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Eyeing China, Pentagon plans larger, 'more lethal' navy

yahoo News - Wed, 09/16/2020 - 15:36

Secretary of Defense Mark Esper announced Wednesday an ambitious plan to expand the US Navy with a range of unmanned and autonomous ships, submarines and aircraft to confront the growing maritime challenge from China.


Black man sues cops after being mistaken for burglar at his Wisconsin home, lawsuit says

yahoo News - Wed, 09/16/2020 - 14:45

“It could have easily led to another death of an unarmed black man.”


MBS RECAP: What Did The Fed Actually Change?

Mortgage news - Wed, 09/16/2020 - 14:43

Posted To: MBS Commentary

What Did The Fed Actually Change? Here are the most notable changes: The vague notion of symmetric 2 percent inflation has been replaced with a specific goal of "moderately above 2 percent so that it averages 2 percent over time." They now refer to bond buying as fostering "accommodative financial conditions, thereby supporting the flow of credit to households an businesses" The Fed added that they're "prepared to adjust the stance of monetary policy as appropriate if risks emerge." That's about it! Heading into the announcement, the list above served as a baseline for almost any prediction--a bare minimum taken "as read" before discussing additional/bigger changes. The remainder of their potential impact would have to be gleaned from the updated...(read more)

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How did three bleeding men end up in the water in the Keys? They each had a story

yahoo News - Wed, 09/16/2020 - 14:28

Detectives in the Florida Keys are investigating a bizarre incident that happened Wednesday morning during which three intoxicated men were found bleeding in the water next to the docks of a local marina.


Builder Confidence at All-Time High

Mortgage news - Wed, 09/16/2020 - 14:22

Posted To: MND NewsWire

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) set a new high this month, breaking a record that it set only 30 days earlier. The Index, a measure of builder confidence in the new home market, rose 5 points to 83 in September. A 6-point increase in August had shot the Index to 78 , tying it with the previous high set in December 1988. " Historic traffic numbers have builders seeing positive market conditions, but many in the industry are worried about rising costs and delays for building materials, especially lumber," said NAHB Chairman Chuck Fowke. "More domestic lumber production or tariff relief is needed to avoid a slowdown in the market in the coming months." " Lumber prices are now up more than 170 percent since mid-April , adding more than $16...(read more)

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WHO director warns Latin America is opening too early, COVID-19 still a risk

yahoo News - Wed, 09/16/2020 - 12:19

Latin America has started to resume normal social and public life at a time when the COVID-19 pandemic still requires major control interventions, World Health Organization regional director Carissa Etienne said on Wednesday. Coronavirus cases in Colombia's border area with Venezuela have increased ten-fold in the last two weeks, Etienne said in a virtual briefing from Washington with other Pan American Health Organization directors. "Although the entire world is racing to develop new tools to prevent and cure COVID-19, a safe and effective vaccine that can be manufactured and delivered at scale is not around the corner," Etienne warned.


‘She paid the price’: ICE deports immigrant woman weeks after she alleges guards sexually assaulted her

yahoo News - Wed, 09/16/2020 - 12:13

The immigrant woman was deported on Monday with little notice, her lawyer says


Differences Between Previous and Current FOMC Statements

Mortgage news - Wed, 09/16/2020 - 12:06

Posted To: MBS Commentary

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The COVID-19 pandemic is causing tremendous human and economic...(read more)

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Minneapolis City Council Members Complain of Rising Crime Months after Trying to Defund Police Department

