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Santander UK float rocked by chief’s exit

first_imgWednesday 3 November 2010 10:08 pm Tags: NULL SANTANDER faces an uphill struggle to float its UK operations successfully on the London Stock Exchange next year, after chief executive António Horta-Osório’s shock defection to Lloyds Banking Group.Santander – which last night confirmed it had appointed Ana Patricia Botín, daughter of veteran group chairman Emilio Botín, to replace Horta-Osório – confirmed last week that it would float a 20-25 per cent stake in its UK business in a deal which could value the entire entity at up to £20bn.That valuation, and the timing of the IPO, has now come under threat from the departure of Horta-Osório, who has built up a large investor fan base while at the helm because of his smooth handling of the integration of Abbey, Alliance & Leicester and Bradford & Bingley.“This would appear poor timing for Santander, which might struggle to IPO [with] an unfamiliar chief executive,” said Bruce Packard, an analyst at Seymour Pierce.Horta-Osório confirmed yesterday in a conference call with Lloyds management that Santander was aware that he would resign prior to announcing its IPO last Thursday.Sources close to the bank yesterday said the flotation would go ahead as planned, though some hinted that it may have to be delayed in order to put the group on a more stable footing before submitting it to the mercy of nervous investors.“Santander’s board said last week that they intend to do the IPO in the early part of next year, but they were building in some flexibility anyway with regard to market conditions,” one said. “That flexibility will clearly remain in place with regard to the chief executive’s departure.”ANA PATRICIA BOTÍNINCOMING CHIEF EXECUTIVE OF SANTANDER UKWHEN Ana Patricia Botín, the Spanish ice-queen daughter of Santander’s group chairman Emilio Botín, steps up to become chief executive of Santander’s UK operations, she will become the first female boss of a large City bank.Far from using her father’s influence as a crutch to help her up the career ladder, Botín has built a reputation for being a ruthless businesswoman in her own right. Ranked 38th on this year’s Forbes list of the world’s most powerful women, she studied in the US at Harvard and spent many years working in investment banking for JP Morgan in New York, before returning to Spain to help Santander pursue its notoriously aggressive global expansion.She has been executive chairman of Banesto, a sprawling domestic Spanish bank controlled by Santander, since 2002 and has increasingly been seen as the natural successor to replace her 76-year-old father at the helm of the group when he eventually steps down.She is a scion of Spain’s most successful banking family, with her great-grandfather first taking the helm of Santander in 1909.CV | ANTONIO HORTA-OSÓRIO1993Joins the Santander group from Goldman Sachs as chief executive of Banco Santander de Negocios Portugal, the investment banking arm of Santander Totta.1999Becomes chief executive of the whole of Santander Totta.2006Joins the UK arm of Santander as chief executive, later leading its acquisitions of Abbey, Alliance & Leicester and Bradford & Bingley.2009Appointed as a non-executive director to the Court of the Bank of England.March 2011Will become chief executive of Lloyds Banking Group to replace retiring CEO Eric Daniels, having stepped down from Santander at the end of 2010. whatsapp KCS-content whatsapp Show Comments ▼ Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndoMartha Stewart CBDShop Martha Stewart’s CBD Products NowMartha Stewart CBDUndo Santander UK float rocked by chief’s exit last_img read more

Mamut set to table Waterstone’s bid

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Tags: NULL Mamut set to table Waterstone’s bid Show Comments ▼ Monday 25 April 2011 10:58 pm RUSSIAN oligarch Alexander Mamut will make a formal bid for struggling high street book chain Waterstone’s as early as this week.The Moscow-based billionaire will mount a cut-price £35m bid for the retailer, which is being sold off by its embattled owner HMV. The bookseller had been valued at between £50m and £75m, yet Mamut could take advantage of HMV’s heavy debt burden to encourage a discount sale.HMV has issued three profit warnings so far this year and is under pressure to raise money amid fears it could break its banking covenants.It recently bought more time after it agreed with lenders an extension of its measurement period for its covenant test from the end of April to 2 July.The move could give management the breathing space to weigh Mamut’s bid against potential rivals, although chief executive Simon Fox will be under pressure from shareholders to accept. Mamut has been carrying out due diligence on Waterstone’s over recent weeks.He had been linked with the chain’s founder, Tim Waterstone, over a joint bid. It is not clear whether Waterstone is involved in the bid at this stage, although the pair have worked together before and are known to be good friends. whatsappcenter_img Share whatsapp KCS-content More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comColin Kaepernick to publish book on abolishing the policethegrio.comlast_img read more

