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[ad_1] Officers could have stopped Uvalde gunman three minutes after he entered school, Texas public safety chief testifies  CBS News Texas official: Uvalde shooter driven by social media fame, ‘abhorrent behavior’ went unchecked for months  Fox News Police Response to Uvalde Shooting Was ‘Abject Failure,’ Says Steven McCraw  The New York Times Opinion | The lesson from Uvalde? America has too many police departments.  The Washington Post Uvalde school police chief put cops’ lives over students: DPS director  Insider View Full Coverage on Google News [ad_2]

[ad_1] CFPB Director Rohit Chopra The Consumer Financial Protection Bureau (CFPB) said Friday it would take a “fresh look” at a rule that decides what mortgages are protected from some litigation during foreclosures. The agency, in a blog post, said it would conduct a review of its Qualified Mortgage (QM) rule. The rule, under the federal Truth In Lending Act, sets standards mortgages must meet in order to have a safe harbor from improper underwriting counterclaims during a foreclosure. The move by the CFPB is part of a larger review of rules the agency says warrant scrutiny because they were inherited from other agencies, published in the first decade of the agency, or have been tested in the market for several years. The QM rule, which finished a lengthy rulemaking process in 2020 and has yet to be fully implemented, does not fit into those categories, said Bryan Schneider, a partner at Manatt who previously led the CFPB’s ​​supervision, enforcement and fair lending division. “It’s fair to say we’re going to be reviewing rules inherited from other agencies, or rules where there is in fact a lot of marketplace experience,” said Schneider. “But this particular rule doesn’t fit into that rubric very well, and instead leads to greater confusion.” The revised rule removed the old rule’s 43% debt to income ratio limit, replacing it with price-based thresholds. The revised standard stated that a mortgage meets the “ability to repay” standard if the annual percentage rate does not greatly exceed the average prime offer rate for a similar loan. It also made higher pricing thresholds for loans with smaller amounts, and established more “flexible options” for lenders to verify the income or assets beyond the value of the property and the customer’s debts. The revised rule also allowed some loans that met certain performance requirements over a three-year seasoning period to gain QM status as seasoned loans. The conclusion of an arduous rulemaking process, and the mortgage industry’s strong opposition to revisiting it, has not deterred the CFPB. It’s not clear if the CFPB will solicit feedback from the public during its review, or if it will initiate a new rulemaking, a process that could take a year to 18 months. A CFPB spokesperson declined to comment.  In its bulletin, the CFPB said that it is undertaking the review to “explore ways to spur streamlined modification and refinancing in the mortgage market.” But it’s the “seasoning” provisions that the CFPB said it will be paying particular attention to. The new seasoning provision has yet to kick in for a single mortgage loan, since less than 36 months have passed since the CFPB issued its final rule, in December 2021. But at least one current CFPB official publicly expressed misgivings about the seasoning provision from the start. Diane Thompson, senior advisor for markets and regulations at the CFPB, has previously raised concerns about the QM rule’s “seasoning” provision. Thompson, in a series of tweets just months before the Biden administration appointed her to the consumer watchdog, railed against the CFPB’s new QM rule. “@cfpb’s pricing proposal would say loans like theirs were absolutely, unquestionably safe, affordable, responsible loans,” wrote Thompson. “News flash: They’re not.” For a time, mortgages could achieve qualified mortgage status — even if they exceeded the 43% debt to income threshold — as long as the GSEs’ underwriting platforms accepted them. But in July 2021, Fannie Mae and Freddie Mac stopped extending QM status to loans that didn’t meet the new QM rule standards. Officially, however, lenders don’t have to comply with the CFPB’s revised rule until October. Kris Kully, a partner at law firm Mayer Brown who specializes in federal and state regulatory compliance, said that the mortgage industry “might wish for more transparency” from the CFPB. “We haven’t seen a lot of that,” said Kully. “Instead we’re left to wonder what [CFPB Director Rohit Chopra] is thinking.” Maria Volkova contributed reporting. The post CFPB to review QM rule appeared first on HousingWire. [ad_2] Source link

[ad_1] All my boys. (This was taken about 45 minutes after I gave birth yesterday.) I can’t believe baby #6 is here and that D is now a big brother. We are all smitten! He was born around noon yesterday in a super quick and very easy labor (by far my easiest!) and so many prayers were answered! More details to come… For now, I’m just soaking up the baby snuggles. If you want to see lots more pictures and details on the birth, be sure to check out my Instagram stories. [ad_2] Source link

