Accounts – Pangu Thu, 13 Jan 2022 06:38:47 +0000 en-US hourly 1 Accounts – Pangu 32 32 Financial Executives Release Report on Climate Risks Calling for Agricultural Resilience Tue, 23 Mar 2021 06:02:17 +0000

A report released today by a subcommittee of the U.S. Commodity Futures Trading Commission, Climate risk management in the US financial system, examines the threat that increasingly extreme and volatile weather conditions pose to the stability of financial markets, including U.S. agricultural markets. EDF representatives sat on the 35 members panel.

The report found that climate risks pose a wide range of threats to U.S. agriculture, including heat stress to farm workers, livestock and crops, degradation of soil and water quality, disturbances more frequent supply chain trends and decreases in productivity.

This past spring, farmers in the Midwest were hit by record spring flooding, sweeping away crops and livestock. This year, many of the same farmers have been hit by the double whammy of derecho amid a pandemic.

These threats translate into financial risks for agricultural businesses and finance providers, compromising the financial health of community banks, agricultural banks and local insurance markets, which could leave small businesses, farmers and households behind. without access to essential financial services.

Despite these challenges, farmers – and the financial system that supports them – have the resources and capacities to build their resilience.

Climate-resilient agricultural practices that pay off

Many well-known conservation practices like direct seeding, cover crops, extensive crop rotations and nutrient use efficiency generate both financial and environmental value reducing production costs and the risk of crop yields during adverse weather conditions.

For example, an analysis of yield data collected from a national cover crop survey found that farmers experienced a 3% increase in corn yield and a 5% increase in soybeans after five consecutive years. use of cover crops. In the drought year of 2012, farmers reported even larger yield increases when they used cover crops – nearly 10% for corn and 12% for soybeans.

However, the challenges of transitioning to new practices in the early years prevent many farmers from achieving these long-term benefits.

Business leaders, from food businesses to agricultural credit institutions, can support farmers’ transition to conservation practices and help build resilience in the food, agriculture and finance sectors in states -United.

How business and financial leaders can help

The central message of the CFTC report is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they must act urgently and decisively to measure, understand, and manage those risks. He also urges the financial community not to wait for regulators to act, but rather to innovate and develop their own solutions.

EDF recently published a report, Financing resilient agriculture: How agricultural lenders can reduce climate risks and help farmers build resilience, which details how agricultural lenders can assess their climate risk and realign decision making and lending products to better leverage climate resilience.

Food companies are also working to remove barriers to adopting good agricultural practices that benefit the environment. For example, Cargill, who also served on the CFTC subcommittee with EDF, is a founding investor in the Soil and Water Outcomes Fund, a collaborative market-based program to accelerate soil health and water conservation on Iowa farmland and provide a vital new source of financial incentives for Iowa farmers.

John Hartmann, Global Sustainability Manager for Cargill’s Agricultural Supply Chain, said: “At Cargill, we believe the future path should generate positive incentives that realize the potential of nature-based climate change solutions and agriculture and avoid adding financial constraints to agricultural producers.

With a commitment to tackle climate risks and collaborate on solutions, we must not rely solely on the courage of farmers to weather the storms ahead. Farm businesses and donors can help farmers transition to a more resilient future.

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U.S. Congress Reaches COVID-19 Aid Deal, Schedules Votes For Monday Tue, 23 Mar 2021 06:02:17 +0000

WASHINGTON, Dec.20 (Reuters) – U.S. Congressional leaders on Sunday reached agreement on a $ 900 billion plan to provide the first new aid in months to an economy and people affected by the outbreak of the pandemic coronavirus, with votes likely on Monday.

The package is said to be the second biggest economic stimulus in U.S. history, after a $ 2.3 trillion aid bill passed in March. It comes as the pandemic accelerates, infecting more than 214,000 people across the country every day. More than 317,000 Americans have already died.

“Finally, we have the bipartisan breakthrough the country needs,” Senate Republican Majority Leader Mitch McConnell said in the Senate after months of controversial debate.

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Republican and Democratic leaders said the package should have enough support to pass both houses of Congress.

