Senior rainmaker who advised Harrods sale

first_img whatsapp whatsapp KEN Costa’s contacts book will be sorely missed at Lazard, which he is leaving at the end of this week for unknown reasons. During his three and a half years at the firm he is best known for pulling off the £1.5bn sale of Harrods to the Qatari royal family, a deal in which he advised Mohammed Al Fayed.He moved to Lazard from UBS in October 2007, where he was vice-chairman. While at UBS, he advised the Barclay brothers on their acquisition of the Daily Telegraph and aided insurer Allianz in its purchase of Dresdner Bank.He began his dealmaking career at SG Warburg in 1976, moving to UBS when it acquired the bank.He is also a well-known Christian conservative and has written a book on the role of faith in work called God at Work: Living Every Day With a Purpose.He also chairs Alpha International, which runs courses to introduce people to Christianity. Last night, South African born Costa was due to speak on the Robin Hood tax at St Paul’s Cathedral, where he was a trustee during its redevelopment. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their KCS-content Show Comments ▼center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Genius Share Tuesday 29 March 2011 9:01 pm Senior rainmaker who advised Harrods sale Tags: NULLlast_img read more

Golden Star Resources Limited ( 2015 Abridged Report

first_imgGolden Star Resources Limited ( listed on the Ghana Stock Exchange under the Mining sector has released it’s 2015 abridged results.For more information about Golden Star Resources Limited ( reports, abridged reports, interim earnings results and earnings presentations, visit the Golden Star Resources Limited ( company page on AfricanFinancials.Document: Golden Star Resources Limited (  2015 abridged results.Company ProfileGolden Star Resources Limited is a gold mining and exploration company which owns and operates the Wassa open-pit gold mine and Wassa underground mine in Ghana as well as a carbon-in-leach processing plant located near Tarkwa, Ghana. The gold mining company also has interests in the Bogoso gold mining and processing operation, Prestea open-pit mining operations and the Prestea underground development project located near Prestea, Ghana. Golden Star Resources Limited holds and manages interests in various gold exploration properties in Ghana and Brazil. Its headquarters are in Toronto, Canada. Golden Star Resources Limited is listed on the Ghana Stock Exchangelast_img read more

