Podcasts about townstone

Our podcast show being released today is Part 2 of our two-part series featuring two former CFPB senior officers who were key employees in the Enforcement Division under prior directors: Eric Halperin and Craig Cowie. Eric Halperin served as the Enforcement Director at the CFPB from 2010 until former Director, Rohit Chopra, was terminated by President Trump. Craig Cowie was an enforcement attorney at the CFPB from July 2012 until April 2015 and then Assistant Litigation Deputy at the CFPB until June 2018. Part 1 of our two-part series was released last Thursday, June 12.  The purpose of these podcast shows were primarily to obtain the opinions of Eric and Craig (two of the country's most knowledgeable and experienced lawyers with respect to CFPB Enforcement) about the legal and practical impact of (i) a Memo to CFPB Staff from Mark Paoletta, Chief Legal Officer, dated April 16, 2025, entitled “2025 Supervision and Enforcement Priorities” (described below) which rescinded prior priority documents and established a whole new set of priorities which in most instances are vastly different than the Enforcement Priority documents which guided former directors,  (ii) the dismissal without prejudice of the majority of enforcement lawsuits that were pending when Acting Director Russell Vought was appointed to run the agency, and (iii) other drastic steps taken by CFPB Acting Director Russell Vought to minimize the functions and staffing at the agency. That included, among other things, an order calling a halt to all work at the agency, including the pausing of ongoing investigations and lawsuits and the creation of plans by Vought to reduce the agency's staff (“RIF”) from about 1,750 employees to about 250 employees (including a reduction of Enforcement staff to 50 employees from 258). We described in detail the 2025 Supervision and Enforcement Priorities as follows: ·       Reduced Supervisory Exams: A 50% decrease in the overall number of exams to ease burdens on businesses and consumers. ·       Focus on Depository Institutions: Shifting attention back to banks and credit unions. ·       Emphasis on Actual Fraud: Prioritizing cases with verifiable consumer harm and measurable damages. ·       Redressing Tangible Harm: Concentrating on direct consumer remediation rather than punitive penalties. ·       Protection for Service Members and Veterans:Prioritizing redress for these groups. ·       Respect for Federalism: Minimizing duplicative oversight and coordinating with state regulators when possible. ·       Collaboration with Federal Agencies: Coordinating with other federal regulators and avoiding overlapping supervision. ·       Avoiding Novel Legal Theories: Limiting enforcement to areas clearly within the Bureau's statutory authority. ·       Fair Lending Focus: Pursuing only cases of proven intentional racial discrimination with identifiable victims and not using statistical evidence for fair lending assessments. Key Areas of Focus: ·       Mortgages (highest priority) ·       FCRA/Regulation V (data furnishing violations) ·       FDCPA/Regulation F (consumer contracts/debts) ·       Fraudulent overcharges and fees ·       Inadequate consumer information protection Deprioritized Areas: ·       Loans for "justice involved" individuals ·       Medical debt ·       Peer-to-peer lending platforms ·       Student loans ·       Remittances ·       Consumer data ·       Digital payments We also described the status of a lawsuit brought by the union representing CFPB employees and other parties against Vought seeking to enjoin him from implementing the RIF. The Court has granted a preliminary injunction which so far has largely prevented Vought from following through on the RIF. The matter is now on appeal before the DC Circuit Court of Appeals and a ruling is expected soon. These podcast shows complement the podcast show we released on June 5 which featured two former senior CFPB employees, Peggy Twohig and Paul Sanford who opined about the impact of the April 16 Paoletta memo and proposed RIF on CFPB Supervision. Eric and Craig considered, among other issues, the following: 1.  How do the new Paoletta priorities differ from the previous priorities and what do the new priorities tell us about what we can expect from CFPB Enforcement? 2.  What do the new priorities tell us about the CFPB's new approach toward Enforcement priorities? 3.  What can we learn from the fact that the CFPB has dismissed without prejudice at least 22 out of the 38 enforcement lawsuits that were pending when Vought became the Acting Director?  What types of enforcement lawsuits are still active and what types of lawsuits were dismissed? 4.  What are the circumstances surrounding the nullification of certain consent orders (including the Townstone case) and the implications for other consent orders? 5. Has the CFPB launched any new enforcement lawsuits under Vought? 6. What level and type of enforcement is statutorily required? 7.  Realistically, what will 50 employees be able to do in the enforcement area? 8. What will be the impact of the Supervision cutbacks be on Enforcement since Supervision refers many cases to Enforcement? 9.  Will the CFPB continue to seek civil money penalties for violations of law? 10.  What types of fair lending cases will the CFPB bring in the future?11.  Will Enforcement no longer initiate cases based on the unfairness or abusive prongs of UDAAP? Alan Kaplinsky, former practice group leader for 25 years and now Senior Counsel of the Consumer Financial Group, hosts the podcast show. Postscript: After the recording of this podcast, Cara Petersen, who succeeded Eric Halperin as head of CFPB Enforcement, resigned abruptly on June 10 from the CFPB after sending out an e-mail message to all its employees (which was shared with the media) which stated, in relevant part: “I have served under every director and acting director in the bureau's history and never before have I seen the ability to perform our core mission so under attack,” wrote  Petersen, who had worked at the agency since it became operational in 2011. She continued: “It has been devastating to see the bureau's enforcement function being dismantled through thoughtless reductions in staff, inexplicable dismissals of cases, and terminations of negotiated settlements that let wrongdoers off the hook.” “It is clear that the bureau's current leadership has no intention to enforce the law in any meaningful way,” Petersen wrote in her e-mail. “While I wish you all the best, I worry for American consumers.” During this part of the podcast show, we discussed the fact that the CFPB has entered into agreements with a few companies that had previously entered into consent agreements with former Director Chopra. After the recording of this podcast, the Federal District Court that presided over the Townstone Financial enforcement litigation involving alleged violations of the Equal Credit Opportunity Act refused to approve the rescission or undoing of the consent agreement based on Rule 60(b)(6) of the Federal Rules of Civil Procedure because of the strong public policy of preserving the finality of judgments.

