Headstrong – Wall Mount Plus http://wallmountsplus.com/ Thu, 22 Jul 2021 07:19:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wallmountsplus.com/wp-content/uploads/2021/06/wallmountsplus-icon-150x150.png Headstrong – Wall Mount Plus http://wallmountsplus.com/ 32 32 My sister co-signed our nephew’s student loans for $ 35,000. When he defaulted, she paid them back. Should her parents reimburse her? https://wallmountsplus.com/my-sister-co-signed-our-nephews-student-loans-for-35000-when-he-defaulted-she-paid-them-back-should-her-parents-reimburse-her/ https://wallmountsplus.com/my-sister-co-signed-our-nephews-student-loans-for-35000-when-he-defaulted-she-paid-them-back-should-her-parents-reimburse-her/#respond Thu, 22 Jul 2021 04:34:00 +0000 https://wallmountsplus.com/my-sister-co-signed-our-nephews-student-loans-for-35000-when-he-defaulted-she-paid-them-back-should-her-parents-reimburse-her/

Dear Quentin,

I am the executor of my mother’s estate. I have three siblings. My mother will also share her property between the four of us. There are two problems, however. My mom, a sister of mine and I all co-signed student loans for one of my nephews.

After graduating he got a job and everything was fine. He eventually lost his job and disappeared, leaving all student loans unpaid. He moved, disconnected his phone and did not respond to texts. We were then hunted down by his creditors.

We have all paid off the loans to avoid having problems with our credit scores. My mother drew up her will to deduct the amounts she had paid on behalf of my nephew’s mother before distribution, which will equalize her share.


My sister and brother-in-law are terrible with the money and couldn’t afford to pay it back with their own money.

I paid less than $ 4000, so I’m moving on. However, my sister, who is single and has no pension, had to pay over $ 35,000, and she is out of luck. I asked my mother to compensate her from our other sister’s profits, but my nephew’s mother said it wasn’t his problem.

I don’t agree, but I’m not going to ask my mom to go against her will. My only other thought is to call my defaulted sister and her husband, and ask them to pay my sister $ 35,000 when they receive money from my mother’s will.

By the way, my sister and brother-in-law are terrible with money and couldn’t afford to pay it back with their own money. This has now become a point of contention between the two sisters. What are your thoughts?

Pocket aunt

You can email The Moneyist for any financial and ethical questions related to the coronavirus at qfottrell@marketwatch.com, and follow Quentin Fottrell on Twitter.

Dear aunt,

The easiest solution would be to steal Peter to pay Paul. Your mother deducts $ 35,000 from one sister and redistributes it to the other. To refuse to reimburse this sister after the death of your mother – assuming she dies before her children – would be an act of bad faith. I have no hope that she will, no matter what your sister might say on that call.

According to studies, most people who apply to be released as co-signers of student loans due to unpaid debts on behalf of the student or graduate are turned down. And although lenders tend to advertise a clause whereby they can be released if the student or graduate stays up to date on payments for a certain period of time, they rarely contact the co-signer to remind them.

Another complication, as my colleague Jillian Berman has pointed out: “Many private student loan agreements contain provisions that automatically default on loans if the co-signer files for bankruptcy or dies, even if the borrower makes their payments. on time, according to the Consumer Financial Protection Bureau.


Your story should give pause to anyone who is tempted to co-sign for a family member.

Your story should give pause to anyone who is tempted to co-sign for a family member. Your compassion for your single sister’s predicament is commendable. But she should call your mother and stand up for herself, and also let her nephew’s mother know about her position and want the money to be paid back somehow.

Private student loans require a co-signer if the borrower has a poor or no credit history. It’s like signing a mortgage contract or getting a credit card. Anyone signing a loan deal should, in the worst case, be prepared to pay and say goodbye to that money.

Do I believe that your nephew’s parents will mobilize if they have the $ 35,000? Yes. Are they legally obligated to pay the $ 35,000? No. Are they morally obligated? I’ll let you and your sister answer. What if your nephew’s parents agree to give up part of their inheritance? It’s a bonus.

Whatever your single sister decides to do, she should be open, direct, and unabashed. More behind-the-scenes offers.

By sending your questions by email, you agree that they will be posted anonymously on MarketWatch. By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including through third parties.

Discover the private Facebook Moneyist

FB,
+1.34%
group, where we seek answers to life’s toughest money problems. Readers write to me with all kinds of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Monetary regrets that he cannot answer the questions individually.

