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[ad_1] Tata Group’s acquisition of Air India is likely to run into a regulatory wall in Singapore and now the Indian conglomerate needs to convince that the takeover does not violate the country’s anti-competition laws. The country’s antitrust body, Singapore’s Competition and Consumer Commission (CCCS) on Friday observed that Air India and Vistara, which is a 51:49 joint venture between Tata Group and Singapore Airlines, are two of the three key market players that operate flights on Singapore-Mumbai and Singapore-Delhi routes, resulting in overlapping of both air passenger and transport routes. “Both airlines are likely to be each other’s close, if not the closest, competitor,” the CCCS has observed. Section 54 of the Singapore’s Competition Act, 2004, prohibits mergers that have resulted, or may be expected to result, in a substantial lessening of competition in the country. Competition issues arises under the Act if the merged entity has/will have a market share of 40% or more; or has/will have a market share of between 20% and 40%, and the post-merger combined market share of the three largest firms is 70% or more. Merging entities are not required to notify CCCS of their merger but they are required to conduct a self-assessment to ascertain if a notification to CCCS is necessary. If they are concerned that the merger has infringed, or is likely to infringe, the Act, they should notify their merger to CCCS. In such cases, CCCS will assess the effect of the merger on competition and decide if the merger has resulted, or is likely to result, in a substantial lessening of competition in Singapore. In October 2021, Tata Sons had acquired Air India through its wholly-owned unit Talace. The CCCS said that it needs to assess further the extent to which SIA competes with the merged entity along these routes, as it is a joint venture partner with Tata Sons in Vistara and a prospective partner with Vistara in the Commercial Cooperation Framework Agreement. The antitrust regulator also said it needs to assess whether the competitive constraint from other airlines such as IndiGo would be sufficient post-transaction, it added. “At this stage, the parties (Talace and Air India) may offer commitments to address the potential competition concerns of the transaction raised by CCCS. Otherwise, the merger will proceed to a detailed further review upon CCCS’s receipt of the relevant documents. Commitments may also be offered at any time during this review,” CCCS added. On January 6, 2022, CCCS had accepted an application from Talace seeking its review on whether the acquisition of Air India infringes Singapore’s competition Act. The antitrust body has already completed the phase-I of the review, it added. Earlier in May, Tata Sons appointed aviation industry veteran Campbell Wilson as its CEO and managing director, months after former Turkish Airlines chairman Ilker Ayci declined to take up the post. Prior to which in March, Tata Sons appointed N Chandrasekaran as the chairman of Air India, a move that gained importance as the group needed to iron out a number of issues at the carrier following its divestment, including appointment of pilots, upgrading fleet and charting maps for co-existence with the group’s other aviation ventures. [ad_2] Source link

[ad_1] Lakeview Loan Servicing unveiled a rare private-label securities offering this past March involving a pool of mostly delinquent mortgages serviced by the company. The loans in the offering were all originated through the Federal Housing Administration (FHA) and later securitized through Ginnie Mae. At the time, it was only the fourth such private label securities (PLS) offering of its kind in more than a decade, according to a bond-rating report by Kroll Bond Rating Agency (KBRA).  Since then, Lakeview has unveiled two additional PLS offerings involving pools of delinquent FHA loans also securitized via Ginnie Mae.  The delinquent FHA-insured mortgages backing Lakeview’s initial private-label securities (PLS) offering earlier this year, Lakeview Trust 2022-EBO1, all were purchased out of Ginnie Mae loan pools via the agency’s so-called early buy-out, or EBO, program.  The more recent offerings — Lakeview Trust 2022-EBO2, which closed in late April; and Lakeview Trust 2022-EBO3, set to close in early June — also involve EBO loans, according to KBRA ratings reports. In those offering, 100% of the FHA loans involved are delinquent — with about a quarter of the mortgages in each deal in active foreclosure. So why is this rare bird in the PLS world suddenly getting air under its wings, and how can you make money securitizing delinquent loans, even when they are in active foreclosure?  