DIRS.INFO The most relevant business & tech news

☆ US bank regulators announce sweeping proposals on capital rules
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, July 27 (Reuters) - U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate 16% from current levels, with the brunt felt by the largest and most complex firms, regulators said. Here are key quotes about the proposal:FINANCIAL SERVICES FORUM CEO KEVIN FROMER"There is no justification for significant increases in capital at the largest U.S. ANDY DUANE, ATTORNEY AT POLUNSKY BEITEL GREEN "Raising capital requirements could see regional banks shift away from mortgage lending. Even larger bank lenders could continue to retreat from mortgage lending or impose sharp increase in fees passed along to borrowers."

Persons: KEVIN FROMER, RICK MECKLER, CHERRY, MAYRA RODRIGUEZ VALLADARES, KENNETH BENTSEN, BRIAN MOYNIHAN, ANDY DUANE, GREG BAER, Pete Schroeder, Matt Tracy, Tatiana Bautzer, Nupur Anand, Sinead Carew, Lananh Nguyen, Nick Zieminski Organizations: Regulators, NEW VERNON, NEW, MRV, AMERICA, FOX, Thomson Locations: U.S, CHERRY LANE, NEW JERSEY, Basel, United States, Washington, New York

☆ How you could be impacted by higher bank capital requirements
▼ + stars: | 2023-07-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Their risk-level assessments have been the basis for informing how much capital they need to hold on top of baseline requirements. Silicon Valley Bank accumulated a lot of paper losses, or unrealized losses, from holding bonds while the Fed hiked interest rates. But it did not need to hold capital to protect depositors from those losses. Some also expressed concerns that banks would pass on their higher capital costs to consumers in the form of higher fees to maintain their profit levels. However, UBS, Citizens Bank and Capital One will have to hold more capital.

Persons: wouldn’t, ”, Banks, aren’t, Steven Kelly, won’t, SVB, Jonathan McKernan, Michelle Bowman, Kelly, ” Kelly, JPMorgan Chase, Morgan Stanley Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, Huntington Bank, Silicon Valley Bank, Signature Bank, Valley Bank, FDIC, ”, Manufacturers, JPMorgan, JPMorgan Chase, Bank of America, UBS, Citizens Bank, Capital, Nasdaq Locations: New York, Basel, Banc, California, Silicon

☆ My husband and I moved to a remote Texas town for work. We thought it'd be temporary, but we just bought our second home and don't plan to leave.
▼ + stars: | 2023-07-24 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

After graduating in 2019, Avery and Bayler Boydston moved to Midland, an isolated West Texas town. We graduated from high school in 2015 and 2016 and moved to Lubbock to attend Texas Tech University. The couple attended Lubbock's Texas Tech University before moving to Midland, Texas, in 2019. I do think the cost of housing in Midland is high relative to the types of homes that are available. Avery: It all comes down to the opportunities this city provides for young people, both financially and socially.

Persons: Avery, Bayler Boydston, Avery Boydston, Bayler, It's, there's, I've, we've Organizations: Service, Texas Tech University, Tech, Midland, Lubbock's Texas Tech University, homeownership, Boydstons, Midland . Avery Locations: Midland, West Texas, Wall, Silicon, Midland , Texas, Amarillo , Texas, Lubbock, Midland ., Midland Avery, Amarillo, Avery Boydston . Midland, Texas, Dallas

Learn about the best real estate investing apps »Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Let's break down some of the myths around real estate as an investment that can mislead you — and in the process, show why real estate isn't a prerequisite for building assets. Real estate isn't always a good investment (or an investment at all)"Always" and "never" don't have a place in a savvy investor's vocabulary. You can invest in REITs, or real estate investment trusts. Start investing in realestate with a real estate investing platform »

Persons: We're, isn't Organizations: Service Locations: Wall, Silicon, Boston

☆ Who Will Stand Up for Renters? Their Elected Representatives, Who Also Rent.
▼ + stars: | 2023-07-21 | by ( Conor Dougherty | More About Conor Dougherty | ) www.nytimes.com time to read: +2 min

“There is a pretty foundational bias against renters in American sociological and political life,” said Jamila Michener, a professor of government and public policy at Cornell. But the number of renters has grown steadily over the past decade to about 44 million households nationwide, while punishing housing costs have migrated from coastal enclaves to metropolitan areas around the nation. More salient to politicians, perhaps, is that renters are increasingly well-off — households that make more than $75,000 have accounted for a large majority of the growth in renters over the past decade, according to the Harvard Joint Center for Housing Studies. At the same time, the struggle to find something affordable has escalated from lower-income tenants to middle-income families that in past generations would very likely have owned their homes. In other words, renter households are now composed of families much more likely to vote.

