figurines net – The Dreamsicles http://thedreamsicles.com/ Sun, 13 Nov 2022 08:42:54 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://thedreamsicles.com/wp-content/uploads/2021/06/favicon-12-150x150.png figurines net – The Dreamsicles http://thedreamsicles.com/ 32 32 Student Loan Forgiveness Applications No Longer Accepted https://thedreamsicles.com/student-loan-forgiveness-applications-no-longer-accepted/ Sat, 12 Nov 2022 15:19:00 +0000 https://thedreamsicles.com/student-loan-forgiveness-applications-no-longer-accepted/ WASHINGTON (AP) — The Biden administration is no longer accepting applications for student loan forgiveness after a second federal court terminated the program. “The courts have made orders blocking our student debt relief program,” the Department for Education said on its federal student aid website. “As a result, at this time, we are not accepting […]]]>

WASHINGTON (AP) — The Biden administration is no longer accepting applications for student loan forgiveness after a second federal court terminated the program.

“The courts have made orders blocking our student debt relief program,” the Department for Education said on its federal student aid website. “As a result, at this time, we are not accepting applications. We are seeking to rescind these orders.

Fulfill a campaign promise, President Joe Biden announced in August plans to forgive up to $20,000 of federal student loan debt for people with incomes below $125,000 or households earning less than $250,000. The White House has estimated that more than 40 million people could be eligible.

Already, around 26 million people have applied and 16 million applications have been approved. However, due to court rulings, no aid was provided. The Department of Education “will quickly process their redress once we win in court,” White House press secretary Karine Jean-Pierre said.

U.S. District Judge Mark Pittman in Texas ruled Thursday that Biden exceeded his authority by creating the debt relief package without congressional approval.

“In this country, we are not ruled by an all-powerful executive with a pen and a phone. Instead, we are governed by a Constitution that provides for three separate and independent branches of government,” Pittman wrote.

The administration appealed this decision.

Pittman’s decision came after the 8th United States Circuit Court of Appeals temporarily halted the program while it considered imposing a permanent ban. This case has been brought by half a dozen Republican-led states.

The student loan forgiveness is likely to end up in the Supreme Court.

People with student loan debt have not been required to make payments during the pandemic. But payments are expected to resume and interest will start accumulating again in January.

Biden said the payment break would no longer be extended, but that was before court rulings. It was unclear whether the hiatus could continue while legal challenges to the program unfold.

Regarding loan forgiveness, the Ministry of Education said on its website that it will retain applications from those who have already applied.

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Plaintiff in Biden student debt lawsuit pardoned for PPP loan https://thedreamsicles.com/plaintiff-in-biden-student-debt-lawsuit-pardoned-for-ppp-loan/ Wed, 09 Nov 2022 23:29:00 +0000 https://thedreamsicles.com/plaintiff-in-biden-student-debt-lawsuit-pardoned-for-ppp-loan/ The applicant in a lawsuit to cancel President Joe Biden’s student debt cancellation program was itself a beneficiary of the debt cancellation, in the form of a Paycheck Protection Program business loan worth more than double the maximum amount covered by Biden’s program. Myra Brown, one of two plaintiffs in the lawsuit in Texas, owns […]]]>

The applicant in a lawsuit to cancel President Joe Biden’s student debt cancellation program was itself a beneficiary of the debt cancellation, in the form of a Paycheck Protection Program business loan worth more than double the maximum amount covered by Biden’s program.

Myra Brown, one of two plaintiffs in the lawsuit in Texas, owns Desert Star Enterprises Inc. Desert Star, which appears to be a sign-making company, took out a loan of $48,000, including $47,996 has been forgiven on April 27, 2022. By comparison, Biden’s student debt forgiveness program offers a maximum of $20,000 in forgiveness if the person seeking relief received a federal Pell grant and $10,000 if not was not a Pell grant. Brown argues in her case that she is harmed by Biden’s debt relief order because she is not eligible for it because her student loans were originally funded by private companies.

Brown’s case is part of a series of right wing trial aimed at ending Biden’s student debt cancellation program. Although many were fired due to lack of status, this one was not. A judge appointed by Donald Trump, Mark T. Pittman of the U.S. District Court for the Northern District of Texas, has indicated he wants to speed up the process.

Student debt relief advocates say the lawsuits are astroturf efforts by right-wing political organizations. “These sham lawsuits are blatantly fabricated by right-wing organizations funded by billionaires whose sole purpose is to play dirty politics,” Debt Collective spokesperson Braxton Brewington told The Intercept. “These plaintiffs aren’t actually harmed by student debt forgiveness, they’re just willing to be political pawns for black money groups that will do anything to deny working people financial breathing room.”

When The Intercept contacted Brown for comment, she texted back a photo of a print that read “we have no comment” and directing any inquiries to the Job Creators Network, a conservative advocacy organization that funds the trial. The Job Creators Network was founded by the CEO of Home Depot and funded by the conservative Mercer Family Foundation.

“The Paycheck Protection Program is not comparable to the Biden bailout,” Elaine Parker, president of the Job Creators Network, told The Intercept. “Congress passed the PPP, making it a legal program; Biden bypassed Congress, making it illegal. The PPP was an emergency measure to help small businesses survive government lockdowns. PPP was always designed to be forgiven if certain parameters were met.

