Senator John Kennedy (R-LA) takes the Senate Floor to address the rampant widespread sexual harassment at the FDIC. FROM racial comments to sexual innuendos, to high ranking FDIC officials visiting brothels, the FDIC is totally out of control. Self enforcement of the agency is not possible because the abusive behavior is from top on down. Recent reports have highlighted serious issues of sexual harassment and misconduct at the Federal Deposit Insurance Corporation (FDIC). An independent review conducted by the law firm Cleary Gottlieb, commissioned by the FDIC’s Special Review Committee, revealed pervasive sexual harassment, discrimination, and bullying within the agency. The investigation, which included accounts from over 500 current and former employees, found that these behaviors were tolerated by senior leaders for years, with complaints often met with retaliation instead of being properly addressed.

The report criticized the FDIC’s “patriarchal, insular, and risk-averse culture,” stating that management’s response to allegations of misconduct was “insufficient and ineffective.” It detailed incidents of senior executives pursuing romantic relationships with subordinates and other inappropriate behaviors. Despite these findings, the report stopped short of recommending the removal of FDIC Chair Martin Gruenberg, although it questioned his ability to lead the necessary cultural transformation.

In response to the findings, Gruenberg expressed his remorse and committed to implementing the report’s recommendations, which include establishing an anonymous hotline for reporting misconduct, developing a more transparent process for handling complaints, and ensuring better support for victims.

The situation has sparked calls from both Republican and Democratic lawmakers for significant changes at the FDIC, with some demanding Gruenberg’s resignation. This controversy not only highlights the immediate need for reform within the FDIC but also raises broader concerns about leadership and accountability in government agencies.

For more detailed information, you can refer to sources like Politico, the FDIC’s official report, and Reuters.

See the video clip of Senator John Kennedy.

https://youtu.be/zf3D3vq7bGQ?si=7OwNHPb7tGF7dYg1

• This discussion was modified 10 months, 2 weeks ago by  Gustan Cho.

Are early 1970s C-3 Convertible Corvettes great investments.

I found $20 in the parking lot of the supermarket, so I thought to myself, what would Jesus do?

So I turned it into wine.

I think the C-8 Corvettes are hands down the best buy of the century. The C-8 Corvettes Corvertible are so sharp and priced for a fraction than its Italian exotic car countertparts. I really do not know what the price is on C-8 Corvettes but gave up looking for one because at one time, the C-8 corvette was selling $40,000 or more about its $70,000 msrp. Does anyone have any more information about the latest prices on the C-8 Corvettes? Are Corvettes a good investment?

I recently posted about the high prices for houses in Florida, especially Tampa. With the diligent help of Gustan Cho, Angie Torres and Donna Davidson, bless her Irish heart, they have come through! There is a place in Florida where the prices are reasonable. A brand new house on a quarter acre. Three bedrooms, two baths for under $270,000 list. Its a bit rural but beautiful. If you are curious about the area contact: Donna Davidson, she ultimately made our dream come true!

Just saw an ad for glass coffins, do you think it will take off? Remains to be seen.

https://youtu.be/W7nV45YhFG8?si=mvtKdI293ft4s9et

Who Pays for Lenders’ Mortgage Insurance?

In Australia, if you’re buying a house with a small deposit (less than 20% of the home’s price), you might need Lenders Mortgage Insurance (LMI). This insurance protects the lender if you can’t make your mortgage payments and they have to sell the house for less than what you owe. Usually, it’s the homebuyer who pays for it, not the bank. Think of it as an extra cost to help the lender feel secure about giving you the loan also feel free to reach out.

How is LMI Calculated?

LMI is primarily calculated based on the loan-to-value ratio (LVR), which is how much of the house’s value you’re borrowing. The higher the LVR, the more expensive the insurance. Other factors, like the size of your loan, also play a role. Typically, you can pay LMI as a one-time fee upfront or include it in your loan repayments. Different lenders have their own methods for calculating it, but they all consider similar factors like the amount you’re borrowing and the property’s value.

Can LMI Be Avoided?

Yes, you can avoid paying LMI by saving up a deposit of 20% or more of the home’s price. This makes you less risky to lenders. If saving that much isn’t possible, you might still avoid or reduce LMI by:

• Saving more to borrow less.
• Getting a guarantor, like a family member, to back your loan.
• Finding lenders offering no LMI deals for certain professions or conditions.
• Negotiating with your lender if you have strong finances.

Is LMI Transferable Between Loans or Properties?

No, LMI isn’t transferable. If you switch loans or buy a new property, you’ll likely have to pay LMI again if your deposit is less than 20% of the new property’s price. Each new loan application requires an evaluation of your borrowing amount and property value to determine if LMI is necessary.

