Trouble looming as ARM increases kick in

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORE11 theater productions to see in Southern California this week, Dec. 27-Jan. 2160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Over the next two years, $2 trillion worth of adjustable-rate mortgages are going to cause their holders some discomfort. This is a really big number. A two followed by a dozen zeros. There is enough distance between the two and the final zero for trouble to hide. This is the side of the fence on which some market watchers, most of then engaged in economics and research, sit. On the other side of the fence are the glass-is-still-half-full-ers. They see another refinance opportunity over the next two years. Last week I received an e-mail from the Web site The Mortgage Market Guide. It carried the headline “Nowhere to Run … No Where To Hide … ARM Yourself for a Huge Opportunity.” Here, in part, is the narrative. “Thought the refinancing run was over for good? Don’t look now, but a huge opportunity lies immediately in front of you. Home loan rates continue to rise … ARM yourself and make your move before your competition does.” It touted a conference call Thursday at which one of the featured speakers was Barry Habib, the guide’s chief executive officer, who would give loan originators advice on how to survive in this changing market. It cost $99.95 to participate in the call. The agenda included a re-evaluation script designed for originators to use when contacting their ARM clients. It also offered a Quick Step Media Guide, a “step-by-step plan for contacting the media.” I tried but couldn’t reach Habib on Friday. He’s right about one thing: There is a scramble to get out of adjustable-rate products as they rise in cost and right now that presents a challenge. Not much relief is available. Yet. For example, a day before Habib’s conference call, the Washington, D.C.-based Mortgage Bankers Association released its weekly report showing that home loan and refinance activity fell 6.2 percent from the week before and 23 percent from a year ago. The refinance share of mortgage activity increased to 35.7 percent of total applications from 35 percent the previous week. And the adjustable-rate mortgage (ARM) share of activity increased to 30.5 percent of total applications from 29.9 percent the previous week. That’s the highest since the week ending Jan, 27, 2006. ARMs are not as seductive as they were a few years ago, though. The average interest rate for a 30-year fixed-rate mortgage decreased to 6.61 percent from 6.66 percent a week earlier. The rate for a one-year ARM decreased to 6.02 percent from 6.07 percent. A day later, mortgage giant Freddie Mac followed up with its weekly report that showed the one-year adjustable mortgage increasing an annual 33.3 percent. Keith T. Gumbinger, vice president at rate tracker HSH Associates in Pompton Plains, N.J., said its holders of adjustable product have the jitters. “Refinance activity has not completely disappeared because many borrowers are moving out of at least some of the ARMs they selected over the last couple of years.” And one thing the lending industry displayed during the market boom is the ability to quickly roll out new products to meet market conditions. The same thing is likely to happen again. “Some form of response will come. I’m not certain what it will be, but my guess is it will be some form of streamlined refinancing opportunities,” Gumbinger said. Altruism won’t have anything to do with it, either. Lenders want to make money. It’s their business. Suzanne Pyburn, a broker at Long Beach-based Mortgage Loan Specialists and president of the Southern Los Angeles County Chapter of the California Association of Mortgage Brokers, said holders of adjustable products need to be proactive. She urges them to have a broker review their loan and get a sense of their financial situation when their rate resets. “It’s a checkup just like when you go see your doctor. Same thing with your mortgage.” She also recommends visiting, the association’s Web site. It contains a consumer link to more information. She suggests visiting the site before sitting down for a mortgage review. “Go in armed. Don’t go in unawares.” (818) 713-3743last_img read more