The Intercept also promptly received an email from TJ Winer, who identified himself as an employee of the Job Creators Network Foundation, from an email address with the domain name CRC Advisors, a communications company of crisis. The CRC’s main funder is the Federalist Society, the powerful conservative legal group whose members include the six conservative Supreme Court justices – many of whom the Federalist Society has championed and helped guide their appointments; Pittman, the federal judge handling the case, is himself a vice president and a Founding Member of the Tarrant County Federalist Society.

In 2019, the CRC found itself in hot water over its attempts to clear then-Supreme Court nominee Brett Kavanaugh of Christine Blasey Ford’s sexual misconduct allegations. After working with conservative legal activist Ed Whelan to launch demands for a doppleganger Blasey Ford took for Kavanaugh, Whelan recanted the allegations and apologized for what he called “an appalling and inexcusable error in judgement”.

Proponents of student debt relief have criticized the hypocrisy of business owners who are comfortable with debt relief for their own businesses, but not for students. “Like the Republican members of Congress who took out PPP loans while denouncing student borrowers seeking relief, Myra Brown believes in ‘debt relief for me but not for you,'” Brewington told The intercept. “This hypocrisy only underscores the cynical motives of the plaintiffs and the lack of merit in their case, which should be dismissed.”

In August, Biden took a blow at Georgia Rep. Marjorie Taylor Greene, saying, “I find it absolutely fascinating that some of the people talking about ‘it’s a big spend’ are the same people who got $158,000 in P3s, including the, what’s the name? her, this woman who believes in the – anyhow. The official White House Twitter account later called Greene by name, clarifying that the figure was actually a bit higher: $183,504 in canceled PPP loans.

Brewington also called on Biden to use additional powers to block these types of lawsuits. “Instead of letting student debt relief be reversed by these bad faith actors and Trump-appointed judges, President Biden should use his power of compromise and settlement to cancel student debt, thus cutting the grass under the foot of these bogus lawsuits and keeping his promise,” he said.

Pittman is one of 200 federal judges appointed by Trump, a group that includes nearly as many appeals court judges as Barack Obama appointed in his two terms. Given Pittman’s right-wing associations, proponents of student debt relief fear his conservative leanings could lead to the case being upheld. This summer, Pittman struck down a Texas law banning people under 21 from carrying handguns, citing “foundation-era history and tradition.”

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Credit union loan balances rise again https://thedreamsicles.com/credit-union-loan-balances-rise-again/ Mon, 07 Nov 2022 22:20:17 +0000 https://thedreamsicles.com/credit-union-loan-balances-rise-again/ Source: Shutterstock. Credit unions continued their pattern of strong loan growth in September, but CUNA chief economist Mike Schenk said Monday that growth will fade as the Fed continues to raise interest rates. interest. “This strong loan growth will decline as we move forward,” Schenk said. CUNA Credit union monthly estimates released on Friday showed […]]]>
Source: Shutterstock.

Credit unions continued their pattern of strong loan growth in September, but CUNA chief economist Mike Schenk said Monday that growth will fade as the Fed continues to raise interest rates. interest.

“This strong loan growth will decline as we move forward,” Schenk said.

CUNA Credit union monthly estimates released on Friday showed credit unions made big gains in all major areas except first mortgages. Total loan balances increased 19.6% to $1.5 trillion from a year earlier and 2.1% from a month earlier, compared to an average gain of 0.9% in september.

Schenk said the report showed the same large gains in loan balances compared to previous months this year.

The 2.1% gain from August to September marked the third straight month with monthly gains above 2%.

“Looking back 30 years, there’s never been a calendar year where we’ve had three months of loan growth this quickly. It’s pretty amazing,” Schenk said.

Mike Schenk Mike Schenk

Car credit remains one of the main areas of growth.

New auto loans rose 22.7% to $176.6 billion from a year earlier and 3% from the previous month, compared with an average gain of 1% in September.

Used car loans rose 19% to $309.9 billion from a year earlier and 2.1% from a month earlier, compared to an average gain of 0.8% in September .

The Fed’s G-19 consumer credit report released Monday showed credit unions increased their share of the nation’s total auto loan balance. Credit unions held a record 34.8% share as of September 30, down from 33.3% in June and 31.1% in September 2021.

Credit unions’ share was only about 25% in 2015. It peaked at 32.6% at the end of 2018 and fell to a low of 30.1% in June 2021 before declining. set new records in June and September of this year.

The G-19 also showed that credit unions have increased their share of credit card debt.

Credit unions held $70.3 billion in credit card balances as of Sept. 30, up 14% from a year earlier and 0.7% from August, versus an average gain of 0 .3% in September.

Credit unions’ share was 6.3% in September, compared to 6.2% in August and 6.3% in September 2021.

Line chart illustrating growth in credit card balances held by credit unions.  .

Banks held $1.02 trillion in credit card debt as of September 30, up 16.8% from a year earlier and 0.4% from August. Banks’ share was 91.0% in September, unchanged from August and up from 90.2% in September 2021.

