Motorcycle industry – La Bougeotte http://www.labougeotte.org/ Mon, 23 May 2022 08:38:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.labougeotte.org/wp-content/uploads/2021/08/cropped-icon-32x32.png Motorcycle industry – La Bougeotte http://www.labougeotte.org/ 32 32 Is it good to switch to a fixed rate home loan when interest rates rise? https://www.labougeotte.org/is-it-good-to-switch-to-a-fixed-rate-home-loan-when-interest-rates-rise/ Mon, 23 May 2022 08:38:36 +0000 https://www.labougeotte.org/is-it-good-to-switch-to-a-fixed-rate-home-loan-when-interest-rates-rise/ I took out a variable rate mortgage three years ago. The current interest rate is 6.75%, but I’m told this may soon rise as interest rates rise. Should I switch to a fixed rate mortgage now? This way I can avoid rising rates. –Name masked on request (Query answered by Raj Khosla is Managing Director […]]]>

I took out a variable rate mortgage three years ago. The current interest rate is 6.75%, but I’m told this may soon rise as interest rates rise. Should I switch to a fixed rate mortgage now? This way I can avoid rising rates.

–Name masked on request

(Query answered by Raj Khosla is Managing Director of MyMoneyMantra.com)

The main difference between fixed rate and variable rate loans is who bears the interest rate risk. In a variable rate loan, the borrower assumes the risk if rates rise and is rewarded when they fall. In a fixed rate loan, the lender assumes the risk. To compensate for this risk, lenders charge 75 to 100 basis points higher interest on fixed rate loans.

The going rate for variable rate loans is around 6.5-7%, while fixed rate loans charge 7.5-7.9%.

It is true that mortgage rates are likely to rise in the coming months. The prevailing rates are very low and if the RBI raises the interest rates to control inflation, the mortgage rates will obviously rise. It may therefore be wise to switch to a fixed rate mortgage now.

But before you switch, calculate how much you stand to gain by switching to a fixed rate loan. As mentioned earlier, fixed rate loans charge higher interest, so your monthly equivalent payments (EMI) will increase after the switch. If the difference is more than 100 basis points, you may not see any real savings because floating rates on home loans may not increase as much. Keep in mind that you will also incur processing fees and other refinancing fees when you switch to a new loan.

Most importantly, read the fine print very carefully when making the change. Many loans are just quasi-fixed rate home loans, where the rate is fixed for the first 2-5 years, after which they become variable rate loans.

Interest rates may head higher in this inflationary scenario, but home loans are long-term contracts and ultimately interest rates are likely to moderate as inflation cools.

(Please send your questions and opinions to mintmoney@livemint.com)

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Is it the right time to make a home loan prepayment plan? https://www.labougeotte.org/is-it-the-right-time-to-make-a-home-loan-prepayment-plan/ Sat, 21 May 2022 10:59:24 +0000 https://www.labougeotte.org/is-it-the-right-time-to-make-a-home-loan-prepayment-plan/ Prepayment seems like a convenient option to get rid of your debt and interest. We all want to pay off our debts and free ourselves from long-term financial commitments. The RBI had recently raised the repo rate by 40 basis points, making lending more expensive and sparking speculation about the extent of the rate hike. […]]]>

Prepayment seems like a convenient option to get rid of your debt and interest. We all want to pay off our debts and free ourselves from long-term financial commitments. The RBI had recently raised the repo rate by 40 basis points, making lending more expensive and sparking speculation about the extent of the rate hike.

A higher interest rate cannot be ruled out since most variable rate loans are linked to the repo rate. Let us find out how you should handle home loan repayment and how it will impact you in the long run.

How increased interest affects loan repayment

When the interest rate on your existing loan increases, the lender gives you two options: either increase the EMI (option I in the illustration below) or increase the term (option II in the illustration below ). Using the illustration presented in the table below, let’s find out how your loan will be impacted in both cases.

Impact on the EMI of home loans after the rise in interest rates

In both cases, the borrower will pay more interest. However, the interest expense will be higher if you keep the same EMIs and increase the duration. Prepaying a loan can be an effective tool to reduce the impact of rising interest rates on your loan.

Prepayment of the loan when the interest rate increases

According to Bankbazaar, when there is an increase in the interest rate and you want to prepay loans to avoid additional interest during the term of the loan, the bank gives you different options to readjust your debt. In the first option (Case-I in the illustration below), the size of the EMI remains the same, while the repayment term changes, resulting in a smaller prepayment and a reduction in the number of NDE. In the second case (Case-II in the illustration), the size of the EMI changes, while the duration remains the same, but it requires a larger prepayment and gives you the advantage of a reduction in size of the EMI.