More from Quentin Fottrell:

]]>
https://wallmountsplus.com/my-sister-co-signed-our-nephews-student-loans-for-35000-when-he-defaulted-she-paid-them-back-should-her-parents-reimburse-her/feed/ 0
Credit watch for UK officials over Covid loans as pandemic clouds persist https://wallmountsplus.com/credit-watch-for-uk-officials-over-covid-loans-as-pandemic-clouds-persist/ https://wallmountsplus.com/credit-watch-for-uk-officials-over-covid-loans-as-pandemic-clouds-persist/#respond Thu, 22 Jul 2021 03:00:07 +0000 https://wallmountsplus.com/credit-watch-for-uk-officials-over-covid-loans-as-pandemic-clouds-persist/

British officials are on alert for companies defaulting on state-guaranteed Covid loans in the next stages of the pandemic, according to the head of the public body overseeing part of the borrowing.

Charles Donald, UK government’s chief investment officer, said he was playing a “big risk oversight role for the Treasury” in the government’s emergency loan portfolio.

This included the analysis of “potential pressures that will be placed on the expected repayment schedule.” It’s what I would call credit monitoring, ”he said.

“We are just watching it very closely,” he added. “Who knows what will happen next in terms of the pressures of the next stage of the pandemic on different sectors? “

Donald said management of the Covid loan portfolio focused on two of the emergency programs: the Bank of England’s Covid Corporate Finance Facility and the Coronavirus Large Business Interruption Loan Program, which features State guarantees of up to 80%.

UKGI also contributed to the Treasury’s “Project Birch” plan to acquire stakes in critical companies whose operations had been affected by the pandemic.

In the end, only one company benefited: South Wales steelmaker Celsa, who secured a senior credit facility. But Donald said that did not reflect the number of inquiries from companies seeking government help. In almost all other cases, he said, a private sector solution has been found.

Donald, a former Credit Suisse banker who became chief executive as the pandemic took hold in March 2020, confirmed the program has ended. “There are a lot of things that have been done, not necessarily visible. Often you find that there are other solutions.

The UKGI’s larger role before the pandemic was to manage a £ 945 billion portfolio of state-owned companies wholly or partly owned, including NatWest, Channel 4, the Post Office, Land Registry and Urenco , the supplier of nuclear fuel.

It provides a level of knowledge of the private sector, in particular by calling on external experts, to advise and implement the policy of the ministries.

Donald has signaled that he expects the UK government to sell NatWest shares again this year © Jason Alden / Bloomberg

In a broad interview with the Financial Times, Donald said he expected further sales of NatWest shares this year given the strength in stock markets and the removal of dividend restrictions.

In May, UKGI sold £ 1.1 billion of NatWest shares, its second divestment in two months. This reduced the government’s stake to less than 55%, 13 years after the bank, then known as the Royal Bank of Scotland, was nationalized and placed under state control during the financial crisis.

Asked about further sales of NatWest shares, he said, “I would expect that, but it’s still subject to conditions. After a certain lull, we have made some progress this year. Our obligation is to ensure that we are monitoring sales opportunities at all times on a value-for-money basis.

He said he “sensed a fairly healthy market” and that the government’s removal of “safeguards” limiting dividend payments by UK banks was also “very positive” for potential returns.

UKGI is close to finalizing the sale of other financial crisis era assets formerly owned by Bradford & Bingley and Northern Rock under the UK Asset Resolution program.

The UK government is seen by some in the business world as becoming more interventionist, in part after accumulating debt and equity stakes to support businesses in the pandemic.

This week the ‘Future Fund: Breakthrough’ was launched to invest up to £ 375million in UK start-ups, illustrating the government’s desire to expand the state’s exposure to promising private companies .

“The pandemic clearly created a particularly difficult situation where support was needed,” Donald said. “There’s part of a timing coincidence around a lot of these things. . . so it’s definitely busier.

Donald said the UKGI is also setting up a unit to better understand the government’s contingent liabilities – 2018/19 figures put the figure at £ 377.5 billion – with the aim of reducing the exhibition.

“One would hope and expect that, therefore, these contingent liabilities are not necessarily contained, but at least better understood, so that in the end the taxpayer does not have as much exposure as [they] maybe right now.

]]>
https://wallmountsplus.com/credit-watch-for-uk-officials-over-covid-loans-as-pandemic-clouds-persist/feed/ 0
The credit quality of oil and gas loans and bonds has improved significantly https://wallmountsplus.com/the-credit-quality-of-oil-and-gas-loans-and-bonds-has-improved-significantly/ https://wallmountsplus.com/the-credit-quality-of-oil-and-gas-loans-and-bonds-has-improved-significantly/#respond Wed, 21 Jul 2021 19:16:54 +0000 https://wallmountsplus.com/the-credit-quality-of-oil-and-gas-loans-and-bonds-has-improved-significantly/

A large supply of oil and gas aided by the shale revolution, followed by falling demand for oil and gas due to the COVID-19 crisis, has brought oil prices and businesses to their knees until has recently.

