance structure in banks played a big role in the pile-up of bad loans in the banking system. This would emerge as a major impediment to growth, something which created the twin-balance sheet problem. The post-2008 crisis was also a moment of reckoning for Singh’s economic philosophy of capitalism with a human face. With revenue growth drying up and a rise in economic misery, largely a result of an upward turn in prices, his government found it impossible to balance the macro economy and welfare demands. The best, and perhaps most hard-headed articulation of this growing contradiction was given by Singh himself in a 2012 speech, which among other things was trying to justify a hike a price of diesel and a cap on the number of subsidised LPG cylinders. “...The subsidy on petroleum products has grown enormously. It was ₹ 1 lakh 40 thousand crores last year. If we had not acted, it would have been over ₹ 200,000 crores this year. Where would the money for this have come from? Money does not grow on trees. If we had not acted, it would’ve meant a higher fiscal deficit, that is, an unsustainable increase in government expenditure vis-a-vis government income. If unchecked, this would lead to a steep rise in prices and a loss of confidence in our economy,” Singh said. Both the UPA government and Singh’s political clout could not recover from the economic crisis, which ultimately paved way for a sweeping Bharatiya Janata Party (BJP) victory in 2014, followed by an even bigger victory in 2019. To be sure, myriad allegations of corruption against various UPA ministers also played a role in diminishing the Congress’s, especially Singh’s credibility in the eyes of the voters. Singh himself admitted that his hands were tied because of political considerations. “My compulsion is that I have to bear a lot because we cannot have elections every six months,” a 2011 HT story quoted Singh as saying. “Some compromises have to be made in managing a coalition. A coalition government has to be viewed in a context that no single party has emerged to rule by itself,” he said, adding: “In a coalition, there is a coalition dharma. Obviously things are not entirely what I would like them to be. But quite frankly, I never felt like resigning. I have a job to do.” Singh, of all people, should have realised what such a politics would lead to. Once again, the 1990 South Commission Report, which Singh played a lead role in writing, was prophetic. “Politics in the management of development cannot be wished away. But if it is to be creative, politics must be the servant of social sympathies. It must be an instrument for purposeful social change rather than a ticket to power and privilege or another lucrative profession.” In a media interaction in January 2014, months before the Congress would face a crushing defeat, Singh made a brave attempt to defend his legacy. “I honestly believe that history will be kinder to me than the contemporary media, or for that matter, the Opposition parties in Parliament. I cannot divulge all things that take place in the Cabinet system of government. I think, taking into account the circumstances, and the compulsions of a coalition polity, I have done as best as I could under the circumstances.”. Whether the Congress party and Singh’s legacy will gain their lost glory is a question best left to the future. However, one can say with a reasonable degree of confidence and gratitude that Manmohan Singh was instrumental in India’s smooth transition from an ossified economy in the shackles of misplaced beliefs of State-led transformation to a market-oriented one without major disruptions and collateral damage. There are far too many examples of failed shock therapies and lost decades, a result of complete surrender to the exuberance of the Washington Consensus advocates, which teach us that India should always be grateful to Dr Singh for the fine balance he set out to achieve – and did.
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Dear Readers: Thank you for all your responses to “Letting Go Is Hard to Do.” We have undeniably wonderful parents among our readership. Here are two of my favorite letters. Dear Annie: This is in response to “Letting Go Is Hard to Do,” who was worried about the choices her daughter might be making at college after seeing a questionable bank transaction. I am also the mom of a college-age student. We have had a joint account ever since my son was a senior in high school. I made a promise to myself to not allow our joint checking accounts to be a way to peek into his world. Trust me, it is very hard not to look — especially when I am transferring money to his account. If his spending