Persons: ”, Jamila Michener, “ Organizations: Cornell, Harvard Joint Center for Housing Studies

Non-resident homebuyers will either need to get an ITIN mortgage or pay in cash to buy a home. ITIN mortgages for individuals without Social Security numbersITIN mortgages allow borrowers to use their ITINs to apply for a mortgage. ITIN mortgages offer a path to homeownership for individuals without the documentation to qualify for a conforming mortgage. Many ITIN lenders require a down payment of at least 20%, and ITIN mortgage rates are often significantly higher compared to rates on conforming mortgages. According to Aguirre, a person getting an ITIN mortgage could end up paying as much as $500 more on their monthly mortgage payment than someone getting a comparable conforming mortgage, thanks to the higher rates that come with an ITIN mortgage.

Persons: homebuyers, I'm, Nora Aguirre, she's, they've, Aguirre, you've Organizations: Service, Migration Policy Institute, Taxation, National Association of Hispanic Real Estate Professionals, Social, Internal Revenue Service, US Department of Housing, Urban Development Locations: Wall, Silicon, Nevada, United States

After 20 years in the business, financial planner Don Grant says clients hate to hear three things. First, you're not saving enough, either for retirement or your kid's education. Also, you can't afford that much house, and you need to take on more investment risk. Grant shared with Insider the top three pieces of money advice his clients never want to hear. All in all, Grant wants his clients to keep their eyes on the prize.

Persons: Don Grant, he's, I'm, Grant, aren't, I've, we're, you've, Susie, We've, they're, homeownership Organizations: Service, CFP, Fortis Advisors Locations: Wall, Silicon, Wichita , Kansas

☆ I'm a millennial real-estate agent here to tell you that long-term homeownership is not the best way to build wealth. Here's why.
▼ + stars: | 2023-07-16 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

David Ravitz thinks he's cracked the code to building wealth with homeownership. David Ravitz and his wife. Courtesy of David Ravitz. Courtesy of David Ravitz. Courtesy of David Ravitz.

Persons: David Ravitz, he's, Ravitz, that's, David Ravitz's, we've Organizations: Boca, Service, University of Miami Locations: Boca Raton , Florida, Wall, Silicon, South Florida, Boca Raton

☆ How to save San Francisco
▼ + stars: | 2023-07-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +18 min

But treating San Francisco as some sort of outlier, a sui generis example of urban decay, is wrong, too. After I washed out back there I washed up on the Embarcadero, a typical San Francisco story. Because here's my one crazy trick to fix San Francisco: homes. Paul Chinn/The San Francisco Chronicle via Getty ImagesThis is just a matter of good old-fashioned supply and demand. To revive the city, San Francisco needs to get back to its freak-flag-flying roots.

Persons: Nobody's, I've, It's, it's, who'd, Paul Chinn, nix, aren't, rafter, Tayfun, Francis Wood, fixable, Berkeley, Adam Rogers Organizations: Liberal, Homelessness, Bay Area, Pride, Black Panthers, Washington Monthly, San Francisco, Getty, SF, Supervisors, Crafts, Planners, Foods, Anadolu Agency, Walgreens, Nordstrom, Unit Locations: San Francisco, Bay, Francisco, California, Black, Los Angeles, Boston , New York, Washington, United States, Barcelona, Paris, St, Barbary, Hong Kong, Mexico City, Angeles, Houston, Helsinki, East, Treasure, Emeryville

☆ San Francisco’s ‘doom loop’ is a warning for every American city. Here’s how we can fix it — before it’s too late.
▼ + stars: | 2023-07-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +18 min

If you want to rile up a San Francisco native, mention the doom loop. But treating San Francisco as some sort of outlier, a sui generis example of urban decay, is wrong, too. After I washed out back there I washed up on the Embarcadero, a typical San Francisco story. Because here's my one crazy trick to fix San Francisco: homes. To revive the city, San Francisco needs to get back to its freak-flag-flying roots.