The major market dynamic making EBO deals attractive now, according to KBRA, is a changing of seasons in the mortgage industry, marked by fast-rising rates, high housing prices and a turn toward a competitive purchase-mortgage market. “Reverse mortgage, mortgage servicing rights (MSR)-backed issuance, home equity line of credit-backed deals … Ginnie Mae early buyout (EBO), and other esoteric RMBS [residential mortgage-backed securities] transactions are … poised to increase in the remainder of 2022 and 2023 as interest rates rise further,” states a recent KBRA report on the private-label securities market.  To understand how these “esoteric” EBO PLS deals can offer an attractive return for bondholders, we need to examine the details of the recent EBO offerings. Lakeview Trust 2022-EBO 2 involves a pool of 2,063 FHA-backed loans with an unpaid principal balance (UPB) of $405.2 million, with all the loans deemed delinquent. In total, 99.3% of the loans in the collateral pool for the offering are 90 days or more past due and 26.5% are in active foreclosure.  Lakeview Trust 2022-EBO 3, involving a pool of 1,713 FHA loans with a UPB balance of $302.9 million, has similarly grim loan-performance markers, with 100% of the pooled loans delinquent — 97.6% are 90 days or more past due and 24.8% are in active foreclosure. Lakeview’s initial EBO offering this year, Lakeview Trust 2022-EBO1, involved a pool of 2,192 FHA-guaranteed mortgages with a UPB value of $423.6 million. The PLS offering was backed by a loan pool in which 96.6% of the mortgages were 90 days or more past due and 16.3% in active foreclosure. Key to EBO offerings is the fact that the FHA guarantees 100% of the principal balance on the loans it insures. The FHA loans in all three of Lakeview’s EBO offerings also were securitized via Ginnie Mae and are backed by the agency, which guarantees only the principal and interest payments to purchasers of its bonds, which are sold worldwide. Once a loan is 90 days past due, however, under Ginnie Mae’s EBO program, the servicer can buy the loan out of the Ginnie Mae loan pool, which means it can stop advancing principal and interest each month. After the mortgages acquired by a servicer become current for six consecutive months, often through modifications, they are eligible to be re-securitized through Ginnie Mae and “re-pooled” with other loan collateral. Getting the loans to reperform represents “highest income-generating” potential for the EBO offerings, KBRA bond-rating reports indicate, given it provides six months of uninterrupted payments on the reperforming mortgage and the option, in most cases, for a cash-out of the loan at the end of that period via the Ginnie Mae re-securitization. Current loans have the highest likelihood of redelivery to a Ginnie Mae pool, and re-pooling is the path that is “the most beneficial to the [PLS] transaction as it is generally the shortest resolution path,” the KBRA bond-rating reports each state. For all three of Lakeview’s EBO offerings so far this year, however, at least 97% the loans in the pools being securitized via the PLS market are already delinquent by 90 days or more, making a high rate of redelivery to Ginnie pools an unlikely outcome. Principal recovery on the loans is guaranteed through FHA in the event of a default, but there often is a bureaucratic time lag in obtaining interest due, KBRA noted.  In addition, interest rate recoveries are at the HUD debenture rate, “which is typically substantially below the loan note rate,” according to KBRA. All three Lakeview’s EBO private-label offerings include an interest-rate reserve account, with starting balances ranging from $9.8 million to $13.2 million, to cover potential bond-interest shortfalls. Two past EBO PLS offerings prior to initial Lakeview Trust 2022-EBO1 transaction earlier this year, according to a US Bank trust investor report, also were sponsored by Lakeview — one in 2015 and another in 2021. Another such transaction, a $370.7 million offering of nonperforming FHA loans, closed in July 2021 and was sponsored by Waterfall Victoria Master Fund, with Carrington Mortgage Services acting as the loan servicer, according to a separate KBRA ratings report. That makes a total of six private-label EBO offerings over the past decade or so, according to KBRA’s accounting. Those transactions are not likely to be the end of the story, however. “EBO strategies are expected to become more prevalent as a function of the size of the overall GNMA [Ginnie Mae] market, with GNMA outstanding [mortgage-backed securities] at approximately $2.1 trillion in 2021 vs. approximately $400 billion in 2007,” KBRA’s ratings report on Lakeview’s latest EBO offering states. Lakeview, based in Coral Gables, Florida, is part of the Bayview Companies and a subsidiary of Bayview MSR Opportunity Master Fund LP. It also is an affiliate of Bayview Asset Management,

