Connecticut Mortgages – CT Contra http://ctcontra.com/ Wed, 22 Jun 2022 20:30:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ctcontra.com/wp-content/uploads/2021/05/default-141x136.png Connecticut Mortgages – CT Contra http://ctcontra.com/ 32 32 Ion Financial, MHC and Lincoln Park Bancorp Announce Receipt of Regulatory and Shareholder Approvals Required to Complete Merger https://ctcontra.com/ion-financial-mhc-and-lincoln-park-bancorp-announce-receipt-of-regulatory-and-shareholder-approvals-required-to-complete-merger/ Wed, 22 Jun 2022 20:30:00 +0000 https://ctcontra.com/ion-financial-mhc-and-lincoln-park-bancorp-announce-receipt-of-regulatory-and-shareholder-approvals-required-to-complete-merger/ NAUGATUCK, CT and PINE BROOK, NJ/ACCESSWIRE/June 22, 2022/ Connecticut-based Ion Financial, MHC, the parent company of Ion Bank, and New Jersey-based Lincoln Park Bancorp, the holding company of Lincoln 1st Bank, announced today that they have received all necessary regulatory approvals to complete their merger. Additionally, Lincoln Park Bancorp shareholders approved the merger at a […]]]>

NAUGATUCK, CT and PINE BROOK, NJ/ACCESSWIRE/June 22, 2022/ Connecticut-based Ion Financial, MHC, the parent company of Ion Bank, and New Jersey-based Lincoln Park Bancorp, the holding company of Lincoln 1st Bank, announced today that they have received all necessary regulatory approvals to complete their merger. Additionally, Lincoln Park Bancorp shareholders approved the merger at a special meeting of shareholders held on June 15, 2022. Subject to the satisfaction of other customary closing conditions, the parties expect to complete the merger on July 1. 2022.

Hogan Lovells US LLP is legal counsel to Ion Financial, MHC and Ion Bank. Luse Gorman, PC is General Counsel to Lincoln Park Bancorp, MHC, Lincoln Park Bancorp and Lincoln 1st Bank.

Forward-looking statements

This press release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. Such forward-looking statements are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. , and this statement is included for the purpose of conforming to those safe harbor provisions. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date made. These forward-looking statements are based on current plans and expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ materially from historical performance or future expectations. These differences may be the result of a variety of factors, including, among others, the failure of the parties to satisfy all of the closing conditions of the merger agreement on a timely basis or at all. Ion Financial, MHC and Lincoln Park Bancorp undertake no obligation to subsequently revise forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.

About Ion Bank

Ion Bank, with over $1.7 billion in assets, offers financial advisory and retail banking services to consumers as well as comprehensive corporate, corporate and small business banking services. Ion Bank was founded in 1870 and has 19 branches in Connecticut and is on the web at www.ionbank.com. Since its inception in 1998, the Ion Bank Foundation has invested more than $10 million in the community through grants for purposes ranging from improving social services to enhancing the arts.

About Lincoln 1st Bank

Lincoln 1st Bank is a wholly owned subsidiary of Lincoln Park Bancorp (OTC Pink Market: LPBC). Lincoln Park Bancorp is the majority subsidiary of Lincoln Park Bancorp, MHC. Founded in 1923, Lincoln 1st Bank offers a wide range of online and physical financial services. The bank offers mortgages, loans and deposit products to support its community of retail and business customers. The bank’s headquarters are located in Pine Brook, New Jersey, and Lincoln 1st Bank operates two branches in Lincoln Park and Montville, New Jersey.

contacts:

David Rotatori, Ion Bank
drotatori@ionbank.com

Philip B. Vaz, Lincoln 1st Bank
(862) 777-8548

Personal and Business Banking Solutions CT | Ion bank

Lincoln 1st Bank

Lincoln 1st bank

THE SOURCE: Lincoln Park Bancorp

See the source version on accesswire.com:
https://www.accesswire.com/706206/Ion-Financial-MHC-and-Lincoln-Park-Bancorp-Announce-Receipt-of-Requisite-Regulatory-and-Stockholder-Approvals-to-Complete-Merger

]]>
Gaming Realms Obtains Connecticut Gaming Content License https://ctcontra.com/gaming-realms-obtains-connecticut-gaming-content-license/ Tue, 21 Jun 2022 14:22:35 +0000 https://ctcontra.com/gaming-realms-obtains-connecticut-gaming-content-license/ Mobile-focused gaming content provider game kingdoms has been licensed as an online gaming service provider by the Connecticut Department of Consumer Protection, it announced on Tuesday, making it the fourth U.S. state where it is licensed. Publicly listed company AIM said DraftKings and FanDuel, which both have multistate agreements and direct integrations with Gaming Realms, […]]]>

Mobile-focused gaming content provider game kingdoms has been licensed as an online gaming service provider by the Connecticut Department of Consumer Protection, it announced on Tuesday, making it the fourth U.S. state where it is licensed.

