The gap that has jumped open between these two lines has created a nationwide lock-in effect — paralyzing people in homes they may wish to leave — on a scale not seen in decades. For homeowners not looking to move anytime soon, the low rates they secured during the pandemic will benefit them for years to come. But for many others, those rates have become a complication, disrupting both household decisions and the housing market as a whole.

new research from economists at the Federal Housing Finance Agency, this lock-in effect is responsible for about 1.3 million fewer home sales in America during the run-up in rates from the spring of 2022 through the end of 2023. That’s a startling number in a nation where around five million homes sell annually in more normal times — most of those to people who already own.

These locked-in households haven’t relocated for better jobs or higher pay, and haven’t been able to downsize or acquire more space. They also haven’t opened up homes for first-time buyers. And that’s driven up prices and gummed up the market.

Share of existing mortgages with rates below or above new market rates Percentage point difference from rates on new mortgages BELOW
-3
-2
-1
0
+1
+2
+3
ABOVE
Federal Housing Finance Agency analysis. Note: Data covers all fixed-rate mortgages in the U.S.

Distribution of fixed rates held by existing mortgage holders
1999
Before the dot-com recession
2005
During the housing boom
2011
Emerging from the Great Recession
2019
On the eve of the pandemic
2023
Post-pandemic

Source: Federal Housing Finance Agency analysis. Note: Data shown captures the fourth quarter of each year.

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Source: nytimes.com

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The Securities and Exchange Commission (SEC) this week announced new rules that will require publicly traded companies to disclose climate risks and how much greenhouse gas emissions they produce.

But compared with a prior proposed version of the rules from 2022, media outlets have characterized the rules as less onerous for companies.

“Under the original proposal, large companies would have been required to disclose not just planet-warming emissions from their own operations, but also emissions produced along what’s known as a company’s ‘value chain,’” according to reporting at The New York Times.

A “value chain” is something of a catch-all term that refers to “everything from the parts or services bought from other suppliers, to the way that people who use the products ultimately dispose of them,” the Times explained.

Pollution created up and down the value chain could certainly add up, the Times stated, but that reporting requirement is not included in the version of the rule unveiled on Wednesday.

While larger companies will have to report the emissions they directly produce, the determination of what kinds of emissions to report will be left to the companies themselves. If companies determine the produced emissions are “material,” they will have to proactively report them under the final version of the rules.

The Mortgage Bankers Association (MBA) largely lauded the move, according to a statement from president and CEO Bob Broeksmit.

“Public companies already disclose material information relevant to their financial condition and operations, including climate-related information,” Broeksmit said. “We are pleased that the SEC’s final rule addresses redundancies and that it does not contain some of the more complex and overly burdensome mandatory reporting requirements – particularly for Scope 3 emissions – that were issued in the proposal.”

Upon the initial announcement of the proposal, the MBA had recommended “a longer implementation schedule for required registrants,” which is included in the rule as announced by the SEC.

“[This is something] we appreciate given the substantial effort and resources necessary to comply with the rule,” Broeksmit said.

Given the larger focus on climate change by the Biden administration, discussion of climate issues has taken on more prominence since early 2021 when Biden took office. Still, state governments can often implement their own priorities on this front, but the MBA hopes they follow the SEC’s lead.

“MBA and its members are active participants in policy conversations and market developments on climate risk, extreme weather impacts, and ESG (environmental, social and governance) investing at the federal and state levels,” Broeksmit said.

“We urge state legislatures to refrain from proceeding with, or introducing, proposals that exceed this rulemaking or that impose costly and time-consuming reporting requirements that adversely impact businesses and consumers in their state.”

Source: housingwire.com

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News that Capital One has struck a deal to buy Discover shook up the normally quiet Presidents Day banking holiday on Monday, teeing up the possibility of making Capital One the nation’s largest credit card issuer.

