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Nitish Kumar News: Man held for threatening to blow up Bihar CM Nitish Kumar’s house | Patna News – Times of India

March 23, 2023 by timesofindia.indiatimes.com Leave a Comment

Man held for threatening to blow up Bihar CM Nitish Kumar's house

Image used for representative purpose only

PATNA: A 28-year-old man from Bihar has been arrested from Surat for allegedly making a threat phone calls to blow up the residence of Bihar chief minister Nitish Kumar at Patna.
Ankit Kumar, the son of Vinay Kumar Mishra of Madhusudan Etwarpur in Vaishali district, made the phone calls on Monday (March 20) evening, Patna SSP Rajeev Mishra said on Wednesday.
A police team from Patna will question him in connection with this case and the motive behind making threat calls on the official numbers of the CM house. “He reportedly obtained the phone numbers from Google and made the threat calls,” a police officer said. He will be produced before Surat court and brought to Bihar on transit remand.
SSP Mishra said the Patna police immediately started investigation by registering a complaint at the Secretariat police station the same day. A special team was formed under the leadership of city SP (central) Abhinav Sharma.

“Ankit made the calls on the landline and mobile phone numbers at the CM residence. With the help of the technical evidences, the man was identified and his location traced. He was arrested from Laksana in Surat district with the help of Gujarat police. He worked in Surat as a weaver,” the SSP told TOI.
Mishra further said Ankit was emotionally charged after the arrest of YouTuber Manish Kashyap, accused of circulating fake videos of attacks on migrant workers in Tamil Nadu. “He told the police that Kashyap’s arresting was not right. It seems like he was boosted by someone. However, there is no link between Kashyap and Ankit. In the preliminary investigation, his involvement in any other serious criminal incident has not come to light. The matter is being probed and he will be further interrogated,” he said.
Earlier in 2015, one Ajay Kumar Choudhary was arrested for texting a threat to bomb CM Nitish whereas one Pramod Kumar was held for issuing bomb threat against him in 2018.

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Housing Market: Mortgage Rates Sink To 5-Week Low Amid Bank Havoc

March 22, 2023 by www.forbes.com Leave a Comment

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Mortgage rates tumbled last week to their lowest level in over a month, according to data released Wednesday morning by the Mortgage Bankers Association, as waning confidence in the U.S. banking system provides a reprieve to home buyers.

Key Facts

The average 30-year fixed mortgage rate slipped from 6.71% to 6.48% last week, falling to its lowest level since mid-February and its largest percentage decline since November.

Mortgage applications rose 3% last week, according to the survey, as buyers take advantage of rapidly declining home prices.

That followed a wild stretch for the banking sector – headlined by the failures of Silicon Valley Bank and Signature Bank, the nation’s second and third-biggest such failures ever – causing investors to pack into safer assets such as government bonds.

Yields for 10-year U.S. Treasury notes sank 70 basis points to 3.4% in the two-week period ending last Friday, helping drive down mortgage rates, which are influenced by longer-term Treasury yields.

But home buyers hoping for a similarly precipitous decline in mortgage rates may not be so lucky, considering yields on 10-year government bonds shot back up to over 3.6% Wednesday and an apparent decline in the historically strong correlation between yields and mortgage rates.

The spread between 30-year mortgage rates and 10-year Treasury yields now sits at roughly 300 basis points, far higher than the typical 180 basis-point difference, noted Mortgage Bankers Association economist Joel Kan, attributing it to increased “market volatility” surrounding mortgage-backed securities.

What To Watch For

The Federal Reserve will announce at 2 p.m. whether they will further increase the federal funds rate at 2 p.m. ET, following the conclusion of the previously scheduled meeting of its policy-setting committee. Markets largely expect a 25 basis-point increase from the central bank. An increase to the federal funds rate, which sets overnight borrowing costs between banks, typically leads to similar increases in mortgage rates.

Surprising Fact

It’s more than twice as expensive to take out a mortgage today than it was in the beginning of 2022, when 30-year mortgage rates were just above 3%. Rates climbed dramatically throughout 2022 as the Fed hiked the federal funds rate from near 0 to 4.5% to 4.75% and increased recession fears sent bond yields surging.

Big Number

12.3%. That’s how much the median sale of existing homes have fallen over the last eight months in the U.S.

