NEW YORK: David Burt helped two of the protagonists of Michael Lewis' book The Big Short bet against the US mortgage market in the run-up to the 2008 financial crisis.Now he's betting against the market again, but this time, the risk is not from underwater subprime mortgages, it's from homes sinking under water.As he did then, Burt has given up his full-time job to make that bet. He left his role as a portfolio manager at the US$1 trillion Wellington Management last year to start an investment firm, DeltaTerra Capital, which aims to help clients manage climate risk, and, where possible, take advantage of ways the market has not yet priced in that risk.His first investment strategy is targeting residential mortgage-backed securities, or RMBS, with exposure to climate hot spots like Texas and Florida.In doing so, Burt is joining the ranks of a small number of investors who have become worried that climate risk is underpriced in these securities, which are pools of … [Read more...] about Citing climate risk, investors bet against US mortgage market
Yearly homeowners insurance estimate
We've simplified the 2019 prices for a BTO flat, resale flat, executive condominium, and private condominiums in Singapore. If you've been thinking about buying a flat in Singapore, you might have felt confused and overwhelmed about the fees and costs involved. In this article, we get down to brass tacks. Here's what you realistically need in the bank to buy your first house, and what other expenses to prepare for. Be sure to also read up on the latest Enhanced CPF Housing Grants and higher income ceilings for both families and singles looking to qualify for housing grants, which take effect on 11 Sep 2019. HOW MUCH DOES IT COST TO BUY A HOME IN SINGAPORE? The costs of properties can vary significantly, based on factors such as location, facilities, surrounding amenities (like MRT station) and age or condition of the unit. There will always be the occasional neighbourhood or unit in which the price is much higher or lower than the norm. These are general estimates only: 2019 PROPERTY … [Read more...] about How much do you need to buy your first home in Singapore?
WASHINGTON: US consumer prices increased broadly in July, but the signs of an acceleration in inflation will likely do little to change market expectations that the Federal Reserve will cut interest rates again next month amid worsening trade tensions.The report from the Labor Department on Tuesday could however, reduce the probability that the US central bank will cut rates by half a percentage point at its Sep 17-18 policy meeting.Financial markets have fully priced in a 25-basis-point cut following a recent escalation in the bruising trade war between the United States and China, which sparked a stock market sell-off and caused an inversion of the US Treasury yield curve, heightening the risk of a recession.Fears about the impact of the trade tensions on the US economic expansion, the longest in history, prompted the Fed to cut its short-term lending rate by 25 basis points last month for the first time since 2008."The recent pickup in inflation won't deter … [Read more...] about US inflation accelerates; Fed rate cut still expected
By Bruce Campion-Smith Ottawa Bureau Alex Ballingall Ottawa Bureau Tues., April 30, 2019 OTTAWA—Rising floodwaters that have forced thousands of people to evacuate, left homes awash and spurred costly government responses are prompting political discussions about whether homeowners should be permanently moved out of high-risk flood zones. “We recognize how this is a new reality for far too many people. Extreme weather situations are coming more and more often,” Prime Minister Justin Trudeau told reporters Tuesday. Trudeau said the federal government will need to work with municipalities, provinces and residents in areas that “will have to move or rebuild differently. “We know that the reality of climate change is hitting us harder every year, and this government is going to be a partner,” he said. Floods in New Brunswick, Quebec and Ontario have hit more than 15,000 homes and the forecast of rain has officials … [Read more...] about As environmental risks increase, governments consider buyouts for flood-prone properties