Archeologists discovered a 17th-century Polish 'vampire' with a sickle across her neck meant to prevent a return from the dead

ktangalakislippert@insider.com (Katherine Tangalakis-Lippert) - Yesterday 


Female "vampire" with a sickle across her throat found in Pień, Poland. 

The skeleton of female "vampire" was discovered in a 17th-century Polish graveyard, the Daily Mail reported.

Professor Dariusz Poliński said the skeleton was found restrained to prevent her returning from the grave.

The remains had a sickle laying across the throat and a padlock on her big toe.

The skeletal remains of a female "vampire" were found in a 17th-century Polish graveyard — with a sickle across her neck to prevent her rising from the dead.

Professor Dariusz Poliński from Nicholas Copernicus University headed the archaeological dig that led to the discovery of the remains, which were found wearing a silk cap and with a protruding front tooth, the Daily Mail reported Friday.


Female "vampire" with protruding tooth and a sickle across her neck.  

"The sickle was not laid flat but placed on the neck in such a way that if the deceased had tried to get up… the head would have been cut off or injured," Poliński told the Daily Mail.

In the 11th century, citizens of Eastern Europe reported fears of vampires and began treating their dead with anti-vampire rituals, according to Smithsonian magazine, believing that "some people who died would claw their way out of the grave as blood-sucking monsters that terrorized the living."

By the 17th century, Science Alert reported such burial practices "became common across Poland in response to a reported outbreak of vampires."


Padlock wrapped around toe of female "vampire" skeleton.

"Other ways to protect against the return of the dead include cutting off the head or legs, placing the deceased face down to bite into the ground, burning them, and smashing them with a stone," Poliński told the New York Post.

Though other common anti-vampire burial methods included a metal rod hammered through the skeleton, the remains in Poland were found with the sickle across the neck and a padlocked toe to restrain her.

The padlocked big toe attached to the skeleton's left foot, Poliński told the Daily Mail, likely symbolized "the closing of a stage and the impossibility of returning."

Poliński did not immediately respond to Insider's request for comment.

Photos  Mirosław Blicharski

POLISH VAMPIRES HAVE A LONG TRADITION IN FOLKLORE

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Triple H Named WWE’s Chief Content Officer, Gets Salary Bump Along With Three Other Top Execs in Wake of Vince McMahon Exit
DUE TO PAYOUTS FOR SEXUAL HARASSMENT

Todd Spangler
Fri, September 2, 2022 


WWE exec and pro wrestler Paul “Triple H” Levesque has officially taken the title of chief content officer, and he’s also received a hike in compensation along with three other top company executives.

In addition, the company said it promoted chief financial officer Frank Riddick to the position of president, continuing in his role as CFO, effective Sept. 2. WWE disclosed the info in an SEC filing Friday.

The changes come after Vince McMahon, formerly WWE’s chairman and CEO, resigned from the company on July 22, amid an investigation by the board of directors into misconduct allegations.

With Vince McMahon’s departure, the company named as co-CEOs Stephanie McMahon (Mr. McMahon’s daughter, who was formerly chief brand officer) and Nick Khan (previously president and chief revenue officer). The company had already announced that Levesque, formerly EVP of talent relations, would take over leadership of the creative team. (Ms. McMahon and Levesque are married.) Mr. McMahon had previously headed the creative team that develops storylines and characters for WWE’s programming.

Because of the changes in the responsibilities of Levesque, Ms. McMahon, Khan and Riddick, the compensation and human capital committee of WWE’s board “determined on August 31, 2022, that it is appropriate to provide certain enhancements to [their] compensation,” per the filing.

Ms. McMahon’s annual base salary increased from $730,000 to $1.35 million, and she will continue to receive payments including the $750,000 guaranteed minimum under her booking agreement. Levesque’s annual base salary increased from $730,000 to $900,000, and he also will continue to receive payments including $1.0 million guaranteed minimum under his booking agreement. Khan’s salary increased from $1.2 million to $1.35 million per year and Riddick’s increased from $850,000 to $950,000.

WWE disclosed new performance-based annual bonus targets for the execs, as a percentage of base salary: for Ms. McMahon and Khan, that’s 160%; for Riddick, it’s 125%; and for Levesque, it’s 100%. They will also receive annual stock grants beginning in 2023 with the following target values: Ms. McMahon and Khan, $3.575 million; Riddick, $2.4 million; and Levesque, $1.6 million.

In addition, Ms. McMahon will receive a one-time special stock grant of $10 million and Levesque will receive $8 million in a one-time stock grant around Oct. 3, 2022, with a three-year vesting period contingent on certain performance metrics. WWE also added new severance-payment terms to the four executives’ contracts in the event of a change in control of the company, according to Friday’s filing.