President Donald Trump is backing the bill and will sign it, White House spokesman Ben Williamson said.

The package would give $ 600 in direct payments to individuals and increase unemployment benefits by $ 300 per week. It also includes billions for small businesses, food aid, vaccine distribution, transit and health care. It extends a moratorium on foreclosures and provides $ 25 billion in rent assistance. Read more

“Anyone who thinks this bill is enough doesn’t know what’s going on in America,” Democratic Senate Leader Chuck Schumer said at a press conference. He said he would push for more help after Democratic President-elect Joe Biden took office on January 20.

Lawmakers said they resolved disputes over the Federal Reserve’s pandemic lending authority and other issues that forced negotiations to continue over the weekend.

The Democratic-led House of Representatives will likely vote on the package on Monday, with the Republican-controlled Senate following, according to Democratic House Leader Steny Hoyer.

The dome of the US Capitol is seen overnight in Washington, United States, December 17, 2020. REUTERS / Erin Scott

Congress aims to include the coronavirus aid program in a $ 1.4 trillion spending bill funding government programs through September 2021.

But government funding is due to expire at midnight Sunday (0500 GMT Monday). The House voted 329-65 to extend funding until Monday, gaining more time to pass the coronavirus package and the larger government spending bill. The Senate must approve the temporary spending bill on Sunday and Trump must sign it to avoid disruption.


The relief bill leaves out two of the most controversial elements of the negotiations: corporate legal protections from coronavirus lawsuits, which had been requested by Republicans, and substantial aid to state and local governments. advocated by the Democrats.

But the package indirectly helps state and local governments by providing billions for schools, coronavirus tests and other expenses, Schumer said.

It also includes things unrelated to the pandemic: a bipartisan provision that aims to end surprise medical billing and one that allows for flood control and other water-related projects.

The bill would allow the Federal Reserve’s emergency loan programs to expire on December 31 for businesses and state and local governments, which Republicans said was unnecessary government interference in private businesses. . But this does not prevent the creation of similar programs.

The pandemic will be the biggest crisis the new Biden administration faces, although signs of hope have emerged as the United States begins vaccinating people against the highly contagious respiratory disease.

In the 11 months since the first cases of the novel coronavirus were documented in the United States, COVID-19 has put millions of Americans out of work, with unemployment rising. Economists say growth will likely remain slow until vaccines become widely available in mid-2021. find out more (Graphic:

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Reporting by David Lawder and Patricia Zengerle in Washington; Written by Grant McCool; Editing by Colleen Jenkins, Daniel Wallis and William Mallard

Our standards: Thomson Reuters Trust Principles.

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House Democrats ask 5 companies to return coronavirus aid Tue, 23 Mar 2021 06:02:17 +0000

WASHINGTON – A Democrats-led subcommittee overseeing federal aid against the coronavirus requires five companies to repay loans that the panel said should have been made to small businesses.

The subcommittee headed by Representative James Clyburn, DS.C., sent letters to the companies on Friday as the first official action. The House voted last month to create the panel over objections from Republicans who say it is partisan and duplicates other surveillance efforts around the federal government.

The panel said the companies contacted have received loans of $ 10 million or more, are all public, have over 600 employees, and have a market value of over $ 25 million.

The letters were sent to EVO Transportation & Energy Services Inc., a transportation operator in Arizona; Gulf Island Fabrication Inc., a Texas-based manufacturer of energy vessels; MiMedx Group Inc., a Georgia-based biopharmaceutical company; Quantum Corporation, a video streaming and storage company based in Silicon Valley, California; and Universal Stainless & Alloy Products Inc., a Pennsylvania-based steel manufacturer.

The letters ask companies to respond by Monday and let the committee know if and when they are refunding the money. They say the law providing the aid was passed by Congress to be a lifeline for small businesses that might be forced to lay off employees or shut down altogether.

“We did not intend these funds to be used by large companies which have a substantial investor base and access to capital markets,” the Democrats wrote.

Nearly 50 state-owned companies have already pledged money to the government’s emergency lending program of more than $ 600 billion, with Treasury Secretary Steven Mnuchin threatening criminal charges for breaking the rules. The administration has given companies until May 14 to repay it without penalty.

