Man Behind ‘As Seen on TV’ PedEgg to Buy $100 Million Miami Home
Ajit “AJ” Khubani made a fortune selling contraptions such as the PedEgg, for removing callouses from feet, and the Horsepower, for getting rid of grime, through “As Seen on TV” ads.
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Ajit “AJ” Khubani made a fortune selling contraptions such as the PedEgg, for removing callouses from feet, and the Horsepower, for getting rid of grime, through “As Seen on TV” ads.
Nonbank mortgage companies, which increasingly dominate the sector, pose unique risks and vulnerabilities that can weaken financial stability, according to a new Financial Stability Oversight Council report.
Federal Reserve Governor Michelle Bowman said she doesn’t expect it will be appropriate for the Fed to cut interest rates in 2024, pointing to persistent inflation in the first several months of the year.
Ghana has started a market for trading short-term debt, a platform that builds on the fixed income market created more than eight years ago, and comes as the country restructures debt to make it sustainable under an International Monetary Fund program.
Portugal will lower taxes on new homebuilding and make more rural land available for developing affordable flats in a bid to ease the housing crisis in one of western Europe’s poorest countries.
Mar 27, 2020
BNN Bloomberg
,Cracks are appearing among Canada's non-bank real estate lenders as the coronavirus threatens to paralyze construction and development across the country.
Vancouver-based Trez Capital, a provider of non-bank mortgages for commercial developments, froze redemptions on more than $3-billion worth of investor funds.
"We have to protect everything," Trez chairman and chief executive officer Morley Greene said in an interview with BNN Bloomberg. He said that there have been no defaults in Trez's portfolio, but there's also "no timeline" to allow investors to cash out.
Canada has seen growth in one segment of the real estate lending market, the "alternative" providers of mortgages for riskier borrowers.
Alternative players held one per cent of Canadian mortgages last year, according to a Canada Mortgage and Housing Corporation. There were 200 to 300 of the lenders active in Canada, holding $13 billion to $14 billion of outstanding Canadian mortgages. That's up from $8 billion to $10 billion in 2016.
Toronto-based Morrison Financial Mortgage Corp., which manages assets worth about $60-million, has suspended dividends, redemptions and new purchases.
"The real estate market is at a total, or near-total, shutdown," said David Morrison, a principal at Morrison Financial. "Many larger companies of the same ilk are in the same boat and have been forced to take, or are in the process of considering similar action."
At times of financial stress, real estate is plagued with a lack of liquidity. In other words, even valuable assets can't be sold off promptly to return cash to investors, and such redemption freezes in funds are common during financial downturns.
A week ago, Canada Life Assurance Co. temporarily halted all investor activity on its Canadian real estate funds, saying it was "in the best interest" of investors to place a temporary suspension on contributions, transfers and redemptions.
The Financial Times said at least seven British real estate funds have halted trading, trapping more than 12.5 billion British pounds ($22 billion) of investor money.
The U.K.-based newspaper warned that "investors will now have no choice but to sit tight in their property fund investments during a very uncertain time for the global economy."