☆ The US is short on homes. Here’s how builders are still offering the American Dream
▼ + stars: | 2023-07-14 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

This relatively new and growing segment of the housing market is called “build for rent” or BFR (or “build to rent” or BTR). Often constructed in suburban areas with low crime and near good schools, BFR homes attract those who want the lifestyle of a house — but the affordability or convenience of renting. Over the past few years, however, large investment groups — like Home Partners of America or Invitation Homes — have got into buying up existing single-family homes to rent. Miller said demand for BFR homes is strong and suit a modern way of living involving remote work, lifestyle moves and delayed homeownership. Even as a small portion of the market, those BFR homes that are being built are not the smaller, more affordable homes that middle-income earners are looking for.

Persons: ”, David Howard, Howard, “, Ben Miller, ” Miller, Miller, Donald Trump’s, homeownership, Bruce McNeilage, ” McNeilage Organizations: DC CNN, National Rental Home, National Rental Home Council, Urban Institute, Home Partners of America, Research, Joint Center for Housing Studies, Harvard University, Kinloch Partners, Survey Locations: Washington, Texas , California , Arizona, Florida, North Carolina, Georgia, BFR, United States, Nashville, Greenville , South Carolina, Yardi

☆ Student Loan Repayments Are Dwindling - The New York Times
▼ + stars: | 2023-07-13 | by ( Laura Beamer | Marshall Steinbaum | ) www.nytimes.com time to read: +16 min

2013 was the first year when over half of all student loans carried a balance greater than originally borrowed. The 2020 student loan repayment pause shook up this unhealthy dynamic. But student loan repayment had been dwindling for at least a decade before the pause. But an important additional source of student loan misery is the widening and diversifying nature of the Americans who take them out. Our student debt research uses credit reports, both from an annual, representative cross-section of student borrowers and from a single group of borrowers we’ve been following since 2009.

Persons: couldn’t, Laura Beamer, Marshall Steinbaum, doesn’t, It’s, —, Biden, we’ve, they’re, “, Bill, ’ Organizations: Jain, Institute, University of Utah, White, American, Black, Women, Congress, Department of Education

☆ First-time homebuyers squeezed by the housing shortage should look in these 17 affordable markets that are ideal for young people
▼ + stars: | 2023-07-12 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Once ubiquitous, affordable starter homes are now challenging to find in the US. Here are 17 cities that have reasonably priced starter homes and are appealing for young people. Cheap starter homes have mostly gone the way of wood paneling and popcorn ceilings. While starter homes aren't completely gone, it's understandable why millennials and Gen Zers might make that assumption. Note that the mortgage calculation is based on a 30-year fixed-rate mortgage of 6.4% on the average starter home price.

Persons: Zers, they're, There's, millennials, homebuyers Organizations: Federal Reserve, House

☆ Buying my first home as a 37-year-old veteran and single mother was difficult but totally worth it. The sacrifices I've made will give my child a better future.
▼ + stars: | 2023-07-12 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

I have made many sacrifices along the way but being able to give my child a sense of security is worth it all. Saving for a home purchase was tough as a single motherIn January, I began my home buying journey. I was working for the US government and receiving additional money from the Department of Veteran Affairs for a disability. I was scared during my home buying journey, and there were times that I wanted to give up but I persisted. I've also missed out on family gatherings and pursuing relationships — all so I could save money to buy a home.

Persons: Breanna Dill, Dill, —, that's, it's, I've Organizations: Marine Corps, Service, Department of Veterans Affairs, Department of Veteran Affairs, Veterans Affairs Locations: Wall, Silicon, Minnesota, Austin , Texas, Austin, Houston, Houston —, Dallas, United States

☆ The dream scenario for the economy is looking more likely by the day
▼ + stars: | 2023-07-09 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

The US jobs market is still on 🔥. Still, recent data from the Bureau of Labor Statistics shows a job market that's running hot. Average hourly earnings increased 0.4% month on month and are up 4.4% on last year. The dream scenario for the economy is to get inflation under control without a sharp spike in unemployment or a recession. So far, the job market has remained robust.

Persons: ake, anker, rina, ord, T witter Organizations: Service, uts Locations: Wall, Silicon, usk

☆ Community Land Trusts Are Working to Create New Homeowners
▼ + stars: | 2023-07-08 | by ( Claire Fahy | More About Claire Fahy | ) www.nytimes.com time to read: +2 min

The community land trust model was largely used in rural communities until the 1980s, when Cincinnati became the first city to have a land trust operate in an urban neighborhood. In 1984, Senator Sanders, who was then the mayor of Burlington, created one to help address his city’s housing crisis. In 2020, the East Harlem El Barrio community land trust bought four apartment buildings that had fallen into disrepair from the city for one dollar each. Around the country, activists have also used community land trusts in nontraditional ways. Steve King, the executive director of the Oakland Community Land Trust, said California has seen its number of land trusts double in the last few years.

