Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Related Articles Demand Propels Home Prices Upward 2 days ago Congressional Republicans, on the four-year anniversary of the Dodd-Frank Act, fired out at the controversial legislation, saying that the act’s purported purpose to end the government’s “too big to fail” policy has itself failed.On Monday, the House Financial Services Committee released a 100-page report titled “Failing to End ‘Too Big to Fail:’ An Assessment of the Dodd-Frank Act Four Years Later,” which asserts that the act perpetuates a dangerous policy of bailing out lenders that fleece American taxpayers, under the presumption that not bailing them out would make matters far worse. GOP leaders say that Dodd-Frank was supposed to put an end to this perspective, but instead makes sure it continues.“In no way, shape or form does the Dodd-Frank Act end ‘too big to fail,’” said Jeb Hensarling (R-Texas), chairman of the committee. “Instead, Dodd-Frank actually enshrines ‘too big to fail’ into law.”The report calls the Financial Stability Oversight Council, created to manage the administration of Dodd-Frank, “unwieldy,” and states that the FSOC has failed to live up to its statutory mission to identify and mitigate systemic risk. The report also says that while the Office of Financial Research has made some progress in its mission to collect financial data to identify systemic risks, its progress has been hampered by poor data collection efforts that risk “imposing substantial costs in return for speculative benefits.”More to the point of its title, the report asserts that proponents of Dodd-Frank have never offered an adequate, concrete explanation of how the orderly liquidation authority ‒‒ which provides a process to quickly and efficiently liquidate a large, complex financial company that is close to failing ‒‒ would actually end bailouts. The FDIC’s strategy for implementing “single point of entry” provisions outlined in Title II of Dodd-Frank is, according to Republicans “a recipe for future AIG-style bailouts.”“Contrary to the claims of its proponents, Dodd-Frank leaves taxpayers exposed to the costs of resolving large, complex financial institutions,” the report states. Hensarling says that Dodd-Frank “misses some obvious problems and creates new ones,” especially where government-sponsored enterprises such as Fannie Mae and Freddie Mac are concerned. “Firms designated as ‘financial market utilities under Dodd-Frank,” the report states, are the next generation of GSEs.”Moreover, Republicans charge, regulatory requirements imposed under Dodd-Frank create compliance burdens that distort the free market by making it harder for small-to-medium-sized financial institutions to compete with larger firms, further entrenching “too big to fail.”While Republicans on the Financial Services Committee plan to introduce legislation “to repeal Dodd-Frank’s bailout fund and take other steps to end ‘too big to fail’ once and for all,” according to Hensarling, the act’s latter architect, Barney Frank, former Massachusetts Representative and FSC chairman, will testify at a congressional hearing on Wednesday to assess the impact of the Dodd-Frank Act four years later.Republicans are doubtlessly less than enthusiastic about what Frank may have to say and make no effort to hide their distaste for what they consider a cumbersome piece of legislation. “Rather than institute market discipline and a clear rules-based regime, four years later,” said Oversight and Investigations Subcommittee Chairman Patrick McHenry, “Dodd-Frank’s failed policies have only worsened the risks within the financial system and recklessly handed financial regulators a blank check for taxpayer-funded bailouts.” Tagged with: Barney Frank Dodd-Frank Reform Act Jeb Hensarling Subscribe Barney Frank Dodd-Frank Reform Act Jeb Hensarling 2014-07-21 Scott Morgan Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Republicans Release Report Assessing Dodd-Frank in Daily Dose, Featured, Government, Headlines, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Print This Post The Best Markets For Residential Property Investors 2 days ago July 21, 2014 1,907 Views The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Scott Morgan Previous: RMBS Liquidations Increase for the First Time in Almost Two Years Next: Regulators Take Possession of Georgia Bank Home / Daily Dose / Republicans Release Report Assessing Dodd-Frank Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily
Home / Daily Dose / The Week Ahead: Eyes on the Treasury Sign up for DS News Daily Tagged with: Department of the Treasury in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Eyes on the Treasury May 7, 2017 1,117 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Fannie Mae Income Drops in Q1 Next: Hensarling’s Communication Control Faces Criticism Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. Subscribe Related Articles Department of the Treasury 2017-05-07 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Following a week of argument within Congress regarding everything from healthcare to the Financial CHOICE Act, on Wednesday at 2 p.m. EST, the Department of the Treasury will release its monthly Federal Budget Statement. The Bureau of Fiscal Service releases a report of the monthly receipts/outlays and deficits/surplus of the United States.This budget announcement comes right on the heels of the first round of votes to move the Financial CHOICE Act forward, a bill which would act as an alternative to the Dodd-Frank Act. Mnuchin had voiced his support of Financial CHOICE in a statement following the vote.“As Secretary, I am committed to policies that will ensure sustained economic growth that is driven by Main Street and not held back by Washington,” said Mnuchin. “The existing regulatory system is limiting, not stimulating our economy. At the Treasury, we are focused on delivering regulatory relief that encourages banks to provide the capital and liquidity needed to create jobs and opportunities for growth, and that provides protection against taxpayer-funded bailouts.”Financial CHOICE aims to end taxpayer-funded bailouts of big banks, impose tougher penalties for financial fraud and insider trading, and demand greater accountability from regulators.The CHOICE act announcement came alongside the tax reform plan announcement, which called for a reduction of corporate taxes down to 15 percent, cutting the top tax bracket down to 35 percent, and doubling the standard deduction. Mnuchin called the reform the “The biggest tax cut and largest tax reform in history of this country.”According to Mnuchin, the tax reform and Financial CHOICE Act are steps to strengthen the financial system.