The Wall Street Journal reported the potential merger on Monday, followed by other outlets like Bloomberg and the New York Times. Capital One then released a statement confirming the planned acquisition.

Capital One Financial Corp., based in McLean, Virginia, is the nation’s ninth-largest bank by total assets, with 259 physical branch locations, 55 “Capital One Cafes” across the country and a major online banking operation. Discover Financial, based in Riverwoods, Illinois, is a mostly online bank with a single physical branch in Delaware. The all-stock deal is valued at $35.3 billion.

See the best Capital One cards

Capital One has cards for earning rewards and cards for building credit. Some even do both.

Is Discover on board?

Michael Rhodes, CEO and president of Discover, touted the deal in Capital One’s press release: “The transaction with Capital One brings together two strong brands with enhanced ability to accelerate growth and maximizes value for our shareholders, enabling them to participate in the tremendous upside of the combined company.”

What happens next?

Bank mergers must be approved by bank regulators and by shareholders of each company. If the deal goes through, Capital One estimates that it will close in late 2024 or early 2025.

What would it mean for customers?

During the approval process, little is expected to change as the companies continue to operate independently. Even if the deal is approved, though, current customers may see little effect.

“I think it’s not going to be a big change for credit card customers,” says David Robertson, editor and owner of the Nilson Report, a payment card industry trade journal. Discover cards, he says, are primarily cash-back cards, while Capital One offers a variety of rewards cards. A merger, Robinson says, “might allow for better rewards programs for both companies.”

While the Wall Street Journal reported that Capital One plans to keep the Discover name on at least some cards, details have not been confirmed by either company. Likewise, there is no detail yet on how banking customers will be affected.

Why merge?

Item no. 1: Discover’s payment network.

Transactions on Capital One cards are processed over the Visa and Mastercard payment networks. Discover, however, operates its own network, making it both a card issuer and a payment processor, similar to American Express. Robertson says acquiring a payment network and building direct relationships with more merchants is likely a driving factor in Capital One’s acquisition, which puts a 26.9% premium on Discover’s Feb. 16 closing stock price.

​​”From Capital One’s founding days, we set out to build a payments and banking company powered by modern technology,” Richard Fairbank, founder and CEO of Capital One, said in the news release. “Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies.”

In addition, Robertson notes, there is not a great deal of overlap between the two banks’ customer bases. “One would assume that everyone that has a Discover Card also has a Visa or MasterCard,” he says. “Capital One may get access to that spending.”

Capital One is the fourth largest credit card issuer in the United States by loan volume; Discover is ranked sixth, according to Nilson Report data. Combined, they would nudge ahead of Chase to become the largest card issuer.

Sheer economy of scale is another factor. “Should [the merger] occur, Capital One would be the largest credit card issuer” as measured by outstanding debt, says Robertson.

Who doesn’t want to be rewarded?

Create a NerdWallet account for personalized recommendations, and find the card that rewards you the most for your spending.

Source: nerdwallet.com

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Source: goodfinancialcents.com

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Do You Have ‘Bookshelf Wealth’?

A TikTok home-décor trend has irked some bibliophiles.

This is the look that’s sweeping social media.Credit…Getty Images

Published Jan. 15, 2024Updated Jan. 16, 2024

When it comes to aesthetic trends, social media loves a catchy name.

Cottagecore. Dark academia. Eclectic grandpa.

Now there’s a new entry to the canon: bookshelf wealth.

On TikTok and other digital platforms, there has lately been much ado about people who own a great number of books and — this is critical — have managed to stage them in a pleasing manner.

If you’ve ever seen a Nancy Meyers movie, the look might ring a bell. Warm and welcoming. Polished, but not stuffy. A bronze lamp here. A vintage vase there (with fresh-cut flowers, of course). Perhaps there is a cozy seating area near the floor-to-ceiling display, with an overstuffed couch topped with tasteful throw pillows.

Kailee Blalock, an interior designer in San Diego, posted a video to TikTok last month that sought to define bookshelf wealth and school viewers in achieving the aesthetic in their own homes.