[ad_1] Texas official calls police response to Uvalde shooting 'abject failure' [ad_2] Source link

[ad_1] Prime Minister Narendra Modi will join Chinese President Xi Jinping and Russian President Vladimir Putin at a virtual summit of the five-nation grouping BRICS this week that is taking place in the backdrop of the geopolitical turmoil triggered by the Russian attack on Ukraine. The Ministry of External Affairs (MEA) said on Tuesday that Modi will attend the annual summit on June 23 and 24 following an invitation by the Chinese President. China is hosting the summit in its capacity as the chair of the grouping for the current year. The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade. Brazilian President Jair Bolsonaro and South African President Cyril Ramaphosa are also set to attend the summit. The summit is also taking place amid the lingering border row between India and China in eastern Ladakh. It will be interesting to see whether the summit will have a discussion on the Ukraine crisis. “At the invitation of President Xi Jinping, Prime Minister Narendra Modi will be attending the 14th BRICS Summit hosted by China in virtual format on June 23 and 24. This includes a high-level dialogue on global development with guest countries on June 24,” the MEA said in a statement. It said the BRICS has become a platform for discussing and deliberating on issues of common concern for all developing countries, adding the grouping has regularly called for reform of the multilateral system to make it more representative and inclusive. “Discussions during the 14th BRICS Summit are expected to cover intra-BRICS cooperation in areas such as counter-terrorism, trade, health, traditional medicine, environment, science and technology, and innovation, agriculture, technical and vocational education and training, and MSMEs,” the MEA said. It said discussions are also likely on issues like reform of the multilateral system, combating the COVID-19 pandemic and global economic recovery, amongst others. Prior to the summit, Modi will participate, by way of a recorded keynote speech, in the opening ceremony of the BRICS Business Forum on Wednesday, the MEA said. Last week, National Security Advisor Ajit Doval attended a virtual meeting of top security officials of the BRICS nations. In his address, Doval called for bolstering cooperation against terrorism without any reservations while emphasising the need for urgent reform of the multilateral system in order to address global issues with credibility, equity and accountability. [ad_2] Source link

[ad_1] The housing nightmare continues. The National Association of Realtors (NAR) reported that existing home sales for April came in at 5.41 million, down 3.4% from the previous month and 8.6% from last year. But, the savagely unhealthy data line was that home prices are up 14.8%. Now that we are almost in July, we can safely say the premise that once mortgage rates hit 4%, the mass panic selling of American homeowners who need to get out at all costs, driving total inventory up in the millions, hasn’t happened. In truth, that was always a terrible premise. My nightmare scenario, on the other hand, has happened and this is bad news for everyone. Total housing inventory has collapsed to all-time lows since 2020 and because this happened during the years 2020-2024, it created forced bidding and drove prices well above my 23% five-year home-price growth model in just two years. Now that mortgage rates have risen, demand is getting hit, while we are still showing 14.8% home-price growth data. YIKES! NAR Research: The median existing-home price for all housing types in May was $407,600, up 14.8% from May 2021 ($355,000), as prices increased in all regions. This marks 123 consecutive months of year-over-year increases, the longest-running streak on record. Since the summer of 2020, I have truly believed that once the 10-year yield broke over 1.94% — which means 4% plus mortgage rates — the housing narrative would change. Home prices have escalated out of control since then, creating more rate move impact damage than it would have traditionally. Whenever rates rise, we see it impact demand, and mortgage rates are at 6% and no longer at 3%. This is real demand destruction; prices and rates are a double whammy and why I have stressed we need to get inventory higher as soon as possible. The only way this happens is higher rates. Since March of this year, housing demand has been falling more and more, but inventory is still below the 2010, 2013, 2016, and 2019 levels, which is a nightmare. Because housing is shelter, people don’t sell their homes to be homeless; it’s where they live. When you’re trying to sell your home, naturally, you’re a homebuyer too. Rates have risen at the fastest pace ever, which makes houses more expensive, so in theory, some homebuyers can’t move. Home sellers with high equity aren’t as sensitive to higher rates because they bring a more