Tired Murray pulls out of Rome Masters

ROME (Reuters) - Britain's Andy Murray pulled out of the Rome Masters on Thursday ahead of his third-round match against Belgian David Goffin.

"I felt tired this morning," Murray told a news conference. "I practiced 40 minutes and felt pretty exhausted.

"It didn't make sense for me to keep going because when you feel like this it becomes a risk to play."

Murray recently won back-to-back tournaments in Munich and Madrid, the first claycourt titles of his career.

"They've been three very long weeks for me," Murray added. "The longest on clay in my career."

World number three Murray will now rest and in preparation for the French Open, which starts on May 24.

source:  http://www.thestar.com.my/Sport/Tennis/2015/05/14/Tired-Murray-pulls-out-of-Rome-Masters/

Nomura found liable for selling toxic mortgages to Fannie, Freddie

 A federal judge ruled Monday that Nomura Holdings (NMR) misled Fannie Mae and Freddie Mac made false representations about the quality of mortgages that were used to back $2 billion securities it sold to the GSEs.

According to court records, U.S. District Judge Denise Cote found Nomura liable when he ruled for the Federal Housing Finance Agency, which acts as conservator for the GSEs, after overseeing the non-jury trial.

"The offering documents did not correctly describe the mortgage loans," the judge said in his lengthy, 361-page decision. "The magnitude of falsity, conservatively measured, is enormous."

The FHA has taken two of the world’s biggest banks to trial in an attempt to recoup more than $1 billion over the $2 billion in mortgage bonds sold to Fannie and Freddie.

The FHFA is also suing the Royal Bank of Scotland (RBS), which served as the underwriter, for selling the mortgages into the secondary markets. Nomura and RBS were the first to stand up to the FHFA; several other banks have settled.

The trial is the first to come from some 18 lawsuits by FHFA back in 2011. The Federal regulator wants to recover some losses on some $200 billion in mortgage bonds the GSEs bought.

The FHFA is suing various big financial firms for the alleged misselling of toxic mortgages to Fannie Mae and Freddie Mac during the housing boom. The FHFA says the mortgages defaulted in large numbers, requiring default on the Fannie and Freddie bonds and led the bailout and conservatorship of the government-sponsored entities.

The FHFA said in its filing that 68% of a sample of the loans were not underwritten in accordance with underwriting guidelines and that appraised values were inflated on average by 11.1%.

Nomura and RBS denied the FHFA’s allegations.

“FHFA is pleased with the Court's decision and we are reviewing the various elements of this important ruling,” said FHFA General Counsel Alfred Pollard.  “It is clear the Court found that the facts presented by FHFA were convincing.  FHFA looks forward to submitting proposed damages calculated under the formulae applied in the Court's Opinion.”

If Nomura and RBS are ordered to pay damages, they would in turn receive the mortgage bonds, which are valued at just under $500 million.

see more: http://www.housingwire.com/articles/33855-nomura-found-liable-for-selling-toxic-mortgages-to-fannie-freddie

