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Fitch Affirms Ratings on SLC Student Loan Trust 2006-2 Notes

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Jumbo-loan challenges for retirees

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A lifetime of saving and investing can make retirees feel secure, but showing that assets translate into income remains key when qualifying for a jumbo mortgage.

Debt-free retirement has its allure, but with interest rates so low for jumbo mortgages, some retirees are calculating bigger returns if they leave cash invested and borrow to buy their retirement home, says Brad Blackwell, executive vice president of Wells Fargo Home Mortgage. Jumbo mortgages have higher loan limits than government-backed loans, which top at $417,000 in most places but go up to $625,500 in some high-price areas. Average interest rates were 4.11% for the 30-year, fixed-rate jumbo and 3% for a five-year, adjustable-rate jumbo on the week ending Nov. 14, according to HSH.com.

A retiree, like any other borrower, generally must meet a 43% debt-to-income ratio (DTI), mandated by federal mortgage rules. This number reflects the borrower’s percentage of monthly debt payments relative to monthly income.

Retirees who plan ahead can qualify, and lenders have methods to translate investments into eligible income even if a borrower can’t produce a W-2, Mr. Blackwell says.

Today’s typical retiree will receive income from Social Security; distributions from IRAs, 401(k)s, annuities and other retirement accounts; and possibly a pension. Business owners may no longer get a salary but still receive profit shares and/or have significant wealth tied up in an enterprise, and many high-end retirees may draw revenue from commercial real-estate ownership, residential rental properties or other sources, says Tom Wind, executive vice president of home lending at EverBank.

High-net-worth individuals often will argue that they clearly have enough money in assets to pay off a loan at any time, says Bill Banfield, vice president at Quicken Loans. “They may be thinking that they have a big IRA and they could use that to take a distribution to make the loan payments,” he adds. “That’s all good and fine, but we’d like to see that all set up before they apply for the loan.”

The key to qualifying is to demonstrate that a retiree’s assets translate into income via tax returns, bank statements and other documents, he adds. “The lender is going to want to make sure you have receipts for distributions and a schedule for receiving them,” he adds.

Retirees also need to show proof that the payments will continue in the same amounts for at least three years into the future, Mr. Banfield says. If a borrower is an early retiree under 59½ years old, the threshold for taking withdrawals from IRAs without tax penalties, the lender will adjust income estimates accordingly, he adds.

For retirees who don’t want to increase their distributions, another possible option is a nonqualified jumbo mortgage, which offers flexibility on the federal DTI rule, Mr. Wind says. Lenders have to waive liability protection to issue nonqualified mortgages, but some lenders will take that risk with retirees who have substantial invested assets they don’t want to liquidate, he adds.

To calculate an income estimate in such cases, EverBank will assign a conservative earnings rate to the total dollar amount of the assets and amortize the amount to the loan’s term length, Mr. Wind says. Wells Fargo uses a similar method to calculate DTI for nonqualified mortgages for borrowers with multimillions of dollars in assets, Mr. Blackwell says.

The first step for any retiree or person approaching retirement is a financial adviser, Mr. Blackwell says. An adviser can look at a retiree’s overall financial picture and advise whether to pay cash or borrow when buying as home. The adviser can also calculate retirement-account distributions that will help the borrower qualify for a loan, he adds.

Here are some more considerations that retirees may want to weigh when deciding whether to apply for a jumbo mortgage:

• Credit scores. Retirees with a sufficient income stream but lower credit scores still may not qualify for a mortgage or will receive a higher interest rate from a lender.

• Trusts. Retirees who want to buy a home and hold it in a revocable trust as part of their estate plan still have to demonstrate their ability to repay the loan, Mr. Blackwell says. Still, assets in the trust are considered in the ability-to-repay debt calculation, he adds.

• Capital-gains taxes. When deciding whether to cash out investments to buy real estate, remember to calculate not just lost returns but also the potential capital-gains-tax hit, Mr. Banfield says.

Yahoo Finance is answering your money questions on Tumblr! Got a question about your credit score, your student loans, your retirement portfolio, your health insurance, or anything else finance-related? Drop us a line: YFmoneymailbag@yahoo.com.