significant down payment. Inventory skyrocketing back toward historical norms of 2 million to 2.5 million, which I would find to be the best thing ever for housing, is not happening this year.NAR Total Inventory Data Back To 1982: Getting to that historical inventory level will take more time. I have stressed that housing doesn’t move like the stock market. Homeowners are in a better financial position than stock traders, which is why the idea of mass panic selling doesn’t reflect housing reality. You don’t get a margin call at noon and are forced to sell your house in seconds. A real estate investor, on the other hand, doesn’t have that type of shelter relationship with a home, that a homeowner does. The goal is simple: We need total housing inventory to reach a range of 1.52-1.93 million to return to normal. Currently, we are at  1.16 million. Weakness in demand, time and the massive hit to affordability will get us there, but not at the speed people promoted last October. Remember, inventory is very seasonal, and in the next few months, the seasonal inventory will fade, but before that happens we should still break over the previous year’s high. We should all be rooting for more inventory to end this madness.Regarding the monthly supply for housing, we want this to get above four months as soon as possible. This would be a more traditional level for the housing market; we are making some progress here but not where we want to be yet.NAR Monthly Supply Data Before This report As a nice jump in monthly supply, we see the seasonal push in inventory tied to sales falling, which means the months of supply should increase. This is the best part of today’s existing home report. NAR Research: Total housing inventory registered at the end of May was 1.16 units, an increase of 12.6% from April and a 4.1% decline from May 2021. Unsold inventory sits at a 2.6-month supply at the current sales pace, up from 2.2 months in April and 2.5 months in May 2021. Additional bad news from the report is the data for days on the market. The frustrating data line during this savagely unhealthy housing market has been days on the market stubbornly staying at the teenager level. We want this to go much higher to get back to anything normal. We recently paid a severe price on the home-price growth nationally, and as long as this data line is still at a teenager level, we will not gain the balance in the housing market we need. We need home prices to fall by 17% to return to the peak growth model for the years 2020-2024 — just to have a regular market. NAR Research: First-time buyers were responsible for 27% of sales in May; Individual investors purchased 16% of homes; All-cash sales accounted for 25% of transactions; Distressed sales represented less than 1% of sales; Properties typically remained on the market for 16 days. Regarding sales trends, this data line still lags the reality of the rising rate environment, so we have a lot more room to go lower in sales. When mortgage rates were between 4%-5%, it looked more like a traditional downturn in sales with higher rates, adjusting to the massive price gains since 2020. However, at 6% plus mortgage rates, we are seeing some real demand destruction as the most significant homebuyer in America, mortgage buyers, get hit with a double whammy. While the purchase application data four-week moving average trend hasn’t gotten to

[ad_1] Another fine day in Retirement During our recent discussion on Inflation, a Badass reader stopped by and caught my attention by dropping the following block of wisdom into the comments section:  “A final note if you are worried about inflation: sledgehammer the TV and go for a walk in the woods. Trees get bigger every year unless you cut them down.” That sentence was just one piece of a sizable rant that this gentleman named Aaron contributed at the time, and I applauded him for sharing it. Little did I know he was about to hit me with a case study request that struck home in so many ways that I knew we had to cover it right away.  At the root of his question is the core of what it means to “Retire”. According to my own definition, you don’t have to stop working. But you do have to build up a level of freedom and wealth such that the work you do is entirely by choice, rather than something you grit your teeth and crank through just because you need or want the money. After all, the real purpose of work is to create something that is meaningful to you. Why would you ever want to quit that? Aaron Writes Dear MMM, I’m a 47 year old contractor with a small remodeling business with five employees. My four kids are now grown. We live below our means in a nice house I built 16 years ago on 25 acres we will never leave…we love it. In addition, we own a beautiful 1860s log cabin/ timber frame home we spent three years and tons of money rescuing/renovating and now rent out on Airbnb. We are in the process of selling two other houses: one former home that our youngest daughter will be purchasing, and a second one that  my crew and I are almost done fixing up. Knowing myself, I