Our podcast shows being released today and next Wednesday, June 18 feature two former CFPB senior officers who were key employees in the Enforcement Division under prior directors: Eric Halperin and Craig Cowie. Eric Halperin served as the Enforcement Director at the CFPB from 2010 until former Director, Rohit Chopra, was terminated by President Trump. Craig Cowie was an enforcement attorney at the CFPB from July 2012 until April 2015 and then Assistant Litigation Deputy at the CFPB until June 2018. The purpose of these podcast shows were primarily to obtain the opinions of Eric and Craig (two of the country's most knowledgeable and experienced lawyers with respect to CFPB Enforcement) about the legal and practical impact of (i) a Memo to CFPB Staff from Mark Paoletta, Chief Legal Officer, dated April 16, 2025, entitled “2025 Supervision and Enforcement Priorities” (described below) which rescinded prior priority documents and established a whole new set of priorities which in most instances are vastly different than the Enforcement Priority documents which guided former directors,  (ii) the dismissal without prejudice of the majority of enforcement lawsuits that were pending when Acting Director Russell Vought was appointed to run the agency, and (iii) other drastic steps taken by CFPB Acting Director Russell Vought to minimize the functions and staffing at the agency. That included, among other things, an order calling a halt to all work at the agency, including the pausing of ongoing investigations and lawsuits and the creation of plans by Vought to reduce the agency's staff (“RIF”) from about 1,750 employees to about 250 employees (including a reduction of Enforcement staff to 50 employees from 258). We described in detail the 2025 Supervision and Enforcement Priorities as follows: ·       Reduced Supervisory Exams: A 50% decrease in the overall number of exams to ease burdens on businesses and consumers. ·       Focus on Depository Institutions: Shifting attention back to banks and credit unions. ·       Emphasis on Actual Fraud: Prioritizing cases with verifiable consumer harm and measurable damages. ·       Redressing Tangible Harm: Concentrating on direct consumer remediation rather than punitive penalties. ·       Protection for Service Members and Veterans:Prioritizing redress for these groups. ·       Respect for Federalism: Minimizing duplicative oversight and coordinating with state regulators when possible. ·       Collaboration with Federal Agencies: Coordinating with other federal regulators and avoiding overlapping supervision. ·       Avoiding Novel Legal Theories: Limiting enforcement to areas clearly within the Bureau's statutory authority. ·       Fair Lending Focus: Pursuing only cases of proven intentional racial discrimination with identifiable victims and not using statistical evidence for fair lending assessments. Key Areas of Focus: ·       Mortgages (highest priority) ·       FCRA/Regulation V (data furnishing violations) ·       FDCPA/Regulation F (consumer contracts/debts) ·       Fraudulent overcharges and fees ·       Inadequate consumer information protection Deprioritized Areas: ·       Loans for "justice involved" individuals ·       Medical debt ·       Peer-to-peer lending platforms ·       Student loans ·       Remittances ·       Consumer data ·       Digital payments We also described the status of a lawsuit brought by the union representing CFPB employees and other parties against Vought seeking to enjoin him from implementing the RIF. The Court has granted a preliminary injunction which so far has largely prevented Vought from following through on the RIF. The matter is now on appeal before the DC Circuit Court of Appeals and a ruling is expected soon. These podcast shows complement the podcast show we released on June 5 which featured two former senior CFPB employees, Peggy Twohig and Paul Sanford who opined about the impact of the April 16 Paoletta memo and proposed RIF on CFPB Supervision. Eric and Craig considered, among other issues, the following: 1.  How do the new Paoletta priorities differ from the previous priorities and what do the new priorities tell us about what we can expect from CFPB Enforcement? 2.  What do the new priorities tell us about the CFPB's new approach toward Enforcement priorities? 3.  What can we learn from the fact that the CFPB has dismissed without prejudice at least 22 out of the 38 enforcement lawsuits that were pending when Vought became the Acting Director?  What types of enforcement lawsuits are still active and what types of lawsuits were dismissed? 4.  What are the circumstances surrounding the nullification of certain consent orders (including the Townstone case) and the implications for other consent orders? 5. Has the CFPB launched any new enforcement lawsuits under Vought? 6. What level and type of enforcement is statutorily required? 7.  Realistically, what will 50 employees be able to do in the enforcement area? 8. What will be the impact of the Supervision cutbacks be on Enforcement since Supervision refers many cases to Enforcement? 9.  Will the CFPB continue to seek civil money penalties for violations of law? 10.  What types of fair lending cases will the CFPB bring in the future? 11.  Will Enforcement no longer initiate cases based on the unfairness or abusive prongs of UDAAP? Alan Kaplinsky, former practice group leader for 25 years and now Senior Counsel of the Consumer Financial Group, hosts the podcast show. Postscript: After the recording of this podcast, Cara Petersen, who succeeded Eric Halperin as head of CFPB Enforcement, resigned abruptly on June 10 from the CFPB after sending out an e-mail message to all its employees (which was shared with the media) which stated, in relevant part: “I have served under every director and acting director in the bureau's history and never before have I seen the ability to perform our core mission so under attack,” wrote  Petersen, who had worked at the agency since it became operational in 2011. She continued: “It has been devastating to see the bureau's enforcement function being dismantled through thoughtless reductions in staff, inexplicable dismissals of cases, and terminations of negotiated settlements that let wrongdoers off the hook.” “It is clear that the bureau's current leadership has no intention to enforce the law in any meaningful way,” Petersen wrote in her e-mail. “While I wish you all the best, I worry for American consumers.”