Publicly listed company AIM said DraftKings and FanDuel, which both have multistate agreements and direct integrations with Gaming Realms, already operate in Connecticut.

He said he expects his “Slingo” content to go live in the state with these two carriers by the end of 2022, once final certifications are complete.

“We are thrilled to be licensed as an online gaming service provider in Connecticut, which now sees Gaming Realms licensed in the four largest US states for iGaming, as well as Ontario, Canada” , said Executive Chairman Michael Buckley.

“The company’s strategy of signing multi-state agreements and direct integration agreements with some of the largest carriers in the US has also put us in a stronger position to get our Slingo content online. in a shorter timeframe and to capitalize on market growth as more states seek to regulate iGaming.

“The company’s expansion outside of North America is progressing as planned, and our Slingo games have recently gone live in Italy with Lottomatica, which is the largest operator in that country.”

At 2:39 p.m. BST, Gaming Realms shares were up 4.35% overnight.

Reporting by Josh White on Sharecast.com.

]]>
West Hartford: How to Pay the Tax Man (or Woman) https://ctcontra.com/west-hartford-how-to-pay-the-tax-man-or-woman/ Sun, 19 Jun 2022 13:45:41 +0000 https://ctcontra.com/west-hartford-how-to-pay-the-tax-man-or-woman/ WEST HARTFORD – The first day of summer is one of the most anticipated days of the year and it’s Tuesday, June 21. The other feature of this day, however, is not so popular at West Hartford, although it is something everyone has to deal with. City of West Hartford Revenue Collection said real estate, […]]]>

WEST HARTFORD – The first day of summer is one of the most anticipated days of the year and it’s Tuesday, June 21.

The other feature of this day, however, is not so popular at West Hartford, although it is something everyone has to deal with.

City of West Hartford Revenue Collection said real estate, business personal property and motor vehicle tax bills will also be mailed to property owners on Tuesday, June 21.

Find out what’s happening in West Hartfordwith free real-time Patch updates.

For this year, there are a few new wrinkles associated with West Hartford’s taxes.

This year, there are two different rates per thousand:

Find out what’s happening in West Hartfordwith free real-time Patch updates.

• A mileage rate of 32.46 has been set for motor vehicles following a rate cap adopted by the General Assembly in May.

• West Hartford City Council has set the per mile rate at 40.68 for real estate and business personal property.

The board also adopted a two-year phase-in to implement the October 1, 2021 real estate revaluation.

A letter explaining the tax calculation method will accompany the real estate invoices.

The transition is for properties that have increased in value.

The first year of the progressive implementation – tax bills of July 1, 2022 and January 1, 2023 – the tax bill is calculated by multiplying the mill rate by only part of the new assessment.

Real estate is billed twice.

The first payment is due on July 1 and covers the period from July 1 to December 31.

The second installment is due on January 1, 2023 and covers the period from January 1, 2023 to June 30, 2023.

Motor vehicle tax invoices relate to vehicles registered on October 1, 2021 and cover the period from October 1, 2021 to September 30, 2022.

If you escrow your taxes with a mortgage company and want to see your bill, follow these steps:

1. Go to https://www.mytaxbill.org/inet.

2. Search your invoice by name, property location, invoice number or list number.

3. Select one of the following icons: “Information about this account;” “Download PDF;” “Show original tax invoice.”

To avoid a penalty, payment must be postmarked or hand-delivered no later than Monday August 1st.

Payments mailed after August 1st bear interest at a rate of 1.5% per month, calculated until the July 1st due date.

There are four payment options:

1. Pay online. Pay by e-check (90 cent processing fee) or credit card (2.95% processing fee). Go to https://www.westhartfordct.gov… and click on the button: PAY TAXES NOW.