Mr. McMahon remains a stockholder with a controlling interest in WWE. On Aug. 16, WWE said the board’s investigation into his alleged misconduct was “substantially complete” and the company restated earnings going back to 2019 to account for personal payments Mr. McMahon made during his tenure. That included $14.6 million in payments that Mr. McMahon allegedly made to women to keep quiet about affairs and other misconduct.

EMBEZZLEMENT 
Last month, WWE disclosed that it had subsequently identified $5 million in additional payments Mr. McMahon made in 2007 and 2009 — unrelated to the misconduct allegations — that the company said should have been reported on its financial statements. The $5 million in payments made in 2007 and 2009 were charitable donations to the now-defunct Donald J. Trump Foundation, the Wall Street Journal reported. In 2007 and 2009, Trump had appeared in WWE TV events.

WWE leadership change won’t ‘hold the company back at all,’ analyst explains

Luke Carberry Mogan

Sat, September 3, 2022 

Longtime WWE frontman Vince McMahon has stepped down as CEO and chairman, leaving behind a void in the most electrifying circus on television.

But one analyst argued the leadership change appears to be coming off smoothly.

"I don't think it'll hold the company back at all," Brandon Ross, media and technology analyst at LightShed Partners, told Yahoo Finance Live (video above). "I think that the company has had a succession plan in place for a very long time. They have a management team in place that they are very confident in, and frankly, we are too."

Apr 3, 2022; Arlington, TX, USA; Pat McAfee (center) is attacked by Austin Theory (right) during his match with WWE owner Vince McMahon (left) during WrestleMania at AT&T Stadium. Mandatory Credit: Joe Camporeale-USA TODAY Sports

The modern World Wrestling Entertainment, Inc. (WWE) is the culmination of almost 70 years of constant expansion and absorption of smaller, regional wrestling franchises helmed by McMahon and his father, Jess McMahon.

However, the WWE image was slammed after reports surfaced that the SEC and federal prosecutors were investigating the entertainment company over hush money payoffs and sexual misconduct allegations levied against Vince McMahon that led to a hastened retirement.

WWE stock rose more than 5% in the month after McMahon announced his resignation on July 22.

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New leadership for WWE

McMahon's daughter Stephanie McMahon now serves as the acting co-CEO alongside former chief revenue officer Nick Khan.

"I think in terms of their relationships with their licensing partners and sponsorship partners, as soon as Vince was removed from the equation, the pressure there actually eased," Ross said, later adding that "the co-CEO thing is a little bit unusual. It's something that WWE has done in the past with co-presidents."

The structure will allow each executive to play to their strong suits, like a tag-team duo, Ross added.

“What you'll see is Stephanie is going to be in charge of everything that has to do with the branding and image of the company and a lot of stuff on the operations side,” he said. “Whereas Nick's main role is going to be revenue. And integral to revenue is cutting deals with third parties, whether it's the licensing deals for RAW or SmackDown or their pay-per-view events which are, in the United States, largely NBC.”

Vince McMahon, Stephanie McMahon and Triple H attend the UFC 276 event at T-Mobile Arena on July 02, 2022 in Las Vegas. (Photo by Jeff Bottari/Zuffa LLC, Getty Images)

Stephanie McMahon is the company's second female CEO, following in the footsteps of her mother Linda McMahon, who was appointed president in 1993 and served as CEO from 1997 until 2009.

The CEO's husband and former WWE star Paul "Triple H" Levesque has also been given creative responsibilities as executive vice president by his father-in-law.

"I don't think we're going all the way back to the Attitude Era, but clearly the new head of creative... 'Triple H' is from an era where that resonated," Ross said on fan excitement.

WWE's production crewmen reported that they have felt a "massively night and day" shift in the company's workplace atmosphere since Vince McMahon's departure. McMahon was accused of quashing unionization efforts by wrestlers during his tenure at WWE.

'No shortage of potential buyers'

The new management brings into question just how much the company's public-facing leaders matter to its future.

The family-owned enterprise has evolved with each passing decade, expanding from simple broadcasting to live events, video games, and film production. With McMahon's retirement, many investors questioned whether the business would be sold.

WWE Superstars Edge dives off the ropes to take down Alberto Del Rio in front of a sold-out, record crowd of 71,617 during WrestleMania XXVII at the Georgia Dome in Atlanta, Georgia on Sunday, April 3, 2011. (Paul Abell/AP Images for WWE)

"There's clearly no shortage of potential buyers for this asset as media companies and platforms look for owned content, especially live content," Ross stated. "Do we believe that it's true that this business is going to get sold? Probably not in the near term. We think that Stephanie and Paul and Nick really want to run this business."

"It's important, especially to Stephanie, to continue the legacy of her father and maybe put her own imprint on the business," Ross continued. "So we don't think it's actually going to get sold, but what we do think is that there's operational improvements that might come out of this."

Ross noted that the WWE may look to elevate its mid-card talent which has garnered fan excitement.

"Fans have been clamoring to get back towards more technical wrestling — a little bit more of the blood," Ross said. "So I think you'll move a little more in that direction. There will be other changes.”