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke colleagues Lori Sommerfield and Lane Page to dissect two unexpected fair lending developments under the new Trump administration. First, we unpack the Consumer Financial Protection Bureau's (CFPB) surprising move to vacate its own redlining consent order with Townstone Financial, Inc. We then analyze the Federal Housing Finance Agency's (FHFA) dramatic policy shift requiring two government sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac) to terminate special purpose credit programs (SPCPs), as well as the broader implications for mortgage lenders. Join us for the twists and turns of this evolving fair lending regulatory landscape and learn what steps institutions should consider taking to mitigate risks.

Ralph welcomes Robert Weissman, co-president of Public Citizen, whose group has filed eight lawsuits that have significantly slowed the Trump/Musk cabal's attempt to dismantle the government. Then, our resident Constitutional scholar Bruce Fein reports on Public Interest Law Day at Harvard Law School and how important it is for law schools in general to step up to meet this constitutional crisis. Plus, Ralph answers listener questions!Robert Weissman is a staunch public interest advocate and activist, as well as an expert on a wide variety of issues ranging from corporate accountability and government transparency, to trade and globalization, to economic and regulatory policy. As the President of Public Citizen, he has spearheaded the effort to loosen the chokehold corporations and the wealthy have over our democracy.The efforts in the courts are really vital to stem the illegal, unconstitutional actions of the administration, but also to show that there's a way to fight back. In these early days and months of the administration, there's been a sense that Trump is inevitable and unstoppable. And the actions in the courts, I think, have been really critical to illustrating that that's not true.Robert WeissmanIt's open season for the polluters. And of course, they're also promoting in a variety of ways a rush towards climate catastrophe by undoing the positive measures that have come recently from the Biden administration to deal with the climate crisis.Robert WeissmanIf you pull back all the enforcement rules, and you say we're not going to enforce the rules that are left over, corporations get the message. And they're going to bemore reckless, and it's a near certainty that we're going to have many more serious industrial disasters as a direct result of what they're doing at EPA and other agencies.Robert WeissmanBruce Fein is a Constitutional scholar and an expert on international law. Mr. Fein was Associate Deputy Attorney General under Ronald Reagan and he is the author of Constitutional Peril: The Life and Death Struggle for Our Constitution and Democracy, and American Empire: Before the Fall.If we don't inform the public (with the law students as well as others in the lead), we're not going to have rule of law and Harvard Law School will become an irrelevancy. It will be a museum piece.Bruce FeinI think the country and the law students are going to pay a price. They're being very narrow and myopic with regard to their immediate preoccupation with their trade school, where they're going to work the next day, and very little given to the fact that if we don't have a country anymore, they aren't going to have a legal career.Bruce FeinIt's a more cowardly, timid type of law school whose explanations are still ready to be discovered. It's a real puzzle…because they have tenure, they have status, they have wealth, and they have the ability to defend themselves because they're skilled lawyers.Ralph NaderNews 4/2/251. Our top stories this week are on the topic of corporate crime. First, the American Prospect reports that the Trump administration is seeking to reverse a Consumer Financial Protection Bureau case against Townstone, a mortgage brokerage firm that blatantly discouraged potential Black borrowers. According to the Prospect, Townstone's owners Barry Sturner and David Hochberg vigorously promoted their firm though “personal-finance call-in infomercials,” on Chicago's WGN radio station. During these infomercials, which generated 90 percent of Townstone's business, Sturner and Hochberg “characterized the South Side of Chicago as a ‘war zone,' downtown Chicago as a ‘jungle' that turned on Friday and Saturday into ‘hoodlum weekend,'” and so on. As the Prospect notes, if Sturner and Hochberg were simply airing these views that would be perfectly legal, however unsavory. Instead, this program is “an informercial, which generates 90 percent of the brokerage's leads, which the brokerage pays WGN to air, presumably punctuated at regular intervals