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Calgary, Alta. Coquitlam, Port Coquitlam and Port Moody, B.C. Durham Region, Ont. Edmonton, Alta. Halifax, N.S. Halton Region, Ont. Langley, Pitt Meadows and Maple Ridge, B.C. North Shore, B.C. Peel Region, Ont. Toronto, Ont. Vancouver, B.C. York Region, Ont. $( function () { $( ‘.WB18__nav–toggler’ ).click( function () { $( ‘.WB18__nav–citylist’ ).slideToggle(); } ); } ); Video courtesy of Destination Halifax The regional municipality of Halifax is home to just under 420,000 residents. Consisting of Dartmouth, Halifax, Bedford and the former Halifax County, it’s one of Nova Scotia’s most populous areas. Known for its vibrant tourism industry, the region is home to many oceanfront and historic lighthouse trails. Alongside its unique art and music scene, it also has a strong academic presence: six of Nova Scotia’s ten university campuses are based in Halifax. For our 2022 edition of Where to Buy Real Estate in Canada, MoneySense partnered with Zoocasa—a full-service tech brokerage—to bring you a list of the top places to buy property in the Halifax region this year. To find the neighbourhoods offering the greatest value and price growth potential, Zoocasa crunched local real estate data and took a hard look at the buying trends in the area.  If you’re looking beyond the Halifax region, our guide also includes a national ranking of cities and regions, as well as information on the top neighbourhoods in 12 other areas across Canada (just tap or click on the menu above). The rankings are based on data collected at the end of March 2022, and interviews were conducted in March and April. Read about our methodology.  Where to buy real estate in Halifax Regional Municipality Why we’re watching Halifax Regional Municipality The region’s future real estate outlook The region’s top three neighbourhoods You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote* I’m buying a homeI’m renewing/refinancing You will be leaving MoneySense. Just close the tab to return. Where to buy real estate in Halifax Regional Municipality To view

[ad_1] The post How to Practice Philanthropy After FIRE (Financial Independence, Retire Early) appeared first on Millennial Money. At age 36, Jeremy Schneider boosted his philanthropic work. He created a new business, Personal Finance Club, and started donating 20% of its revenues to a number of charities.  Jeremy was able to do this because he was able to reach financial independence and retire early — a trend known by the acronym FIRE. Individuals in the FIRE movement (Financial Independence, Retire Early) share a passion for teaching and sharing knowledge and stories. Generosity is a shared value as well. Are you generous? Do you want to change the world? Do you see a problem that needs solving? FIRE can help you reach your philanthropic goals.  What Are the Benefits of Giving Back to Your Community? Being generous can benefit you as well as others.  Philanthropy and volunteering have benefits to your mental health. Research has shown that these acts of kindness can lower depression and reduce stress. Giving can also trigger the release of feel-good brain chemicals like dopamine and endorphins. Don’t forget the tax benefits. Charitable donations are often tax-deductible, allowing you to save money by being generous. (Of course, always talk to a tax professional if you have questions about what you can deduct.)  When you engage in philanthropic activities, you may also benefit from networking. Joe Saul-Sehy, co-author of Stacked: Your Super-Serious Guide To Modern Money Management, met a good friend through his philanthropic efforts in early retirement. His friend ended up recording parts of Joe’s audiobook! How to Find a Cause to Support After FIRE Like almost anything, you can find a cause through social media or other channels. There are Facebook groups for almost anything. Reach out to your friends, followers, or other community members. They may have some ideas for you already.  