Further Reading

What Bank Troubles Mean for Your Mortgage ( Wall Street Journal )

Housing Market: Home Prices Post First Yearly Decrease In 11 Years As Sales Jump ( Forbes )

Fed’s Looming Rate Decision Could Confirm Crisis At Hand—Or Raise Odds Of ‘Imminent Recession’ ( Forbes )

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How housing market could collapse if banking crisis “contagion” spreads

March 23, 2023 by www.newsweek.com Leave a Comment

The meltdown of Silicon Valley Bank earlier this month—the first of three bank failures in the U.S. in March—sparked fears that an unfolding crisis might spread from the banking sector to the housing market, causing its collapse.

But is this just an understandable but unreasonable feeling of panic at a time of apparent crisis, or an actual potential scenario looming on the turbulent housing sector? The answer is something in the middle, according to Cris DeRitis, deputy chief economist at Moody’s Analytics, who spoke to Newsweek .

At the moment, the financial services company—which is monitoring the unfolding situation in the banking sector as well as trends in the housing market—has formulated two potential scenarios that may emerge from the recent bank failures in the U.S.

In one scenario—which DeRitis and Moody’s Analytics considered the most likely—the current panic around the banking sector would be resolved quickly. In the worst-case scenario, the current crisis led to a recession that wouldn’t be solved until 2024.

The Threat Of A Lasting Recession

People prefer to hear bad news before good ones, so let’s start by analyzing the worst-case scenario. This is the case that would materialize, said DeRitis, if “the panic continues and depositors continue to worry about the safety of their banks.”

In this case, depositors would continue to transfer money from small or regional mid-sized banks to larger banks, DeRitis said. “The deposits move around and that causes more stress on portfolios, bank failures rise, and that continues to create a contagion effect,” the economist told Newsweek .

“The economy then will weaken and lending standards would tighten even more,” DeRitis added. “The commercial real estate market is likely to be hit the hardest, as small- to medium-medium sized banks do about 75 percent of the lending to commercial real estate.”

In this case, the economist said, the country would enter a recession, “a classic recession cycle brought on by credit, tightening a credit crunch. That recession would eventually resolve—probably—in 2024.”

Under this worst-case scenario, DeRitis said, “the good news is that inflation does come down because demand dries up.” That would lead the Federal Reserve to cut rates to support the economy later in the year, “and that’s what helps us get out of recession.

“So I guess the message here is that this is a serious situation and if it is not resolved, if the banking panic becomes a crisis, that certainly could tip the U.S. economy into recession.”

But at the moment, Moody’s Analytics is counting on a quick resolution of the current banking crisis.

A Swift End To The Panic

“Our baseline view does call for a swift resolution,” DeRitis said. “There may be additional bank failures, but nothing systemic, nothing that really causes consumers and businesses to be overly concerned about the safety of their deposits.”

But the U.S. economy and housing market won’t come out of it unscathed. If the bank panic is resolved quickly, there still will be a long-lasting effect on the banking sector, the Moody’s Analytics economist said, “because the banks are going to continue to preserve liquidity.”

“Even if everything blows over this week, and there are no other bank failures, the industry is going to be cautious,” DeRitis said. “So they are going to tighten credit, they are going to restrict lending. And that is going to have some negative impact on the economy overall.”

Moody’s Analytics has marked down its forecast for 2023 by a quarter percentage point and now anticipates that the U.S. economy will grow by 1.3 percent in 2023 versus the 1.6 percent estimated before the bank panic.

“That’s the baseline scenario, the bank panic cools down, there is some lasting impact, but then we continue to focus on getting inflation down,” DeRitis said.

“The economy remains weak, because of the high interest rate environment. But there’s no very strong impact in terms of growth or unemployment, from the panic itself.”

To understand how consumers are feeling and make concrete predictions about how homebuyers and owners will be impacted by the bank failures in the long term, we’ll have to wait for at least a couple of weeks, DeRitis said.

“In the immediate aftermath [of the bank failures], any immediate impact has actually been positive in the sense that we see some activity,” the economist said, referring to the latest data showing that existing home sales actually grew in February, reverting a recent trend that saw demand for homes and sales plunge.

“But it’s probable that last week you had buyers that were already about to buy, thinking about buying, and then they saw the rate go down and they took advantage of it,” DeRitis said.