Overseas Bulldogs Update – Dec. 12

first_imgThe Drake University men’s basketball program has a long and storied tradition of preparing players for long and prosperous basketball careers overseas in international competition. Currently, nearly a dozen Bulldogs are competing across the globe. Here are some of the top performances by former Drake standouts in the last week courtesy of • Josh Young (Germany) led Rasta Vechta to a 1-point victory against the closely-ranked Giessen 46ers (6-4) 84-83 in the German BBL in Saturday night’s game. He recorded 14 points, 5 rebounds and 6 assists in 24 minutes. Rasta Vechta (6-4) is placed sixth in the BBL. It was his team’s third consecutive victory in a row. But this is still an early stage of the season and everything may happen. Young has relatively good stats this year 12.0ppg, 2.1rpg and 2.7apg in seven games he played so far. • Reed Timmer (Germany) led Walter Tigers Tuebingen to a victory over the closely-ranked Artland Dragons (5-8) crushing them 99-79 in the German ProA (second division) last Saturday. Timmer was MVP of the game. He recorded a double-double by scoring 23 points and making 10 passes. Timmer also added 5 rebounds; quite an impressive performance considering it’s only his first season in pro basketball. Walter Tigers Tuebingen (6-7) is placed tenth in the ProA. It’s Timmer’s first year with the team. Timmer has individually a very good season with high stats. He averages 17.6ppg, 3.2rpg and 2.9apg. • Ben Simons (Spain) contributed to a Rio Natura Monbus Obradoiro CAB’s surprising victory against the sixth-ranked Zaragoza (6-5) 86-78 in the Spanish Liga Endesa on Saturday night. He scored 14 points in a mere 18 minutes. Rio Natura Monbus Obradoiro CAB (4-7) is placed 13th in the Liga Endesa. It was his team’s first victory after three consecutive loses. But the season just started, so everything may happen. This year Simons averages 9.8ppg, 2.6rpg and 1.8apg in five games. • Gary Ricks (Mexico) helped Abejas de Guanajuato win their game against the fourth-ranked Laguneros (9-9) 103-84 in the Mexican LNBP (second division) in Thursday night’s game. Ricks recorded 16 points, 5 rebounds and 3 assists. Abejas de Guanajuato (7-11) is placed fifth in South group. Ricks has relatively good stats this season 11.1ppg, 3.1rpg and 2.1apg. • Jacob Enevold Jensen (Denmark). Jensen could not help Svendborg (8-2) to beat Horsens IC (2-3) in the Danish BasketLigaen. He recorded 8 points and grabbed 6 rebounds in 28 minutes. The second-placed Svendborg (8-2) was crushed 105-78 on the road by the lower-ranked (#6) Horsens IC in the ProA group. This year Jensen averages 10.0ppg, 6.4rpg and 1.3bpg in 10 games. • AJ Calvin (Germany), plays in the German ProB (third division) but was not able to help ETB Wohnbau (2-10) in their last game on Saturday. Despite his good performance the 12th-placed ETB Wohnbau was defeated 82-76 at home by the much higher-ranked Muenster (#4) in the North group. Calvin was the top scorer with 14 points. He also added 5 rebounds. This season Calvin has very high stats. He averages 16.5ppg, 6.2rpg, 1.9apg and 1.4spg. Print Friendly Versionlast_img read more

Gaoth Dobhair mourns passing of Fred Coll

first_imgGaoth Dobhair is in mourning following the passing of former county councillor and soccer icon Fred Coll.The late Mr Coll, who passed away this morning, in Aras Ghaoth Dobhair, was a highly influential figure in the area.A long-time independent Councillor on Donegal County Council, he was one of the leading lights in the foundation of the Donegal Junior League in 1971. He had been one of the key figures in the re-forming of the Gweedore Celtic club in the 1960s following his return to the area from Scotland in the 1960s.Fred, from Derrybeg, is predeceased by his wife, Kathleen and is survived by a large family circle.In a tribute posted on social media, Gweedore Celtic said: “Fred Coll was the driving force behind the renaissance of soccer in Gweedore and as part of the Donegal League when it was established in 1971. “On his return from Scotland in the 60s he re-established Gweedore Celtic and along with Colm Mc Bride set in in motion a period of domination on the local soccer scene that lasted into the mid 80’s.“At a time when it was neither popular or profitable, Fred’s determination in establishing a strong soccer club in Gweedore was what drove him and others on to making Gweedore Celtic a force to be reckoned with and a club that made many friends throughout Donegal and further afield.“Rest in peace Fred. Everyone at the club would like to express our sincere condolences to the Coll Family at this sad time.“Ar dheis Dé go raibh a anam uasal.”His remains are reposing at his late residence.Funeral from there on Monday morning going to St Mary’s Church, Derrybeg for Requiem Mass at 11am with burial afterwards in Magheragallon Cemetery. Gaoth Dobhair mourns passing of Fred Coll was last modified: June 29th, 2019 by Chris McNultyShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Donegal Junior LeagueFRED COLLGaoth DobhairGweedorelast_img read more