@houseofhive Bookshelf Wealth, what it is and how to achieve it #greenscreen #bookshelfwealth #interiordesign #designtok #2024designtrends ♬ original sound – House of Hive Design Co

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Dancing aliens rejoice. The ads are back. Apparently dreams do come true sometimes.

A few weeks ago, a blogger from the New York Times had commented that the silly dancing aliens, grooving silhouettes, and freaked out office worker advertisements had mysteriously disappeared from websites across the Internet.

The omnipresent, mostly obnoxious ads were part of a mortgage campaign by LowerMyBills, an Experian company that specializes in lead generation, including the lucrative home loans space.

Their disappearance was attributed to the ongoing credit crunch, and their relative popularity (or perhaps notoriety) was clear when the company began cutting back on online advertising geared toward mortgages.

A LowerMyBills company spokeswoman denied any such cutbacks, but said it was possible for the company to shift ad spend from time to time to other segments of their business, such as comparison shopping.

Many fretted that the mortgage lead business was on the way out after the infamous ads finally disappeared.

Nonetheless, the dancing alien ads are back, and they should be enough to help disgruntled mortgage enthusiasts crack a smile in this down housing market.

A Feel-Good Story

  • For some downtrodden folks
  • The return of the dancing aliens
  • Is the one bright spot
  • In an otherwise bleak reality

Finally, a feel-good story in the mortgage industry. We’ve waited a long time for this.

If you’re not familiar, you’ve probably seen the ads at some point, one where a green alien is doing some kind of Macarena-esque dance, or possibly the “office freak out” where dancing women are suddenly caught off guard.

Though the ads have returned, they seem to have been altered slightly, and I’m not talking about a new set of dance moves.

The ads used to say, “Mortgage Rates Fall Again!”, but were later changed to read, “House payments fall again!” after mortgage rates continued to rise.

But the latest set of ads I’ve seen simply state, “See today’s mortgage rates.”

The ad pictured above is an old screen-grab from a previous ad campaign…

LowerMyBills was acquired by credit bureau Experian in 2005, and bills itself as the #1 online mortgage advertiser. I wouldn’t doubt it given how ubiquitous they are.

In early 2017, Detroit-based Rock Holdings, Inc., which is the parent company of Quicken Loans and its newer venture Rocket Mortgage, announced that it had signed an agreement to acquire Los Angeles-based LowerMyBills.

Let’s hope they bring the aliens back to planet Earth some time soon!

Source: thetruthaboutmortgage.com

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Imagine this: After spending 12 long years of education, it’s finally time to head to college. But hang on, because there’s a catch — tuition is much higher than you thought, and the school didn’t offer an academic scholarship.

One alternative for students can be to find a non-academic scholarship and keep pushing toward that dream. Here are tips on finding non-academic scholarships to help pay for a college education.

What Is a Non-Academic Scholarship?

Scholarships are one type of financial aid available to students that don’t need to be repaid and are typically awarded based on merit — that is, being especially knowledgeable or skilled in one area. Grants, which also do not need to be repaid, are typically awarded based on need and not based on academic or athletic merit. For example, Pell Grants are federal grants awarded to undergraduate students who exhibit exceptional financial need.

Scholarships can be awarded for many different reasons, including academic achievement. However, just because someone isn’t an A+ student doesn’t mean they can’t qualify for a scholarship. There are non-academic scholarships that are based on athletic or artistic achievement, community involvement, extracurricular activities, and more. Students may just need to put in a bit of legwork to find ones they qualify for and apply.

Recommended: Finding Free Money for College

Where to Find Non-Academic Scholarships

Often, the first step in getting a scholarship is to find it. Here are a few places to start your search.

School Counselor’s Office

High school students can check in with their high school counselor to see about any non-academic scholarship they may know about. The office may have a list of options available to students, and, because they may know the student, their skills, and their future aspirations, they may be able to hone in on the right scholarship for them.

