As Stocks Tumble, Lenders Take a Hit

first_imgHome / Daily Dose / As Stocks Tumble, Lenders Take a Hit Bank of America Federal Reserve Interest rates Janet Yellen Jerome Powell JPMorgan Chase Stock Market Wells Fargo 2018-02-05 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Dow Jones industrial average closed down 1,200 points on Monday, after having dropped 1,500 points earlier in the day. This came on the heels of a 666-point drop in the Dow last Friday. With the Standard & Poor’s index down in four out of the last five sessions and Nasdaq won the last six out of eight, what’s causing this level of investor skittishness, and what does it mean for the housing industry?The Washington Post throws the stock turmoil into stark relief, pointing out that the Dow “has swung more than 2,100 points in the last two sessions, a decline pushing more than 8 percent and shattering long-term momentum.” The Post cites changes at the Fed as one likely contributing factor, with new Fed Chair Jerome Powell having just taken over from the departing Janet Yellen. While Powell, who was officially sworn in on Monday, is widely expected to continue many of the cautious policy approaches championed by Yellen during her time in the role, a new Fed Chair can nevertheless contribute a level of uncertainty into the economic landscape.The Post cites investor concerns that Powell and the Fed will accelerate interest rate hikes, which could slow the economy. The Fed increased their benchmark interest rates to a range of 1.25 percent to 1.5 percent in December, but left them unchanged at last week’s meeting of the Federal Open Market Committee. Analysts expect another rate hike to come in March, following the first FOMC meeting under Powell, with several more rate hikes being widely predicted throughout 2018. Further interest rate hikes would drive up mortgage rates, which, when combined with widespread affordability and inventory issues throughout many parts of the country, could make the difference between many potential homebuyers choosing to purchase a home or stick with the rental market.In a video posted to the Fed’s website Monday, Powell said, “Today, unemployment is low, the economy is growing, and inflation is low. Through our decisions on monetary policy, we will support continued economic growth, a healthy job market and price stability.” Powell also stated his belief that the financial system is now stronger and more resilient than in the days of the housing crisis. “We intend to keep it that way,” Powell added. “My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks.”During an appearance on CBS Sunday Morning, Yellen praised Powell, saying, “I’ve worked with Gov. Powell for five years, very constructively,” Yellen said. “He is thoughtful, balanced, dedicated to public service. I’ve found him to be a very thoughtful policymaker.”As one of Yellen’s final acts, the Fed announced on Friday that it would restrict Wells Fargo’s growth due to “widespread consumer abuses.” The Fed is limiting Wells Fargo from growing any larger than its total assets at the end of 2017 until such time as “sufficient improvements” have been made. In response, Wells Fargo announced that it would be replacing four directors by the end of the year. Shares of Wells Fargo stock fell 9.2 percent on Monday, as of this writing.During an appearance on CNBC’s Power Lunch, veteran banking analyst Dick Bove downplayed the impact of the Fed’s actions, saying, “There will be no reduction in the ability of this company to lend money, take in deposits, or operate the way they have historically.”Investors are likely also watching the yield on 10-year Treasury bonds. As the Post explains, “Bond yields are rising as the Federal Reserve trims its U.S. bond holdings. The U.S. Treasury is also having to borrow more money, partly because of the tax cuts, and issuing more debt tends to raise yields.”There are other potential landmines on the horizon as well. After a brief government shutdown followed by a stopgap agreement in late January, the government is once again poised to shut down unless the House and Senate can come to terms. Last week, the Congressional Budget Office announced that if the debt ceiling is not raised by mid-March, “the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.”David Kelly, Chief Global Strategist for JPMorgan Asset Management, told ABC News, “It’s like a kid at a child’s party who, after an afternoon of cake and ice cream, eats one more cookie and that puts them over the edge.”On Monday, Wells Fargo shares sank $5.91 to $58.16, a drop of 9.22 percent. Bank of America closed at $30.26, down 5.29 percent. JPMorgan Chase dropped 4.80 percent to close at $108.80. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Previous: Top 5 Cities to Rent and to Own a Home Next: Bracing for a Sea of Change in Mortgage Servicing Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Bank of America Federal Reserve Interest rates Janet Yellen Jerome Powell JPMorgan Chase Stock Market Wells Fargo As Stocks Tumble, Lenders Take a Hit Related Articles  Print This Post Share Save About Author: David Wharton Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago February 5, 2018 2,166 Views Subscribelast_img read more