More From The Wall Street Journal

Cities See a ‘Bright Flight’ Retirees Face High Stock Prices and Low Bond YieldsHow to Win a Real-Estate Bidding WarFinanceLoansjumbo mortgage

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Home Credit and Finance Bank Selects Earnix Banking Solution to Enhance Analytics Capabilities

Earnix

The use of our product enables our customers to stay ahead of their competition. We are looking forward to a long-term relationship with the bank’s analytical teams and managers

Tel Aviv, Israel (PRWEB) November 21, 2014

Earnix, a leading provider of integrated pricing and customer analytics solutions for banking and insurance, announced today that Moscow-based Home Credit and Finance Bank, has selected the Earnix Banking solution to enhance the bank’s analytics capabilities and optimize its strategies for its cash loan portfolio.

The Earnix platform helps banks eliminate the “guesswork” when it comes to decision making. Earnix Banking predicts, simulates and optimizes customer interactions to efficiently achieve business goals such as profitability, market growth or long-term customer retention. Home Credit will be implementing the Earnix Banking solution as part of a two phase project, beginning with data analytics and modeling, followed by optimization of its cash loan portfolio and field testing.

“We are extremely proud that Home Credit & Finance Bank, the leading player in POS finance in Russia, selected the Earnix software”, said Amitai Ratzon, VP of Sales at Earnix. “The use of our product enables our customers to stay ahead of their competition. We are looking forward to a long-term relationship with the bank’s analytical teams and managers”.

About Home Credit & Finance Bank, LLC

Home Credit & Finance Bank specializes in retail finance in Russia and Kazakhstan. HCFB offers its clients a wide range of credit products and banking services. The Bank’s database comprises over 30.2 million contacts. HCFB’s products are distributed through over 93,000 points of sale in Russia and Kazakhstan. The Bank’s network also comprised 9,733 branches and offices and 1,293 ATMs across the Russian Federation and Kazakhstan as of 30 June 2014.

Apart from a full range of consumer lending products HCFB offers current and saving accounts and a comprehensive range of deposit products, including salary accounts. Having a vast client database, HCFB is successfully utilizing its cross-selling opportunities to further expand its coverage. HCFB utilizes direct mail, telemarketing, on-line sales and various forms of partnerships (e.g. agreements with insurance providers in Russia, third party brokers or via direct collaborations with employers).

About Earnix

Earnix Integrated Pricing and Customer Analytics software empowers financial services companies to predict customer risk and demand and their impact on business performance, enabling the alignment of product offerings with changing market dynamics. Earnix combines predictive modeling and optimization with real-time connectivity to core operational systems, bringing the power of analytic driven decisions to every customer interaction. Banks and insurers rely on Earnix solutions to improve deposit, loan, and insurance policy offerings. For more information, visit http://www.earnix.com.

Contact person:

Aviv Cohen, Vice President of Products & Marketing

Earnix Ltd.

aviv(at)earnix(dot)com

+972-3-753-8292


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Payday Loans Are Risky Route to Quick Cash

Published: Thursday, November 20, 2014 at 10:23 p.m.
Last Modified: Thursday, November 20, 2014 at 10:23 p.m.

The holiday shopping season is coming up, and people in search of some quick spending capital might strongly consider taking out a payday loan. Think about it — it’s a quick source of cash without the need for the credit checks. It sounds too good to be true.

That’s because it is.

More than 19 million people struggling with their finances take out one of these unsecured personal loans each year without seeing the danger signs pointing to their finances, like insanely high, triple-digit interest rates.

Before funding your post-Black Friday Christmas shopping with a payday loan, look at some of these simpler — and reasonably safer — ways to get some money fast.

1. Take out a payday alternative loan.

Yes, these actually exist. Veridian Credit Union, for example, offers a payday alternative loan with a maximum loan amount of $1,000 and a six-month repayment term at an interest rate of about 20 percent (usually regardless of a borrower’s credit score). While not the lowest interest rate, it’s more manageable than the high interest and short repayment terms of a payday loan. Another option is to consult with your bank or credit union about a small personal loan with better security, terms and interest.

2. Get a cash advance from your credit card.

Another similar yet less expensive option is to contact your credit card carrier for a modest cash advance. Again, the interest rates might not be the lowest, but this time, you’re borrowing against your own credit limit and not some third-party payday provider. If the cash advance option seems too insurmountable to you, simply use your credit card for your holiday shopping and avoid using it again until you’ve paid down your balance.

