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 www.cambweb.org, 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.” greg.wilcox@dailynews.com (818) 713-3743last_img read more

Uncovering South Africa’s latest fossil find

first_img8 November 2013Excavations will soon begin on a new site at the Cradle of Humankind in South Africa’s Gauteng province to investigate a find of “significant” fossils suspected to be those of our very early human ancestors.Professor Lee Berger, a research professor in Human Evolution from the Evolutionary Studies Institute at the University of the Witwatersrand and a National Geographic explorer-in-residence, will direct the expedition at the site, dubbed “Rising Star Cave”.Berger is best known for the discovery of Australopithecus sediba at the Malapa site at the Cradle – one of the most significant palaeoanthropological discoveries in recent times.The Cradle of Humankind is a World Heritage site situated about 40 kilometres north-west of Johannesburg.Berger said at the launch of the new expedition this week that “significant” fossils had been found in a chamber deep underground.“We do not know as yet what species of hominin we have found, and we will not speculate,” Berger said. “Our aim is to get the fossils out carefully, study them, compare them to other fossil material from around the world and then proceed to analyse and describe them.“This is part of the scientific process, and we are hoping to publish our findings – if all goes well – late in 2014.”The key challenge is the size and location of the cave: about 30 metres underground, it has a very small opening through which only slightly built people can fit.Berger used social media platforms to call for “tiny and small, specialised cavers and spelunkers with excellent archaeological, palaeontological and excavation skills”.From a list of 57 qualified applicants, Berger selected six scientists. “These are highly trained scientists with caving experience from the US, Canada and Australia who are currently in South Africa preparing for the excavation,” he said.The excavation and scientific analysis that follows will be featured in a National Geographic/NOVA television special.Members of the Speleological Exploration of South Africa will assist the expedition.Follow National Geographic’s Rising Star blog for updates on excavations.Wits University and SAinfo reporterlast_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

Infographic: How much do you know about breast cancer?

first_imgWith October being Breast Cancer Awareness Month, the aim is to increase knowledge about the disease. If it is detected early, effective treatment can lead to a positive prognosis. We’ve collected handy information in an infographic.Early detection of breast cancer can save lives. October is Breast Cancer Awareness Month. (Image: Wikimedia Commons)Words and research: Priya PitamberDesign and infographic: Sandile KhumaloOctober is Breast Cancer Awareness Month in South Africa. It brings a nationwide initiative by public and private healthcare to raise the level of attention given to the disease and spread knowledge about prevention, detection and treatment.Click on the image for a larger view.Sources:Cansa South African Governmentlast_img read more

Mowrystown FFA gets into the giving spirit this holiday season

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The Mowrystown FFA hosted a school wide day of giving at Whiteoak Jr./Sr. High School on December 18th. Students had two different sessions to go to where they could either make tie blankets, assemble boxes of food, help decorate and fill bags for Totes for Hope, or watch a movie.By the end of the day the students had assembled about 30 blankets, 95 boxes of food, and about 25 bags for Totes for Hope. It was a fun and successful day of helping others and the Mowrystown FFA would like to thank everyone who helped and those who donated the material.last_img read more

Your Client Didn’t Abandon You. You Abandoned Them.