“I applaud the steady commitment and leadership that Chairman Hensarling and his colleagues have provided on these issues, and welcome the reintroduction of the CHOICE Act,” said Mnuchin “While I continue my work to implement the President’s executive order setting the core principles for financial regulation, I look forward to working with Congress to both support and strengthen our financial system and safeguard taxpayers.”This Week’s ScheduleMBA Mortgage Applications, Wednesday, 7 a.m. ESTLegal League 100 Spring Summit, Wednesday, 7:30 a.m. CSTFive Star Diversity Symposium, Thursday, 9 a.m. CSTFreddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. ESTSenate Banking Committee Hearing: Status of the Housing Finance System, Thursday, 10 a.m. ESTUniversity of Michigan Consumer Sentiment Survey Friday 10 a.m. EST The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago
Check your sheets, because Bedbugs!!! is coming off-Broadway. Tickets are now on sale for the sci-fi rock comedy. Performances will begin on September 9 at the ArcLight Theatre, where it will run through October 26. Opening night is set for September 14. Robert Bartley directs and choreographs. The cast includes Chris Hall, Grace McLean, Nicholas Park, Brian Charles Rooney, Danny Bolero, Tracey Conyer Lee, Barry Shafrin, Gretchen Wylder, Courtney Bassett and Colin Scott Cahill. Featuring music by Paul Leschen and a book and lyrics by Fred Sauter, Bedbugs!!! follows Carly, an exterminator, who is hell-bent on avenging her mother’s bedbug-related death. In an effort to permanently rid the city of its infestation, she accidentally mutates the pests into an army of human-size, intelligent, carnal creatures out for blood and world domination. The tuner premiered at the New York Musical Theatre Festival in 2008. Bedbugs!!! features costumes by Philip Heckman, scenic design by Adam Demerath, lighting design by Kirk Fitzgerald and sound design by Ed Chapman. View Comments Related Shows Show Closed This production ended its run on Nov. 2, 2014 Bedbugs!!!
continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A Pennsylvania grand jury indicted the former president of the National Independent Auto Dealership Association for allegedly running a four-year, multimillion-dollar auto loan fraud scheme that victimized credit unions, banks and General Motors.Andrew Gabler, 50 of Harborcreek, who served as president for NIADA for more than a year and owned two car dealerships outside of Erie, and his finance manager Chad Bednarski, 48, of Fairview, were indicted last week on 17 felony counts of bank, wire and mail fraud.According to the indictment, from January 2015, to January 2019, Gabler and Bednarski falsely said that customers made a down payment and then inflated their income on auto loan applications submitted to financial institutions on behalf of customers.The scheme allegedly victimized the $317 million Widget Federal Credit Union and the $111 million Tendto Credit Union, both of Erie, the $373 billion Capitol One Bank in McClean, Va., the $7.3 billion S&T Bank in Indiana, Pa., and General Motors.
PDN, one of the Netherlands’ biggest corporate pension schemes, plans to continue independently for at least three years.The €6.8bn pension fund of Dutch chemicals giant DSM said in its 2018 annual report that it was no longer actively pursuing a growth strategy.The scheme said a thorough evaluation of its operations had shown that, in combination with its in-house pension provision, it was optimally prepared to address developments and uncertainties in the pensions sector.Following the assessment, it had decided to retain to its board of equal representation, but had extended its composition with the appointment of external experts. PDN is the pension scheme for chemicals company DSMPDN’s return-seeking holdings lost 5.2%. The scheme said the 6.9% loss from equity holdings was in particular due to disappointing performance from its portfolios of European and Pacific assets.It attributed the 4.1% loss from its listed property holdings to a slowdown in the rise of rental income and rising interest rates in the US, volatility in the UK, Italy and France, as well as a weakening housing market in Asia.By contrast, non-listed real estate generated 10.9% due to rising values of Dutch residential property, it said. The pension fund’s infrastructure investments returned 6.7%.Bridgewater leads multi-asset lossesPDN said its investment in Bridgewater Associates’ All Weather Fund was among the allocations that incurred a 6.2% loss for its “portfolio of strategies”. However, it noted that the scheme’s expected returns were still 6.9% since its introduction in 1996.The scheme also lost 2.1% on its currency hedge, following the appreciation of the dollar, the yen and the Swiss franc relative to the euro.It has sold swap contracts and shortened the duration of its government bond portfolio in order to keep its dynamic interest rate hedge at 35%.The annual report also showed that PDN had gained €400,000 from lending securities worth €109m.The pension fund was again unable to grant any inflation compensation while indexation in arrears increased to 14.3% for its active members and 15.4% for deferred participants and pensioners. PDN’s funding stood at 107.4% at the end of May.Asset management and transaction costs totalled 35 bps and 7 bps, respectively. PDN spent €233 per participant on administration. The company scheme incurred an overall loss of 1.8%, an underperformance of 0.2 percentage points.It said its liability-matching portfolio – 56% of its total assets – returned 0.6%, largely due to government bonds, which gained 1.2%. Its holdings of residential mortgages produced a gain of 2.6%. Inflation-linked bonds and investment grade credit lost 0.7% and 1.2%, respectively.