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Unlike traditional banks, nonbank mortgage companies like Rocket Mortgage are heavily exposed to swings in the mortgage market, depend on funding that can dry up during times of stress and don’t have stable deposits to rely on as a safety net. Despite the wonky term, nonbank mortgage companies have become vital players that make most home mortgages in the United States today. As of 2022, nonbank mortgage companies originated about two-thirds of US mortgages and owned the servicing rights on 54% of mortgage balances, according to FSOC. “Nonbank mortgage firms are thinly capitalized, which makes them vulnerable to failure if they lose financing or mortgage defaults spike,” said McCoy, a former mortgage regulator. “Starting in early 2007, we saw a tsunami of nonbank mortgage firms fail precisely for these reasons.”
Persons: Janet Yellen, FSOC, Cooper, ” FSOC, Ginnie Mae, Bob Broeksmit, Patricia McCoy, , McCoy Organizations: New, New York CNN, Rocket, Mortgage, Mortgage Bankers Association, ABA, Boston College Law School, Locations: New York, United States
Just a few weeks ago, Israel, under extraordinary international pressure to respond to warnings of imminent famine in the Gaza Strip, announced new steps to increase humanitarian aid. But after an Israeli military incursion into the southern city of Rafah this week, the flow of aid has come to a near-total stop, first closed off by Israel and then further restricted, officials say, by Egypt. Aid officials warned that essentials like food and medicine were running dangerously low, threatening to worsen an already dire humanitarian crisis.
Organizations: Aid Locations: Israel, Gaza, Rafah, Egypt
CNN —A nearly 300-year-old settlement once submerged beneath a major dam in the Philippines has reemerged as sweltering heat and drought dry up the reservoir. Ezra Acayan/Getty ImagesSome visitors brave the extreme heat to see the dam, where parts of damaged structures still stand. But a drought currently affecting about half of the country’s provinces has pushed the dam’s water levels down, according to AFP. The town of Muñoz near the dam has seen heat index over 41 degrees (106 degrees Fahrenheit) the last five days. On Sunday the temperature felt like 47 degrees (117 degrees Fahrenheit) because of other contributing factors.
Persons: Marlon Paladin, Ezra Acayan, Paladin, climatologist Maximiliano Herrera, Organizations: CNN, National Irrigation Administration, PAGASA, AFP, Prediction Locations: Philippines, Pantabangan, Nueva Ecija, Philippine, Southeast Asia, Muñoz, Luzon, El
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy so many U.S. cities are in financial troubleSpending cuts are occurring across many U.S. cities as inflation lingers and pandemic-era stimulus dries up. At least 53 major cities have debt obligations that outstrip assets, according to an estimate from Truth in Accounting. The nonprofit group estimates higher debt burdens than many public officials acknowledge because of allegedly underreported retiree benefits. The rising public debt may potentially leave future generations on the financial hook for decisions made by today's leaders.
Organizations: today's Locations: U.S
Municipal governments across the United States are looking to rein in spending as pandemic-era stimulus dries up and inflation lingers for longer than expected. The group issued a AA investment grade general obligation bond rating for New York City in March 2024. The financial challenges within cities appear to be mounting despite high municipal credit ratings and robust demand for urban commodities like housing. "I think we can all agree that we're broke," said Houston Mayor John Whitmire in a March 2024 City Council budget hearing. Meanwhile, in the case of New York City, leaders remain optimistic about future returns.
Persons: Michael Rinaldi, Brad Lander, Sheila Weinberg, we're, Houston Mayor John Whitmire, Weinberg, We've, Lander, Eric Adams, Rinaldi, Adams Organizations: Fitch, AA, New, Truth, University of Denver, New York, Apple, Houston Mayor, Accounting, CNBC, Lander Locations: United States, U.S, New York City, Chicago, Houston, Portland , Oregon, New York
CNN —Kim Kardashian has led quite the life. “She was my next door neighbor when I was like seven and eight years old,” Kardashian said. “Everyone was like, ‘Oh my God I love your bracelets.’ And we were like, ‘Thanks. Kimmel also asked a few questions to clear up rumors he had heard about Kardashian, like whether she blow dries her jewelry before she wears it. Kardashian does not, however, have six toes on one foot.