"Generally if fans are excited, in the media industry — it's all about eyeballs — that means investors should be excited, too," he added.

Luke is a producer for Yahoo Finance. You can follow him on Twitter @theLukeCM.

El Salvador Had a Bitcoin Revolution. Hardly Anybody Showed Up

Michael McDonald
Sat, September 3, 2022 at 8:14 AM·6 min read




(Bloomberg) -- El Salvador President Nayib Bukele took the stage last year to fireworks and AC/DC’s “You Shook Me All night Long,” announcing to a cheering crowd of crypto enthusiasts at a beachside confab that Bitcoin would revolutionize his country. It was November, the digital token had just notched new all-time highs and El Salvador was at the very beginning of its experiment as the world’s first nation to use the cryptocurrency as legal tender.

Now, a year into the journey, there are far fewer fireworks. Adoption has moved slowly, and steep declines in Bitcoin’s price from those lofty levels last fall have dampened the early euphoria that swept across the nation. Bitcoin hasn’t replaced El Salvador’s hard currency, the U.S. dollar — it’s not even close — but it also hasn’t brought the financial ruin that some warned of either. Or not yet anyway.

“No one really talks about Bitcoin here anymore. It’s kind of been forgotten,” said former El Salvador central bank chief Carlos Acevedo. “I don’t know if you’d call that a failure, but it certainly hasn’t been a success.”

Bukele captivated the world last year when he made Bitcoin an official currency alongside the dollar, stirring a craze in the cryptocurrency community while also drawing criticism from skeptics, including bond traders and the International Monetary Fund. Bitcoin’s Sept. 7 debut was beset with technical glitches, making for an inauspicious beginning. Undaunted, Bukele — sporting “laser eyes” on his Twitter profile picture — barked back at detractors while welcoming Bitcoin backers and crypto executives to his presidential office, where he continues to host them to this day.

As part of the rollout, Salvadorans were offered government-issued digital wallets preloaded with $30 worth of Bitcoin to help kick things off. Under the law, taxes can be paid in Bitcoin and businesses should accept it as a form of payment, unless they are technologically unable to do so. But the coin’s volatility has spooked users, and cryptocurrency has seen broader acceptance in countries with poor payment networks or strict currency controls, such as Argentina, Venezuela and Cuba, Acevedo said. “In El Salvador we have a good payments network, so why transfer money with cryptocurrency?” he said.

Most Salvadorans haven’t poured large amounts of money into Bitcoin, saving many from the recent bear market, Acevedo said. The same can’t be said of the government itself, which started purchasing the token last year in the run-up to its launch as legal tender and has continued to add to its stockpile, conspicuously “buying the dip” during periods when Bitcoin declined. The result? It’s sitting on losses.

A series of recent surveys found that only a relatively small minority of respondents continue to use digital wallets and few businesses have registered transactions in Bitcoin. And the central bank says only 2% of remittances have been sent via cryptocurrency wallets.

The government is still claiming victory, however. Bitcoin has attracted foreign investment and tourism and increased financial access to a largely unbanked population, according to Finance Minister Alejandro Zelaya. The government says its digital wallet, Chivo, has more than 4 million users. Tourism is on pace to surpass pre-pandemic levels this year and the central bank says 59 cryptocurrency and blockchain companies have registered offices in El Salvador.

Zelaya says the administration still plans to issue a Bitcoin-backed bond, dubbed the “volcano token,” using blockchain technology, though admits recent price declines have hurt sentiment. Advocates say El Salvador is in a position to woo companies in a promising industry and become a hub for financial services in the future, creating high-tech jobs.

“Assuming cars were a failure because after the very first year Ford started production in 1896 no more than 2% of the population had a car would’ve been quite myopic,” said Paolo Ardoino, chief technology officer at Bitfinex. “The government has a long-term vision. The crypto industry is highly technological and that is the type of industry that everyone should want in its country.”

Bitfinex will serve as a trading platform for the volcano bond and will apply for a license to operate in El Salvador once the government passes a digital securities law to underpin the issuance. Canada-based crypto lending and savings company Ledn saw a 678% increase in users in El Salvador over the past year, according to co-founder Mauricio Di Bartolomeo. New-York based AlphaPoint was hired to fix bugs in the Chivo wallet and a series of other companies have also worked on the country’s rollout.

“I don’t see adoption as low. I see a country where everybody has a Bitcoin wallet and everybody knows what Bitcoin is,” Simon Dixon, founder of crypto financial startup Bank to the Future, said during an August visit to El Salvador in which he met Bukele. Bank to the Future is currently hiring people in El Salvador and planning to open an office there, he said. “This is the first time I’ve ever met a government that has a president who has assembled a team that really operates with the urgency and impact of a fast growing company.”