The Small Business Administration also said it would verify every loan over $ 2 million and, if any issues were found, would withhold the program’s offer to cancel the loan.

The SBA watchdog, meanwhile, found in a report released Friday that the agency’s rules for the program are mostly in line with the mandate of humanitarian aid legislation, but not in all cases. areas. Those who failed to meet targets prioritize underserved and rural markets, under what conditions loans can be canceled, advice on loan deferrals and loan registration, according to the office’s report. SBA Inspector General, Hannibal “Mike”. Ware.

In one example, the report states: “Because the SBA has not provided advice to lenders on prioritizing borrowers in rural and underserved markets, these borrowers – including rural, minority and women-owned businesses – may not have received the loans as expected. “

Several Democratic senators had called for the report to help ensure that “small businesses get the money they need and are treated fairly” by lenders.

A recent Associated Press investigation found that at least 147 state-owned companies received $ 555 million in potentially repayable loans. Some had market values ​​well over $ 100 million, and many had executives making millions each year.

The five companies the Democrats contacted have received $ 10 million in loans, and most have market values ​​well above $ 25 million. EVO Transportation & Energy Services, for example, has a market cap of $ 161 million and its shares are up 180% in 2020.

MiMedx Group Inc. said on Friday that it would repay the loan. None of the other four companies immediately returned a request for comment.

Republicans on the committee did not sign the letters and criticized Democrats for sending them.

“It is scandalous and telling that the first action committee the Democrats have taken is to blindly send letters of harassment to individual companies that have followed the law to keep their workers on the payroll,” said the Louisiana Representative Steve Scalise, the top GOP member on the panel and House Republican No. 2.

Scalise said the panel should work “on a bipartisan basis to help families return to work safely and begin to hold China accountable for the devastation it has wrought on the American people.”

Meanwhile, members of a separate, bipartisan congressional oversight committee said on Friday they had started reviewing actions by the Treasury and Federal Reserve to lend money to companies under the economic bailout law – even though the panel does not yet have a chair.

The Rescue Assistance Act dictates that House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell appoint the group’s leader, but they have yet to do so.

The statement came as the commission was required to issue a report 30 days after the first payment under the law.

“While we will not be releasing a report today, we are working to meet our responsibilities even in the absence of a staff, budget and chair, and intend to release one. soon, “said the four commissioners.

The four members who have been appointed so far are Sen. Pat Toomey, R-Pa., And Representatives Donna Shalala, D-Fla., And French Hill, R-Ark., As well as the former Democratic aide to the Bharat Ramamurti Senate.

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Top 5 Government Business Loan Programs in India 2021 Tue, 23 Mar 2021 06:02:17 +0000

The growth of an economy depends on its MSMEs, i.e. micro, small and medium enterprises. Currently, the MSME sector provides around 11.10 crore of jobs across the country, contributing 8 percent of overall GDP. In fact, these small businesses are responsible for about 40 percent of the country’s total exports and 45 percent of manufacturing output.Read also – GST Council Meeting: FM Sitharaman May Postpone Textile and Footwear Tax Hike

Yet like all start-ups, MSME entities face many obstacles in obtaining the right kind of financial support for existing business activities or for expanding their business. Read also – CES airlines offer airline tickets starting at Rs 1,122 to boost booking. Details here

We bring you the 5 best government loan programs that can help MSMEs with financial assistance Read also – Interest rates for retirement: here are the main changes to banking rules as of December 1

MSME loan in 59 minutes

This program, also known as the 59 Minute PSB Loan, was introduced to get fast business loan for people who need to grow their existing business.

Under this program, MSMEs can obtain loans ranging from 1 lakh INR to 5 crore INR in less than 59 minutes at an interest rate of 8.50% from public and private sector banks and NBFCs.

Pradhan Mantri MUDRA Yojana (PMMY)

The MUDRA program provides refinancing support to banks and NBFCs for loans to micro-units with loan needs of up to 10 lakhs INR under 3 categories like “Shishu”, “Kishore” and “Tarun” to signify the stage of growth / development. Under this program, credit is provided in the form of a commercial loan for vendors, traders, traders, commercial vehicles and equipment financing for micro-units.