Persons: Sanders, Athena Bernkopf, West, Steve King Organizations: Cincinnati, East Harlem El, Preservation, East, Land Trust Locations: Burlington, New York, East Harlem El Barrio, East Harlem, Leimert, Los Angeles, Mr, Oakland, California

☆ Mortgage rates are going up again but home prices aren’t coming down: Why the housing market is out of whack
▼ + stars: | 2023-07-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

But after 10 rate hikes, the housing market — traditionally one of the most interest-rate-sensitive areas of the economy — is anything but predictable. Mortgage rates then continued to climb in tandem with the Fed’s hikes until November, when mortgage rates peaked at 7.08%, despite four subsequent rate hikes since then. Higher mortgage rates have reduced home inventoryIn theory, when mortgage rates go up, home prices should fall since it raises the cost of homeownership, thereby reducing demand. That’s partly because the higher mortgage rates that came after the Fed hiked rates created a major lock-in effect, said Kiefer. “That tells the crux of the story for why the housing market seems a bit odd right now,” Divounguy said.

Persons: ”, Orphe Divounguy, Banks, Freddie Mac, Charles Dougherty, Dougherty, “, Len Kiefer, ” Kiefer, Kiefer, Divounguy, Zillow’s Divounguy, ” Divounguy Organizations: New, New York CNN, Federal Reserve, Zillow, Fed, National Association of Realtors, “, CNN, homebuying Locations: New York, That’s, Wells Fargo, Realtor.com

☆ A millennial couple in Singapore spent $40,000 renovating a 4-room public housing apartment and turned it into a modern Scandinavian-style home. Take a look inside.
▼ + stars: | 2023-07-05 | by ( Amanda Goh | ) www.businessinsider.com time to read: +11 min

Amanda Goh/InsiderThe couple's apartment is part of the new Bidadari housing estate that was launched for sale in November 2016. Amanda Goh/InsiderThe couple designed their home in a modern Scandinavian style, with plenty of wood accents. It's also kind of expanded — we moved a wall inside just to open up the space," Teo said. Amanda Goh/InsiderThe couple collected the keys in June 2022 and started renovations a month later. Amanda Goh/InsiderThe couple also created a pie chart of the cost breakdown so they knew how much they spent on each room.

Persons: Vanessa Tan, Shannon Teo, —, It's, Tan, Teo —, they're, Teo, Amanda Goh, they'd, we're Organizations: Service, Board, Housing Locations: Singapore, Woodleigh, —, Instagram

☆ Getting rich isn't the American Dream anymore, says new survey—here's how people define success instead
▼ + stars: | 2023-07-03 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

The "American Dream" has long been equated with economic achievement and wealth. "The American Dream is changing, according to small-business owners," Fara Howard, GoDaddy's chief marketing officer, tells CNBC Make It. Small-business owners are often considered a litmus test for the American Dream, as some entrepreneurs see startups as an opportunity to climb the socioeconomic ladder. Despite new definitions of the American Dream, survey respondents said that lack of access to technology, education and affordable health care still stand as barriers. "American small-business owners are thinking beyond revenue and sales growth when they consider what the American Dream means to them," Howard said in a statement last week.

Persons: Fara Howard, Gen Z, Zers, Howard, Warren Buffett Organizations: CNBC Locations: homeownership

☆ People are 'hot bedding,' or sharing a bed with a stranger and sleeping in shifts to save money on rent
▼ + stars: | 2023-07-03 | by ( Haley Tenore | ) www.businessinsider.com time to read: +4 min

Hot bedding typically involves strangers sharing a bed to save on rent. Similar to hot desking, hot bedding typically entails tenants coordinating shifts for bed use. In a 2021 survey, 3% of international college students living in Australia reported hot bedding. Hot bedding involves sharing a bed with a stranger, usually while sleeping in shifts. Do you participate in hot bedding, either as a tenant or landlord — or know someone who does?

Persons: —, Priyanka, she's, Millennials, Nadia Abdullah, Judith Allonby Organizations: Service, SBS News, SBS, Australian Bureau, Statistics, Immigrants, University of Technology Sydney, Washington Post Locations: Australia, Melbourne, India, Sydney, Canadian

☆ Meet a millennial who makes up to 6 figures doing blue collar work after ditching law school during the Great Recession: 'We've always had that middle-class-life dream'
▼ + stars: | 2023-07-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

During the Great Recession, Doug saw a similar situation and decided to forgo law school. For Doug, blue-collar work has meant consistently high pay and the ability to buy a house. "I was trying to save up money to go to law school," he said. You're going to college, and then you're going to get a job and an office somewhere doing the thing. Have you made the shift to blue-collar work, or are you thinking about it?

