Loan agent – Acoram Acomar 987 http://acoram-acomar-987.net/ Tue, 22 Nov 2022 05:18:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://acoram-acomar-987.net/wp-content/uploads/2021/06/icon-70x70.png Loan agent – Acoram Acomar 987 http://acoram-acomar-987.net/ 32 32 TV personalities sentenced to years in federal prison for fraud and tax evasion | USAO-NDGA https://acoram-acomar-987.net/tv-personalities-sentenced-to-years-in-federal-prison-for-fraud-and-tax-evasion-usao-ndga/ Tue, 22 Nov 2022 01:32:53 +0000 https://acoram-acomar-987.net/tv-personalities-sentenced-to-years-in-federal-prison-for-fraud-and-tax-evasion-usao-ndga/ ATLANTA — Todd and Julie Chrisley were sentenced to 12 and 7 years in federal prison, respectively, after a jury found them guilty of bank and tax fraud offenses following a nearly three-week jury trial . “Over a decade, the defendants defrauded banks of tens of millions of dollars while evading payment of their federal […]]]>

ATLANTA — Todd and Julie Chrisley were sentenced to 12 and 7 years in federal prison, respectively, after a jury found them guilty of bank and tax fraud offenses following a nearly three-week jury trial .

“Over a decade, the defendants defrauded banks of tens of millions of dollars while evading payment of their federal income taxes,” said U.S. Attorney Ryan K. Buchanan. “Their lengthy sentences reflect the scale of their criminal scheme and should serve as a warning to others tempted to exploit our nation’s community banking system for unlawful personal gain.”

“As this conviction proves, when you lie, cheat and steal, justice is blind to your fame, fortune and position,” said FBI Atlanta Special Agent in Charge Keri Farley. “The FBI is proud to work with our law enforcement partners at the IRS and the U.S. Attorney’s Office to pursue and prosecute individuals who are driven by greed to evade the law.”

“The Chrisleys have defrauded financial institutions and the federal government through tax evasion and other fraudulent means in an effort to minimize their tax liability, but project an image of wealth,” said James E. Dorsey, Special Agent in charge, IRS Criminal Investigation, Atlanta. Field office. “This conviction serves to warn that regardless of a person’s celebrity status, there are serious consequences for evading the US tax system.”

According to U.S. Attorney Buchanan, the charges and other information presented to the court: Todd and Julie Chrisley conspired to defraud community banks in the Atlanta area to obtain more than $36 million in personal loans. The Chrisleys, with the help of their former business partner, submitted fake bank statements, audit reports and personal financial statements to community banks in Georgia to secure the loans. The Chrisleys spent the money on luxury cars, designer clothes, real estate and travel – and used new fraudulent loans to pay off old ones. After spending all the money, Todd Chrisley filed for bankruptcy and forfeited more than $20 million of those fraudulently obtained loans.

Later, while earning millions from their TV show, Todd and Julie Chrisley, along with their accountant, Peter Tarantino, conspired to defraud the Internal Revenue Service. Throughout the plot, the Chrisleys operated a loan company. To evade collection of half a million dollars in outstanding taxes owed by Todd Chrisley, the Chrisleys opened and maintained the company’s bank accounts solely in Julie Chrisley’s name. But after the IRS requested bank account information in Julie Chrisley’s name, the Chrisleys transferred ownership of the company’s bank account to a relative to further conceal their income from the IRS.

Additionally, the Chrisleys did not file taxes or pay taxes for the 2013, 2014, 2015, or 2016 tax years. As part of the tax evasion scheme, Tarantino was convicted of filing two false tax returns for the loan company, which falsely claimed the company made no money and made no distributions in 2015 and 2016.

The Chrisleys also attempted to obstruct justice before being charged as well as during the trial. After learning of the grand jury investigation, Julie Chrisley submitted a fraudulent document in response to a grand jury subpoena to make it appear that the Chrisleys had not lied to the bank when they transferred the property from the loan company’s bank account to their relative.

On June 7, 2022, a jury found the Chrisleys guilty on all alternate counts, including conspiracy to commit bank fraud, bank fraud, wire fraud, and conspiracy to commit tax evasion. The jury found Julie Chrisley guilty of an additional charge of obstruction of justice. Tarantino was also found guilty of several tax offenses.

U.S. District Judge Eleanor L. Ross sentenced the defendants as follows:

  • Todd Chrisley, 54, of Brentwood, Tennessee, was sentenced to 12 years in prison followed by three years of probation.
  • Julie Chrisley, 49, of Brentwood, Tennessee, was sentenced to seven years in prison followed by three years of probation.
  • Peter Tarantino, 60, of Alpharetta, Georgia, was sentenced to three years in prison followed by three years of probation.

As part of sentencing, the court ordered Todd and Julie Chrisley to pay restitution and will determine the exact amount at a later date.

This case was investigated by the FBI and IRS Criminal Investigations.

Assistant U.S. Attorneys Thomas J. Krepp, Annalize K. Peters, Alex R. Sistla, Sekret T. Sneed, Vivieon K. Jones, and Amy Palumbo prosecuted the case.

For more information, please contact the US Attorney’s Office of Public Affairs at USAGAN.PressEmails@usdoj.gov or (404) 581-6016. The Internet address for the United States Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

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Only $4.2 billion in foreign loans arrive https://acoram-acomar-987.net/only-4-2-billion-in-foreign-loans-arrive/ Sat, 19 Nov 2022 03:54:46 +0000 https://acoram-acomar-987.net/only-4-2-billion-in-foreign-loans-arrive/ ISLAMABAD: Pakistan received just $4.2 billion in foreign loans, less than a fifth of its planned budget, amid shrinking borrowing options due to rising costs, delays in compliance with the conditions set by international creditors and the credibility crisis. The Ministry of Economic Affairs reported on Friday that foreign loan disbursements from July to October […]]]>

ISLAMABAD:

Pakistan received just $4.2 billion in foreign loans, less than a fifth of its planned budget, amid shrinking borrowing options due to rising costs, delays in compliance with the conditions set by international creditors and the credibility crisis.