by some phrase along the lines of ‘an equal housing lender.'” Therefore, this rhetoric was determined to have violated the Fair Housing Act, the Equal Credit Opportunity Act, and the Community Reinvestment Act. The remarkable thing about this case is that it was brought by the Trump administration's CFPB between 2017 and 2020. Townstone eventually settled the case for a little over $100,000. Yet, just last week, the Trump administration 2.0 returned the money to Townstone posting “a long press release about how ‘abusive' and ‘unjust' the whole case had been.” This episode highlights just how much more extreme the new Trump administration is, even compared to the old one.2. Another outrageous case of corporate criminal leniency comes to us from Rick Claypool, a corporate crime expert at Public Citizen. For background, CNBC reports that Trump has “pardoned three co-founders of the BitMEX global cryptocurrency exchange, as well as…a former high-ranking employee.” As this piece explains, the co-founders received criminal sentences of probation…and were ordered to pay civil fines totaling $30 million,” after “Prosecutors accused the men of effectively operating BitMEX as a ‘money laundering platform' …[and] ‘a sham.'” But Trump went beyond pardoning the corporate criminals involved. As Claypool noted, “the crypto corporation pled guilty and was sentenced in January to two years' probation,” leading Claypool to wonder whether Trump would pardon the corporation itself. His question was answered on March 29th when Law360 reported that yes, Trump pardoned the business entity. This is the logical endpoint of regarding corporations as people. Not only will individual crooks be let off the hook, the whole crooked enterprise will come out unscathed.3. New evidence confirms the redistribution of wealth from working people to the capitalist class. A February 2025 RAND Corporation study titled “Measuring the Income Gap from 1975 to 2023” finds that, “the bottom 90 percent of workers would have earned $3.9 trillion more with..more even growth rates [since 1975],” resulting in a “cumulative amount of $79 trillion.” This study extends prior estimates by factoring in “inflation, growth in inequality, and a longer time frame.” And even more recently, an April 2025 article in the Journal of Political Economy, titled “How the Wealth Was Won: Factor Shares as Market Fundamentals,” finds that “40% of [the increase in real per capita value of corporate equity, which grew at an annual rate of 7.2% between 1989 and 2017]…was attributable to a reallocation of rewards to shareholders in a decelerating economy, primarily at the expense of labor compensation.” This study estimates “Economic growth accounted for just 25% of the increase,” and compares this period to the preceding era, “1952–88, [which] experienced only one-third as much growth in market equity, but economic growth accounted for more than 100% of it.” Taken together, these studies starkly illustrate an American economic machine built to make the rich even richer and the poor ever poorer.4. On the other end of the criminal penalty spectrum, the Department of Justice announced on Tuesday that they will seek the death penalty for alleged UnitedHealthcare assassin Luigi Mangione, the BBC reports. The first Trump administration saw the resumption of the federal death penalty after a 16-year hiatus; the Biden administration then issued a new moratorium and commuted the sentences of most federal death row prisoners. Since returning to power, Trump has aggressively pursued federal executions once again.5. In more positive legal news, NBC reports French far-right leader Marine Le Pen was found guilty Monday of embezzling over €3 million of European Union funds. The National Rally party leader was sentenced to four years in prison (with two on house arrest and two suspended), a €100,000 fine, and a ban on holding political office for five years – making her ineligible for the 2027 French presidential election, which polls showed her leading. Her party will, for the time being, be led by her protégé 29-year-old Jordan Bardella. It is unclear if he will enjoy the same popularity Ms. Le Pen held. She announced that she plans to appeal the verdict, but will remain ineligible for public office unless and until she wins that case.6. In more international news, British police last week executed a shocking raid on a congregation of the Quakers. The Guardian reports, “More than 20 uniformed police, some equipped with Tasers, forced their way into the Westminster meeting house…[and] seized attenders' phones and laptops.” In a statement, Paul Parker, the recording clerk for Quakers in Britain, said “No one has been arrested in a Quaker meeting house in living memory… This aggressive