However, real estate is suffering.

The Mortgage Bankers Association estimated third-quarter first mortgage originations at $480 billion, down 55% from a year earlier. It predicts fourth-quarter creations will fall 59% to $410 billion.

Among top 10 credit unions By asset, residential real estate loan originations were $11.8 billion in the third quarter, down 33% from $17.6 billion a year earlier and $15.4 billion last year. second trimester.

On the balance sheet, CUNA estimated that all credit unions held $549.4 billion in first mortgages, down 2% from a year earlier and up 1% from a month earlier, versus a gain average of 1.1% in September.

Second mortgages were up 17.8% to $100.3 billion from a year earlier and 3.6% from a month earlier, compared to an average gain of 0.2% in september.

While loans have grown rapidly, savings have lagged. Savings were $1.9 billion as of September 30, up 6.6% from a year earlier and 0.7% from the previous month.

“And what all of that means is that the loan-to-equity ratio is going up and has gone up quite steeply,” Schenk said.

The loan/unit ratio was 79.0% as of September 30, compared to 77.9% a month earlier and 70.4% in September 2021.

“That compares to a pre-pandemic reading of 71%, which is pretty close to the long-term average of 73%,” Schenk said. “What that means is that there’s not a lot of liquidity, or liquidity has tightened very significantly over the course of the year and that was certainly the case in the month of September. “

Schenk pointed to loan quality and membership growth as two of the brightest trends seen in his September report.

Credit unions had 136.1 million members as of Sept. 30, up 3.8% from a year earlier, which Schenk said was “incredible” compared to annual U.S. population growth. by about 0.5%.

The 60-plus-day delinquency rate was 0.49% on September 30, up from an all-time low of 0.42% on March 31 and about half the long-term average delinquency rate of 0. .96%.

“Crime remained stable near an all-time low,” Schenk said.

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India’s SBI sees loan growth remain strong after record profit https://thedreamsicles.com/indias-sbi-sees-loan-growth-remain-strong-after-record-profit/ Sat, 05 Nov 2022 11:35:00 +0000 https://thedreamsicles.com/indias-sbi-sees-loan-growth-remain-strong-after-record-profit/ MUMBAI, November 5 (Reuters) – State Bank of India (SBI) (SBI.NS)the country’s largest lender, expects credit growth to remain in double digits while stepping up efforts to attract more deposits, where it expects growth in line with the industry. The bank reported a 74% increase in quarterly net profit on Saturday, driven by higher loan […]]]>

MUMBAI, November 5 (Reuters) – State Bank of India (SBI) (SBI.NS)the country’s largest lender, expects credit growth to remain in double digits while stepping up efforts to attract more deposits, where it expects growth in line with the industry.

The bank reported a 74% increase in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality.

Net profit hit a record 132.64 billion Indian rupees ($1.62 billion) in June-September, beating analysts’ forecast of 105.30 billion rupees, according to Refinitiv IBES data.

Net interest income, the difference between interest earned and interest paid, rose 13% to 351.82 billion rupees.

Advances increased by 18.15%, while deposits increased by 9.99%.

“We should have credit growth of 14-16% in the current fiscal year,” President Dinesh Kumar Khara said at a press briefing.

“Now we also have cash investments, which we plan to unwind. That is why we are confident to support credit growth,” he said, adding that there was an improvement in the capacity utilization and that operations were back to pre-pandemic levels.

The bank has a term loan pipeline of Rs 2.4 trillion as it sees demand coming from sectors such as infrastructure, renewable energy and services.

And, while the bank did not give a growth target for deposits, Khara said SBI would not lag behind the industry.

Indian banks saw a 17.95% year-on-year jump in credit growth in the fortnight from Oct. 7, according to central bank data, and market participants expect an acceleration in credit growth. growth in the coming months. Deposit growth was 9.63% during this period.

SBI’s core net interest margin (NIM), a key indicator of profitability, improved to 3.55% from 3.50% a year earlier. It expects to maintain national NIMs at current levels.

The quality of the lender’s assets also improved, with gross non-performing assets (NPA) falling to 3.52% from 3.91% in the previous three months. Net NPA also improved, falling 20 basis points.

Total provisions fell to 30.39 billion rupees in June-September from 43.92 billion rupees in the previous quarter.

The bank’s capital adequacy ratio stood at 13.51%, down from 13.35% a year earlier.

($1 = 81.9620 Indian rupees)

Reporting by Nupur Anand in Mumbai and Neha Arora in New Delhi; Editing by Mark Potter

Our standards: The Thomson Reuters Trust Principles.

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Don’t cry for lenders in student loan fiasco https://thedreamsicles.com/dont-cry-for-lenders-in-student-loan-fiasco/ Wed, 02 Nov 2022 12:17:13 +0000 https://thedreamsicles.com/dont-cry-for-lenders-in-student-loan-fiasco/ Judge Amy Coney Barrett, President Trump’s latest Supreme Court nominee, recently dismissed a motion, without comment, from a conservative group in Wisconsin called the Brown County Taxpayers Association, which asked the court to block the tax plan. Biden administration aimed at canceling student loans. Shortly thereafter, a federal judge in Missouri launched a lawsuit brought […]]]>

Judge Amy Coney Barrett, President Trump’s latest Supreme Court nominee, recently dismissed a motion, without comment, from a conservative group in Wisconsin called the Brown County Taxpayers Association, which asked the court to block the tax plan. Biden administration aimed at canceling student loans.