School counselors may also have helpful information on navigating the financial aid process. One piece of the funding puzzle may be undergraduate loans if scholarships don’t cover all of the costs. Students may consider private student loans after exhausting federal aid, including federal student loans. This comprehensive private student loan guide dives into more detail.

College Admissions Website

If a high school student has already been accepted to school, they may check in with the college’s admission website. There, they could find a list of potential scholarships offered directly by the school. Students should also reach out directly to the admissions office or future academic counselors for assistance.

As the school year nears, you may consider checking in with your college’s financial aid office to see if they can guide you to unclaimed scholarships.

Scholarship Listing Websites

There are several scholarship search tools out there that roundup available scholarships to students, including destinations like FastWeb or CollegeBoard. Here, students can sift through hundreds of available scholarships and find help with the application process, as well.

Professional Associations and Clubs

Another place to find scholarships includes professional associations and clubs, such as churches, your parent’s employers, local businesses, minority groups, and more.

A quick Google search on professional organizations in your chosen field of study can lead to scholarships, too. Most are free to join and include fields such as marketing, engineering, graphic arts, law, and more.

Friends and Family

Sure, it may not seem as obvious, but merely asking around for scholarship opportunities can’t hurt. Students should reach out to their network and let everyone know they are on the hunt for financial assistance. Someone may know of a specific scholarship that could be the perfect fit for the student.

Connect With the Community

Explore connections with local religious groups, business, and other organizations. Having an existing connection can potentially improve an applicant’s chances of securing a scholarship. Plus, students may face less competition when they apply for more local scholarships.
💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

Types of Non-Academic Scholarships

Need a little help thinking about what type of non-academic scholarship may fit? Here are a few types of scholarship ideas to get students started.

Talents

Have a unique talent? There’s probably a scholarship available for it. For example, you can find scholarships for duck calling, dancing, drawing, and much more.

Athletics

Each year, there are more than 180,000 athletic scholarships awarded to students. Scholarships are available for a wide variety of sports to both men and women, including volleyball, tennis, swimming & diving, skiing, lacrosse, golf, fencing, and more.

Heritage

Students may also find non-academic scholarships based on their heritage. Students from minority groups may find additional opportunities, including scholarships for African American or Hispanic students.

Some scholarships may be available through churches, while others can be found on websites like College Board. There, students of various backgrounds can search for a suitable match.

Interests

Students can apply to non-academic scholarships based on their various interests, too. For example, those interested in cars can apply for the National Corvette Club scholarship. Those students that love to cook can apply for the AAC Culinary Scholarships for High School Seniors .

Know a student who spends their Sundays completing The New York Times crossword puzzle in pen? Have them apply to the Crossword Hobbyist Crossword Scholarship . No matter the interest, odds are there is a scholarship out there for it.

Area of Study

Future and current college students may be able to find a scholarship that suits their future area of study. Students hoping to become their own CEOs can apply for The National Association for the Self-Employed ’s Future Entrepreneur Scholarships, which helps promote “entrepreneurial thinking among aspiring business students.”

Again, if there’s an area of study, odds are there’s a scholarship available for it.

Area Code

Students looking for a non-academic scholarship can search for regional scholarships on many online databases. SoFi runs a state-by-state grant and scholarship database, so you can take a look at what is available in your area.

Other sources for regional or location-based scholarships may include local nonprofits and businesses.

Other, Outlandish Options

There are scholarships available for less obvious reasons, too. One of the more famous wacky scholarships is the Stuck at the Prom Scholarship Contest sponsored by Duck brand duct tape. Each year, the company awards a $5,000 scholarship to a teen who designs and wears a dress or tuxedo made out of their duct tape.

How to Get a Non-Academic Scholarship

There are thousands of non-academic scholarships available each year. In order to get a non-academic scholarship, you should first look for scholarships in line with your talents and career interests. From there, you can look to local businesses, friends and family, and your community to find other non-academic scholarships.