Ethics controversy over Macon-Bibb pension consultants

There is ethics controversy between Macon-Bibb commissioners over how the consultants who handle county retirement money were chosen.
Several officials complained during an open meeting Tuesday night that the bid process that led to selecting the company was "unethical" and designed to favor Independent Portfolio Consultants, a Florida-based consultant group.
Macon-Bibb commissioners voted 7 to 2 last fall to hire IPC as the pension fund managers, after a bid process and after county manager Dale Walker recommended the company for the job.
Commissioner Larry Schlesinger told 13WMAZ Tuesday that Walker should have disclosed that he previously worked with IPC's senior consultant, Cheryl Underwood.
Dale Walker previously served as Chairman of the Board of Directors for the Municipal Employees' Retirement System of Michigan at the same time Underwood previously worked as a consultant there.
"Our county manager, Dale Walker, very consciously designed and orchestrated a selection process that had the sole aim of engaging Independent Portfolio Consultants (IPC) to manage these funds going forward," Schlesinger told fellow officials and the public Tuesday night. "His indecorous action goes well beyond the crony capitalism that it so flagrantly is."
Two weeks ago, Mayor Robert Reichert vetoed a resolution that would have started another bid process for investment consultants for the county's pension funds. He said he felt that would create a negative impression to retirees and to the finance market. He also said he believes the company is doing "exceptional" work.
County spokesman Chris Floore says IPC added more than $10.5 million to the county's three pension funds in the past three months.
So far, the county has paid more than $570,000 for IPC's services.
At Tuesday's meeting, Commissioner Larry Schlesinger, along with Commissioners Gary Bechtel, Bert Bivins, and Virgil Watkins, voted to override the Mayor's veto. That ultimately failed, as the five other commissioners voted to sustain the Mayor's veto.
"I was misled by the county manager to think this was an objective, fair search to find a worthy successor to Merrill Lynch," Schlesinger said. "It's not really IPC that we have a problem with. It's the process that led up to the selection of IPC, which was orchestrated by our county manager, Dale Walker."
Commissioner Elaine Lucas told the Mayor although she was "tempted" to override his veto, she would listen to retirees who said they did not want the change.
Commissioner Mallory Jones argues it was the commission's decision and that it's not unethical for Walker to recommend a company he has a strong professional relationship with.
"We deal with people we know and trust. We recommend a movie, a restaurant, because we've had a good experience there. So Mr. Walker had a good professional experience with people who he knew were proven professionals," Jones said. "[Walker] recommended them but the commission voted 7-2 to hire them. So if you're saying it was unethical, we'd be talking about ourselves!"
Jones said he asked his brother, a longtime Wall Street executive, for an independent analysis of IPC's work. He says his brother is not familiar with the company.
"He was very impressed," Jones said. "He said we'd be foolish to not continue with [IPC]. It all ought to be about what's best for the retirees, and that's what's best for the retirees."

see more at: http://www.13wmaz.com/story/news/local/macon/2015/05/05/ethics-controversy-macon-bibb-pension/26957925/

What Is a Reverse Mortgage?

A reverse mortgage is a type of home loan that doesn't require any payments until after you die, as long as you continue living in your home. If you move out or decide to sell your house while still alive, the reverse mortgage comes due immediately. You can receive the loan proceeds in one lump sum or in monthly income payments.

Who Can Benefit From a Reverse Mortgage?

It's important to be aware of the age restrictions for reverse mortgages: Everyone listed on the deed of the house, even if they don't sign the loan, must be at least 62 years old for the house to qualify for a reverse mortgage. Also, reverse mortgages aren't useful if you still owe a lot on your regular mortgage. For example, if you owe $100,000 on your house, and you get a reverse mortgage for $125,000, you would only receive $25,000. The rest of the reverse mortgage proceeds would be immediately applied to your regular mortgage. Here is a more in-depth explanation of how reverse mortgages work.

The main pros and cons of reverse mortgages are:

Pros of Reverse Mortgage

    One big advantage to reverse mortgages is that credit checks are minimal. Since you don't have to make loan payments during your lifetime, your credit score or monthly income are mostly irrelevant. However, new laws require lenders to set aside a certain amount of the loan funds if it looks like you won't be able to afford property taxes, home repairs or mortgage insurance premiums.

    The value of your home may have risen dramatically since you bought it. Reverse mortgages give you access to this profit while allowing you to remain in your home.

    If you have limited income, a reverse mortgage can provide you with greater self-sufficiency and comfort.

Cons of Reverse Mortgage

    You (or your spouse, if he or she also signed the loan) must be living in your home to keep the reverse mortgage in place. You can't be absent for longer than 12 months, even if you have to go into a long-term care facility or move away to care for a family member. Longer absences result in the termination of the loan, and any money you received must be repaid immediately, with interest.

    You must commit to maintaining your home and to keeping property tax and insurance payments up to date. Before the loan closes, the house is inspected, and you must sign a binding agreement to complete all recommended repairs by a specified date. The bank inspects your home to certify that you have completed these repairs as agreed.

    A reverse mortgage usually makes it impossible to leave your house to your children. When all borrowers have passed away, the reverse mortgage must be repaid in full. In most cases, this requires the sale of the house. The only way to avoid this is if your heirs have enough personal wealth to pay off the reverse mortgage without needing to sell the house.

read more: http://www.huffingtonpost.com/simple-thrifty-living/what-is-a-reverse-mortgag_b_7200038.html

Older homeowners pay more for mortgages

When you're approaching later life there's always the hope that mortgages will become cheaper, as years of making repayments brings down the overall balance and, ideally, the cost. Unfortunately, it doesn't always pan out that way, as research from Saga has revealed that older homeowners are actually being charged more for mortgages, while some find it difficult to source deals at all.