But Bukele’s desire to win over Bitcoiners has come with a downside. The IMF has held off on approving a $1.3 billion program for the country citing risks from Bitcoin. The government’s 2,381 Bitcoin bought with public funds are worth $47.2 million at current prices, less than half what the administration paid for them. Moody’s estimates the government has spent $375 million in total on the rollout, including a $150 million fund to back Bitcoin-dollar conversions and the money for the $30 sign-up bonus given to Chivo users.

“The Bitcoin experiment promoted by the Bukele administration has significantly raised the market’s risk perception of the country,” said Fabiano Borsato, Chief Operating Officer of Torino Capital LLC. “It’s being implemented in a context of fragile public finances, high and persistent fiscal deficits and doubts about the rule of law in the country. This, in our opinion, will prevent El Salvador from accessing financing in the international markets under favorable conditions in the short and medium term.”

Overall, Bukele remains enormously popular among Salvadorans, largely because of his crackdown on gangs, investments in infrastructure and efforts to boost tourism, even as many remain wary of Bitcoin.

A May poll by El Salvador’s Universidad Centroamericana Jose Simieon Canas found that 71.1% respondents said the Bitcoin law did nothing to improve their family finances. Those polled ranked Bitcoin as Bukele’s second-biggest policy failure over the past year behind accelerating inflation.

“If you go to any market in El Salvador, you’re more likely to receive an insult than be able to purchase something in Bitcoin,” said Laura Andrade, director of the university’s public opinion institute, which conducted the poll. “It’s not a part of people’s daily routine.”

CRIMINAL CAPITALI$M HO, HO, HO

Soros-Backed Fund’s Christmas Night Trading Frenzy Led to Arrest

Donal Griffin and Nishant Kumar
Sat, September 3, 2022 




As the clock crept toward midnight on Christmas 2017, many London traders headed to bed with bellies full, but in South Africa, Glen Point Capital co-founder Neil Phillips was wide awake.

Phillips, 52, a finance veteran backed by billionaire George Soros, wanted to drive the exchange rate between the US dollar and the South African rand below 12.50 so he could make a $20 million wager succeed, according to a US indictment against him unveiled this week. Over a high-stakes hour, he tapped out instructions to an employee at Nomura Holdings Inc. in Singapore, one of the few global hubs where the sun was rising and traders were at their desks.

“My aim is to trade thru 50,” Phillips said at 12:09 a.m. Seven minutes later, he repeated: “need to get it thru 50.”

Soon, the employee at Nomura -- called Bank-3 in the indictment, but identified by people with knowledge of the matter -- had arranged so many trades on Phillips’s behalf that prosecutors said the transactions nudged the rate where he wanted it, allegedly manipulating one of the world’s most-traded emerging-market currencies. London-based Glen Point made millions of dollars in profit and later boasted to investors that bets on South Africa had helped the hedge fund post a record year of returns.

But the frantic session that Christmas night sparked alarm elsewhere at Nomura, according to people familiar with the situation. It ultimately led to Phillips’s arrest in Spain this week at the request of US authorities. Federal prosecutors in New York accused the well-connected money manager of multiple counts of fraud, sending shock waves across Wall Street’s macro-trading scene.

In the industry, the incident resurrected memories of how Wall Street firms rigged the $6.6 trillion-a-day currency market for years and raised questions about how the alleged trades went ahead in the first place.

“This type of conduct unfortunately happens more often than we would like to see,” said Rosa Abrantes-Metz, an economist who co-heads the Brattle Group’s antitrust practice and taught for more than a decade at New York University’s Stern School of Business. Still, she said, Phillips may be able to offer defenses, potentially arguing he was making aggressive but not illegal trades. “Proving market manipulation is so hard,” she said.

Phillips has yet to formally respond to the charges, and he and his lawyer, William Stellmach, didn’t reply to requests for comment. Simon Danaher, a spokesperson for Nomura in London, declined to comment. Authorities haven’t accused the bank of any wrongdoing.

While Glen Point allegedly made $16 million on the trades, Soros’s investment firm -- Soros Fund Management -- got $4 million, according to legal filings and people familiar with the matter. Phillips helped oversee money for the billionaire investor through a so-called managed account, and there’s no suggestion of any wrongdoing on Soros’s part. A representative for Soros declined to comment.

Rival hedge funds with links to Phillips quickly cut ties. Kirkoswald Asset Management put on leave several employees who used to work at Glen Point while Balyasny Asset Management let go some former Glen Point staff who had joined the firm recently, people with knowledge of the matter have said.

“This turn of events for such a large and prominent hedge fund is remarkable,” Mark Williams, a professor at Boston University and a former Federal Reserve bank examiner, said of Glen Point. Many aspects of the case “make it stand out in terms of egregiousness.”

Volatile Currency

The charges could be catastrophic for Phillips, who has spent decades at some of Wall Street’s biggest firms. He worked at Morgan Stanley and Lehman Brothers Holdings Inc. in the early 2000s before joining BlueBay Asset Management. He focused on so-called macro trading, in which investors try to profit from global economic trends by betting on interest rates and currencies, and went on to manage a $1.4 billion standalone macro hedge fund at the London-based firm.

