Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 7, 2020 1,127 Views On Tuesday, February 11, the New York Fed will release its household debt report. According to a survey from LendingTree, over half of all Americans feel burdened by various debt types, including mortgage debt.According to the survey, 12.4% of Americans are concerned about mortgage debt. The report states that even though mortgage debt is the largest source of debt, people feel less burdened by it, as that type of debt is considered a “good debt” as it contributes to consumers’ financial future.Fourteen-percent of all millennials surveyed are concerned over mortgage debt—the highest among the three generations polled. Thirteen-percent of Gen X’s surveyed were concerned about mortgage debt and just 10% of Baby Boomers were worried.Credit card debt was the leading source of worry among those polled at 36.7%. Baby Boomers had the most concern over this segment at 44%. Twenty-nine percent of millennials were concerned about credit card debt.A report by LearnBonds in January found that mortgage debt hit a new record of $15.8 trillion in Q3 2019. This is the highest amount since the 2008 economic crisis when it stood at $14.7 trillion.The home mortgage sector rates showed a steady decline in recent years to hit a low of $13.3 trillion in the third quarter of 2013, and from the 2013 Q3, the debt has increased in a steady trajectory to hit the latest figures recorded in 2019. From the data, there was $401 billion in newly originated mortgage debt in 2018 Q4.“Generally, the mortgage is among the largest component of household debt across the United States,” LearnBonds notes. “However, the mortgage rates have been low since the last quarter of 2018. The Federal Reserve Bank resorted to lowering the rates in the wake of trade uncertainty which affected the global economic growth.”Here’s what else is happening in The Week Ahead:Jerome Powell Semiannual Monetary Policy Report to the Congress (February 11)Federal Budget (February 12) debt HOUSING 2020-02-07 Seth Welborn The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Demand Propels Home Prices Upward 2 days ago Previous: OCC Testing Financial Institution Risk and Capital Next: Bonial & Associates Promotes Wes Kozeny, Paul Cervenka Tagged with: debt HOUSING Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / The Week Ahead: Measuring Housing Debt Data Provider Black Knight to Acquire Top of Mind 2 days ago Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share Save The Week Ahead: Measuring Housing Debt About Author: Seth Welborn Subscribe
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York By Timothy Bolger and Michael HarrisAdvocates and citizens frustrated with the avalanche of corruption scandals on Long Island and elsewhere in the state are rallying around the issue and organizing grassroots efforts aimed at pressuring lawmakers to be more ethical and transparent.Local good government groups picketed last week outside the Long Island office of New York State Senate Majority Leader John Flanagan (R-Smithtown), urging him to allow passage of ethics reforms for Albany lawmakers before the legislative session ends Thursday, June 16. And a New York City-based nonprofit last week announced that it’s suing LI municipalities that fail to turn over financial documents in a statewide citizen-led transparency initiative recently started in Nassau and Suffolk counties.“In recent years we’ve watched as dozens of elected officials have been indicted, convicted or forced to leave under a cloud of suspicion,” Brandon Muir, executive director of Reclaim New York, told reporters last Tuesday during a news conference in Mineola. “Corruption does not discriminate. It impacts local government, state government, public authorities, school districts, Republicans as well as Democrats.”Last year, the nonprofit Center for Public Integrity gave New York State a D- grade for transparency and accountability in its annual national State Integrity Investigation report card. RELATED STORY: An Inside Look At How Skelos Trial Exposed Slimy Side Of NY Politics Recent corruption scandals on LI include disgraced state Senate Majority Leader Dean Skelos (R-Rockville Centre), who’s appealing his December corruption conviction; ex-Suffolk County Police Chief James Burke, who pleaded guilty in February to beating a suspect and covering it up; former Suffolk