While we’ve come a long way since housing bottomed, the memories of how we got there still don’t feel very distant.
A lot of things contributed to the complete breakdown of the real estate market, with exotic financing being one of them.
So it’s no surprise that the new hot trend of “1% down mortgages” is now coming under the microscope.
Update: UWM has re-launched the 1% down payment mortgage.
Freddie Mac Is Changing the Rules Pertaining to 1% Down Mortgages
While 1% down mortgages have been all the rage lately
Freddie Mac is cracking down on the higher-risk home loans
Requiring a minimum 3% borrower contribution
That can’t come via the transaction itself via lender credits, points, etc.
Over the past couple years, many large lenders have introduced home loan programs that require just 1% down from the borrower, including big names like Quicken, Guaranteed Rate, Guild Mortgage, and even wholesaler United Wholesale Mortgage.
In fact, just this week another lender joined the party, Garden State Home Loans, giving home buyers in Connecticut, Florida, New Jersey, and Pennsylvania the chance to achieve the American Dream with just a 1% down payment.
As far as I can tell, most if not all of these programs rely upon Freddie Mac’s Home Possible Mortgage program, which is its 97% LTV offering.
However, it turns out that some lenders may have taken it a little too far because Freddie Mac doesn’t seem comfortable with their interpretation of the program.
Last week, Freddie Mac released a bulletin pertaining to lender gifts and grants on Home Possible Mortgages (their 3% down program) that is effective November 1st, 2017.
Basically, they’re revising their guidelines for Home Possible Mortgages to require a 3% borrower contribution that isn’t funded through the mortgage transaction.
Specifically, Freddie notes that the down payment money can’t come from “differential pricing in rate, discount points, or fees.”
So it sounds like some of these programs offered the 1% down option in exchange for a higher mortgage rate, kind of like how a lender credit allows borrowers to pay nothing out of pocket in the way of closing costs.
A borrower may be able to put less down, but they could wind up with a higher mortgage rate as a result.
Some may say there’s nothing wrong with that – heck, you see it on mortgages where borrowers put less than 20% down too.
But Freddie seems to think this practice is skirting the rules, or perhaps taking advantage of a loophole, and thus they’re closing it in the coming months.
That could mean that some (or all) of these 1% down mortgage programs will fall by the wayside, but that remains to be seen.
In any case, Freddie will still allow gifts or grants from the seller as the originating lender, but only after a minimum contribution of 3% of the value (lesser of the appraised value or the purchase price) is made by the borrower.
What This Means for You
While 1% down home loans may still be available via other avenues
It does mean it’ll get more difficult to obtain one going forward
This means having down payment funds at the ready is imperative
Especially in today’s competitive housing market where multiple buyers bid for the same property
These 1% down programs may not be done entirely, but the lenders offering them could have to figure out a new way to offer such financing. Or do it without Freddie Mac.
In the meantime, it might be advisable to set aside enough money to cover a 3% down payment, which is still a pretty small amount to put down on a home.
It’s a slightly smaller requirement than what the FHA calls for (3.5%), making it one of the most flexible loan programs around, even without the gift/grant money.
Furthermore, you pay for the privilege of putting down so little, often in the form of a higher mortgage rate and/or mortgage insurance, so consider that when deciding on an appropriate down payment.
It could make financial sense to put down more on a home if you have the means, and it could also help you secure a winning bid with all the competition in today’s housing market.
Read more: 3 ways a low down payment raises your mortgage payment
In a vacant lot or seller impersonation scam, public records are searched to identify real estate that is free of mortgage or other liens, as well as the identity of the property owner. Oftentimes this leads to the discovery of vacant lots. Then, posing as the property owner, the scammer contacts a real estate agent to list the property. All of the communications occur through digital or email interfaces. The property is then listed, typically below market value to generate interest in the listing. When it comes to close on the sale of the property the scammer will request a remote notary signing. The scammer then impersonates the notary and returns falsified documents to the title firm or closing attorney involved in the transaction. The title firm then transfers the closing proceeds to the scammer.
“You hear about people getting duped by people pretending to be title companies or Realtors and directing parties within the transaction,” said David Kennedy, the CEO of Fidelity Land Title Agency of Cincinnati. “That is the typical fraud that we usually see with someone impersonating somebody already involved in the transaction and trying to get them to send the wire to the wrong place. This time was different though because they were pretending to be a party in the transaction right from the very beginning.”
Kennedy’s firm had a close encounter with vacant lot fraud earlier this year, but they caught it before the transaction closed.
“We’ve been hearing about this type of fraud for two years, but this was the first time that we have actually seen it take place here in our area,” Kennedy said. “We are glad we felt that something fishy was going on and that our technology partner, CertifID, verified those feelings for us.”
According to CertifID, vacant lot fraud is usually not discovered until the time of recording or transferring documents with the applicable county.
“This recent trend involving seller impersonation is particularly concerning, as the real property owner is typically not aware nor in a position to prevent the fraud, until it is too late,” said Thomas W. Cronkright II, Executive Chairman of CertifID. “Unfortunately, it’s just the latest evolution of wire fraud that affects title companies, law firms, lenders, realtors, and home buyers and sellers.”
In Florida, Christian Ross of Ross Law | Ross Title is no stranger to seller impersonation fraud.
“Someone recently told me that the Florida of today is the U.S. of tomorrow, so a lot of times we see this type of stuff before most other parts of the county and this was no exception,” Ross said. “We have a lot of absentee owners here that come from all over the world, fall in love with the beaches and buy property, so when these fraudsters started to target this game, it was a natural option because it is a very transient community.”
In addition to the frequent comings and goings of Florida property owners, the state also sees quite a few land sales every year. In 2021, Florida was responsible for 12.8% of total land sales in the U.S., second only to Texas (14.6%), according to data from Realtors Land Institute and the National Association of Realtors. This, along with the fact that many properties in Florida are not occupied year-round, makes Florida a prime playground for fraudsters.