Macro traders frequently focus on South Africa, one of continent’s biggest economies and a place where volatile politics and scandals can send prices swinging. The rand is the fifth-most traded emerging-market currency in the world, with average daily turnover on global markets of $72 billion in 2019, the latest year for which full data are available, according to the Bank for International Settlements. That’s on par with Russia’s ruble and more active than Brazil’s real and Turkey’s lira.

An example of that volatility occurred in 2008, when the asset-management arm of Investec Ltd. said that the South African inflation rate was overstated. That fueled a rally in the country’s bond market and prompted Phillips to wade into the debate, accusing his rival of trying to unfairly boost returns on their own positions.

“It really is scandalous,” Phillips told Bloomberg in a phone interview. “It’s incredibly sinister and designed to hit the market at a time when it was very vulnerable. It’s an abuse of their market position.”

BlueBay closed Phillips’s fund in 2014 when he left to launch his own venture amid what he called “ridiculously successful circumstances.” He founded Glen Point the following year with colleague Jonathan Fayman and they raised nearly $2 billion from investors including Soros. But the new fund struggled in 2016 and lost money, according to documents obtained by Bloomberg.

Seeking Rebound

South Africa presented an opportunity for a rebound in 2017 as the ruling African National Congress party geared up to pick a new leader. Phillips predicted the rand would rally significantly against the dollar as a result of the December election, which cast investor-friendly Cyril Ramaphosa against Nkosazana Dlamini-Zuma, the ex-wife of the country’s embattled president at the time, Jacob Zuma.

To make his bet, Phillips purchased a so-called FX option, a complex derivative. If the dollar fell below 12.50 rand by Jan. 2, 2018, the contract would pay out $20 million.

Ramaphosa was announced as the new leader of the ANC about a week before Christmas, setting him on course to be the nation’s next president. The rand soared to a two-year high -- yet it didn’t cross the 12.50 threshold that Phillips needed. His option, the prosecutors noted, was about to expire.

Late Christmas night, prosecutors wrote in the indictment, Phillips sent a flurry of messages to the bank: Sell dollars in return for rand until the rate falls below 12.50. “Need it to trade thru 50,” he repeated again at 12:25 a.m.

By 12:31 a.m., Phillips had sold $415 million and the rate was 12.505. “How much more u think to break 50,” he asked the Nomura employee, according to the indictment. “At least another 200,” came the response. At 12:44 a.m., with $725 million sold, the rate finally dropped below 12.50. Several minutes later, the rate was 12.4975.

“Perfect,” Phillips said.

The Glen Point Global Macro Fund gained 6% in December 2017, one of its strongest monthly performances, and contributed to a 22% return for the year, according to documents obtained by Bloomberg.

The hedge fund later touted its foresight to investors, the documents show.

“We had anticipated the potential for large swings in South African assets around the ANC electoral conference and, in particular, believed that the market had priced in too little risk of a Cyril Ramaphosa victory,” the fund wrote. “This judgment proved to be correct with the market subsequently coming to terms with the scope for a more positive policy dynamic than seen in South Africa for a long time.”

Back in London, the transactions were drawing attention inside Nomura. The size would be unusual even on a busy day and unheard of in the wee hours of Dec. 26, the people said. Traders there were surprised, and compliance officials began examining what happened, the people said.

Ultimately, the US brought a case, with officials vowing in a statement that they will track down manipulation of global financial markets no matter where it occurs.

“How utterly bizarre that US prosecutors are chasing a London-based hedge fund for currency manipulation in Singapore,” said Andrew Beer, founder of New York-based Dynamic Beta Investments. “The golden age of regulation may well be upon us.”

Glen Point would never repeat such a strong annual performance, the documents show. In December 2021, Phillips agreed to sell the hedge fund to Eisler Capital. Under the proposed transaction, Phillips would keep overseeing his old strategies and also manage money for Eisler. In a statement at the time, he said he was looking forward to “capitalizing on all the benefits of joining a larger business.”

But the deal fell apart in February. A spokesperson for Eisler Capital confirmed Phillips never joined the firm and declined further comment.

With the economy faltering, is it time to ditch your bank for a credit union? YES!

AKA PROUDHON'S PEOPLES BANK


Mitchell Glass
Sun, September 4, 2022 

With the economy faltering, is it time to ditch your bank for a credit union?

Deciding where to store your money is a big decision.

Oftentimes, we choose a bank or credit union as young adults based on family recommendations. But just because a certain financial institution worked well for your parents doesn't mean it's the best fit for you.

Credit unions and banks are very different creatures — each with a unique set of benefits and drawbacks.

Let’s explore the characteristics of each to help determine which is the better choice for your needs.