Alteo Limited (ALT.mu) HY2021 Interim Report

first_imgAlteo Limited (ALT.mu) listed on the Stock Exchange of Mauritius under the Energy sector has released it’s 2021 interim results for the half year.For more information about Alteo Limited (ALT.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Alteo Limited (ALT.mu) company page on AfricanFinancials.Document: Alteo Limited (ALT.mu)  2021 interim results for the half year.Company ProfileAlteo Limited is a holding company, which deals in cane farming, sugar milling, sugar refining, energy production, real estate and hospitality in Mauritius and regionally. The company was established in September 2017 and is headquartered in San Pierre, Mauritius. Alteo Limited is listed on the Stock Exchange of Mauritius.last_img read more

Forget the June premium bond draw! Here’s an income-paying stock I’d buy right now

first_img Image source: Getty Images. “This Stock Could Be Like Buying Amazon in 1997” Our 6 ‘Best Buys Now’ Shares Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Forget the June premium bond draw! Here’s an income-paying stock I’d buy right now I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Jonathan Smith and The Motley Fool UK have no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img Enter Your Email Address See all posts by Jonathan Smith I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Jonathan Smith | Wednesday, 3rd June, 2020 | More on: MNG The latest premium bond draw for June is out, with two more investors becoming overnight millionaires. Others may have won prizes vastly exceeding their initial investments in the bonds. As one of the most popular investments in the UK, premium bonds are an alternative way to traditional stock investing to make money.But how does it stack up to an income-paying stock like the insurer and financial service provider M&G (LSE: MNG)? In my opinion, it’s not hard to make a choice on which I’d invest in.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…A safe dividendOver the past few months, a fair number of FTSE 100 firms have cut dividend pay outs due to the Covid-19 pandemic. This is understandable, given the need for liquidity to keep operations going. This has pushed a lot of income investors to look for new safe dividend investments for this year. That is, a payout that is likely to happen for 2020.M&G announced a couple of months back that it intended to pay out the dividend for this year. The size of the payout would be about £410m, equating to a dividend yield of over 8%. This is high, but sustainably so. The yield is high on a relative basis because the share price is lower, rather than it being a very high absolute dividend amount.The reason I think M&G will continue to pay out is really what the CEO recently said. He commented that “many of our shareholders are income funds or individual savers who rely on these payments for part of their retirement income”. Insurers such as M&G are not high growth companies, and so often need to use the dividend as a tool to keep investors bought in to the company.Premium bonds vs income stocksWhen I compare M&G to premium bonds, an investment in the stock appears to make more sense. If I buy M&G right now, I lock in a yield of over 8%. If I buy a premium bond right now, I don’t have any guaranteed yield. Sure, I could win £1m, but the odds of this happening are extremely small.With premium bonds, I also don’t have any upside on the capital of my investment. With M&G, if I invest in the stock now, I have the potential to make future gains from the share price. For example, the stock is down around 40% from the crash in March. This allows me to buy in at a longer term cheap level.Finally, premium bonds can take years in order to generate income for the investor. Income paying stocks with safe dividends mean you can get a payout within six months of your investment. This give me more confidence that during an uncertain period such as this, I can still get income payouts. So I’d look to buy into M&G right now, and stay clear of new investments into future premium bond draws. Simply click below to discover how you can take advantage of this.last_img read more