Other states with high land sale rates include South Dakota, Idaho, Iowa and Utah, with land sales making up 60.0%, 32.4%, 29.4% and 28.6% of realtor’s sales in 2021, according to data from Realtors Land Institute and NAR.
Over the past few years all types of fraud have been on the rise. In 2022, the Internet Crime Complaint Center (IC3) identified a potential fraud loss for the year of $10.2 billion, up from $6.9 billion in 2021. In addition, of the 800,944 complaints received by the IC3 in 2022, 11,727 were real estate related.
“Real estate represents a high value target for criminals, so as fraud increases generally, we will likely continue to see new types of scams emerge in the housing space,” Elizabeth Blosser, the American Land Title Association’svice president of government affairs, wrote in an email.
Over at CertifID, Adams believes the recent uptick in seller impersonation fraud is due to the overall decrease in the number of real estate transactions, with existing home sales dropping 34% year over year in 2022 to an annual pace of 5.03 million, according to NAR.
“Fraudsters are always going to go for the easiest place to generate money,” Adams said. “There were fewer real estate transactions taking place, so there were less opportunities for them to defraud a particular transaction, and so what we saw was that they started to go out and manufacture closings by posing as sellers and reaching out to real estate agents. With fewer deals happening, agents are eager to jump on the listing and they maybe aren’t doing as much of their due diligence.”
Adams said key to preventing seller impersonation fraud is taking a layered approach to identity verification and validation for sellers. This includes device verification, where the party acting as the seller must correctly identify their geographic location based on the IP address of the device they originally registered with CertifID, multifactor authentication using the verified phone number the seller provided, and knowledge-based authentication.
This approach is necessary as simply using an ID card validator is not enough, according to Adams.
“There are a lot of services that you can purchase where you can take a picture of the front and back of a license and it will tell you whether or not the card is legitimate or fraudulent and unfortunately those services have a high rate of false positives,” Adams said. “They also, in some cases, can’t tell the difference between a fake ID and a real ID, and they are not able to say who is actually in possession of that ID card.”
This is a challenge Jaime Kosofsky of Brady & Kosofsky in North Carolina has run into. His firm was hit by two seller impersonation frauds in the fall of 2022, despite having multiple layers of cyber security, a disaster recovery plan and transaction verifications in place. Kosofsky feels fake IDs are at the crux of his firm’s misfortune.
“You can buy fake scannable IDs,” Kosofsky said. “You then take that ID to a bank, set up an account with the fake ID and then you find a suitable property by using public record and you are ready to commit seller impersonation fraud and that is exactly what happened to us. The guy had a Texas ID, a Florida notary and the property was in North Carolina. Just checking IDs is not enough.”
While industry experts stress that identity verification is a necessary step in ensuring a secure transaction, Ross at Ross Law | Ross Title, said there are plenty of warning signs you can keep an eye out for even prior to reaching the closing table.
Like the fraudster Kosofksy’s firm dealt with, Ross said to be wary of a seller who has an out of state ID and home address and is using a notary from a third state.
“We’d get people who would be impersonating someone who’s forwarding address was in Michigan, so they would get a fake ID with a driver’s license from Michigan with the correct forwarding address on it, but then they would be in England for the signing and then they’d want the money sent to a bank in Singapore,” Ross said. “That definitely tipped us off because very few people really live like that.”
Ross also noted that warning bells ring for him when fraudsters posing as sellers are “almost too easy to work with,” and that they are always mysteriously out of town.
His firm has begun the practice of mailing letters to the property owner’s home address as listed on tax and property records, especially if the property being listed for sale is not their primary residence.
In addition to Ross’ red flags, ALTA suggests comparing the seller’s signature to previously recorded public documents, to manage the notarization process and only use validated contact details, such as the mailing address on tax records, to contact the seller.
“Knowing scammers are constantly changing tactics, ALTA members frequently share their latest experiences defending against fraud with other real estate professionals via meetings, communication portals and educational events,” Blosser wrote. “While it is a big win every time a title agent identifies and stops fraud, the sooner fraud can be detected in a transaction, the better it is for everyone. Certainly, everyone involved in a real estate transaction has a role to play in combating fraud.”
Rhyan Finch is the Broker, Owner, and Founder of 1st Class Real Estate and leader of The Rhyan Finch Real Estate Team. He started on a small team at a nationally known franchise firm and quickly grew to learn the ins & outs of a functioning real estate team while realizing ways he could improve this business model to grow and better serve his clients and agents in this industry. He is a family man with a devotion to God, his beautiful and accomplished wife, and his two children. Rhyan has one goal in his heart – to change lives and to serve more clients with 1st Class service.
Join us as Rhyan shares his realtor mindset and a glance at his journey to becoming a Real Estate Rockstar by becoming a Top Seller in real estate!
Quotes To Live By
“Real estate is going to be an adventure!” – Rhyan Finch Click to Tweet
“You want to be doing things in business that have multipliers!” – Rhyan Finch Click to Tweet
“Failure is succeeding at the wrong thing!” – Rhyan Finch Click to Tweet
Rhyan’s Book
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In this Episode, We Also Talk About
How to start with something that is going to produce money NOW!
How to go from working with buyers to working with sellers
Looking at real estate as a business
Generating income producing people first!
How to get to the next level regardless of where you are!
How to break through your goals.
Plus so much more!
Thank & Connect with Rhyan
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Thanks for Rocking Out
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“Buying on the installment plan makes the months shorter and the years longer.” Most of us would agree with this. After all, debt is a trap, isn’t it?
However, not all of it.
Since childhood, we have been taught that debt is bad and that one should make sure that they deal with it carefully without falling into situations that can put them and their family in extreme distress. While most of these advices about debt make sense, you need to keep in mind that not all of your debt is bad. There’s something called good debt too.
What is good debt?
In simple words, good debt is what increases your net worth or has future value. Good debt is debt that is used to acquire income-generating assets like a business loan, home loan, education loan, etc.