Shortly thereafter, a federal judge in Missouri launched a lawsuit brought by six Republican states seeking similar relief by telling the states that they had shown no harm that might result and therefore had no standing. to act.

But then a federal appeals court issued a temporary stay on youhe debt relief.

Based on the flurry of lawsuits they’ve filed recently, the party that has spent the last 30 years denigrating litigators often seems to be aiming for full employment of litigators.

Quackers who think “Let’s Go Brandon” is the height of political satire are apparently upset that a lazy English major living in mum’s basement, with purple hair, piercings and a part-time job in a café, will have his student debt paid with “my taxes”.

This is a gross misrepresentation of the student debt situation.

Federal student loans are used by students regardless of field of study. They are also used by trade school students. You know, plumbers, electricians, linemen, carpenters and even computer programmers.

Your hairstylist, dental technician or medical assistant might have used student loans to pay for their training. Many entry-level truck drivers were trained in trade school using a federal student loan.

The ease of obtaining a federal student loan is its biggest selling point. Interest rates are generally lower than private loans, have fixed rates and more flexible repayment terms.

So who else has benefited from student loans?

Lenders – banks and various scammers. The so-called school counselors. And the education and training institutions themselves have done extremely well with federal student loans. It’s hard to imagine a public university able to pay its athletic trainers seven figures without federal money from student loans.

Undoubtedly, the cancellation of loan contracts raises serious moral hazard questions about money lenders and their customers (victims.) Moral hazard is the term used by economists to describe a situation in which people will take too much risk because they believe that in the end they will not have to bear all the consequences. As if they had insurance – or the government to bail them out.

Namely: Lenders have been given a sweet spot in the student loan business, which has encouraged them to make bad loans, knowing they will eventually be repaired.

But these are the kind of questions that should have been asked years agonot when Biden decided to helpeast of one-third of Minnesota’s population with zero student loans.

The ancestor of all moral hazard situations was the 2008 financial crisis and the subsequent bank bailouts. Mortgage lenders and their Wall Street partners acted like drunken pirates in a casino, and there were hardly any consequences – for them anyway.

The moral preening of charlatans is also highly selective: where were they a few years ago when the federal government handed out billions of taxpayer dollars in Paycheck Protection Program (PPP) loans to businesses, organizations at nonprofits and churches? This money was intended to cover salary expenses and, if used as intended, the loan was cancelled. Most loans have been forgiven, many in the six- and seven-figure range. In other words, people – and businesses are people, right? — borrowed taxpayers’ money knowing they would not repay it. It’s a moral hazard for someone to quack.

Financial consultants and banks – many of whom are involved in selling student loans – have taken advantage of the PPP windfall, collecting hefty fees for loan preparation and processing.

Where were the charlatans when we gave the big banks a giant giveaway by exempting credit card companies from state usury laws, those pesky restrictions on the interest rates a lender could legally charge consumers? Minnesota attrition is capped at 8%. The average credit card interest today is over 16%, a rate available to a relative handful of cardholders. Most credit cards charge 20% or more. They are not subject to state laws.

During the Watergate era, the phrase “follow the money” became popular. And that seems applicable here. If you’re more worried about the purple-haired English Literature major seeing $10,000 in student loans forgiven than the industry that can’t lose in the student loan business, follow the money.

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Of loan cancellation, taxes and basketry https://thedreamsicles.com/of-loan-cancellation-taxes-and-basketry/ Sat, 29 Oct 2022 16:41:38 +0000 https://thedreamsicles.com/of-loan-cancellation-taxes-and-basketry/ Today we are going to learn two things. First, Princeton University. Second, student loans. The link? Basketry, or lack thereof. Princeton University is located in Princeton, New Jersey. Nassau Street is a main boundary for the west end of campus. Nassau Hall overlooks Nassau Street. The British Army once occupied Nassau Hall. This army was […]]]>

Today we are going to learn two things. First, Princeton University. Second, student loans. The link? Basketry, or lack thereof.

Princeton University is located in Princeton, New Jersey. Nassau Street is a main boundary for the west end of campus. Nassau Hall overlooks Nassau Street.

The British Army once occupied Nassau Hall. This army was defeated at the Battle of Princeton, as its soldiers marched south to confront the Continental Army which had just won the Second Battle of Trenton.

At that time, the school in Princeton was called the College of New Jersey. That name lives on at another school now located near Ewing, New Jersey, also in Mercer County.

Hugh Mercer was an officer and trusted advisor to General George Washington. He was killed at the Battle of Princeton.

The seal of Mercer County bears the Mercer Oak, reputed to be Hugh Mercer’s final resting place on the Princeton battlefield.

The United States was recognized as an independent nation when the Treaty of Paris was signed in September 1783. The Confederate Congress was informed of this while housed in Nassau Hall, making Princeton the (then) capital of the new country.

