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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
He is running for the Senate as an immigrant who made good, reaching out to Ohio voters with a stirring, only-in-America bootstraps story: arriving as a child from Colombia, taking a risk on a struggling business, and then turning it into a smashing success and himself into a millionaire 100 times over. Running under the banner of Donald J. Trump’s populist political movement, Bernie Moreno, the Republican challenging Senator Sherrod Brown, humbly calls himself a “car guy from Cleveland” and recounts the modest circumstances of his childhood, when his immigrant family started over from scratch in the United States. “We came here with absolutely nothing — we came here legally — but we came here, nine of us in a two-bedroom apartment,” Mr. Moreno said in 2023, in what became his signature pitch. His father “had to leave everything behind,” he has said, remembering what he called his family’s “lower-middle-class status.”But there is much more that Mr. Moreno does not say about his background, his upbringing and his very powerful present-day ties in the country where he was born.
Persons: Donald J, Bernie Moreno, Sherrod Brown, Cleveland ”, , ” Mr, Moreno, Organizations: Senate, Republican Locations: Ohio, America, Colombia, Cleveland, United States
Opinion | A Rise in Anti-China Sentiment in America
  + stars: | 2024-05-10 | by ( ) www.nytimes.com   time to read: +1 min
To the Editor:Re “A Home Buying Prohibition Rattles Chinese Nationals in Florida” (news article, May 7):The excellent reporting by Amy Qin and Patricia Mazzei shows why State Representative David Borrero, a Miami-area Republican, is wrong in claiming that national security interests take precedence over discrimination claims. Time and again, we see how this false dichotomy is used to justify civil rights violations against Asian Americans. This was the case in major touch points throughout our history, from the Japanese American incarceration during World War II to the Justice Department’s now defunct China Initiative, which led to the increased faulty targeting, profiling and prosecution of Asian American and immigrant researchers, scientists, and professors — particularly those of Chinese descent. The bigoted thinking espoused by Representative Borrero and others who support these initiatives should not go unchecked. Joanna YangQing DermanWashingtonThe writer is the director of the Anti-Profiling, Civil Rights and National Security program at Asian Americans Advancing Justice — AAJC.
Persons: Amy Qin, Patricia Mazzei, David Borrero, Department’s, , Borrero, Joanna YangQing Derman, — AAJC Organizations: Asian, China Initiative, Civil Rights, National Security Locations: Florida, Miami, Joanna YangQing Derman Washington
After years of living in dorms and subpar apartments, Lisa Li could not wait to close on her new home. The one-bedroom condo in Miami’s financial district had a view of the river, was in a safe neighborhood and, Ms. Li heard, had neighbors who were much like her — less party, more chill. So Ms. Li, a 28-year-old who came to the United States 11 years ago as a college student from China, put in an offer, had her bid accepted and began ordering furniture. At the last minute, the title company raised concerns about a small United States Coast Guard outpost near South Beach a few miles away. Under the law, Ms. Li could face prison time, and the sellers and real estate agents could be held liable.
Persons: Lisa Li, Li Organizations: United States Coast Guard Locations: United States, China, South Beach, Florida
Ron DeSantis of Florida prepared to run for president last spring, he gathered anti-abortion activists in his Capitol office for an unusual bill signing, held late at night and behind closed doors. Florida lawmakers had just approved a ban on abortions after six weeks of pregnancy, a major policy shift that would sharply restrict access to the procedure for women in neighboring states as well as for Floridians. For Mr. DeSantis, the move seemed like something that would play well among some Republican presidential primary voters in states like Iowa. But this was Florida, and public opinion polls suggested broad opposition to such a strict law. So Mr. DeSantis, who typically crisscrosses the state to sign bills, enacted the six-week ban in April 2023 with little fanfare, part of a headlong push into cultural conservatism meant to bolster his national campaign.
Persons: Ron DeSantis, DeSantis Locations: Florida, Iowa
covers criminal justice in New York, with a focus on the Manhattan district attorney’s office and state criminal courts in Manhattan.