Good debt lets you manage your finances effectively, helping you leverage your wealth. It helps you acquire assets that can be used during unforeseen emergencies. In a way, it also provides security during unexpected events.
Business loans: A business loan taken by you or your family is essentially good debt as it is used to start a business venture that can prove an investment in future and potentially become an asset that can grow in value if managed well.
Home loan: A home loan, again, is considered good debt as it is used to buy a house that would appreciate in value and help build wealth over a period of time. While you repay home loan for a long period, the value of your house also simultaneously appreciates over the course of time. Besides, you can also earn rent on it, meaning, it can more than pay for itself and get you profit. Moreover, it comes with tax benefits, therefore, justifying why real estate is the go-to investment option for many.
Education loan: This kind of loan is used to finance education which can bring a lot of career opportunities that could mean good income. Some student loans also have lower interest rates than others and have tax benefits. However, a student loan should be handled carefully as it can become bad debt if not paid back responsibly and on time.
What is bad debt?
Bad debt is exactly the opposite. Bad debt is what gives you a tough time. It refers to debt incurred to finance liabilities that are not likely to generate any income or have any future value. These expenses are heavy on your pocket and don’t give you any returns. Credit card outstanding, car loans, personal loans for discretionary spending, luxury items or depreciating assets are all considered as bad debt.
When not handled carefully, bad debt can put you in unpleasant situations as it only increases liabilities for you if not repaid on time.
Credit card: Most of us have this debt. This is essentially because interest rates on credit cards are extremely high and if thing go out of hand, it can take a while before you sort them out. This is why it is advisable to use credit card responsibly by making payments on time and not falling for “minimum payment” option.
Car loans: Auto loans are largely bad debt considering vehicles are depreciating assets. Some car loans also carry high interest rates. However, depending on circumstances, it can sometimes be considered good debt if one is using the car to get to work, in which case, it is used to generate income.
Personal loans: Personal loans used to pay another debt or to buy depreciating luxury items or for discretionary spending are considered bad debt as they only increase liability without adding to income or generating returns and can set you off track.
Some of money lending mobile applications offer personal loans up to ₹5 lakh
From a family robot assistant to a self-driving car, there are so many technological advancements to look forward to. In this article, we explore some of the most futuristic tech that could change your life in the next five years.
1. Enabot EBO X
The Enabot EBO X Family Robot is a versatile home assistant robot equipped with advanced features such as a built-in camera for home security, a speaker system and projector for entertainment, and functions such as vacuuming and mopping floors. It can also interact with voice commands and engage in conversations, making it a fun and interactive companion for your family. Overall, the Enabot EBO X is a cutting-edge technology designed to make your daily life easier and more enjoyable. The Enabot EBO X is expected to start shipping in 2023.
2. Hypershell Exoskeleton
You’ve always seen them in movies but it’s about to become a reality. With the Hypershell Exoskeleton, you’d be able to improve your mobility drastically. The Hypershell exoskeleton is a wearable technology designed to enhance human performance and mobility. It provides support to the legs, hips, and lower back, using advanced motors and sensors to provide assistance and reduce the risk of injury. The exoskeleton is controlled by a computer mounted on the waist and can be adjusted manually. It has the potential to improve the quality of life and independence for individuals with mobility impairments and those who perform physically demanding tasks.
3. SeeAir
The SeeAir tankless dive system is a portable and lightweight device that provides a nearly unlimited air supply for scuba divers. It uses a compact compressor to draw in air from the environment, eliminating the need for bulky tanks or hoses. The system is easy to use and maintain and features a rechargeable 5-hour battery, depth gauge, and timer. It is ideal for adventurous and novice divers and has a smaller environmental impact than traditional scuba diving equipment.
4. Geo Wallet
This is the world’s first MagSafe wallet with full Find My functionality. As they said on their product page, nothing ruins a vacation like losing your wallet with all your credit cards and IDs. The GeoWallet can hold up to 10 cards, features RFID-blocking technology, and is both scratch and water-resistant. With its GPS technology, it can be located using the Find My app, and users can activate Lost Mode to receive alerts if it is found. The Geo Wallet is a stylish and practical accessory for those who want to keep track of their belongings.
5. Heisenberg LawnMeister
The Heisenberg LawnMeister is an all-in-one robot lawn mower that uses Vision AI technology to create a detailed image of the lawn and guide the mower in a precise and efficient manner. It has a large-capacity battery, a built-in rain sensor, and comes with a user-friendly app that allows homeowners to set up a mowing schedule and monitor the mower’s progress. It also has plant-trimming and fertilizing capabilities and can mow up to one acre. The LawnMeister is a convenient and reliable solution for homeowners who want to simplify their lawn care.
6. TIMEMORE Electric Coffee Grinder
For all you coffee enthusiasts, watch out cause TIMEMORE is changing the Coffee grinding game. The TIMEMORE Electric Coffee Grinder is a high-quality coffee grinder that features a powerful motor and stainless steel burrs that produce a consistent grind size. It has adjustable settings for grind size, is easy to use with a user-friendly interface, and has a large capacity for multiple cups. It is durable, easy to maintain, and comes with a brush for cleaning hard-to-reach areas. Overall, it is a reliable and practical choice for coffee lovers.
7. AliSleep
AliSleep is a high-tech pillow that is designed to reduce snoring and provide a soothing massage while you sleep. It has built-in sensors that detect snoring and adjust the pillow’s height and position to reduce snoring, as well as built-in vibration motors that provide a gentle massage to the neck and head. The pillow has a memory foam core for optimal support and pressure relief and is made with breathable materials for temperature regulation. Overall, it is a potential choice for anyone who wants to improve their quality of sleep.
8. ARKH
ARKH is an augmented reality development platform that simplifies the process of creating AR applications by providing a visual editor, APIs, and SDKs. It is compatible with a range of devices and allows developers to add AR features to their existing applications. ARKH offers a powerful and flexible solution for creating cutting-edge AR experiences. With the ARKH AR controller, you could move around AR items in real-time.