Micro and Small Business Credit Guarantee Fund System (CGFMSE)

CGFMSE is a government business loan program that provides unsecured credit to the MSME sector. It includes both existing businesses and new businesses. Under this funding program, MSMEs have access to a loan amount of up to INR 2 crore with particular preference for eligible women.

National Small Industries Company (NSIC)

NSIC is an ISO MSME certified Indian government company. The NSIC assists and promotes the growth of MSMEs by providing financial, marketing, technological and other related services to encourage the growth of MSMEs.

Under this program, small industries can benefit from marketing assistance, which is crucial for the growth of MSMEs in the current intense competitive market, and from the credit support program which helps finance the supply of materials. premieres, marketing financing and syndication financing with banks for MSME.

Credit Linked Capital Grant Program (CLCSS)

The main objective of the credit-linked capital grants program is to assist in the technological upgrading of MSMEs, especially in rural and semi-urban areas. Under this program, CLSS companies can opt for a 15 percent subsidy on investment in qualifying machines. However, there is a maximum cap on the grant which limits it to INR 1 crore.

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No good reason to own Bitcoin other than pure price appreciation Tue, 23 Mar 2021 06:02:17 +0000

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BofA commodities strategist Francisco Blanch believes there is hardly any good reason to own Bitcoin (BTC), as the digital asset is correlated with other risky assets.

Additionally, BTC is “exceptionally volatile, which makes it impractical as a store of wealth or a payment mechanism,” Blanch writes in today’s research note titled “Bitcoin’s Dirty Little Secrets.”

“The portfolio’s main argument for holding Bitcoin is not diversification, stable returns, or protection against inflation, but rather simple price appreciation, a factor that depends on whether demand for Bitcoin exceeds supply. . Unlike other asset classes, our work shows that liquidity bursts as measured by the Amihud ratio caused positive Bitcoin returns. The 10-year average Sharpe ratio for Bitcoin is around 1.3 despite stellar returns, compared to NDX 1. In addition, Bitcoin returns are sensitive to increased demand for dollars. A net inflow of $ 93 million into Bitcoin can cause prices to rise by 1%, while the analogue of gold is more than 20 times higher, ”writes Blanch.

Demand for Bitcoin is what drives prices up because supply is artificially scarce. Digital assets are designed to become increasingly limited due to the halving of events that occur every four years.

“Fluctuations in demand are the key to price movements. Indeed, we show that major institutional announcements and reductions in miner rewards have been followed by upward movements in Bitcoin. Likewise, flows entering the Grayscale Bitcoin Trust (GBTC) appear to result in weekly Bitcoin returns. Some time ago, we argued that an increase in trading liquidity was a key feature of the asset. However, Bitcoin remains limited by its complex settlement process (crypto mining) and can only handle 14,000 transactions per hour compared to the 236 minutes declared by Visa, ”adds Blanch.

Bitcoin also ranks fairly poorly on environmental, social, and governance (ESG) ratings. In the environmental field, BTC today emits around 60 million tonnes of CO2. A further influx of $ 1 billion into Bitcoin could result in an increase in CO2 equivalent to 1.2 million ICE cars, according to BofA analysts.

“As hash energy today is mostly found in coal-fired Xinjiang, a link between prices, energy demand, and CO2 means that Bitcoin is tied to Chinese coal. If prices reach $ 1 million, Bitcoin could become the 5th largest issuer in the world, overtaking Japan. On social and governance issues, the democratization of money and the anonymity of property can be positive, as they are useful in territories where financial systems are corrupt and reduce costs by eliminating middlemen. But the negatives outweigh. Anonymity facilitates harmful activities. Reprisk, an ESG monitoring tool, found that 181 companies face Bitcoin-related risks relating to money laundering, corruption, bribery, fraud and data privacy breaches, ” adds Blanch.

On a more positive note, Blanch says the growth of decentralized finance (DeFi) shows the strength of the world’s second largest digital asset, Ethereum (ETH), whose platform is vital for DeFi applications.