will likely buy another fixer with the money, or some more land…when the price and condition is correct… but I have also always been fascinated by the stock market. We do not currently own stocks or index funds, and we have no debt. I recently cut my workdays down to four a week, and am pretty happy with that for now. But, I did some math and if we sold the Airbnb with the other two houses, we’d have a chunk of cash big enough for me to mostly retire – working only if I really felt like it. So the stock market is down and it’s time to sell the real estate and throw that into VTI, right? I’m a hands-on guy so it seems strange to turn three houses I can see, touch and feel into some numbers on a computer screen in the form of VTI. Not sure if I want to do that, even if it makes sense to my math brain. What else besides stocks or rental real estate could I do with the money to secure a 4% withdrawal rate in retirement? —- So you can probably see why I can relate to Aaron’s question. As another 47-year-old carpenter who also values manual labor, peaceful forests and throwing out salty comments in response to the whiny laments of the financial media, I can see exactly where he’s coming from. On the other hand, I am also very comfortable with stock market investments as a source of long-term wealth and security, and I have more than three quarters of my life savings invested in index funds (the remainder just being my house and other local real estate and very small business ventures with friends).  So perhaps the main difference between Aaron and myself is that I think of houses and stocks as being two versions of the same thing. They are both real, concrete, productive assets rather than gambling instruments or numbers on a computer screen. If you understand this connection, you will become a better lifetime investor. Meanwhile, people who understand only one side or the other may become blind to what investing really means. The Real Estate faithful will often talk about the concrete nature of their investments. Their houses and apartments really exist, and they provide the service of housing to their tenants which is an essential human need. In exchange for meeting this need, the investor collects rent which is a genuine and sustainable source of income. And your ownership of the houses and apartments is guaranteed and protected by our legal system and financial institutions, something which allows trust. And trust is the foundation of a society’s wealth. But sometimes these people will go too far and insist that real estate is the only true investment – becoming blind to the value of investing in other businesses via stock ownership. This blindness can lead to “crusty multimillionaire landlord syndrome” – the guy who owns 400 rental units and is always looking for the next deal, yet can never truly sit back and feel retired, no matter how big the empire grows. Because for most people, real estate ownership is an active business rather than a truly passive investment. The Stock Market Faithful may develop a different problem: a focus on stock prices rather than business ownership. When you hear people talk about the “200 day moving average” or “support level” or “death cross pattern”, you can safely assume they suffer from this condition. And it’s the same thing that powers price speculation on things like cryptocoins, meme stocks and other volatile fads: they are hoping for an outcome (rising asset prices) without considering the thing that actually creates the underlying value (earnings).  Meme Stock / Crypto Trader If there are no earnings, there is no value. Betting otherwise is like trying to get in shape by strapping on a fake Batman-style padded muscle costume instead of doing the actual barbell exercises.  But equally important, a stock is also a guaranteed slice of ownership of a real business,

[ad_1] The post Investing During a Market Downturn appeared first on Millennial Money. What’s the best — and safest — way to invest during a market downturn? Maybe the best advice is to stick to your plan. A solid financial plan allows you to invest the way you want, regardless of which way the market is heading. That’s especially true if your plan is to buy and hold for the long term. Rather than chasing returns, the next meme stock, or cryptocurrency, having a good investing plan will help you weather any market downturn.  Table of contents When Investing During a Market Downturn Is a Good Idea What Are the Characteristics of a Market Downturn? Why Does a Market Downturn Lower Stock Prices? When Is the Best Time to Invest in a Market Downturn? How to Take Advantage of a Market Downturn Why Should You Increase Your Contributions to Your Investment Accounts During a Market Downturn?  