9. Tesla Autopilot
If you’ve ever wanted to relax and let your car do the driving, Tesla has got you covered. Tesla’s self-driving technology, Autopilot, is a suite of advanced driver assistance systems that enables Tesla vehicles to operate semi-autonomously on the road. The system uses cameras, radar, and sensors to detect surroundings, navigate roads, change lanes, and park itself. Tesla’s Autopilot also includes safety features to prevent accidents and improve driver safety. The Full Self-Driving (FSD) system, currently in development, is designed to enable fully autonomous driving. It is expected to be ready and fully functioning in a few years.
10. Emake 3D Galaxy 1
The Emake3D Galaxy 1 is a large-scale SLA 3D printer designed for professional and industrial use. It offers a large build volume of 400 x 200 x 400 mm, a high-precision optical system that delivers a resolution of up to 25 microns, a user-friendly interface with a touchscreen display, and a built-in camera for remote monitoring. The printer supports a range of materials and features a resin management system with auto resin feeding for optimal resin usage and waste reduction.
The future is looking bright with these technologies on the horizon. From household robots to self-driving cars, cutting-edge technologies are poised to revolutionize the way we live, work, and play.
These are 10 Things That Completely Destroyed The Love in a Relationship
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10 Actors and Actresses People Refuse to Watch Ever Again
We all have a favorite actor or actress, but most of us have a least-favorite as well. Check out this list of actors and actresses people never want to see performing again!
Top 10 Worst Human Inventions of All Time
Some inventions are world-changing, and some of them, well, they change the world in the wrong ways. Here are some of the worst inventions Redditors could think of.
10 Famous Celebrities Who Look Like They Smell Terrible
We’ve all had moments of hygiene faux pas—but these celebrities just look like they don’t take care of themselves at all.
10 Terrible Fads People Are Glad Died Out
Every fad has its time in the limelight, but some of them come and go faster than others; and some just need to die out right away. Check out this list of fads of which people were happy to see the last.
Who’s the best villain you’ve watched in a movie or television series? After polling the internet, these are the top-ranked twenty-five villains of all time.
1. Ian McShane as Al Swearengen in Deadwood
One person suggested, “Al Swearengen from Deadwood, played by Ian McShane. It’s the story of a villain defending his village. He’s so good that the entire series pivoted to being about him.” “He’s a bad guy you’d want on your side, that’s for sure. My favorite TV character,” a second confessed.
2. Tony Dalton as Lalo Salamanca in Better Call Saul
“Lalo Salamanca in Better Call Saul. When he jumped down that cliff, I knew he was a maniac,” claimed one. A second said, “He was so well-written and a charming devil.”
3. Marc Alaimo as Gul Dukat in Star Trek: Deep Space Nine
One user noted, “Gul Dukat in Star Trek: Deep Space Nine. He goes from evil Hitler type to loving father on the run from his government to crazy possessed madman in a single series.”
4. Darth Vader in The Star Wars Franchise
“Darth Vader” shared one. A second admitted, “I’m shocked I needed to scroll so far for this. He was only in the original StarWars for nine minutes and made a global impact.” A third agreed, “I’m astonished this isn’t the top comment. He’s one of the best-written villains, let alone a cultural icon.”
5. Hannibal Lector
“Hannibal Lector. Anthony Hopkins from the film franchise and Mads Mikkelsen from the series both did a fantastic job,” suggested one. “This was instantly my first thought. So unbelievably scary but equal parts intriguing, and the intelligence and likability of his character were so interesting,” a second added.
6. Andrew Scott as Moriarty In Sherlock Holmes
Someone shared, “Andrew Scott as Moriarty In Sherlock Holmes. I kept thinking, ‘I don’t like this actor,’ and then I saw him in other roles. Finally, it hits me that it’s not that I don’t like this guy. His specific acting as Moriarty is so good he is subconsciously bothering me in a way that no one had managed to do before!”
7. Walton Goggin as Boyd Crowder in Justified
“Boyd Crowder (played by Walton Goggins) in Justified,” shared one. “He’s not particularly strong in season one, but by season two, you want him to keep getting away to have more. That he’s Raylan’s frenemy and not just a generic evil guy was such a nice touch.”
8. Gary Oldman as Lord Shen in Kung Fu Panda 2
One person volunteered, “Lord Shen in Kung Fu Panda 2.” Another admitted, “I love the way they create characters in these movies. A literal bird was the villain; A BIRD.”
“He was somehow more terrifying and threatening than any other villain in the trilogy. Birds like him aren’t supposed to be so powerful, yet Dreamworks convinced me otherwise.” Finally, a third added, “That’s also the power of Gary Oldman.”
9. Vincent D’onofrio as Wilson Fisk/Kingpin in Daredevil and Hawkeye
“Vincent D’onofrio as Wilson Fisk/Kingpin in Daredevil and the Hawkeye Marvel series on Disney+,” shared one. Others noted he was also a fabulous villain in The Cell, Full Metal Jacket, and Men in Black.
10. Grey DeLisle as Azula in Avatar: The Last Airbender Series
“AGREED. I was searching for that comment. The way she NEVER looked into a mirror until the episode she went crazy and all those other tiny little details… She was, is, and always will be the best villain in cinematic history,” expressed one.
11. Eartha Kitt as Yzma in The Emperor’s New Groove
“Eartha Kitt as Yzma in The Emperor’s New Groove is a remarkable and underrated Disney villain,” suggested one. After several people quoted the film, one stated, “That whole movie is just so quotable. Eartha Kitt killed it as Yzma.”
12. Leonardo DiCaprio as Calvin Candie in Django Unchained
“Leonardo DiCaprio in Django Unchained was on point,” one expressed. However, “Stephen (Samuel L. Jackson) was also pretty great, and if anything, was the real villain in that movie,” a second user argued.