Various prepayment options to save interest in case the mortgage interest rate rises

You should be ready with an appropriate repayment strategy. Several repayment options may be available from your lender that can help you save interest and avoid financial stress. So, do not hesitate to discuss with your lender and get a more personalized solution for yourself.

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Commonwealth Bank Launches New Unloan Digital Home Loan https://www.labougeotte.org/commonwealth-bank-launches-new-unloan-digital-home-loan/ Tue, 17 May 2022 02:16:00 +0000 https://www.labougeotte.org/commonwealth-bank-launches-new-unloan-digital-home-loan/ “Over the course of this year, we would like to see a really large number of customers approved through Unloan within 10 minutes,” said Angus Sullivan, CBA’s Retail Banking Group Director. First price structure on the market Chief executive Matt Comyn said the digital direct mortgage would appeal to customers “with a simpler set of […]]]>

“Over the course of this year, we would like to see a really large number of customers approved through Unloan within 10 minutes,” said Angus Sullivan, CBA’s Retail Banking Group Director.

First price structure on the market

Chief executive Matt Comyn said the digital direct mortgage would appeal to customers “with a simpler set of needs” who had a “lower upfront cost, so we can pass on those pricing benefits.”

“We believe this is an innovative, first-to-market pricing structure,” he said on Wednesday.

“With this simplicity, it is very easy to create. It will not suit all borrowers, but those who are more confident, and particularly in this refinance market which we believe will be important in the future.

The new digital home loan comes as AMP also announced a digital mortgage on Wednesday, which it will offer in partnership with fintech Nano, and National Australia Bank rebranded ubank after onboarding 86,400. AMP and ubank will also seek to enter the digital mortgage market, in which Tic:Toc, which is financed by Bendigo Bank, and Athena Home Loans have also increased their volumes.

The ABC said its digital loan would not be available through mortgage brokers and would not have an interest-only offer. This will be for simple loans, with borrowers on PAYG salaries or who are self-employed, and a relatively low loan-to-value ratio (LVR) – initially borrowers will need a 20% deposit for loans up to to $3 million. There will be no honeymoon rates or fees attached to the product.

Unloan was created using the CBA x15 xStack platform which allows “application programming interfaces” to connect to other parts of the bank to meet regulatory requirements.

The launch of Unloan poses a challenge for rival banks, including ANZ, which has yet to add digital home lending to its new ANZ Plus platform; and to NAB, which spoke during its recent interim results of a new digital mortgage platform to reduce approval times, but this is not provided to customers directly through NAB digital channels but rather is a tool used by its bankers.

Loyalty, share exchange

On a strategic day focused on various technology initiatives, CBA also announced a range of new features in its app, which it says is the eighth most used app in Australia with 9.4 million average daily logins.

Mr Comyn said the CBA wants to use this reach as a new source of comparative advantage for the bank to maintain cheap funding through its strong deposit-taking capacity, which has always been driven by the larger network. of branches.

He said the CBA expects its market share to continue to be challenged by competitors, including from the tech industry, and wants to build proprietary digital assets to keep customers engaged. in its application over time.

“Banking, like many industries, is a game of scale,” he said during the briefing. “It’s all about the quality and number of customer relationships and a big part of our job is to broaden and deepen our customer relationships.”

New app features include CommBank Yello, a new loyalty feature that will offer cashback and rebates.

It will provide customers with personalized shopping offers, including discounts on telecommunications services. Purchase offers will also be tailored to recent home loan customers for things they might want to buy for the home.

The ABC also said its popular stock trading app, CommSec, will be integrated with the CommBank app through CommSec Pocket. The ABC said $1.23 billion had been invested through CommSec Pocket since its launch in 2019. It did not disclose the funds currently under management.

He expects Pocket’s integration into the core app to increase equity market participation, as it provides banking clients with thematic exchange-traded funds (EFTs). The CommSec app will continue to exist, but will be geared more towards sophisticated investors.

The ABC has also created a new program to educate children about money. Called Kit, it is a money app and digital information tool that will allow children to manage their savings, spend on a card, while learning about money. It will allow parents to manage the distribution of pocket money by defining tasks for children. NAB offers a similar offering through a deal with fintech startup Spriggy.

Kit’s creation, which also came from its x15 ventures unit, comes after the ABC came under pressure over its Dollarmites program, which provided financial education to children in schools. It says EY has audited the Kit framework to inform the activities kids can do in the Kit app, and the program has been reviewed by behavioral scientists.