It’s time to pay your Tekkie Tax

first_imgSlide on your favourite pair of tekkies, pay your Tekkie Tax and support a good cause; it’s never been easier to do the right thing (Image: Tekkie Tax)It will soon be time to don your tekkies for a good cause; the annual Tekkie Tax fundraising campaign falls on 30 May for 2014 and promises to be as popular as it was in 2013, its inaugural year.For the Average Joe, Tekkie Tax is a simple way to support a good cause; buy a Tekkie Tax sticker for just R10, stick it on your lapel and sport your tekkies on the day to show you care about making South Africa a better place. This year, Tekkie Tax participants can also grab a pair of Tekkie tags, specially designed shoelaces, for R30, and receive a smaller sticker for a cellphone or wallet with the larger sticker.Each sticker is designed to represent a charity sector; animals, basic family care, children, disability, and education, and donations go to a charity in the sector you would prefer to support.HOW DOES TEKKIE TAX BENEFIT CHARITIES?Running a fundraising campaign is expensive; organisations need to pay staff, hire venues and cover administration costs. Joining the Tekkie Tax campaign cuts down on labour and administrative costs, and channels monies received to where they are needed the most; the charities’ beneficiaries. Tekkie Tax is also managed so that no single organisation involved has access to the funds collected; instead the Legacy Through Charity Trust manages the campaign, ensuring it is audited and that all monies are distributed equitably.Currently Tekkie Tax represents some 15 national welfare organisations and a further 1 000 non-governmental organisations across the country. Last year the campaign raised R2.4-million for the 183 participating organisations, and sold more than 700 000 stickers.GET INVOLVEDTo buy your Tekkie Tax stickers and shoelaces, make a donation, or learn more about the campaign, visit, email, call the office on +27 (0) 12 663 8181 or send a fax to +27 (0)12 663 8188.last_img read more

South Africa’s population breaks 54-million

first_img1 August 2014Life expectancy in South Africa continues to rise as the country’s population breaks the 54-million mark, Statistics South Africa reported on Thursday.Releasing its latest mid-year population estimates report in Pretoria, Stats SA said the country’s population grew by an estimated 1.58% between July 2013 and July 2014, increasing by about 844 000 people to stand at just over 54-million in total.According to the report, South Africa’s life expectancy at birth now stands at 61 years, having increased from an estimated 52 years in 2005, thanks to a lower infant mortality rate and a decrease in the number of Aids-related deaths in the country.Stats SA said the decline in South Africa’s infant mortality rate – from an estimated 58 infant deaths per 1 000 live births in 2002 to 34 infant deaths per 1 000 live births in 2014 – pointed to an improvement in the general health and living standards of the population.Aids-related deaths, meanwhile, dropped from an estimated 363 910 deaths (51% of all deaths) in 2005 to 171 733 deaths (31% of all deaths) in 2014, as a direct result of the increased rollout of free antiretroviral therapy in the country.According to Stats SA, the overall number of deaths in the country decreased from an estimated 716 083 deaths (15 deaths per 1 000 people) in 2005 to an estimated 551 289 deaths (10 deaths per 1 000 people) in 2014.At the same time, the country’s birth rate has decreased, from 24 births per 1 000 people in 2002 to 22 births per 1 000 people in 2014.Stats SA said the dual transition from high to low birth and death rates had changed the age structure of South Africa’s population, resulting in both a high proportion (30%) of the population under the age of 15, as well as growing proportion of elderly people, with an estimated 4.5-million people aged 60 years or older.SAinfo reporterlast_img read more