13. Christopher McDonald as Shooter McGavin in Happy Gilmore
One person suggested, “Christopher McDonald as Shooter McGavin in Adam Sandler’s Happy Gilmore is easily one of the best villains of all time.” However, another argued, “I would go further and say the caretaker (Ben Stiller) at the old folks home was worse.”
14. Louise Fletcher as Nurse Ratched in One Flew Over the Cuckoo’s Nest
“Nurse Ratched in One Flew Over the Cuckoo’s Nest just because of how implicitly she tortured the inmates. She was such a good, evil actress, and I instantly hated her as Kai Wynn in Star Trek: Deep Space Nine, too,” one said. Another noted, “She apparently couldn’t watch the film for years because of her performance. Imagine playing a villain so well that it psychs you out.”
15. Javier Bardem as Anton Chigurh in No Country for Old Men
One person volunteered, “Javier Bardem, as Anton Chigurh in No Country for Old Men.” “Chigurh is terrific not only because he’s a terrifying psychopath, but he holds the delusion of being an agent of fate – then the car crash which nearly kills him happens in the end. Chigurh isn’t immune to fate. He’s just insane,” a second added.
16. Imelda Staunton as Dolores Umbridge in Harry Potter
“Dolores Umbridge,” one replied. “The thing with her is that she is such a REAL, COMMON character to everyday life. For example, you’re not going to encounter a Darth Vader or Lalo Salamanca, but chances are that you have already met someone like Umbridge. She is almost the perfect definition of a lawful evil character.”
17. Alan Rickman as Hans Gruber in Die Hard
“Hans Gruber. Alan Rickman portrays him so well,” one noted. “This needs to be higher! Rickman was also an incredible villain like The Sherriff of Nottingham in Robin Hood: Prince of Thieves, but Hans Gruber in Die Hard is the greatest villain of all time,” a second professed.
18. Erik Lehnsherr/Magneto From the X-Men Comics and Films
“Magneto. There are times when you can sympathize with him, and his actions almost seem justified. The most likable villain,” said one. A second added, “How can you go wrong with Ian McKellen and Michael Fassbender? The combination did an outstanding job as Erik Lehnsherr/Magneto, undoubtedly one of the best younger and older acting combinations ever.”
19. Jack Gleeson as Joffrey Baratheon in Game of Thrones
“Joffrey Baratheon in Game of Thrones,” said one. “Let’s all be honest. Jack Gleeson did an outstanding job acting that we all hated him.” A second shared, “Joffrey, please put some respect on this tragically messed up character who made Jack Gleeson take an acting hiatus.”
20. David Tennant as Killgrave in Jessica Jones
One user admitted, “I found Killgrave in Jessica Jones to be a fantastic villain. David Tennant nailed the role! Which is strange after only seeing him play good characters like The Doctor.” A second stated, “Easily one of the best Marvel villains who doesn’t get enough attention.”
21. Giancarlo Esposito as Gus Fring in Breakign Bad
“Gus Fring helped me understand that Walt was genuinely evil. For example, when the villain is more honorable than the protagonist, there may be a problem with the protagonist (morally, not thematically),” one suggested. A second added, “I came here to say this, and more broadly, Giancarlo Esposito. He plays villains who are so nuanced and terrifying.”
22. Ellen McLain as GLaDOS From The Portal Video Game Series
Someone suggested, “Everything GLaDOS says is pure, sarcastic gold. She can pull all of it off so well. “A second confessed, “I’m playing Portal for the first time, and I’ve known how GLaDOS is pretty sarcastic, but I still got pleasantly surprised and just a little hurt by her dialogue. I wasn’t expecting the fat jokes.”
23. Antony Star as Homelander in The Boys
Someone volunteered, “Homelander from The Boys is one of them. Whenever I thought he couldn’t get any worse, he’d do something even more depraved. He is selfish and self-centered and gets away with it because he’s so powerful. Oh, and what makes him the most dangerous is that he’s pretty dumb.”
24. Matthew Goode as Ozymandias in Watchmen
One user quoted Ozymandias from Watchmen, “You don’t think I’d explain my plan if there were the slightest chance you could stop me, do you? I did it 35 minutes ago.” A second added, “This was a brilliant piece of meta-dialogue. They didn’t break the fourth wall entirely, but it was a great way to address what is often such a silly movie trope.”
25. Christoph Waltz as Hans Landa in Inglourious Basterds
“Christoph Waltz in Inglourious Basterds is the first that came to mind,” confessed one. “Hans Landa was terrifying in so many ways. This actor is insanely good,” replied another.
What do you think? Did Reddit get this right, or is your favorite villain missing from this list?
Who is one actress you can never stand watching, no matter their role? After polling the internet, these were the top-voted actresses that people couldn’t stand watching.
10 Actresses People Despise Watching Regardless of Their Role
These 7 Celebrities are Genuinely Good People
We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble?
These 7 Celebrities are Genuinely Good People
Have you ever known someone and thought you liked them—until you learned about their hobbies? Then you get to know them and then you’re like, “Wow, red flag.” Well, you’re not alone.
These 10 Activities Are an Immediate Red Flag
Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.
10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth
We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.
These 10 Terrible Movies Are Still People’s Favorites
Last Updated: May 25, 2023 BY Michelle Schroeder-Gardner – 54 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Last month, I published Frugality And Ethics – When Is It Stealing? The post was very popular and everyone had an opinion on what was stealing and what was not. Also, many of you gave me new ideas, and I wanted to hear everyone’s input on the situations below. So, I, of course, wanted to publish a Part 2 to the post!
I don’t think that there is anything wrong with saving money (this is a personal finance blog after all), but I do wonder how far people will go to save money – whether it be $1 or $2 or a few hundred dollars.
No one is perfect, and I definitely am not. However, when does frugality or cheapness cross the line and turn into stealing?
Using another person’s wi-fi.