“Still, Ethereum has ESG issues similar to Bitcoin’s, although it may have better tools to tackle them. DeFi is interesting, but small, and faces challenges in becoming mainstream. does not have a convincing loan proposition at the moment, and its diversification makes it difficult for the mass market, ”concludes the analyst.

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AIDS quilts for artist and partner, sewn during new pandemic Tue, 23 Mar 2021 06:02:17 +0000

Resonating with dinosaur iconography, the artist “saw herself as someone who was on the verge of extinction,” Carr said in a telephone interview. Below the painting are smaller squares, several of which are dedicated to his animal imagery. “He was so gentle with animals,” Ms. Vitale noted during a Zoom conversation with the other quilters this spring. Ms Mansion added: “He came from such a violent family, he took refuge in the woods.” Ms. Carr’s biography details the sadistic torture that the artist’s father inflicted on Mr. Wojnarowicz and his siblings; As a child, he escaped not only in nature, but also in the streets of New York.

Mr. Rauffenbart’s quilt, meanwhile, is dominated by the 1989 canvas by his partner “Something from Sleep III (For Tom Rauffenbart)”, who had resided in Mr. Rauffenbart’s apartment for decades before to be on display in the artist’s exhibition in 2018. In the silhouette of Mr. Rauffenbart looking through a microscope, we see a rendering of our solar system, the cosmos itself as part of the lover. Mrs Vitale remembers Mr Rauffenbart as a man who could find humor even in difficult situations and who loved to cook – a photo reproduced in his quilt shows him clowning with a pan on his head, brandishing a serving spoon and spatula. Ms. Hourigan describes him as a Renaissance man, interested in music, theater, food and travel. They all say he was completely devoted to Mr. Wojnarowicz.

Designed by gay rights activist Cleve jones, the NAMES Project AIDS Memorial Quilt provided a way for friends and lovers to commemorate those often abandoned by their families. Ms. Vitale recalls that some found the news that their gay children were even more difficult to accept than the fact that they were dying. The quilt had its first public display on the National Mall in 1987 when it consisted of just 1,920 panels, each measuring three by six feet, roughly the size of an average grave. “At the time, I said, ‘This is our Arlington,’” Ms. Carr said, comparing the quilt to the National Military Cemetery. It now commemorates over 94,000 people in 50,000 panels and weighs around 54 tons. (Among those panels is a Mr. Wojnarowicz designed for his longtime lover, longtime friend and lifelong mentor, photographer Peter Hujar, of whom he said: “Everything I have done I have. made for Peter. ”) Mr. Jones wrote of the quilt. in his 2016 book, “When We Rise: My Life in the Movement”, that “It could be therapy, I hoped, for a community increasingly crippled by grief, rage and helplessness” . This is proven by the experience of these women, who found it very moving and useful in overcoming their bereavement.

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Trump shatters restaurant hopes for immediate federal aid Tue, 23 Mar 2021 06:02:17 +0000

Photo courtesy of Luke Domask

Ignoring warnings that up to half of the restaurant industry will not survive without additional help, President Trump today announced that the White House is suspending negotiations with Congressional Democrats over another back-up plan until after the November 3 elections.

Instead, Trump tweeted that he asked Senate Majority Leader Mitch McConnell to focus on quickly confirming the president’s candidate for the Supreme Court, Amy Coney Barrett.

“Our economy is doing very well,” wrote the president. “The stock market (sic) is at record levels, employment and unemployment are also back in record numbers.”

Report after report, reports warned that the restaurant industry would be fatally injured if more federal help was not provided. The National Restaurant Association said 3% of restaurants nationwide have already closed, and 100,000 more are likely to close permanently over the next six months if they don’t have a lifeline.

“The twists and turns of these negotiations make a big splash here in Washington, but each additional week of inaction means hundreds more restaurants will close in communities nationwide,” Sean Kennedy, executive vice president of business public opinion of the National Restaurant Association, “If the White House and Congress stop working on a comprehensive plan, it will be a failure if they cannot at least come to an agreement on the bases that will allow restaurants to survive the winter – a second round of PPP and expansion of the employee retention tax credit.