What Happens to LMI If I Refinance?

When you refinance your mortgage in Australia, the LMI you paid on your original loan usually doesn’t carry over. If your new loan is more than 80% of your property’s value, you might need to pay LMI again. Each new loan application involves a fresh assessment of your borrowing needs and property value.

Does LMI Protect Me If I Can’t Make My Loan Payments?

No, LMI does not protect you if you can’t make your loan payments. It protects the lender. If you default on your mortgage and the lender sells your property for less than what you owe, LMI covers their losses. It doesn’t provide any financial help to you if you’re struggling with payments.

How Can I Reduce the Cost of LMI?

You can reduce the cost of LMI by:

• Saving more upfront to borrow less and lower the LMI cost.
• Shopping around for lenders with cheaper LMI rates.
• Getting a guarantor to avoid LMI altogether.
• Negotiating with your lender if you have a strong financial profile.
• Looking for special deals or discounts for certain professions or areas.

Are There Any Tax Implications with LMI?

For most people, there aren’t any direct tax implications with LMI. You usually can’t claim it on your taxes like mortgage interest. However, if LMI helps you get a bigger loan, you might pay more mortgage interest, which is tax-deductible for investment properties. If the property is used to earn income, the LMI cost might be deductible. It’s best to consult a tax professional for personalized advice.

How Do I Know If I’m Getting a Fair LMI Rate?

To ensure you’re getting a fair LMI rate:

• Shop around and compare rates from different lenders.
• Understand how your loan amount, deposit, and property value affect the rate.
• Compare multiple quotes to find the best deal.
• Consider the overall mortgage package, including interest rates and fees.
• Seek advice from a mortgage broker or financial advisor.

Can I Pay LMI Upfront or Does It Have to Be Capitalized on the Loan?

You have two options:

• Pay the full LMI cost upfront to reduce overall interest.
• Include the LMI cost in your loan amount and pay it off over time with your regular repayments.

What Factors Affect the Cost of LMI Apart from the Loan-to-Value Ratio (LVR)?

Other factors that affect LMI cost include:

• The loan amount: higher loan amounts usually mean higher LMI premiums.
• Property type: certain property types may be considered riskier.
• Your credit history: a good credit history might result in lower LMI rates.
• Loan term: longer loan terms can increase LMI costs.
• The lender’s LMI provider: different providers have varying rates.

Is There a Difference in LMI Rates Between Owner-Occupied Homes and Investment Properties?

Yes, LMI rates for investment properties are generally higher than for owner-occupied homes. Investment properties are seen as riskier because of potential rental income fluctuations and the borrower’s financial stability. This difference in rates should be considered when calculating the overall cost of purchasing an investment property.

Can LMI Be Refunded If I Pay Off My Mortgage Early?

No, in Australia, LMI is typically non-refundable. Once you’ve paid it, you can’t get a refund, even if you pay off your mortgage early.

What Are the Alternatives to Paying LMI for Low-Deposit Borrowers?

Instead of paying LMI, consider:

• A family guarantee, where a family member uses their home’s equity to secure your loan.
• Government schemes like the First Home Loan Deposit Scheme (FHLDS) for first-time buyers.
• Special offers from lenders that waive LMI if you meet certain conditions.

In a Nutshell

Understanding Lenders Mortgage Insurance (LMI) in Australia is essential for homebuyers. Knowing who pays for it, how it’s calculated, and ways to reduce costs can help you make smarter choices when getting a mortgage. By exploring these FAQs, you’ll feel more confident managing LMI and finding the best deal for your situation.

Keep all your pennies folks. Copper prices is skyrocketing as is prices for Gold and Silver. Copper is going to be the next winner. I will be covering more on investing in precious metals in the coming days, weeks, and months. Silver price is at $31.77 per ounce and is forecasted to skyrocket in the coming weeks. A pound of Copper is $23.00 per pound. Here is a calculator for Copper. 16 ounces of Copper is one pound.

http://coinapps.com/copper/gram/calculator/

coinapps.com

Copper Gram Price Calculator

Calculate the price of copper measured in grams or kilograms; denominated in U.S. Dollars, Canadian Dollars, Euros, Pounds or in one of several other currencies.

I am a first-time precious metal investor. How do you go about investing in Gold and Silver? Do I need to watch out for scammers? Where do I buy gold or silver? What is the minimum I can invest in Gold and Silver?

Google plans to release the update and a few new tools to assist you in the middle of June. You can potentially lose traffic if something is wrong. I will post in detailed, “what is page experience?” soon.

Stay tuned for more information…….