violation of our place of worship and the forceful removal of young people holding a protest group meeting clearly shows what happens when a society criminalises protest.” The stated charge is the absurd “conspiracy to cause a public nuisance.” A report on the incident in Church Times adds a statement from Oliver Robertson, head of witness and worship for Quakers in Britain, who said “This raid is not an isolated incident. It reflects a growing trend of excessive policing under new laws brought in by the previous government, which are now being enforced by the current administration.” Even former Tory minister Jacob Rees-Mogg, criticized the raid, stating “There has long been a tradition in this country…that religious spaces should not be invaded by the forces of law and order unless absolutely necessary.”7. Of course, the outrageous use of lawfare on Israel's behalf continues in the halls of Congress as well. In a letter, Congressmen Jim Jordan, Chair of the House Judiciary Committee, and Foreign Affairs Committee Chair Brian Mast – famous for his role as an American volunteer for the IDF – have announced their intention to investigate activist groups critical of the Israeli government – within Israel. According to the Jerusalem Post, these NGOs are being investigated to, “ascertain whether funding they allegedly received from the Biden administration was utilized for the judicial reform protests in 2023.” These groups include the Movement for Quality Government in Israel and Blue and White Future, among others.8. The government's use of brute force to muzzle criticism of Israel continues to rock academia. At Harvard, the Crimson reports 82 of Harvard Law School's 118 active professors have signed a letter which “accused the federal government of exacting retribution on lawyers and law firms for representing clients and causes opposed by President Donald Trump…described Trump's threats as a danger to the rule of law…[and] condemned the government for intimidating individuals based on their past public statements and threatening international students with deportation over ‘lawful speech and political activism.'” The letter reads, in part, “we share a conviction that our Constitution, including its First Amendment, was designed to make dissent and debate possible without fear of government punishment. Neither a law school nor a society can properly function amidst such fear.” This letter stands in stark contrast to the recent statement by Harvard President Alan Garber, in which he pledged to “engage” with the federal government's demands in order to protect the university's $9 billion in federal funding.9. Last week, we reported on the “lynching” of Hamdan Ballal, the Palestinian co-director of the Oscar-winning documentary No Other Land – and how the Academy of Motion Picture Arts and Sciences dithered before ultimately releasing a milquetoast statement decrying violence against “artists for their work or their viewpoints,” with no mention of Palestine or even Ballal's name. This caused so much uproar among Academy members that nearly 900 of them signed a letter “denouncing the Academy's silence,” per Variety. The letter and full list of signatories can be found here. Shamed, the Academy leadership was forced to issue a follow-up statement expressing their “regret that we failed to directly acknowledge Mr. Ballal and the film by name.” This statement continues “We sincerely apologize to Mr. Ballal…We abhor the suppression of free speech under any circumstances.”10. Finally, speaking of shame, the Hill reports that the shame of Congressional Republicans is giving Democrats a golden opportunity. According to this piece, “House Democrats are ramping up their aggressive strategy of conducting town halls in Republican-held districts, vying to exploit the GOP's advised moratorium on the events to make inroads with frustrated voters, pick up battleground seats, and flip control of the House in next year's midterms.” One Democrat, Bernie Sanders' 2020 campaign co-chair Ro Khanna, has held three town halls in Republican-held districts, whose main takeaway was “People are mad.” Republicans who have bucked the GOP leadership and held town halls anyway, such as Wyoming Rep. Harriet Hageman and Indiana congresswoman Victoria Spartz have found themselves looking down the barrel of constituents furious at the conduct of the administration in general and DOGE in particular. This, combined with the upset Democratic victories in recent special elections, has the GOP on a defensive backfoot for the first time in months. Could we be looking at the beginning of a Democratic tea party? Only time will tell.This has been Francesco DeSantis, with In Case You Haven't Heard. Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe

Townstone is still helping our customers close on their purchases, home equity lines/loans, and refinances in 30 days or less. With our 24 hour prequalification guarantee, there is still time to purchase your dream home or condo before the end of the year! Consumer credit cards continue to hit record balances and record interest rates! If you have equity in your property, we can help you with a new home equity line of credit or home equity loan to consolidate your debt, lower your monthly payment, and put you on the best possible financial footing before we hit 2025. Call Zach at 312-896-2114 to discuss your scenario. A preliminary chat only takes 5-10 minutes and is FREE with absolutely zero commitment. We start the week with stocks showing moderate weakness while the 10 Year Treasury Yield is fighting to stay below 4.2%. With the next FED announcement still over 2 weeks away, the odds of further cuts has dropped to 85% according to the CME FedWatch, with 15% of respondents expecting no further cuts at the next meeting. www.townstone.com

Last week's payroll report showed: Nonfarm payrolls surging by 254,000 in September, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate falling to 4.1%, down 0.1%, as the survey of household employment showed an even stronger picture, with a gain of 430,000. Average hourly earnings increased 0.4% on the month and were up 4% from a year ago. Both figures were ahead of respective estimates. And this weekend, Goldman Sachs lowered their odds of a recession to just 15%, meaning there's no better chance of a recession now than there is under any other normal circumstances. This might all seem like GOOD news, and it is for the country at large. But those of us in the mortgage world, see things a bit differently. Good news for jobs, payrolls, and recession risk is BAD news for those of you hoping for lower interest rates. As a result, mortgage rates are higher today vs. just a week ago and lots of people have been sitting on the sidelines watching rates drop and holding off on their purchases and refinances because they were expecting rates to drop further. Here at Townstone, we don't pretend to be fortune tellers, but we have been advising our clients to lock-in over the past few weeks knowing that rates are never guaranteed to go down. The one thing we WILL promise you: complete transparency on your next mortgage transaction. The best possible rate at any given time in the market. The lowest closing costs. The best mortgage process and customer service in the country. We've been doing this for over 22 years and our results speak for themselves. Fill out your request for a FREE consultation today at: www.townstone.com

After Monday's mid-podcast tantrum, Barry is back talking to his best buddy Zach about mortgages, real estate, economics, and anything else that suits their fancy. Tip for anyone communicating with Zach and the English language in general: Don't use the word “literally” unless you mean it. Correct use of literally: “Barry and Zach are literally recording the Townstone Financial Show at their studio located in the City of Chicago.” Incorrect use of literally: “I'm so tired that I could LITERALLY sleep for a year.” Or “That guitar solo LITERALLY melted my face off” The guys also talk about the ongoing US Open (Zach talks, Barry rolls his eyes). Remember, FREE consultations available at townstone.com Have a great rest of your week and happy Labor Day!

It's finally happened! The US 10-Year Treasury Yield has dropped below 4%! This is exactly what Zach and Barry have been telling our audience for months. Did you purchase or refinance between October-December 2023? NOW is the time to reach out to Barry or Zach (or fill out a FREE consultation request at Townstone.com) to see about refinancing to a lower rate so you can save money and interest! Refinancing can significantly reduce your monthly payments and the total interest paid over the life of your loan. Why pay more when you can pay less? Trick question! You shouldn't! In unrelated news, guess whose air conditioning went out yesterday during one of the hottest and most-humid days of the year? If you guessed “Zach”, you win a pat on the back from yourself. After 2 hours of troubleshooting, turns out it was the thermostat itself that went bad. Who'd imagine? So tune in to the Townstone Financial Show this week (and EVERY week) for real estate insight, mortgage tips, and occasionally comedy! Have a great rest of your week! Be sure to set up your FREE consultation at https://townstone.com/consultation-request/

The 2024 Summer Olympic Games are upon us! Zach wonders why the “Opening Ceremony” is scheduled for 7/26, but events Soccer, Rugby, Archery, and Handball are currently ongoing. What is Handball anyways? Barry and Zach also dive into the latest economic news and its implications for the mortgage and housing markets. With the U.S. economy showing a 2.8% growth rate in the last quarter (gross domestic product as reported by the Commerce Department), Barry and Zach discuss how this unexpected economic strength, coupled with easing inflation, might influence mortgage rates and home affordability. What does it all mean for potential homebuyers, current homeowners, and renters alike? Today's housing market is filled with both challenges and opportunities, including the impact of high home prices and mortgage rates on buyer sentiment. Tune in to hear Barry and Zach's predictions for the coming months and practical advice for navigating these turbulent times. So sit back, enjoy the show, and GO TEAM USA!!! Townstone is the #1 independent mortgage company, helping people like you since 2002. Visit www.townstone.com for a FREE consultation.

Did you manage to snag any good deals? U.S. shoppers spent a record $14.2 billion online during Amazon's two-day Prime event, up 11% year over year, according to Adobe Analytics data. Remember, it's only a “deal” if you're buying something you would've already bought, not some “chazerai” that'll only be collecting dust in the garage next week. More important than saving money on your TV, vacuum, paper towels, etc… is saving money on your mortgage! Instead of saving $10, $50, or even $1,000, you could save multiple thousands of dollars with a lower mortgage rate or closing costs by working with Townstone. This week the Midwest saw a series of storms (tornadoes, rain, wind, hail, cats/dogs….) Hopefully you and your family made it out unscathed along with your property. We like to take events like these as a good reminder to review your homeowner's insurance policy to check your deductibles, premium, and possible exclusions. Housing inventory in the Chicago area seems to be picking up as many of our prequalified clients are getting properties under contract. Zach has a client paying $3,200 in monthly rent set to buy a similar condo where the total housing payment (including taxes, insurance, HOA) will be $2,800. Saving money AND building equity at the same time, it's a no-brainer! As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Want to ensure your borrowers have a competitive edge and consistently win deals? It's easy when you work with Calque to offer a better ‘buy before you sell' solution. Calque provides a binding backup offer on a borrower's departing residence, which empowers lenders to provide a bridge-like experience with easier qualification and less risk. You'll make your job easy by offering non-contingent financing, eliminating the departing home from DTI, and reassuring borrowers with a Calque backup offer. Oh, and it costs less than other ‘buy before you sell' solutions. Visit www.calqueinc.com/lender to set up a demo. 