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The New York Times says canceling student loans for everyone is a ‘bad idea’ https://www.labougeotte.org/the-new-york-times-says-canceling-student-loans-for-everyone-is-a-bad-idea/ Sun, 15 May 2022 12:30:00 +0000 https://www.labougeotte.org/the-new-york-times-says-canceling-student-loans-for-everyone-is-a-bad-idea/ President Joe Biden (Photo by Drew Angerer/Getty Images) Getty Images the New York Times The editorial board says canceling student loans for everyone is a “bad idea”. Here’s what you need to know — and what it means for your student loans. Student loans In a blow to proponents of large-scale student loan cancellation, the […]]]>

the New York Times The editorial board says canceling student loans for everyone is a “bad idea”.

Here’s what you need to know — and what it means for your student loans.

Student loans

In a blow to proponents of large-scale student loan cancellation, the New York Times The Editorial Board officially opposes the cancellation of student loans for all borrowers. Among the highlights of the new editorial:

  • Burden of student loan debt is ‘crushing’ and has caused ‘lasting generational damage to the lives of millions of Americans’;
  • However, if President Joe Biden were to enact large-scale student loan forgiveness through an executive order, it would be “legally questionable, economically unsound, politically unstable, and educationally problematic”;
  • Rather than canceling student loans for everyone, the Biden administration should make higher education more affordable and help student borrowers who are most financially vulnerable;
  • Canceling student loans for all borrowers sets a “bad precedent” and ignores the fact that future student borrowers will also borrow student loans;
  • If Biden Cancels Student Loans Through Executive Order, It Could Be ‘Dragged in Court for Years’;
  • If Biden offers student loan cancellation that Americans don’t see as fair, it could backfire on Democrats in the midterm elections; and
  • Income limits for student loan forgiveness are ‘crucial’; otherwise, student loan forgiveness disproportionately benefits high-income earners. (Student loan forgiveness: here are the potential income limits to qualify).

Biden could cancel student loans, but with limits

Biden eyes large-scale student loan forgiveness; however, it’s starting to sound more focused. Biden could cancel student loans in at least 3 ways. That said, Biden may impose some restrictions on who is eligible for student loan forgiveness. For example, Biden could:

Another question that has been overlooked: what happens to temporary student loan relief? Currently, the student loan payment pause ends August 31, 2022. However, if Biden cancels student loans before that date, student loan forgiveness could mean the end of student loan relief. The argument goes: if student loans are forgiven, especially for financially vulnerable student borrowers, there is less need to extend the student loan payment break again.


Student Loan Forgiveness: Alternatives

Proponents of large-scale student loan forgiveness note that relief is key to stimulating the economy, reducing disparities and helping borrowers become debt-free so they can marry, start families and to buy a house. If Biden decides not to cancel student loans, however, he can take other proactive steps to help student borrowers. First, Biden could work with Congress to change bankruptcy laws to make it easier for student borrowers to get a fresh start on their student loans. Second, Biden, who has forgiven more than $17 billion in student loans, could rearrange repayment plans based on income. (Student Loan Forgiveness: 5 Key Takeaways from a Major Announcement). It could automatically enroll student borrowers, shorten the repayment period, and grant student loan forgiveness sooner. Third, Biden can fix the public service loan forgiveness so that more borrowers are eligible for the student loan forgiveness in exchange for public service.

Biden could announce a decision in a few weeks, but student borrowers should also have a game plan for student loan repayment. You may not qualify for student loan forgiveness, or if you do, all of your student loans may not be forgiven. Here are some popular ways to pay off student loans faster:


Student Loans: Related Reading

Bill Maher: Student Loan Forgiveness Is A ‘Loser’ Matter

Biden confirms he won’t forgive $50,000 in student loans – 5 key takeaways

Student loan forgiveness: 5 key takeaways from a major announcement

Student loan forgiveness: Who might qualify for Biden’s plan

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As Federal Home Loan Banks turn 90, we shouldn’t spoil the success https://www.labougeotte.org/as-federal-home-loan-banks-turn-90-we-shouldnt-spoil-the-success/ Fri, 13 May 2022 15:53:00 +0000 https://www.labougeotte.org/as-federal-home-loan-banks-turn-90-we-shouldnt-spoil-the-success/ This year marks the 90th anniversary of the founding of the Federal Home Loan Bank System. Rather than using this moment to celebrate the essential role that the 11 regional mortgage lending banks play in supporting the economy with liquidity as a lender during times of economic crisis as well as during normal economic cycles, […]]]>

This year marks the 90th anniversary of the founding of the Federal Home Loan Bank System. Rather than using this moment to celebrate the essential role that the 11 regional mortgage lending banks play in supporting the economy with liquidity as a lender during times of economic crisis as well as during normal economic cycles, some have instead decided to aim for the mortgage. Banking system and call for change. My advice: don’t mess with success.