2. Pay by mail. Insert your check and payment stub in the envelope provided. The New Britain address is correct. This is where the city bank processes payments.

3. Pay by secure box. Payments can be placed in the West Hartford Town Hall secure safe deposit box located on the outside wall to the left of the Town Hall entrance. The sign above the box reads “Town Hall Business”.

4. Pay in person. Come to room 109 located next to the hall of the town hall. Office hours are Monday through Friday, 8:30 a.m. to 4:30 p.m.

You can pay more than one tax bill with one check. Simply include all invoice numbers on the check.

If you want a receipt, you can print a copy of your payment history on line.
Go to https://www.westhartfordct.gov and select “Find my tax information”. Payments are reflected one business day after a payment has been recorded by the tax office.

Tax relief programs are available for veterans and income-eligible residents over age 65. Contact the assessment office for more information.


Get more local news straight to your inbox. Sign up for free newsletters and patch alerts.

]]>
Will CT plunge with the stock market? https://ctcontra.com/will-ct-plunge-with-the-stock-market/ Fri, 17 Jun 2022 12:32:37 +0000 https://ctcontra.com/will-ct-plunge-with-the-stock-market/ Investors are painfully aware of the fall in stock and bond markets so far in 2022. Are federal and state officials aware of the damage that falling markets will soon wreak on budgets and public finances? Tax revenues from capital gains are about to fall off a cliff. The monthly Treasury statement for April indicates […]]]>

Investors are painfully aware of the fall in stock and bond markets so far in 2022. Are federal and state officials aware of the damage that falling markets will soon wreak on budgets and public finances? Tax revenues from capital gains are about to fall off a cliff.

The monthly Treasury statement for April indicates that capital gains tax revenues hit record highs in 2021. Markets tell us that capital gains will fall dramatically in 2022.

If what the Treasury statement and the markets are signaling is correct, the setback for federal tax revenue could be as high as $250 billion. In Connecticut, the relative impact could be even greater because the state is more dependent on income tax from taxpayers who derive much of their income from investment activity.

Although Connecticut does not have a separate capital gains tax, gains are subject to state income tax. Looking at federal personal income tax data for 2019, the latest year’s detailed data is available, taxpayers nationwide reported capital gains of $865 billion, or 7.2 % of their adjusted gross income, while Connecticut taxpayers reported $16 billion in capital gains, or 8.9% of their adjusted income. gross revenue.

The last time markets crashed this badly was during the 2007-09 financial crisis, when federal capital gains tax revenues fell 75% in two years, from about $140 billion dollars in 2007 to 35 billion dollars in 2009.


In the absence of detailed income tax data for 2021, there is a rough approximation that can give us a picture of the current situation. The treasury statement shows personal income tax revenue since the beginning of the federal fiscal year, broken down into “withheld” income tax – i.e. taxes on income derived from wages and salaries – and “other” tax payments, including taxes on all forms of investment income.

The latest statement shows a surge of $776 billion in “other” income tax revenues for the first seven months of the current federal fiscal year. This includes April, which is obviously the most important month of the year for tax returns. That’s $325 billion more than the highest seven-month federal fiscal year total of $451 billion in 2019.

Historically, the seven-month “other” revenue figure has averaged remarkably flat at 70% of its full-year total, apart from the disruption in 2020-21 when the market dipped and recovered, but with gains that were mostly short term. Typically, investors do not sell short-term positions. They expect and hold their gains for at least a year, so they receive favorable tax treatment on long-term capital gains when sold.

If the $776 billion in “other” revenue turns out to be 70% of the full-year figure, then we could be looking at a record $1.1 trillion in “other” revenue for the federal fiscal year. 2022. Even if revenue declines in the final five months as the 2022 market crash takes effect, it will still be a banner year.

“Other” tax revenues include many types of investment income, some of which may persist despite the stock and bond market meltdown. Real estate, for example, has been very strong.

It is possible to isolate the capital gains component from all “other” income by looking at data from the Internal Revenue Service. Capital gains tax receipts averaged around 30% of “other” personal income tax payments from 2013 to 2019, a period when the capital gains tax rate was consistently around 25 %. As a result, capital gains tax revenue for 2021 could reach $330 billion.

In turn, the collapse of the 2021 peak could be as bad or worse than the 75% drop in 2008-09. So far this year, investors have made enough losses to offset future capital gains for some time to come (only net capital gains are taxed).