The Ministry of Economic Affairs reported on Friday that foreign loan disbursements from July to October 2022 amounted to $4.2 billion. The amount was 10% higher than loans received during the same period last year.

However, this was not sufficient to meet the growing needs for debt repayment, financing of the external account and increase in foreign exchange reserves to 16.2 billion dollars, as agreed with the International Monetary Fund (IMF ).

Half of the loans were received in October alone, with the Asian Development Bank (ADB) agreeing to provide $1.5 billion largely unconditionally, but at a relatively higher interest rate. So far, the AfDB has remained the largest lender with a disbursement of $1.6 billion, half the annual estimate.

The IMF has assessed Pakistan’s gross financing needs for FY23 at $34 billion and an additional $6 billion to increase the foreign exchange reserve cushion, bringing total borrowing to $40 billion. However, the government has only planned $22.8 billion in foreign loans for the 2022-23 fiscal year. The budgeted figure can only finance the repayment part of the debt.

The disbursement of $4.2 billion in July-October was only 18.4% of the annual estimate of $22.8 billion. Pakistan’s borrowing options remained limited after international credit rating agencies downgraded its outlook to negative and its debt rating to junk status. This has increased the country’s cost of borrowing in addition to virtually closing the doors to floating Eurobonds.

Sources said foreign commercial banks were also demanding an interest rate about 40% to 50% higher than what the country was previously paying due to the increased risk of default.

Against the annual estimate of $7.5 billion, Pakistan received only $200 million in foreign commercial loan in the current fiscal year, according to the Ministry of Economic Affairs.

The government did not release the name of the foreign bank but sources said the loan was refinanced by the Bank of China.

In a bid to remove bottlenecks on foreign commercial lending, Finance Minister Ishaq Dar held meetings with the managements of major commercial banks, including Dubai Islamic Bank, Ajman Bank and Emirates NBD, in Dubai last week. last.

A statement issued by the Ministry of Finance said that “commercial banks have confidence in Pakistan’s current economic policies and assure their continued support”.

Pakistan budgeted $2 billion in bond-based sovereign borrowing, but the plan did not materialize due to poor credit ratings and expected high interest rates.

The government also estimated the receipt of $3 billion from the IMF, which was later increased to $4 billion. So far, only $1.2 billion has been disbursed and no date for an IMF mission visit has been announced. The visit is crucial to securing an additional $1.2 billion from the IMF.

The government has planned loans of $1.6 billion under its costliest Naya Pakistan certificate initiative. So far, 70 million dollars, or 4.3% of the annual estimate, could be received, according to the Ministry of Economic Affairs.

Meanwhile, foreign exchange reserves fell below $8 billion ahead of the $1 billion Sukuk redemption on December 5. Having an IMF mission in Islamabad has become very critical to soothe frayed nerves.

For the current fiscal year, the government has estimated the inflow of $7.7 billion in loans from multilateral agencies. In four months, 2.3 billion dollars, or 30%, have been disbursed.

The World Bank’s nearly $1.1 billion budget support loan is on the line. Pakistan says it has met the conditions for a $450 million loan, but so far no date has been announced. was set for a World Bank Board meeting.

In the first four months of FY23, the World Bank disbursed about $476 million, according to the Ministry of Economic Affairs.

In addition, the Islamic Development Bank gave $168 million against an annual estimate of over $1.2 billion. Saudi Arabia disbursed $400 million in an oil credit facility against an annual estimate of $800 million.

Published in The Express Tribune, November 19e2022.

As Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join the conversation.

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MBA: Mortgage applications rebound on lower rates https://acoram-acomar-987.net/mba-mortgage-applications-rebound-on-lower-rates/ Wed, 16 Nov 2022 20:17:12 +0000 https://acoram-acomar-987.net/mba-mortgage-applications-rebound-on-lower-rates/ Mortgage applications rose for the first time in two months last week as the 30-year fixed rate saw its biggest one-week drop since July. Home loan applications rose 2.7% on a seasonally adjusted weekly basis during the week ended Nov. 11, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. “Mortgage rates fell last […]]]>

Mortgage applications rose for the first time in two months last week as the 30-year fixed rate saw its biggest one-week drop since July.

Home loan applications rose 2.7% on a seasonally adjusted weekly basis during the week ended Nov. 11, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

“Mortgage rates fell last week as signs of slowing inflation pushed Treasury yields lower,” MBA vice president and deputy chief economist Joel Kan said in a statement. A press release. “Application activity, adjusted for the Veterans Day holiday, increased in response to lower rates – driven by a 4% increase in home purchase applications. purchases increased for all loan types, and the average purchase loan fell to its smallest amount since January 2021.”

The average contractual interest rate for 30-year conforming mortgages of $647,200 or less dipped to 6.90% from 7.14%, while the rate for 30-year fixed-rate mortgages backed by the FHA rose to 6.93% from 6.86%.

The average contractual interest rate for 30-year fixed rate mortgages with jumbo loan balances over $647,200 increased from 6.50% to 6.51%, and the average contractual interest rate for a 15-year fixed rate mortgage fell to 6.27% from 6.40%.

Refinancing activity remained subdued as homeowners have little incentive to refinance in the current rate environment, Kan said. The MBA Refinance Index was down 2% from the previous week and 88% from the same week last year. The refinancing share of mortgage activity fell to 27.6% of total applications, from 28.1% the previous week.