Interfaith marchers trek 200 miles to support farmworkers

first_img Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Canon for Family Ministry Jackson, MS Submit an Event Listing AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis By Amy SowderPosted May 24, 2016 Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Director of Music Morristown, NJ This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Rector Bath, NC Press Release Service Rector Shreveport, LA Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Rector and Chaplain Eugene, OR An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Course Director Jerusalem, Israel Bishop Diocesan Springfield, IL TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Youth Minister Lorton, VA Rector (FT or PT) Indian River, MI Priest Associate or Director of Adult Ministries Greenville, SC Ecumenical & Interreligious Assistant/Associate Rector Morristown, NJ Rector Knoxville, TN Interfaith marchers trek 200 miles to support farmworkers Rector Smithfield, NC Associate Rector for Family Ministries Anchorage, AK Submit a Press Release Marchers carried banners, flags, and noisemakers as they chanted and crossed the Brooklyn Bridge into Manhattan May 21 on Day 7 of the 18-day Farmworkers March for Justice event, spearheaded by Rural & Migrant Ministry. Photo: Amy Sowder[Episcopal News Service] One more vote.If one more New York senator supports the passage of the Farmworkers Fair Labor Practices bill, that decision could turn it into law and affect the lives of more than 60,000 farmworkers statewide, many who climb ladders to pick apples, crouch to shake the soil off onions, and stand for hours to sort cabbage on conveyor belts – often for 75 hours a week, with no day off, no overtime pay, no injury compensation.“What do we want?” yelled labor advocate David Galarza to the crowd waving red “New York Farmworkers Deserve Equal Rights” signs as they marched under the Brooklyn Bridge’s iconic arches into Manhattan.“Justice!” the crowd replied as they waved red flags and beat on djembe drums. “When do we want it?” Galarza called out. “Now!” they replied.Almost 200 supporters joined the Brooklyn and Manhattan portion of the 18-day March for Farmworker Justice, spearheaded by Rural & Migrant Ministry, a statewide interfaith, nonprofit organization led by the Rev. Richard Witt, executive director of RMM and a priest in the Episcopal Diocese of New York. The march spans 200 miles, starting outside N.Y. Senate majority leader John Flanagan’s office in Smithtown on Long Island, ending on New York’s capitol steps in Albany June 1.A New York City police officer leads marchers across the Brooklyn Bridge into Manhattan on May 21. Photo: Amy SowderOn Saturday, May 21, the group paused for a press conference at New York City Hall, marched through SoHo toward lunch at St. Mark’s Church-on-the-Bowery, pressing on for a rally at Union Square before ending the day in Washington Heights at the northern tip of Manhattan.“This is important to all New Yorkers of any faith. It is the remnants of racism that keep this problem alive,” state Sen. Adriano Espaillat, D-Upper Manhattan, said on steps of City Hall.Farmworkers are excluded from basic rights and protections that workers in almost every other industry have, an exclusion that lawmakers in the South demanded before they’d agree to the passage of President Franklin Roosevelt’s National Labor Relations Act in 1935 and Fair Labor Standards Act in 1938. Domestic workers were excluded also, but that changed in 2010, when the Domestic Workers’ Bill of Rights passed in New York.Farmworkers are still excluded. Grocery shoppers plucking a few glossy red Gala apples at their local market are enjoying the labor of people hidden at the bottom of the state’s $5.4 billion agricultural industry on 35,500 farms, according to a 2012 U.S. Department of Agriculture census.Heriberto, 26, is one of those workers. Originally from Morelos, Mexico, he worked for minimum wage for about 80 hours a week, with no day off for more than four years on a Hudson Valley farm, tilling zucchini, peppers, onions, potatoes and watermelons.“I would like to see change. I don’t know why farmworkers don’t have rights like other workers,” Heriberto, whose last name is withheld because of his immigration status, said as he marched with the crowd. “It’s not a privilege. It’s a necessity.”He’s seen coworkers get injured on the job, be unable to work, and lose their jobs.  Heriberto operates a tractor and forklift, yet is paid as an unskilled laborer. Things have improved in his seven years in the United States, however, he said. About two years ago, he was able to bargain for a pay raise and weekends off, so he’s one of the few farmworkers who could participate in the march.The Rev. Richard Witt, executive director of Rural & Migrant Ministry, spoke briefly during the March for Farmworker Justice press conference at New York City Hall that drew a state senator, assemblywoman, civil rights leaders, authors, and clergy from several faiths. Photo: Amy SowderMost of the marchers don’t have this kind of field experience. Celia Baldwin was sitting in her pew at Grace Episcopal Church in Hastings on Hudson about nine years ago, when she heard Witt speak about the Rural & Migrant Ministry. Baldwin is a grade school teacher and not a “serial activist,” she said, but she was deeply moved to help once she was aware how bad the working conditions are for the people who grow her food.