Yeah, Princeton University is a big deal. It is often ranked as the best undergraduate institution in the country.

Princeton has no law school, no business school, no medical school. It offers degrees in many fields, including music and philosophy, but none in basket weaving.

Major universities can and do offer degrees in the humanities. I don’t know of any university that offers a degree in basket weaving.

I mention this because some creatures of the politician species accuse students of racking up debt while pursuing useless basket weaving degrees.

If no one gets a basket weaving degree, those politicians must be misinformed. Their real intention is to denigrate those who earn degrees in the same fields as many Princeton undergraduates.

If I ruled the world, I wouldn’t have supported the sweeping student loan forgiveness program enacted by the Biden administration.

But in my world, we wouldn’t blame the recipients of this program either. Or denigrate the humanities with allusions to basket weaving.

As Bob Dylan said in his song “Idiot Wind”, an apt title for the rantings of many of our politicians, “I can’t help it if I’m lucky”.

The second topic is the tax treatment of those lucky souls who receive student loan forgiveness.

Borrowing money is not a taxable event. The borrower is supposed to repay the debt. Therefore, assets and liabilities offset each other.

If the loan is canceled, the net assets increase. The tax law obliges the borrower to declare his income. There are exceptions for things like insolvency, bankruptcy, certain farm or real estate business debts, and others.

Congress makes the tax law, so Congress makes the exceptions. The same Congress that once met at Nassau Hall.

The COVID-inspired American Rescue Plan Act states that qualifying student loan forgiveness will be excluded from borrower income until 2025. This exclusion covers beneficiaries of the new Biden plan.

There is also a Civil Service Loan Cancellation Program and a Total and Permanent Disability Cancellation Program.

A borrower can apply for an income-based repayment plan. There are four variants. Loan repayments can be spread over 20 years (undergraduate) or 25 years (graduate) and structured according to income.

When the applicable payment term expires, the loan balance is cancelled. Income Oriented Loan Scheme debts that are canceled before 2026 are also excluded from income.

The federal tax treatment of the Biden plan loan forgiveness is clear. The IRS tells lenders not to issue 1099-Cs for student loan forgiveness. Any uncertainty is at the state level.

New Mexico follows federal tax treatment. This means that New Mexico borrowers will also be eligible for the state tax exclusion.

If you like a bit of US history with your tax column, hopefully you won’t blame one student, like the many undergraduates at Princeton, who majored in the humanities. Even if they don’t know how to weave a basket.

I am not in favor of generalized loan forgiveness. Hey politicians, just say this simple statement, not like a silly wind, blowing every time you move your mouth.

James R. Hamill is the director of tax practice at Reynolds, Hix & Co. in Albuquerque. He can be reached at jimhamill@rhcocpa.com.

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Federal Home Loan Bank of San Francisco Announces Third Quarter 2022 Operating Results https://thedreamsicles.com/federal-home-loan-bank-of-san-francisco-announces-third-quarter-2022-operating-results/ Thu, 27 Oct 2022 21:57:00 +0000 https://thedreamsicles.com/federal-home-loan-bank-of-san-francisco-announces-third-quarter-2022-operating-results/ Federal Home Loan Bank of San Francisco SAN FRANCISCO, Oct. 27, 2022 (GLOBE NEWSWIRE) — Federal Home Loan Bank of San Francisco (Bank) today reported operating results for the third quarter of 2022. Net income for the third quarter of 2022 was $80 million, an increase of $9 million from net income of $71 million […]]]>

Federal Home Loan Bank of San Francisco

SAN FRANCISCO, Oct. 27, 2022 (GLOBE NEWSWIRE) — Federal Home Loan Bank of San Francisco (Bank) today reported operating results for the third quarter of 2022. Net income for the third quarter of 2022 was $80 million, an increase of $9 million from net income of $71 million for the third quarter of 2021.

The $9 million increase in net income over the prior year period was primarily due to an increase in net interest income of $37 million, partially offset by a decrease of $15 million in other income/(loss) and an increase in provision for credit losses of $9 million.

  • The $37 million increase in net interest income for the quarter reflected a $479 million increase in interest income, which was driven by higher yields on interest-earning assets, primarily in due to rising interest rates on growing advance balances. The increase was partially offset by lower net gains on designated fair value hedges. The increase in interest income was offset by a $442 million increase in interest expense due to higher funding levels and interest expense.

  • The $15 million change in other income/(loss) was primarily due to a $27 million increase in net fair value losses associated with qualifying non-hedging derivatives and financial instruments carried at fair value. This increase in fair value losses is mainly due to valuation changes created by market volatility and the growth of the Bank’s short-term advances funded by economically hedged consolidated bonds, which was offset by a decrease in net fair value losses of $13 million on trading securities that matured since the third quarter of 2021.

  • The $9 million increase in the provision for credit losses for the quarter was largely due to lower fair values ​​and discounted expected cash flows of certain private label residential mortgage-backed securities.