The last quarter saw the highest number of bankruptcy filings from exploration and production companies since the first quarter of 2016.

As the economy reopens, good news for the besieged energy sector may be here until the pandemic worsens. Oil prices, a key indicator of the financial health of oil and gas companies, currently sit around $ 71, a level not seen since April 2019.

The current level of oil prices is up 255% from April 2020, when COVID-19 brought down demand for oil and gas. For the second half of this year, the US Energy Information Administration is forecasting an average of $ 72 for Brent crude oil.

Fitch US leveraged loan defaults analysis published today by Fitch Ratings, shows that the twelve-month default rate for the energy sector now stands at 9.1%, down from 11.8% in June. This is the first time the default rate has been below double digits since April 2020 and well below its peak default probability of 20.3% in March of this year.

Eric Rosenthal, Senior Director of Leveraged Finance at Fitch Ratings, does not expect “many bankruptcies to come in the coming months. Only 2% of our Most Concerned Loans for the Market concerns energy. Glass Mountain Pipeline is possibly the most imminent bankruptcy. He also told me that he and his colleagues expected an energy leveraged loan to “end the year at only 5%.” This would be a significant improvement over the current default probability rate of 9%.

Rosenthal predicts a 2% probability of default on high yield energy bonds. “Energy only represents 10% of our Obligations of greatest concern to the market list, up from 57% a year ago. There have been just $ 3.2 billion in high-efficiency energy faults since the start of the year, up from $ 14.4 billion for the same period in 2020. “

Rising oil prices also allayed credit concerns for North American high-yielding oil and gas producers. According to Bill Holland of S&P Global Ratings, “Speculative grade US oil and gas issues remain robust in 2021, with nearly $ 18 billion in US primary issues through June 30 as financing conditions remain. extremely favorable, even for rated issuers. So far in 2021, speculative grade emissions in the oil and gas sector are the highest since 2015. “

It will be important to observe the impact of the new changes of COVID-19 on the economy, which would inevitably have an impact on the demand for oil and gas. According to a recent analysis by Fitch Ratings, “Oil demand has improved this year and is expected to continue growing in 2H21 if vaccination deployments are successful and pandemic-related restrictions are relaxed. New outbreaks, especially new variants of Covid-19, remain the main risk for the sustained upturn in demand. “

In addition, there are concerns that some banks have cut lending to the fossil fuel sector due to low yields in previous years, and now, perhaps due to pressure from stakeholders over concerns about climate change. Since the Paris Agreement, banks have financed oil and gas companies totaling around $ 4 trillion. A third of the world’s systemically important banks (G-SIBs) have increased their lending to oil and gas companies. It is too early to tell if at some point bank lending will decrease significantly. And even if that were the case, it’s likely that non-bank entities, such as private equity and venture capital, would step in to fund fossil fuel companies. For now, I anticipate that the credit quality of these companies will continue to improve.

Other energy articles by this author:

Energy companies account for over 25% of total U.S. business failures

The volume of defaults of US companies, especially in the energy sector, is worse than in 2009

Dodd-Frank, a catalyst for improving risk management in energy companies

Living With Uncertainty: Energy Companies and Dodd-Frank

‘Oil and gas in the world of capital cities’

EdP’s international ambitions

Main challenges of investments in the electricity sector in Russia

]]>
https://wallmountsplus.com/the-credit-quality-of-oil-and-gas-loans-and-bonds-has-improved-significantly/feed/ 0
Santander to pay Mississippi $ 3.7 million for auto loan violation https://wallmountsplus.com/santander-to-pay-mississippi-3-7-million-for-auto-loan-violation/ https://wallmountsplus.com/santander-to-pay-mississippi-3-7-million-for-auto-loan-violation/#respond Wed, 21 Jul 2021 18:08:01 +0000 https://wallmountsplus.com/santander-to-pay-mississippi-3-7-million-for-auto-loan-violation/

JACKSON, Mississippi (WJTV) – Mississippi Attorney General Lynn Fitch has announced that a settlement has been reached with Santander, an auto loan company that allegedly violated Mississippi consumer protection law. Fitch said the company exposes consumers in Mississippi to a high probability of default.

“I remain steadfast in my commitment to protect Mississippi consumers from unfair and deceptive business practices that seek to defraud them with their hard-earned money,” Fitch said. “This settlement will bring significant relief to aggrieved consumers and provide future protection against abusive lending practices.”

Under the terms of the deal, Santander will pay Mississippi $ 3.7 million, including $ 1.8 million in direct returns to consumers. Santander also agreed to cease collection efforts for any loans extinguished under Mississippi law, relieving thousands of Mississippi consumers.