Persons: Doug, —, Doug —, he'd, Z, we've, We've, it's, you'll, I'm Organizations: Service, Toyota, Marine, Coast Guard Locations: Deloitte's

Georgetown University in Washington, D.C. Not everyone with debt would have been covered under the Biden administration’s student loan forgiveness plan. The Supreme Court has barred the Biden administration from carrying out its plan to extinguish up to $20,000 in federal student loan debt, and millions of borrowers will continue to struggle under the weight of their loans. Ms. Schmidt owes $64,000 in student debt, more than half of which is for her graduate work in nursing. But she’s already contemplating how she’ll finance her dream of becoming a civil rights lawyer, which typically requires an additional six figures in student debt. Yet her mother is still paying down student debt of her own.

Persons: Biden, Gina McDavitt, weren’t, Pell, “, ”, McDavitt, ” Ms, Ms, Monica Schmidt, Schmidt, Kevin Serna, Dorien Rogers, Rogers, Asha Anthony, she’s, —, Anthony, Mr, don’t, Joanna Leiserson, Brian Kaiser, “ I’m, Leiserson Organizations: Georgetown University, Biden, College of San, San Francisco State University, The New York Times, University of Phoenix, Northern Illinois University, Public, Schaun, Tax, Howard University, Salisbury University, The New York, Republicans Locations: Washington ,, College of San Mateo, Bay, Vallejo , Calif, Genoa, Ill, Germantown, Md, Credit, Montgomery County, Mesa, Maryland, Spokane, —, forbearance

☆ Lurking Beneath Home Prices: Hidden Costs
▼ + stars: | 2023-06-29 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

With the focus on rapidly rising prices, it’s easy to forget the “hidden” costs of homeownership, including property taxes, homeowner’s insurance, utility payments and maintenance. Among those metros (where sufficient data was available), San Francisco had the highest annual hidden costs (a median of $22,791), while Las Vegas had the lowest ($9,886). Overall, maintenance was found to require the greatest median outlay ($6,413 a year), followed by utilities ($3,216), property taxes ($2,827) and homeowner’s insurance ($1,699). Insurance costs were calculated at 0.5 percent of value. Utility costs were derived from 2022 state averages, while phone bills and streaming-service costs were sourced from Forbes reporting.

Persons: Zillow, Thumbtack, grout Organizations: Las, Insurance, Forbes Locations: U.S, San Francisco, Las Vegas, New York City, Pittsburgh

☆ The 10 worst places in the U.S. for renters
▼ + stars: | 2023-06-29 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

To determine the best and worst places for renters, RentCafe ranked 136 U.S. cities on metrics ranging from average apartment size to local unemployment rate to influx of new business. While the best cities for renters offer strong local economies and sizeable apartments at reasonable prices, the worst cities for renters leave much to be desired. Detroit is the worst city for renters, the rent comparison website found. Outside of Detroit, however, you'll find most of the bottom-10 cities for renters along the coasts — especially in the Northeast. Here are RentCafe's worst cities for renters.

Persons: RentCafe, —, you'll Locations: Detroit

☆ 3 reasons it can be smarter to rent, even if you can afford to buy
▼ + stars: | 2023-06-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"If you can't commit to being there [at least] three years, don't buy," said Elliott. Benefits of ownership are 'vastly overstated'Richard Newstead | Moment | Getty ImagesThe financial benefits of homeownership are "vastly overstated," Boudreaux said. For one, a financial assessment of affordability is incomplete if consumers only compare monthly rent and mortgage costs. Secondly, a tax deduction for mortgage interest isn't as valuable as it once was, Boudreaux added. Jude Boudreaux senior financial planner with The Planning CenterIn a general sense, it's also more difficult to get the financial benefits of a tax deduction.

Persons: Kamila Elliott, Elliott, Boudreaux, Guido Mieth, There's, landscapers, Richard Newstead, Trump, Jude Boudreaux, it's, Laurie Goodman, Christopher Mayer Organizations: Wealth Partners, Urban Institute, Columbia University . Home Locations: Atlanta

Search resuls for: "homeownership"

25 mentions found