Two factors could extend and exacerbate the market slump and falling capital gains tax revenue. First, bond interest rates in 2008 were much higher than they are now. This allowed for a recovery from the decades-long bond bull market crash that continued until the pandemic. Substantial capital gains were available in bonds throughout this period. After the extremely low interest rates that have prevailed during the pandemic, interest rates can only go up – and bond prices fall. Falling bond prices will leave little potential for capital gains on sales.

Second, in 2009, inflation was not a problem; in 2022, it is at a 40-year high. The Federal Reserve is expected to raise interest rates significantly in 2022 – and keep them high until current inflation is brought under control. This is not a promising prospect for capital gains – nor for the economy.

While we won’t have definitive tax receipt data for some time, federal and Connecticut officials should be warned: if you’re waiting for confirmation that a major source of tax revenue has dried up, you may have -to be waited too long to start making the necessary budgetary adjustments. .

Red Jahncke is chairman of Townsend Group, a management consultancy in Greenwich. The original version of this column appeared in the Wall Street Journal.

]]>
Here’s how a higher Fed rate could affect your finances https://ctcontra.com/heres-how-a-higher-fed-rate-could-affect-your-finances/ Wed, 15 Jun 2022 20:50:35 +0000 https://ctcontra.com/heres-how-a-higher-fed-rate-could-affect-your-finances/ WASHINGTON (AP) — Record mortgages are long gone. Credit card rates are likely to go up. The same will apply to the cost of a car loan. Savers could finally see a noticeable return. The unusually large three-quarter point hike in its benchmark short-term rate announced by the Federal Reserve on Wednesday won’t, on its […]]]>

WASHINGTON (AP) — Record mortgages are long gone. Credit card rates are likely to go up. The same will apply to the cost of a car loan. Savers could finally see a noticeable return.

The unusually large three-quarter point hike in its benchmark short-term rate announced by the Federal Reserve on Wednesday won’t, on its own, have a huge effect on most Americans’ finances. But combined with past rate hikes and other big increases to come, economists and investors are predicting the fastest pace of rate hikes since 1989.

The result is rising borrowing costs as the Fed battles the most painfully high inflation in four decades and ends a decades-long period of historically low rates.


Chairman Jerome Powell hopes that by making borrowing more expensive, the Fed will succeed in cooling demand for homes, cars and other goods and services and slowing inflation.

Yet the risks are high. With inflation likely to remain elevated, the Fed may need to push borrowing costs even higher than it currently expects. A series of higher rates could tip the US economy into recession. This would mean rising unemployment, increased layoffs and continued pressure on stock prices.

How will this affect your finances? These are some of the most frequently asked questions about the impacts of rising rates.

___

]]>
A state program offering down payment assistance for new homebuyers in Connecticut https://ctcontra.com/a-state-program-offering-down-payment-assistance-for-new-homebuyers-in-connecticut/ Mon, 13 Jun 2022 19:27:49 +0000 https://ctcontra.com/a-state-program-offering-down-payment-assistance-for-new-homebuyers-in-connecticut/ Press Releases 06/13/2022 Governor Lamont Announces the Launch of Time to Own: A State Program Providing Down Payment Assistance for New Homebuyers in Connecticut (HARTFORD, CT) – Governor Ned Lamont today announced the launch of It’s time to owna new state program offering down payment assistance to low- and middle-income homebuyers in Connecticut. Now accepting […]]]>

Press Releases

06/13/2022

Governor Lamont Announces the Launch of Time to Own: A State Program Providing Down Payment Assistance for New Homebuyers in Connecticut

(HARTFORD, CT) – Governor Ned Lamont today announced the launch of It’s time to owna new state program offering down payment assistance to low- and middle-income homebuyers in Connecticut.

Now accepting applications starting today, the program provides a new source of funds for down payment and closing costs for applicants applying to the Connecticut Housing Finance Authority’s First-Time Home Buyers Program. (CHFA). It is administered by CHFA on behalf of the Connecticut Department of Housing and is funded by $20 million that was allocated for homebuyer assistance by the State Bond Commission in December.

