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☆ A shady financial tool from the housing-bubble era is making a comeback
▼ + stars: | 2024-06-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Perhaps the last thing the market needs is another shady financial product that pushes low-income Americans into homes they can’t afford, under terms that could bankrupt them. The zero-down mortgage is making a comeback, my colleague Matt Egan reports. And honestly, when has the value of the housing market ever gone anywhere but up up up up? The housing market, as we all remember from “The Big Short,” does not always go up. One way for motivated buyers to hunt for a lower mortgage rate is buy someone else’s.

Persons: America’s, aren’t, Matt Egan, you’re, let’s, didn’t, you’d, you’ll, ”, Patricia McCoy, ” Alex Elezaj, ” Adams, “, Samantha Delouya, Ellen Harper, Samantha, ” Harper Organizations: New, New York CNN, Wall, United Wholesale Mortgage, Boston College Law School, CNN, “ Locations: New York, Georgia

☆ Zero-down mortgages are making a comeback
▼ + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

That massive roadblock is being removed by a new zero-percent down mortgage program launched two weeks ago by one of the nation’s largest mortgage lenders. ‘Demand has been huge’These mortgages are only open to first-time homebuyers and those making no more than 80% of the area’s median income. That’s because in order to refinance at a lower rate, the homeowner would need to fully pay off that second mortgage. For instance, Bank of America launched a zero-down payment mortgage program in 2022 for first-time homebuyers in certain Black and Hispanic neighborhoods. “These mortgages are going to be ticking time bombs – just like subprime mortgages –unless home prices continue to increase very substantially,” Kelleher said.

Persons: Mat Ishbia, homebuyers, Christian Petersen, refinances, UWM, ” Alex Elezaj, they’d, ”, Patricia McCoy, McCoy, won’t, Bankrate, ‘, Anneliese Lederer, ” Lederer, ” Dennis Kelleher, ” Kelleher, Jonathan Adams, ” UWM, Elezaj, “, ” Elezaj, ” It’s, “ We’re, Greg McBride, Adams, ” Adams Organizations: CNN, United Wholesale Mortgage, Phoenix Suns NBA, Phoenix Suns, NBA, Oklahoma City, Footprint Center, Boston College Law School, Consumer Financial Protection Bureau, Federal Reserve, Bank of America, US Department of Agriculture, US Department of Veterans Affairs, Center for Responsible, Better, Saint Joseph’s University, Bankrate, “, Wall Street Locations: Phoenix , Arizona

☆ Mortgage companies could intensify the next recession, US officials warn
▼ + stars: | 2024-05-13 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

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

☆ How the businessman who blew up MoviePass tried to create a 'TikTok killer' and cost investors millions
▼ + stars: | 2024-04-01 | by ( Ashley Rodriguez | Jason Guerrasio | ) www.businessinsider.com time to read: +22 min

At Vinco, Farnsworth employed several of the same tactics that he had at MoviePass and at his earlier ventures. "Ted took these press releases and really treated them like they were works of art for him," Matt Argall, a former advisor to Farnsworth, told BI. Hudson Bay has not been served the lawsuit as of the publication of this story. "Hudson Bay's investment in Vinco Ventures was a standard, fixed price convertible loan of which millions remain unpaid," Hudson Bay told BI in a statement. "If served, Hudson Bay will seek to have these baseless, factually flawed and frivolous claims, which have been repeatedly dismissed in other proceedings against other parties, dismissed expeditiously."

Persons: MoviePass, Ted Farnsworth, Maria Bartiromo, he'd, Farnsworth, Jaeson Ma, Ted Farnsworth playbook, Ted, Barnum, John Fichthorn, I've, Shadwrick Vick, Rudy, Vick, Roderick Vanderbilt, who's, hocking, La Toya Jackson, Helios, Matheson, Brian Quinn, Farnsworth's, Michael Hartstein, Vinco, Matt Argall, Mitch Lowe, Reuters Farnsworth, David, Goliath, TikTok, We're, Argall, Elton John, Jamie McCarthy, Lomotif, Lil Nas X, Snoop Dogg, Grimes, Zash, Allan Stern, Get2it, Stern, Robert N, Scola Jr, Scola, he's, —, Lowe, Getty, Dave Kotinsky, Stringer Vinco, expeditiously, Farnsworth —, Vanderbilt, Jesse Law, Katherine Long Organizations: Fox Business, Hollywood, Business, Zash Global Media, Entertainment, Vinco Ventures, Fox, Hudson Bay, BI, Helios, Matheson, Matheson Analytics, Boston College Law School, Palladium Capital Group, Vinco, BHP Capital, Armistice, CVI Investments, National Enquirer, Reuters, AMC Theatres, AMC, Gemini Valuation, Hudson, Eightco Holdings, Elton John AIDS Foundation, 91st, EDC, Tampa Marriott, SEC, Publishing, National Examiner, Globe, The New York Times, Southern, Southern District of, Bloomberg, Bay, Vanderbilt, Federal Bureau of Investigation Locations: Hudson, Vinco, Zash, Hudson Bay, China, Syracuse , New York, Lomotif, Syracuse, West Hollywood , California, Vegas, Tampa, Argall, Boston, India, The, Miami, MoviePass, Southern District, Southern District of Florida, New York