In addition, in the future, Santander must:

  • Take into account a consumer’s ability to repay a loan
  • Set a reasonable threshold of debt in relation to income to reasonably assess the consumer’s ability to pay
  • Do not force dealers to sell ancillary products (for example, vehicle maintenance contracts)
  • Watch dealers for possible revenue inflation, power reservation, or expense deflation
  • Do not distort a consumer’s perspective of buying back a vehicle that has been repossessed
  • Do not force consumers to make payments by methods that require the consumer to pay additional fees to third parties, such as a money order
  • Do not attempt to collect loans that have been extinguished under Mississippi law and must notify all relevant credit reporting agencies that debts have been extinguished
  • Over the next several months, eligible consumers will be contacted by the Mississippi attorney general’s office to inform them that they are eligible for restitution.

If you have any questions about returns, we invite you to visit their website online or call 1-877-465-4894 to speak to a representative.

]]>
https://wallmountsplus.com/santander-to-pay-mississippi-3-7-million-for-auto-loan-violation/feed/ 0
Portland business owner charged with fraud over $ 622,000 in COVID relief loans https://wallmountsplus.com/portland-business-owner-charged-with-fraud-over-622000-in-covid-relief-loans/ https://wallmountsplus.com/portland-business-owner-charged-with-fraud-over-622000-in-covid-relief-loans/#respond Tue, 20 Jul 2021 21:32:46 +0000 https://wallmountsplus.com/portland-business-owner-charged-with-fraud-over-622000-in-covid-relief-loans/

A Portland business owner has been charged with two counts of federal loan fraud for allegedly inflating the payrolls of his two businesses to raise more than $ 622,000 in COVID-19 small business relief money for his own use.

Peter Peacock Blood, 57, claimed in two Paycheck Protection Program loan applications in April 2020 that his Portland-based companies, Cycle Power Partners and Cycle Holdings, had a total of 10 employees and a monthly payroll. average over $ 116,000.

The U.S. District Attorney’s Office for the District of Oregon said tax returns filed in 2019 and 2020 showed Cycle Power Partners, which touts itself as a clean energy producer, did not have more than two employees and paid less than $ 7,000 in quarterly wages.

No quarterly tax returns were filed for Cycle Holdings in those years, according to the United States District Attorney’s Office for the District of Oregon. In state register documents, Cycle Holdings describes its business operations as an “energy, environment, infrastructure, technology, asset management asset and service holding company. , operation and maintenance ”.

The indictment was unsealed earlier this month. Court documents show Blood pleaded not guilty on July 14. An attorney for Blood declined to comment.

Blood could face up to 30 years in prison and fines of up to $ 2 million if found guilty.

The Paycheck Protection Program provided potentially repayable loans to small businesses during the coronavirus pandemic to help cover salaries and other expenses.

Blood’s firm had previously sought a tax credit worth up to $ 10 million in 2014 as part of the controversial and now defunct Energy Tax Credit for Businesses in the ‘State.

Lawmakers removed the tax credit in 2010 due to rising costs and abuse of its flexible rules, but they retained vested interests in previously approved projects. Blood’s firm, Cycle Power Partners, sought to take over a solar project in southern Oregon that had been abandoned by two other companies.

The Oregon Department of Energy approved a transfer of the business energy tax credit, but Cycle Power Partners told the Oregon Department of Energy two months later it was withdrawing also the project, citing construction delays and an inability to secure permanent funding.

– Jamie Goldberg; jgoldberg@oregonian.com; @jamiebgoldberg

]]>
https://wallmountsplus.com/portland-business-owner-charged-with-fraud-over-622000-in-covid-relief-loans/feed/ 0
MCUE: outstanding loans increased by 0.8% in May | 2021-07-20 https://wallmountsplus.com/mcue-outstanding-loans-increased-by-0-8-in-may-2021-07-20/ https://wallmountsplus.com/mcue-outstanding-loans-increased-by-0-8-in-may-2021-07-20/#respond Tue, 20 Jul 2021 20:11:00 +0000 https://wallmountsplus.com/mcue-outstanding-loans-increased-by-0-8-in-may-2021-07-20/

Outstanding loans to credit unions rose 0.8 percent in May, compared with an increase of 0.6 percent in April 2021 and an increase of 1.1 percent in May 2020, according to the latest monthly estimates from credit unions. CUNA credit. Credit card loans led loan growth in the month, up 2.0%, followed by used auto loans (1.4%), fixed rate mortgages (0.8% ), new auto loans (0.5%), home equity loans and unsecured personal loans both increasing 0.4%.

Variable rate mortgages (-0.5%) and other mortgages (-0.4%) declined during the month.

Credit union savings balances fell 0.5% in May, compared to an increase of 1.7% in April 2021 and an increase of 2.5% in May 2020. Money market accounts led savings growth over the month, increasing 1.1%, followed by individual retirement accounts. (0.2%) and regular actions (0.01%).