“If Congress returns home without adopting a restaurant relief program, their neighborhood restaurants will close,” said the Independent Restaurant Coalition (IRC), a group formed at the start of the pandemic to preserve local restaurants , in response to Trump’s announcement. “We can’t afford five or six more weeks of falling income, debt and uncertainty in the colder weather. “

Industry lobbyists have warned of a cascading effect if the country’s second-largest private sector employer were to suffer massive shutdowns. The IRC assesses the damage at a 2.3% drop in employment nationwide, with 11 million people unemployed. “Congress should do this,” he said.

Restaurant owners were quick to sound Trump’s blow. “I can’t imagine that there won’t be #stimulus until after the election, “tweeted Danny Meyer, Founder and CEO of Union Square Hospitality Group in New York. Their communities, please reconsider!”

Trump attributed the suspension of negotiations on a new aid plan to House Speaker Nancy Pelosi’s refusal to negotiate in good faith. He accused the California Democrat of packing proposals with expensive programs that have nothing to do with fighting the coronavirus.

A $ 2.2 trillion aid bill, known as the HEROES Act, was passed by the Democratic-controlled House last week. The measure included the IRC’s plan to funnel $ 120 billion directly to restaurants.

The law found no traction in the Republican-controlled Senate, where leaders had shown support for a much narrower relief measure, derisively labeling the “skinny bill” as it had only allocated 1.6 trillion dollars in relief and stimulus funds.

With both aid measures at a standstill, negotiations were started in spurts by Pelosi and Treasury Secretary Steven Mnuchin. Trump’s directive effectively ends these communications.

“I have asked my representatives to stop negotiating until after the election when, immediately after my victory, we pass a major stimulus bill that focuses on hard-working Americans and small businesses,” he said tweeted the president.

Heather Lalley contributed reporting for this story.

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GA Telesis announces agreement to acquire fleet of 777-300ER aircraft Tue, 23 Mar 2021 06:02:17 +0000

FORT LAUDERDALE, Fla .– () –GA Telesis has signed an agreement to acquire a fleet of 777-300ER aircraft powered by GE90-115B engines with an undisclosed vendor. With the world’s leading aeronautical ecosystem and given the relative size of the acquisition, GA Telesis’ The plan for this fleet will encompass a broad strategy of aircraft leasing, engine leasing, as well as airframe and engine spare parts.

According to Marc Cho, president of the LIFT (Leasing, Investments, Finance & Trading) Group, “We were the first to manage 777 fleet divestiture strategies during the financial crisis, and we have built an extensive customer network for the product line. With around 1,000 aircraft in service, GA Telesis is proud to support a wide variety of clients across the GA Telesis Ecosystem ™, as the long-haul market prepares for the resumption of passenger traffic. ”

GA Telesis has achieved great success with the 777 platform, from the world’s very first detached 777 to the multitude of aircraft it has acquired and managed over the past decade. More recently, GA Telesis Partly acquired three aircraft from All Nippon Airways, following the award of the seven-year Cathy Pacific 777 fleet alienation contract.

About GA Telesis

RAISE is the group within the GA Telesis Ecosystem ™ responsible for leasing, investments, finance and trade through its business units ATG, LFG and CMG. the Asset Transaction Group (ATG) is engaged in the rental and trading of airplanes and engines. the Leverage Finance Group (LFG) is a direct lending platform that provides senior debt, secondary debt and uni-tranche financing solutions to lenders, investors and airlines. the Capital Management Group (GGC) oversees the capital management of third party investors, including GAIN 1 and 2 vehicles.

]]> IATA concerned about the acquisition of GECAS by AerCap Tue, 23 Mar 2021 06:02:17 +0000

The International Air Transport Association (IATA) has reportedly expressed concern over the proposed deal between Irish company AerCap and GE Capital Aviation Services (GECAS).

The global airline industry body warned the deal would reduce competition in the aircraft market.

In an interview, IATA Director General Alexandre de Juniac told Reuters: “We understand that the situation for leasing companies is difficult.

“But combining the two to have a big player (in) a very dominant situation is not good news for us.”