Locations: New York, Manhattan
Florida has long played a significant role in the American abortion landscape, with dozens of clinics providing the procedure to tens of thousands of residents a year while also taking in patients from across the Southeast. That era will end, at least for now, on Wednesday, when a ban on most abortions after six weeks of pregnancy will take effect. The strict new law will replace a 15-week ban and require most Floridians and other Southerners seeking the procedure to travel to Virginia or farther. Almost every other state in the region banned or sharply restricted abortion after the Supreme Court overturned Roe v. Wade in June 2022; many had few abortion providers even before the ruling. North Carolina still allows abortions up to 12 weeks, but with a 72-hour waiting period that makes it a less practical option for out-of-state patients.
Persons: Roe, Wade, , Kelly Flynn Locations: Florida, Virginia, North Carolina, Jacksonville, Fla
Amid a dizzying array of standoffs involving pro-Palestinian demonstrations and encampments at colleges, schools that cracked down on protesters over the weekend have given varying justifications for their actions, while others sent mixed signals with their inaction. Behind it all was a central question confronting university leaders across the country: When does a demonstration cross the line? Colleges have cited property damage, outside provocateurs, antisemitic expressions or just failures to heed warnings as reasons to clear encampments and arrest students. Northeastern University in Boston, Washington University in St. Louis, Indiana University Bloomington and Arizona State University had police forces move in on demonstrations on Saturday, leading to more than 200 arrests. At other schools — including Columbia, Penn, Harvard and Cornell — an icy tension lingered on Sunday as leaders warned about possible consequences for demonstrators but had yet to carry them out.
Organizations: Northeastern University, Washington University, Louis , Indiana University Bloomington, Arizona State University, Harvard, Cornell Locations: Boston, St, Louis ,, Columbia, Penn
The Biden campaign has made abortion one of its top issues, as polling shows it is one of the few subjects in which voters place more trust in Mr. Biden than Mr. Trump. While the vote could motivate liberal and independent voters to come to the polls, Mr. Biden would have to invest heavily in Florida to defeat Mr. Trump, which his campaign has not yet done. “Trump did this” has become a frequent messaging slogan from the Biden campaign. The Biden campaign, she said, should not give up on the nation’s third-largest state. Although the Biden campaign has a significant financial advantage over Mr. Trump’s operation, it has not spent heavily in Florida compared with the major battlegrounds.
Persons: Biden, Donald J, Trump, Biden’s, Floridians, Donald Trump, , Michael Tyler, , Roe, Wade, “ Trump, Ron DeSantis, Debbie Mucarsel, Powell, Rick Scott, Ms, Mucarsel, DeSantis, ” Mr, Tyler, “ We’ve, Lauren Brenzel, ” Alex Andrade, Mr, Andrade Organizations: Biden, Republicans, Gov, Republican, Democratic, Florida Locations: Florida, Tampa, Trump . Florida, Arizona, Florida , Arizona, Miami, “ Florida, Kentucky , Kansas, Ohio, Dade County, Hialeah Gardens, Fla
What’s Killing Endangered Sawfish in Florida?
  + stars: | 2024-04-15 | by ( Patricia Mazzei | ) www.nytimes.com   time to read: 1 min
Fishing guides in the Florida Keys began reporting unusual sightings to Ross Boucek last fall. Small bait fish, especially at night, would start spinning in tight circles in the water, seemingly in distress. As the months went by, more reports trickled in to Dr. Boucek, a biologist with the Bonefish & Tarpon Trust, a nonprofit conservation group. Bigger fish — jacks, snook — were swimming in spirals or upside down in the shallow waters of the Atlantic Ocean and Gulf of Mexico. They held meetings, took samples of the water and fish and tried to figure out what might be causing the fish to behave so strangely.