info pops up, I look away and put my hand over so I cannot see. It is a don’t-see-don’t-tell trust that I never told him I had in place. He is very independent, and if I’d have questioned things, he would have started to mistrust me. There is always a way teens get around roadblocks; it’s called taking cash out of the account and spending it that way or buying a Visa gift card with the cash. It gets easier as they get older to not look. I encourage you to think about why you need to look at how she spends her money. My son was no angel for a good four to five years. But he trusts me now, and when the really hard/big things come up, he comes to me for comfort and direction, and to ease his fears. Let a little more of the string go, and when your bird flies, you will be rewarded with trust and honesty. — Money and Trust Dear Annie: I want to be as polite as I can in this reply to the mom who’s concerned about her 18-year-old daughter essentially just being an 18-year-old away at college. With all due respect, Letting Go — because you sound like a great mom and you seem to have a good bond with your daughter — maybe drop the “God’s gift” talk, stop thinking about what your religion teaches about birth control and just ask your kid if she’s OK and let her know you’re there to talk. She may not be as interested as you are in what God and your religious community’s leadership thinks about her sex life. Meanwhile, here on Earth, you’re both humans who love each other. Lead with that. In terms of sex addiction and so-called addictive behaviors, aka symptoms of a disease called addiction, which aren’t “behaviors” in an addict but rather compulsions, again, be honest. Talk about it head-on. Don’t minimize it if you’re truly worried. And if you’re not, let her live her life and keep your opinions to yourself. You can either have a relationship that is close, honest and real or have some mix of hope, denial and religious idealism. But the half-measure of trying to have both almost guarantees the first will be lost, which would be a shame. Keep your life between you and God, her life between you and her, and trust God to know how to handle the rest. God is too busy caring for billions of souls to really care much about birth control and sex toys. Take God’s lead. — Dad of a Teen, Too
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With two of Niagara-on-the-Lake’s pharmacies back under local ownership, its former owner — now a partial owner — hopes it can get back to providing exceptional customer service. Both Simpson’s Pharmasave in Virgil and Pharmasave Simpson’s Apothecary in Old Town were sold on Oct. 18, with partial ownership returning to Sean Simpson. After initially selling the stores to SRx Health Solutions, a Toronto-based pharmaceutical company, in 2023 for an undisclosed amount, Simpson approached the Boggio Family of Pharmacies, a Niagara-based pharmaceutical business, to buy the stores back together. Aaron and Kyle Boggio were happy to join in on the venture. The Boggios are now two of six major shareholders of the company, including Sean and Stephanie Simpson and Connor and Morgan Gates, both with the Boggio Family of Pharmacies. Before talking to the Boggios, Simpson approached SRx about buying the stores back. With their permission, he then approached the Boggios, he said. Simpson would not share the percentage of his stake in the company, nor that of the other shareholders. He also did not disclose how much he and the Boggios paid to buy back the pharmacies. The Boggio Family of Pharmacies, in operation since 1983, has several locations across the Niagara region — now including the two in NOTL. “I’ve known the Simpsons for many years. I actually did an internship with them back when I was coming out of pharmacy school,” said Aaron Boggio. “I know their values align with our values at Boggio Family Pharmacies and they are strong supporters of the community.” Despite giving up ownership of Simpson’s Pharmasave, Simpson never really left the company, assuming the title of pharmacy liaison after the sale. However, he wanted to increase his share in the company after noticing a decline in the quality of customer service at the pharmacies and supply issues after the new owners took over, he said. “It got to a point where it became very apparent to me that the business was going to suffer if something wasn’t done,” Simpson said. From there, Simpson asked permission to buy back the company and reached out to the Boggios to go into business together. “I’m very confident now with the group, especially our local roots and local presence, that I think is going to help us get back to the service standard