first_img Essential Reading! Get my 2nd book: The Lost Art of Closing “In The Lost Art of Closing, Anthony proves that the final commitment can actually be one of the easiest parts of the sales process—if you’ve set it up properly with other commitments that have to happen long before the close. The key is to lead customers through a series of necessary steps designed to prevent a purchase stall.” Buy Now When you lose a long time client, it can feel like you’re being abandoned. You’ve stood together through what seems like a lifetime of battles and challenges, always finding a way, no matter how difficult. You had a relationship. Now it’s over.But it isn’t likely that your client abandoned you. It’s more likely that you abandoned them. One of the three following reasons is at the root of your loss. Study them, make changes, and prevent the loss of another client.NeglectThe most common way to lose a client is through neglect. Relationships require careful care and feeding. Ignoring your clients is a form of neglect.You used to call. You used to make appointments for face-to-face visits. You used to send articles that your client would find helpful in thinking about their business. Now . . . nothing. It’s been a long time. Too long.Neglect is form of abandonment. When you discover that your client has opened a new relationship with your competitor, they didn’t abandon you. You abandoned them.ComplacencyAnother way you can abandon your client is to become complacent.Remember how you used to ensure that all of your client’s problems and challenges were taken care of? Remember how you used to follow up to make sure that they were getting the results that they needed? Well they remember too. And they can feel the empty space where the salesperson that cared about them used to be.Because you have a client now doesn’t mean you are entitled to keep them. Just because you created tremendous value for them in the past doesn’t mean you have a right to their business in perpetuity.Complacency is a form of arrogance or a form of laziness, and either leads to abandonment.Failure to GrowYour client’s needs are going to change over time. They are growing and their needs are growing along with them. And if they’re struggling, their needs are changing too. In order to help your clients take advantage of the opportunities they come across, you have to grow. If they have greater challenges than ever, you have to grow big enough to help them overcome those challenges.If you don’t continue to grow, you aren’t going to have the ability to help your clients keep growing. If you are going to keep your client for life, you have to match—or exceed—their growth.Failure to grow is another form of abandonment. You force your clients to need a new partner?In all of these cases, you might feel as if your client abandoned you. The truth of the matter is that your neglect, your complacency, or your failure to grow was your abandonment of your client.QuestionsDid your client abandon you or you them?How does neglect lead to lost clients?How does complacency lead to lost clients?How does a failure to grow lead your clients to need someone new?How do you prevent abandoning your clients?last_img read more

Professionally Pursue Your Dream Client

first_imgOne of my clients discovered that one of his dream clients was considering a change. They are unhappy with the results they are getting from the 800-pound gorilla in the industry, and they are now open to looking for a company that will get them the results they need. When my client’s company’s name came up, the very senior executive said, “I haven’t heard from anyone there since January.”The statement that no one had called on him for almost nine months wasn’t an offhand remark. It was an indictment. What he was saying is that if my client’s company wanted his business, they would have continued to call on him during the intervening months. Most of the time, the prospective clients of my client calls on an RFP, so most salespeople don’t call on their prospects during the intervening years when they are locked into a contract. It’s interesting that the very C-Level executive doesn’t care about what’s customary. He thinks the people who want his business should be pursuing him.Never Give UpThis story is a lesson for salespeople, especially as it pertains to the pursuit of their dream clients.It isn’t enough to express a passing interest in your dream client or to occasionally check to see if their dormant dissatisfaction has developed enough that they are primed to move. It isn’t enough to call quarterly to check in, or to meet up with your dream client contacts at industry events. These small, infrequent touches, betray a self-interest, teaching your dream client that you only care about them when there is an opportunity for you to compete for their business.Never Go AwayThe truth of the matter is that the competition is occurring right now. The mindshare is being developed between the intervening periods where no salespeople are calling on the dream client because they know that they have a contract and relationships. The relationships that create opportunities develop over time, and relationships are something that can’t be easily developed when you are transactional.If you are going to pursue your dream client, pursue them. Continually call, nurture, and meet with the contacts within your dream client’s company. If you are sporadic in your effort, you will be indicted for your lack of professional pursuit. 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 Nowlast_img read more