This is something that probably a lot of people are guilty of, or have been guilty of in the past. This is where you use someone else’s wi-fi so that you can get on the internet for free.
Some of you said that if there is no password to the internet account, that it’s free range for anyone to use.
However, I think that you should always pay for your own wi-fi. You might be slowing down the internet for someone else, and they might not even realize that their wi-fi isn’t password protected.
Always protect your wi-fi account!– I also remember discussing a case when I was in college about someone who had unprotected wi-fi and it turned out that their neighbor was searching something illegal. The SWAT team showed up at their door, created a huge scene, took the computers, and destroyed the person’s house all because the neighbor was searching something illegal.
Sharing accounts with others.
This is where someone has an account and multiple people/households share that one account so that only one person is actually paying for the service or product. I have heard of many people doing this with Netflix…
Netflix and other companies have specifically stated that it’s stealing, so yes, I believe it is stealing.
Drinks at a restaurant.
There are three different situations that I would like to share with this one…
1. Paying for one drink and sharing it between two people. The first person might order a soda and the second person orders a water. However, the second person never actually touches the water and only drinks the soda. – I think this is stealing.
2. Asking for a water cup but filling it up with something besides water (such as a soda). – I think this is stealing.
3. Asking for water, a bowl of lemons (I’m talking 4 or 5 whole lemons), and sugar so that you can make your own lemonade. – I think this is being cheap/frugal. I wouldn’t do this though… I know waiters and waitresses hate it when customers do this.
Signing up for something to get something for free.
There are a couple of situations that this applies to. This is when you sign up for something knowing that you won’t buy anything, so that you can get a product or service for free for trying something out. Since Wes used to work in sales, I wouldn’t do either of the situations below just because I don’t like to waste people’s time…
My first example applies to timeshares. Many people listen to timeshare presentations even though they know they will not buy a timeshare, so that they can get whatever it is for free that the timeshare workers are pitching (free movie tickets, free vacation, etc.).
My second example applies to getting professional makeup done. Usually makeup counters/companies at the mall and/or department store will offer free makeup applications as long as you buy something for from them. Some require that you pay upfront, whereas others give you the “option” to pay at the end. I have heard of some people getting a free makeup application knowing full well that they do not plan on buying any makeup afterwards.
Learn more at How To Get Rid Of A Timeshare – Stop Wasting Your Money!
Taking condiments.
This is where you go to a restaurant and take a bunch of condiment packs so that you can bring it home and put it in your fridge.
I have received extra packs before (such as from a takeout order), but I have never gone out of my way to take condiments.
Disputing items on your credit card.
In many cases, you can dispute a transaction on your credit card bill that is less than $25 and your credit card company will just automatically refund you because it’s not worth their time to investigate the problem.
I have heard of people who dispute many transactions each year and take advantage of this…
I don’t do this. I believe it is stealing. I have only ever disputed one item on my credit card bill before, and that was because a restaurant accidentally charged me twice for the same meal.
Have you ever done any of the above? What do you think of these situations?
Rates may not be as high as they were several months ago or as low as they were 5 weeks ago, but they’re close enough to either boundary that the threat (or promise) of returning is palpable. For at least the past 2 weeks, we’d been waiting for this week’s events to give us some sort of push higher or lower, but it looks like the waiting will continue.
The two key events in question were Tuesday’s release of the Consumer Price Index (CPI) and Wednesday’s Fed Announcement. CPI is the most widely followed inflation metric among regularly scheduled economic reports. It comes out once a month and has had a huge impact on rates many times over the past 2 years. This time around, it happened to be scheduled to come out a day before a particularly important Fed policy announcement.
Year-over-year CPI was destined to continue falling in this week’s report simply because it was so high 13 months ago (i.e. it’s a 12 month calculation and there was no way the current month would be as bad as the month that just got bumped out of the equation).
Month-over-month numbers filter out the impact of the past and show more detail. This is where we see the first stalemate that went unresolved this week. Simply put, month-over-month inflation remained perfectly inside the increasingly narrow sideways range that’s been intact for almost 2 years. This offered precious little guidance for the Fed announcement the following day.
Most of the market expected the Fed to hold its policy rate steady at this meeting. “Policy rate” refers to the Fed Funds Rate which applies to overnight lending between large financial institutions–something that changes no more than once every 6 weeks and that has a limited impact on things like mortgage rates by the time the Fed actually hikes/cuts.
Longer term rates (like those for mortgages) are far more interested in the forward-looking trajectory of the Fed’s rate path. At every other meeting, the Fed releases a Summary of Economic Projections. The crowd favorite is “the dots”–a reference to the dot plot that shows each Fed member’s assumptions about where the policy rate will be in the near future.
This instance of the dots was particularly interesting because it would offer insight as to whether the Fed was indeed simply pausing rate hikes or if it thought it might have reached the ceiling. On that topic, the dots left little to the imagination with the average vote clearly moving 0.50% higher, thus implying 2 more rate hikes in 2023. All that without any strong guidance from the CPI data. One can imagine the dots may have been higher if CPI had come in hot.
Markets were initially unhappy to see the Fed’s inclination toward even tighter policy, but found solace in the press conference with Fed Chair Powell. In it, he offered his typical reminder that the dots are merely projections and not predictions or forecasts (whatever that means). If he could speak more candidly, he’d likely say something like “the dots are just a guess based on how things look today. We force these people to pick a number. Most pick wrong. And depending on how the economy changes, most will change their guess in 12 weeks when the next dots come out.”
Powell went on to say that the Fed hadn’t even decided that it would hike rates at all again. It would be taking the decision on a meeting by meeting basis depending on how the data evolved. To say that places increased emphasis on economic reports would be an understatement. With some showing strength and others promising recession, it’s no surprise to see a volatile, sideways range remain intact.
In terms of 10yr yields, the short term sideways range is probably too narrow to last much longer, but it has offered solid guideposts recently.
In the bigger picture, the range isn’t as perfectly sideways. It’s more of a battle to return under the 3.4% level.