“This organization represents a slice of American life that can only speak through others, and they feed all of us,” Baldwin said as she marched. “Why did I get involved? I eat. No one can tell you it doesn’t relate to them.”The bill they are rallying for would provide farmworkers with overtime pay, an optional day of rest, and the right to collectively bargain.Marchers for farmworker justice paraded, chanted, and passed out flyers through lower Manhattan on May 21 during the March for Farmworker Justice event. Photo: Amy SowderSlowly, working conditions for New York’s field hands have improved. In the 1990s, the state legislature mandated that farms with at least five employees provide clean water and bathrooms in the fields. About 16 years ago, the minimum wage for farmworkers was raised to the same level as the state minimum wage most other workers receive.And after a statement from New York Gov. Andrew Cuomo earlier this month, the right to collective bargaining looks more likely. The New York Civil Liberties Union filed a lawsuit against the governor and state of New York, charging that excluding farmworkers from the right to collective bargaining violates the state constitution. On May 10, Cuomo agreed. Neither Cuomo nor the state attorney would fight the lawsuit.“We will not tolerate the abuse or exploitation of workers in any industry,” Cuomo said. “This clear and undeniable injustice must be corrected.”The New York Farm Bureau, the lobbying organization for agribusiness, is the primary opponent to this bill. The bureau states that giving farmworkers overtime pay – time and a half for every hour over eight hours in a day – would sink small farmers who can’t afford it and are struggling already. The average New York farm earns about $34,300 annually in net cash, according to the 2012 USDA census.“It’s all turned into an economic issue,” Witt said. “The Farm Bureau would argue that farmworkers are already regulated enough, and they are regulated enough, but it’s not about that. It’s about equality for all workers. What is it about agriculture that gives it a different moral structure than any other business?”Laura Garcia, 30, (center, dressed in black) shakes a can noisemaker and holds a sign as she marches a few blocks south of Manhattan’s SoHo district on Day 7 of the 18-day Farmworkers March for Justice event. As a child of a farmworker, Garcia benefitted from Rural & Migrant Ministry programs for children that exposed her to opportunities beyond her experience and gave her hope for a brighter future. Today, she’s a racial justice 1. program manager for the YWCA. Photo: Amy SowderTom Toigo of Ronnybrook Dairy Farm in Ancramdale, New York, was selling recyclable bottles of milk at the Union Square Greenmarket when a woman from the marching group tried to hand him a flyer, and he yelled at her to go away. She scurried away while Toigo glared at her.“Most of these farms aren’t big corporate farms. They’re family farms, and they’ll go out of business,” said Toigo, his voice calming as he returned to helping customers. “My problem with overtime is not about exploiting people. It’s about the seasonality of the work. It’s the nature of the farming industry.”Just because farmers need employees to work more hours during peak season doesn’t mean they shouldn’t pay them overtime wages or stagger their workers’ shifts, according to RMM. It’s an issue of human rights, Witt said, and so did Cardinal Timothy Dolan, the Roman Catholic archbishop of New York, after he marched over the bridge with the group and spoke at the press conference.“It’s a no-brainer,” Dolan told the crowd. “It’s about basic human rights, giving farmworkers a bit of dignity and respect.”Vice president of the RMM board, the Rev. Melissa DeRosia, pastor of Gates Presbyterian Church in the heavily agricultural area of Rochester, New York, held onto the left side of a giant banner during the march.“This is about more than immigration or food justice,” she said. “It’s about the interconnectivity of it all and how it lands on our plate.”– Amy Sowder is a food writer based in Brooklyn, New York. Rector Belleville, IL Rector/Priest in Charge (PT) Lisbon, ME Assistant/Associate Rector Washington, DC Director of Administration & Finance Atlanta, GA Rector Collierville, TN Rector Washington, DC Curate (Associate & Priest-in-Charge) Traverse City, MI Curate Diocese of Nebraska Rector Martinsville, VA Assistant/Associate Priest Scottsdale, AZ New Berrigan Book With Episcopal Roots Cascade Books Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Priest-in-Charge Lebanon, OH Featured Events Missioner for Disaster Resilience Sacramento, CA Family Ministry Coordinator Baton Rouge, LA Associate Rector Columbus, GA Featured Jobs & Calls Submit a Job Listing Associate Priest for Pastoral Care New York, NY Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Cathedral Dean Boise, ID Rector Tampa, FL Rector Pittsburgh, PA Rector Albany, NY Rector Hopkinsville, KY Tagslast_img read more