“We all know that one of the biggest hurdles to home ownership is having a down payment and covering closing costs,” Governor Lamont said. “This program breaks new ground by offering homebuyers the opportunity to secure their first home through an innovative, repayable loan program. It will bring the dream of home ownership to life for thousands of Connecticutans. »

The Time to Own program is available to eligible applicants who obtain a CHFA first mortgage to purchase their first home. Applicants can also access CHFA’s existing down payment assistance program at the same time. The Time to Own Loan is structured as a ten-year, 0% amortization loan, with one-tenth of the principal amount canceled on the anniversary date of loan closing each year until the loan is fully forgiven. The loan is based on several eligibility requirements, including the borrower’s financial need, ability to repay mortgage obligations, and eligibility for CHFA’s Home Buyers‘ Program, which is open to first-time buyers or to those who have not owned a home in the past three years. The program is open to any borrower who can demonstrate Connecticut residency within the past three years.

“Governor Lamont and the Connecticut General Assembly are to be commended for allocating funds that will enable thousands of Connecticut residents to secure their own homes,” Seila Mosquera-Bruno, commissioner of the Connecticut Department of Housing, said. “This represents a deep commitment by our state leaders to the ideal that home is a place of safety, security and financial health for our residents and communities. I am delighted that the Ministry of Housing is part of this historic initiative. »

As a key part of the program, Time to Own provides additional financial assistance to homeowners looking to buy homes in higher resource communities, where home prices are often out of reach for first-time buyers. These higher resource communities, referred to as higher opportunity areas in the Connecticut Opportunity Map, are assessed on academic achievement, access to employment opportunities, and other community resources. If a property is in a high or very high opportunity area, the borrower may be eligible for assistance of up to $50,000. For any other property, the loan amount can be up to $25,000.

“Time to Own puts greater buying power in the hands of potential buyers,” Nandini Natarajan, CEO and Managing Director of CHFA, said. “The program not only gives them the means to buy their first home, but it also gives them greater choice about where they and their families will grow and prosper.”

Homebuyers can learn more about the Time to Own Down Payment Assistance Program by visiting www.chfa.org/TimeToOwn or by calling the CHFA Homeownership Hotline at 1-844-CT1-HOME (1-844-281-4663).

Twitter: @GouvNedLamont

Facebook: Office of Governor Ned Lamont


]]>
Report: Three Washington metros at risk of falling house prices | Washington https://ctcontra.com/report-three-washington-metros-at-risk-of-falling-house-prices-washington/ Fri, 10 Jun 2022 23:00:00 +0000 https://ctcontra.com/report-three-washington-metros-at-risk-of-falling-house-prices-washington/ (The Center Square) – Three of the top five metropolitan markets at risk of falling home prices are in Washington state, according to CoreLogic”Overview of US house prices” report. The report from CoreLogic — an Irvine, Calif.-based company that provides finance, property, and consumer news, analysis, and business intelligence — highlights data from April 2022. […]]]>

(The Center Square) – Three of the top five metropolitan markets at risk of falling home prices are in Washington state, according to CoreLogic”Overview of US house prices” report.

The report from CoreLogic — an Irvine, Calif.-based company that provides finance, property, and consumer news, analysis, and business intelligence — highlights data from April 2022.

“Record home price growth is the result of a scarcity of inventory for sale coupled with buyers eager to buy before mortgage rates rise,” said CoreLogic President and CEO Patrick Dodd. , in a press release announcing Tuesday’s report. “Most buyers who closed their homes in April had locked in their mortgage rates in February or March, when rates were lower than today.”

Dodd does not see house price growth continuing.

“With much higher 30-year fixed mortgage rates now, we expect to see buyer activity decline due to eroding affordability,” he said. “Therefore, our forecast calls for slower price growth over the coming year.”

While most housing experts say there will be no fall in house prices in 2022, a pullback is expected as rising mortgage rates are expected to dampen buyer demand in the coming months, resulting in a slowdown this year or next.

This slowdown may be felt in several markets in western Washington.

According to CoreLogic, the top five metro areas at risk of lower home prices over the next 12 months are: 1) Bremerton-Silverdale, Washington 2) Lake Havasu City-Kingman, Arizona 3) Bellingham, Washington 4) Hartford-West Hartford-East Hartford, Connecticut and 5) Olympia-Tumwater, Washington.

Selma Hepp, deputy chief economist at CoreLogic, explained why three of the five markets are in the Evergreen State.