What are your hobbies and passions? Are there any causes that support those passions? This is an instance where following your passion is the right answer. You are no longer working for money. What do you want to support after you retire? What Should You Look for in a Philanthropic Cause? Givingwhatwecan.org suggests using three criteria when choosing a cause: Scale Tractability Need What Questions Should You Ask a Charitable Organization You Are Considering Donating To? What percentage of donations go to specific causes? Can I see a budget for your operating costs? Don’t have time to deep dive into different charities? Want someone to research for you? GiveWell answers the tough questions for you. Research organizations like GiveWell research how to use your charitable donations to make the biggest impact.  What Causes Are Most Often Supported by Philanthropists? Here are some charitable organizations you might be familiar with: Unicef PBS Make-A-Wish Wounded Warrior Project Boys & Girls Club United Way Personal Finance Club is transparent on its website about the organizations it donates to. The company also donates to smaller and more localized organizations. It has donated to Kickstarter projects, GoFundMe campaigns, and more.  Billionaire philanthropist Robert F. Smith has supported student loan repayment on a large scale. Smith pledged and fulfilled $34 million in donations to Morehouse College. Smith’s donation settled the debts of nearly 400 students.  Smith also assisted in creating a nonprofit organization called the Student Freedom Initiative (SFI). SFI uses contributions from Smith and others to support historically Black colleges and universities. Currently, the program supports nine colleges.  Paula Pant, Mr. Money Mustache, and other FIRE content creators have mentioned Charity: Water. The organization’s mission is to bring clean water to everyone. Charity: Water funds more than 90,000 local projects in more than 29 countries to complete its mission.  And billionaire philanthropist Les Wexner donated over $100 million to Ohio State University, my alma mater.  Learn More: Why You Should Volunteer After Reaching Financial Freedom A Guide to Financial Freedom Success Socially Responsible Investing: Make a Difference With Your Money You Don’t Need to Wait Until Reaching FIRE to Give My philanthropic hero right now is Tami Mitchell. Tami is working toward financial independence while being an advocate for the disabled. She is the definition of a philanthropist.  Tami uses every extra bit of energy to run a Buy Nothing Group, collect unused medicine for those in need, host giveaways for those who need a bit of extra help, and more. Tami hasn’t reached financial independence, but I have no doubt when she does, her impact will multiply. When you’ve started your philanthropic efforts or donated a percentage of your income to organizations, the habit becomes easier. Build a saving and investing “muscle,” as well as  a giving “muscle” before you reach FIRE.  How Can You Balance Philanthropic Work and a FIRE Budget? Everyone has a different budget and different financial independence goals. The more you save and invest, the more you can budget for giving for the future. But you can also fit giving into your budget no matter where you are on your FIRE journey.  A lot of people who have successfully completed the FIRE journey took on side hustles along the way to make extra income. Why not give some of that extra money to charity? Tithing is an age-old practice that involves paying 10% of your income to your local religious organization. But even if you’re not religious, you can still tithe 10% to causes you support. It’s easy to calculate 10%, and it won’t break your budget. How Often Should You Donate When Following the FIRE Movement? Daily, weekly, monthly, annually, spontaneously, or whenever you’re doing your taxes. Your donating habits should align with your values, budget, financial independence goals, and other variables.  If you’re struggling to stay on budget or lower your expenses, try automating your donations. If you’re a spontaneous giver or don’t budget, try setting aside a donation fund so that you can give when you want.  How Can You Use the FIRE Movement to Improve Your Philanthropic Work? The FIRE movement is full of helpful people who love

[ad_1] Need new running shorts? This is a fantastic deal! Under Armour is offering an extra 30% off select Women’s Leggings, Shorts and more when you use the promo code WMN30 at checkout! Plus, shipping is free when you create or sign into your account (it’s free to join). As a deal idea, you can get these Women’s UA Play Up 2.0 Shorts for as low as $9.98 shipped after the code! There are several colors to choose from. Valid through June 9, 2022, while supplies last. [ad_2] Source link

[ad_1] Spain to grant more work visas to combat labour shortages [ad_2] Source link

