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☆ Home Equity Loan Alternative Could Revolutionize the Housing Market
▼ + stars: | 2024-02-28 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

Like a lot of homeowners, Schummer was keen to convert some of his theoretical wealth into real cash. These kinds of deals, often referred to as home-equity-sharing agreements or home-equity investments, have existed on the fringes of housing finance for decades. The success or failure of home-equity investments could shape the future of homeownership in America. If the home's value has gone up, everyone wins; sell it for a loss, and the investor might share in that downside. "Over time for us, the customer becomes everybody," Eoin Matthews, the chief business officer and a cofounder of Point, told me recently.

Persons: Kennis Schummer, Schummer, Laurie Goodman, Goodman, he'd, Eoin Matthews, —, Hometap, Jim Riccitelli, Riccitelli, Adam Rust, Rust, Rust wasn't, I'm, Jordan Gilberti, Holly Bunting, Mayer Brown, Edwin Remsberg, Matthews, they'd, Jeffrey Glass, Glass, I've, he's Organizations: Consumer, Urban Institute, Federal Reserve, Bain Capital, Palisades Group, Redwood Trust, Getty, Consumer Federation of America Locations: Pensacola , Florida, California, homeownership, America, Connecticut, Maryland, Florida

The Treasury Department subsequently kicked off a rule-making process to implement the order, and financial firms have been rushing to meet a Sept. 28 to provide input. "It could apply to companies that are outside of China but are subsidiaries of Chinese companies or controlled by a Chinese person." While the U.S. already has restrictions on some Chinese investments in the U.S. and U.S. investments in China, the order creates a new program. The program proposes exempting publicly traded securities and index and mutual funds, but financial firms want those securities to be more tightly defined. Financial firms say they support the administration's national security goals but worry about increased liability and the economic costs of restricting capital flows.

Persons: Florence Lo, Joe Biden, Timothy Keeler, Mayer Brown, Jen Fernandez, Sidley Austin, Jay Clayton, Sullivan, Cromwell, Keeler, Peter Matheson, Fernandez, Pete Schroeder, Carol Mandl, Michelle Price, Deepa Babington Organizations: REUTERS, WASHINGTON, Treasury Department, Foreign Investment, Treasury, Former Securities and Exchange, DE, Financial, U.S, Securities Industry, Financial Markets Association, Thomson Locations: China, U.S, United States

It follows a tumultuous spring for regional banks in which Silicon Valley Bank and two other lenders collapsed, forcing regulators to backstop deposits to stave off a broader panic. The proposal, which is subject to industry feedback, would see banks raise their long-term debt issuance by roughly 25%, or $70 billion, according to the FDIC. The agency said banks would have three years from the rule's adoption to meet the new standard. 'COMPELLING CASE'Each bank's debt requirement will be based on their risk-weighted assets, total assets, or total leverage, depending on which number is highest. In a speech previewing the proposals this month, Gruenberg said recent bank failures made "a compelling case" for regulators to impose tougher rules on regional firms.

Persons: Brian Snyder, Martin Gruenberg, Matthew Bisanz, Mayer Brown, “ It’s, Greg Baer, Gruenberg, Ian Katz, Pete Schroeder, Megan Davies, Philippa Fletcher, Andrea Ricci Organizations: First Republic Bank, REUTERS, Rights, Federal Deposit Insurance Corporation, Federal Reserve, Wall, Bank, FDIC, Financial Services Group Inc, Fifth Third Bancorp, Citizens Financial Group Inc, Industry, Bank Policy Institute, Silicon Valley Bank, JPMorgan Chase, FDIC's, Insurance Fund, Capital Alpha Partners, Thomson Locations: Boston , Massachusetts, U.S, Silicon

The new requirement would bring large regional banks more in line with the largest global banks, which already have their own debt requirement. The proposal follows a tumultuous spring for regional banks, which saw three collapse, forcing regulators to backstop deposits to stave off a broader panic. The proposal would mean banks have to raise their long-term debt issuance by roughly 25%, or $70 billion, according to the FDIC. “These banks will have to go into the market issuing capital to meet the capital proposal and then issuing long-term debt to meet the long-term debt proposal," said Matthew Bisanz, a partner at Mayer Brown. The proposed rules were approved by the FDIC at a meeting Tuesday, giving the industry the opportunity to critique the approach.