Import invasion: Top-notch reinforcements add spice to Grand Prix tournament

first_imgGenerika will have Darlene Ramdin and Croatian Katarina Pilepic, while University of Santo Tomas and Iriga have yet to name their reinforcements. BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight Read Next SEA Games committee, NSA concerns in POC meet View comments Fire hits houses in Mandaluyong City Frontrow holds fun run to raise funds for young cancer patients  LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary Nonong Araneta re-elected as PFF president MOST READ Typhoon Kammuri accelerates, gains strength en route to PH Fire hits houses in Mandaluyong City Leading the pack for this year’s season-ending conference is two-time champion import Lindsay Stalzer, who will don the Petron jersey this time along with American Hillary Hurley and Japanese libero Yuri Fukuda.Stalzer steered Foton to two championships in the past, and her transfer will add color to the conference.Not to be left behind in the PSL arms race is Foton, which tapped Serbian stars Sara Klisura, Dragana Perunicic and Katarina Vukomanovic in its drive to score a “three-peat.”Cignal established connection with Americans Beth Carey and Alexis Matthews and Japanese libero Mami Miyashita; while Cocolife will rely on Taylor Milton and Tai Manu-Olevao.Sta. Lucia acquired Canadians Marisa Field and Kristen Moncks and Bulgarian Slavina Koleva, while F2 Logistics closed deals with Venezuelan Maria Jose Perez and Kennedy Bryan of the United States.ADVERTISEMENT World-class foreign players will spice things up for the coming Philippine Superliga (PSL) Grand Prix starting Oct. 21.ADVERTISEMENT But they come with some world-class salaries, too.PSL president Ramon “Tats” Suzara confirmed that the players coming over will get from $3,000 to $6,000 each for a two-month stint with their respective clubs.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutout“Our teams chose from a pool of FIVB-accredited players, and we encouraged them to get the best they can afford,” said Suzara. “The better players they get, the better not only for the team, but for the league itself and Philippine volleyball in general.”Though the salary range still pales in comparison to that in basketball, the pay scale broke the glass roof for the sport considering that PSL clubs can now employ three imports at a time. LATEST STORIES Trending Articles PLAY LIST 00:50Trending Articles02:46Makabayan bloc: Duterte suspension order on rice importation only a ‘media stunt’00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Brace for potentially devastating typhoon approaching PH – NDRRMC Don’t miss out on the latest news and information. last_img read more

Jazul, Fuel Masters confident of smooth transition under Alas

first_img“I feel younger,” he said. “Since college, we’ve been together and that continued in Alaska.”Jazul has every reason to feel upbeat. After all, his partnership with Alas allowed him to be a part of the Knights squad which won the NCAA title back in 2005, while also a key factor in the Aces’ Finals appearances in the past three years.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutout“We’re all positive here, I know what coach Louie and the coaching staff can do for us,” he said.But with the familiarity also comes responsibility as Jazul will be counted on to make the Fuel Masters’ transition under Alas easier. Photo by Tristan Tamayo/ INQUIRER.netIf there’s someone in Phoenix who knows how great of a coach Louie Alas is, it’s RJ Jazul.Sharing a bond since their days in Letran, the 31-year-old couldn’t help but wax nostalgic over his history with the soft-spoken mentor, whom he has reunited with at the Fuel Masters.ADVERTISEMENT Stronger peso trims PH debt value to P7.9 trillion Read Next ‘Arthur’ producer wants LeBron to appear on the show after viral meme US transit worker saves man who fell on rail track PLAY LIST 01:44US transit worker saves man who fell on rail track00:50Trending Articles00:50Trending Articles01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice QC cops nab robbery gang leader, cohort However, the 5-foot-11 sharpshooter said that the burden should fall on every player in the Fuel Masters roster to fulfill their roles in the new system Alas will implement.“It’s now up to us. Whoever coach you put in, if the players won’t follow, the success wouldn’t come. So we all have to buy-in to the system of coach Louie,” he said.Pressured as Phoenix is to turn things around after a rather lackluster showing last season, Jazul is just keeping the faith on Alas and his teammates as the Fuel Masters prepare for a turnaround conference starting this upcoming 2018 Philippine Cup.“Since I got traded here in Phoenix, I always had that pressure because it’s expected that the team will do good,” he said. “Now that coach Louie is here, it’s still the same. But it’s up to us as a team to deal with it and hopefully in the coming weeks, we’ll figure out where we’ll end up.”ADVERTISEMENT Kris Aquino ‘pretty chill about becoming irrelevant’ Kammuri turning to super typhoon less likely but possible — Pagasacenter_img Typhoon Kammuri accelerates, gains strength en route to PH Japan ex-PM Nakasone who boosted ties with US dies at 101 LATEST STORIES Brace for potentially devastating typhoon approaching PH – NDRRMC CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA MOST READ Don’t miss out on the latest news and information. View commentslast_img read more