“The likelihood of elevated downside price risk in the Washington State region stems primarily from three sources: market overvaluation, declining domestic consumer confidence, and a spike in mortgage interest rates,” he said. she said in an email to The Center Square.

She went on to note, “Metropolitan areas in the Pacific Census Region, such as those in Washington State, are relatively more sensitive to consumer confidence and rising mortgage rates than some other areas of the country. .”

Hepp explained why this is the case.

“Based on historical trends, Pacific Northwest regions are more susceptible to recessionary drivers (as we have seen in recent months) but less susceptible to overvaluation of local housing markets,” he said. she declared. “In other words, low consumer confidence and a spike in interest rates have historically been more important to the region in determining the potential for lower house prices. Another critical factor in a recession is inflation. , which is at the highest rate in 40 years.

]]>
Mortgage rates jump again, buyers sideline https://ctcontra.com/mortgage-rates-jump-again-buyers-sideline/ Thu, 09 Jun 2022 14:26:11 +0000 https://ctcontra.com/mortgage-rates-jump-again-buyers-sideline/ WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped ahead of next week’s Federal Reserve meeting, where it is expected to announce another increase in its main lending rate. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.23% this week from 5.09% last week. A year ago at this time, the […]]]>

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped ahead of next week’s Federal Reserve meeting, where it is expected to announce another increase in its main lending rate.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.23% this week from 5.09% last week. A year ago at this time, the average rate was 2.96%. Until April, the average rate had not exceeded 5% for more than a decade.

Rapidly rising rates, along with sharply rising house prices, have pushed potential buyers out of the market.

Mortgage applications were down 6.5% from the previous week, the Mortgage Bankers Association reported on Wednesday. The group’s composite index, a measure of the volume of mortgage applications, is at its lowest level in 22 years. Its refinancing index is 75% lower than a year ago.

Last month, the Federal Reserve stepped up its fight against the worst inflation in 40 years by raising its benchmark interest rate by half a percentage point and signaling more significant rate hikes to come. The Fed’s move, its most aggressive since 2000, means higher costs for mortgages as well as credit cards, auto loans and other borrowing for individuals and businesses.

Rising borrowing rates appear to be slowing the housing market, an important part of the economy. In April, sales of existing homes and new homes showed signs of losing momentum, aggravated by the sharp rise in house prices and a reduced supply of available properties.


However, some economists expect lower demand to benefit more determined home buyers.

“The significant decline in buying activity, combined with the increased supply of homes for sale, will cause price growth to decelerate to more normal levels, providing some relief to buyers still interested in the market. ‘buying a house,’ said Freddie Mac chief economist Sam Khater. .

Home ownership has become increasingly difficult lately, especially for first-time buyers. Along with skyrocketing inflation, rising mortgage rates and soaring home prices, the supply of homes for sale continues to be tight.

]]>
Doubts over Twitter deal, shares end up https://ctcontra.com/doubts-over-twitter-deal-shares-end-up/ Mon, 06 Jun 2022 21:03:19 +0000 https://ctcontra.com/doubts-over-twitter-deal-shares-end-up/ DETROIT (AP) — Elon Musk is threatening to end his $44 billion deal to buy Twitter, accusing the company of refusing to give him information about his spam bot accounts. Lawyers for the CEO of Tesla and SpaceX made the threat in a letter to Twitter dated Monday that the social platform included in a […]]]>

DETROIT (AP) — Elon Musk is threatening to end his $44 billion deal to buy Twitter, accusing the company of refusing to give him information about his spam bot accounts. Lawyers for the CEO of Tesla and SpaceX made the threat in a letter to Twitter dated Monday that the social platform included in a filing with the Securities and Exchange Commission. The letter says Musk has repeatedly requested this information since May 9 so he can assess how many of the company’s 229 million accounts are fake. Twitter said it was sharing information with Musk in accordance with the merger agreement.

___


EXPLAINER: Is Elon Musk’s deal to buy Twitter falling apart?

Elon Musk on Monday threatened to drop his $44 billion bid to buy Twitter, the latest sign that his plan to overhaul the social media platform could really be starting to unravel. Lawyers for the CEO of Tesla and SpaceX made the threat in a letter to Twitter accusing the company of refusing to give him information about “spam bot” accounts. These bots have become a major public concern for the volatile billionaire despite turning down the opportunity to review internal Twitter data several months ago.