Persons: CNN — Kim Kardashian, Kardashian, Jimmy Kimmel, Kourtney, Madonna, , ” Kardashian, ’ ” Kardashian, Kimmel, Michael Organizations: CNN
Congaree National Park — South CarolinaYou can kayak in Congaree National Park. Jonathan A. Mauer/ShutterstockSouth Carolina’s Congaree National Park is home to one of the country's largest expanses of old-growth forest. But the park is best explored from a kayak or canoe when it floods. The park is free to visit and open year-round, but because this is South Carolina, expect heat, humidity, and mosquitos in the summer. Unsurprisingly, fall, winter, and spring are the best time to visit.
Persons: Jonathan A Locations: Carolina, South Carolina
McKinsey sent memos to some staff that the clock is ticking for a promotion, Bloomberg reported. The consulting business is rough right now as business dries up. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Consulting firm Deloitte embarked on a massive overhaul of its global operations to cut costs. "We have always maintained a high bar for performance and for attracting and developing exceptional people," a spokesperson for McKinsey told Business Insider by email.
Persons: Organizations: McKinsey, Bloomberg, Service, Management, McKinsey & Co, Accenture, Deloitte Locations: North America
Dries Van Noten Announces Retirement
  + stars: | 2024-03-19 | by ( Vanessa Friedman | Jessica Testa | ) www.nytimes.com   time to read: +1 min
In a shock to the fashion world, Dries Van Noten announced that he was stepping down as creative director of the brand that bears his name. His fall 2024 men’s show, scheduled to take place in Paris in June, will be his last. “My dream was to have a voice in fashion,” Mr. Van Noten, 65, wrote in a letter sent to editors. Now, I want to shift my focus to all the things I never had time for.”Mr. Van Noten was an original member of the Antwerp Six, the group of Belgian designers who changed fashion when they arrived in Paris in the early 1980s. His last women’s show, held in late February in Paris, was an emotional, generous paean to style over fashion and the creativity of dressing oneself.
Persons: Van Noten, , Mr, ” Mr, Van Noten’s Organizations: Antwerp Locations: Paris, Belgian
Tokyo, Japan CNN —Tokyo Fashion Week concluded perhaps its most successful edition since the Covid-19 pandemic, with more international guests and buyers returning to Japan’s capital for the Fall-Winter 2024 edition. Up-and-coming labels were joined on the program by mainstays of Japanese fashion, like Mikio Sakabe. “Every person in Japan has their own style.”Scroll down for some of the best street style looks from Tokyo Fashion Week. Moeri Karasawa/CNNAttendee Bunta Shimizu wearing a colorful outfit at Tokyo Fashion Week on Thursday. Matt Jelonek/Getty ImagesGuests in eye-catching looks on the fourth day of Tokyo Fashion Week.
Persons: , Yohji Yamamoto, Issey Miyake, Hanae Mori, Yu Masui, , , Christopher Kane, Uniqlo, Natsumi Maso, Ryu Kobayashi, Soga Takahashi, Moeri Karasawa, CNN Ryu Kobayashi, Marc Jacobs, ” Kobayashi, Bunta Shimizu, Matt Jelonek, Ui, Yves Saint Laurent, Daisuke Fujii’s, Himari Semans, Daisuke Fujii, Sena, Karasawa, CNN Daikokudou Nero, Justin Shin, Yu, Ashley Williams, Reishito, Bill Whitten Organizations: Japan CNN, Tokyo, Tokyo Fashion, CNN Locations: Tokyo, Japan, Russia, , Osaka, Himari
It belongs to San Francisco-based fashion writer Derek Guy, also known as the "Twitter menswear guy" behind the @dieworkwear account. But, increasingly, he's been sounding off on his other passion: affordable housing. "I'm probably never going to be able to afford a home in San Francisco, that's my guess, or anywhere in the Bay Area, unless I move really, really, really far out," he said. But Guy has written about how diversity in cities — made possible by affordable housing — is essential for creative inspiration. How about you put me in the middle of a ton of affordable housing."