3. Withdraw from your emergency fund.

If the added interest of using your credit card is too much to deal with, you can always try taking just enough cash from your emergency fund to cover holiday shopping expenses. Since you act as your own lender here, this loan is entirely up to you to repay — but financial discipline is important. Let too much time go by, and you might never get around to replenishing what you borrowed, and you might not have enough money if a real emergency arises.

4. Ask your employer for an advance.

Your job might permit you a cash advance taken from your next paycheck. It’s not a loan, so you won’t have to deal with interest or repayment because it’s money that you have earned. However, keep in mind that if you ask for $200, be prepared for your next paycheck to reflect that difference. It’s also wise not to make a habit of asking for cash advances. Request some holiday overtime; the extra hours can yield you some extra cash.

5. Sell, pawn or auction off unwanted belongings.

Now’s a better time than ever to sell some of those old things taking up space in your house. It could be anything from a used cellphone to furniture, vintage clothing, appliances and more. Go the online route, like eBay, Amazon Marketplace or Craigslist. Visit local pawn shops or thrift stores and see what they’ll offer for your items.

6. Reduce your spending.

In the spirit of the holidays, is there anything you can temporarily cut back on — or eliminate entirely — to gain some Christmas cash? Put your gym membership on hold for a month or two, cook at home more than eating out, and save on gas by taking public transportation. Aim to spend less disposable income on clothes and entertainment. Some financial experts even suggest adjusting the tax withheld from your paycheck so you’ll have more cash available now versus later.

7. Open a holiday savings account.

This is not a source of “quick” money per se, but if you’re in a cash crunch this holiday, open a savings account designed to save money for holiday shopping. Your bank or credit union of choice might have its own version that can give you higher interest and generous deposit limits. Start now and have plenty of reserve money available by Christmas 2015.

Use these tips as a start and brainstorm some more ways you might be able to save money during the holidays. Asking a friend or family member to lend money can be a good option during a financial crunch or crisis, but it’s not always recommended. Borrowing from parents or siblings and then using that money to purchase gifts for them isn’t very considerate.

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Payday Loans Are Risky Route to Quick Cash

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Leveraged Loan Fund Outflows Ease Slightly To $374M For The Week

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NephroGenex Announces Closing of $12 Million Term Loan Facility

RESEARCH TRIANGLE PARK, N.C.–(BUSINESS WIRE)–

NephroGenex, Inc. (NRX), a pharmaceutical company focused on the development of therapeutics to treat kidney disease, announced today that it has closed on a $12 million term loan facility with East West Bank. Funds from the term loan will be utilized for working capital purposes, including the advancement of the Company’s clinical development programs.

Terms of the $12 million loan facility include an immediate $7 million draw, with the additional $5 million available upon the achievement of certain milestones before the end of May 2015. Following the closing of the loan, management expects the Company’s cash position to be approximately $31 million, extending its cash runway further into 2016. The bank facility matures in 2018.

“We are taking this opportunity to strengthen our balance sheet at attractive terms, as we execute on our pivotal Phase 3 program with Pyridorin in diabetic nephropathy,” said Chief Executive Officer Pierre Legault. “This financing gives the Company greater flexibility in reaching an expected successful interim analysis and evaluating options for additional financing or partnering during 2016.”

For more information regarding the term loan facility, see the Company’s Current Report on Form 8-K filed on November 20, 2014.

About Diabetic Nephropathy

Diabetic nephropathy is a chronic, degenerative disease of the kidney caused by diabetes. There are approximately 6 million patients with diabetic nephropathy in the United States (approximately 33% of diagnosed diabetics) and this population is expected to grow. Patients suffering from diabetic nephropathy progress to End Stage Renal Failure (and require dialysis) or death. There are currently no adequate treatments for this disease.

About Pyridorin®

Pyridorin inhibits pathogenic oxidative chemistries, which are collectively elevated in diabetic patients and induce pathological changes implicated in the development of diabetic nephropathy. Pyridorin inhibits a broad range of these chemistries which we believe accounts for its effectiveness in slowing the progression of nephropathy in diabetic patients as shown in our Phase 2 studies. Our lead drug candidate was also found to be safe and well tolerated in these same studies.