Waitrose MD’s picnic book to benefit National Trust

first_img Howard Lake | 18 May 2008 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Waitrose MD’s picnic book to benefit National Trust Managing Director of Waitrose, Mark Price, has written his first book, “The Great British Picnic Guide”, and will donate all of the proceeds to the National Trust, some of whose locations are featured in the book.Price describes himself as “a passionate picnicker” so aimed to write the authoritative book on eating in and enjoying the great outdoors. The book features over 80 recipes and favourite picnic spots in the UK, all personally selected by Price and his family.In addition to recipe ideas and advice for all manner of picnics, Price also provides locations of good delis, local farm shops and markets from around the country, aiming to highlight the importance of local produce.He explains why he chose to donate the proceeds to a charity. “The wonderful thing about this marvellous country of ours is that there are so many beautiful locations that we can all enjoy”, he said. “We are particularly lucky to have an organisation such as the National Trust, which manages and looks after them so well. This is why I want to play my own part and donate all of the proceeds to the Trust in order for them to keep up their good work”.The Great British Picnic Guide costs £ Tagged with: Recruitment / people Trading  22 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of Researching massive growth in giving.last_img read more

A veteran activist on: ‘Labor Rights Equal Civil Rights’

first_imgPaulo Cayres, CNM-CUT of Brazil, Clarence Thomas, Ginny Coughlin, SEIU organizer at March 4 march in Mississippi.“Labor Rights Equal Civil Rights” was the theme of a historic “March on Mississippi” held March 4 on the Nissan plant in Canton. Over 4,000 people from labor and the community turned out to demand an end to “voter suppression” — i.e., the right to vote in a union representation election, free of intimidation. Over 80 percent of the plant’s workforce is African-American. Of Nissan’s 45 plants worldwide, this is one of only three without union representation; the two others are in Smyrna and Decherd, Tenn.WW talked to Clarence Thomas, retired executive board member of International Longshore Workers Union Local 10, who flew from San Francisco to Canton to attend the march.WW: What brought you to the March on Mississippi from California?Clarence Thomas: I was made aware of it by Danny Glover. Danny and I go back to the mid 60s. In terms of our class, we’re two of the most prominent people who came out of [San Francisco] State College and the Black struggle there. Glover is in the tradition of Robeson, Belafonte and others who have used their celebrity status to further the cause of the oppressed and the working class. Danny told me some of the things he’d been doing with Nissan workers, so when I found out it was taking place in Canton — my wife has family there — I felt that now that I’m retired I needed to be there.I also was interested because I had heard something about the struggle, heard about other struggles relative to multinational corporations moving to the South, and states are pretty much bidding on these multinationals to come to their state. They’re taking money from economic development in the community and making it available to corporations (tax breaks, etc.).WW: Tell us your impressions of the marchCT: This was a positive and uplifting weekend despite the reasons for being there, of not being able to get a [union representation] vote in 14 years. It was organized as a March on Mississippi and one of the themes was “end voter suppression” — help us fight for the rights of Nissan workers and all workers in Mississippi to vote without interference by the employer. “Workers’ rights equal civil rights” was on the T-shirts that they issued.I thought it was 5,000 in attendance. It was a multiethnic, multigenerational crowd. That was unusual for people to see in the South outside of a sporting or cultural event, which I thought was interesting, because this was a political event.WW: Why did Glover talk to college students?CT: Nissan markets the Altima towards the urban market and likes to pride itself in being a socially responsible car company. Altima is the top seller in the African-American community. Because Nissan markets the Altima towards the urban market, students buy that car. I was with Danny while he was with students at Tupelo College. We met scores of students at various schools. That was reflected in rally attendance.WW: Does Nissan treat Southern Black workers unfairly?CT: Danny has been involved in delegations of Nissan workers that have visited union plants in Brazil, South Africa and France. So it appears as if Nissan allows union representation in 42 plants, but the three [including two in Tennessee] where they don’t is in the so-called “land of the free and home of the brave,” which I think is quite a contradiction.But if you look at the trends of moving to the southern region of the U.S., and knowing the historical situation with respect to the lack of union representation in the South, we can plainly see that multinational corporations, specifically auto, are coming to the South specifically to find a place where unionization will not only not be an encumbrance, but efforts to vote will be suppressed through intimidation. So the whole story of harassment and intimidation is part of the tradition in the South toward Black people and how it relates to the campaign to organize workers at Nissan.WW: Do you have any ideas on moving this critical fight forward?CT: This issue is not just limited to Canton. Union density, when it comes to the private sector, [is] around six or seven percent. There’s movement of multinationals to the South. This is a looming question for labor.What would be an advantage is that the labor movement understands that [the fight] cannot be limited to just the question of the vote. Workers need to be able to put forward their agenda and concerns, which should also be environmental, health care, education, etc. Unions need to be a part of a coalition of concerns that are not just related to the vote but to the class and to the community.That’s what we’ve done in Oakland. When they wanted to expand the port we started the Coalition for an Accountable Port. What it did was to make sure that with the facility they were building, it would be done by organized labor. Also the community had to be involved in the building and apprentice training and get prevailing wages. I also mean things like: What do we do to preserve the marine habitat? What do we do with the dredge? We have a wonderful habitat with exotic birds and where the community can picnic.We organized a coalition so they could not divide the community or labor or the environment by making concessions to one and not the other. When you [go it alone] you don’t connect the dots.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Pasadena Unified Class of 2015 High School Graduation Ceremonies are May 29 – June 4