With two-thirds of Americans admitting to draining their savings to keep up with inflation, retirees have a secret key to boost their budgets in tough times.

What is a credit union?

A credit union is a not-for-profit financial institution owned by its members (like you). Since credit unions don't need to show a profit, their sole purpose is to offer their members the best rates possible.

Credit unions are smaller than banks and limit membership to certain groups of people. They might all be employees of the same company, followers of a specific religion, residents in a certain geographic location or members of a civic organization.

LIKE A UNION
As a member, you can vote on your credit union’s policies and influence how it is run.

Pros of credit unions

Favorable interest rates. Since credit unions aren’t designed to make a profit, they typically offer higher interest rates on deposits and lower rates on loans.

Lower or no fees. The nonprofit nature of credit unions allows them to keep fees as low as possible. For example, unlike banks, many credit union checking accounts have no minimum balance requirements or monthly maintenance fees.

Better customer service. Credit unions prioritize community and personal attention. Since policies are voted on by members, you’re more likely to receive services tailored to your needs. You can also develop a personal relationship with branch managers and loan decision-makers, which may help you secure a loan.

Security. Credit union accounts are insured up to $250,000 by the National Credit Union Administration. If you need higher coverage limits, you can often open multiple accounts.

Cons of credit unions

Outdated technology. Since the goal of credit unions is to charge you as little money as possible, they may have less of a budget to roll out new apps and technology. That said, if you find one that offers the basic online services you use the most, you may not need all the latest bells and whistles.

THIS DOES NOT APPLY IN CANADA WHERE CREDIT UNIONS WERE ONLINE BEFORE BANKS SUCH AS THE VANCOUVER CITY CREDIT UNION (VANCITY)

Limited locations. Credit unions are smaller and more focused on a tight-knit community. That means there are naturally fewer branches and ATM locations. To solve this problem, many credit unions have joined forces to create the CO-OP Shared Branch and ATM network that allows members to use branches and ATMs from all other credit unions in the co-op nationwide.

Limited membership. Each credit union has specific membership eligibility requirements called a “field of membership.” For example, the Navy Federal Credit Union accepts current and retired members of the armed forces, their families, household members and Department of Defense personnel. That said, nowadays larger national credit unions only require you to be part of certain easy-to-join organizations. For example, to join Alliant Credit Union, all you have to do is become a member of Foster Care for Success by donating $5, which can be reimbursed.

Limited financial products. Most credit unions offer checking accounts, savings accounts, CDs, basic credit cards and various loans. But they don’t typically offer the wide array of financial products you find at banks.

What is a bank?

Banks are for-profit organizations owned by investors. The main goal of a bank is to make money for the investors — and unlike with a credit union, you’re not a bank "member," which means you have no say in bank policies.

Banks don’t restrict eligibility to certain groups of people. Anyone who lives in a bank's serviceable area can open an account and become a customer.

Banks can be broken down into online-only operations and brick-and-mortar institutions. Online banks are completely virtual and have few or no physical locations. While they can’t offer face-to-face service like brick-and-mortar banks, their lower overhead typically allows them to offer better rates.

Pros of banks

More accessibility. Big banks offer more branches and ATMs than credit unions. For example, Chase has more than 4,700 branches and 16,000 ATMs — making it more convenient to access your money wherever you are. And while some small regional banks require you to live in the same state, most banks don’t have special eligibility requirements to join.

More financial products. Banks are more likely to offer money market accounts, investment accounts, wealth management services and a wider range of credit card options.

Better technology. Banks have more funds to invest in fancy websites, convenient apps and other tech to make your life easier. Just remember, the money to develop this technology comes out of your pocket via higher fees and less favorable rates.

Security. Bank accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). For higher coverage, you can split your funds between multiple accounts.
Cons of banks

Higher fees. Since a bank’s main objective is to make money for its investors, they charge higher fees. For example, checking accounts often charge fees if you do not maintain a minimum balance in your account. Overdraft and bounced check fees are also often harsher in banks than credit unions — especially with non-premium accounts.

Worse rates. A bank’s for-profit objectives naturally lead to less favorable rates than credit unions. That said, you may find better rates at an online bank compared to a brick-and-mortar bank.

Less flexible. Banks have strict rules and protocols set nationally by a board of directors. This makes them less flexible than credit unions, where you have a say in the rules. This rigidity — paired with corporate, profit-focused policies — is a recipe for customer service issues.
Is a bank right for you?

Banks make the most sense if you value convenience over price. You may pay more in fees and interest rates, but you have access to more financial products, better technology and more branches and ATMs.

If you take advantage and actually use all these extra features, depositing your money in a bank may be worth the price.

Choosing a credit union

Credit unions are designed to prioritize their members. If you want favorable interest rates, low fees, great customer service and an organization that has your best interests at heart, a credit union is the way to go.

This is especially true if you don’t need all the bells and whistles that banks offer.