Court amends criminal rules

first_imgCourt amends criminal rules June 15, 2004 Gary Blankenship Senior Editor Regular News Court amends criminal rules Prompting the governor to look into the rulemaking process Senior Editor The Florida Supreme Court has approved changes to the Florida Rules of Criminal Procedure to handle the determination of mental retardation of defendants facing the death penalty, angering Gov. Jeb Bush who said the court failed to follow state law.Bush said he intended to consult with legislative leaders about constitutional changes to prevent the court from usurping legislative intent through court procedural rules.The court ruled in a unanimous per curiam opinion on May 20 in Amendments to Florida Rules of Criminal Procedure and Florida Rules of Appellate Procedure, case no. SC03-685. Justices Barbara Pariente and Raoul Cantero also wrote concurring opinions.The opinion noted that the legislature passed F.S. §921.137 in 2001 which barred the execution of mentally retarded persons and established a method for determining whether defendants were mentally retarded. The law required the determination of retardation to be made after conviction and after a jury recommended death or the prosecution announced its intent to seek death even though the jury recommended life imprisonment. It also established a clear and convincing level of proof and was not retroactive.The next year, the U.S. Supreme Court in Atkins v. Virginia, 336 U.S. 304 (2002), held that executing the mentally retarded violated the Eighth Amendment, and that states were free to establish their own methods for determining mental retardation.The Criminal Procedure Rules Committee submitted proposed rules to implement F.S. §921.137 before the Atkins decision. After that ruling, the court on its own motion published rules (which were noticed in the May 15, 2003, Bar News ) and invited comment.“In response to the proposed rules, this court received comments,” the opinion said. “Circuit Judge O.H. Eaton and the Criminal Court Steering Committee submitted proposed rules as a substitute for the rules proposed by the court. We accept these comments and suggestions as being well advised and now adopt a rule which is primarily in the form adopted by Judge Eaton and the committee. We appreciate their work with respect to this issue.”The rule establishes procedures for four types of cases: cases that have not begun when the new rules go into effect October 1; cases when the trial has started as of October 1; cases when a direct appeal is pending; and cases when the direct appeal is final.The rule also did not set an evidentiary standard for the judge to use in determining whether the defendant is mentally retarded and did require that the determination be made before trial in all future cases.Pariente wrote her concurring opinion to address the evidentiary standard issue. She noted the court had been cautioned that the clear and convincing standards in state law would likely be found unconstitutional by the U.S. Supreme Court.While Atkins did not address a standard, in Cooper v. Oklahoma, 517 U.S. 348 (1996), “the Court held that a state law requiring a defendant to establish incompetence to stand trial by clear and convincing evidence was unconstitutional,” Pariente wrote. By not including a standard in the rules, she added, “The issue will then come to us in the form of an actual case or controversy rather than a nonadversarial rules proceeding.”She also suggested that the legislature revisit the issue, since the Atkins ruling came out after it enacted the law, and noted that most states that have addressed this issue have adopted a preponderance of the evidence standard.“Amendment of the burden of proof could eliminate potentially lengthy litigation on the constitutionality of the statutory standard and the delay in capital cases in which mental retardation is an issue,” Pariente wrote.Chief Justice Harry Lee Anstead concurred in her opinion.Cantero, in his concurring opinion, addressed why the rules require the determination of mental retardation to be made before trial, instead of after conviction and after a jury has recommended death or the prosecution seeks to override a jury life-sentence recommendation. Of 25 states with similar laws, 11 require it pretrial, five have no time — which allows it to be pretrial — and only three, including Florida, have it after conviction, he noted.“A death penalty case, involving the ultimate penalty, invokes a host of pre- and post-trial procedures, as well as requirements for court and counsel, that do not exist in any other context,” Cantero wrote. “To ensure that those procedures, which can be time-consuming and expensive, are invoked only when death is a possible sentence, the defendant, the state, and the judicial system all should desire a prompt determination of mental retardation.”He listed eight specific areas where the courts could save money, including that judges and counsel would not have to meet the higher standards for death penalty cases, penalty phase investigations and proceedings would be eliminated, the jury would not have to be death qualified, and no penalty phase trial would have to be conducted.Pariente and Anstead concurred in Cantero’s opinion.The court’s action created Rule of Criminal Procedure 3.203 and amended Rule of Appellate Procedure 9.142(c), which allows prosecutors to appeal when a judge rules a defendant is mentally retarded.In a May 20 letter to Secretary of State Glenda E. Hood reporting he had signed SB 44, which extended the deadline for inmates to seek a review of DNA evidence in their cases, Bush noted he opposed the court last year suspending the original DNA testing deadline of October 1, 2003. He said it was a use of judicial rulemaking to override legislative policy.“For the same reason, I disagree with the action taken today by the Florida Supreme Court that significantly revises legislation addressing the issue of mental-retardation claims in capital cases,” Bush wrote. “Whether the court agrees or disagrees with legislative policy, the court should not subordinate state laws, written by representatives elected by the people, to the court’s own policy preferences.“I intend to review the court’s use of its rulemaking power and discuss potential state constitutional reforms with legislative leadership in the near future.”Earlier this year, a proposed constitutional amendment was introduced in a Florida House committee that would remove from the Supreme Court the right to write court procedural rules and instead give it to the legislature.The amendment was discussed but never acted on, and Bar President Miles McGrane reached an agreement with Rep. Gus Barreiro, R-Miami, sponsor of the bill. That agreement would add legislators to the procedural rules committee and also see that lawmakers are informed about recommended and pending rule amendments.The court’s opinion and the new procedural rules can be seen on the court’s Web site at www.flcourts.org.last_img read more

Russell “Duffy” Donohew May 9, 1960- February 26, 2020

first_imgRussell “Duffy” Donohew, age 59 of Harrison, Ohio passed away at home in Harrison Wednesday, February 26, 2020. Born May 9, 1960 in Harrison, Ohio the son of Starling “Sam” Donohew and Patricia (Grubbs) Vines.Duffy is survived by his mother Patty (Jim) Vines, son Joshua Edward (Misty) Vogt. Grandfather of Aubrey, Avery and Adrian. Brother of Sam (Kim) Donohew and Sandra (Sam) White. Uncle of Ashley Donohew, Sammi Shae White, Ryan White and Christopher Donohew.Duffy is Preceded in death by his father Starling “Sam” Donohew.Visitation will be held Saturday, March 7, 2020 from 11:00 A.M. until time of Memorial Services at 12:00 P.M. all at Jackman Hensley Funeral Home 215 Broadway Street Harrison, Ohio 45030.Memorials may be directed to Hospice of Cincinnati c/o the funeral home.last_img read more