first_imgHerbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeautyHerbeautyStop Eating Read Meat (Before It’s Too Late)HerbeautyHerbeautyHerbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeautyHerbeautyThe Most Heartwarming Moments Between Father And DaughterHerbeautyHerbeautyHerbeauty’First Daughters’: From Cute Little Kids To Beautiful Young WomenHerbeautyHerbeautyHerbeauty11 Signs Your Perfectionism Has Gotten Out Of ControlHerbeautyHerbeauty Top of the News Graduation ceremonies for the Pasadena Unified School District’s (PUSD) Class of 2015 are scheduled May 29 – June 4.Ceremony dates, times and locations are listed below. Media wishing to cover graduation ceremonies should contact Adam Wolfson at [email protected] Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Your email address will not be published. Required fields are marked * Make a comment Community News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday More Cool Stuff Name (required)  Mail (required) (not be published)  Website  Community Newscenter_img 23 recommended0 commentsShareShareTweetSharePin it First Heatwave Expected Next Week Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Education Pasadena Unified Class of 2015 High School Graduation Ceremonies are May 29 – June 4 Article and Photo courtesy of PUSD Published on Saturday, May 30, 2015 | 7:31 pm faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,PCC – EducationVirtual Schools PasadenaDarrell Done EducationHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Business News Subscribe Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

FHA’s Lowering of MIP Has Had Little Effect on Minority and First-Time Buyer Share

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Sign up for DS News Daily Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Home / Daily Dose / FHA’s Lowering of MIP Has Had Little Effect on Minority and First-Time Buyer Share The Federal Housing Administration (FHA)’s lowering of the annual mortgage insurance premium by 50 basis points in January was intended to expand access to credit and make it easier for minority borrowers and first-time homebuyers to enter the market.The move was widely praised by the Obama Administration as a path to homeownership but at the same time it was highly controversial because it was made only two months after HUD reported to Congress in November 2014 that the FHA’s Mutual Mortgage Insurance Fund’s capital ratio was at 0.41 percent (less than one-fourth of the 2 percent required by law).Half a year after the FHA’s lowering of the mortgage insurance premiums, is this move a step toward achieving the goal of enticing more minorities and first-time buyers into the housing market or has it simply increased the government’s role in housing finance?Recent research by Washington, D.C.-based think tank American Action Forum (AAF) showed that as of the end of May, the share of FHA endorsements for both minority borrowers and first-time homebuyers was unchanged from a year earlier–33 percent for minority borrowers and 83 percent for first-time buyers. In fact, in its most recent quarterly report to Congress, FHA revised its subsidy rate downward from -9 percent to -5 percent, according to Andy Winkler, Director of Housing Finance Policy at AAF.”A negative subsidy rate indicates that the government stands to make a paper profit from the loan guarantees under current federal credit accounting rules,” Winkler said. “Yet FHA has a long history of overestimating the value of its Mutual Mortgage Insurance Fund and this time appears no different.”Another of the effects of the lowering of FHA’s mortgage premiums is that the distribution of FHA endorsements is shifting toward higher credit score borrowers and toward more expensive loans. According to AAF, the share of new FHA endorsements with credit scores higher than 680 increased from 41 percent in Q4 2014 up to 45 percent in Q1 2015, after the premiums were lowered. The FHFA’s competitive pricing for this group of borrowers is pushing private companies out of the mix, according to Winkler.From Q4 2014 to Q2 2015, the share of FHA loans with balances of less than $150,000 dropped from 48 percent to 43 percent, indicating that the distribution of new FHA endorsements is shifting toward higher loan amounts. According to Winkler, the loans with higher balances “add further risk to FHA’s still-recovering balance sheet and likely do not help those ‘locked out’ of home buying.”In January when the premium reduction was announced, EVP and housing expert Rick Sharga said a likely effect of lowering the premium would be a slight increase in FHA’s share of loan volume, “as their offerings will now be competitive versus conventional loans, especially for sub-729 FICO score borrowers.” AAF cited a report from Inside Mortgage Finance which found that FHA originations increased by 5.5 percent from Q4 2014 to Q1 2015, which gave them a 32 percent share of the market. AAF’s research indicates the government’s role in mortgage finance is increasing despite National Economic Council housing policy adviser and former counselor to the Secretary of Treasury for Housing Finance Policy Michael Stegman’s declaration last year that “There is no sound policy reason for the government to support the overwhelming majority of mortgage credit extended in this country when there is sufficient private capital able to responsibly bear this risk.”AAF also noted that prepayments, which include full payoffs and FHA refinances, have spiked by 163 percent year-over-year for the five-month period from January 1 t0 May 31, 2015 (from $40,000 up to nearly $88,000). Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Federal Housing Administration FHA First-Time Homebuyers Housing Market Minority Homebuyers Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articlescenter_img About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago FHA’s Lowering of MIP Has Had Little Effect on Minority and First-Time Buyer Share The Week Ahead: Nearing the Forbearance Exit 2 days ago August 13, 2015 1,193 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Ginnie Mae Sets Record for Monthly Mortgage-Backed Securities Issuance Next: Zillow Promotes New Chief Economist Federal Housing Administration FHA First-Time Homebuyers Housing Market Minority Homebuyers 2015-08-13 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Fannie Mae: Is Government’s Definition of ‘Affordability’ Accurate?