yahoo News - Wed, 09/16/2020 - 10:07

Minneapolis City Council members complained of rising crime rates in the city and asked the city’s police chief what he is doing about it during a Tuesday meeting on police reform, months after the council proposed dismantling the police department.Council members told police chief Medaria Arradondo that their constituents have reported seeing and hearing street racing which sometimes results in crashes, daylight carjackings, robberies, assaults and shootings, according to an MPR News report."Residents are asking, ‘Where are the police’?” said newly elected council member Jamal Osman who has been swamped by resident complaints that calls for police are going unanswered.“That is the only public safety option they have at the moment. MPD. They rely on MPD. And they are saying they are nowhere to be seen,” Osman said.In the aftermath of the police killing of George Floyd, the City Council voted to remove the requirement to maintain a police department form the city charter — the first step in a longer process to change the charter. The council's proposal to dismantle the police department was set to be on the November ballot until the Minneapolis Charter Commission voted last month to take additional time in reviewing the plan.The council proposed replacing the police department with a Department of Community Safety and Violence Prevention which would provide a "holistic, public health-oriented approach," and a Division of Law Enforcement Services.While the council members floated the idea of ridding the city of its police department, the city has been plagued by months of higher-than-usual crime.Violent crimes such as assaults, robberies and homicides as well as property crimes like burglaries and auto thefts are up compared to 2019, according to MPD crime data reviewed by MPR. More people have been killed in the city in the first nine months of this year than all of last year.The police department has added more officers to patrol and investigative duties and cracked down on robberies, among other measures to fight the increase in crime, the police chief told the council.Council president Lisa Bender, who in June had said fear of dismantling the police department comes from "a place of privilege," accused officers of being defiant in the Tuesday meeting, saying her constituents have said officers have admitted that they’re deliberately not arresting people who are committing crimes. “This is not new,” Bender said. “But it is very concerning in the current context.” Arradondo called the allegations “troubling to hear,” and vowed to speak with commanders and the heads of each precinct. “We need to make sure that our communities know that we are going to be there,” Arradondo said. “That we’re going to be responsive. We’ve taken an oath to do that.”Council members said officers have told residents that they are overworked and understaffed as around 100 officers have left the department or taken leave since the beginning of 2020 — more than double the usual number.The violence has not spared even areas of the city which are normally considered safe, leaving constituents feeling “terrorized.”The department recently arrested two groups of teenagers that had been the source of crime in far south central Minneapolis, where recent carjackings and robberies of businesses have scared residents and business owners.Still, council member Phillipe Cunningham, who represents the 4th Ward, where a 17-year-old was fatally shot on Monday, doubled down on the council's approach to crime fighting and prevention, underscoring the importance, in his view, of instituting public health-based approaches to violence prevention. He supports the development of a new community safety agency to replace the police department and criticized some of his fellow council members for flip-flopping in light of the increase in crime.“What I am sort of flabbergasted by right now is colleagues, who a very short time ago were calling for abolition, are now suggesting we should be putting more resources and funding into MPD,” Cunningham said.The council recently divested more than $1 million from the police budget to pay for "violence interrupters" to intervene and defuse potentially violent confrontations.“If we have these systems in place we are getting ahead of the violence,” said Cunningham.  “That’s why I have advocated so strongly for the violence interrupters, because if they are interrupting the violence before the guns are being fired, then the MPD doesn’t have to respond to that violence.”


AP Photo Gallery: Sally's deluge swamps streets, ruins cars

yahoo News - Wed, 09/16/2020 - 09:21

Hurricane Sally's storm surge and torrential rain inundated a stretch of the Gulf Coast on Wednesday, damaging parked cars and prompting many calls for evacuations. The slow-moving hurricane came ashore before dawn in Gulf Shores, Alabama, and moved inland between Mobile, Alabama, and Pensacola, dumping a deluge on urban areas whose combined populations total nearly 1 million people. Many will need to be evacuated from rising water, said Sheriff David Morgan in Escambia County, where deputies were rescuing dozens of people from swamped homes.


Deputy fired over Florida school massacre to get job back

yahoo News - Wed, 09/16/2020 - 09:09

A Florida sheriff’s deputy who was fired for his inaction during a school shooting that left 17 dead has been reinstated with back pay by an arbitrator who ruled that the sheriff missed a deadline for dismissing the deputy. An arbitrator ruled this week that Broward Sheriff Gregory Tony acted 13 days too late when he fired deputy Josh Stambaugh last year for his conduct during the February 2018 massacre at Marjory Stoneman Douglas High School, the South Florida Sun-Sentinel reported. It is unknown exactly how much Stambaugh will receive in back pay, but he earned more than $150,000 in 2018, including overtime.


Unicef condemns jailing of Nigeria teen for 'blasphemy'

yahoo News - Wed, 09/16/2020 - 08:25

The 13-year-old was sentenced to 10 years in prison for blasphemy by an Islamic court in Kano.


Production, VP Consumer Direct Jobs; Jumbo, CRM, Anti-Fraud, CD Products; Ginnie Hits $2.1 trillion

Mortgage news - Wed, 09/16/2020 - 08:15

Posted To: Pipeline Press

The Fed Funds futures market sees the Fed holding pat on rates well into 2022. What could cause rates to go up? A vaccine. Until definitive news like that comes along, the financial markets and our home lives steadily move through the calendar. GM is having/allowing most of its salaried employees to work from home until mid-2021 . In the most comprehensive survey I’ve seen, this study polled a myriad of companies in the Richmond, Baltimore, and Washington DC area. “Employers are adopting a phased approach to reopening, but many remain uncertain. This fall, about one-third of the region’s workforce is expected to physically return to worksites. Of employers who had long-term reopening plans, on average, those employers expect to have 72% of their employees return to the office...(read more)

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MBS Day Ahead: The Fed Could Help OR Hurt

Mortgage news - Wed, 09/16/2020 - 08:03

Posted To: MBS Commentary

Coronavirus is responsible for many "firsts." Apart from the obvious impact on daily life there are firsts for the economy and monetary policy as well. Since March, all of the significant policy changes from the Fed have been unscheduled and there have been zero significant policy changes on scheduled Fed announcement days. That's a record, and it raises a question about what we'll see today in light of the most recent unscheduled policy change at the end of August. The late August framework update is a bit different than the other emergency policy changes. It wasn't responsible for a drastic rate cut, a huge glut of bond buying, or a slew of emergency lending programs. Rather, it's more like the Fed's way of updating its playbook to implement what it has learned...(read more)

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