Radio legacy campaign launched in Ireland

first_img Legacy Promotion Ireland is launching a radio advertising campaign to encourage more people to consider leaving a charity donation in their will to support a cause they care about and have a positive impact on the lives of future generations.The radio campaign will run on RTE1, Lyric and Newstalk in October and November.My Legacy was established in 2003 by a small group of Irish charities who wished to spread the word about charitable bequests. Since then LPI has grown and now represents nearly 40 leading Irish charities and not-for-profit organisations.MyLegacy.ie provides information to individuals, charities and solicitors about leaving legacies to charities.According to recent research carried out by The Community Foundation for Ireland, a member of LPI, 62% of Irish people consider leaving a charitable bequest in their will, but in 2008 only 42.5% of people who passed away had made a will and just 12.2% of those left money in their will to a charity.www.mylegacy.ie About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Tagged with: legacies radio Radio legacy campaign launched in Ireland  26 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 22 September 2010 | Newslast_img read more

The whole world watches Ferguson

first_imgLondonThe United States is the major imperialist power in the world, so governments and media worldwide thoroughly analyze any major developments here from multiple points of view.The struggle against racism in Ferguson, Mo., has been the subject of tens of thousands of articles and programs, in both written and broadcast media around the world, according to Google.But besides news reports and analysis in the corporate media, there have been concrete expressions of solidarity. For example, Palestinian activists tweeted advice on how to deal with tear gas — get close to the cops and stay upwind. There were protests throughout Canada on Nov. 25 in front of U.S. consulates and the Embassy in Ottawa. More than 2,000 people attended the protest in Vancouver. (vancouver.24hrs.ca)On Nov. 26, Stand Up To Racism and the London Black Revolutionaries organized a protest outside the U.S. Embassy in London against the grand jury’s decision, gathering a thousand people. After the rally, hundreds of anti-racist activists swarmed between buses and cars on some of the city’s busiest roads — as had been done the night before in New York.Demonstrators held signs reading: “Black lives matter” and “Who protects black people from the police?” as they weaved their way down Oxford Street and past Parliament before finishing at Scotland Yard, which is the headquarters of England’s national police force. (www.morningstaronline.co.uk)FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Recontextualizing Gandhi