first_imgHome / Daily Dose / Fannie Mae: Is Government’s Definition of ‘Affordability’ Accurate? Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Scott Morgan Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. According to the U.S. Census Bureau, nearly a third of American households, owned or rented, experienced affordability problems in 2014. Fannie Mae, however, would like to challenge.The U.S. Census Bureau’s American Community Survey (ACS) found that more than 18 million homeowner households and more than 20 million renter households experienced housing affordability problems last year, with renters suffering more consistently high “cost burden” issues than owners.A household is considered cost burdened if it spends more than 30 percent of its gross income on housing costs. According to the Census, there were about 115 million households in the United States between 2009 and 2014.“These are big numbers that demand our attention,” said Nuno Mota, an economist at Fannie Mae. “However, considering that there are a number of affordability metrics currently used throughout the industry, are these numbers providing the most accurate view of the overall affordability picture, or are we only getting a partial view?”To get better answers, Fannie has launched the Housing Affordability Primer, which contrasts five common housing affordability metrics used in the industry: Housing cost-to-income ratios; researcher N.K. Kutty’s residual income approach; and the home purchase affordability indicators of the National Association of Realtors, the California Association of Realtors, and the National Association of Home Builders.“No single measure can give us a complete view of the matter.” Nuno Mota, Economist, Fannie MaeThe purpose of the primer is to give Fannie Mae insight into which indicators may offer the best insight for different facets of housing affordability. And that plural on “indicators” is emphasized repeatedly in the primer.“No single measure can give us a complete view of the matter,” Mota said.For example, the residual income approach deems that a household faces an affordability problem if the monthly income left over after covering all housing costs is less than the amount necessary to purchase a minimum level of non-housing-related items. But Kutty defines minimum non-housing consumption as two-thirds of the U.S. Census Bureau’s poverty threshold.“Although both metrics indicate consistently higher rates of affordability problems for renters than for homeowners, the residual income metric estimates markedly fewer affected households than the traditional cost burden measure, regardless of tenure status,” he said. “In 2014 the traditional cost burden measure indicated that some 9 million more renter households and 11 million more homeowner households faced affordability challenges than the residual income metric.”While Fannie Mae has no answers so far, the agency feels better prepared to find them.“A comprehensive understanding of housing affordability’s multiple measures is essential for an informed discussion on the issue,” Mota said. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Fannie Mae: Is Government’s Definition of ‘Affordability’ Accurate?  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: DS News Webcast: Thursday 11/12/2015 Next: Nationstar Becomes the Latest Servicer to Settle Over ‘Force Placed Insurance’ The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 12, 2015 1,421 Views Fannie Mae Housing Affordability U.S. Housing Market 2015-11-12 Scott Morgan Tagged with: Fannie Mae Housing Affordability U.S. Housing Market in Daily Dose, Featured, Market Studies, News Related Articleslast_img read more