As per usual, the trends in 10yr yields substantially reflect the trends in mortgage rates.
So what does the data say about how things might evolve in the near future? Truly, that’s up for debate! The following chart from economist Justin Wolfers made rounds on Friday, tacitly shouting that it’s ridiculous to expect a recession right now based on most economic data.
At almost exactly the same time, Wells Fargo economists put out their weekly note with some thoughts on recent trends in the Leading Economic Indicators index ahead of next week’s update, saying:
“In a world chock-full of backward-looking economic data, forward-looking indicators like the Leading Economic Index (LEI) are decidedly valuable. Unfortunately, the LEI has been quite consistent in its signal of recession. The six-month average change of this index has registered below the threshold historically consistent with a downturn for 10 straight months. The LEI’s downdraft is also picking up speed, suggesting that a turn in the business cycle is more likely than not.”
It’s quite easy to ping pong the debate back and forth between “recession” and “it’s not so bad” with other data out this week. While we’re on the topic of sentiment surveys how about Consumer Sentiment itself? It may be historically low, but it has also been trending fairly consistently higher (in stark opposition of the trend seen in the chart above).
On a more recessionary note, weekly jobless claims have hit the highest levels since 2021 on two consecutive weeks.
And if we filter out the noise associated with the pandemic, these are actually the highest levels since late 2017.
As long as there are compelling ways to make cases for opposite economic outcomes, rates will find it easier to remain broadly sideways, but with big, volatile swings between the prevailing highs and lows. It’s a waiting game for now.
This article is by freelance writer Roger White and staff writer April Dykman. It originally appeared on Roger’s blog in a different format.
April
As many GRS readers know, last year I quit my job to become a full-time freelancer. The hardest thing about moving on was leaving coworkers like Roger White, a magazine editor and author of the funniest interoffice e-mails ever. Roger and I teamed up to bring you his story about a recent experience paying for an auto repair, along with tactical advice about how to dispute your mechanic bill.
Roger
Our little family was tooling along this year, struggling to stay within our monthly budget while juggling life’s big-ticket items—you know: braces, countless teenage daughter items, summer camp fees times number of children squared, etc., etc.—when the two most feared words in all of suburbia’s lexicon knocked us flat.
Car repair.
Funny thing is, it all started with just a broken brake light. I’m sitting in my wife’s car at a stop light, waiting to turn right, when a smiling woman pulls up next to me and says, “Hey, your right rear light is out. Better get it fixed, ’cause the cops will stop you for that.”
Instant adrenaline panic overdrive. The cops! Where?
Ever since I was a teenager, having a cop stop me for any reason has always struck fear deep in my heart, even when I was doing absolutely nothing wrong. Readers of a certain age will remember the CSNY lyric: “Like looking in my mirror and seeing a police car!”
So the wife and I promptly hightailed it over to our nearest franchise fix-it shop, thinking that a broken rear light costs, what, five bucks maybe?
Hah. The franchise fix-it shop guys saw us coming a mile away. I should have known. I can’t think of any other scenario where I feel so much like a life-sized walking all-day sucker than talking with the mechanic man. I’m thinking I’m not alone on this.
I believe that auto repair types begin sizing you up for the big squeeze the minute you walk in the door.
“Hello, sir, I see you and your wife have a Honda V6.”
“Uh, yes.”
“Does your model have the actuated re-inverter or self-regulating?”
“What?” Off guard, I blurt, “Actuated, I think. Really, we just need a brake light…”
“Uh oh. Actuated.”
(The other guy behind the counter sadly shakes his head at this point. The choreography is keen and well-executed, I must say.)
Still, I play along, because I don’t know enough about cars to bluff them, and they know that I don’t know. Furthermore, I know that they know I don’t know. You know?
Dang, I should have said self-regulating. We’re already off on the wrong foot.
“Well, it may be self-regulating, I’m not sure.”
“No, you said actuated.”
“Is that going to be a problem?” I ask.
“Depends. What are you in for?”
“Busted rear light.”
“Hmmmm.”
More head shaking. Some computer clacking, looking in reference manuals.
We left the car with the fix-it shop crew, said three quick Hail Marios to the Great Grease Gods, hoped and prayed for the best, and went about our day. I tried Googling “re-inverter,” but all I got was something about how to design a death-ray gun. When we got the call that the car was ready, we swallowed our gum, put on our all-day sucker heads, and made our way back to the garage. A different guy behind the counter gave us a bill that was a good 25% over the estimate. On the bill was a hefty item—I kid you not—that was labeled “service fee,” on top of labor, parts, tax, recycling charges, oil disposal fee, and all the rest.
My wife, always the braver of us, questioned this item, noting that the estimate was much less than the sum before us.
“This is way over what you said,” Sue said right out loud, turning all heads in the shop. I cringed. In a western movie, this was one of those moments where the piano player stopped playing and the saloon grew deathly silent. “What is this service charge?”
I expected another stern, condescending talking-to about how variable fluctuations in the world of auto parts derivatives combined with the situation in Libya, hourly swings in crude oil prices, and our particular vehicle’s unfortunate re-inverter configuration all coalesced in the time it took to repair our rear brake light to necessitate an additional service charge. But the guy looked at the bill, looked at my wife, and said, “Huh. Don’t know what that is. I’ll take it off.”
Booiiiinnng. That was the sound of my brain leaping out of my skull and bouncing on the floor. How many people, I wondered as I chased my brain across the floor, pay this “service charge” without a second thought?
April
Repairs are one of the costs that come with car ownership, but it sure is confusing when you don’t speak the lingo. When I go to the repair shop, I’m on the phone with my dad the whole time, repeating everything the mechanic says to my father, then repeating everything my dad says to the mechanic. I should just hand the mechanic my phone and cut myself out of the equation.