Whether you decide to stay with your current financial institution or not, just be sure you’re regularly exploring your options to ensure you've landed on the best fit for your needs and financial goals.

Era of through-the-roof house prices in Australia set to end: Reuters poll


Residential properties line the Sydney suburb of Birchgrove in Australia

By Vivek Mishra

Sun, September 4, 2022 

BENGALURU (Reuters) - Australian house prices will fall sharply this year and next as rising mortgage rates and cost of living pressures drag on demand, a Reuters poll found, but for many people buying a home will still remain far out of reach.

Pandemic-related stimulus and cheap loans have nearly doubled house prices since the 2007-09 global financial crisis, increasing homeowners' wealth, but that has also kept millennials and first-time homebuyers off the property ladder.

After rising about one-third during the pandemic, home prices nationally sank 1.6% in July. It was the largest monthly drop since 1983 and dragged annual price growth down to 4.7%, from a peak above 21% late last year.

Average home prices were expected to decline 6.5% this year, according to an Aug 15-Sept. 2 Reuters survey of 10 property analysts, versus an expected 1.0% rise in a May poll.

A further 9.0% fall was expected next year.

"The property boom is well and truly over as the surge in mortgage rates is pulling the rug out from under it," said Shane Oliver, chief economist at AMP.

"There are three reasons why this downturn will likely be deeper and the recovery slower than in past cycles: high household debt levels, high home price to income levels and an end in the long-term downtrend in interest rates."

The Reserve Bank of Australia (RBA) has already lifted rates by 175 basis points since May and is expected to hike by another half-point on Tuesday in an effort to contain surging inflation. [AU/INT]

Markets are wagering the current 1.85% cash rate could be near 4.0% by the middle of next year. Banks have sharply raised borrowing costs on new fixed-rate mortgages and tightened lending standards.

"The path of interest rates will dominate the housing outlook. A steep increase in mortgage rates between May and the end of this year will weigh heavily on house prices," said Adelaide Timbrell, senior economist at ANZ.

"Still, a substantial correction is required to return housing affordability and housing prices to fair levels."

It will also be a greater challenge for some of the more heavily-indebted households in a country, which currently has a record A$2 trillion ($1.4 trillion) of mortgage debt outstanding.

ANZ, Bank of Queensland, Capital Economics and Knight Frank said average house prices would have to fall by between 10-35% - roughly the amount U.S. house prices tumbled during the global financial crisis - to make Australian housing affordable.

Property prices in Sydney, the world's second-most expensive housing market after Hong Kong, and Melbourne were forecast to fall 7.0-10.0% this year and 7.0% next.

(For other stories from the Reuters quarterly housing market polls:)

($1 = 1.4686 Australian dollars)

(Reporting by Vivek Mishra; Polling by Devayani Sathyan, Arsh Mogre and Anant Chandak; Editing by Hari Kishan, Ross Finley and Kim Coghill)

US mortgage lenders are starting to go bankrupt — how this one factor could be triggering the worst surge of failures since 2008


Chris Clark
Sun, September 4, 2022


The real estate market just can’t catch a break, with inventory of resale homes remaining low and rising interest rates making it harder for buyers to justify making the leap.

And now we can add mortgage lender bankruptcies — and the rise (and fall) of “non-qualified mortgages” — to the factors aggravating an already uncertain market.

But what does the trouble around these NQM mortgages really mean? And what does it mean for non-traditional buyers trying to get a foothold in the market?
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A “non-qualified” mess?

NQMs use non-traditional methods of income verification and are frequently used by those with unusual income scenarios, are self-employed or have credit issues that make it difficult to get a qualified mortgage loan

They’ve previously been touted as an option for creditworthy borrowers who can’t otherwise qualify for traditional mortgage loan programs.

But with First Guaranty Mortgage Corp. and Sprout Mortgage — a pair of firms that specialized in non-traditional loans not eligible for government backing — recently running aground, real estate experts are beginning to question their value.

First Guaranty filed for bankruptcy protection while Sprout Mortgage simply shut down early this summer.

In documents tied to its bankruptcy filing, First Guaranty leaders said once interest rates started to climb, lending volume dropped and left the company with more than $473 million owed to creditors.

Meanwhile, Sprout Mortgage, which leaned heavily on NQMs, abruptly shut down in July.

Do NQM’s signal another housing meltdown? Probably not

Most housing market watchers believe today’s conditions — led by stricter lending rules — mean the U.S. is likely to avoid a 2008-style housing market meltdown.

But failures among non-bank lenders could still have a significant impact. The NQM share of the total first mortgage market has begun to rise again: NQMs made up about 4% of the market during the first quarter of 2022, doubling from its 2% low in 2020, according to CoreLogic, a data analysis firm specializing in the housing market.

Part of what has contributed to the recent popularity of NQMs is the government’s tighter lending rules.

Today’s NQMs are largely considered safer bets than the ultra-risky loans that helped fuel the 2008 meltdown.