Persons: Florida Keys, Ross Boucek, Boucek, snook Organizations: Tarpon Trust Locations: Florida, Gulf of Mexico
A former United States ambassador accused of working for decades as a secret agent for Cuba in one of the biggest national security breaches in years pleaded guilty on Friday and was sentenced to 15 years in prison. Manuel Rocha, 73, pleaded guilty to two charges — conspiring to defraud the United States as a foreign agent and failing to register as a foreign agent — as part of an agreement with the federal government. He also faces three years of supervised release, and a $500,000 fine. Mr. Rocha, wearing a beige prison uniform and black glasses, conceded before he was sentenced to the “betrayal of my oath of loyalty to the United States during my two decades in the State Department.”“During my formative years in college, I was heavily influenced by the radical politics of the day,” said Mr. Rocha, who prosecutors said was recruited by Cuban intelligence agents in 1973. “Today, I no longer see the world through the radical eyes of my youth.”
Persons: Manuel Rocha, , . Rocha, , Rocha Organizations: United, State Department, Locations: United States, Cuba, Cuban
The nation’s third-largest state, once the biggest battleground in presidential politics, has become less important as its election results have trended repeatedly toward the political right. But three rulings from the Florida Supreme Court on abortion and marijuana, released on Monday, may inject new life into Democratic campaigns before the general election on Nov. 6. The court, which leans conservative, upheld a ban on abortions after 15 weeks of pregnancy, allowing an even more restrictive six-week ban to soon take effect. However, the court also allowed a proposed constitutional amendment on the ballot that would guarantee access to abortion “before viability,” or at about 24 weeks. In a third decision, the court gave the go-ahead to a separate ballot measure that would legalize recreational marijuana.
Organizations: Florida Supreme, Democratic Locations: Florida
The conservative-leaning court found that a 15-week abortion ban enacted in 2022 was constitutional. That ruling will allow a six-week ban enacted last year to take effect within 30 days. In paving the way for the six-week ban, the court cemented the rapid transformation of Florida, once a destination for women seeking abortions in the American South, into a place with restrictive policies akin to those in surrounding states. But allowing the ballot measure gave supporters of abortion rights a chance to continue their national campaign to preserve access to the procedure by giving voters the opportunity to directly weigh in on the issue. Ballot measures in favor of abortion rights have already succeeded in seven states, including Kansas, Ohio and Michigan.
Locations: Florida, American, Kansas , Ohio, Michigan
There are more heavily trafficked routes across the Baltimore Harbor than the Francis Scott Key Bridge. The Harbor Tunnel carries double the daily traffic of the Key Bridge and the Fort McHenry Tunnel much more than that. The six men who are missing were part of this tradition of working Baltimore: members of a construction crew, working overnight hours filling potholes on the bridge. One day in 1977, Mr. Metzger said, his father, a truck driver, was coming back home from his route and happened upon the bridge’s ribbon cutting. And the Key Bridge is gone.”
Persons: Francis Scott Key, , , Kurt L, Mr, Schmoke, Rafael Alvarez, Dali, Jim Lo Scalzo, Curtis Bay, Alvarez, Baltimoreans, James Metzger, Metzger, Metzger’s Organizations: Fort, University of Baltimore, Chesapeake, Washington , D.C, Bethlehem Steel Plant, Amazon Locations: Baltimore, Fort McHenry, Baltimore’s, Maryland, Washington ,, New York City, Shutterstock
Jesus Campos said he worked at Brawner Builders alongside the men missing after a bridge collapse in Baltimore. “We’re low-income families,” said Jesus Campos, who has worked at the construction company, Brawner Builders, for about eight months. The executive, Jeffrey Pritzker, and the Coast Guard said that all of the missing workers were presumed dead, given how long it had been since the collapse. Embassies for the other two countries mentioned by Mr. Campos did not immediately respond to requests for comment. Officials said that in addition to the six missing workers, two people had been rescued from the water.
Persons: Jesus Campos, , , Jeffrey Pritzker, Mr, Pritzker, “ It’s, Campos, Francis Scott Key, Miguel Luna, Luna, Gustavo Torres, Jacey Fortin, Miriam Jordan, Patricia Mazzei, Emiliano Rodríguez Mega, Kirsten Noyes Organizations: Brawner Builders, Brawner, Coast Guard, Baltimore Banner Locations: Baltimore, Baltimore County, El Salvador, Guatemala, Honduras, Mexico, Maryland, Petén, Mexican, Washington, Brawner
A majority of respondents — 61% — in the latest CNBC Delivering Alpha Stock Survey believe the broader market has run too far, too fast heading into the second quarter and a pullback is near. The S & P 500 is up more than 9% in the first quarter, which would be its best start to a year since 2019. When it comes to investing domestically 26% said the Nasdaq 100 was the best place to be compared to 13% from the S & P 500. That stock is up 245% in a year and 120% in six months far outpacing every other stock in the S & P 500 except for Super Micro Computer . The rest think we're more likely to be in the 5%-to-10% range for an annual return for the S & P in the next decade.