What is the role of the Gauteng Industrial Development Zone (GIDZ)?

first_imgGlobalisation is upon us and South Africa is ensuring readiness by adopting what is called Specialised Economic Zones (SEZ). According to Investopedia, an SEZ is a designated area in a country subjected to specialised economic regulations different from other areas. These zones play a huge role in encouraging trade and investment opportunities that benefit the country through job creation.The Gauteng Industrial Development Zone Company (‘Gauteng IDZ’) was founded in 2009 under the Gauteng Growth and Development Agency (GGDA) and was established with the purpose of developing and operating the designated Industrial Development Zone at OR Tambo International Airport. OR Tambo International Airport accommodates over 21 million passengers annually, making it Africa’s largest and busiest international airport.The vision of the GIDZ is “to identify, design, package and enable focused export driven manufacturing and beneficiation programmes for location at the OR Tambo International Airport IDZ. OR Tambo International is known for its exceptional infrastructure and resources. It is a well-positioned logistics and distribution hub for air cargo internationally and in the region. OR Tambo international is the largest air cargo airport on the African continent, with the capacity to handle 40 000 tonnes annually. 82% of South Africa’s cargo comes through OR Tambo.”How does an IDZ impact citizens? In an effort to reposition itself in the world economy, the South African government launched the Industrial Development Zones (IDZ) programme with the aim to facilitate inclusive and competitive economic growth in order for citizens to enter new jobs and benefit from the investments attracted.The GIDZ also runs a post-graduate Jewellery Design course called Design@50. The Jewellery Design Centre was established in 2013, and puts students through an 11-month course offering training in Marketing, Commercial Jewellery Design and Product Development, utilising state of the art Computer Aided Design (CAD) and Manufacturing technology. The centre aims to increase technology proficiency ahead of the Fourth Industrial Revolution, and pave the way for skilled designers by shaping talent that can contribute to the development of the South African jewellery market.Design@50 was launched as part of the OR Tambo Industrial Development Zone, currently under construction next to OR Tambo International Airport.To find out more about the GIDZ, click here: read more

You Are Not Steve Jobs

first_img Essential Reading! Get my first book: The Only Sale Guide You’ll Ever Need “The USA Today bestseller by the star sales speaker and author of The Sales Blog that reveals how all salespeople can attain huge sales success through strategies backed by extensive research and experience.” Buy Now You are not Steve Jobs. Steve Jobs was Steve Jobs. You can read the books, you can find lessons to take away from what Jobs did at Apple, but you can’t be Steve Jobs. Nor would he want you to be. You never read a story that suggested that Jobs wanted to be Thomas Edison. His success came from being Steve Jobs.You are not Richard Branson. We already have a Richard Branson. There are some lessons you can learn from Branson, but his form of irreverence and resistance to what are considered normal business practices is Branson’s thing. He isn’t who he is because he wants you to be another version of Branson. You’ve never read a story that Branson wanted to be Rockefeller. Branson is successful because he is being Branson.You are not the next Zuckerberg, the next Gates, the next Buffet, the next Musk, or the next Rockefeller. These people aren’t trying to be someone else. All of them were and are originals. That is what makes them special.There are lessons you can learn from reading about other people who have succeeded in entrepreneurial endeavors. There are principles that you can observe, and some that you can actually practice.But you can’t be the next anyone. Your circumstances are different. Your business is different. The people you work with are different. Your opportunities are different, and so are your challenges. You have different strengths, and you have different weaknesses. You are different.Your job is to be the very best version of you possible, not a pale copy that is someone trying to be someone they’re not. You want to be the first and only you.Note: And for God’s sake stop telling people you are a serial entrepreneur. If you start a business, have some success, grind out the work, and make some money. Stop starting half-baked ideas and quit with the half-hearted efforts. Find something you’re passionate enough about to see it through.last_img read more