first_imgAs a Muslim woman born in a rural village in Gujarat, India, I experienced Gandhi as a figure whom you were not to criticize because he was a saint who gained independence for India. Now that I live in the U.S., it has been important for me to relearn about the Indian independence movement and Gandhi’s history from a perspective that takes into account colonialism. This is what I have learned.The Indian Independence Movement  The modern invasion of India, a large empire with multiple rulers and a vast amount of resources, occurred from 1735 to 1833, as various Western countries and companies, including the East India Company, targeted its resources.The rulers and people of India did not take that sitting down and did fight back. There were constant rebellions. In 1857, Muslims, Hindus and Sikhs rebelled against the East India Company after they were being fed pork and being paid low wages. The rebellion of 1857 led to direct British governmental rule of India. During World War I, the people in India continued rebelling, especially in Bengal and Punjab, because most of the working class was frustrated by the continued taxing of Indians by the British and by changing the nation’s currency from being based on the gold standard. The working class relied on hard-won gold coins as backup for an official currency they understood was part of a financial system rigged against them. The rebellions, the Independence Movement and the partition of Bengal (modern day Bangladesh) in 1905 inspired many different organizations in India throughout the years, from socialist and communist parties to the bourgeois Congress Party and the All League of Muslims. Communists led the Telangana Peasant Uprising of 1948 against feudal landlords in an India still under colonial rule by the British.Gandhi’s role in the Independence MovementGandhi grew up in a poor region in Gujarat and was in the merchant caste, or Vaishyas. His education was funded by a rich priest, and he was called by a rich family to work as a lawyer for them in South Africa. There he was part of the Natal Indian Congress — a struggle against discrimination against Indian traders in South Africa. While living there, he perfected the concept of satyagraha (truth-force), also known as nonviolent direct action, in political struggle. Both the Congress Party of India and the British noticed, approved of and encouraged Gandhi’s political direction because they did not like the rise of resistance in India, including armed resistance by the revolutionary left.  The Congress Party of India, founded in 1884, was filled with rich people who wanted to work with the British and have a cooperative, profitable relationship with them.Similarly, Gandhi was always about having a cooperative relationship with the British on the path toward national independence. He was invited back to India by the Congress Party in 1915 to work toward that goal. The British and the Congress Party used Gandhi as “the best shield of the Congress against left-wing groups and organizations.” (“India and the Raj, 1919-1947” by Suniti Kumar Ghosh)When Gandhi came back to India, he sparked a civil disobedience movement for which he was arrested. While he was in prison, the Congress Party continued advocating Gandhi’s message of civil disobedience to raise Indian consciousness. At the same time, the Congress Party refused to listen to Muslim and Dalit concerns about being minorities in India and wanting separate elections. This created a big divide within the Independence Movement. The All Muslim League of India was created — an organization filled with elite Muslims — which started asking for a separate state for India, eventually leading to the partition of India after World War II. At the same time, there were various resistance movements that Gandhi tried to take over or use; the best example is what he did to the Dalits. These were the “Untouchables” — the lowest caste members looked down upon by all upper caste people in India. Gandhi was afraid of the Dalits having any power in Congress. He was also afraid that they might convert to Islam, which in turn would give Muslims more power in the country during elections. Like the Muslim population, the Dalits were also asking for separate elections and a voice in the government, and it seemed the British might relent and grant it. To stop this from happening, Gandhi went on a fast to put pressure on the Dalit leader, Dr. Bhimrao Ramji Ambedkar, to withdraw the demand of autonomy for the Dalits and their inclusion in the Indian Constitution. Gandhi’s fast put a lot of pressure on Ambedkar, who had to worry about Gandhi’s health or death, and also the possibility of mass retaliation against the Dalits from higher caste members.  