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Your guide to mortgage repayment – Forbes Advisor Australia https://acoram-acomar-987.net/your-guide-to-mortgage-repayment-forbes-advisor-australia/ Mon, 14 Nov 2022 08:30:16 +0000 https://acoram-acomar-987.net/your-guide-to-mortgage-repayment-forbes-advisor-australia/ Contents {{ tocState.toggleTocShowMore? ‘Show more’ : ‘Show less’ }} A mortgage is a necessary part of buying a home for many Australians, but figuring out what you can actually afford can be difficult. However, with home loan interest rate in March, it’s more important than ever to know your budget inside and out so you […]]]>

Contents

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A mortgage is a necessary part of buying a home for many Australians, but figuring out what you can actually afford can be difficult. However, with home loan interest rate in March, it’s more important than ever to know your budget inside and out so you can cover your mortgage payments and have a reserve for rainy days.

The key to this process is understanding how your mortgage payments work, common terminology used by lenders, and how to accurately calculate your costs.

Related: How to choose the best home loan for you

Mortgage fees and costs

If this is your first time shopping for a mortgage, the terminology can be daunting. It can also be difficult to understand why you are paying and why.

Here’s what to look for when reviewing your mortgage costs and fees:

  • Director: The principal is the amount of money you borrowed against the mortgage. A portion of each payment will go towards paying it back, so the number will decrease as you make monthly payments. In Australia we have what are called interest-only loans. These are much cheaper than principal and interest loans, especially in the beginning.
  • Interest rate: This is basically what the lender asks you to borrow money from. Your interest rate is expressed as a percentage and can be fixed or variable. The RBA raised rates for much of 2022, putting an end to Australia’s historically low cash rate, which at the start of 2022 was 0.1%. It was not uncommon for borrowers to get loans starting with a two.
  • Package fees: Some loans will come with a flat fee, especially if there are a number of bells and whistles attached, such as compensation or a credit card.
  • Initial costs: Applying for a mortgage and buying a property can be expensive. Be sure to factor in application fees, title transfer fees, government fees, and mortgage registration fees.
  • Ongoing charges: You may also need to factor in fees if you switch to another lender, repay the loan too soon, redraw, or miss a repayment.
  • Home and contents insurance: Home and contents insurance protects you and your lender in the event of damage to your home. Contact your local insurance agent for a quote or access a range of free quotes online.
  • Mortgage insurance: Also known as Lenders Mortgage Insurance, or LMI, it protects the lender in the event of default on your mortgage, and you’ll need to consider this if your deposit is less than 20%. Try to avoid this as much as possible because insurance can easily add thousands, sometimes tens of thousands, to the cost of your loan.
  • Stamp duty : Finally, we come to stamp duty, a levy imposed by each state as a percentage of the purchase price of the property. For example, in Victoria it is calculated on a sliding scale and starts at 1.4% if the property is valued at $25,000 and goes up to 5.5% if the property is valued at $960,000 or more, which corresponds to most properties in Melbourne. Stamp duty is a controversial tax, adding tens of thousands of dollars to the state coffers with every purchase, and NSW has since added an alternative option for homeowners to pay an annual property tax instead of the hefty initial slug .

Estimate how much you can afford

How much can you the means depend on several factors, including your monthly income, existing debt service and the amount you have saved for a deposit. When determining whether to approve you for a certain mortgage amount, lenders pay close attention to your credit score, assets, and liabilities.

Keep in mind, however, that just because you can afford a house on paper doesn’t mean your budget can actually handle the payments. Beyond the factors your bank considers when pre-approving a mortgage amount, consider how much money you’ll have on hand after making the deposit. It is best to have at least three months of payments in savings in case you run into financial difficulties.

In addition to calculating how much you expect to pay each month for maintenance and other home-related expenses, you also need to consider your other financial goals. For example, if you’re planning to retire early, figure out how much money you need to save or invest each month, then calculate how much you’ll have left to pay off a mortgage.

Ultimately, the home you can afford depends on what you’re comfortable with. Just because a bank gives you pre-approval for a mortgage doesn’t mean you should maximize your borrowing power.

What is the best mortgage term for you?

The term of a mortgage is the length of time you have to pay off your mortgage. The most common mortgage terms are between 20 and 30 years. The term of your mortgage dictates (in part) how much you’ll pay each month. The longer your term, the lower your monthly payment. That said, you will pay more interest over the term of a 30-year loan than over 20 years.

To determine which mortgage term is right for you, consider how much you can afford to pay each month and how quickly you prefer your mortgage to be paid off.

If you can afford to pay more each month, but you’re still not sure which term to choose, it’s also worth considering whether you would be able to break even or, perhaps, break even. save on interest by choosing a lower monthly payment and invest the difference.

How to get a lower mortgage payment

There are several ways to get a lower monthly payment on your mortgage:

  • Choose a longer duration
  • Have a larger deposit
  • Choose a cheaper property
  • Get a lower interest rate

How to choose a mortgage lender

You have several options when it comes to choosing a mortgage lender. Banks, credit unions, and online lenders all offer mortgages directly, while mortgage brokers and online research tools help you compare options from different lenders.

It’s important to make sure you feel comfortable with the broker or company you’re working with, as you’ll need to communicate with them frequently during the application process and, in some cases, after the loan is closed.

You may want to start with banks or other institutions where you already have accounts, if you like their service. Also ask your network of friends and family, and any real estate professionals you work with, for referrals. However, be aware that as rates rise, it is important to lock in the lowest possible rate and keep reviewing it. Many borrowers stop shopping once they get a loan and end up paying a “loyalty tax”: that is, because they don’t pressure their bank to drop their rate based on introductory offers, they end up paying a lot more than they need.

The advice and information provided by ForbesAdvisor is general in nature and is not intended to replace independent financial advice. ForbesAdvisor encourages readers to seek expert advice regarding their own financial decisions.

Do mortgage repayments decrease over time?

Whether or not your mortgage payments increase over time has more to do with the interest rate you pay rather than how long you have left on the loan. What happens is that the makeup of the loan changes over time: at first the borrowers are paying mostly the interest on the loan, but as the loan progresses you are paying more and more of the principal real.

How can I repay my loan faster?