Last week, AerCap confirmed that it is in talks with multinational conglomerate General Electric (GE) to acquire GECAS in a deal exceeding $30 billion.

The acquisition includes a $34 billion transfer of GECAS’ net assets, including Milestone engine leasing and helicopter leasing businesses to AerCap.

AerCap chief executive Aengus Kelly said the overall size of the rental market would leave room for “abundant competition”.

de Juniac was quoted by the news agency as saying, “It’s never good news to have a supply chain dominated by one player.

“We hope this will not mean an increase in leases, which represent a very high cost for airlines.”

The transaction is subject to AerCap shareholder approval, regulatory approvals and other conditions. It should be completed in 9 to 12 months.

GE is expected to divest several other assets, including its aviation lending business, once the deal closes.

The Change Company Appoints Jason Biegel Chief Operating Officer, Residential Loans Tue, 23 Mar 2021 06:02:16 +0000

IRVINE, Calif .– (BUSINESS WIRE) –#Afro-American–The Change Company, the United States’ community development financial institution (CDFI), has appointed Jason Biegel as COO of its residential lending division, which operates under the Change Home Mortgage and Change Wholesale brands. Mr. Biegel’s appointment will take effect at the start of his employment on April 1, 2021.

Jason Biegel previously served as Managing Director of Development and Oversight of Industry-Leading Residential Mortgage Business Platforms for Angelo Gordon (2013-2020) and Lone Star Funds (2009-2012). Mr. Biegel began his career with Bear Stearns where he served as Senior General Manager responsible for the negotiation and management of residential mortgages.

Mr. Biegel said: “After working with The Change Company for the past two years, I am delighted to join the organization to lead it through its next phase of growth. The Change Company has successfully established itself as the primary originator of residential mortgages to senior borrowers who are not well served by banks and traditional lenders. With its investment grade credit rating, strong balance sheet, and proprietary lending products, I look forward to ensuring that the infrastructure, technology, and the Change team are able to significantly and prudently evolve business activities. I am especially excited to be working with the talented Foreign Exchange wholesale team to help our 800+ broker partners grow their businesses by using Change’s proprietary products to serve top borrowers others don’t.

Ted Ray, President of The Change Company’s mortgage banking arm, said, “Jason’s deep operational expertise, industry experience and track record make him the ideal leader to fill the role of COO. I look forward to working with Jason to continue our focus on attracting the best team of mortgage professionals in the industry. Mr. Biegel will help us grow our wholesale network with a particular focus on our industry-leading exclusive loans, including our innovative community mortgage.

The Founder of The Change Company, Steven Sugarman, added, “As America’s CDFI, we are committed to serving the $ 200 billion a year market of major borrowers unable to secure home loans from traditional and digital banks. . We are delighted that Jason Biegel has joined our team. He has the experience and expertise to help us take the next step in growing our highly scalable and differentiated origination platform. Jason has the passion and expertise we need to accelerate our mission of banking the unbanked, in a fair and responsible manner. Change continues its quest to bring social and racial equity to home loans. ”

The Change Company and its mortgage banking affiliate are each rated and certified by the United States Department of the Treasury to serve black, Latino, and low-income borrowers as well as low-income communities. As CDFI, loans issued by The Change Company are eligible for CRA credit and benefit from certain regulatory exemptions, particularly with regard to Z regulation and risk retention requirements. Entire loans issued by The Change Company have been included in securitizations issued by Pimco, Angelo Gordon, Starwood and others.

Change recently launched three corporate initiatives to expand access to capital for underbanked borrowers – its $ 1 billion Black Homeownership initiative, the $ 1 billion Latino Homeownership Initiative, and the $ 1 billion Latino Homeownership Initiative. $ 1 billion low income community homeownership. These initiatives were launched in partnership with Netflix and a consortium of FDIC-insured banks.

About The Change Company

The Change Company empowers homeowners, small businesses, and consumers to pursue their American dreams by bringing social and racial equity to banks and loans. The Change Company team has created businesses that have loaned more than $ 50 billion to more than 250,000 borrowers and provided financial services to more than two million Americans.

For more information, visit us at


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