Persons: , you've, Derek Guy, Guy, he's, I'm, Maison, ragamuffins, KP6dM0W62T, derek, Guy's, YIMBYs, we're, Matthew Yglesias, Kate, Kate her, Princess, Wales, Middleton, He's Organizations: Service, Business, Franciscans Locations: San Francisco, Bay, North America, Vietnam, , Tokyo
I have many financial goals, so instead of one big savings account, I have one for each goal. Years ago, I heard some advice from a financial influencer that stuck with me: If you have numerous savings goals, set up different savings accounts and give each a name to correspond with their purpose. I opened up six new Capital One 360 Performance Savings accounts in the new year to help me achieve my financial goals. TaxesI'm embarrassed to say that I have never set aside money for taxes in all my years as a freelancer. While I usually had the funds available, peace of mind comes with having a separate savings account to cover taxes.
Persons: , I've, It's, it's, I'd, haven't, Sam Organizations: Service Locations: homeownership
Pascal Le Segretain/Getty ImagesEqually at Rabanne, tartan blazers were given a grungier edge with leather-trimmed sleeves and fasteners. The rise of ‘Les People’Traditionally, showing interest in celebrities (“Les people” in Parisian slang) was a big no-no amongst the proudly snobby French fashion press. For busy women, multitasking women, women who can. Pascal Le Segretain/Getty ImagesStockman-style coats in colored, patent and soft leather were everywhere at Chloé, as were thigh-high boots and wafting, chiffon dresses. Pascal Le Segretain/Getty ImagesTraditional preppy skirt suits were given an edge with "Miss Dior" emblazoned in a graffiti style scrawling.
Persons: Saint Laurent, , Wim Wenders, , ” Balmain’s, Ester Manas, Nina Ricci, Kate Moss, Denise Ohnona, Serre, Arnel Dela, Alessandro Vigilante, , Coco, Kroes, Pascal Le Segretain, Chemena, Sienna Miller, Gaby Aghion, preppy Kristin Scott Thomas, Miu Miu, Farida Khelfa, Carine, Julia Roitfeld, Victoria Beckham, Anna, Pat Cleveland, Jerry Hall, Georgia Jagger, Kiernan Shipka, Georgia May Jagger, Julien de Rosa, ’ ’, Charles de Vilmorin, Aldama, Loewe, Dior ” —, Jackie O, Salma Hayek, Kim Kardashian, Naomi Campbell, Penelope Cruz, Hari Nef, Emily Ratajkowski, Victor Aubry, Sipa, JM Haedrich, Alexandre Maras, Louise Trotter, Sophie Abriat, Valentino, Givenchy, Laurent, Demna, BFRND, scupltor, Jaanisoo, Rémy Brière, Nicolas Di Felice, Louis Sullivan, Justin Shin, McQueen, Seán, Ib Kamara’s, Nicolas Ghesquière, Louis Vuitton, Stockman, Jonas Gustavsson, Coco Chanel, Casey Cadwallader's, Albert York, Dior, Victor Virgile, Kristin Scott Thomas, Miu, Olivier Rousteing, Ik Aldama, Chloe —, Miller's, Arnold Jerocki, Filippo Fior, Gonzalo Fuentes, Thierry Chesnot, Ester Manas's Organizations: CNN, Paris, Paris CNN —, Eiffel, Saint Laurent Museum, Chloé, Victoria, Getty, Loewe, Dior, Monde, Saint Laurent, The Washington Post Locations: Paris, Trocadero, British, Deauville, Normandy, Mugler, Chloé, Georgia, AFP, Balenciaga, Chanel, Estonian, Courrèges, Dior
What's on deckAdvertisementBut first, zombie, zombie, zombie-ie-ie-ie. AdvertisementThat's why zombie VCs pose such a problem for the industry. Sussing out the prudent investor from the penniless one takes time and effort, two things startups can't necessarily afford when times are tough. AdvertisementIs having a zombie VC as an investor the equivalent of a scarlet letter? If a partner jumps ship from a zombie VC, startups they backed will be in a tough spot.