Want to ensure your borrowers have a competitive edge and consistently win deals? It's easy when you work with Calque to offer a better ‘buy before you sell' solution. Calque provides a binding backup offer on a borrower's departing residence, which empowers lenders to provide a bridge-like experience with easier qualification and less risk. You'll make your job easy by offering non-contingent financing, eliminating the departing home from DTI, and reassuring borrowers with a Calque backup offer. Oh, and it costs less than other ‘buy before you sell' solutions. Visit www.calqueinc.com/lender to set up a demo. 

Mortgage Rate Watch: With markets closed yesterday for Junteenth, we're ending the week with slightly higher mortgage rates vs. Monday/Tuesday. According to First American Data & Analytics' latest Home Price Index (HPI) report, home price appreciation appears to be “normalizing” nationwide with a few interesting tidbits: 1. Home prices are now 54.6% higher than pre-pandemic levels 2. Homes in the Starter Tier appreciated in price at a much higher rate than those in the Mid-Tier and Luxury-Tier. Lack Of Financial Knowledge Leads Borrowers To Overpay Survey data from the Federal Reserve Bank of Philadelphia revealed that a large fraction of borrowers overpay for their mortgage, varying with borrower types and with market interest rates. Researchers call this “financial sophistication” and say it is the key reason for overpayment. Townstone has been helping people secure mortgages with the lowest rates and costs, combined with the best customer service since 2002. You don't have to be sophisticated to fill out a request for a FREE consultation at Townstone.com. Stop overpaying on your mortgage!

Like Garfield, Zach loves lasagna and hates Mondays. Burying the lead: Mortgage rates start the week lower! Investors are digesting the latest manufacturing data, pushing the 10-Year Treasury Yield down to almost 4.4% Computex, a computer expo held annually in Taipei, Taiwan is nearly upon us! But that hasn't stopped companies like Nvidia, AMD, Intel, Microsoft, etc… from making some “pre” announcements. Looks like they are all doubling-down on AI; integrating it into their upcoming chips and software. Lots of talk about how AI will be taking people's jobs, but why stop there? Pretty soon you won't need to talk to friends, watch movies, or listen to music because the AI will handle all of that for you! We're still seeing lots of purchase activity as our prequalified buyers find properties they want to buy, some within days, others after years of searching. Credit card debt remains at all-time highs, so it might be time to take a look at one of Townstone's Home Equity products to let you consolidate your debt and save money on interest and monthly payments. Zach has jury duty next week and he's already nervous that he won't reach the right verdict. Remember, you can now buy official Townstone merch from Townstone.redbubble.com And as always: FREE mortgage consultations are available at https://townstone.com/consultation-request/

Barry and Zach have a beautiful feelin'! Everything's goin' their way! Memorial Day is right around the corner! Intended to be a day of honoring and mourning U.S. military personnel who died while serving, most Americans use it as a day to eat too many hotdogs and drink too many beers! And isn't that truly what America is about? While we may be stuffing our faces Monday, we truly thank the vets for their service. Townstone has been taking care of veterans with the lowest rates and costs on VA loans since 2002! Just imagine the alternate history without the brave service from these men and women; we might've been eating bratwurst and schnitzel. Barry's favorite stock Nvidia (NVDA) hits a new all-time high. The rest of the market seems pretty tame by comparison, while the yield of the US 10-YR Treasury flirts with 4.5%. Gold and Silver are down a bit for the day, but still near all-time highs as well. Conspiracy Alert: cicadas are supposedly out in the trillions, but have you seen any yet? Barry and Zach give their top tips for avoiding becoming a victim of the cicada brood! As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Townstone Financial has more products for home purchases, refinances, home equity line, home equity loans, reverse mortgages, down payment assistance, and more! Low rates, top-notch services, and Barry and Zach (what more could you ask for?) Don't settle for any other mortgage company when you can be working with the BEST! As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Winter coats are going into the closet while home buyers, and home sellers are coming out! Are you ready to pounce on your dream home? A prequalification from Townstone is FREE and completed within 24 business hours! SCAM ALERT: Fake property sellers, landlords, and squatters. Buyers and Renters - make sure the person you're sending money to (earnest money, apartment application/security deposit) is actually the owner/agent! Landlords – make sure you actively monitor any vacant property! A trespasser can be dealt with by the police, but a squatter needs to be legally evicted which takes time and money. To our Chicago-based viewers and listeners: construction on the Kennedy starts (again) next week, so plan your commutes accordingly. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Don't wait until it's too late!!! The BIGGEST mistake people make when looking to consolidate debt is waiting too long before reaching out to Townstone for help. Once you're late on your mortgage there often is little we can do since an on-time mortgage is one of the biggest factors in qualifying for a new mortgage, home equity line, or home equity loan. You and your family should strive to have a 3-6 months emergency buffer of money in checking or savings to pay your mortgage and other unavoidable monthly expenses and should reach out to Townstone BEFORE you've even needed to tap these funds to make your payments. Worst-case, reach out to us immediately after that first month of dipping into your emergency funds. There is no cost or commitment when you reach out to Townstone for a consultation. We'll simply review your scenario, see what program(s) you qualify for, and present you with the mathematically-best proposal that you can then decide to proceed with or not. We understand that there is sometimes shame or embarrassment being in some of these financial situations, but we don't judge, we only want to help! So don't wait until your bills are unmanageable and you're ineligible for help! Contact Townstone Today! https://townstone.com/consultation-request/

Townstone has the mortgage products to help you qualify! Fill out a free consultation request at https://townstone.com/consultation-request/ to see if you're eligible for an FHA mortgage or one of our many other products and programs.