that we are known for and what people expect from us,” he said. Boggio said the former owners didn’t necessarily have the level of care small-community customers expect. “That’s something that we look forward to bringing back to Niagara-on-the-Lake,” he said. “We are a local owner and we treat our customers like family.” With the swap, Boggio said customers shouldn’t expect too much of a change aside from increased levels of customer service. “Because we have so many stores locally there’s an opportunity for us to better service our patients, our pharmacies work as a family so we can share stock and do whatever it takes to get the product to the patient who needs it,” he said. Simpson said there is no limit to the level of customer service those visiting the pharmacy can expect. “I’m really looking forward to the next few years and really trying to not only get back to where we were but to exceed that level and raise the standard even higher,” he said.AP Business SummaryBrief at 11:27 a.m. EST
Hurricanes hope D-men keep producing points vs. SenatorsLast week, I went to the Originator Connect holiday party and conference in Irvine. It was a good opportunity to sniff out innovative mortgage financing tools aimed at helping consumers just like you. For me, the find of the day was a home equity line of credit (HELOC) allowing bank statement deposits to be used as an income qualifying substitute for tax returns. I’ve come across bank statement fixed-rate second mortgages, where an applicant must pull all the money out at once, but I’ve never come across this concept for HELOCs. The big advantage with a HELOC is it allows you to borrow and pay it back, sort of like a business line of credit or a credit card, but at significantly cheaper rates. Many self-employed borrowers can show a nice flow of income through bank deposits, but the money doesn’t translate well enough when it comes to claiming enough qualifying net income on a tax return. Legitimate (or even illegitimate) expenses claimed on tax returns whittle down the taxable income. Hence, the bank statement loan program works for those who are unable to meet “full documentation” income and debt-ratio qualifications. What’s the catch? A borrower is going to pay a higher rate and more fees on this HELOC compared with a standard bank HELOC. Beggars can’t be choosers. If you can’t get a bank HELOC, you may be able to get a bank statement HELOC. Here’s an example: $500,000 loan, 75% loan-to-value and 740 middle FICO score offers a start rate of 10.125%. Assume points and closing costs of $7,000. Compare that to a full doc (tax returns to provide the income) bank HELOC, to which you might be paying zero costs with a starting rate of 8.25%. Among the program highlights: This twist on a HELOC is available for owner-occupied residences, second homes and investment properties. The maximum loan amount is $750,000. The borrower must pull out at least 80% of the line amount at closing. You cannot pay any of it back for 90 days. It’s a 20-year term. You can borrow and pay back for the first five years at interest-only payments. A borrower will have an additional 15 years to pay the line back. Also, you can pull out as much as 85% of the equity from your property. American Business Media (the conference organizer) arranges 30 shows a year around the United States. I asked the director of events, Navindra Persaud, what was the hottest topic for mortgage brokers these days. “Navigating higher (mortgage) rates and finding diversity to their (consumer) product offerings,” he told me. Speaking of diversity, another very interesting program is another version of fog-the-mirror lending (if you can fog a mirror, we’ll give you a loan). If you have the same or more liquid assets compared with the loan balance, no questions are asked about any job or income. That section of the application is left blank. For example, you are applying for a $750,000 mortgage. You are currently unemployed. And you can show $750,000 of money between your bank and brokerage accounts. You qualify for this fog-the-mirror-2.0 loan. As an aside, fog-the-mirror 1.0 includes no job or income, just nine months of payment reserves and excellent credit. No need to be able to match your mortgage balance with your liquid assets. Fog the mirror 1.0 carries a 8-8.5% interest rate on a 30-year fixed with about 2 points cost. The version 2.0 rate is between 7.5% and 8% with 2 points. Related Articles Housing | 30-year mortgage down to October levels at 6.69% Housing | Privatizing Fannie Mae would cause mortgage rates to soar, economist says Housing | FHFA loan limits rising to $1.2 million in LA and OC, top $806,000 