Risky behaviour

According to a Saga Personal Finance poll, a large number of those aged 50+ are concerned about the behaviour of mortgage lenders, with many providers introducing arbitrary upper age limits on lending criteria and even placing a ban on older borrowers getting a better deal. In fact, 12% of those in their 50s said they've been refused a better mortgage rate or were unable to move to a more competitive deal simply because of their age, so it seems that these concerns could well be realities.

The findings come despite the fact that working life is becoming longer for many people, not only because of the rising state pension age and the abolition of firms being able to set compulsory retirement ages, but also because many simply want to continue working in later life. This means a lot of homeowners will have a secure income with which to make mortgage repayments well into their 60s and beyond, so lenders could be penalising older borrowers unnecessarily.

Time for change

The survey revealed that an overwhelming majority (85%) thought that lending criteria should be based on ability to pay, taking into account individual income and lifestyle choices – as it is for younger borrowers – and not just on a person's age, and a further 52% thought the industry regulator should intervene to ensure fair treatment.

"It appears that mortgage lenders are blind to the fact that the world of work is changing," said Paul Green of Saga. "It simply beggars belief that people are being denied mortgages or forced to pay more for uncompetitive deals simply because of their age. This smacks of lazy lending and not bothering to understand your customers, and is another example of the industry not responding to the needs of an aging population."

Saga is joining the call for the regulator to take a proactive stance with mortgage lenders to ensure that lending criteria is fair and based on more than just age – lenders may be under more pressure to ensure affordability since the Mortgage Market Review was introduced last year, but ability to pay doesn't end as soon as a borrower is in their 60s.

Happily, it seems that the tide could be turning – earlier this month, the Financial Ombudsman Service upheld a complaint against HSBC for refusing a mortgage to a couple in their 40s on the grounds that the husband would have been over 65 at the end of the term. It's the first time this kind of age-related complaint has been upheld, with the lender being criticised for "unfair" application of its age policy, and it's hoped that this landmark decision will pave the way for future changes and acceptance of borrowing in older age.

What next?

see more: http://moneyfacts.co.uk/news/mortgages/older-homeowners-pay-more-for-mortgages/

Andy Murray looking forward to working closely with coach Jonas Bjorkman

Andy Murray will work with new coach Jonas Bjorkman for the first time at the Munich Open this week.

Bjorkman will spend the summer with the British No 1 until at least the end of the US Open in September as main coach Amelie Mauresmo, who joined Murray's team last June, prepares to have her first child in August.

The Swede was initially taken on a five-week trial, but Murray is looking forward to working more closely with the 43-year-old.

"We were on the tour for quite a few years together and I always got on very well with him," Murray told Sky Sports News HQ. 

"As a coach, I don’t know him that well, because we only spent a few days together in Barcelona last week. But he’s a very calm guy. 

"He has a good way about him. As a player, he had a very good work ethic. His mentality on the court was very good and he obviously has a lot of experience of singles and doubles, which is good. 

"We’ll see this week how it goes but I get on well with him."

see more: http://www1.skysports.com/tennis/news/12110/9825609/andy-murray-looking-forward-to-working-closely-with-coach-jonas-bjorkman

IT consulting: Is moving out on your own the right move?

Have you ever thought about building your own tech consulting business? If so, you're not alone. Creating your own schedule, getting paid better, working closer to parts of projects you're passionate about and specializing in a specific area of expertise are appealing benefits.

Whether you're a full-time W-2 employee or consultant getting a 1099, remember that the grass isn't always greener. The role you will excel at will depend on who you are and what you want. "Both are viable career paths and it can largely be a choice based on personal style and preferences," says Alan Levine, principal and CIO at Enabling Digital.

It's understandable why you might be considering going down the consulting path. For some, a full-time position can grow stale from working in the same environment, seeing the same people and dealing with the same problems day after day. "There can be an inherent lack of diversity, more limited exposure to different approaches. You may only experience certain types of projects once and only have one shot at success -- for instance, a major CRM application implementation," says Levine.

Many times in your career you may find yourself at a crossroads. Neither direction is the right or wrong path, but if you consider the pros and cons carefully, you should be able to make the smarter choice. To help you get closer to the answer, we spoke with c-level tech experts to find out what you need to consider.

read more: http://www.cio.com/article/2911471/careers-staffing/it-consulting-is-moving-out-on-your-own-the-right-move.html