PCB to oppose end to ICC president rotation policy

first_imgPakistan has rejected reforms which could see the country lose the right to have one of its nationals at the head of cricket’s governing body, an official said on Tuesday.ICC chief Sharad Pawar with PCB chairman Ijaz Butt.A plan to scrap the rotation policy for appointing presidents and vice- presidents of the International Cricket Council is likely to be tabled at its board meeting in Hong Kong later this month.”Under the current rotational system, Pakistan and Bangladesh have to put up the next candidates for president and vice-president and we don’t agree with the proposal of change and we have shown our reservations to the ICC,” Pakistan Cricket Board (PCB) chief operating officer Subhan Ahmed told reporters.Ahmed said Pakistan and Bangladesh had the right to nominate their candidates.”We are in touch with the ICC over the matter and will decide the future course of action soon,” said Ahmed.The post of ICC president was first created in 1997 when India’s Jagmohan Dalmiya took the top job. He was followed by Australian representative Malcolm Gray, followed by Ehsan Mani of Pakistan and Percy Sonn from South Africa.India’s Sharad Pawar is the current president and will be succeeded by Australia-New Zealand nominee Alan Isaac next year.Pakistan and Bangladesh will nominate their candidates after Isaac completes his term in 2014.It was unclear what new system for picking ICC presidents would replace rotational appointment.Pakistan has also opposed another suggested amendment in the ICC’s constitution allowing the council to suspend members in cases of government interference in the running of national cricket boards.advertisementThe role of PCB chairman is widely criticised for being a political appointment by the ruling administration.”But we challenged them on this issue and sent a legal notice in April. Now we are in talks with them to explain our position,” Ahmed said.Ahmed pointed out that the PCB had taken the stance that every member country had its own particular environment and set-up that it functioned under.- With Agency inputslast_img read more

Dhoni’s bat fetches Rs 72 lakh at auction

first_imgIndian cricket captain Mahendra Singh Dhoni’s precious bat, which helped his team win the ICC World Cup, fetched a whopping Rs 72 lakh in a high profile charity auction held in London on Monday night.India skipper MS Dhoni with his bat that he used during the World Cup.The entire Indian team was present to watch Dhoni’s prized bat go under the hammer as the skipper hosted a lavish dinner at Hilton Park Lane hotel, where the auction took place.Besides his team-mates, bigwigs like Brian Lara, Courtney Walsh and David Boon were also present on the occasion.Dhoni, along with wife Sakshi and Poorna Patel, came in a little earlier to make sure everything was in place.Understandably, the bat generated massive interest amongst cricket enthusiasts since he hit the winning runs of the title triumph with a crunching six off the willow.Besides his bat, most of Dhoni’s cricketing gears used in the World Cup finals were also put up for auction. The funds raised through the auction would go to his wife’s charitable organisation, Sakshi Foundation, to be used for under-privileged children.last_img read more

Pilot was high on marijuana in fatal 2011 crash near Yellowknife TSB

first_imgAPTN National NewsThe Air Tindi pilot who died in a 2011 plane crash near Yellowknife, that also claimed the life of a passenger, was stoned on marijuana the Transportation Safety Board said Wednesday.The Cessna 208B Caravan went down Oct. 3 near Lutsel K’e, Northwest Territories. Two other passengers survived but were seriously injured.“Toxicology testing revealed that concentrations of cannabinoids found in the pilot’s bloodstream were sufficient to have impaired pilot performance and decision-making during the flight,” said TSB in a press release.Investigators also determined the pilot was flying too low which “prevented the pilot from seeing and avoiding terrain.”Weather was marginal and the aircraft did not have a terrain awareness and warning system or terrain-warning features on its GPS.The pilot was flying using visual flight rules, which means the pilot must maintain constant visual reference to the ground.He could have flown using instrument flight rules, which pilots fly using cockpit instruments and doing so would have provided a margin of safety, according to the report.Air Tindi has since taken measures to improve safety according to TSB, including installing cockpit imaging and flight data monitoring devices in its Cessna 208B fleet.The company also does random drug and alcohol tests for employees in “safety-sensitive positions.”last_img read more