There are many things borrowers can do to make sure they pay off their loan as quickly as possible. This includes paying a supplement each month; switch to semi-monthly rather than monthly pay cycles because there are fewer monthly pay periods; use a clearing account to reduce the amount of interest paid; and renegotiate a lower interest rate with your lender on a regular basis, perhaps annually.

How do mortgage repayments work?

Mortgage repayments in Australia can be weekly, semi-monthly or monthly, and usually the bank makes the repayment on the designated date by direct debit. Although it may seem easier to pay off your mortgage on a monthly basis, if you opt for weekly repayments, you will pay off the loan faster because there are more weekly payment cycles than monthly. Most homeowners opt for a principal and interest (P&I) loan, while some investors prefer interest-only loans because these loans are cheaper, at least initially. If you have a variable interest rate rather than a fixed rate, you will be subject to movements in the RBA cash rate. When rates go up, so will your mortgage. When rates are reduced, your mortgage should also decrease, although some banks have been criticized in the past for not passing on rate cuts to their customers, while invariably passing on increases.

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Georgia-based Infinity RE Impact buys portfolio of 13 affordable housing units in Georgia, South Carolina https://acoram-acomar-987.net/georgia-based-infinity-re-impact-buys-portfolio-of-13-affordable-housing-units-in-georgia-south-carolina/ Fri, 11 Nov 2022 18:06:58 +0000 https://acoram-acomar-987.net/georgia-based-infinity-re-impact-buys-portfolio-of-13-affordable-housing-units-in-georgia-south-carolina/ Georgia-based Infinity RE Impact recently acquired a portfolio of 13 affordable multi-family community assets in Georgia and South Carolina. The company purchased the properties with a two-year, $87.7 million bridge loan financed by Berkadia. “Almost 10 years ago we funded the first deal for the company that preceded Infinity and my team and I are […]]]>

Georgia-based Infinity RE Impact recently acquired a portfolio of 13 affordable multi-family community assets in Georgia and South Carolina.

The company purchased the properties with a two-year, $87.7 million bridge loan financed by Berkadia.

“Almost 10 years ago we funded the first deal for the company that preceded Infinity and my team and I are so excited about the growth and development of Infinity,” said Berkadia CEO Jeff Lawrence, in a statement. Press release. “We are not just a debt provider, they are our partner. As such, we strive to help them grow all aspects of their business. »

The 13 properties include:

  • 118-unit Lake Forest apartments at 1360 Otilia Drive in Gainesville.
  • 80 units Forest Creek at Moultrie Apartments at 409 Martin Luther King Jr. Drive in Moultrie.
  • 98-unit Lakeview apartments at 1210 Stewart Street in Carrollton.
  • 160-unit Rolling Ridge Apartments at 100 Rolling Ridge Drive in Athens.
  • 100-unit Shenandoah Forest Apartments at 8 Forest Circle in Newnan.
  • 130-unit Sunny Brook Apartments at 1300 Mineral Springs Road in Elberton.
  • 90-unit Briarwood Apartments at 1201 S 1st St. in Jesup.
  • 150-unit Indian Oaks at 1103 E Church St. in Fort Valley.
  • 78-unit Shadowood at 2506 Lumpkin Road in Augusta.
  • 120 The Cliffs units at 826 Shugart Road in Dalton.
  • Riverbend of 75 units at 441 E McIntosh St. in Milledgeville.
  • Georgian Woods of 66 units at 120 McNeil Drive in Douglas.
  • 76 Crestview Village units at 908 Crestview Road in Easley, SC
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COMMUNITY TRUST BANCORP INC /KY/ Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://acoram-acomar-987.net/community-trust-bancorp-inc-ky-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Tue, 08 Nov 2022 13:04:18 +0000 https://acoram-acomar-987.net/community-trust-bancorp-inc-ky-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Insight The following MD&A and analysis of financial condition and results of operations (“MD&A”) is intended to help the reader understand Bancorp Community Trust, Inc. (“CTBI”), our operations and our current business environment. The MD&A is provided in addition to our condensed consolidated financial statements and accompanying notes contained in Part I, Section 1 of […]]]>

Insight

The following MD&A and analysis of financial condition and results of operations (“MD&A”) is intended to help the reader understand
Bancorp Community Trust, Inc. (“CTBI”), our operations and our current business environment. The MD&A is provided in addition to our condensed consolidated financial statements and accompanying notes contained in Part I, Section 1 of this quarterly report, and should be read in conjunction with those financial statements, as well as our consolidated financial statements, notes thereto, and related MD&A on financial condition and results of operations in our Annual Report on Form 10-K for the year ended December 31, 2021. The MD&A includes the following sections :

? Our business

? Financial objectives and performance

? Results of operations and financial situation



? Liquidity and Market Risk



? Interest Rate Risk



? Capital Resources


? Impact of inflation, price changes and economic conditions



? Stock Repurchase Program


? Significant Accounting Policies and Estimates

Our business

CTBI is a bank holding company headquartered in Pikeville, Kentucky. Currently, we own a commercial bank, Community Trust Bank, Inc. (“CTB”) and a trust company, Community Trust and Investment Company. Through our subsidiaries, we have 78 banking locations in the East, Northeast, Central and South Central
Kentuckysouth West Virginiaand northeast Tennesseefour fiduciary offices across Kentuckyand a trust office in the northeast Tennessee. To September 30, 2022we had total consolidated assets of $5.5 billion and total consolidated deposits, including repurchase agreements, of $4.8 billion. Total equity at September 30, 2022 has been $602.6 million. Trust assets under management at September 30, 2022 were $3.1 billionincluding BTC’s investment portfolio totaling $1.3 billion.

Through our subsidiaries, CTBI engages in a wide range of commercial and personal banking and trust and wealth management activities, which include accepting term and demand deposits; provide secured and unsecured loans to companies, individuals and others; providing cash management services to businesses and individuals; issuance of letters of credit; rental of safes; and provide remittance services. BTC’s lending activities include the making of commercial, construction, mortgage and personal loans. Leasing, lines of credit, revolving lines of credit, term loans and other specialty loans, including asset-based financing, are also available. Our corporate subsidiaries act as trustees of personal trusts, as executors of estates, as trustees of employee benefit trusts, as paying agents for bond and stock issues, as placement agents, as securities custodians and as full-service brokerage and insurance providers. services. For more information, see Item 1 of our Annual Report on Form 10-K for the year ended.
December 31, 2021.