Persons: , here's, Insider's Ben Bergman, Ben, it's, Alyssa Powell, Morgan Stanley, Goldman Sachs, Ray Dalio isn't, Sundar Pichai, Marissa Mayer, Yahoo's, Cory Doctorow, He's, Smashmallow, they've, Jack Teixeira, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, BI, Bridgewater, Bank of America, Trading, Google, Canadian, Singapore Locations: There's, Silicon Valley, British, Singapore, Israel, New York, London, Chicago
Do designers really expect us to wear those outlandish looks they show on the runway? I look at the images and can’t imagine anyone walking down a street in most of those clothes, no matter where they lived. — Mary, Auckland, New ZealandThis is one of those questions I have been asked pretty much every season since I started covering the runway shows. Another one is about why models never smile, which I answered last season, and I get it, I really do. (As does Mr. Owens himself, who told me backstage he had figured out a way to produce and sell the ropy looks.)
Persons: — Mary, catwalks, Who, Max Mara, Van, Rick Owens, Owens Locations: Auckland , New Zealand
While most shoppers are more budget-conscious, Lowe's execs say some are spending big on appliances. One smart LG fridge that makes "craft ice" is a "top-seller despite retailing for over $2,500," one exec said. This fridge makes really nice ice. Lowe'sIndeed, one model in the LG line that makes the fancy ice has a list price of a whopping $4,299. "They're not afraid to invest in, for example, the GE Profile all-in-one washer-dryer combination that retails for over $2,500," Boltz said.
Persons: , Lowe's, Marvin Ellison, They're, Bill Boltz, that's, Boltz, Katie Notopoulos, Notopoulos Organizations: LG, Service, Home Depot, GE, Wall Street Journal
Discounts are getting bigger after it got harder to qualify for the $7,500 tax credit. In order to deal with a slowdown in demand for big, expensive electric cars — and dwindling federal incentives — dealers and manufacturers are pouring on discounts. By the end of last year, electric cars were seeing some of their highest discounts ever, according to Kelley Blue Book. Changes to requirements for a $7,500 electric vehicle tax credit have also put more responsibility on the dealer and the manufacturer to discount prices. We asked Edmunds for a list of the most discounted electric cars in January.
Persons: , Elon, Kelley, Edmunds Organizations: EV, Service, Tesla
Dries van Agt, Former Dutch Prime Minister, Dies at 93
  + stars: | 2024-02-14 | by ( Claire Moses | ) www.nytimes.com   time to read: 1 min
Dries van Agt, a Dutch politician and former prime minister of the Netherlands who became a pro-Palestinian activist later in life, died on Feb. 5 in his hometown, Nijmegen. He died “hand in hand” with his wife, Eugenie, also 93, in a joint act of euthanasia, according to The Rights Forum, an organization he founded that is dedicated to resolving the Israeli-Palestinian conflict. The announcement of the couple’s euthanasia was a surprise to many people who knew Mr. van Agt as well as to Dutch society as a whole, said Gerard Jonkman, the director of the Rights Forum. In 2019, Mr. van Agt had a stroke, which caused him to lose some of his faculties, Mr. Jonkman said. “He was in a bad physical condition toward the end,” he added.
Persons: Eugenie, van Agt, Gerard Jonkman, Jonkman, , Organizations: Rights Locations: Dutch, Netherlands, Nijmegen
A startup plans to extract lithium from the Great Salt Lake by temporarily sucking up its water. AdvertisementUtah's Great Salt Lake is leaving behind a toxic bowl of dust as it disappears — but hope for a greener future may also lay in the salty water. The Great Salt Lake, the largest saltwater lake in the Western hemisphere, is laced with lithium, a mineral used to make rechargeable batteries in electric vehicles. A California-based startup called Lilac Solutions wants to remove billions of gallons of water from the Great Salt Lake, extract the lithium, and then return the water. AdvertisementThe Great Salt Lake has faced record-low water levels in recent years that scientists blame on excessive water use.