Like Roger, I probably wouldn’t dispute my bill, either. I know how anti-GRS that sounds, but I’m being honest. I hate making a scene, and I’m likely to assume it’s my own ignorance about cars that’s the problem, not the service charge.
Obviously, Sue is the one who’s got it right. If a charge looks wrong, you should ask about it. This doesn’t necessarily mean the shop is trying to cheat you — mechanics are human and they can make honest mistakes. How do you make sure you’re being billed fairly? I did some digging and found the following advice for those of us who aren’t so mechanically inclined:
Check to see if your car is under warranty. If it is, you’ll need to take it to the dealer or an authorized repair facility.
Find a good auto shop. Ask coworkers, friends, and neighbors where they take their vehicles for repairs. Is the shop affiliated with AAA or does it have technicians certified by the National Institute for Automotive Service Excellence (ASE)? Do you like the look of the place (clean, organized, etc.)?
Ask for a written estimate before the work starts. It’s not uncommon for the actual bill to be 10-20% higher, or more if the mechanic finds that the problem is more complicated.
Ask for the mechanic to review your bill with you. It might seem tedious, but it can save you money, as Roger found out. Mistakes happen all of the time. Compare the charges with your estimate.
If you have a bad feeling about the work performed, dispute your bill carefully. If you can’t find a resolution, ask for the old parts (should you need evidence) and take your dispute, in writing, through the chain of command. If necessary, you might turn to the Better Business Bureau or, as a last resort, legal action.
Finally, if you’re happy with the service you receive, become a regular, preferably at a local body shop. From Edmunds.com:
“The one-on-one relationship between driver and mechanic that smaller repair shops foster can really help consumers have confidence in both the work that’s performed and in the vehicle itself. Local mechanics are more willing to help you understand how your car performs and what it needs. You can ask to look under the hood or the chassis with your local mechanic, and perhaps learn something about what goes where or why a service needs to be performed.”
In other words, you might feel a little less clueless each time you bring in your car.
Sources: AA1Car, Florida Department of Agriculture and Consumer Services, Edmunds
Roger
Meanwhile, back at the franchise fix-it shop…
“By the way,” says the mechanic, “you need new struts. They’re bleeding onto your brakes. That’s about $600 without tax.”
Flush with new confidence instilled by wifey, I took my turn. “Oh, no you don’t. I know how you guys operate. Struts. No such thing as struts, I bet.”
I got some looks of approval from some of the other guy customers as we walked out of the shop. I think they were looks of approval, anyway. I had a bit of difficulty getting my all-day sucker-head in the car, but we drove away with a bit of salvaged pride. Struts, indeed.
“Hey, what’s that noise, hon?”
Readers, got any tips or stories of your own to share? Leave them in the comments!
Hammered by inflation, recession fears and doubts about the future of Social Security, an increasing number of working Americans say they plan to claim their Social Security benefits early while staying on the job. Here are the factors driving this trend and the pros and cons of following suit.
Consider working with a financial advisor to create a retirement plan that fits your goals, risk profile and timeline.
More People Claim Social Security Early
42% of Americans said they plan to file for Social Security before their full retirement age while also continuing to work, according to a 2022 survey by the Nationwide Retirement Institute – up from 36% in 2021.
Workers who’ve paid into the retirement system can claim their Social Security benefits as early as age 62, but that decision can result in a monthly benefit check that’s as much as 30% less than the payment they’d receive at full retirement age, which is between ages 66 and 67 depending on what year you were born. By waiting beyond longer to file, a retiree can increase their Social Security payment by 8% each year beyond the full retirement age they wait to file, topping out at 70 years.
As of February 2023, the average monthly Social Security check among all retirees is $1,693.88, according to the agency. Meanwhile, the average check for a 62-year-old retiring this year would be $1,247.40, while the average payment at the full retirement age of 67 would be $1,782.
Over a 20-year retirement, the monthly difference of $534.6 would add up to more than $128,000 in retirement income, not counting any cost-of-living increases. These adjustments increase benefits by a set percentage calculated each year to keep retirement income paced with inflation.
Collecting benefits early isn’t always wrong, planners note. Many workers start taking Social Security benefits when they’re forced to retire because of corporate downsizing, age discrimination in hiring, illness or the need to care for a sick family member.
The Break-Even Point
Waiting to collect a higher benefit check later means the recipient is foregoing some cash flow. The “break-even” point – where the total benefits collected at full retirement are more than all the cash that could have been collected by starting early – usually comes somewhere around age 80, financial planners say.
Using this year’s average benefit amounts, someone who starts collecting benefits at 62 would collect a total of more than $254,000 over 17 years before they would have collected slightly more by waiting to claim the higher full-retirement benefit. By the year 2040, the higher benefit amount for waiting would produce slightly more than $2,000 in additional total cash (unadjusted for inflation).
Tax Considerations
Social Security benefits themselves aren’t taxable, but a downside of receiving Social Security payments early is that many of the beneficiaries will continue to work, which can make some or even much of their benefits taxable. In fact, that tax can apply to anyone collecting benefits who receives additional income.
A single tax filer receiving Social Security payments who makes more than $25,000 of what the IRS calls “combined income” will be taxed on 50% of his or her benefits, up to a limit of $34,000 in income. At that point, the tax apply to 85% of their benefits. The limits for joint tax filers are $32,000 and $44,000, respectively. Combined income is a taxpayer’s adjusted gross income, plus nontaxable interest income from bonds and half of their Social Security benefits.
Bottom line
The number of workers claiming Social Security early in their 60s is increasing, which may be due to a multitude of reasons. Everyone’s retirement path is different, so it’s important to calculate your needs and apply your Social Security accordingly. And if you continue to work while receiving benefits remember to estimate your tax penalty.
Tips on Retirement Planning
Deciding when to claim Social Security is only one part of retirement planning. A financial advisor can help you see and understand all the variables that go into a retirement plan. If you don’t have a financial advisor yet, finding one doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Use our no-cost retirement calculator to get a quick estimate of what your net worth will be when you retire.