“So it may not have really affected their decision, in terms of the longer term possibility of economic weakness, but this week, next week, a couple of weeks from now, I think we’ll get a better sense of what consumers really are feeling.”

Filed Under: Uncategorized News, Housing, housing market, Housing Prices, Interest rates, Banking, 2023 Banking Crisis, Homes, Homebuying, Mortgage, Moody's Analytics, 2008 collapse of housing market, movie about collapse of housing market, why housing market collapse, market-based banking and the international financial crisis

Phil Spencer says ‘fundamentals’ of housing market ‘are fine’ for first-time buyers

March 21, 2023 by www.express.co.uk Leave a Comment

Phil Spencer at the Ideal Home Show/ houses for sale boards

Phil Spencer says ‘fundamentals’ of housing market ‘are fine’ for first-time buyers (Image: IDEAL HOME SHOW/GETTY)

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Moving house has been a lottery for many people in the past few months, with turbulent house prices and mortgage rates making it difficult to secure a new home. But while the prospect of purchasing a property as a first-time buyer seems impossible for many, Phil Spencer has urged Britons to give it a go while the “fundamentals” of today’s market “are fine”.

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Speaking at the Ideal Home Show at Olympia London, the “Location Location Location” host revealed that he believes now is in fact a good time to move house in the UK.

He said: “The only way to confidently make the decision on whether to stay or to go, how much should I invest, is to actually go and do it.

“Do the research spend the money, invest in your home, lift its value, try and sort out the problems and then see if you have sorted them out.

“Meanwhile, go and have a look in the market and see what your hopefully improved budget could buy you, and then you’ll be making a decision from an informed point and an informed place.”

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Phil Spencer at Ideal Home Show 2023

Phil addressed the ‘sensationalism’ over the housing market challenges in 2022 (Image: IDEAL HOME SHOW)

The show, which will run until Sunday, April 2, saw the property expert debunk a common myth amongst Britons – that the housing market is unsettled.

He explained that while there are limitations on the amount of help offered to buyers, particularly those doing it for the first time, it is a somewhat prosperous time.

Phil told the Ideal Home Show audience: “I believe that the general market conditions across the housing market are okay, they are considered settling.

“And that’s coming off the back of a really crazy couple of years, which would, beyond belief, actually, the fundamentals of the market today I believe are fine.”

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The 52-year-old acknowledged that it may seem daunting to embark on the moving process after the “uncertainty” of last year, though there are ways to make the transition more “gentle”.

Phil noted that despite the news of banks “pulling money” and mortgages while interest rates were rising at the back end of 2022, “things aren’t as bad” now.

And when it comes to getting the ball rolling on moving, buyers should have more luck with securing a good estate agent.

He said: “I genuinely don’t think there are many unscrupulous agents out there anymore. They have a bad reputation that has come with them from a long time ago, and whilst there are definitely some dodgy practices out there, I genuinely believe those times have gone.”

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Phil Spencer at Ideal Home Show 2023

The property expert shared his advice for experienced and first-time buyers (Image: IDEAL HOME SHOW)

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To find the best agent, Phil warned against choosing them based on price, and instead, give your home “due care and attention” by paying “proper money” to get good advice.

He added: “My advice would actually be to look for a Property Mark agent – Property Mark is the biggest umbrella group of agents who are coming up with their own regulation.

“They’re getting agents to take exams and to follow a code of practice. So, look for an agent that belongs to that umbrella, I think there are 18,000 agents within that umbrella and it’s a good safe place to be.”

And as your “most valuable asset”, getting the best person to handle your potential home is even more important if you’re new to the property ladder.

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Phil said: “It’s all about preparation and research. Before you go looking, before you step foot into a property, there’s a lot of research and preparation to be done.

“The first thing really to do is work out how much you can afford. So go and see an independent financial adviser or broker and get your budget pinned down – you can’t go shopping for something until you know how much you’ve got to spend.

“Once you know what you’ve got to spend, then you can think about where you could buy one bed or a two bed, whatever you’re looking for and identify the areas.

“So it’s a gentle process, money, then area and size of the property and having done that, then you can start looking.”

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In New Hampshire, a MAGA Rivalry Is Splitting House Republicans

September 9, 2022 by www.nytimes.com Leave a Comment

WASHINGTON — He calls her “fake MAGA Karoline” from “the swamp.” She calls him a “Fauci foot soldier” and a “pharma bro.”