Since mortgage lending banks are not well understood by those who do not work with them regularly – over the past nine decades they have been an invaluable and often behind-the-scenes partner for banks and other regulated financial institutions invested in building communities. better and ensuring access to credit for all Americans. As member-owned and capitalized institutions, they have quietly fulfilled a critical need – ensuring liquidity for lenders like my own bank, Reading Cooperative, no matter what economic conditions or crisis may have gripped the economy. in its entirety.

When global credit markets freeze up, as they did during the 2007-2008 financial crisis or at the start of the COVID-19 pandemic, mortgage lenders are the lenders of first resort, stepping up to maintain liquidity in the market when other sources of financing disappear or are slow to act. In response to COVID-19 and the shutdown of the global economy, system-wide advances — loans that mortgage lending banks make to their members — increased by $165 billion, or 25% , over a brief period between March and April 2020, peaking at over $805 billion.

System advances have declined from this April 2020 peak, largely due to federal stimulus measures that have flooded the market and members of banks with real estate loans with liquidity and record levels of member deposits. This is how the Home Loan Bank System is designed – its scalable model allows each bank in the system to grow and contract according to the needs of regional members. And because these members (about 6,600 well-regulated banks, credit unions, insurance companies, and community development financial institutions in the United States) cooperatively own every mortgage bank, the system is very risk averse. Each member of the Mortgage Bank monitors their investment in their respective Mortgage Bank and no Mortgage Bank has ever suffered a loss on an advance in the 90 year history of the system.

Because they are not well known and not very well understood, it leads some to wonder whether the mortgage banking system has lost its usefulness or should be “reformed” to change its purpose. These calls usually come in times of abundant liquidity – like the one we are experiencing – when the appetite for bank advances on home loans is low. It’s a short-sighted view that would be tantamount to removing your furnace in the summer. Believe me, no matter how hot it gets in Boston in July, you’ll need this furnace in December. When economic conditions change – as they certainly will – member financial institutions will need mortgage lending banks as we have for the past 90 years.

Liquidity levels appear to have peaked locally: rising rates, investment returns and an endemic sense of normalization make the Home Loan banking system’s promise of liquidity a necessity for the continued flow of credit. Businesses and consumers in Massachusetts are probably unaware that our local home loan bank in Boston provides a “just-in-time inventory” source of cash and instruments for local banks and credit unions, ensuring the availability of credit to meet all their financial needs.

Moreover, those who believe that mortgage banks should be reformed to extend their usefulness to other types of lenders, such as mortgage companies or fintechs, are missing the fact that these entities have limited tangible assets. and sparse regulations. Since these proposed new members would not have the assets to secure their borrowings or the capital to invest or strict oversight, the risk to existing members would be significantly high. A reform of this type could destabilize the Home Loan Bank System and jeopardize its ability to fulfill its mission.

Some say there is no need for 11 individual mortgage banks – that in an age where funds can be allocated at the click of a mouse, the system should be centralized for efficiency. This argument misses another key mission of mortgage banks, which is to meet the needs of local communities. By law, mortgage banks must dedicate 10% of their profits each year to funding affordable housing grants that support their members’ efforts to increase affordability and access to housing in the communities they serve. .

The regional nature of the system ensures that each mortgage bank is closer to and knows more about its members and the communities it serves, and thus remains better able to assess and respond to the needs of these unique regions and communities. . For example, existing Federal Home Loan Bank of Boston programs provide down payment assistance, affordable housing financing, and small business stabilization and expansion support. The regional nature of the Home Loan Bank System ensures that the impact of the lending and investment activity of member financial institutions is felt locally. Otherwise, community financial institutions would have to compete for resources nationwide, and the funding and benefits of system programs might not reach every corner of America, as it does today.

Safe, solid and reliable access to capital provided by local lenders who know their communities have fostered a vibrant American economy. For 90 years, Federal Home Loan Banks have helped make this possible. Let’s take a moment to celebrate this success and move on.