___

Wall Street rises as recession watch remains murky

NEW YORK (AP) — U.S. stocks rose Monday as Wall Street continues to debate whether the economy will manage to stave off a recession amid rising interest rates and high inflation. The S&P 500 edged up 0.3% and the Nasdaq 0.4%. Both started the day with even bigger gains, following strength in European and Asian markets after China eased some strict anti-COVID measures. But stocks retreated slightly as Treasury yields continued to climb, putting downward pressure on equities. The 10-year Treasury yield, which helps set interest rates on mortgages and other loans, has risen back above 3%.

___

Bidding war for Spirit Airlines escalates ahead of vote

The Spirit Airlines bidding war is heating up again with JetBlue bolstering its bid for the discount carrier just days after rival Frontier upped its own bid for Spirit. Spirit shareholders are also due to vote Friday on Frontier’s offer. JetBlue said on Monday it would now provide a reverse breakup of $350 million payable to Spirit if an agreement between the two is not reached for antitrust reasons. That’s $150 million more than what JetBlue previously offered to pay.

___

UN: Climate shocks and war are fueling multiple looming food crises

ROME (AP) — Two United Nations food agencies are warning of multiple food crises looming on the planet. Climate “shocks”, including droughts and floods, the repercussions of the COVID-19 pandemic and the war in Ukraine, were cited as the reasons food and fuel prices were rising so rapidly. The stark warning was issued jointly Monday in a report by the World Food Program and the Food and Agriculture Organization of the United Nations. WFP Executive Director David Beasley said that as well as hurting “the poorest of the poor”, the global food crisis threatens to overwhelm millions of families who are barely coping. The report indicates that six countries face catastrophic conditions: Ethiopia, Nigeria, South Sudan, Yemen, Afghanistan and Somalia.

___

Apple offers preview of upcoming iPhone software changes

Apple on Monday previewed upcoming changes to the software that powers more than a billion iPhones and rolled out two laptops that will be the first available with the next generation of a company-designed microprocessor. As usual, Apple spent most of the opening day of its annual developer conference touting upcoming software releases for iPhone, iPad, Apple Watch, and Mac computers instead of the devices that made it one. technological pioneer. The upcoming iPhone operating system, which will be released this fall, will revamp the look of the device’s lock screen and make minor improvements to the current software.

___

Biden orders emergency measures to boost US solar production

WASHINGTON (AP) — President Joe Biden has ordered emergency measures to boost supplies to crucial U.S. solar makers. It also declared a two-year tariff exemption on solar panels from Southeast Asia as it tries to reinvigorate progress towards its climate change goals. Biden’s use of the Defense Production Act and his other executive actions come amid complaints from industry groups that the solar sector is being slowed by supply chain issues due to a Department of Health investigation. Trade on possible trade violations. Biden’s actions are aimed at increasing domestic production of solar panel parts, building installation materials, high-efficiency heat pumps and cells used for fuels generated by clean energy.

___

US seeks to seize 2 luxury jets linked to Russian oligarch

NEW YORK (AP) — Federal authorities are set to seize a $60 million Gulfstream and a $350 million plane considered one of the most expensive private jets in the world after linking the two planes to the oligarch Roman Abramovich. A federal court judge in Manhattan on Monday signed a warrant of seizure authorizing the seizure of the Gulfstream and a Boeing that authorities said were worth less than $100 million before being turned into a much more expensive aircraft. Abramovich, who recently sold his stake in Chelsea, a Premier League football club in London, is among the wealthiest Russians whose assets are being watched for breaches of sanctions following Russia’s invasion of Ukraine.

___

Russia imposes sanctions on 61 US nationals

The Russian Foreign Ministry announced sanctions against 61 US nationals, a move it said is “in response to the increasingly extensive US sanctions against Russian political and public figures, as well as representatives of domestic companies. “. The list includes former and current U.S. officials and top executives of major U.S. corporations, such as Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm, White House Communications Director Kate Bedingfield and the CEO of Netflix Reed Hastings.

___

The S&P 500 rose 12.89 points, or 0.3%, to 4,121.43. The Dow Jones Industrial Average rose 16.08 points, or less than 0.1%, to 32,915.78. The Nasdaq gained 48.64 points, or 0.4%, to 12,061.37. The Russell 2000 Small Business Index rose 6.83 points, or 0.4%, to 1,889.89.