Persons: Brian Snyder, Martin Gruenberg, Matthew Bisanz, Mayer Brown, Gruenberg, JPMorgan Chase, Ian Katz, ” Rob Nichols, Pete Schroeder, Megan Davies, Philippa Fletcher, Andrea Ricci Organizations: First Republic Bank, REUTERS, Rights, U.S, Federal Deposit Insurance Corporation, FDIC, Financial Services Group Inc, Fifth Third Bancorp, Citizens Financial, Silicon Valley Bank, JPMorgan, FDIC's, Insurance Fund, Capital Alpha Partners, Federal Reserve, American Bankers Association, Thomson Locations: Boston , Massachusetts, U.S, Silicon

☆ Tech investors face 'new era' of China restrictions after Biden order limits funding in A.I., chips
▼ + stars: | 2023-08-10 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

The Biden administration's executive order restricting U.S. private equity and venture capital investments in Chinese technology finally landed on Wednesday. For U.S. tech investors who'd already grown wary of the budding cross-Pacific rivalry, the ruling is the clearest signal yet that the world's second-biggest economy is off limits. Biden is specifically targeting investments in technologies like semiconductors, quantum computing and artificial intelligence on concern that China's advancements in those areas run counter to U.S. national security interests. U.S. investors have been steadily retreating from China due to a combination of a weakening economy and the fraught geopolitical environment. "Most investors want to avoid being seen as acting against U.S. national security interests."

Persons: Joe Biden, Biden, We've, Elena McGovern, Neil Shen helming, Eric Reiner, Adam Hickey, Mayer Brown, Steve Sarracino, that's, Activant, There's Organizations: Biden, Capstone, Chinese Communist Party, Sequoia Capital, Sequoia, Vine Ventures, Justice Department's, who's, U.S, Activant, Investors Locations: Belen , New Mexico, U.S, China, Sequoia China, Israel, Latin America, Germany, South Africa, The U.S, ByteDance

☆ Brazil Is Key to Slowing Global Warming. But Its Carbon Market Has Struggled.
▼ + stars: | 2023-06-07 | by ( Paulo Trevisani | ) www.wsj.com time to read: +8 min

With Brazil struggling in its efforts to create a regulated carbon market, the country’s new president is moving to scrap his predecessor’s approach and start anew. Financing carbon-capture projects such as reforestation could also generate carbon credits. For example, a local regulated carbon market could help exporters avoid the carbon border adjustment mechanism the EU plans to charge on some imported products from 2026. Exporters also hope a regulated market would help repair Brazil’s abysmal environmental reputation, a product of its history of deforestation. The da Silva administration plans to have a carbon market operating in a couple of years, Toni said.

Persons: Luiz Inácio Lula da Silva, Jair Bolsonaro, ”, Gustavo Pinheiro, Luiz Gustavo Bezerra, Mayer Brown, Pelerson Penido Dalla Vecchia, Antônio Queiroz, Bezerra, Ana Toni, Silva, Toni, da Silva, Marina Silva, Annie Groth, “, Paulo Trevisani Organizations: Brazil, Climate, Society, Union, Vale, Agence France, group’s, International Chamber of Commerce, EU, Sustainable Business, National Secretariat, Street, Brazil’s Ministry of Development, Industry, Trade, Services, Environmental Ministry, United Nations Locations: Brazil, Paris, Braskem, Brazilian, Pennsylvania, Peru, Dubai

☆ Obama agreed to spending cuts to end the 2011 debt ceiling crisis. Here's what happened next
▼ + stars: | 2023-05-30 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

What happened after the 2011 deal was signedThe joint committee in 2011 was tasked with finding additional deficit reduction measures to offset a $1.2 trillion increase in the debt ceiling. The committee did not accomplish its goal, which triggered the spending caps, known as sequestration. In the end, spending was curtailed by about $1.5 trillion out of the total $2.1 trillion agreed to in the 2011 deal, Riedl said. One of the major sticking points to ending the debt ceiling impasse was the depth of the spending cuts. “People were operating under the presumption that the spending caps would never actually happen,” Payne said.

☆ Who are Larry Kramer and Andreas Paepcke — the two people who paid part of Sam Bankman-Fried's bail?
▼ + stars: | 2023-02-19 | by ( Sarah Jackson | Lakshmi Varanasi | ) www.businessinsider.com time to read: +8 min

They are Larry Kramer and Andreas Paepcke, both of whom have ties to Stanford, where SBF's parents work. On Wednesday, unsealed court records identified the FTX founder's bail guarantors as Larry Kramer, a former dean of Stanford Law School, and Andreas Paepcke, a senior research scientist at Stanford. A screenshot of Larry Kramer's bio on a Stanford Law School web page shows that he's emeritus dean of the institution. from the University of Chicago Law School in 1984, according to his Stanford Law bio page. On his personal page, Paepcke listed hobbies including "piano studies and simple composition, worrying, and poetry."

☆ Exclusive: Trump lawyer hires own attorney in classified documents probe
▼ + stars: | 2023-02-17 | by ( Andrew Goudsward | ) www.reuters.com time to read: +2 min

Levy was hired by Corcoran's law firm, Silverman Thompson Slutkin & White, to represent Corcoran in the probe, according to one of the people. Levy, a principal at the Washington law firm Ellerman Enzinna Levy, declined to comment. Corcoran has appeared before a grand jury in connection with U.S. Special Counsel Jack Smith's investigation into classified documents taken to Mar-a-Lago following Trump's term in office and possible attempts to obstruct that probe. Another Trump lawyer, Christina Bobb, signed a certification that all classified documents had been returned before the FBI found about 100 additional classified documents during an August 2022 search, according to prosecutors. Trump has denied wrongdoing and claimed, without offering evidence, that all documents at his residence had been declassified.