[ad_1] U.S. stocks were set to open lower on Friday as Tesla CEO Elon Musk’s warning on the economic outlook and a solid jobs report fanned worries over tighter monetary policy and soaring inflation. The Labor Department’s closely watched report showed nonfarm payrolls rose by 390,000 jobs last month, while the unemployment rate held steady at 3.6%, signs of a tight labor market that could keep the Federal Reserve on its aggressive policy tightening path. Economists polled by Reuters had forecast nonfarm payrolls to rise by 325,000 jobs, after a jump of 428,000 in April. The report also showed solid wage gains last month. “There isn’t clear and convincing evidence that inflation is slowing or that the labor market is cooling. There may be some hints that job hiring is slowing,” said Brian Jacobsen, senior investment strategist with Allspring Global Investments. Tesla Inc’s shares fell 5.2% in premarket trading after Musk said he has a “super bad feeling” about the economy and wants to cut about 10% of jobs at the electric-car maker, in an email to company executives seen by Reuters. Apple Inc dropped nearly 3% after a bearish brokerage comment and a report that EU countries and lawmakers were set to agree on a common charging port for mobile phones, tablets and headphones on June 7, a proposal that has been fiercely criticized by Apple. Volatility has gripped Wall Street in recent weeks due to hawkish comments from Fed officials, even as a recent set of economic data suggested that inflation may have peaked. The blue-chip Dow has fallen 8.5% so far this year, the benchmark S&P 500 has lost 12.4%, and the tech-heavy Nasdaq has shed 21.3%, with rate-sensitive growth stocks bearing the brunt of the selloff. “The selloff over the last few weeks could be a floor. It is going to be pretty choppy from an equity market perspective,” said Alan McKnight, chief investment officer at Regions Private Wealth. “Historically, volumes in summer are lower globally, and unless we see a material change in Fed policy and the course of the economy in a deceleration mode, we don’t see a lot in the short run that is going to drive equity prices significantly higher.”At 08:44 a.m. ET, Dow e-minis were down 214 points, or 0.64%, S&P 500 e-minis were down 39.75 points, or 0.95%, and Nasdaq 100 e-minis were down 195.75 points, or 1.52%. Kohl’s Corp gained 4% after a media report that the department store received takeover bids from private equity firm Sycamore Partners and retail holding company Franchise Group Inc . [ad_2] Source link

[ad_1] Even though J.P. Morgan CEO Jamie Dimon is famously no fan of crypto, the bank dove into the enigmatic world of blockchain-based finance in 2020 with the launch of Onyx, a business unit devoted to exploring and expanding the use of blockchain technologies.  Soon after Onyx was formed, the bank launched Onyx Digital Assets, a blockchain-based platform that makes possible transactions that involve tokenization — or creating digitized tokens linked to or backed by real-world assets. Recently, J.P. Morgan announced that it had settled its first tokenized transaction involving money-market fund shares as collateral — with plans to eventually pursue blockchain-based transactions for tokenized collateral involving equities and fixed-income securities, which include mortgage-backed securities (MBS). J.P. Morgan’s interest in blockchain technology is echoed by Ginnie Mae, a major player in the agency MBS-guarantee market. Ginnie announced earlier this year that its Innovation Lab is exploring the use of blockchain and distributed-ledger technologies for potential future use in loan-pool issuance, servicing and bond management. The lab also unveiled a private- and public-sector exploratory initiative called the Federal Housing Blockchain Network. So, it should come as no surprise that two well-known mortgage finance companies in the non-agency space also are deep into exploring opportunities in the blockchain market. Blockchain technology links transaction records instantly in an encrypted data chain reproduced across a network of distributed computers, creating a transparent yet indelible and authenticated cyber record, or ledger, that can be accessed securely by authorized parties. “This structure is built on nodes, and it’s completely decentralized,” explained Michael Carpentier, CEO and co-founder of Vesta Equity, which is working to create a marketplace for tokenized home-equity investments using blockchain. “It’s very hard to hack a blockchain.” Carpentier added that blockchain represents a “fundamental shift in how we approach business transactions” because it allows users to instantly verify a transaction occurred via a permanent record kept on the blockchain.  