About NephroGenex, Inc.

NephroGenex (NRX) is a clinical-stage pharmaceutical company focused on developing therapeutics to treat kidney diseases caused by pathogenic oxidative chemistries. Since our inception, we have collaborated with the leading scientific experts in pathogenic oxidative chemistries to build a strong portfolio of intellectual property and novel acting drug candidates. Our clinical program has been done in collaboration with world leading clinical investigators in kidney disease. Our product pipeline includes an oral formulation of Pyridorin, which is being developed as a chronic, therapeutic agent to slow the progression of diabetic nephropathy, as well as an intravenous formulation of Pyridorin to treat specific types of acute kidney injury.

Cautionary Note on Forward-Looking Statements

This press release contains certain statements that are, or may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements due to global political, economic, business, competitive, market, regulatory and other factors and risks, including the items identified under “Part I—Item 1A—Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2014, as well as in other filings that we may make with the SEC in the future. The forward-looking statements contained in this press release reflect our current views with respect to future events, and we do not undertake and specifically disclaim any obligation to update any forward-looking statements.

HealthDisease & Medical Conditionskidney diseasediabetic nephropathypharmaceutical company
Contact:
Investors

The Trout Group

Michael Levitan, 646-378-2920

mlevitan@troutgroup.com

or

Media

BMC Communications

Susan Duffy, 646-513-3119

sduffy@bmccommunications.com

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Fitch Affirms Access to Loans for Learning Student Loan Corporation Series 2013-I

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the Access to Loans for Learning Student Loan Corporation Series 2013-I senior and subordinate notes at ‘AAAsf’ and ‘Asf’ respectively. The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch’s current U.S. sovereign rating is ‘AAA’ with a Stable Rating Outlook.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance), excess spread, and for the class A notes, subordination provided by the class B notes. As of September 2014, senior and total parities are 104.53% and 101.79%, respectively. No cash can be released until all notes have been paid in full.

Adequate Liquidity Support: Liquidity support is provided by a reserve fund sized at the greater of 0.25% of the pool balance and $675,165. The reserve fund is sized at $1,048,924 as of September 2014.

Acceptable Servicing Capabilities: Day-to-day servicing is provided by Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), Great Lakes Education Loan Services Inc., and Xerox Education Services Inc. Fitch considers all servicers to be acceptable servicers of FFELP student loans.

RATING SENSITIVITIES

Since the FFELP student loan ABS relies on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Initial Key Rating Drivers and Rating Sensitivities further described in the presale report titled ‘ Access to Loans for Learning Student Loan Corporation, Series 2013-I (US ABS)’, dated Dec. 6, 2013.

Fitch has affirmed the following ratings:

Access to Loans for Learning Student Loan Corporation Series 2013-I:

–Class A at ‘AAAsf’; Outlook Stable;

–Class B at ‘Asf’; Outlook Stable.

A comparison of the transaction’s Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is available by accessing the appendix that accompanies the initial presale report. Please refer to ‘Access to Loans for Learning Student Loan Corporation, Series 2013-I: Appendix’, published on Dec. 6, 2013 at www.fitchratings.com.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–’Global Structured Finance Rating Criteria’ (Aug. 4, 2014);

–’Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (June 23, 2014);

–’Access to Loans for Learning Student Loan Corporation, Series 2013-I (US ABS)’ (Dec. 6, 2013);

–’Access to Loans for Learning Student Loan Corporation, Series 2013-I: Appendix’ (Dec. 6, 2013);

–’Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

Access to Loans for Learning Student Loan Corporation, Series 2013-I — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=726037

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=930255

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

FinanceEducationFitch RatingsStudent Loan
Contact:

Fitch Ratings

Primary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com

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Fitch Affirms SLM Student Loan Trust 2006-3

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms SLM Student Loan Trust 2006-3 senior and subordinate notes at ‘AAAsf’ and ‘AA-sf’, respectively. The Rating Outlook remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch’s current U.S. sovereign rating is ‘AAA’ with a Stable Rating Outlook.

Sufficient Credit Enhancement: Credit enhancement (CE) is provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance), excess spread, and for the class A notes, subordination provided by the class B notes. The trust, below the 40% pool factor threshold, can release cash as long as total parity, not including the reserve account, is 100.00%. The trust has been releasing cash and maintaining this parity level. Including the reserve account, total and senior parities are 100.63% and 125.09% respectively.