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Bendigo Bank home loan customers are the most satisfied with their bank, followed by ING, Macquarie and Suncorp https://www.labougeotte.org/bendigo-bank-home-loan-customers-are-the-most-satisfied-with-their-bank-followed-by-ing-macquarie-and-suncorp/ Thu, 12 May 2022 02:28:14 +0000 https://www.labougeotte.org/bendigo-bank-home-loan-customers-are-the-most-satisfied-with-their-bank-followed-by-ing-macquarie-and-suncorp/ Source: Roy Morgan Single Source Australia, Oct 2020 – Mar 2021, n=37,403, Oct 2021 – Mar 2022, n=43,201. Base: Australians aged 14+. *The ten banks reported have a minimum sample size of at least 90 for the periods reported. New financial data from single-source Roy Morgan shows Bendigo Bank surpassed the latest bank customer satisfaction […]]]>

Source: Roy Morgan Single Source Australia, Oct 2020 – Mar 2021, n=37,403, Oct 2021 – Mar 2022, n=43,201. Base: Australians aged 14+. *The ten banks reported have a minimum sample size of at least 90 for the periods reported.

New financial data from single-source Roy Morgan shows Bendigo Bank surpassed the latest bank customer satisfaction ratings among home loan customers in early 2022. Bendigo Bank increased customer satisfaction by 89.9% there is one year old in March 2021, up 1.3% points to an excellent score of 91.2% in March 2022 at the top of the rankings.

The other five major banks followed closely with customer satisfaction ratings among mortgage customers at 89.6% for ING, 86.4% for Macquarie, 86.2% for Suncorp and 84.6% for Bankwest. Of these, the biggest improvers were Macquarie, up 7.8% from a year ago and Suncorp, up 3.2%.

The latest data covers the six months to March 2022 and overall home loan customer satisfaction across the top 12 Australian banks was 78.6% over that period. This represents a decrease of 1 percentage point from a year ago (six months to March 2021), which included a period when significant financial support was still available to hundreds of thousands of customers from real estate loans in the form of deferred loans.

Mid-2020 nearly 450,0001 home loans were postponed as customers affected by the COVID-19 pandemic took an initial payment break. Over the following months, these mortgage debtors resumed home loan repayments and by early 2021, more than 95% of these home loans had resumed repayments.

In March 2022, the CBA again had the highest customer satisfaction with home loans among the big four banks, with a rating of 77.8%. The average home loan customer satisfaction with the Big Four Banks as a group was 76.2%.

Satisfaction note from the mortgage bank’s customers: March 2021 cf. March 2022

Source: Roy Morgan Single Source Australia, Oct 2020 – Mar 2021, n=37,403, Oct 2021 – Mar 2022, n=43,201. Base: Australians aged 14 and over. *The ten banks reported have a minimum sample size of at least 90 for the periods reported.

________________________________________________________________________
1 Australian Banking Association: https://www.ausbanking.org.au/one-year-on-banks-ready-to-support-customers-as-more-resume-repayments/

Michele Levine, CEO of Roy Morgan, said Bendigo Bank has been the top performer over the past year with an increase in customer satisfaction with home loans to 91.2%, making it the fifth most Australia’s largest retail bank the advantage over its rivals:

“Home loan customer satisfaction for the 12 major Australian banks was 78.6% in March 2022, down slightly from a year ago in March 2021 (79.6%) but still up significantly from compared to February 2020 (74.8%) – the month before Australia entered a national lockdown at the start of the pandemic.

“The high rate of customer satisfaction with home loans over the past two years and the worst public health crisis in more than a century illustrate the importance of banks’ response to support borrowers facing sudden loss. income due to nationwide restrictions.

“Financial support provided by the Government, along with ‘mortgage holidays’ provided to borrowers facing financial difficulties by banks and financial firms, has helped to maintain the strong performance of the Australian economy and supported the housing market. during this crucial time.

“The latest ranking of customer satisfaction with home loans shows that Bendigo Bank emerged from the two years of the pandemic with the highest – and rising – customer satisfaction with home loans at 91.2%, an increase of 1.3% compared to a year ago. Other banks to see an increase in customer satisfaction are Macquarie in third place with 86.4%, up 7.6% from a year ago and Suncorp with 86.2%, up 3.2% compared to March 2021.

“There were several other banks with very impressive customer satisfaction ratings for home loans, including ING at 89.6%, Bankwest at 84.6%, St. George at 80.5% and Commonwealth Bank at 77, 8% – the highest rating from any of the “big four” banks.

“As we move further into 2022, new challenges are facing those with home loans and their banking and financial institutions – rising inflation and rising interest rates.

“This week the RBA raised official interest rates from 0.25% to 0.35% – the first time the RBA has raised the cash rate in over a decade since November 2010. Many debtors Today’s mortgages have never seen a cycle of increasing interest rates and the increase in payments they face will be a new experience for many.