Donegal has one of the country’s highest instancees of banned drivers reoffending

first_img Facebook Homepage BannerNews Previous articleWinds will ease today, but wintry showers are set to continueNext articlePlanning permission granted for hotel at Tillie and Henderson site in Derry News Highland Google+ Twitter RELATED ARTICLESMORE FROM AUTHOR WhatsApp By News Highland – December 11, 2014 Donegal has one of Ireland’s highest rates of people being banned at least twice for driving over the limit.Figures collated by the Irish Country Living section of the Farmers Journal show that on average, one in five motorists who have been disqualified from driving due to being over the legal limit for alcohol consumption have reoffended.The national average is 21%, with Donegal three percentage points higher.The highest reoffending figure will recorded in Leitrim at 29%, with 28% reoffending in Kerry.Donegal and Dublin are next on the list at 24% each. Facebook Twitter WhatsAppcenter_img Pinterest HSE warns of ‘widespread cancellations’ of appointments next week PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Man arrested in Derry on suspicion of drugs and criminal property offences released Dail to vote later on extending emergency Covid powers Dail hears questions over design, funding and operation of Mica redress scheme Pinterest Donegal has one of the country’s highest instancees of banned drivers reoffending Google+ Man arrested on suspicion of drugs and criminal property offences in Derrylast_img read more

Bombay HC Refuses To Recall Order Restraining Financial Institutions From Recovering EMIs From Cheated Home Buyers In A Stalled Project [Read Order]