A congressional primary in New Hampshire between two young, conservative former Trump staff members has divided MAGA Republicans and the party’s leaders in the House, devolving into a bitter, expensive battle over who carries the mantle of Trumpism.

The race, in a highly competitive district currently held by a Democrat, will be decided on Tuesday. Its outcome could determine whether Republicans have a chance at flipping the seat in the midterm elections in November as part of their drive to reclaim the House majority. The contest has also highlighted a power struggle in the party ranks that will shape what that majority might look like if Republicans take control.

Matt Mowers, 33, who worked on Donald J. Trump’s 2016 campaign, served him at the State Department and was endorsed by the former president in an unsuccessful bid for the same congressional seat in 2020. Mr. Mowers entered the race last year as the presumed front-runner against Representative Chris Pappas of New Hampshire, who is one of the most vulnerable Democrats in the country in this election cycle.

Mr. Mowers is viewed as a strong candidate with high name recognition in the state’s First Congressional District; he drew favorable coverage from right-wing news outlets like Breitbart and a well of endorsements from powerful conservative figures. They include Representative Kevin McCarthy of California, the minority leader; Representative Steve Scalise of Louisiana, the No. 2 House Republican; Representative Jim Banks of Indiana; as well as Corey Lewandowski and David Bossie, the former Trump campaign managers.

But despite all that, Mr. Mowers is facing a strident and surprisingly fierce challenge on his right from Karoline Leavitt, 25, a former assistant in Mr. Trump’s White House press office. She is backed by a host of hard-right Republicans in Congress, including Senator Ted Cruz of Texas and Representatives Lauren Boebert of Colorado, Jim Jordan of Ohio and Elise Stefanik of New York, the No. 3 House Republican.

The race has turned less on any ideological divide between the candidates, who have few discernible differences on policy, than on style and tone. Where Mr. Mowers opts for nuanced, carefully worded statements, Ms. Leavitt almost always reaches for the most extreme and provocative ones.

Her success at turning the primary into a neck-and-neck competition has underscored how in the current Republican Party, fealty to Mr. Trump is not always enough on its own to sway voters. What increasingly matters is a willingness to mimic his tactics, by adopting inflammatory language and making the most incendiary statements possible.

“Maybe in part because Leavitt came out of the White House press operation, it’s like a second language to her,” Dante J. Scala, a political science professor at the University of New Hampshire, said of her ability to channel the style and rhetoric of the MAGA movement. “Her campaign has been the whole package, and that’s put Mowers to the wall.”

Take, for instance, Mr. Trump’s lie that the 2020 election was stolen. When pressed about whether he agrees, Mr. Mowers has said he harbors concerns about voting “irregularities around the country.”

That was too wishy-washy for Ms. Leavitt, who repeats Mr. Trump’s falsehoods unequivocally.

“We need candidates who are willing to speak truth about the election, who are willing to push back,” she said during an interview at the Conservative Political Action Conference in February, where she also bragged that Facebook had removed an interview she had done with the former Trump adviser Stephen K. Bannon in which she asserted that the election had been stolen. “If you’re not willing to say what happened in 2020, then, gosh, you don’t deserve to be elected.”

Ms. Leavitt later accused Mr. Mowers of siding “with Joe Biden and the Democrats by refusing to stand for election integrity and support audits.” She has also said she would support Mr. Jordan for speaker rather than Mr. McCarthy, though she later said she would back Mr. McCarthy.

At a recent debate, when asked whether he would support impeaching President Biden, Mr. Mowers said he would want to have hearings to look into the issue. Ms. Leavitt said without qualification that she would support any impeachment charge against the president.

Each candidate has been savaging the other as a creature of Washington. Mr. Mowers’s campaign operates a “fake MAGA Karoline” website, which accuses her of having “never held a real job outside the swamp,” attending private school in Massachusetts and being registered to vote from the “penthouse” apartment where she lived in Washington before moving back to New Hampshire to run for office.


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On a site operated by Ms. Leavitt’s campaign, titled “backdoor Matt,” the campaign refers to Mr. Mowers as a “Fauci foot soldier” for his role working in the administration for Dr. Deborah Birx, the former White House coronavirus coordinator. It also refers to him as a “big pharma bro” who worked as a lobbyist for a pharmaceutical company.