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Results of operations and financial situation

We have published the results for the third quarter of 2022 of $19.4 millionWhere $1.09 per basic share, compared to $20.3 millionWhere $1.14 per basic share, acquired during the second quarter of 2022 and $21.1 millionWhere $1.19 per basic share, earned during the third quarter of 2021. Total revenue was $2.9 million above the previous quarter and $1.8 million above the same quarter of the previous year. Net interest income increased $2.7 million compared to the previous quarter and $1.5 million compared to the same quarter of the previous year, and non-interest income increased $0.2 million compared to the previous quarter and $0.3 million compared to the same quarter of the previous year. The allowance for credit losses for the quarter was $2.4 millionin relation to the supply of $0.1 million for the quarter ended June 30, 2022 and a provision reversal of $0.2 million for the third quarter of 2021. Non-interest expense increased $1.5 million compared to the previous quarter and $1.1 million compared to the same quarter of the previous year. Net profit for the nine months ended September 30, 2022 was lower than the previous year by $9.3 millionmainly due to the $6.9 million
reversal of the provision for credit losses taken in 2021 and the $4.2 million
lower gains on loan sales.

As indicated in our Form 10-Q for the quarter ended June 30, 2022several eastern counties Kentucky experienced major flooding in which six of our branches were affected. After assessing the situation, we determined that the flooding had no material impact on our financial situation.

Quarterly Highlights

? Net interest income for the quarter of $43.5 million has been $2.7 million above

previous quarter and $1.5 million above the same quarter of the previous year.

? The allowance for credit losses for the quarter was $2.4 millioncompared to

supply of $0.1 million for the quarter ended June 30, 2022 and a recovery of

provision of $0.2 million for the third quarter of 2021.

? Our loan portfolio has grown $72.2 millionan 8.0% annualized, during the

quarter and $221.8 millionan 8.7% annualized, of December 31, 2021.

? Net loan write-offs were $0.3 millioni.e. 0.04% of annualized average loans,

for the quarter ended September 30, 2022 compared to $0.04 millionor less

greater than 0.01% of annualized average loans, for the second quarter of 2022 and $0.3

million, or 0.04% of annualized average loans for the quarter ended September

30, 2021.

? Asset quality remains strong compared to the prior quarter as our non-performing loans,

excluding distressed debt restructurings (“TDR”), slightly decreased for $13.7

million to September 30, 2022 of $13.8 million at June 30, 2022 and decreased

$2.9 million from $16.6 million at December 31, 2021. Non-performing assets

at $15.6 million decreases $0.2 million of June 30, 2022 and $4.6 million

of December 31, 2021.

? Deposits, including repos, increased $53.5 milliona

4.5% annualized, during the quarter and $149.8 millionan annualized 4.3%,

of December 31, 2021.

? Equity has decreased $29.5 millionan annualized 18.5%, during the

quarter and $95.6 millionan 18.3% annualized, of December 31, 2021like a

result of the continued increase in unrealized losses on our securities

wallet.

? Non-interest income for the quarter ended September 30, 2022 of $14.7 million

has been $0.2 millionor 1.2%, above the previous quarter and $0.3 millionor 2.0%, above

same quarter of the previous year.

? Non-interest expenses for the quarter ended September 30, 2022 of $31.5 million

has been $1.5 millionor 5.0%, higher than the previous quarter and $1.1 millioni.e. 3.8%,

above the same quarter of the previous year.




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© Edgar Online, source Previews

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6,971 NM veterans used VA home loans last year https://acoram-acomar-987.net/6971-nm-veterans-used-va-home-loans-last-year/ Sat, 05 Nov 2022 17:04:57 +0000 https://acoram-acomar-987.net/6971-nm-veterans-used-va-home-loans-last-year/ From the outbreak of the Mexican-American War in 1846 to the campaigns today in many countries around the world, New Mexico’s military has bravely defended the American Constitution and way of life. Along with this service came a long list of benefits, one of which is the VA home loan guarantee. The third most popular […]]]>

From the outbreak of the Mexican-American War in 1846 to the campaigns today in many countries around the world, New Mexico’s military has bravely defended the American Constitution and way of life. Along with this service came a long list of benefits, one of which is the VA home loan guarantee. The third most popular benefit was used by 746,090 U.S. veterans in fiscal year 2022 (Oct. 1, 2021 through Sept. 30, 2022), according to the U.S. Department of Veterans Affairs. A total of 5,259 of these loan guarantees were issued to veterans in New Mexico. Of those, 801 were used to buy, refinance or upgrade a home in Doña Ana County, according to Jesus Rodriguez, public information officer for the VA’s Phoenix Regional Loan Center in Arizona.

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A brief history of the mortgage, from its roots in ancient Rome to the English “mortgage” and its revival in America https://acoram-acomar-987.net/a-brief-history-of-the-mortgage-from-its-roots-in-ancient-rome-to-the-english-mortgage-and-its-revival-in-america/ Thu, 03 Nov 2022 12:00:53 +0000 https://acoram-acomar-987.net/a-brief-history-of-the-mortgage-from-its-roots-in-ancient-rome-to-the-english-mortgage-and-its-revival-in-america/ The average interest rate on a new 30-year fixed-rate mortgage in the United States exceeded 7% at the end of October 2022 for the first time in more than two decades. This is a sharp increase from the previous year, when lenders only charged buyers 3.09% for the same type of loan. Several factors, including […]]]>

The average interest rate on a new 30-year fixed-rate mortgage in the United States exceeded 7% at the end of October 2022 for the first time in more than two decades. This is a sharp increase from the previous year, when lenders only charged buyers 3.09% for the same type of loan.