Ambedkar was forced to arrive at a settlement with Gandhi and eventually resigned from Congress.Gandhi also tried to appease the Dalits. With bourgeois supporters and mentors like G.D. Birla, Gandhi started the Harijan Sevak Sangh in 1932, an organization supposedly to eradicate untouchability in India, including opening Hindu temples to them. The word Harijan means “children of God” and is connected to Hindu caste rape culture where it is used to describe the children of women who are bound to Hindu temples to perform mandatory sex under the ritual system called Devadasi. According to Gandhi, opening the temples should have been a gift to the Dalits. However, what it did was kill the civil disobedience movement for the Dalits  because it created a divide between the Congress Party and them. The Dalits understood that the temple movement wouldn’t seek the improvement of the Dalits’ political, economic and social standing like B.R. Ambedkar wanted. The British were able to use this campaign and Gandhi as a tool to direct attention away from the larger civil disobedience campaign for independence. This misdirection also pushed the independence movement to continue to tie India to England — which was, according to Ghosh, the very thing Gandhi was brought back to India to do. During World War II, the Quit India Movement was launched in response to the British trying to get Indians to fight for them in the war. Gandhi launched the campaign at an All India Congress meeting in August 1942 where an end to  British rule was demanded. Gandhi and the Congress wanted immediate independence for India, while still keeping “cooperation” with England. Some other major parties like the All Muslim League, as well as the Indian ruling class that was profiting from the war, did not support the Quit Movement. All leaders of the Quit Movement were arrested by the British.World War II expedited the movement for Indian independence, as Britain, under siege by Germany’s Nazi war drive, couldn’t continue to dominate an India rising in resistance to colonization. The fact that the British needed to get out of India as fast as possible allowed for the partition to happen. World War II, not Gandhi, was the force that gained India its freedom. Propaganda about GandhiIn the West, and elsewhere, mass culture and ruling-class propaganda portray Gandhi as a hero, a nonviolent leader everyone should look up to. In fact, Gandhi was a tool of the rich in India and of the British because he was a charismatic leader whose policies were not geared toward the working class. Most of his policies stemmed from his belief in the caste system. Gandhi was a firm believer in the caste system in India, even though in the West people often think he was the one who brought attention to the plight of the Untouchables. He believed women were inferior and were a threat to male privilege, and a racist who thought that Black people were lower in status than the Untouchables in India.  The colonialist propaganda about Gandhi started in South Africa when a white Christian clergyman, Rev. Joseph Doke, wrote a 1909 biography of Gandhi that made him seem like a Hindu saint similar to the Christian Jesus Christ. Then, as Hindu Nationalists and the Indian bourgeoisie saw Gandhi’s popularity rise, they started spreading literature with religious connections to elevate Gandhi in any shape or form. Gandhi also used his charisma and mixed his message with his religion to call out the Hindu masses.Myths about Gandhi spread worldwide − for instance the Rev. Dr. Martin Luther King Jr. first took inspiration from Gandhi at a time when most of the information available was this propaganda. But the perspective that King took was more related to Gandhi’s stance on nonviolence. In fact, toward the end of his life, Dr. King held on to the belief in nonviolence, but his ideology transformed into that of Gandhi’s opponent, B.R. Ambedkar. The continued propaganda about Gandhi is harmful today because activists are told “not to resist” and to “follow Gandhi” in the path of nonviolence.In actuality toward the end of his life, Gandhi did not appeal to the Muslims, to youth inspired by socialism, to Dalits, or even to the Hindu nationalists. As Ghosh states, “Gandhi of the popular imagination was not who he really was. He becomes, in the imagination of the oppressed and exploited, [of] the masses, a symbol of anti-imperialism, anti-feudal struggle — the very opposite of what he was.” FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Indiana Farm Bureau Statement on Senate Judiciary Committee Immigration Reform Language