“The latest ABS CPI (Consumer Price Index) figure for the 12 months to March 2022 showed Australian inflation hit a 20-year high of 5.1% – and is expected to continue to rise over the coming The expectation of higher inflation to come means the RBA is set to make a series of interest rate hikes through the rest of 2022 and mortgage payments will rise each month, the RBA adjusts the official cash rate upwards.

“The last time the RBA raised interest rates was over a one-year period from October 2009 to November 2010, following the global financial crisis of 2008-09. The RBA raised seven times interest rates from an “emergency low” of the GFC of 3%, and a total of 1.75%, to a high of 4.75%.

“If the RBA raises interest rates by a similar amount over the next year, CoreLogic2 estimates that the average monthly cost of a loan for a new borrower who owns an average-priced home will increase by almost $670 per month – reaching around $720 per month for someone in Melbourne and just over 1 $000 a month for someone in Sydney – Australia’s most expensive housing market.

“The prospect of high inflation, rising interest rates and increased mortgage repayments for millions of Australians over the next year is a new challenge for many, but presents also new opportunities for banks and financial institutions to attract customers who might be unhappy with their current mortgagee and looking for an alternative.

These latest bank satisfaction ratings come from the Roy Morgan Single Source Survey, derived from in-depth interviews with over 60,000 Australians each year.

________________________________________________________________________

2 CoreLogic: How much could mortgage repayments increase for a new homeowner borrower? https://www.corelogic.com.au/news-research/news/2022/higher-interest-rates-likely-to-add-further-downwards-pressure-on-housing-growth-rates

For comments or more information, please contact:
Roy Morgan – Information

Office: +61 (03) 9224 5309
askroymorgan@roymorgan.com

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Student loan forgiveness is a ‘losing problem’ https://www.labougeotte.org/student-loan-forgiveness-is-a-losing-problem/ Mon, 09 May 2022 18:49:05 +0000 https://www.labougeotte.org/student-loan-forgiveness-is-a-losing-problem/ Bill Maher (Photo by Jeff Kravitz/FilmMagic, Inc for HBO Films) FilmMagic, Inc for HBO Movies Bill Maher says student loan forgiveness is a “loser’s question.” Here’s what you need to know. Student loans Maher, comedian and political commentator who hosts Real time with Bill Maher on HBO, criticized the large-scale student loan forgiveness on his […]]]>

Bill Maher says student loan forgiveness is a “loser’s question.”

Here’s what you need to know.

Student loans

Maher, comedian and political commentator who hosts Real time with Bill Maher on HBO, criticized the large-scale student loan forgiveness on his Friday show. According to Maher, large-scale student loan cancellation is a losing issue for several reasons, including:

  • Only 13% of Americans have federal student loan debt;
  • 65% of Americans have not attended college; and
  • 50% of college debt is for people who have a college education, which is associated with higher income than college or high school.

“It looks like a loser’s question to the party trying to win back the working class… We who didn’t go to college and didn’t enjoy it, we’re going to subsidize you to get your college degree. gender and sports marketing…”, Maher mentioned. “I think it’s all about the loser.”


Student loan repayment: a divisive issue

Paul Begala, a guest on Maher’s show and President Bill Clinton’s political strategist during the 1992 presidential campaign, agreed. “We Democrats have a lab – two labs actually, secret labs – one in Berkeley and one in Brooklyn, where we come up with ideas to completely piss off the working class, and it works like a charm.” Rather than immediate student loan cancellation, Begala offered student loan cancellation in exchange for public service. Although Begala did not refer to the civil service loan forgiveness program, he did refer to two years of public service in exchange for student loan forgiveness. “[What] I would much rather see Democrats go back to their roots, which they deserve,” Begala said. “Why don’t we have a system where we say, ‘You want to get rid of your college debt? Serve your country – Marine Corps, Peace Corps, AmeriCorps. Not everyone can carry a gun, but you can frame one child and you should give two years of service (5 Reasons Biden Won’t Forgive Student Loans).