Down during the month, share drafts (-3.0%) and one-year certificates (-1.2%).

Credit union delinquency over 60 days remained at 0.5% in May.

The loan / savings ratio fell from 68.6% in April to 69.5% in May. The liquidity ratio (the ratio of funds in excess of less than one year to borrowings and other liabilities) fell from 23.1% in April to 21.7% in May.

The total number of credit union memberships rose 0.2% in May to 128.7 million.

The movement’s overall capital-to-asset ratio remained at 9.8% in May. Total dollar capital increased 1.1% to $ 199.3 billion

]]>
https://wallmountsplus.com/mcue-outstanding-loans-increased-by-0-8-in-may-2021-07-20/feed/ 0
Sustainable ship loans take off https://wallmountsplus.com/sustainable-ship-loans-take-off/ https://wallmountsplus.com/sustainable-ship-loans-take-off/#respond Tue, 20 Jul 2021 07:35:59 +0000 https://wallmountsplus.com/sustainable-ship-loans-take-off/

We cannot stress enough the importance of the oceans for sustaining human life. They produce more than half of the world’s oxygen and absorbs 50 times more carbon dioxide than our atmosphere.

The oceans are also essential to the global economy: 76 percent of US trade involves shipping, and the US ocean economy alone produces $ 282 billion in goods and services. The shipping sector, however, generates around 2.5% of global greenhouse gas emissions, and climate change is driving the Ocean acidification, kill coral reefs and lower ocean oxygen levels. The decarbonization of maritime transport is deeply linked to the preservation of our oceans.

Staff at RMI Center for Climate-Aligned Finance analyzed how financial institutions are helping to shape the decarbonization journey of the maritime sector through the Principles of Poseidon. The Poseidon Principles, the world’s first climate alignment agreement launched in June 2019, constitute a framework for responsible financing of maritime transport. They establish a sturdy frame to quantitatively assess whether financial institutions’ ship finance portfolios are in line with climate goals agreed to by the International Maritime Organization (IMO), the United Nations body that oversees international maritime transport.

Under the Poseidon Principles, signatories commit to assess and disclose the climate alignment of their shipping portfolios and work to align their portfolios with climate goals. Loans linked to Poseidon encourage borrowers (shipowners) to decarbonize their fleet by lowering their interest rate while reducing emissions from their fleet.

Our analysis revealed two key trends. First, although the market for these new sustainability-related maritime loans is emerging, it is growing rapidly. Second, climate alignment agreements like the Poseidon Principles can help financial institutions implement their climate goals.

For example, banks are starting to tackle their net zero target for 2050 by using Poseidon to identify and address issuance hot spots in their loan portfolios. While there is still a lot of work to do, climate-aligned ship financing in the first half of 2021 is on the rise.

A wave of offers

By the end of 2020, 20 banks had signed the Poseidon Principles, and seven others have since joined, including five major Japanese institutions: Sumitomo Mitsui Finance & Leasing in January; Sumitomo Mitsui Banking Corporation in February; Shinsei Bank and MUFG Bank in March; and Development Bank of Japan in May. Standard Chartered was another prominent new signer, joining Poseidon in April. In total, the 27 bank signatories represent approximately $ 185 billion, or roughly half of global ship financing.

As the number of Poseidon signatories grew, so did the scale of the transaction flow. Signatories of Poseidon issued more $ 1.2 billion in the sustainable financing of maritime vessels in 2020. Already in the first half of 2021, banks issued nearly $ 1 billion in Poseidon-related debt, including new types of financial instruments beyond simple loans.

Already in the first half of 2021, banks issued nearly $ 1 billion in Poseidon-linked debt, including new types of financial instruments beyond simple loans.

In March, the owner-operator of a Singaporean oil tanker Hafnia secured a $ 374 million senior secured term loan (SLL) and revolving credit facility with a syndicate of 10 banks (see table). Like other Poseidon-related SLLs, the interest rate adjusts each year as the borrower improves its key performance indicators related to emissions. This was Hafnia’s first unionized SLL and ING’s first shipping SLL.

In April, the crude oil transport company headquartered in Antwerp Euronav sealed a $ 95 million revolving credit facility with a syndicate of seven banks. The deal was backed by a loan guarantee from Gigarant.

But the biggest deal of the year so far came in May, when Hong Kong-based Seaspan signed a $ 500 million bond financing of more than 20 institutional investors. The bond transaction – structured as a private placement – proved popular with investors and was the largest U.S. private placement in shipping, according to Seaspan.

The bonds have an average interest rate of 4.1%, and the rate can be adjusted based on the carbon intensity of the fleet as well as Seaspan’s ability to incentivize ship charterers to include provisions related to sustainability in the future. It was notable to see an American bank, Citi, as the sole structuring agent, as European companies largely dominated the sector. Societe Generale served as the main coordinator for sustainable development.