The technology not only addresses concerns about fraud, Carpentier said, “it [also] allows you to digitize real-world assets,” such as a mortgage loan or loan pools. In other words, it flattens out the space between the primary and secondary markets, allowing mortgages to essentially be originated and securitized nearly instantaneously across a distributed computer network that is accessible to authorized investors. “It [promises to] completely remove, or disintermediate, the higher market,” he added. “You don’t need it.” That full promise is still years away, some experts say at least five or more years in the future, in terms of broad market buy-in and use among the many parties now involved in originating and later trading or securitizing a mortgage via the traditional secondary market.  “As you look at on the origination side, you have the call for efficiency and cost savings,” said John Toohig, managing director of whole-loan trading at Raymond James in Memphis. “And on the other side, you see, well, that just means I’m going to make less when making a loan. “There’s so many different pieces to it that I think present a long-term challenge. I do believe we will get there, but I don’t think it will be a snap-your-finger, overnight kind of evolution.” Marianne Bailey, a partner at cybersecurity firm Guidehouse and former deputy national manager for national security systems at the National Security Agency, stressed that when we see something new come along like blockchain technology, “that’s really cool, people expect miracles to happen.” “But it takes time,” she added. “It takes time for the systems to integrate it, but I definitely think that [blockchain] is the future.” The ‘early innings’ Both real estate investment trust (REIT) Redwood Trust as well as non-QM lender Angel Oak Cos. also recognize the industry-changing potential of blockchain-enabled technology. It may still be a ways down the track, but the engine powering the blockchain train is already rattling the tracks. Consequently, both non-agency players have opted to be on front end of the technology-adoption bell curve through their partnerships and/or investments in blockchain-based platforms. Redwood and Angel Oak, of course, are not alone, in seeing blockchain’s potential, as the J.P. Morgan and Ginnie Mae examples illustrate. In addition, crypto-assets backed by mortgage loans are already being securitized via the blockchain by other lenders who have chosen to act now and seek permission from regulators later, if necessary — after formal rules are developed for so-called nonfungible tokens (NFTs) and other crypto-assets. Nonbank lender LoanSnap, for example, has launched a fledgling crypto-mortgage program that relies on artificial intelligence and blockchain technology along with a cryptocurrency called stable coin. The stable coin, pegged to the U.S. dollar on a one-to-one basis, is sold to investors via a blockchain platform and backed by real-world mortgage lien wrapped in or mirrored by a digital NFT — or a nonfungible token.  To date, LoanSnap has locked in about $6.9 million in crypto-loan value across 35 homes that have a total market value of some $44 million. The annual percentage yield for holders of LoanSnap’s stable coin used to fund the mortgage loans, called bHome, as of this week was 3.521% The crypto-mortgages originated by LoanSnap so far are essentially home-equity loans as opposed to home-purchase or rate-and-term refinance loans. The liens linked to NFTs represent a portion of a home’s value as a result.  Angel Oak Ventures is not far behind LoanSnap in capability, however. In April, the non-QM lender formed a partnership via its Angel Oak Ventures arm with Brightvine, a startup blockchain-based investment platform. Brightvine plans to allow Angel Oak “and other issuers to tokenize their real-world assets” and to “seamlessly raise funds on the blockchain,” Brightvine said in the press statement announcing its “strategic venture” with Angel Oak. Sreeni Prabhu, co-founder and managing partner of Angel Oak Cos., said Angel Oak Ventures is focused on technology that creates a “more frictionless” business environment for investors and borrowers. He added that the company “believes in the potential for blockchain to bring about new and innovative investment solutions in the mortgage credit space.” “Angel Oak intends to explore utilizing Brightvine’s platform and could securitize non-QM loans via tokenization on the blockchain,” Prabhu added. “Although still in the exploratory phase, Angel

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