As of September 30, 2022, total assets were $108.5 billion, an increase of $54.4 billion from $54.1 billion as of December 31, 2021. Advances increased to $65.7 billion as of September 30, 2022, compared to $17.0 billion as of December 31, 2021, a $48.7 billion, as member demand for primarily short-term advances increased. The increase in total assets also includes an increase in total investments of $5.9 billion, to $41.7 billion as of September 30, 2022, up from $35.8 billion as of December 31. 2021. The increase in investments primarily reflects an increase in liquidity-related instruments, including increases in Federal funds sold for $7.3 billion, US Treasury securities for $3.0 billion and deposits bearing interest for $1.3 billion. This increase in investments was partially offset by a decrease of $3.5 billion in securities purchased under resale agreements and mortgage-backed securities of $2.2 billion.

Accumulated other comprehensive income decreased by $319 million in the first nine months of 2022 to $12 million at September 30, 2022 from $331 million at December 31, 2021, primarily reflecting the decline in fair values ​​of investment securities classified as available for sale, which mainly reflects the increase in market interest rates during the first nine months of 2022.

As of September 30, 2022, the Bank was in compliance with all regulatory capital requirements. The Bank exceeded the risk-based capital requirement by $855 million with $7.3 billion in permanent capital and exceeded the regulatory requirement by 4.0% with a regulatory capital ratio of 6.7 % as of September 30, 2022. The decrease in the regulatory capital ratio to 6.7% from 10.9% as of December 31, 2021, is mainly attributable to an increase in total assets. Total retained earnings increased to $3.9 billion as of September 30, 2022, from $3.8 billion at the end of 2021.

Today, the Bank’s Board of Directors declared a quarterly cash dividend on the average share capital outstanding during the third quarter of 2022 at an annualized rate of 7.00%. The quarterly dividend rate is consistent with the Bank’s dividend philosophy which strives to pay a quarterly dividend at a rate of between 5% and 7% annualized. The quarterly dividend will total $54 million and the Bank expects to pay the dividend on November 10, 2022.

Financial Highlights

(Unaudited)

(in millions of dollars)

Selected balance sheet items at the end of the period

Sep 30, 2022

December 31, 2021

Total assets

$

108,507

$

54 121

Advances

65,658

17,027

Mortgages held for the portfolio, net

834

980

Investments, net1

41,661

35,768

Consolidated bonds:

Obligations

35,446

22,716

Discount Notes

62,046

23,987

Capital stock – Class B – Putable

3,322

2,061

Unrestricted unrestricted earnings

3,222

3,124

Restricted retained earnings

708

708

Accumulated other comprehensive income

12

331

total capital

7,264

6,224

Other data selected at the end of the period

Sep 30, 2022

December 31, 2021

Regulatory capital ratio2

6.69

%

10.89

%

Three months completed

Nine month period ended

Selected operating results for the period

Sep 30, 2022

Sep 30, 2021

Sep 30, 2022

Sep 30, 2021

Net interest income

$

157

$

120

$

386

$

403

Provision for/(Reversal of) credit losses

9

9

(8

)

Other income/(loss)

(18

)

(3

)

(31

)

(50

)

Other expenses

41

38

117

116

Affordable Housing Program Evaluation

9

8

23

25

Net income/(loss)

$

80

$

71

$

206

$

220

Three months completed

Nine month period ended

Other data selected for the period

Sep 30, 2022

Sep 30, 2021

Sep 30, 2022

Sep 30, 2021

Net interest margin3

0.63

%

0.85

%

0.68

%

0.92

%

Average return on assets

0.32

0.49

0.36

0.50

return on average equity

4.52

4.34

4.09

4.59

Annualized dividend rate4

6.00

6.00

6.00

5.65

Average equity/average assets ratio

7.16

11:32 am

8.81

10.78

1. Investments include fed funds sold, interest-bearing deposits, trading securities, available-for-sale securities, held-to-maturity securities, and securities purchased under resale agreements.
2. The regulatory capital ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes retained earnings, Class B share capital and mandatorily redeemable share capital (which is classified as a liability), but excludes accumulated other comprehensive income/(loss). Total regulatory capital as of September 30, 2022 and December 31, 2021 was $7.3 billion and $5.9 billion, respectively.
3. Net interest margin is net interest income (annualized) divided by average interest-earning assets.
4. Cash dividend declared, accrued and paid during the period, on the average share capital outstanding during the previous quarter.

Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a member-driven cooperative that helps local lenders in Arizona, California and Nevada build strong communities, create opportunity and change lives for the better. The tools and resources we provide to our member financial institutions (commercial banks, credit unions, industrial loan companies, savings banks, insurance companies and community development financial institutions) promote home ownership, expand access to quality housing, start or support small businesses, and revitalize entire neighborhoods. Together with our members and other partners, we make the communities we serve more vibrant, equitable and resilient.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to the Bank’s dividend philosophy and dividend rates. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking words, such as “endeavour”, “will” and “expect”, or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risks or uncertainties that actual results could differ materially from those expressed or implied by such forward-looking statements or could affect the extent to which any objective, projection , an estimate or prediction is made, including future dividends. These forward-looking statements involve risks and uncertainties, including, but not limited to, the risk factors set forth in our annual reports on Form 10-K and other periodic and current reports that we may file with the Securities and Exchange Commission, as well as regulatory and accounting adjustments or requirements; the application of accounting standards relating, among other things, to certain fair value gains and losses; hedge accounting of derivatives and underlying financial instruments; the fair values ​​of financial instruments; allowance for credit losses; future operating results; the withdrawal of one or more large members; and high rates of inflation and increases in interest rates which may adversely affect our members and their customers. We undertake no obligation to publicly revise or update any forward-looking statements for any reason.