☆ With job cuts and drug tests, the Pentagon hopes to prepare its special-ops forces for a new era of warfare
▼ + stars: | 2023-11-21 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +6 min

US Navy/MCS 1st Class Anthony W. WalkerNaval Special Warfare Command announced in September that it would start testing its personnel, including Navy SEALs and Naval Special Warfare Combatant-Craft Crewmen, for performance-enhancing drugs. The initiative comes after several drug-related incidents in the Naval Special Warfare community and is designed to protect the force's health and readiness. Special Forces Assessment and Selection candidates carry a telephone pole during a ruck march at Camp Mackall in North Carolina in March 2020. The Navy Special Warfare Community has swelled to about 4,000 SEALS — 10 times as many as at the height of the Cold War. A US Special Forces soldier free falls over a drop zone in Germany in March 2015.

Persons: —, Anthony W, Keith Davids, Jason Johnston, Stavros Atlamazoglou Organizations: Pentagon, Service, US Navy, Walker, Warfare Command, Navy, Warfare, Craft, Navy SEAL, Special Forces, US Army, Special, Command, Army, 75th Ranger, Operations Command, US Special Forces, Hellenic Army, 575th Marine Battalion, Johns Hopkins University, Johns Hopkins School, International Studies, Boston College Law School Locations: Iraq, Afghanistan, Syria, Ukraine, Beijing, Asia, Pacific, Russia, China, Coronado , California, Mackall, North Carolina, Germany

Google's search engine earned its huge market share by almost instantaneously presenting people with helpful information culled from the billions of websites that have been indexed since former Stanford University graduate students Larry Page and Sergey Brin developed the technology during the late 1990s. These agreements don’t preclude users from switching to a different search engine in their settings, but it’s a tedious process that few people bother to navigate. “You get up in the morning, you brush your teeth and you search on Google,” Nadella said. “Google must think they getting a great benefit from those default agreements, but maybe they're really not worth that much,” Olson said. That would be ironic.”Although the trial is focused on Google's search engine, a government victory could have more sweeping consequences across the technology industry if Mehta decided all default settings are anti-competitive and outlaws all defaults in the settings.

Persons: it's, Judge Amit Mehta, Mehta, “, ”, Luther Lowe, Larry Page, Sergey Brin, Department's, Bing, Satya Nadella, ” Nadella, Bing —, Nadella, Florian Schaub, ” Schaub, Eddy Cue, David Olson, ” Olson, Siri Organizations: Google, U.S, Justice Department, Stanford University, Apple, Microsoft, University of Michigan, Verizon, Boston College Law School Locations: U.S, Europe

☆ Russia's electronic warriors are switching to 'much more subtle' operations around the frontlines in Ukraine
▼ + stars: | 2023-10-08 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +6 min

Electronic warfare has played an important if less visible role in the war in Ukraine. As the war has evolved, EW troops on both sides have had to adapt and innovate to remain effective. After nearly 300,000 casualties and many humiliating defeats, the Russian military is still struggling to adjust to Ukraine's willingness and ability to fight. Electronic warfare — the use of electronic signals to find, intercept, and jam enemy forces — has been an important element of daily combat. Russian EW has been a major area of investment" and its EW troops "tend to be technically competent," the RUSI report says.

Persons: —, Storm, Denis Abramov, Stavros Atlamazoglou Organizations: Service, Royal United Services Institute, REUTERS, GPS, EG, Rockets, Russian Defense Ministry, Russian, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins School, International Studies, Boston College Law School Locations: Ukraine, Russia, Ukrainian, British, Donetsk, Russian, Moscow, Kyiv

☆ Cheap drones and expensive missiles mean there's no more 'safe rear areas' in wartime, top NATO general says
▼ + stars: | 2023-09-28 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +6 min

Russia and Ukraine have made prolific use of cheap drones and pricier cruise and ballistic missiles. One such insight has been how the proliferation of drones and long-range missiles is changing the battlefield. AP Photo/Roman Hrytsyna, FileUkraine and Russia are both using drones in a variety of roles, including surveillance and strikes. AdvertisementAdvertisementRussia has also leaned heavily on long-range missiles and drones to target Ukrainian logistical nodes, command-and-control hubs, and civilian infrastructure, often far from the frontlines. For its part, Ukraine is using Western-made long-range missiles to hit Russian military targets and using drones, some of them possibly deployed on Russian territory, to hit targets deep inside Russia.