Persons: Jerome Powell, mangers, they'd Organizations: CNBC, Alpha Stock Survey, Federal Reserve, Nasdaq, bitcoin, Investors, Nvidia, Micro Locations: Japan, United Kingdom, Europe, Canada, South Korea, United States, China
Escalating its aggressive push for a quieter spring break, Miami Beach declared a three-night curfew beginning on Friday, citing the large crowds it expects over what has usually been the peak weekend of the season. The curfew will run from midnight through 6 a.m. each night until Monday, Alina T. Hudak, the city manager, announced on Friday morning. It will apply only to South Beach, the part of the city most popular with tourists and revelers. “We did not make this decision lightly, but it should not come as a surprise,” Ms. Hudak said in the announcement. “We have been very clear about our intent to protect the public from the dangerous mayhem that has accompanied spring break crowds in recent years.”The sale of alcoholic beverages for “off-premises consumption” — read: on the street — will also be prohibited after 6 p.m. each day the curfew is in place.
Persons: Alina T, , ” Ms, Hudak Organizations: Miami Beach Locations: South Beach
CNN —A federal appeals court on Thursday denied ex-Donald Trump adviser Peter Navarro’s bid to avoid reporting to a federal prison next week to begin serving a four-month sentence for his contempt of Congress conviction. The unanimous decision from the DC Circuit Court of Appeals means Navarro will have to report to a federal prison in Miami by March 19. Trump promotes Navarro’s bookTrump was promoting Navarro’s book in recent days and backing his effort to avoid jail time. “Peter Navarro had strong views on Protecting our Economy against the assault from Foreign Countries all over the World. Peter Navarro is a Patriot who has been treated very badly, but he continues forward.
Persons: Donald Trump, Peter Navarro’s, Navarro, Patricia Millett, Cornelia Pillard, Robert Wilkins, Navarro hadn’t, , ” Navarro, Navarro “, , Trump, “ Peter Navarro, , Peter, Peter Navarro, ” Trump, CNN’s Kate Sullivan Organizations: CNN, DC, Capitol, Foreign, U.S, Patriot Locations: Miami
More than two decades ago, Wayne Jones traveled to Daytona Beach, then Florida’s spring break mecca, not to party but to study. Maybe Miami Beach, which had its own unruly scene every year over Memorial Day weekend, could learn a thing or two. Officer Jones is now Chief Jones of the Miami Beach Police. Last year, the police made more than 500 arrests and confiscated more than 100 guns over the spring break period. “This is going to be the best spring break ever,” he said in a recent interview at his South Beach office.
Persons: Wayne Jones, Jones, Organizations: Daytona, Miami Beach Police Department, Miami Beach Police, Miami Beach, South Locations: Daytona Beach
Missouri's governor cut the remaining prison time for Britt Reid, son of the Kansas City Chiefs coach. Reid pleaded guilty to drunk driving in 2022 after he seriously injured a 5-year-old girl. Mike Parson on Friday shortened the prison sentence of former Kansas City Chiefs assistant coach Britt Reid for a drunken driving crash that seriously injured a 5-year-old girl. Reid had been sentenced in November 2022 after pleading guilty to driving while intoxicated causing serious bodily injury. He is the son of Chiefs coach Andy Reid.