CONTACT: Contact: Chris Hammond, (415) 616-3763 hammondc@fhlbsf.com
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Could a Side Hustle Help You Avoid a Personal Loan? https://thedreamsicles.com/could-a-side-hustle-help-you-avoid-a-personal-loan/ Tue, 25 Oct 2022 10:00:46 +0000 https://thedreamsicles.com/could-a-side-hustle-help-you-avoid-a-personal-loan/ Image source: Getty Images If you don’t need the money right away, saving on side earnings might be a better bet than getting a personal loan. Key points Personal loans can be an easy way to borrow money when you need it. Since personal loan rates have gone up, it might be beneficial to take […]]]>

Image source: Getty Images

If you don’t need the money right away, saving on side earnings might be a better bet than getting a personal loan.


Key points

  • Personal loans can be an easy way to borrow money when you need it.
  • Since personal loan rates have gone up, it might be beneficial to take on a second job and save that money instead.

When you need money fast, a Personal loan could be a great solution. Contrary to mortgages, which can take several weeks to close from the time you apply, personal loans can often be closed within days. And so if you’re in trouble – say, your car needs repairs and you’re stuck at home until that happens – a personal loan could be a good way to have some cash in your poached.

But if you don’t need a personal loan for an urgent matter, it may be a good idea to avoid borrowing money, accepting a side hustle, and save money instead. Here’s why.

Borrowing rates are on the rise

The Federal Reserve is desperate to slow the pace of inflation and provide cash-strapped consumers with much-needed relief. As such, he implemented aggressive interest rate hikes in an effort to make borrowing more expensive.

The logic is that if consumers have to pay more to carry credit card balances or take out loans, they are likely to start spending less. And once that happens, supply chains can catch up with demand, helping to slow inflation.

But because of recent Fed actions, it has become more expensive to take out a personal loan (or any other type of loan, for that matter). If you don’t have an urgent and immediate need for money, it may be best to avoid a personal loan and save the money you need instead.

Since inflation makes the cost of living so high, simply reducing day-to-day expenses may not help you reach your savings goal at a reasonable enough rate. But that’s where a side hustle could come in.

If you get a second job, you can use all your earnings (minus what you owe in taxes) to save for whatever you need a personal loan for. And that way, you can avoid getting into debt and having to spend extra money on interest.

So, let’s say you want a personal loan to upgrade the furniture in your apartment. It’s reasonable to want to trade in an old futon and rickety table for nicer pieces. But since it’s not an emergency in the way a car repair is, you may find that you’re able to work it through for a few months and save the money you need, thus avoiding a personal loan and the interest charges that come with it.

Be careful when borrowing today

The Federal Reserve is likely not done raising interest rates, and in the latter part of 2022, borrowing could end up being more expensive than consumers expect. As such, it’s a good idea to avoid taking on more debt, and a side hustle might be the way to do it.

Don’t forget that you don’t have to commit to this second gig permanently. But if working one for a few months helps you avoid ending up with a higher-than-usual interest rate on a loan, it’s worth the effort.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

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Canceling student loans was ‘hanging before us’: How 700,000 borrowers were left out of Biden’s plan https://thedreamsicles.com/canceling-student-loans-was-hanging-before-us-how-700000-borrowers-were-left-out-of-bidens-plan/ Sat, 22 Oct 2022 14:58:00 +0000 https://thedreamsicles.com/canceling-student-loans-was-hanging-before-us-how-700000-borrowers-were-left-out-of-bidens-plan/ Washington CNN — Michael Christofield was thrilled when he found out he was entitled to $10,000 in student loan forgiveness under President Joe Biden’s new plan. Debt relief would help her pay off her loans when her kids go to college. “I would be able to help them in ways that my parents couldn’t help […]]]>


Washington
CNN

Michael Christofield was thrilled when he found out he was entitled to $10,000 in student loan forgiveness under President Joe Biden’s new plan. Debt relief would help her pay off her loans when her kids go to college.

“I would be able to help them in ways that my parents couldn’t help me,” he said.

But before the app launched, the Biden administration abruptly scaled down the program. As a result, about 700,000 people on some type of federal loan — including Christofield — lost their eligibility for debt relief.

“He was hanging in front of us,” Christofield, 43, said.

This decision affected borrowers with older federal loans that, through no fault of their own, are held by private lenders instead of the government. Loans are at center of a trial make his way through the courts, challenging the legality of Biden’s debt relief package.

Biden administration officials have repeatedly said they are evaluating whether there are other avenues to provide relief to these borrowers, but applying for the program officially open on Monday without any updates.

The administration is “acting as quickly as possible to bring relief to as many people as possible,” Education Secretary Miguel Cardona said Monday at a press conference.

However, an appeals court ruling on Friday temporarily interrupted the program, delaying relief as it considers a reconsideration of the loan cancellation plan. The administration had announced that it would begin granting student loan discharges as early as Sunday.