Persons: —, Johnny Stringer, you've, Stringer, Phil Speck, Stavros Atlamazoglou Organizations: NATO, Service, AP, Royal United Services Institute's, Air, Allied Air Command, US Air National Guard, US Air Force, Combat, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins School, International Studies, Boston College Law School Locations: Russia, Ukraine, Europe, Kyiv, Russian, Wyoming

☆ Australia's new submarines are still 2 decades away from delivery, but the Aussies are already looking out for spies
▼ + stars: | 2023-09-26 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +7 min

Australia is working with the US and UK to build nuclear-powered subs and other military technology. It can be intentional — for example, a foreign intelligence service spreading election conspiracies on social media — or unintentional, as when someone unwittingly shares the foreign intelligence service's social-media posts. Australian officials look at the Collins-class submarine HMAS Collins in September 2021. Those Australian intelligence officials echoed worries that US officials have about foreign efforts to compromise AUKUS. US intelligence officials estimate that Chinese espionage steals US economic secrets worth between $200 billion and $600 billion a year.

Persons: —, Joe Biden, Rishi Sunak, Anthony Albanese, Tayfun, Andrew Shearer, Mike Burgess, Burgess, CPOIS Damian Pawlenko, Azorian, PETER, Stavros Atlamazoglou Organizations: US, Service, Australia, British, Australian, Anadolu Agency, Getty, Australian National Intelligence, of National Intelligence, US Navy, Australian Security Intelligence, ASIO, FBI, Collins, Royal Australian Navy, intel, China Aviation, of State Security, Western, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins School, International Studies, Boston College Law School Locations: Australia, France, China, Canberra, San Diego, Virginia, North Dakota, Canada , New Zealand, AUKUS, Soviet, Beijing

☆ The US Air Force is using satellites and dirt runways to prepare its drones for a different kind of war
▼ + stars: | 2023-09-25 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +6 min

The war in Ukraine has highlighted how hard air operations are in a large conventional conflict. The US Air Force is already training to keep its drones flying by spreading out and using new tech. In response to that challenge, the Air Force is training to disperse its forces and make targeting harder for enemies. For the US Air Force, fighter pilots have long been that dominant influence. Of 22 Air Force chiefs of staff, the service's highest-ranking uniformed officer, 17 have come from the fighter/attack communities.

Persons: —, Phil Speck, Doniell, Antonio Salfran, Christa Anderson, Stavros Atlamazoglou Organizations: US Air Force, Service, US Air National Guard, Air Force, Cannon Air Force Base, Holloman Air Force Base, Combat Employment, Andersen Air Force Base, Pentagon, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins School, International Studies, Boston College Law School Locations: Ukraine, China, Russia, Wyoming, New Mexico, Europe, Guam, East, Africa

☆ British commandos have trained hundreds of Ukrainian marines in the 'art' of amphibious raids
▼ + stars: | 2023-09-13 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +6 min

For six months, British Royal Marines have been training hundreds of Ukrainian marines in "the art" of conducting commando raids and complicated amphibious operations. The British Royal Marines Commandos are one of the best amphibious-warfare units in the world. Ukrainian marines training with British Royal Marines in March 2023. Ukrainian marines training in the UK in February 2023. Ukrainian marines could also join the shadowy fight taking place in the marshes and inlets of the Dnipro River Delta.

Persons: Mark Johnson, Ben Wallace, Wallace, Volodymyr Zelenskyy, Stavros Atlamazoglou Organizations: British Royal Marines, Ministry of Defence, British Royal Marine Commandos, British Royal Navy, Royal Navy, British Commandos, UK Royal Marines, British Royal Marines Commandos, Commandos, Royal Marines, Argentine, British Marines, Naval Center of Special, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins School, International Studies, Boston College Law School Locations: Ukrainian, Ukraine, Crimean, Crimea, British, Argentina, East Falkland, Dnipro, Russian, Delta

☆ Jan Wolfe — Reporter at The Wall Street Journal
▼ + stars: | 2023-08-17 | by ( Jan Wolfe | ) www.wsj.com time to read: 1 min

Jan WolfeJan Wolfe is a Washington, D.C.-based business legal affairs correspondent for The Wall Street Journal. He covers significant legal disputes in federal courts in Washington and around the country, as well as the U.S. Supreme Court. A lawyer by training, Jan graduated from Boston College and Boston College Law School. He joined The Wall Street Journal from Reuters, where he covered the many legal challenges to former President Donald Trump's policies. Jan began his journalism career at American Lawyer, where he covered high-stakes business disputes.