first_img Indiana Farm Bureau members have clearly supported through policy that “We believe it is important to maintain a legal guest worker population for agriculture” and that “immigration issues should be handled on the federal and not state level.”That is why we are pleased that the U.S. Senate Judiciary Committee has passed a balanced immigration reform bill that includes a fair and workable farm labor provision that sets the stage for Senate action beginning next month.The success of many Indiana farms and processors depends on the guest workers who show up every day and toil in partnership with Hoosier farm families to tend our crops and livestock. We believe this bill will help ensure an adequate supply of guest farm labor.As important, the committee language provides an increased level of surveillance for high-risk areas along our national borders. We know that one of the best ways to improve border security is to create a legal, workable way for farm workers to enter our country.This is turning out to be a significant year for agriculture policy, and Indiana Farm Bureau will continue to represent Indiana farmers on the important federal efforts to win farm labor reform, craft and pass a new farm bill and upgrade our nation’s waterway shipping system.Source: Indiana Farm Bureau Facebook Twitter Home Indiana Agriculture News Indiana Farm Bureau Statement on Senate Judiciary Committee Immigration Reform Language SHARE Indiana Farm Bureau Statement on Senate Judiciary Committee Immigration Reform Language Facebook Twitter Previous articleEPA Proposes RFS AmendmentsNext articleSeed Consultants 5/23/2013 Market Closing with Gary Wilhelmi Andy Eubank By Andy Eubank – May 22, 2013 SHARElast_img read more