The eligibility change, announced Sept. 29, excluded federal student loans guaranteed by the government but held by private lenders.

Many of these loans were made under the former federal Family Education Loan program, known as FFEL, and the federal Perkins loan program.

Generally, borrowers did not have the option of choosing to take out a federal loan held by the government or a loan held by a private lender. The FFEL program ended in 2010, so borrowers who took out loans after that date likely have direct loans eligible for debt relief. Often, FFEL and Perkins loans are serviced by the same companies as Federal Direct Loans.

The federal government purchased loans from the FFEL program during the Great Recession. But about 4 million of the 43 million federal borrowers currently still have an FFEL loan held by a private lender — although all of those people were likely not initially eligible for the loan forgiveness plan, which also includes an income requirement.

The estimate of the number of these eligible borrowers is based on assumptions about their income as well as the number of people who would apply for the relief. The Biden administration said about 700,000 people lost their eligibility.

Many borrowers with private federal loans feel like they still have the end of the stick. Their loans are also not eligible for the pandemic-related pause on payments and interest that began in March 2020.

Some borrowers with private federal loans may still be eligible for a discount under Biden’s plan. But they must have applied to consolidate their loans into direct federal loans by Sept. 29 — about five weeks after the program was announced.

Paulo Calderon said he immediately considered consolidating his FFEL loans in order to benefit from the debt relief. But when he called his loan manager, it wasn’t clear that consolidation was the best option for him.

“I was actually told there was no guarantee that consolidation would qualify me for loan forgiveness,” said Calderon, 45, who owes about $26,000 in student debt.

There are risks to consolidate. This could have increased his interest rate, thus increasing the amount owed each month. Moreover, the application for debt relief had not yet been launched and the Biden administration said borrowers would have until December 2023 to apply.

Calderon continued his research and was leaning towards consolidation – but did not act until he read a news article on September 29 about the change in eligibility. He called his duty officer back that day, but it was too late to consolidate.

“It was so frustrating. I was like, ‘This can’t happen,’ Calderon said.

The Biden administration changed eligibility criteria on the same day that six GOP-led states sued, saying the president lacked the legal authority to write off student debt.

States have also argued that student loan servicers — including the state of Missouri’s Higher Education Loan Authority, known as MOHELA — are being financially harmed by Biden’s student loan forgiveness plan. The lawsuit pleaded according to the trial.

By excluding these borrowers from the program, the Biden administration likely weakened the plaintiffs’ argument.

Thursday, the judge dismissed the case, judging that the States did not have standing to bring the challenge. The states immediately appealed, sending the case back to the 8th Circuit Court of Appeals where it will likely face a panel of conservative judges.

Under Biden’s plan, eligible individual borrowers who earned less than $125,000 in 2020 or 2021 and married couples or heads of households who earned less than $250,000 a year in those years will see up to to $10,000 of their canceled federal student loan debt.

If an eligible borrower also received a Federal Pell Grant while enrolled in college, they are eligible for debt forgiveness of up to $20,000.

Direct federal loans, including subsidized loans, unsubsidized loans, parent PLUS loans, and graduate PLUS loans are eligible.

While borrowers with FFEL and Perkins loans who continued to pay their bills on time remain ineligible, defaulted federal loans taken out under any program are eligible.

The request for forgiveness can be found online here.

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Online inflation checks by state: California, Florida, Texas… | Student loan, SSA updates… https://thedreamsicles.com/online-inflation-checks-by-state-california-florida-texas-student-loan-ssa-updates/ Thu, 20 Oct 2022 08:36:54 +0000 https://thedreamsicles.com/online-inflation-checks-by-state-california-florida-texas-student-loan-ssa-updates/ Will California get more inflation support payments? As gasoline prices in the Golden State continue to rise, contrary to other trends seen around the country, Governor Newsom has proposed a windfall tax on oil and gas companies. The proposal would impose an additional tax on income earned beyond what was seen last year. This tax […]]]>

Will California get more inflation support payments?

As gasoline prices in the Golden State continue to rise, contrary to other trends seen around the country, Governor Newsom has proposed a windfall tax on oil and gas companies. The proposal would impose an additional tax on income earned beyond what was seen last year. This tax would take into account the increase in costs incurred by customers, and the total accumulated by the State would then be redistributed to drivers.

Newsom’s office released the plan after a report revealed that “California consumers paid $2.61 per gallon in gasoline prices more than the average price in the United States as of October 4, 2022.” The bureau even accused oil refiners of slowing production to create shortages that drive up costs.

“Five refiners—Chevron, Marathon Petroleum, PBF Energy, Phillips 66 and Valero—produce 97% of the state’s gasoline. They are able to restrict the supply of gasoline to drive up gasoline prices. They constantly restricted supply and artificially raised their prices far beyond their costs.

It’s unclear when the legislature will be able to vote on the bill, but many in the Golden State support the measure, as pump prices are reaching more than $7/gallon in some areas. The division created by the windfall tax could help families next year, but for many the relief couldn’t come soon enough.

Learn more about California Inflation Reduction Checks

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