Persons: Bill Gates, , Raef Sully Organizations: Solutions, Breakthrough Energy Ventures, Service, Street Journal, Lilac Solutions, Salt Lake Tribune, Mitsubishi, Nature Conservancy, EV Locations: Salt, California
Tineco Floor One S7 Pro The Tineco Floor One S7 Pro is without a doubt expensive, but it reigns supreme with its excellent performance, auto dirt detection system, high-tech LCD screen with an assistant, and brushroll drying capabilities. I immediately noticed how the design of the Tineco Floor One S7 Pro differed from the Tineco Floor One S5 version I previously tested. AdvertisementOur review of the Tineco Floor One S7 ProI tested the Tineco Floor One S7 Pro vacuum over two months in my 1,600-square-foot home. Alex Temblador/Business InsiderOverall, this is a relatively easy wet-dry vacuum to use and has a lot to do with the 3.6-inch LCD screen, unlike anything I've seen on any other wet-dry vacuum. AdvertisementThe bottom lineFew can compete with the deep cleaning capabilities and smart features of the the Tineco Floor One S7 Pro wet-dry vacuum cleaner.
Persons: mops, iLoop, Alex Temblador, I've, vacuuming, I'm, Tineco, It's, it's, Lulu Organizations: Business, Pro, Auto
We have people that are willing and able to work, but finding child care was an obstacle.”Republicans historically have been lukewarm about using taxpayer money for child care, even as they have embraced prekindergarten. Nebraska and Indiana have both pitched programs to make child care free for child care workers. Child care advocates say the investments are not enough and called on Congress to authorize a new round of money to keep the child care industry afloat. GOP resistance to child care spending dates to the 1970s, when President Richard Nixon vetoed a bill to establish a national child care system, invoking fears of communism and saying it had “family-weakening implications.” Many of those arguments persist. But during the pandemic, many child care workers left the industry for better-paying jobs, and some child care centers closed for good, exacerbating the problem.
Persons: Emily O'Brien, Lennon, O'Brien, Jolene, Doug Burgum's, ” O'Brien, , Mike Parson, Brenda Shields, ” Shields, Pro Tem Caleb Rowden, Glenn Youngkin, Richard Nixon, , Kristi Noem, ” Noem Organizations: Republican, Gov, Republicans, Democratic, Republican Gov, Pro, Virginia Gov, U.S . Chamber of Commerce Foundation, KWAT, Associated Press Locations: North Dakota, Forks, Bismarck, New Mexico, Vermont, Missouri, Louisiana, Alabama, Texas, Nebraska, Indiana, Idaho, U.S, South Dakota, Watertown , South Dakota, AP.org
By a final tally of 67-32, senators voted to begin debate on a $95 billion aid package to fund Ukraine, Israel, Taiwan and humanitarian aid in war-torn regions. The $95 billion bill was a stripped-down version of the Senate's $118 billion bipartisan funding package, which was released on Sunday. Ukraine aid was the centerpiece of a particularly dramatic saga in September. But Johnson's hatred for CRs might not be enough to outweigh his desire to torpedo the Senate's foreign aid bill. Even if senators can pass the $95 billion, border-less bill, House Republicans have not confirmed which way they will swing on it.
Persons: Chuck Schumer, Schumer, tanked, Kevin McCarthy, McCarthy, Mike Johnson Organizations: Democratic Caucus, U.S . Capitol, Republicans, Republican, CRs Locations: Washington , U.S, Ukraine, Israel, Taiwan
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRussia's frozen assets could finally have a role in funding Ukraine, used as collateral in a new debt scheme under Western consideration, sources told the Financial Times. "Of course, the Russian Federation will challenge such decisions, we will protect our interests and our assets illegally seized," spokesman Dmitry Peskov said. Meanwhile, US brinkmanship is keeping Washington sidelined, with further Ukraine funding unlikely ahead of the electionSome, such as former Treasury Secretary Larry Summers, have called to transfer Russia's reserves directly to Ukraine. The German government has instead supported seizing the returns generated by the assets, but leave the underlying reserves untouched.