Adequate Liquidity Support: Liquidity support for the notes is provided by a reserve fund sized at the greater of 0.25% of the pool balance of the loans and $2,502,119. The reserve fund is sized at the floor of $2,502,119 as of September 2014.

Acceptable Servicing Capabilities: Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.) is the servicer of the trust’s student loan pool. In Fitch’s opinion, Navient Solutions, Inc. is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since the FFELP student loan ABS relies on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has affirmed the following ratings:

SLM Student Loan Trust 2006-3:

–Class A-4 at ‘AAAsf’, Outlook Stable;

–Class A-5 at ‘AAAsf’, Outlook Stable;

–Class B at ‘AA-sf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–’Global Structured Finance Rating Criteria’ (Aug. 4, 2014);

–’Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (June 23, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=930116

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

FinanceInvestment & Company InformationFitch RatingsFFELP
Contact:

Fitch Ratings

Primary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

Sandro Scenga, New York, +1 212-908-0278

sandro.scenga@fitchratings.com

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Fitch Affirms SLM Student Loan Trust 2006-3

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Federal Home Loan Bank Of New York Declares A 4.05% Dividend For The Third Quarter Of 2014

From
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NEW YORK, Nov. 20, 2014 /PRNewswire-USNewswire/ — The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce that, on November 20, 2014, its Board of Directors (“Board”) approved a dividend for the third quarter of 2014 of 4.05% (annualized).  The dollar amount of the third quarter of 2014 dividend will be approximately $57.3 million.  The cash dividend will be distributed to member financial institutions on November 21, 2014.

“Our consistently strong performance over the first nine months of 2014 has positioned the Federal Home Loan Bank of New York to be able to provide our members with a reasonable dividend in each of the first three quarters of the year,” said José R. González, president and CEO of the FHLBNY. “This consistency reflects the stability of our cooperative, which remains a reliable and trusted partner for our region’s local lenders.”

The dividend reflects the FHLBNY’s low-risk profile and conservative business strategy, and is also reflective of the continuation of a low interest rate environment.  The payout represents approximately 84 percent of available GAAP net income for the quarter (after setting aside restricted retained earnings); the remainder of net income will be put towards unrestricted retained earnings.  After payment of the third quarter of 2014 dividend, the FHLBNY’s level of unrestricted retained earnings will be approximately $800.8 million as of September 30, 2014.  The FHLBNY’s level of restricted retained earnings as of the same date was $204.7 million.  The FHLBNY will continue to maintain total retained earnings at levels calibrated to help ensure future regulatory compliance and provide additional protection for the capital investment of its stockholders. 

The FHLBNY filed its Form 10-Q for the third quarter of 2014 with the U.S. Securities and Exchange Commission on November 7, 2014.

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves more than 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT: Eric Amig 
(212) 441-6807
Brian Finnegan
(212) 441-6877

SOURCE Federal Home Loan Bank of New York

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Federal Home Loan Bank Of New York Declares A 4.05% Dividend For The Third Quarter Of 2014

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Colchester's hospitals are running out of cash

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Colchester’s hospitals are running out of cash

Colchester’s hospitals are running out of cash

First published

in News

THE trust battling to restore trust in Colchester’s hospitals is running out of cash.

Costly improvements aimed at bringing Colchester Hospitals Trust out of special measures means its reserves are dwindling so rapidly bosses will have to take out a loan next year.

A governors board meeting was told yesterday*thurs* how a review by new interim finance chief Andy Morris found the trust would probably run a budget deficit of just over £21 million this year.

With the trust already down £13 million after six months, the meeting heard the latest figure was much more realistic than the £8 million deficit predicted at the start of the financial year.

Interim chief executive Dr Lucy Moore said with £25 million in the bank, the trust may have to take out a loan from the Department of Health, via regulator Monitor, at some point next year.

She said: “Our cash position during the course of the year is deteriorating. We started the year with £25 million cash in the bank.

“As we move into the next financial year we will need to find a way of borrowing in order to cover the period going forward. We’re in discussions with Monitor about that.”

See Friday’s Gazette for more

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Colchester's hospitals are running out of cash

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