Several factors, including inflation rates and the general economic outlook, affect mortgage rates. A key driver of the ongoing upward spiral is the Federal Reserve’s series of interest rate hikes aimed at controlling inflation. Its decision to increase the benchmark rate by 0.75 percentage points on November 2, 2022, to 4%, will push the cost of mortgages even higher.

Even if you’ve had mortgage debt for years, you might not know the history of those loans — a topic I cover in my course on Mortgage Financing for Undergraduate Business Students at Mississippi State. University.

The term dates back to medieval England. But the roots of these legal contracts, in which land is pledged for a debt and will become the property of the lender if the loan is not repaid, go back thousands of years.

ancient roots

Historians trace the origins of mortgage contracts to the reign of King Artaxerxes of Persia, who ruled modern Iran in the 5th century BC. The Roman Empire formalized and documented the legal process of pledging a loan.

Often using the forum and temples as a base of operations, mensariiwhich is derived from the word mensa or “bank” in Latin, would arrange loans and charge borrowers interest. These government-appointed public bankers required the borrower to provide collateral, whether real estate or personal property, and their agreement to the use of collateral would be handled in three ways.

First the Trust, Latin for “trust” or “confidence”, required the transfer of ownership and possession to the lenders until the debt was paid in full. Ironically, this arrangement did not imply any trust.

Second, the pignusLatin for “pawn”, allowed borrowers to retain ownership while sacrificing possession and use until they repaid their debts.

Finally, the MortgageLatin for “pledge”, allows borrowers to retain both property and possession while paying off their debts.

The commitment of the living against the dead

Emperor Claudius introduced Roman law and customs to Britain in AD 43. During the next four centuries of Roman rule and the next 600 years known as the Dark Ages, the Britons adopted another Latin term for a pledge of security or guarantee for loans: Vadium.

If pledged as security for a loan, real estate could be offered as “Vivum vadium.” The literal translation of this term is “living commitment”. The land would be temporarily pledged to the lender who used it to generate income to repay the debt. Once the lender collected enough revenue to cover the debt and some interest, the land reverted to the borrower.

With the alternative, the “Mortuum Vadiumor “mortgage”, the land was pledged to the lender until the borrower could repay the debt in full. It was essentially an interest-only loan with full principal payment by the borrower required at a later date. When the lender demanded repayment, the borrower had to repay the loan or lose the land.

Lenders would keep the proceeds of the land, whether it was income from farming, selling timber, or renting the property for housing. In effect, the land was dead to the debtor during the term of the loan as it provided no benefit to the borrower.

After William the Conqueror’s victory at the Battle of Hastings in 1066, the English language was heavily influenced by Norman French – the language of William.

This is how the Latin term “Mortuum Vadium” turned into “Mortgage», Norman French for “death” and “gage”. “Mortgage”, a mixture of the two words, then entered the English vocabulary.

Establishment of borrower rights

Unlike today’s mortgages, which are usually due within 15 or 30 years, English loans of the 11th-16th centuries were unpredictable. Lenders could demand repayment at any time. If the borrowers could not comply, the lenders could seek a court order and the land would be forfeited by the borrower to the lender.

Disgruntled borrowers could petition the king regarding their predicament. He could refer the matter to the Lord Chancellor, who could decide as he saw fit.

Sir Francis Bacon, Lord Chancellor of England from 1618 to 1621, established the equitable right of redemption.

This new right allowed borrowers to repay their debts, even after default.

The official end of the period to redeem the property was called the foreclosure, which is derived from an old French word meaning “to exclude”. Today, foreclosure is a legal process in which lenders take possession of property used as collateral for a loan.

Early history of housing in the United States

English colonization of what is now the United States did not immediately transplant mortgages across the pond.

But eventually, American financial institutions offered mortgages.

Prior to 1930, they were modest – typically amounting to no more than half of a home’s market value.

These loans were generally short-term, maturing in less than 10 years, with repayments due only twice a year. Borrowers either paid nothing of the principal or made a few such payments before the due date.

Borrowers would have to refinance loans if they couldn’t repay them.

Mortgages make it easier for Americans to buy homes like these in Huntington Beach, California.
Jeff Gritchen/MediaNews Group/Orange County Registry via Getty Images

Save the housing market

Once America fell into the Great Depression, the banking system collapsed.

With most homeowners unable to pay off or refinance their mortgages, the housing market collapsed. The number of foreclosures rose to over 1,000 a day in 1933 and housing prices fell precipitously.

The federal government responded by creating new agencies to stabilize the housing market.

They included the Federal Housing Administration. It provides mortgage insurance – borrowers pay a small fee to protect lenders in the event of default.

Another new agency, the Home Owners’ Loan Corp., established in 1933, bought short-term, semi-annual, interest-only mortgages and turned them into new long-term loans with 15-year terms.

Payments were monthly and self-amortized – covering both principal and interest. They were also fixed rate, remaining stable for the duration of the mortgage. Initially they were more interest oriented and later they disbursed more principal. The company made new loans for three years, doing so until it closed in 1951. It pioneered long-term mortgages in the United States.

In 1938, Congress created the Federal National Mortgage Association, better known as Fannie Mae. This government-sponsored company made long-term, fixed-rate mortgages viable through a process called securitization — by selling debt to investors and using the proceeds to buy those long-term mortgages from banks. This process reduced risk for banks and encouraged long-term mortgage lending.

Fixed-rate or adjustable-rate mortgages

After World War II, Congress authorized the Federal Housing Administration to insure 30-year loans for new construction and, a few years later, purchases of existing homes. But then the credit crisis of 1966 and the years of high inflation that followed made variable rate mortgages more popular.

Known as ARMs, these mortgages have stable rates for only a few years. Typically, the initial rate is significantly lower than it would be for 15 or 30 year fixed rate mortgages. After this initial period is over, interest rates on ARMs are adjusted up or down each year, along with monthly payments to lenders.