in Inland Empire Housing | California affordability fixes: 3.5% loans, 50% raises, or 33% home-price cuts? Housing | ‘Difference is Trump’: American homebuyers brace for rate pain Mixed-use: More and more new buildings are offering a combination of retail space and homes. Industry jargon for this is “mixed use.” For the most part, it’s hard to find mixed-use financing. One lender allows residential or commercial zoning for two to eight units, with a loan amount up to $2 million. Not bad. The rate is roughly 7.25% for a 30-year fixed with 2 points. Foreign borrowers: ITIN (individual taxpayer identification number) in lieu of a Social Security number, DACA and foreign national loans all were on display. The foreign national loan required zero U.S. credit, so long as the borrower is putting at least 30% down. The investor-borrower cannot reside in the U.S. Talk about the world being your oyster. When mortgage shopping and there seems to be nothing you want or need, be sure to have at least three mortgage brokers tell you the same thing: “It’s not out there.” Otherwise, keep looking, because you just might find a program that fits your needs. The 30-year fixed rate averaged 6.69%, 12 basis points lower than last week. The 15-year fixed rate averaged 5.96%, 14 basis points lower than last week. The Mortgage Bankers Association reported a 2.8% mortgage application increase compared with one week ago. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $806,500 loan, last year’s payment was $183 more than this week’s payment of $5,199. What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages with one point: A 30-year FHA at 5.625%, a 15-year conventional at 5.5%, a 30-year conventional at 6.25%, a 15-year conventional high balance at 5.99% ($806,501 to $1,209,750 in LA and OC and $806,501 to $1,077,550 in San Diego), a 30-year-high balance conventional at 6.5% and a jumbo 30-year fixed at 6.375%. Eye-catcher loan program of the week: A 30-year mortgage, with 30% down locked for the first 5 years at 5.875% with 1 point cost. Jeff Lazerson, president of Mortgage Grader, can be reached at 949-322-8640 or jlazerson@mortgagegrader.com .Kendrick Lamar surprises with new album 'GNX' LOS ANGELES (AP) — Kendrick Lamar gave music listeners an early holiday present with a new album. The Grammy winner released his sixth studio album “GNX” on Friday. The 12-track project is the rapper’s first release since 2022’s “Mr. Morale & The Big Steppers.” Lamar’s new album comes just months after his rap battle with Drake. The rap megastar will headline February's Apple Music Super Bowl Halftime Show in New Orleans. The 37-year-old has experienced massive success since his debut album “good kid, m.A.A.d city” in 2012. Since then, he’s accumulated 17 Grammy wins and became the first non-classical, non-jazz musician to win a Pulitzer Prize. NBA memo to players urges increased vigilance regarding home security following break-ins MIAMI (AP) — The NBA is urging its players to take additional precautions to secure their homes following reports of recent high-profile burglaries of dwellings owned by Milwaukee Bucks forward Bobby Portis and Kansas City Chiefs teammates Patrick Mahomes and Travis Kelce. In a memo sent to team officials, a copy of which was obtained by The Associated Press, the NBA revealed that the FBI has connected some burglaries to “transnational South American Theft Groups” that are “reportedly well-organized, sophisticated rings that incorporate advanced techniques and technologies, including pre-surveillance, drones, and signal jamming devices.” Ancient meets modern as a new subway in Greece showcases archaeological treasures THESSALONIKI, Greece (AP) — Thessaloniki, Greece’s second-largest city, is opening a new subway system, blending ancient archaeological treasures with modern transit technology like driverless trains and platform screen doors. The project, which began in 2003, uncovered over 300,000 artifacts, including a Roman-era thoroughfare and Byzantine relics, many of which are now displayed in its 13 stations. Despite delays caused by preserving these findings, the inaugural line has been completed, with a second line set to open next year. Conor McGregor must pay $250K to woman who says he raped her, civil jury rules LONDON (AP) — A civil jury in Ireland has awarded more than $250,000 to a woman who says she was raped by mixed martial arts fighter Conor McGregor in a Dublin hotel penthouse after a night of heavy partying. The jury on Friday awarded Nikita Hand in her lawsuit that claimed McGregor “brutally raped and battered” her in 2018. The lawsuit says the assault left her heavily bruised and suffering