Persons: , Dmitry Peskov, it's, Larry Summers Organizations: Service, Financial Times, Business, Russian Federation, Western, European Union, EU Locations: Ukraine, Moscow, Russia, Russian, Belgian, Washington
Haley’s campaign leaned into those attacks Thursday, releasing T-shirts emblazoned with the words“Barred. “We need to unite around our eventual nominee, which is Donald Trump,” Republican National Committee Chairwoman Ronna McDaniel said Tuesday on Fox News. In the final days before the GOP primary there, Trump paraded a series of South Carolina Republican officials onstage at his rallies, including Gov. Worst of all, no one returned my calls.”Fundraising dried up, and Haley’s campaign directed most of its funds to TV. “Any other person probably would have just quit and caved in there, but she knew that South Carolina needed her,” Ballentine said.
Persons: Nikki Haley, Donald Trump’s, Haley, Trump’s, Trump, , Joe Biden —, Donald, ” Haley’s, , he’s, , “ Nikki ‘ Birdbrain ’ Haley, ” Trump, MAGA, ” Haley, Nimarata Nikki Randhawa, “ Nikki ”, Michael Haley’s, Barack Obama, Hussein, Donald Donald Trump, Jabin, Biden, — Trump, Donald Trump, Ronna McDaniel, Dave Bossie, I’m, ” Trump’s, Henry McMaster, Gov, Pamela Evette, South Carolina Sen, Tim Scott —, ” Scott, Pope, ” Pope, Reid Hoffman, Dmitri Mehlhorn, ” Mehlhorn, Biden’s, ’ Haley, Nathan Ballentine, “ She’s, David Goldman, , Mark Sanford –, he’d, ” Ballentine, Sarah Palin, McMaster, she’d, hasn’t, Chip Felkel, it’s, Felkel, you’ve, ” Felkel, Schouten, Jeff Zeleny, Ebony Davis, Daniel Strauss, Kristen Holmes Organizations: CNN, Former South Carolina Gov, Republican, Republicans, Trump, New Hampshire —, Palmetto State, New Hampshire, Republican Party, True American Patriots, United Nations, Fox News, Washington Post, GOP, ” Republican, RNC, South Carolina Republican, Gov, Senate, North Carolina Republican, , LinkedIn, Haley, PAC, SFA, Inc, New, SC, Super, Biden, – South Carolina Gov, South, South Carolina GOP Locations: New Hampshire, North Charleston, South Carolina, New, Nashua , New Hampshire, Maryland, North Carolina, Columbia , South Carolina, Argentina, Carolina
Paris CNN —The Fall-Winter 2024 menswear shows in Paris saw the return of Balmain Homme after a four-year absence, Givenchy’s first collection since Matthew Williams’ departure and the runway debut of fashion company 032c. Je T’imbsParis fell hard for Timberland’s iconic six-inch yellow boots last week, in what is the heritage American brand’s 50th anniversary year. They look Black, they look Native American.”Shoes as armorIn many collections this season, sneakers were swapped for more formal footwear options. Models at Balmain Homme wore shiny black block-heeled boots encrusted with crystal detailing or monochrome square-toed wingtip boots with loose-cut trousers in bold colors. Ballet dancer Rudolf Nureyev provided inspiration from the ground up for Kim Jones' Dior Homme collection.
Persons: Givenchy’s, Matthew Williams, Aaliyah, Tupac, B.I.G —, Louis Vuitton, Wales Bonner, Vuitton, Francois Durand, Pharrell Williams, Timbs ”, , Maisie Willoughby, “ Howard ”, Ik, Rhude, Mike Amiri, Grandpa cardigans, Louis, ” Williams, , Shutterstock, Rick Owens, Valerio Mezzanotti, Van Noten, Kim Jones, Dior Homme, Straytukay, Owens, Balletcore, Balletcore ”, Dior, Rudolf Nureyev, Jones ’, Colin Jones, Jones, Valentino’s Pierpaolo Piccioli, Valentino, Pierpaolo, Givenchy —, Matthew M, Williams, , Hubert de Givenchy’s Organizations: Paris CNN, Balmain Homme, American, Louis, Getty, Vuitton, Wales, Ivy, Black Howard University, Lakota, Vogue Locations: Paris, Italy, Washington, Wales, American, Los Angeles, Amiri's, Dakota, Van, Belgian, London, Russian, Givenchy
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