County Conservative Party Chairman Edward Walsh, who’s appealing his March conviction on charges of stealing from his job as a corrections lieutenant; plus an Town of Oyster Bay official who admitted to federal tax evasion in January and a restaurateur accused of bribing officials from the same town last year. In addition, Chief Deputy Nassau County Executive Rob Walker testified at Skelos’ trial that Walker is under federal investigation for awarding contracts to campaign donors and Burke’s case led federal authorities to reportedly investigate the office of Suffolk County District Attorney Thomas Spota, sparking calls for Spota to resign.To turn the tide, banner-waving activists with nonprofits Common Cause, Jobs with Justice, the Long Island Civic Engagement Table, the Long Island Progressive Coalition and Move-On.org gathered outside Majority Leader Flanagan’s office on June 7 to urge him to pass campaign finance reform. Specifically, they back a perennially proposed state bill to close the so-called LLC Loophole that allows wealthy owners of Limited Liability Companies to skirt individual campaign donation limits.State law prohibits most corporations from donating more than $5,000 to a political candidate or campaign, but individuals can donate as much as $60,800 to statewide candidates, $16,800 to state Senate hopefuls and $8,200 to those running for the state Assembly. But under current state law, LLCs are treated as individuals, not corporations. And it is not uncommon for a person or a company to control more than one LLC—enabling virtually limitless political giving.“Long Island as a region has 22 percent of the political power in New York State,” said Victoria Daza, an organizer with Long Island Jobs with Justice. “It is of great concern to the growing but unrepresented working class communities of Long Island that many of our elected leaders are more concerned with appeasing their funders than representing their constituents.”Gov. Andrew Cuomo, who backs making LLCs subject to the same campaign limits as corporations, also wants the state Legislature to limit outside income for legislators, pension forfeiture for convicted officials, raising legislator’s compensation to full-time employment, and public financing of campaigns, among other proposals.“The legislature has a choice: lead on reform or perpetuate the status quo,” Cuomo said last Wednesday during a speech at Fordham University Law School in Manhattan. “Before the Legislature departs next week, I urge them in the strongest possible terms to pass real ethics reform that sends a clear message: In New York democracy rules and, the voice of the people matters.”Immediately afterward, Sen. Flanagan issued a statement supporting some of the ethics reform package, such as enacting a “strong pension forfeiture measure that penalizes public officials convicted of a felony in relation to their public duties,” but didn’t commit to closing the LLC Loophole or the other proposals.The reason for the push-pull over the LLC Loophole, as Skelos’s attorney explained during his trial, is because it largely benefits business-friendly Republicans, who routinely make an alternative proposal, cracking down on the types of donors that give to Democrats, which results in a legislative stalemate on the issue.In doing so, Flanagan urged passage of legislation to “move more aggressively against straw donors and stop non-profits who flout transparency and donate unlimited sums to directly support a politician’s agenda.”The state Assembly, which has a large Democratic majority, has repeatedly passed LLC Loophole closure legislation, but it never gets called up for a vote in the historically GOP-led state Senate. Assembly Speaker Carl Heastie (D-Bronx) has signaled that the bill will pass his chamber again. Activists were pressuring Flanagan to let it pass the Senate, too. But he’s reportedly called the loophole amendment a “red herring.”“We are at a crucial moment in state politics,” said Lisa Tyson, director of the Long Island Progressive Coalition, outside Flanagan’s Smithtown office. “We have the opportunity to pass real reforms to take on the corruption that threatens our democracy. Instead of championing these reforms, Senator Flanagan’s actions are just another road-block to legislation that would restore faith in our election system. The LLC loophole is the first of many needed reforms that the Senate must act on.”Citing a Sienna College poll released in May that found 97 percent of New Yorkers believe it is important for Cuomo and the state Legislature to pass laws addressing corruption before the session ends, Reclaim New York’s Muir said his group launched an initiative to build a database tracking taxpayer-funded expenditures by local municipalities.