from post-traumatic stress disorder. McGregor testified that he never forced her to do anything and that Hand fabricated her allegations after the two had consensual sex. McGregor says he will appeal the verdict. At least 19 people are sick in Minnesota from ground beef tied to E. coli recall U.S. health officials say at least 19 people in Minnesota have been sickened by E. coli poisoning tied to a national recall of more than 167,000 pounds of potentially tainted ground beef. Detroit-based Wolverine Packing Co. recalled the meat sent to restaurants nationwide. Minnesota state agriculture officials reported multiple illnesses and found that a sample of the product tested positive for E. coli, which can cause life-threatening infections. No illnesses have been reported outside of Minnesota. Symptoms of E. coli poisoning include fever, vomiting, diarrhea and signs of dehydration. Actor Jonathan Majors’ ex-girlfriend drops assault and defamation lawsuit against once-rising star NEW YORK (AP) — Jonathan Majors’ ex-girlfriend has dropped her assault and defamation lawsuit against the once-rising Hollywood star after reaching a settlement. Lawyers for Majors and Grace Jabbari agreed to dismiss the case with prejudice Thursday. Jabbari is a British dancer who had accused Majors of subjecting her to escalating incidents of physical and verbal abuse during their relationship. Representatives for Majors didn’t respond to emails seeking comment Friday. Jabbari’s lawyer said the suit was “favorably settled” and her client is moving on with “her head held high.” Majors was convicted of misdemeanor assault and harassment last December and sentenced to a yearlong counseling program. Hyundai, Kia recall over 208,000 electric vehicles to fix problem that can cause loss of power DETROIT (AP) — Hyundai and Kia are recalling over 208,000 electric vehicles to fix a pesky problem that can cause loss of drive power, increasing the risk of a crash. The recalls cover more than 145,000 Hyundai and Genesis vehicles including the 2022 through 2024 Ioniq 5, the 2023 through 2025 Ioniq 6, GV60 and GV70, and the 2023 and 2024 G80. Also included are nearly 63,000 Kia EV 6 vehicles from 2022 through 2024. The affiliated Korean automakers say in government documents that a transistor in a charging control unit can be damaged and stop charging the 12-volt battery. Dealers will inspect and replace the control unit and a fuse if needed. They also will update software. Christmas TV movies are in their Taylor Swift era, with two Swift-inspired films airing this year Two of the new holiday movies coming to TV this season have a Taylor Swift connection that her fans would have no problem decoding. “Christmas in the Spotlight” debuts Saturday on Lifetime. It stars Jessica Lord as the world’s biggest pop star and Laith Wallschleger, playing a pro football player, who meet and fall in love, not unlike Swift and her boyfriend, Kansas City Chiefs tight end Travis Kelce. On Nov. 30, Hallmark will air “Holiday Touchdown: A Chiefs Love Story.” Instead of a nod to Swift, it’s an ode to family traditions and bonding, like rooting for a sports team. Hallmark’s headquarters is also in Kansas City. Top football recruit Bryce Underwood changes commitment to Michigan instead of LSU, AP source says ANN ARBOR, Mich. (AP) — Top football recruit Bryce Underwood has flipped to Michigan after pledging to play at LSU. That's according to a person familiar with the situation who spoke to The Associated Press on condition of anonymity because they were not authorized to share the recruit’s plans to join the Wolverines. Underwood pinned a post on his Instagram account, showing a post in which On3.com reported that he has committed to Michigan. The 6-foot-3 quarterback played at Belleville High School about 15 miles east of Michigan's campus, and told LSU nearly a year ago he intended to enroll there. Emperor penguin released at sea 20 days after waddling onto Australian beach MELBOURNE, Australia (AP) — The only emperor penguin known to have swum from Antarctica to Australia has been released at sea 20 days after he waddled ashore on a popular tourist beach. The adult male was found on Nov. 1 on sand dunes in temperate southwest Australia about 2,200 miles north of the Antarctic coast. He was released Wednesday from a boat that traveled several hours from Western Australia state's most southerly city of Albany. His caregiver Carol Biddulph wasn't sure at first if the penguin would live. She said a mirror was important to his rehabilitation because they provide a sense of company. Biddulph said: “They’re social birds and he stands next to the mirror most of the time.”