Persons: Jan Wolfe Jan Wolfe, Jan, Donald Trump's Organizations: D.C, Wall Street, U.S, Supreme, Boston College, Boston College Law School, Wall, Reuters, American Lawyer Locations: Washington

☆ How First Republic's courtship of the wealthy led to meltdown
▼ + stars: | 2023-03-27 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +6 min

March 27 (Reuters) - First Republic Bank (FRC.N) became the epicenter of the U.S. regional banking crisis after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left the bank reeling. Reuters GraphicsFor years, First Republic lured high net-worth customers with preferential rates on mortgages and loans. Morgan Stanley analysts estimated a deposit outflow of nearly half of total deposits according to a March 20 note. First Republic's loan book and investment portfolio also became less valuable as interest rates rose, which is hampering a capital raise. "Wealthy customers were drawn to First Republic in part because they could get large mortgages at rock-bottom interest rates," said McCoy.

☆ Elizabeth Warren demands Fed crackdown on large regional banks
▼ + stars: | 2023-03-22 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Senator Elizabeth Warren is cranking up the pressure on the Federal Reserve following the collapse of Silicon Valley Bank. Both Silicon Valley Bank and Signature Bank fit into that asset threshold when they failed earlier this month. The bipartisan 2018 rollback of Dodd-Frank freed large regional banks in that range of assets from the toughest oversight. Notably, the letter was signed by Senator Angus King, the Maine independent who voted in favor of the 2018 rollback. Days after the bank failures, the Federal Reserve launched a review of the regulation and oversight of Silicon Valley Bank.

WASHINGTON, Kansas, Dec 9 (Reuters) - Emergency crews on Friday were preparing to labor through the weekend to clean up the largest U.S. crude oil spill in nearly a decade, with workers descending on this farming community from as far away as Mississippi. This is the third spill of several thousand barrels of crude on the pipeline since it opened in 2010. U.S. regulator Pipeline and Hazardous Materials Administration said the company shut the pipeline seven minutes after receiving a leak detection alarm. Workers quickly set up a containment area to restrict oil that had spilled into a creek from flowing downstream. Even once the pipeline starts operating again, the affected area will have to flow at reduced rates pending PHMSA approval.

Dec 9 (Reuters) - The effort to remove oil from the largest crude spill in the United States in nearly a decade will extend into next week, the U.S. Environmental Protection Agency said on Friday, making it likely that the Keystone pipeline shutdown will last for several more days. TC Energy (TRP.TO) shut the largest oil pipeline to the United States from Canada on Wednesday after it leaked 14,000 barrels of oil into a Kansas creek. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. A previous Keystone spill had caused the pipeline to remain shut for about two weeks. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

Dec 9 (Reuters) - TC Energy (TRP.TO) said on Friday it is evaluating plans to return its Keystone pipeline to service after it leaked 14,000 barrels of oil into a Kansas creek, the largest crude spill in the United States in nearly a decade. TC Energy was expected to restart flows on the segment of the pipeline extending to Patoka, Illinois, Bloomberg News reported earlier, citing sources. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. TC Energy remained on site with around 100 workers leading the clean-up and containment efforts, and the EPA was providing oversight and monitoring, Ashford said. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

☆ Sam Bankman-Fried's defense that he 'didn't know exactly what was going on' isn't a defense for leaders
▼ + stars: | 2022-12-01 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

The FTX founder said he "didn't know exactly what was going on." His defense isn't acceptable for leaders who should know the inner workings of their companies. "I didn't know exactly what was going on," Bankman-Fried, 30, told the Times on November 30. Bankman-Fried's defense isn't acceptable for business leaders who should know the inner workings of their companies. Michael M. Santiago/Getty Images'I didn't know' was his only defenseSorkin started his interview by noting there are two views of what occurred at FTX.

☆ Twitter lawyer tells court Musk has not backed up claims of fake accounts
▼ + stars: | 2022-09-27 | by ( Tom Hals | Thomson Reuters | Award-Winning Reporter With More Than Two Decades Of Experience In International News | ) www.reuters.com time to read: +2 min

Documents obtained from two data scientists employed by Musk showed they estimated in early July that the number of fake accounts on the platform at 5.3% and 11%, the Twitter lawyer told a Delaware judge. "None of these analyses so far as we can tell remotely supported what Mr. Musk told Twitter and told the world in the termination letter," said the lawyer, Bradley Wilson. Musk and Twitter are locked in a court fight and Twitter is seeking an order directing Musk to close the deal at $54.20 per share. They are scheduled to go trial starting Oct. 17 in Wilmington, in Delaware's Court of Chancery. On July 8 Musk said the actual figure was "wildly higher" and that Twitter had misled him, allowing him to walk away without penalty from the deal.

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