@Steve , here’s the website that I told you about. @Regisregal Cynthia Kelly is a top German Shepherd breeder but she’s in Illinois

https://www.hoobly.com/s/us?q=German+Shepherd+

Is the FED printing money? If so, what is the negative outcome of printing money in our economy.

What to do if you are a victim of identity theft during the mortgage process.

By June 2023, over 60,000 Mortgage Loan Originators have left the mortgage industry due to inflation, surging mortgage rates, skyrocketing homes prices, regulations, and low housing inventory. Another 50,000 loan officers are not expected to renew their loan origination licenses. Being a loan officer is not the most glamorous career today. Thousands of mortgage companies have or are thinking of leaving the Mortgage Industry. Rates are at historic high, the secondary market is unstable, lenders are scared to lend, economists are forecasting a housing market crash, inflation is soaring daily, and the Federal Reserve Board is absolutely clueless. So is now the time to be in the mortgage industry?

https://youtu.be/hocJn_xcm5s?si=VGOzvS-9DWY37q-J

There are so many scammers in the United States. Every part of the country is invested by fraudsters at all levels. I know there are many different types of fraud and each type of fraud is stealing. Fraud is when a natural person maliciously deceives its victims by scamming their victims with the goal of taking advantage of the victim thus causing financial hardship. Common goals of scammers committing fraud is to take money, or assets of monetary or intellectual value or stealing private data, and information from you, your family, or your employer, or your business. Scammers commit fraud via email, text, phone or in person, either on the street or on your doorstep. Some adults may be especially vulnerable to fraud and financial abuse.

• This discussion was modified 2 months, 3 weeks ago by  Sapna Sharma.

CEO Mike Kortas terminates co-founder Mat Grella of NEXA Mortgage. More to come.

https://nationalmortgageprofessional.com/news/co-founder-mat-grella-terminated-nexa

Gustan Cho Associates is a mortgage company based in Oakbrook Terrace, Illinois, founded by Gustan Cho NMLS 873293. Gustan Cho Associates NMLS 2315275 is a dba of NEXA Mortgage, LLC, the nation’s largest mortgage broker NMLS 1660690, headquartered in Chandler, Arizona and headed by Chief Executive Officer Michael Kortas aka as CEO Mike and CEO Kortas. Over 80% of the borrowers at Gustan Cho Associates are borrowers who could not qualify at other mortgage companies due to a last minute loan denial due to lender overlays, stress during the mortgage process, or because the lender did not have the mortgage loan program or was not licensed in the state the borrower needed a mortgage loan. Gustan Cho Associates has a national reputation for being able to do mortgage loans other lenders cannot do. Gustan Cho Associates and its subsidiary companies specialize in providing a variety of mortgage options for home buyers and real estate investors, including conventional loans, FHA loans, VA loans, USDA loans, non-QM loans, alternative lending options, commercial loans, hard money loans, bridge loans, SBA loans, business loans, all in one construction loans, overseas land development loans, and any other loans that is based and collateralized with real estate. The company aims to offer personalized service to clients and help them navigate the mortgage process efficiently. Please note that as of the last update, Gustan Cho Associates is thriving and growing during the toughest real estate market in the history of the United States. Gustan Cho Associates is licensed in 48 states including Washington, DC, Puerto Rico, and the United States Virgin Islands (New York and Massachusetts are pending states and should be getting licensed later 2024 or early 2025. The information about Gustan Cho Associates has been verified and is accurate, but there may have been changes since the publication of this post.

Google’s March 2024 upgrade is revolutionary; numerous websites are affected by algorithmic modifications and removed from Google Search.

Following are the five things you should be aware

1. Google is completely deindexing websites

2. Penalties are immediate.

3. Even websites that have undergone past updates are not safe.

4. Older, error-filled websites are insecure.

5. Little websites with AI content were also impacted.

Check out the article below for details.

https://searchengineland.com/google-march-2024-core-update-things-you-need-to-know-438370

searchengineland.com

Google's March 2024 core update: 5 things you need to know

Google's March 2024 update is a game-changer, with many sites impacted by algorithmic changes and deindexed from Google Search.

Spoke with Gustan and he mentioned his friend is a professional German Shepherd training professional. What are Dutch Shepherd dogs.

Here’s the link to Mark Chen trained Dutch Shepherd dog.

• This discussion was modified 1 year ago by  Gustan Cho.

Animal lovers are paying big bucks for dogs. French Bulldogs are raking in big bucks. French Bulldogs are fetching as much as one million dollars per pup. Look at this video about getting rich breeding French Bulldogs

https://youtu.be/ZP_l4DvqnKk?si=BocBytvTeKIo9DoT