☆ Fed Rate Increases Upended Funding Markets in 2022. Here’s What CFOs Can Expect in 2023.
▼ + stars: | 2022-12-14 | by ( Nina Trentmann | ) www.wsj.com time to read: +9 min

Here’s a look at how different financing instruments fared in 2022 and what’s ahead for 2023. Activity in the convertible debt market has picked up in recent weeks. Still, there could be financing opportunities for deals in 2023 in the form of syndicated loans, bankers said. “CFOs have to be aware of that and focus on cash conversion and margins,” he said, pointing to the increase in financing costs. “We expect deals will continue to get done,” he said, adding that those could however come with more oversight from lenders.

☆ With Debt Coming Due, Investment-Grade Companies Are Paying Up, Too
▼ + stars: | 2022-12-01 | by ( Nina Trentmann | ) www.wsj.com time to read: +7 min

What’s more, volatile markets have resulted in fewer opportunities for companies to sell their debt. Investment-grade U.S. companies have between $550 billion and $750 billion coming due per year from 2023 through 2027, according to Goldman Sachs Group Inc., with about $59 billion left to pay off or refinance in 2022. Of the $615.54 billion, $504.31 billion were new issuances, compared to $111.23 billion in refinancings, Dealogic said. But investor demand for bonds has been stronger in recent days, leading Amazon.com Inc. and others with near-term debt coming due to the market. Among the businesses that recently took out bond debt at a higher cost is retail giant Walmart Inc.

☆ The future of FTX and Sam Bankman-Fried is now in the hands of these 3 lawyers who have worked for Enron, Michael Milken, and Elon Musk
▼ + stars: | 2022-11-11 | by ( Jack Newsham | ) www.businessinsider.com time to read: +7 min

A senior Paul Weiss lawyer has been hired to defend FTX founder and ex-CEO Sam Bankman-Fried. FTX said on Twitter that a sprawling group of companies founded by Bankman-Fried, known as SBF, filed for Chapter 11 bankruptcy in Delaware. The new CEO of FTX is John J. Ray III, a lawyer-turned-executive with a colorful past leading troubled companies, most notably Enron. The firm Paul Weiss and its lawyer Martin Flumenbaum, who represented the junk-bonds king Michael Milken, are representing Bankman-Fried personally. John J. Ray IIIRay joined FTX as CEO just in time to sign its bankruptcy filing.

Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

☆ Junk-Rated Companies Search for the Right Time to Tap Investors
▼ + stars: | 2022-10-16 | by ( Nina Trentmann | ) www.wsj.com time to read: +8 min

While there is limited pressure overall as many businesses refinanced in 2020 and 2021 when funding was cheaper and investor appetite stronger, high-yield companies with immediate financing needs have to find the right time to tap investors, corporate bankers say. Adding loans and revolving-credit facilities, speculative companies have maturities of around $1.47 trillion through 2027, ratings firm Moody’s Investors Service said last week. And the high-yield bond market isn’t closed, it has just become more expensive, bankers said. Movie theater chain AMC Entertainment Holdings Inc. on Friday said that its subsidiary Odeon Finco PLC priced a $400 million bond. Bankers said they have received few calls from triple C-rated companies in recent months looking for maturity extensions.

☆ YouTubers are pushing dodgy crypto investment advice. Here’s why you should ignore it.
▼ + stars: | 2022-09-26 | by ( Rob Price | Meghan Morris | ) www.businessinsider.com time to read: +15 min

Together, these revenue streams mean cryptocurrency influencers profit off their viewers no matter which way the market turns. Of course, crypto YouTube is a far cry from the regulated world of traditional finance. Armstrong told the Post that he made "maybe close to a million" from before dropping sponsored content in January 2022. A price list leaked by ZachXBT appears to show that dozens of small crypto influencers also have menus for similar undisclosed deals. But with little regulatory oversight, crypto influencers show little sign of slowing down — despite the precipitous decline of the crypto market.

☆ Inside the 'Wild West' of law-school recruiting that has Big Law reeling in talent earlier and more aggressively than ever
▼ + stars: | 2022-08-22 | by ( Jack Newsham | ) www.businessinsider.com time to read: +8 min

Law schools bemoan the trend, but more and more of them allow it, such as Harvard and NYU this year. The nation's biggest and most powerful law firms have always sought to hire the best and brightest students from top law schools. Some schools have threatened to ban law firms from participating in OCI if they engage in pre-OCI recruiting. This year, law schools at both Harvard and NYU even unveiled formal early-interview programs. Last year, they made 1,771 such offers, amounting to 18% of the offers made by law firms that engaged in the practice.

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