___

]]>
Critical Investigation: Altisource Asset Management (NYSE: AAMC) vs. Ellington Financial (NYSE: EFC) https://ctcontra.com/critical-investigation-altisource-asset-management-nyse-aamc-vs-ellington-financial-nyse-efc/ Sun, 05 Jun 2022 12:24:30 +0000 https://ctcontra.com/critical-investigation-altisource-asset-management-nyse-aamc-vs-ellington-financial-nyse-efc/ Altisource Asset Management (NYSE: AAMC – Get a rating) and Ellington Financial (NYSE: EFC – Get a rating) are both small cap finance companies, but which stock is better? We will compare the two companies based on institutional ownership strength, analyst recommendations, valuation, profitability, earnings, dividends and risk. Volatility and risk Altisource Asset Management has […]]]>

Altisource Asset Management (NYSE: AAMCGet a rating) and Ellington Financial (NYSE: EFCGet a rating) are both small cap finance companies, but which stock is better? We will compare the two companies based on institutional ownership strength, analyst recommendations, valuation, profitability, earnings, dividends and risk.

Volatility and risk

Altisource Asset Management has a beta of 1.17, indicating that its stock price is 17% more volatile than the S&P 500. In comparison, Ellington Financial has a beta of 1.89, indicating that its stock price is stock is 89% more volatile than the S&P 500.

Benefits and evaluation

This table compares the gross revenue, earnings per share and valuation of Altisource Asset Management and Ellington Financial.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
Altisource Asset Management $15.76 million 1.39 -$6.00 million $2.34 4.53
Ellington Financial $131.48 million 7.16 $135.25 million $1.60 9.80

Ellington Financial has higher revenues and profits than Altisource Asset Management. Altisource Asset Management trades at a lower price-to-earnings ratio than Ellington Financial, indicating that it is currently the more affordable of the two stocks.

Profitability

This table compares the net margins, return on equity and return on assets of Altisource Asset Management and Ellington Financial.

Net margins Return on equity return on assets
Altisource Asset Management N / A -0.73% 0.64%
Ellington Financial 63.71% 9.86% 2.01%

Insider and Institutional Ownership

15.9% of Altisource Asset Management shares are held by institutional investors. By comparison, 59.2% of Ellington Financial’s shares are held by institutional investors. 1.5% of Altisource Asset Management shares are held by insiders. By comparison, 6.4% of Ellington Financial shares are held by insiders. Strong institutional ownership indicates that large fund managers, hedge funds, and endowments believe a company will outperform the market over the long term.

Analyst Notes

This is a breakdown of recent recommendations and price targets for Altisource Asset Management and Ellington Financial, as reported by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
Altisource Asset Management 0 0 0 0 N / A
Ellington Financial 0 2 2 0 2.50

Ellington Financial has a consensus target price of $19.00, indicating a potential upside of 21.17%. Given Ellington Financial’s possible higher upside, analysts clearly believe that Ellington Financial is more favorable than Altisource Asset Management.

Summary

Ellington Financial beats Altisource Asset Management on 12 out of 13 factors compared between the two stocks.

About Altisource Asset Management (Get a rating)

Altisource Asset Management Corp. operates as an alternative loan company. The company provides liquidity and capital to underserved markets. It assesses opportunities that could be of long-term benefit to shareholders such as Crypto-ATMs. The company was founded on March 15, 2012 and is headquartered in Christiansted, Virgin Islands.

About Ellington Financial (Get a rating)

Ellington financial logoEllington Financial Inc., through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage, consumer, corporate and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by jumbo, Alt-A, pre-engineered and subprime residential mortgages; RMBS whose payment of principal and interest is guaranteed by the US government agency or US government-sponsored entity; residential mortgage loans; commercial mortgage-backed securities; and commercial mortgages and other commercial real estate debt. It also provides secured loan bonds; mortgage and non-mortgage derivatives; corporate debt and equity securities; business loans; and other strategic investments. In addition, the Company offers consumer loans and asset-backed securities backed by consumer and commercial assets. Ellington Financial LLC was incorporated in 2007 and is based in Old Greenwich, Connecticut.



Receive daily news and ratings from Altisource Asset Management – Enter your email address below to receive a concise daily summary of breaking news and analyst notes for Altisource Asset Management and related companies with MarketBeat.com’s free daily email newsletter.

]]>