And finally, do a Google search for non-academic scholarships you think you may qualify for. There are scholarships available for almost every type of person and every interest, including scholarships for minorities, scholarships for people who dance, religious scholarships, first-generation scholarships, and more.

Tips for Finding & Applying for Non-Academic Scholarships

If you’re hoping to find and apply for non-academic scholarships to help pay for college, there are a few things you can do to increase your chances of getting one.

Start Early

Starting your search early is one of the best things you can do to land a scholarship. Since many scholarships come from the school you’re attending, it’s recommended to fill out the FAFSAⓇ as soon as possible. Some grants and scholarships offered by schools are on a first-come, first-served basis.

It’s also a good idea to start your search early so you can make sure you can meet all the deadlines for the scholarships you hope to apply for. Many will require essays, and the sooner you know which scholarships you want to apply for, the sooner you can get your essays completed and submitted.

Read the Fine Print

Make sure to read the fine print of all scholarship applications. This will ensure you won’t miss any deadlines or important information regarding the scholarship.

Showcase Your Personality

When applying for scholarships and writing essays, it’s important to showcase your personality through your written word. Most non-academic scholarships are fun, so feel free to express yourself and make it so your application stands out from the rest.

Proofread Your Application

Proofreading your application is a great way to catch any grammar errors or application mistakes prior to submission. If it comes down to you and one other candidate, you don’t want to miss out because of easy grammatical errors you could have caught by simply proofreading your application beforehand.

Don’t Give Up

And finally, keep searching and applying for scholarships until you receive the amount of money you’re hoping for. Scholarships can be competitive, so don’t get down on yourself if you’re struggling to get one. Instead, keep the momentum going by continually searching and applying for new opportunities as they arise.

The Takeaway

Non-academic scholarships can be awarded based on talent, skill, interest, and more. Some scholarships may even be regional or location based. To find non-academic scholarships, consult with your guidance counselor, your college’s financial aid office, local business and nonprofits, and online scholarship databases.

If scholarships and federal financial aid aren’t enough to cover college costs, private student loans can help fill in the gaps.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

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Furniture World News Desk on

1/17/2024


Home Deco Expo International (HDX) will feature HGTV star, designer and expert carpenter Ty Pennington as the headline speaker of its ground-breaking furniture trade show which opens Feb. 29 at the Miami Beach Convention Center.

Open exclusively to industry professionals, Home Deco Expo is the first of its kind to bring suppliers from around the world, offering residential and commercial furniture, lighting and décor, rugs and floor, and a diverse assortment of materials to create beautiful interior and exterior spaces.

Pennington will share with HDX attendees his unique stories and insights from the many interesting home improvement projects from his more than two decades of popular TV shows, as well as his personal projects away from the camera. He will be available to answer questions from attendees.

Pennington first garnered national attention as the quirky and creative carpenter on the groundbreaking home improvement series “Trading Spaces.” Later, as host of “Extreme Makeover: Home Edition,” he helped transform the lives of hundreds while inspiring millions more around the world to volunteer their time to help others. He’s hosted a series of other shows and traveled the country breathing new life into homes and communities, including several current series with HGTV that include Battle on the Beach, Rock the Block, Hometown Takeover, with other projects upcoming.

In addition to his extensive television work, Ty is recognized for his design expertise and style. He has launched fabric, furniture and flooring lines, and has written multiple books, including “How Good Design Can Change Your Life,” an intimate look at his design inspirations with décor advice and tips, and the New York Times bestseller “Ty’s Tricks,” which is part reference and part behind-the-scenes in his own home, which he completely remodeled himself. His most recent book, “Life to the Extreme” details his initial struggle with, and story on how he overcame, the challenges of living with ADHD.

Free registration for HDX is open to the trade only and more information is available at www.hdxintl.com or by email at [email protected].

Source: furninfo.com