Put Poseidon to work

Beyond the flow of transactions, the Poseidon Principles help bankers deepen their engagement with their clients. For example, because the Poseidon Disclosure Framework helps identify the best performing shipowners and / or vessel designs, lenders can market products such as retrofit financing to customers who need it most. With the insights gained from disclosure data, financial institutions can also provide technical advisory services to their clients in the shipping industry. Poseidon enriched the dialogue between lenders and maritime borrowers and transformed financial institutions into providers of climate solutions as well as financial solutions.

So it’s no surprise that lenders in other high-emission industries are realizing this, especially in steel and aviation. The center meets six banks develop a climate-aligned financing agreement to support the decarbonization of the steel sector. The banks have formed a working group (led by ING and co-led by Société Générale) to develop a “Poseidon for the financing of steel” with a target launch date of COP26.

The pieces are also falling into place in the aviation sector, RMI working with major financial players to lay the groundwork for a “Poseidon of aviation finance”, with the aim of launching a working group in the fourth quarter. quarter of this year. In addition, RMI and Environmental Defense Fund launched the Alliance of Sustainable Aviation Buyers (SABA) in April. SABA aims to stimulate investment in sustainable aviation fuel and support member engagement in policy making; The founding members of SABA are JPMorgan Chase and Bank of America.

Trends so far in 2021 show that the Poseidon-based debt market continues to grow. We will provide another update in December following the release of the second annual report on the Climate Alignment of Poseidon Principles. Meanwhile, the Poseidon model (assessing and disclosing the climate alignment of high-emission portfolios) is becoming increasingly popular with financial institutions trying to implement their own net zero commitments.

The implementation aspect is crucial: climate alignment agreements like Poseidon help financial institutions take immediate action to decarbonize their portfolios and meet their climate goals. The model is growing in popularity because it defines a clear language of ambition and goal setting, but also supports strong and knowledgeable customer engagement. Poseidon and agreements like this pave the way for financial institutions to move from setting climate goals to achieving them.


Source link

]]>
https://wallmountsplus.com/sustainable-ship-loans-take-off/feed/ 0
PSB loan cancellations twice the government’s capital injection in 7 years https://wallmountsplus.com/psb-loan-cancellations-twice-the-governments-capital-injection-in-7-years/ https://wallmountsplus.com/psb-loan-cancellations-twice-the-governments-capital-injection-in-7-years/#respond Tue, 20 Jul 2021 03:15:00 +0000 https://wallmountsplus.com/psb-loan-cancellations-twice-the-governments-capital-injection-in-7-years/

Public sector banks have canceled a massive amount of Rs 8 trillion in loans over the past 7 years of the Narendra Modi government, which is more than double the amount of capital injected by the government during the period. Between 2014-15 and 2020-21, the government injected 3.37 trillion rupees into public sector banks.

FY19 saw the highest amount of capital injection during the period at Rs 1.06 trillion. In 2020-2021, the government injected 14,500 crore rupees into four public sector banks. On the other hand, between 2014-2021, public banks canceled loans worth Rs 8.07 …

MONTHLY STAR

Digital business standard

Business Standard Digital monthly subscription

Full access to premium product

Convenient – Pay as you go

Pay using Amex / Master / VISA credit cards and VISA debit cards only

Automatically renewed (subject to authorization from your card issuer)

Cancel any time in the future

Requires personal information

What do you get?

ON STANDARD COMMERCIAL DIGITAL

  • Unlimited access to all content on any device via browser or app.
  • Exclusive content, features, opinions and reviews – handpicked by our editors, just for you.
  • Choose 5 of your favorite companies. Receive a daily email with all updates on them.
  • Follow the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly automatic renewal product.
  • Cancellation policy: You can cancel at any time in the future without giving a reason, but 48 hours before your card is charged for renewal. We do not offer refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for quick action. Requests sent by post to any other identifier will not be recognized or processed.

ANNUAL SMART

Digital business standard

Business Standard Digital – 12 Months

Get 12 months of Business Standard digital access

Unique and transparent registration to Business Standard Digital

Convenient – Payment once a year

Pay using an instrument of your choice – all credit and debit cards, Net Banking, payment wallets and UPI

Exclusive invitation to certain Business Standard events

What you get

ON STANDARD COMMERCIAL DIGITAL

  • Unlimited access to all content on any device via browser or app.
  • Exclusive content, features, opinions and reviews – handpicked by our editors, just for you.
  • Choose 5 of your favorite companies. Receive a daily email with all updates on them.
  • Follow the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • The monthly term product is an automatic renewal based product. Once subscribed, subject to the authorization of your card issuer, we will automatically debit your card / payment instrument each month and renew your subscription.
  • In the annual term product, we offer both a product based on automatic renewal and a product not based on automatic renewal.
  • We do not reimburse.
  • No questions asked Cancellation policy.
  • You can cancel future renewals at any time, including immediately after subscription, but 48 hours before your next renewal date.
  • Subject to the above, cancel yourself by visiting the “Manage my account” section after logging in OR Send an email request to assist@bsmail.in from your registered email address and quoting your cell phone number.


Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

First published: Tue 20 July 2021. 08:45 IST


Source link

]]>
https://wallmountsplus.com/psb-loan-cancellations-twice-the-governments-capital-injection-in-7-years/feed/ 0
Federal aid | News, Sports, Jobs https://wallmountsplus.com/federal-aid-news-sports-jobs/ https://wallmountsplus.com/federal-aid-news-sports-jobs/#respond Mon, 19 Jul 2021 06:34:18 +0000 https://wallmountsplus.com/federal-aid-news-sports-jobs/

OBSERVE File Photo Brooks Memorial Hospital received $ 4 million under the Paycheck Protection Program.

Just over 1,300 businesses, nonprofits and organizations in Chautauqua County have received federal assistance under the Paycheck Protection Program.

The loans, which totaled between $ 109.2 million and $ 208.2 million, ranged from $ 375 to an undisclosed company in Jamestown with a reported employee to nearly $ 5 million at Maplevale Farms Inc. in Falconer with nearly 200 workers.

As reported by The Post-Journal in July 2020, nine businesses, nonprofits and organizations received at least $ 2 million in forgivable loans to help them retain their workforce. Since then, more data has been made available by the Small Business Administration, detailing how much help has been channeled to employers of all shapes and sizes in the region.

Maplevale Farms received two PPP loans totaling $ 4.99 million, while Lutheran Social Services secured approximately $ 4.94 million in loans, which are believed to be the county’s largest disbursements .

Douglas Neckers, president of Maplevale Farms, said he felt “as the bottom has fallen from the world” March 15 of last year. He said that in the first week when the pandemic hit, sales fell almost 50%.

OBSERVE File Photo Tom Holt, President and CEO of Lutheran Jamestown. Lutheran received $ 4.94 million under the Paycheck Protection Program.

“We were very lucky to qualify for a PPP loan”, Neckers said, “And we are very grateful that it has come at such a difficult time. “

The Lutheran loans received were a “A lifeline in many ways”, said Tom Holt, CEO and Chairman. The impacts the pandemic would have on the skilled nursing and adult care industries were not as clearly visible at first. Since then, Holt has seen a “Huge change” in industry, with a 20% reduction in capacity, resulting in a one-fifth drop in income.

“The paycheck protection program has allowed us to stay in business and maintain a full workforce,” Holt said, adding that it remains to be seen whether capacity levels will ever return fully to their pre-pandemic levels. He said more and more families are keeping loved ones at home for care outside of traditional facilities.

To make matters worse, Holt said New York State has reduced Medicaid reimbursement rates in nursing homes. This is in addition to the $ 1.5 million it cost Lutheran over the past calendar year for personal protective equipment and COVID-19 testing for residents and staff.

Other Chautauqua County entities that have received at least $ 2 million in PPP loans include: Chautauqua Institution, $ 4.72 million; Jamestown Container Co., $ 4.4 million; Monofrax LLC, $ 4.3 million; Brooks TLC, $ 4 million; Hopes Windows Inc., $ 4 million; TitanX engine, $ 3.4 million; and AW Farrell & Son, Inc. $ 2.2 million.

Loans are forfeited if all employee retention criteria are met and funds are used for qualifying expenses. The Paycheque Protection Program officially ended on May 31, 2021.

According to the SBA, 12 county entities have obtained PPP loans ranging from $ 1 million to $ 2 million; 56 received between $ 350,000 and $ 1 million; 118 received between $ 150,000 and $ 350,000; and 1,117 received an amount less than $ 150,000. The SBA has not released the names of companies – which equates to about 5,797 retained jobs – that received less than $ 150,000 in P3 loans.

In Cattaraugus County, four entities received loans between $ 2 million and $ 5 million: Cattaraugus Rehabilitation Center Inc. in Olean; Gowanda Holdings Inc. in Gowanda; Olean Medical Group LLP in Olean; and Wellsville Carpet Town Inc. in Westons Mills.

In addition, four entities received loans between $ 1 and $ 2 million; 25 between $ 350,000 and $ 1 million; 54 between $ 150,000 and $ 350,000; and 644 up to $ 150,000.