The Price of Affordability

Sign up for DS News Daily Although enacted just over one year ago, the impact of California Senate Bill 2—commonly referred to as the Building Homes and Jobs Act (SB 2), has not yet been felt by lenders and loan servicers. However, as the revenue from SB 2 comes pouring in at a higher than expected rate, lenders and servicers will start to see more affordable housing construction throughout California, which in turn will mean more loans on affordable housing units to originate and service.The act was designed to address California’s affordable housing dilemma by bringing in an estimated annual revenue of $250 million through an increase in the recording fees for the recording of documents in real estate transactions. The funds would be dedicated to developing affordable, low-income housing in California.It seems that this revenue goal has been achieved, as California’s 2018-2019 budget allotted $5 billion to address the affordable housing and homelessness issues, $255 million of which came from the SB 2 fund. Accordingly, in the near future Californians will likely be provided with new, affordable, low-income housing units for purchase. While this is great news for Californians and local governments (which will obtain additional funding from state and federal government), it is important to understand the potential impact of an influx of low-income housing units will have on lenders and servicers who fund and service loans secured by low-income housing units.California generates new “affordable” or “low income” housing units through either new construction or rehabilitation/reclassification of the existing housing units. These new units are then offered for sale through various housing programs administered by local (city) governments and are eventually sold to qualified individuals at below-market-rate prices. Because of this, these units are subject to various value and/or use restrictions, which are enforceable over a period of time (generally, between 30 and 45 years), are binding on lenders as well as the borrowers, and are senior to any mortgage liens.Generally, these restrictions limit the use of property to a principal residence use only, constrain the borrower’s right to refinance or sell the property, and provide the locality where the property is located with a “right of first refusal” and other rights in the event of the borrower’s default, a catastrophic event, or condemnation of the property. Failure to comply with these restrictions subjects the lenders, servicers, and foreclosure trustees to potential liability from not only the borrower but also the locality, exposing the industry to damages not generally foreseeable in regular residential mortgage transactions.With the volume of loans on low-income projects likely to increase in the near future, lenders and servicers should understand the risks associated with these loans and limit their potential exposure and liability through a thorough investigation process.As part of their due diligence in connection with purchase loan transactions, in addition to obtaining a title report/guarantee, the lender should specifically review and understand the restriction agreement recorded against the property. There have been many instances where the title company excepted from coverage the low-income housing restrictions, leaving the lender and subsequent investors, and servicers subject to the often onerous restrictions without any knowledge of their existence and/or understanding of the consequences of failure to comply with them. The lender should study the restriction agreement in detail to ensure that the loan transaction does not violate its terms. The lender should also ensure that the restriction agreement is included in the collateral file, provided to the loan servicer and the system noted for future use—i.e., at the time of foreclosure.In addition, since the localities that offer affordable housing units for sale ensure that they have certain rights in the event of the borrower’s default, restriction agreements and requests for notice of default (recorded by the city or agency) should be reviewed and studied before the commencement of (and also during) the foreclosure process to ensure that these rights are not violated. While this additional due diligence is recommended in purchase loan transactions, it is even more important in refinance transactions. The restriction agreements placed on low-income housing units often prohibit or significantly constrain refinance loans. Accordingly, it is imperative for the potential lender to study the restriction agreement and ensure that the refinance loan is permitted in the first place, or whether additional steps are required to satisfy the restriction agreement—such as, for instance, obtaining pre-approval of the refinance from the city. Finally, in the event of a lawsuit involving a low-income housing unit, the lender, servicer, and/or trustee should consult attorneys who are experienced in litigating the low-income housing matters to fully understand its potential liability and exposure. Share Save Robert Finlay is one of the three founding partners of Wright, Finlay & Zak. Since 1994, Finlay has focused his legal career on consumer credit, business, and real estate litigation and has extensive experience with trials, mediations, arbitrations, and appeals. Finlay is at the forefront of the mortgage banking industry, handling all aspects of the ever-changing default servicing and mortgage banking litigation arena, including compliance issues for servicers, lenders, investors, title companies, and foreclosure trustees. The Price of Affordability Related Articles The Best Markets For Residential Property Investors 2 days ago Home / Commentary / The Price of Affordability Demand Propels Home Prices Upward 2 days ago Previous: The Impact of Student Loans on Millennial Homebuyers Next: When Homebuyers Give Love to Luxury Neighborhoods Demand Propels Home Prices Upward 2 days ago Tagged with: Affordability California California Senate Bill Servicing Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Robert Finlay Servicers Navigate the Post-Pandemic World 2 days ago Affordability California California Senate Bill Servicing 2019-02-19 Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Luke I. Wozniak in Commentary, Daily Dose, Featured, News, Servicing The Best Markets For Residential Property Investors 2 days ago  Print This Post February 19, 2019 1,412 Views Luke I. Wozniak was admitted to the California Bar in 2006 and has been with Wright, Finlay & Zak since 2011. Prior to joining Wright, Finlay & Zak, Wozniak practiced in the areas of complex business, as well as consumer finance and mortgage banking litigation. Wozniak is admitted to practice in California, as well as Arizona, Hawaii, Nevada, Oregon, and Washington. Subscribe read more