Student Loan Relief: Reasons to Forgive Student Loans

Despite Maher’s and Begala’s comments, congressional progressives are championing a push for large-scale student loan forgiveness. (5 Ways Biden Can Forgive Student Loans). For example, Senator Elizabeth Warren (D-MA) says large-scale student loan forgiveness will boost the economy, reduce disparities, and help borrowers get married, start families, buy homes, and save for retirement. President Joe Biden, who canceled $17 billion in student loans, backed $10,000 in student loan cancellations. However, Biden called on Congress, not the president, to cancel student debt. Biden also confirmed that he would not cancel $50,000 in student loans. After pressure from progressive Democrats, Biden now says he is considering executive action on large-scale student loan forgiveness and could decide within weeks. If Biden cancels student loans, it would be a big win for student borrowers. That said, student loan forgiveness could be limited if Biden imposes an income threshold or limits student loan relief to student loans, for example. (Here’s who might be eligible for student loan forgiveness). Another major issue will be whether temporary student loan relief will end on August 31, 2022. Canceling student loans may mean the end of student loan relief. If that happens, student borrowers will need to prepare to restart student loan payments starting September 1. Here are some ways to prepare for student loan repayment right now:


Student Loans: Related Reading

Biden confirms he won’t forgive $50,000 in student loans – 5 key takeaways

3 ways Biden could cancel student loans

Student loan forgiveness: Who might qualify for Biden’s plan

Student loan forgiveness: 5 key takeaways from a major announcement

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ICICI Bank Home Loan: ICICI Bank Raises Interest Rate On Home Loan: By How Much Your EMI Will Increase https://www.labougeotte.org/icici-bank-home-loan-icici-bank-raises-interest-rate-on-home-loan-by-how-much-your-emi-will-increase/ Sat, 07 May 2022 05:10:00 +0000 https://www.labougeotte.org/icici-bank-home-loan-icici-bank-raises-interest-rate-on-home-loan-by-how-much-your-emi-will-increase/ After the Reserve Bank of India (RBI) raised the repo rate in an off-cycle meeting by 40 basis points (100 basis points = 1%) on May 4, 2022, banks started raising rates interest on home loans. ICICI Bank and Bank of Baroda announced interest rate hikes for their repo-linked home loans the next day, May […]]]>
After the Reserve Bank of India (RBI) raised the repo rate in an off-cycle meeting by 40 basis points (100 basis points = 1%) on May 4, 2022, banks started raising rates interest on home loans.

ICICI Bank and Bank of Baroda announced interest rate hikes for their repo-linked home loans the next day, May 5.

If you are an ICICI Bank home loan customer, here is how much your EMI will increase after this hike.

If the amount of home loan you have taken is Rs 35 lakh, the interest rate charged on your loan will be between 7.10% and 7.55%. The risk premium depends on your CIBIL Score.

If your home loan is Rs 35 lakh and the new interest rate is 7.10%

Loan amount (Rs) 35,00,000
Term (years) 20
Current interest rate (%) 6.70
Current EMI (Rs) 26,509
New interest rate (%) 7.10
New EMI (Rs) 27,346
Increase in EMI (Rs) 837

People with a home loan amount above Rs 35 lakh and up to Rs 75 lakh, the interest rate applied on your loan will be between 7.10% and 7.70%. The risk premium depends on your CIBIL Score.

If your home loan is Rs 50 lakh and the new interest rate applied is 7.10%

Loan amount (Rs) 50,00,000
Term (years) 20
Current interest rate (%) 6.70
Current EMI (Rs) 37,870
New interest rate (%) 7.10
New EMI (Rs) 39,066
Increase in EMI (Rs) 1196

For people with a home loan amount above Rs 75 lakh, the interest rate applied on your loan will be between 7.10% and 7.80%. The risk premium depends on your CIBIL Score.

If your home loan is Rs 50 lakh and the new interest rate applied is 7.10%

Loan amount (Rs) 80,00,000
Term (years) 20
Current interest rate (%) 6.70
Current EMI (Rs) 60,592
New interest rate (%) 7.10
New EMI (Rs) 62,506
Increase in EMI (Rs) 1914

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#2 of 40,000 – Local Mortgage Agent Leaves Customers Satisfied https://www.labougeotte.org/2-of-40000-local-mortgage-agent-leaves-customers-satisfied/ Thu, 05 May 2022 18:36:26 +0000 https://www.labougeotte.org/2-of-40000-local-mortgage-agent-leaves-customers-satisfied/ Fidel Dorado Out of 40,000 mortgage loan officers nationwide, a man from Madera is credited with ranking #2 among all for providing exceptional customer service. Zabe Mortgage’s Fidel Dorado was ranked second among loan officers from 350 companies based on customer surveys by experience.com, a provider of experience management software. Experience.com recently released its annual […]]]>

Fidel Dorado

Out of 40,000 mortgage loan officers nationwide, a man from Madera is credited with ranking #2 among all for providing exceptional customer service.

Zabe Mortgage’s Fidel Dorado was ranked second among loan officers from 350 companies based on customer surveys by experience.com, a provider of experience management software.