“Many believe that another round of ethics legislation in Albany is the answer, but three such laws have been passed in just the last six years, to little effect,” Muir said. “What New York lacks is local, citizen-driven oversight.”To that end, his group has organized citizens to file Freedom of Information Law (FOIL) requests seeking spending records from every county, town, village and school district statewide. On LI, the region they started with, most municipalities complied, but the group is suing three of about 50 government entities that refused to turn over records. They include the Town of Oyster Bay, the Manhasset School District and the Elmont School District.Will the effort work? Will Albany pass ethics reform? And will lawmakers in New York State regain the trust of their constituents?As Preet Bharara, the Manhattan federal prosecutor who oversaw Skelos’ conviction would say, “Stay tuned.”—With additional reporting by Olivia Booth
Japan’s JERA has entered into a memorandum of understanding with PetroChina International, a unit of China National Petroleum Corporation, concerning cooperation in the LNG business.Under the MOU, JERA and PCI will discuss opportunities to cooperate in the LNG business.JERA said in its statement the pair will focus on generating new demand for LNG, including overseas LNG value chain investments, joint sale and procurement of LNG. LNG shipping optimization and LNG bunkering.As LNG demand in China increases, the presence of Chinese energy companies in the LNG industry is growing year by year.JERA believes that strengthening its cooperation with PCI, a leading energy company in China, will not only expand business opportunities for both JERA and PCI but also contribute to the healthy development of the LNG industry.JERA said it will continue to work together with LNG industry counterparts both within and outside Japan to strengthen its LNG business and to seek opportunities in an LNG market that is undergoing great change.
Jesse Vanlaningham earned Saturday’s pole start along with the win in the first qualifying feature Monday for Hobby Stocks at the IMCA Speedway Motors Super Nationals fueled by Casey’s. (Photo by Bruce Badgley, Motorsports Photography) BOONE, Iowa (Sept. 3) – Jesse Vanlaningham will start from the pole in Saturday’s Hobby Stock main event at the IMCA Speedway Motors Super Nationals fueled by Casey’s.The Beatrice, Neb., speedster ran in front the last 11 circuits in winning Monday’s first qualifying feature at Boone Speedway, taking advantage when leader Craig Clift and a lapped car made contact after midway in the 25-lapper.Andy Hoffman chased Vanlaningham across the stripe in a fast-paced feature slowed only by a caution on lap three. Four-time and defending champion Shannon Anderson motored from 12th starting to third.The rest of the top eight advancing to the inside row on Saturday were Clift, Brandon Nielsen, James Johnson, Matthew McAtee and Kyle Parizek. Shawn Wirtz was disqualified from a transfer spot because of an illegal carburetor.Anderson qualified for his career 10th main event, Vanlaningham his sixth and Nielsen his fourth.McAtee and Parizek are both in for the second time while Clift, Hoffman and Johnson all are first-time qualifiers.1st qualifying feature – 1. Jesse Vanlaningham, Beatrice, Neb.; 2. Andy Hoffman, Sioux City; 3. Shannon Anderson, New Virginia; 4. Craig Clift, Sioux City; 5. Brandon Nielsen, Spencer; 6. James Johnson, Cherokee; 7. Matthew McAtee, Elkhart; 8. Kyle Parizek, Hartwick; 9. David Rieks, Eldora; 10. Matt McDonald, Scranton; 11. Brett Vanous, Quasqueton; 12. Jason Kohl, Missouri Valley; 13. Justin Luinenburg, Reading, Minn.; 14. Kaleb Jasperson, Pierce, Neb.; 15. Jacob Floyd, Cedar Rapids; 16. Tyson Overton, Carlisle; 17. Cameron Wilkinson, Neligh, Neb.; 18. Eric Knutson, Slater; 19. Allyn Myers, Broken Bow, Neb.; 20. Dean Hartwig, Boone; 21. Jim Kimmel, Norfolk, Neb.; 22. Rusty Gyles, St. Charles; 23. Adam Lee, Salix; 25. Solomon Bennett, Minburn; 26. Seth Butler, Scranton; 27. Jason Fusselman, Avoca.