What Is the Dollar-Cost Averaging Method? What Are the Benefits of Investing in Stocks That Offer Dividends? Investments to Avoid During a Market Downturn What Types of Investments Become Riskier During a Market Downturn? Why Should You Avoid Investing in Startups During a Market Downturn? Why Should You Avoid Investing in Companies Involved With Luxury Goods During a Market Downturn? What You Can Do to Protect Your Investments From a Market Downturn What Are the Benefits of Maintaining Your Stock Portfolio Instead of Liquidating During a Market Downturn? How Can You Reduce Your Overall Stock Exposure by Selling Positions That Have Done Poorly? What Are the Benefits of Cash Investments During a Market Downturn? The Bottom Line When Investing During a Market Downturn Is a Good Idea Although you’ll likely encounter a market downturn during your journey toward financial freedom, in the long run, the market tends to go up. Analysis from the Personal Finance Club shows that, over the last 100 years, the stock market returned around an average of 10.8% consistently. Novice investors with a solid financial plan understand investing for the long term. This means sticking to the plan through market crashes and upswings. Stick to your financial plan, keep learning, and lean into the ups and downs of the market.  What Are the Characteristics of a Market Downturn? Panic. Yelling. Massive selloffs. Wall Street in the news. Stock-picking gurus and experts telling you to buy or sell certain stocks. I’m only half-joking.  One obvious characteristic of a market downturn is when blue-chip or large-cap stocks drop in price. These are the large corporations we all know: Facebook, Google, Microsoft, Amazon, Apple, Netflix, Coca-Cola, you get the point. Another characteristic of a market downturn is when the “market is down.” A more concise way to say this is that exchanges are taking losses consistently. Every day you’ll hear the S&P 500, Nasdaq, or Dow Jones went down again.  If you’re invested in a fund that tracks the S&P 500 or the total stock market, you’ll notice your portfolio going down. You’ll know which index your fund follows, most likely, by its name. Otherwise, information about the index that the mutual fund follows can be found on the brokerage site or morningstar.com.  Why Does a Market Downturn Lower Stock Prices? Stocks are not immune to supply and demand. If the market crash causes everyone to sell, not as many folks will be looking to buy. As selling increases and buying decreases, the prices of stocks begin to lower.  Perhaps businesses aren’t making record profits due to recession, inflation, or other issues, such as a pandemic. The value of the business begins to lower, and that causes prices to drop as well.  When Is the Best Time to Invest in a Market Downturn? So many clichés, so little time. The best time to invest was yesterday; the second-best time is now. Time in the market beats timing the market. Aside from these old chestnuts, there are three winning and losing strategies for volatile periods in the stock market: Winning: Staying the course Reinvesting dividends and capital gains Tax-managing your portfolio Losing:  Selling in panic mode Stopping automatic contributions Predicting the future Long-term investors recover or increase gains after market downturns. Reinvesting dividends and capital gains equals buying more shares at a lower price automatically. Saving on taxes in the long-term means keeping more of your gains. Conversely, selling during the lows means buying again at the low and having to sell even higher to recoup losses. Again, adhering to the “buy low” adage, stopping automatic contributions means missing out on the stocks that are on sale. No one knows the future, but historical analysis shows that stock market gains increase over time.  WeBull Webull has built lots of momentum lately due to its zero-commission structure, fractional shares, attractive sign-up incentives, robust trading tools, and sleek user-friendly design. Start Investing with Webull How to Take Advantage of a Market Downturn Dollar-cost averaging takes little effort to take advantage of market downturns. Just keep investing periodically. More shares mean more gains per share. Continue dollar-cost averaging or even increase your contributions to tax-deferred and taxable accounts. Consider alternate investments like dividend stocks. Why Should You Increase Your Contributions to Your Investment Accounts During a Market Downturn?  Stocks are on sale, of course! In all seriousness, if a stock or mutual fund price is lower ,you’re buying low. Over time, that growth compounds and you win. More shares for the same price means more gains when the price per share increases.  Financial Coach Nicole Stanley invested an extra $15,000 while navigating market downturns. Nicole isn’t worried about cryptocurrency dips, inflation, or other negative effects that occur alongside a market downturn. What Is the Dollar-Cost Averaging Method? In simplest terms, dollar-cost averaging is investing periodically — every paycheck, every month, etc. Rather than trying to time the market, dollar-cost averaging buys during highs and lows. The advantage to dollar-cost averaging is that when you buy high and low, the average of your cost basis is in

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[ad_1] Oil climbs $2/bbl on strong demand, tight supply [ad_2] Source link