Unlike the rest of the world, where ARMs prevail, Americans still prefer the 30-year fixed rate mortgage.

About 61% of American homeowners have mortgages today – with fixed rates the dominant type.

But as interest rates rise, the demand for ARM increases again. If the Federal Reserve fails to curb inflation and interest rates continue to climb, unfortunately for some ARM borrowers, the term “death pledge” may live up to its name.

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Sun West CEO Pavan Agarwal Trained Hundreds of Realtors in ‘Sales… | New https://acoram-acomar-987.net/sun-west-ceo-pavan-agarwal-trained-hundreds-of-realtors-in-sales-new/ Tue, 01 Nov 2022 00:03:04 +0000 https://acoram-acomar-987.net/sun-west-ceo-pavan-agarwal-trained-hundreds-of-realtors-in-sales-new/ ATLANTA, Oct. 31, 2022 (GLOBE NEWSWIRE) — Sun West Mortgage Company, Inc. ( www.swmc.com ) CEO Pavan Agarwal delivered a presentation at this year’s “Sales Mastery” – the largest event formation of the real estate calendar. The three-day workshop hosted by Agent Academy was held at the Atlanta Convention Center, October 24-27, 2022. Partnering with […]]]>

ATLANTA, Oct. 31, 2022 (GLOBE NEWSWIRE) — Sun West Mortgage Company, Inc. ( www.swmc.com ) CEO Pavan Agarwal delivered a presentation at this year’s “Sales Mastery” – the largest event formation of the real estate calendar. The three-day workshop hosted by Agent Academy was held at the Atlanta Convention Center, October 24-27, 2022.

Partnering with leading real estate coach Bill Pipes, Pavan Agarwal, Founder and CEO of Sun West & Celligence, presented to “Sales Mastery” and showed how the company’s empathetic artificial intelligence technology has brought and continues to strengthen equality of access and service across all demographic and economic segments.

Showcasing their latest AI-powered advanced lending product, Morgan™ (a revolutionary application that is simply an underwriter at your fingertips), visitors to Sun West’s event booth were able to see how Morgan delivers value without the expectation on an ongoing basis, which is the cornerstone of The Coaching Principles of Bill Pipes and Jon Cheplak.

Sun West offered workshop guests a chance to meet and greet the innovative team behind the game-changing technology, ask Founder and CEO Pavan Agarwal direct questions, and learn all about cutting-edge advancements of Morgan™ industry standards that enable the company to deliver real value by eliminating unnecessary fees and helping to achieve true fair lending for all.

Speaking on Sun West’s attendance at the event, Pavan Agarwal explained, “When professionals focus on giving back and adding value to their community, customer retention follows. professionals usually miss out because of the time effort required. The housing market has been hit from both sides: high interest rates and high house prices. As a result, more borrowers than ever are struggling to qualify for a mortgage, and real estate agents desperately need Morgan, an expert underwriter on hand.”

Sun West’s participation in “Sales Mastery” follows its recent presentation at Virtual Connect Now: INMAN (events.inman.com). You can check out their Morgan™ demo hosted by Pavan Agarwal here.

About Sun West Mortgage Company, Inc. (NMLS ID 3277)

At Sun West Mortgage Company, Inc., we are committed to providing an incredible experience for our clients. We do this by empowering our loan officers to find great rates and provide the most suitable loan options for each client – at incredible speed. Our focus on technology has given us an edge in the mortgage industry to deliver exceptional turnaround times so clients can get to their dream home faster.

For licensing information, go to: www.nmlsconsumeraccess.org. Visit http://www.swmc.com/swmc/disclaimer.php for complete list of license information. Please refer to https://www.swmc.com/TXdis.php for the Texas Complaint Notice and Interview Disclosure. In all jurisdictions, the principal licensed location of Sun West Mortgage Company, Inc. is 6131 Orangethorpe Avenue, Suite 500, Buena Park, CA 90620, Phone: (800) 453-7884.

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Canagold announces the launch of G https://acoram-acomar-987.net/canagold-announces-the-launch-of-g/ Sat, 29 Oct 2022 00:01:12 +0000 https://acoram-acomar-987.net/canagold-announces-the-launch-of-g/ Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (there “Company” Where “Canagold”), is pleased to announce additional financing plans to complete the New Polaris Project Feasibility Study, advance the permitting process, meaningfully engage with Company stakeholders and achieve Canagold’s strategic plan for 2023. After careful consideration of the various financing alternatives, the Company believes […]]]>

Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (there “Company” Where “Canagold”), is pleased to announce additional financing plans to complete the New Polaris Project Feasibility Study, advance the permitting process, meaningfully engage with Company stakeholders and achieve Canagold’s strategic plan for 2023.

After careful consideration of the various financing alternatives, the Company believes that an extended rights offering to all existing shareholders provides the best and most democratic opportunity for all existing shareholders participating in the financing of the Company. The rights offering will provide an equal opportunity for all existing shareholders to continue to play an important role in Canagold’s future growth as it advances the New Polaris project towards feasibility and permitting, with the aim ultimate to rebuild the New Polaris mine in northern BC.

By participating in the rights offering, shareholders have the opportunity to protect their ownership interest in Canagold against dilution. The Company wishes to encourage all shareholders to contact the Company with any questions relating to the Rights Offering using the contact details provided at the bottom of this press release. Additional information will be sent to shareholders in due course.

Canagold will proceed with a secured rights offering to raise gross proceeds of $7,985,215. The Company will offer 91,259,596 rights (the “Rights”) to the holders of its ordinary shares (the “Shareholders”) at the close of business on the record date of November 10, 2022 (the “Registration Date“) on the basis of one (1) right for each (1) ordinary share held (the “Rights Offering”). Each two (2) Rights will entitle the holder to subscribe to one ordinary share of the Company (a “To share”) upon payment of a subscription price of $0.175 per share. The price of the rights offering is mandated by TSX rules which require the Company to offer all existing shareholders a significant discount to purchase new shares of the Company at a discount of at least 25% from the average market price. Company’s 5-day volume-weighted (“VWAP”) in order to provide a significant incentive to all shareholders to participate in the financing. The price reflects the minimum discount required by the TSX, based on the Company’s 5-day VWAP of $0.232804 per share. Upon completion of the rights offering and assuming all rights are exercised, the Company will have 136,889,334 shares outstanding, of which the shares issued under the rights offering represent 33.33%.