Reservation or No Reservation

first_imgColumnsReservation or No Reservation Himanshoo Atri16 July 2020 10:57 PMShare This – xCaste system, where or how did it start and how does it end? I don’t have a precise answer to this question but what I vaguely remember is one childhood memory from my school days. I think I was in class 3rd/4th when Hindi teacher was teaching us about our first President Dr. Rajinder Prasad, could be his biography by some reporter who visited his residency and while asking him…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginCaste system, where or how did it start and how does it end? I don’t have a precise answer to this question but what I vaguely remember is one childhood memory from my school days. I think I was in class 3rd/4th when Hindi teacher was teaching us about our first President Dr. Rajinder Prasad, could be his biography by some reporter who visited his residency and while asking him personal life questions she enquired about his wife. The President of India stated that she is a nice woman but didn’t want anyone else except Brahmin to be a cook in her kitchen. At that time, I had recently done the formalities of being a SC student in my school and was introduced with caste system. Till date, the way teacher delivered this particular incident in the class strikes me; the teacher explained it in a very casual but indifferent way. I still think about it but now I know the caste philosophy behind it. I wonder what if the teacher had criticised it? What if she had said, that it was history and no one believes in it now? I know many will say it was just dictation of true fact about President’s wife but the way it was delivered to students like us, who have developing minds that matters. I do not say it shouldn’t have been narrated in the class but how it should’ve been approached, whether in a reformative way or with conservative approach, that matters. Things have many perspectives but how they are being portrayed, that matters. I don’t know about other classmates, as to how they took it but I think even a single mind matters, especially at that stage of development. I will discuss the significance of this incident in the concluding section of this article, hoping that I can justify why it matters. It’s been 70 years since the commencement of our Indian Constitution, which guarantees us the Right of Equality, Non-Discrimination rights, Equal Opportunity and Abolition of Untouchability. Along with these it provides for ‘Reasonable Classification’ in favour of socially and economically backward castes, known as ‘Reservation’ in jobs and education. Providing reservation is an affirmative action by the State in favour of the historically discriminated communities of the society, as long as it cannot totally transform the pre-existing structure into a new structure. A more equal structure where such concepts, which are the reason for prolonged discrimination of particular communities, do not exist. The affirmative action means, those actions which can prove as enabling provisions for deprived section to bring it on an equal footing with the historically dominant communities. It can be summed up by what John Rawls called- as creating ‘Just Institutions’ which are of maximum benefit to the most deprived section of society in his second principle of Theory of Justice. However, a question pops up in my mind, if this institution or affirmative actions are enough to achieve this purpose of social justice? Indian jurisprudence contains many dimensions of the reservation policies and its aftermath; starting right from Champakam Dorairajan (1951) case, M.R. Balaji (1963) case, Indira Sawhney (1993) also known as Mandal Commission case, Ashok Kumar Thakur (1995), Akhil Bharatiya Soshit Karamchari Sangh (1981), Varpal Singh (1996), M. Nagraj (2007), Jarnail Singh (2018), B.K. Pavitra 1&2 (2019) and many others, continuing even at present. The rule of consequential seniority** and catch up rule ** are included in the service jurisprudence (For better idea read Article 16 (4A) & 16 (4B) of Indian Constitution) **. The constitution of India also legitimizes reservation in admission into educational institutions. From all these provisions one can infer that reservation was never an economic policy or merely employment generating scheme, like MGNREGA and alike. The rationale behind it was the social upliftment vis-à-vis economic opportunity for historically deprived communities to bring them on same scale, where the other communities are already present, which is a symbol of cultural or religious hegemony. Through all these assertions I want to bring your focus on the most debated issues, i.e., If the Reservation policy initially introduced for 10 years should be abolished, since it has done enough upliftment and, If the Present reservation policy, being the only affirmative action of the state for historically deprived communities, is enough for the upliftment? I’ll try to address these issues one by one. We know when reservation policy was introduced, it was mandated only for 10-year period the main idea was to give an opportunity to reserved section (earlier only Schedule Castes & Schedule Tribes but after Mandal Commission to OBCs) for having representation in the state’s administration which will lead to upliftment of socio-economic status an ultimately resulting into a structure of society that will be non-discriminatory. But did it happen? As per NCRB (National Crime Record Bureau) 2016 analysis 2006-16 crime rate against Dalits or SCs and Adivasi has increased eighty and twelve times respectively. About 422,799 crimes against Dalits or SCs have been reported and 81,322 crime against Adivasi have been reported between 2006 and 2016. Even the famously alleged institutional murder case of Rohit Vemula (2016), Payal Tadvi (2019) and recent AIIMS doctor’s suicide attempt case pointing out at caste discrimination, clearly show the true picture of present societal structure (which is violently casteist). Through reservation policy, the reserved has availed jobs but the social stigma or the traditional authority of caste discrimination still remains dominant within our unequal social structure. The advertisements in matrimonial sites or matrimonial columns in newspapers with clear cut mentioning of Caste as necessary requirement again pose a question mark to the narrative that casteism does not exist. With all such routinely practices of casteism how come one can say that reservation has achieved its purpose of upliftment? How come it is possible that there will be no biasness in administrative representation without reservation? What about the idea of democratic social structure where all have equal status? Another question raised against reservation policy is that it only benefits the creamy layer within the reserved sections. My question to them, isn’t it same within the open category too? That how come the creamy layer of open category isn’t being benefitted when they’re capable of practicing nepotism, corruption, recommendations, favouritism, financial donations, under the table agreements, etc. Creamy layer includes those who have already been uplifted. I didn’t understand this concept. Till date our social structure is being controlled and regulated by traditional authority of caste system, then how does a person get uplifted merely by having job or better economic condition. A system where the Manu’s Statute is still glorified in High court with the specifics about castes in the petitions and FIRs. Now, it can be postulated that they will forever remain depressed. My answer to them is that our constitution does not follow the transformative theory of totally setting up a new structure. Our constitution delegitimizes ‘untouchability’ but it does not delegitimize the practicing of caste system. So, until it is not corrected there can be no scope of all communities coming to an equal footing. This is what Dr. Ambedkar referred to- as break down of basic structure from where the roots of caste system and other discrimination arises. Now, coming to second issue that is reservation policy is enough for upliftment of a historically depressed community. I would say that until we do not follow transformative approach, reservation will remain necessary for the representation of every community in the administration. But justice cannot be served only with this policy, because Justice is when everyone not only has equal opportunity but also the capability to avail the opportunities. This is what Amartya Sen referred to ‘equality of capabilities. It simply implies that the policy should focus on increasing the capability of each individual. So, that creamy layer or having advantage over others doesn’t affect the distribution of resources even down to the root level. By increasing capability, I mean to include provisions of free education not only at primary level but in higher studies too, the redistribution of economic resources, and special procedure for special categories whether they are physically or culturally or symbolically or religiously deprived. Only then there can be justice with every section of the society. Everything is outcome of relations which exist between humans at individual or community or organisational level and until these are not on equal footing there can be no harmonious construction within society. The reason behind narrating the personal life incident was that all this movement of historically oppressed communities is about Recognition. Recognition is consciousness of individuals identifying each other equal and opposite while being in relation of interdependency upon each other. What kind of consciousness allows one to be indifferent towards others? If relations are built in a way which are questioning or undermining the dignity of one community then how can we think of making a just society inclusive of every community?Views are personal only.(Author is Pursuing LLM from Faculty of Law, Delhi University) Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more