first_imgNews UpdatesBombay HC Refuses To Recall Order Restraining Financial Institutions From Recovering EMIs From Cheated Home Buyers In A Stalled Project [Read Order] Nitish Kashyap22 Sep 2020 9:43 PMShare This – xThe Bombay High Court on Tuesday dismissed an interim application filed by Housing Development Finance Corporation (HDFC) seeking recall of a previous order directing various financial institutions not to recover EMIs from home buyers who have majority of their savings stuck in a scam scheme floated by a developer wherein they were collecting fixed deposits from unsuspecting citizens and…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Bombay High Court on Tuesday dismissed an interim application filed by Housing Development Finance Corporation (HDFC) seeking recall of a previous order directing various financial institutions not to recover EMIs from home buyers who have majority of their savings stuck in a scam scheme floated by a developer wherein they were collecting fixed deposits from unsuspecting citizens and had failed to repay the same on maturity.Division bench of Justice Ujjal Bhuyan and Justice Abhay Ahuja was hearing HDFC’s interim application filed in original writ petition filed by Anandghan Griharachana Sahakari Sanstha Maryadit, a co-operative housing society registered under the Maharashtra Co-operative Societies Act, 1960 that represents a group of flat purchasers who have purchased flats in the project called ‘Anandghan’.Previously, in an order dated June 26, 2019, the High Court had as an interim measure, restrained the financial institutions in the case (Respondents 3 to 26) not to recover the EMIs from the members of the petitioner i.e. home buyers till report is submitted by the Resolution Professional.Case BackgroundThe builder of this project namely, DS Kulkarni Developers Limited had declared a scheme for construction of residential flats in a plot of land measuring approximately 10,000 sq.mtrs. situated at Village Kirkatwadi, Taluka Haveli, District Pune. According to the petitioner, the project consisted of 11 residential towers, each having 12 floors of different areas. In all, there are about 930 flats in the said project.Following advertisement by the developer, several persons came forward to buy flats. As a matter of fact, 460 flats out of total 930 flats were booked. 426 have entered into flat booking agreements out of whom 34 have received allotment letters during the period 2014-15. It is stated that many of the flat purchasers had paid more than 90% of the cost of the flat to the developer prior to December, 2016. As per the agreement, the flats were to be handed over to the buyers on or before December, 2016.Notwithstanding such assurance, construction of the flats came to a halt in 2018 leaving the flat buyers high and dry. They had invested their life savings in the purchase of flats and had obtained housing loans from various financial institutions including banks. They had deposited the necessary amounts with the developer but possession of the flats was not handed over to them. On the contrary, they have been forced to pay EMIs to the respective banks.The developer had executed agreements with flat buyers under section 4 of the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963, which have been duly registered.Tripartite agreements were entered into between the respective bank, builder and flat buyer. The finance was made available under a scheme called ‘Aadhi Ghar Paise Nantar’ meaning that firstly the purchaser will get home and only thereafter he would have to pay. In view of such assurance, many of the flat buyers had booked flats. As per such agreement, the developer had agreed to pay the EMIs till possession of the flats was handed over to the flat buyer. Period of two years was specified on the basis of the promise made by the developer that possession would be handed over to the flat buyers within a period of two years. Since the flats were not ready despite the flat buyers having paid the entire agreed consideration in most cases, a request was made by the flat buyers to the developer to resume and complete the construction and thereafter to hand over the vacant possession of the respective flats to the buyers.However, in 2016-17, several FIRs came to be lodged against the directors of DS Kulkarni Developers Limited and its officials. The FIRs were primarily lodged for commission of various offences under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999. Under the Prevention of Money Laundering Act, 2002. Directors of DS Kulkarni Developers Limited have been arrested and are presently in custody in Yerwada jail.The developer has been accused of running a scam scheme whereby and whereunder it was collecting fixed deposits from unsuspecting citizens and had failed to repay the same on maturity. Furthermore, the flat buyers were staring at a situation where they had invested all their hard earned money for purchasing flats and in addition had availed loans from financial institutions but construction of flats was nowhere near completion, not to speak of handing over possession of the flats to the buyers. While construction and delivery of flats have become completely uncertain, the flat buyers on the other hand are being compelled to pay EMIs to the banks and financial institutions.Thus in these circumstances, petitioner Society approached the Real Estate Regulatory Authority (RERA) seeking revocation of registration of the builder. However, the authority declined to intervene in the matter. In the meanwhile, Bank of Maharashtra i.e., respondent No.6 filed an application under section 7 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal, Mumbai against the developer. By order dated September 26, 2019, the Tribunal initiated the corporate insolvency resolution process against the developer.JudgmentAfter the previous hearing, Court passed an interim order directing respondent Nos.3 to 26 not to recover the Equated Monthly Installments (EMIs) from the members of the petitioner i.e., home buyers till report is submitted by the Resolution Professional i.e., respondent No.2 which should be informed to the Court.Advocate Prateek Seksaria appeared on behalf of the applicant HDFC bank which also happens to be respondent number 8 in the original petition and Senior Advocate Dr. Birendra Saraf appeared for TATA Capital HSG Finance Limited, also a respondent in the matter.Both sought recall of the interim order and submitted that no material particulars have been pleaded in the writ petition; who are the members of the petitioner, from which financial institution they had borrowed money for purchasing flats, quantum of such borrowings, amount repaid – nothing has been indicated. By making sweeping submissions, not backed by facts, an omnibus interim order has been obtained which is causing serious prejudice to the respondents like HDFC and Tata Capital HSG Finance Limited, they submitted.No notices were served upon the said respondents i.e., respondent Nos.3 to 26 and by making incorrect statements, interim order was obtained. That apart, dispute raised by the petitioner is purely private and civil; no element of public law is discernible. In such circumstances, this Court may not invoke the writ jurisdiction under Article 226 of the Constitution of India as the writ petition itself raising private grievance is not maintainable. Therefore, the interim order may be recalled, they argued.On the other hand, Advocate Neela Gokhale appeared for the petitioner society in the matter and submitted that in fact notices were served upon the respondents and to that effect, affidavit of service was filed by the petitioner before the Court. Despite having knowledge about the court proceeding, the said respondents watched from the sidelines without making any intervention. Only after the interim order was passed, the respondents that too two of them, have now come forward crying prejudice, Adv Gokhale contended.Furthermore, she argued that the related writ petition raises issues of considerable public importance and therefore, before finally hearing the writ petition, the interim order may not be recalled.Upon examining the facts of the case, Court concluded that HDFC was aware of the proceedings in the case but was trying to “hide behind technicalities” in the matter. Moreover, Court said that a Resolution Professional has been appointed who has initiated a corporate insolvency resolution process-“May be in the ultimate analysis, resolution of the grievance of the flat buyers as represented by the petitioner vis-a-vis the lending institutions perhaps may have to be looked into by the Resolution Professional. That was why we had directed that till the report is submitted by the Resolution Professional, EMIs should not be recovered by respondent Nos.3 to 26 from the home buyer members of the petitioner. This is of course a tentative view.In such circumstances, we are of the considered opinion that it may be too premature for us to recall the order dated 26.06.2020 at this stage by taking the view that the writ petition involves purely private dispute between the contracting parties without any element of public law involvement. This aspect may require further deliberation.”Thus, the prayer for recall of the earlier order was rejected but HDFC’s prayer seeking copies of its registration certificate, bye-laws and the list of its registered members with all details vis-a-vis availing of loan for purchase of flat as on the date of filing of the writ petition from the petitioner society was allowed.Click Here To Download Order[Read Order] Next Storylast_img read more