Experience.com recently released its annual list of America’s Best Loan Officers for Customer Satisfaction. The cloud-based platform is directly connected to each company’s loan origination system, with customer satisfaction surveys automatically sent to the borrower and co-borrower for all closed loan transactions.

A proprietary algorithm and weighting was used to arrive at the final results, which are based on 2021 data. The prize is awarded to the top 1% of participating loan officers.

“Getting a position on the Top Loan Officers list is extremely difficult,” says Scott Harris, CEO of Experience.com. “The Loan Officer (LO) must close a high volume of mortgages and provide every customer with a great experience every time. One poor rating out of 100 closed loans can prevent an LO from landing on this prestigious list.

Dorado received an overall rating of 4.99 stars (out of 5) from 299 reviews.

Since 2000, Dorado has been with Zabe Mortgage since 2000. His brother, Audel Avila, started the business in 1997. He and Dorado are now partners.

Dorado credits the time he spends with his customers to positive reviews. Mortgage company advertisements boast about how quickly they can process loans. Dorado questions this strategy.

“Talking about one of the biggest commitments of your life and you want to press a button?” said Dorado.

He said they take the time to explain the pros and cons of each option in order to understand the different benefits.

“It’s the kind of things we do to invest in our customers that can help them make the most informed and educational decisions,” Dorado said.

Dorado completed 465 loans in 2021 for $86.5 million, performing both purchase and refinance loans. He was also named Loan Officer of the Year for Golden Empire Mortgage among the approximately 50 branches the company operates in California. He was also named among the top 1% of loan officers for the Scotsman Guide – an industry magazine for lenders.

#1 on Experience.com’s list was Giuseppe Battaglioli with Zenith Home Loans in Greenwood, Colorado, which received a rating of 4.97 from 394 reviews.

Zabe Mortgage operates under the Golden Empire Mortgage network.

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Clive Palmer admits home loan scheme could inflate house prices https://www.labougeotte.org/clive-palmer-admits-home-loan-scheme-could-inflate-house-prices/ Mon, 02 May 2022 08:11:00 +0000 https://www.labougeotte.org/clive-palmer-admits-home-loan-scheme-could-inflate-house-prices/ “That could be a possibility, but I don’t foresee that happening,” Palmer said. “It doesn’t matter what happens because we say the priority is that Australians don’t want to lose their homes. “Because if you lose your home there’s a lot of social disruption, crime and family breakdown. It’s a disaster for all Australians. It […]]]>

“That could be a possibility, but I don’t foresee that happening,” Palmer said. “It doesn’t matter what happens because we say the priority is that Australians don’t want to lose their homes.

“Because if you lose your home there’s a lot of social disruption, crime and family breakdown. It’s a disaster for all Australians.

It has been 40 years since the Federal Government set interest rates, which are now determined by the cash rate set by the Independent Reserve Bank of Australia.

Interest rates are expected to take center stage in the final weeks of the election campaign, with the RBA widely expected to start raising interest rates on Tuesday, although that could wait another month after the election.

Mr Palmer, whose personal worth was valued at $9 billion in last year’s AFR Rich List, said former Deloitte partner turned UAP candidate Domenic Martino modeled the home loan policy of 3 % of the party, which would not apply to commercial loans.

He said modeling showed that if interest rates hit 8%, 80% of mortgages would fail. He refused to release the modeling to The Australian Financial Review.

While Mr Palmer’s ‘Shifty Shorten’ adverts helped to torpedo Labor leader Bill Shorten and the ALP in the 2019 ballot, this election Mr Palmer has both Prime Minister Scott Morrison and the leader of the opposition Anthony Albanese in his sights.

Labor leader Anthony Albanese looked uncomfortable in his new suits, according to Mr Palmer. Alex Ellinghausen

The news that Labor and the coalition had decided to favor the LNP only emboldened the UAP founder.

“They are both equally bad. Morrison has reached the point of no return. People don’t believe what he says,” Mr. Palmer said.

“And Albo is so confused as a left-wing person trying to act like a centre-right person. He looks uncomfortable in the new coats and glasses he’s wearing – the way he likes to look trendy.

“He never dressed like that for me. When I was in parliament, he was sweating a lot because he was overweight.

Mr Palmer, who made his fortune in an iron ore building in Western Australia, spent more than $60million in the 2019 election, helping to sink Labor. At the time, he said it was worth every penny.

Opinion polls show that up to 30% of voters are still undecided.

“We will take care of the debt. Labor and Liberals don’t mention the debt,” he said.

“We will get rid of the debt through our tax on iron ore exports, so Australians don’t have to pay it.”

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