Data on PPP loans involving businesses and organizations in Chautauqua County is available at: https://ppp.directory/new-york/chautauqua-county

The latest news today and more in your inbox


Source link

]]>
https://wallmountsplus.com/federal-aid-news-sports-jobs/feed/ 0
Dear Penny: Can we retire in 6 months with $ 190,000 in student loans? | pennyhoarder https://wallmountsplus.com/dear-penny-can-we-retire-in-6-months-with-190000-in-student-loans-pennyhoarder/ https://wallmountsplus.com/dear-penny-can-we-retire-in-6-months-with-190000-in-student-loans-pennyhoarder/#respond Sun, 18 Jul 2021 14:00:57 +0000 https://wallmountsplus.com/dear-penny-can-we-retire-in-6-months-with-190000-in-student-loans-pennyhoarder/

Dear Penny,

I am in great difficulty. My husband and I have a combined student debt of $ 190,000 and we were planning to retire in six months.

My husband wants to sell our house and pay off the debt. If we do this, we won’t have a lot for a down payment on another house, so we won’t have a low mortgage payment. If we don’t sell, we can pay the student loan repayments. But we will be very limited with no more money to save for emergencies.

Help. I spent many sleepless nights trying to find the best solution to this.

-H.

If you could seriously reduce your balance by working an extra year or two, this is something to seriously consider. But the reality is that $ 190,000 is a lot of money. Delaying retirement for a few years may not be enough to make significant progress.

About 20% federal student loan debt is owned by persons 50 years of age and over. Telling millions of people like you and your husband that they have to work forever is simply not a viable solution.

I contacted Betsy Mayotte, president and founder of the association The Institute of Student Loan Counselors, to discuss strategies for people approaching retirement with large student loan balances. She has advised thousands of student borrowers on the best way to pay off their debt. She pointed out how common your dilemma is.

“I think a lot of people don’t realize that student debt is no longer just a problem for young people,” Mayotte said. “I get questions like this all the time.”

The options available to you depend on several factors. First of all, are they federal loans, private loans, or a combination of the two? Second, if you have federal loans, is the debt from your own education or have you taken out Parent PLUS loans for your children? While many baby boomers are in debt because they paid for their children’s education, many have loans because they went back to school during the Great Recession, according to Mayotte.

It is only on rare occasions that student loans are dischargeable in bankruptcy. You probably wouldn’t be a good bankruptcy candidate because it looks like you have decent home equity.

Unfortunately, there are no great relief options if you have private loans. Selling your home and downsizing so you can pay off your balance, or at least a large part of it to make your payments more affordable, may be your best option.

But if you have federal loans, you have several options. Instead of paying off your loans, a better alternative may be to get your monthly payment as low as possible, even if that means you’ll never be completely out of debt.

If you have federal loans, including Parent PLUS loans, Mayotte suggests that you look into a program called Payback Based on Income. You will need to consolidate your loans to enroll. The advantage is that your payment will be 20% of your disposable income, which will likely be less after retirement.

“They renew their application every year and if their income goes down, the payment goes down,” Mayotte said. “If their income goes up, the payment goes up. If they still have a balance after 25 years, the balance is forgiven.

You have even more options if you have federal loans you’ve taken out for yourself, including Income Based Repayment, Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE). These programs make loan repayments as low as 10-15% of your discretionary income, and they also offer a discount at the end of the repayment period, which is between 20 and 25 years.

Traditionally, the canceled balance on all of the federal student loan programs I mentioned has been treated as taxable income for the year the debt is canceled. But thanks to COVID-19 relief measures, any balance canceled by 2025 is not treated as taxable income. Moyette wouldn’t be surprised if Congress finally extended this tax break. But if you choose to enroll in a program that offers forgiveness, she suggests preparing for the worst but hoping for the best, because 20-25 is a long way off.

If you have incurred some of this debt for your children, it might also be time to look beyond assistance programs and ask your children if they can help you with the payments. “It’s a tough conversation, but sometimes it’s a conversation that needs to be held,” Moyette said.

Assuming you have options to lower your monthly payments, it really depends on your personal preferences. If you think you’ll sleep better knowing you don’t have that balance hanging over you, it may be best to downsize and pay it off, even if that means having a mortgage payment.

But there is nothing wrong with treating this debt like a chronic illness that has no cure, but can still be managed. If you can make peace with this debt and are able to limit the damage to your retirement budget, this may be your best option.

Robin Hartill is a Certified Financial Planner and Senior Writer at The Penny Hoarder. Send your sensitive money questions to AskPenny@thepennyhoarder.com.

This was originally posted on The Penny Hoarder, a personal finance website that empowers millions of readers nationwide to make smart decisions with their money with practical and inspiring tips and resources on how to earn, save and manage money.


Source link

]]>
https://wallmountsplus.com/dear-penny-can-we-retire-in-6-months-with-190000-in-student-loans-pennyhoarder/feed/ 0