“Matt Mowers is the swamp,” the website proclaims, noting that he voted in two states — New Hampshire and New Jersey — in the 2016 Republican presidential primary.

The race has grown so close and so heated that it is drowning out New Hampshire’s competitive Senate race, with ads from both campaigns blanketing the 5 p.m. news.

A recent poll conducted by the University of New Hampshire Survey Center showed Mr. Mowers leading Ms. Leavitt by a razor-thin margin: 26 percent to 24 percent , barely more than the 2.2 percent margin of error, though 26 percent of likely voters said they remained undecided. A third Trump-aligned candidate, Gail Huff Brown — whose husband, the former Massachusetts senator Scott Brown, served as Mr. Trump’s ambassador to New Zealand — was trailing with 16 percent. Two other lesser-known candidates have gained little traction in the race.

Money has also poured into the contest, with several outside groups spending millions of dollars trying to defeat Ms. Leavitt, who some Republicans fear could be a weaker opponent against Mr. Pappas.

“Mowers probably has a slight advantage in running against Pappas, because he’s already done it,” said Thomas D. Rath, a former New Hampshire attorney general and longtime Republican strategist. “But she’s engaging because of her youth, her energy and her fierce competitiveness. The momentum is with her.”

Even top House Republicans are torn over the race, signaling lingering divisions in the party that could shape how it defines itself no matter who wins. For Mr. McCarthy, who is campaigning to be speaker , a victory by Mr. Mowers would add a reliable ally to his ranks. Ms. Leavitt would be a wild card more in the mold of Representative Marjorie Taylor Greene of Georgia and other hard-right lawmakers who have sometimes proved a thorn in Mr. McCarthy’s side.

A senior Republican strategist close to Mr. McCarthy said Mr. Mowers was one of several candidates who ran in 2020 whom the leader was supporting this election cycle, in part because he believed their name recognition and established networks of donors would position them for victories in the general election.

But Ms. Stefanik, who has styled herself in Mr. Trump’s image and has ambitions to rise in the party, is backing Ms. Leavitt, who previously worked as her communications director. She calls Ms. Leavitt “a rising star in the Republican Party who will carry the torch of conservative values for generations to come.”

The Congressional Leadership Fund, a super PAC aligned with Mr. McCarthy, has spent more than $1.3 million supporting Mr. Mowers. Another super PAC that supports moderate Republicans, Defending Main Street, has spent over $1.2 million and is running an ad that describes Ms. Leavitt as a “woke Gen-Z’er” and plays a Snapchat video she once posted where she uses crude language to refer to her viewers.

E-Pac, Ms. Stefanik’s outside group that supports conservative female candidates, has maxed out to Ms. Leavitt’s campaign, and Ms. Stefanik has served as an informal adviser to her former aide.

Ms. Leavitt has leaned into the attacks to paint herself as a victim. “I am officially the top target of DC’s money machine,” she posted on Twitter this week. “The Establishment knows I am the greatest threat to their handpick puppet Matt Mowers.”

Ms. Leavitt’s backers view the money elevating her opponent and the increasingly negative attacks against her as signs of fear from Mr. Mowers and Mr. McCarthy, who they say is trying to put together a compliant conference and views Ms. Leavitt as a maverick who would be difficult to control.

In order to sell himself as the Trumpier candidate, Mr. Mowers has advertised his 2020 endorsement from the former president on his campaign mailers, even though Mr. Trump has not made an endorsement in the current contest. (A top Trump aide said he was “still thinking about the race.”)

Despite the heated attacks and the stylistic differences, operatives with both campaigns admit there is little that distinguishes the candidates on policy. In their ads introducing themselves to voters, Ms. Leavitt and Mr. Mowers both come across as deeply angry about the state of the country under Mr. Biden’s leadership and pitch themselves as fighters who want to secure the border and stand in the way of Mr. Biden’s agenda. Both oppose abortion rights at the federal level, saying the issue should be left to states.

Their rivalry has given Democrats renewed hope of holding the seat. Collin Gately, a spokesman for Mr. Pappas, said the contest had given New Hampshire voters “a front-row seat to the MAGA show” that has prompted both candidates to “run to the right.”

“Their eventual nominee is getting weaker by minute while we’re building a bipartisan coalition to win in November,” Mr. Gately said.

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