Ripped From The Headlines October 30, 2023
Smart Devices Are Spying On You, Mortgage Lenders Clawing Back Bonuses, $670M In Commercial Loans Defaulted On - Read, Share, & Subscribe - SherlocExposes.com
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“International researchers are issuing a dire warning of security and privacy concerns lurking within smart homes. Led by IMDEA Networks and Northeastern University, scientists were able to demonstrate a variety of security and privacy threats due to the local network interactions of Internet of Things (IoT) devices and mobile apps.
‘When we think of what happens between the walls of our homes, we think of it as a trusted, private place. In reality, we find that smart devices in our homes are piercing that veil of trust and privacy — in ways that allow nearly any company to learn what devices are in your home, to know when you are home, and learn where your home is,’ says David Choffnes, associate professor of computer science and executive director of the Cybersecurity and Privacy Institute at Northeastern University, in a media release. ‘These behaviors are generally not disclosed to consumers, and there is a need for better protections in the home.’
For the study, researchers delved into the intricacies of local network interactions among 93 IoT devices and mobile apps and were able to unveil numerous previously undisclosed security and privacy concerns with real-world implications.
‘Our study shows that the local network protocols used by IoT devices are not sufficiently protected and expose sensitive information about the home and the use we make of the devices,’ adds Juan Tapiador, professor at the Universidad Carlos III de Madrid. ‘This information is being collected in an opaque way and makes it easier to create profiles of our habits or socioeconomic level.’”
THINGS TO PONDER:
Your “smart speaker” is smarter than you think.
IN THE WORST WAY POSSIBLE.
We’ve warned in the past that, if you have a smart speaker or smart device in your home you’ve paid to be in a giant beta for voice-controlled devices… that means, you won’t need a phone to do things like use smart glasses… which put an augmented reality layer over your life.
That won’t work unless these devices understand your tone… when you’re upset… when you’re happy, and when you’re stressed…
“To help you out…”
Now, scientists have put a face to the conspiracy theory that never was one: your devices are listening to you.
Know Your Foe.
Click Here to read the full article.
“David Siegel went to work for an affiliate of Guaranteed Rate in 2021 and got a signing bonus of more than $100,000. Interest rates were super low, and mortgage bankers were raking in cash.
Now that business has dried up, the mortgage company wants its money back. He said it fired him one month shy of the date when it could no longer ask for the bonus back, then demanded the money. Guaranteed Rate and its affiliates are also telling hundreds of other former employees that they have to return their signing bonuses, people familiar with the matter said.
‘It seems like they realize they aren’t making money in their mortgage business, so the way to get income is to claw back the payments,’ said Siegel, who is based in New Jersey.
Guaranteed Rate wouldn’t comment on individual employees. But its general counsel, Anwar Shatat, said, ‘We are not going to be apologetic about exercising our legal rights to recover our money.’
The mortgage industry is notoriously boom or bust, but this bust is especially bad—and it’s only getting started.
Unlike previous housing downturns, there’s no obvious way out. If the economy keeps chugging along, then the Federal Reserve will continue to keep rates high—which would in turn keep the housing market in the dumps. If the economy sinks, the Fed may loosen rates—but a recession wouldn’t do the housing market much good either.
Many mortgage companies are growing desperate. They are laying off workers, merging with other lenders or exiting the business altogether.
‘I’ve been in this business 40 years and I don’t remember a correction like this’ said David Stevens, a former housing-finance regulator who now consults for the industry.
Mortgage application activity is now at its lowest level in nearly 30 years, according to the MBA.
Many lenders have already decided they can’t go it alone. Of the top 500 lenders two years ago, there are now about 435, according to Garth Graham, a senior partner at Stratmor Group, a mortgage advisory firm.”
THINGS TO PONDER:
So much for the “booming economy.”
We’re not all doom and gloom either… we’re rooting for a booming economy with great fundamentals where everyone has a shot to make a lot of coin…
But we’re also called to name the enemy of that economic freedom when it tries to steal it from you.
And that’s what’s happening right now.
Step one is awareness… step two is action. Protect your wealth at ALL costs.
Know Your Foe.
Click Here to read the full article (requires free registration.)
“Some 88.9% of CMBS loans associated with office properties defaulted at their maturity in September, while 11.1% were paid off during the month and none were extended or modified, according to Moody's Analytics.
Defaulting office loans in September totaled $672M, with $83.7M of maturing loans paid off. September was by far the highest percentage and dollar total for office defaults in a single month this year, well above the previous high-water mark seen in April, when 51.1% of loans due defaulted, totaling $167.2M.
From the beginning of the year through Sept. 30, outcomes for maturing CMBS office loans have been more varied, with 34.1% defaulting, 34.7% being modified or extended, and 31.2% being paid off.
In the third quarter, 9.8% of maturing office loans were paid off.
Multifamily-linked CMBS payoffs dropped sharply in September, according to Moody's, with 71.7% of maturing loans paid off in the month. That follows three months of payoff rates for multifamily loans above 95%.
A significant number of the multifamily loans that failed to pay off in September were related to one sponsor, The Millennia Cos., Moody's reported.
‘The company focuses on affordable housing and [Low-Income Housing Tax Credit] projects and all of the loans that failed to pay off were affordable senior housing projects that were recipients of LIHTCs,’ Moody's reported. ‘This group of loans made up about 25% of the loans that failed to pay off.’”
THINGS TO PONDER:
Leading marketing indicators are coming faster than we’ve ever seen before…
Remember the saying: “If the bomb diffuser guy is running, you should try to keep up…”
Protip: Whatever your investment advisor is telling you to do:
Ask them to verify what THEY are investing in, and;
Verify what the groups you’re being told to invest in are doing.
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