Persons: Britt Reid, Reid, , Mike Parson, Andy Reid, Parson, Johnathan Shiflett, Prosecutors, Ariel Young, Ariel's, Patricia McCloskey, Louis, Mark McCloskey Organizations: Kansas City Chiefs, Service, longtime Chiefs, Chiefs, Dodge Locations: Missouri, Kansas City, Arrowhead, St
A former U.S. ambassador accused of working for decades as a secret agent for Cuba indicated on Thursday that he would plead guilty, a move that would bring to a swift end the legal case over one of the biggest national security breaches in years. Manuel Rocha, 73, said in federal court in Miami that he would file a change of plea, signaling that he is prepared to plead guilty. He was charged in December with acting as an agent of a foreign government and defrauding the United States. Mr. Rocha is expected to plead guilty to two counts of conspiring to act as a foreign agent. Prosecutors are expected to drop the other charges; the wire fraud charge carried a 20-year maximum sentence.
Persons: Manuel Rocha, Rocha, Rocha’s Organizations: Prosecutors, Associated Press Locations: U.S, Cuba, Miami, United States
Wouldn’t it be fun, Mr. Melfi thought, to hold another race, this time with a big after-party? And what if the theme was none other than the meme that launched many thousands of headlines about his home state: Florida Man? His wild idea morphed into an all-day competition with a series of zany events: A mullet contest. (But, to be clear, there were no actual arrests in the race. The handcuffs came from a sex toy shop.)
Persons: Pete Melfi, Melfi Locations: St, Augustine, Fla, Florida
The roses that you buy this week from a florist, supermarket or website for Valentine’s Day in all likelihood arrived in the United States through one place: Miami International Airport, the port of entry for about 90 percent of the nation’s imported cut flowers. All year, farmworkers snip flowers by hand, mostly in Colombia and Ecuador, to be sent on cargo planes to Miami, where they are inspected and then loaded on trucks to reach every mainland state. Sometimes, flowers cut in the morning can be in South Florida, a three- or four-hour flight away, by the afternoon. It is a logistical feat, especially in the weeks leading up to Feb. 14 — one of the flower industry’s two peak holidays, along with Mother’s Day. Yet few consider that when they pick up bouquets for $20 at Target.
Organizations: Valentine’s, Miami International Airport, Mother’s, Target Locations: United States, Colombia, Ecuador, Miami, South Florida
The fear of the ongoing crackdown by President Daniel Ortega – on the Catholic Church in particular but not sparing evangelicals – has become so pervasive that it is silencing criticism of the authoritarian government and even mentions of the repression from the pulpit. Her work recording hundreds of instances of church persecution recently won her an International Religious Freedom Award from the U.S. State Department. “If it’s dangerous to pray the rosary in the street, it is exceedingly so to report attacks,” Molina said. Despite the growing fear, many faithful continue to attend church services – where they remain available. “The dictatorship, what it wants is to completely eliminate the Catholic faith, because they haven’t succeeded in making the church kneel before them,” Molina said.
Persons: Daniel Ortega –, , , Martha Patricia Molina, ” Molina, , Ortega, Nicaragua’s, ” Ortega, Rosario Murillo, Alicia Quiñones, It’s, Molina, Mother Teresa’s, didn’t, Cardinal Leopoldo Brenes, Silvio Báez, Pope Francis, Dolly Mora, “ It’s, they’re, , haven’t, Nicole Winfield Organizations: MIAMI, Central American, Catholic Church, U.S . State Department, Associated Press, , . government’s, PEN International, Ortega’s Sandinista, Liberation, University of Central America, Jesuit, Vatican, AP, Lilly Endowment Inc Locations: Nicaragua, Nicaraguan, United States, Americas, America, , Rome, Managua’s, Miami,
In Bal Harbour, Fla., an oceanside village north of Miami Beach, a luxury mall says it wants to help tackle one of the nation’s — and Florida’s — most intractable problems: a lack of affordable housing. It is an unexpected move for a retail temple where Gucci, Chanel and Rolex are on offer. Affordable? But in a rare instance of bipartisan agreement, the Florida Legislature passed a law last spring intended to encourage projects like the one that the owner of the mall, Bal Harbour Shops, has in mind. And nowhere has seen more backlash to date than little Bal Harbour.
Persons: Chanel Organizations: Miami Beach, Rolex, Florida Legislature, Locations: Bal Harbour, Fla, oceanside, Miami, Florida, Bal
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