Sun Valley Investments S.A. (“valley of the sun), an “insider” and a “related party” (as such terms are defined in applicable securities laws) of the Company and the principal shareholder of the Company, has informed the Company of its intention to exercise, subject to applicable restrictions, all of its basic subscription privileges. The Company has also entered into a Standby Guarantee Agreement with Sun Valley, pursuant to which Sun Valley has agreed to purchase all shares issuable under the rights offering that remain unsubscribed under the basic subscription and the additional subscription privilege (the “standby guarantee”). Currently, Sun Valley holds 21,490,371 common shares representing 23.55% of the total issued and outstanding common shares of the Company. If Sun Valley acquires all of the shares under the Standby Guarantee, Sun Valley will own 67,120,169 Company Shares representing 49.03% of the total issued and outstanding common shares of the Company. after completion of the rights offering.

In August 2022, the Company obtained a bridge loan of $2,500,000 (the “Bridging loan”) from Sun Valley as a down payment for the stand-by guarantee. The bridge loan is unsecured, bears interest at the rate of 5.5% per annum, is payable on the earliest of the following dates: (i) the completion of the rights offering, (ii) 12 months after the date of the bridge loan agreement and (iii) the termination of the stand-by guarantee.

The Rights are expected to trade on the TSX under the symbol “CCM.RT” beginning on or about November 10, 2022 and until 2:00 p.m. (Pacific Standard Time) on or about December 9, 2022 ( the “Expiration date”), after which any unexercised rights will be null and void. Shareholders who fully exercise their rights under the Basic Subscription Privilege will be entitled to subscribe for additional shares, if available as a result of unexercised rights prior to the expiry time, subject to certain restrictions set out in the company’s rights offering circular dated October 27. , 2022 (the “Circular”), which will be filed on SEDAR under Canagold’s profile at www.sedar.com. The Company expects to close the Rights Offering no later than December 30, 2022.

Rights will be offered to shareholders resident in (ii) each state of the United States (excluding Arizona, Arkansas, California, Minnesota, Ohio, Utah and Wisconsin) and (iii) Canada, excluding any jurisdiction that does not provide a prospectus exemption substantially similar to the exemption provided in Canada or that otherwise requires obtaining regulatory approvals in that jurisdiction or the filing of any document by the Company in such jurisdiction relating to this offering (collectively, the “Eligible jurisdictions).

Accordingly, and subject to the detailed provisions of the Circular, the DRS declarations of rights (the “Bills of Rights”) and subscription forms will not be mailed to Shareholders residing outside Eligible Jurisdictions unless such Shareholders are able to establish to the satisfaction of the Company that they are eligible to participate in the ‘Offer with Rights. Registered shareholders wishing to exercise their Rights should send the completed subscription form, together with the applicable funds, to the Rights Agent, Computershare Investor Services Inc. (the “Rights Officer”), no later than the expiry time. Shareholders who hold their Common Shares through an intermediary, such as a bank, trust company, stockbroker or broker, will receive materials and instructions from their intermediary. Shareholders who fully exercise their rights may subscribe pro rata for additional Shares not otherwise purchased, if any, due to Rights not being exercised prior to the Expiry Time, subject to certain restrictions set forth in the Circular.

After December 2, 2022, the Rights Agent will attempt, on a commercially reasonable basis, to sell the Rights of Ineligible Shareholders (other than Shareholders whose subscriptions the Company accepts) through the facilities of the TSX. The Rights Agent will mail checks representing the net proceeds, without interest, of such sales.

Proceeds from the rights offering are expected to be used to repay the bridge loan, to advance the company’s properties and for working capital purposes.

About Canagold

Canagold Resources Ltd. is a growth-oriented gold exploration company focused on advancing the New Polaris project to production. Canagold is also looking to grow its asset base through future acquisitions of additional advanced projects. Canagold has access to a team of technical experts who can help create significant value for all Canagold shareholders.

On behalf of the Board of Directors

Catalin Kilofliski

Catalin Kilofliski

Chief executive officer

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements contained in this press release that are not historical facts are forward-looking information that involve known and unknown risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding the completion of the Rights Offering, Canagold’s future performance and the Company’s exploration plans and programs for its mineral properties. , including the timing of these plans. and programs. In some cases, forward-looking statements can be identified by the use of words such as “anticipates”, “has proven”, “expects” or “does not expect”, “is expected”, “potential ‘, ‘appears’, ‘budget’, ‘planned’, ‘estimates’, ‘plans’, ‘at least’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’ , or variations of such words and phrases or state that certain actions, events or results “could”, “could”, “should”, “should”, “could” or “will be taken”, “will occur” or “will be achieved”.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. forward-looking statements. These risks and other factors include, among others, risks relating to uncertainties inherent in the estimation of mineral resources; commodity prices; changes in general economic conditions; Market Sentiment; exchange rate; the Company’s ability to continue as a going concern; the Company’s ability to raise funds through equity financing; risks inherent in mineral exploration; risks related to foreign operations; future metal prices; failure of equipment or processes to perform as intended; accidents, labor disputes and other hazards of the mining industry; delays in obtaining government approvals; government regulation of mining operations; environmental risks; title disputes or claims; the limits of insurance coverage and the timing and possible outcome of disputes. Although the Company has attempted to identify important factors that could affect the Company and cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as intended, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this press release and the Company undertakes no obligation to update or change any forward-looking statements, except as required by applicable securities laws.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221028005515/en/

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