Still, many NQM lenders will be challenged when loan values start falling, as many are now with the Federal Reserve’s moves to raise interest rates. When values drop, non-bank lenders don’t always have access to emergency financing or diversified assets they can tap like larger banking lenders. Banks can also lean on safer qualified loans because they factor in traditional income verification, more stringent debt ratios and don’t carry features like interest-only payments.

It’s important to note that if you have a mortgage through a lender that’s now bankrupt or defunct, that doesn’t mean your mortgage goes away.

Typically, the Federal Deposit Insurance Corporation (FDIC) works with other lenders to pick up orphaned mortgages, and the process happens quickly enough to avoid interruptions in paying down the loan.

One number rules them all

While many factors drag on the real estate market, one data point carries the most significance: interest rates.

With the Fed’s laser focus on raising rates to cool inflation, there’s little reason to think the effect on lending and the broader housing market will ease anytime soon.

Higher mortgage rates — the average 30-year fixed rate was still above 5% as of Aug. 24 — will dictate how much home they can afford.

(This also affects sellers, many of whom will eventually become buyers and likely depend on loans.)

Between a potential shakeout among non-bank lenders, more stringent lending rules forced on banks and the Fed’s higher rates, there are many reasons for caution on all sides:

Buyers — especially those carrying traditional loans to the offer table — will need to be buttoned up. In addition to making sure their credit is in order to meet tightening bank lending standards, they may need to consider other tactics, such as offers that are higher than the seller’s asking price and other concessions, such as waiving repair costs for problems uncovered during inspection.

On the flip side, sellers may be more motivated by all-cash offers, which typically speed the closing process by removing traditional mortgages — and rising interest rates — from the picture.

As for would-be sellers, they may want to consider waiting to list their homes until the next upswing. Despite geographic pockets of rising values and high demand, a broader nationwide cooling trend may make staying put a prudent choice.

2008 all over again? BofA just launched a test of zero-down-payment, zero-closing cost mortgages for minority communities


Chris Clark
Sat, September 3, 2022


A major American bank has launched a new program to help first-time minority buyers finance a home purchase with no down payment or closing costs. It’s a boon to buyers at a time when rising interest rates and low home inventory have stacked the deck against them.

It’s also the latest response to longstanding criticism that banks favored white borrowers.

Bank of America’s test plan is rolling out in Los Angeles, Dallas, Detroit and Charlotte and aimed at predominantly minority neighborhoods in those cities. It offers loans to minority buyers without the need for a down payment, closing costs or private mortgage insurance (PMI), an extra cost that’s customary for buyers who put down less than 20% of the home’s purchase price.

Crucially, the program also requires no minimum credit score, with eligibility focused instead on a borrower’s solid track record of rent payments and regular monthly bills like utilities and phone. Before applying, buyers must finish a homebuyer certification course that counsels them on ownership responsibilities and other considerations.

But the move quickly drew mixed responses online, as Bank of America (and other large lenders) have been criticized in the past for predatory lending practices — especially when loaning to minority groups.

No money down loans — a timely boost

For buyers in Bank of America’s test cities, the loans come at a critical time.

Rising interest rates are making mortgages more expensive and creating downward pressure on lenders to ensure their loans are as risk-averse as possible. Bank of America’s program is meant to break from this by freeing qualified applicants from down payments, credit score standards and PMI costs.

That reduces many of the barriers to entry for homeownership for buyers in communities fighting against institutional lending that often favors white borrowers.

“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” said AJ Barkley, Bank of America’s head of neighborhood and community lending.

Homeownership among white households was 72.1% in 2020, according to the National Association of Realtors — compared to 51.1% for Hispanic and 43.4% for Black households.

And Black borrowers are denied at twice the rate of the overall borrower pool, according to a recent report from LendingTree.

Bank of America’s plan adds to its $15 billion program that offers closing-cost and down payment assistance to lower income buyers and another initiative aimed at providing $15 billion in mortgages to low- to moderate-income buyers through mid-2027.

The equity risk

However, critics of the program were quick to point out that it could backfire and potentially harm the communities it’s designed to help.

The 2008 housing crisis — which was heavily driven by risky loans to unqualified buyers — taught tough lessons to lenders who were stuck with foreclosed homes after buyers stopped making payments on properties they were never able to afford.
The consequences were devastating: Lenders inherited foreclosed homes and buyers saw their credit scores sink.

It’s likely that at least some of the borrowers under Bank of America’s new program would be considered “subprime” under ordinary lending rules — recalling the ugliest days of the 2008 crisis and supplying critics with easy talking points. Credit agency Experian, for instance, considers borrowers with credit scores between 580 and 669 as subprime.

And while credit scores aren’t always an accurate barometer of a buyer’s purchase power or ability to make timely payments, advocates worry the interest rates required to make up for the low bar the lender is setting could set minority buyers up for failure.