HomeServices-1000WATT deal aims to turn back-office scale into a consumer advantage
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Former MIC operator pleads guilty in $5.3-million scheme
The former operator of an Ontario mortgage investment corporation (MIC) has pleaded guilty to fraud and illegally distributing securities in connection with a $5.3-million investment scheme. The Ontario Securities Commission said Ian Ross McSevney, formerly of Ancaster, Ont., raised nearly $5.3 million from approximately 30 investors between May 2015 and May 2019 through Altmore Mortgage…
Fed Chair Warsh’s Jackson Hole Debut: What He Said, and Didn’t Say, About Rate Hikes
New Federal Reserve Chair Kevin Warsh gave the first Jackson Hole Economic Policy Symposium speech of his tenure. While he certainly said a lot, the most important thing is what he didn’t say. He provided no forward guidance and no real hint at whether the Fed could hike rates in September. Inflation is still running…
Landlords ‘largely complied’ with MEES rules but only made minimum upgrades
Landlords made necessary improvements to rental properties to satisfy the Minimum Energy Efficiency Standards (MEES) requirements, analysis found. A report from Morningstar DBRS assessed the landlord response to MEES, which the government first considered in 2014. Morningstar DBRS looked at rental properties that were inspected both before and after 2014 and found that landlords…
Travis Kelce Named as Victim in $35 Million Ponzi Scheme—Where Fraudster Splashed Out on Luxe Apartments and Hotel Stays
Travis Kelce has been identified as a victim of a sprawling $35 million Ponzi scheme that saw the man behind the fraud use investor funds to help finance a lavish lifestyle that included luxury apartments, private jet travel, and high-end hotel stays. The Kansas City Chiefs tight end, 36, was named by prosecutors during the…
Banks price in higher rates as Fed credibility wanes
Key insight: After two press conferences with scant policy explanations for forward guidance, market participants and banks are questioning the credibility of the Warsh-led Federal Open Market Committee to raise rates to combat inflation. Expert quote: “The vacuum from Warsh declining to give a reaction function — not just forward guidance — means the market…