Townstone has the mortgage products to help you qualify! Fill out a free consultation request at https://townstone.com/consultation-request/ to see if you're eligible for our self-employed bank statement mortgage or one of our other many products and programs.

Affordable Purchase Programs are here at Townstone! Fill out a free consultation request at https://townstone.com/consultation-request/ to see if you qualify for this or one of our other many products and programs.

Affordable Purchase Programs are here at Townstone! Fill out a free consultation at https://townstone.com/consultation-request/ to see if you qualify for this or one of our other many products and programs.

Did you complete your annual mortgage and financial check-in? If now, set up an appointment today at: https://townstone.com/consultation-request/ We will help you with your home purchase, refinance, cash-out, debt-consolidation, and movie recommendations! Starting with some good news: Mortgage rates start the year at their lowest point in the last 6 months! But the bad news: Insurance for home and autos is becoming the new “pain-point” for consumers as insurance companies are increasing premiums and even canceling renewals outright! Many home and car buyers don't even consider their insurance cost when making their purchases, but that will be changing quickly. Boeing is in the news again as the Federal Aviation Administration has ordered airlines to ground dozens of Boeing 737 Max 9 aircraft for urgent inspections. This order comes after a door plug blew out in the middle of a flight on Friday when the nearly brand-new aircraft was flying at around 16,000 feet. Fortunately, no person was hurt, but we can't say the same thing about the stock. Writing this before the show airs: Zach predicts Barry will see this as an opportunity to buy some Boeing stock on discount (UPDATE: he was wrong). As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Purchase Program Rundown Here's just a TASTE of our purchase mortgage products: "ONE+" gives you a credit of up to 2% of the purchase price with NO PMI "Purchase Plus" gives you a credit up to $5,250 of the purchase price with discounted PMI pricing "HomeRady/Homepossible" gives you reduced PMI pricing along with a great base rate with only 3% downpayment required How do you know if you qualify? Well, you fill out a free consultation at townstone.com for a 1 on 1 where we discuss your scenario and options to make sure you get the best possible loan for your situation. With mortgage rates at their lowest levels since September, it might seem like a boon for upcoming homebuyers, but there's another side to that coin: Zach and Barry discuss those implications. As for this week's non-mortgage gripe: Did you know about 10% of US Government spending is for debt servicing/interest on the money it owes? Like many economists, we argue that this is simply unsustainable. So, what do we do? Cut spending? Increase tax rates? Default on the debt? There's no easy answer, so the best thing you can do is make sure you get the best rate and program in your personal life by working with Townstone on your next mortgage. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Do you know what's better than a discounted TV this Cyber Monday? A lower rate or payment on your monthly mortgage! You could save thousands of dollars over 30 years vs. the 1-time savings you get with one of these so-called deals from Amazon or Wal-Mart. Rates continue to drop as we head towards the end of the year. If you haven't checked on market rates recently, you should absolutely fill out a free consultation request at Townstone.com to see what we can do for you. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

So about The Beatles… Paul, John, George, and Ringo (better known as The Beatles) released a new single. Zach is unimpressed. Mortgage rates hold steady as we start the week, but there's no telling where things will go from here. Thanksgiving is coming up, but are you more excited for the sales that come the day after on black-Friday? Let us know if there's any good ones out there! Speaking of deals though, saving on your mortgage is much more important than ANY of those deals you'll find in the weeks to come. For the best deal on your mortgage or home equity line/loan, you gotta go with Townstone. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Barry and Zach do a brief rundown of the variety of mortgage and equity products Townstone can offer: 1. Purchases - 1st time or 100th time 2. Rate and Term Refinances 3. Cash Out Refinances 4. Home Equity Loans 5. Home Equity Lines of Credit 6. Reverse Mortgages 7. Business Bank Statement 8. Investor/Rental Property Or just go to townstone.com and fill out a request for a FREE consultation and you'll be speaking with one of us in no time at all!

After hitting the highest levels in 20+ years, mortgage rates are easing! But would lower rates improve affordability for buyers or could there be some unintended consequences as more buyers come off the sideline to take advantage. Artificial Intelligence is coming for your job! How to mitigate the potential damage from Skynet. Realtors are feeling the heat as a federal jury ruled that the powerful National Association of Realtors and several large brokerages had conspired to artificially inflate the commissions paid to real estate agents, a decision that could radically alter the home-buying process in the United States. The almost 2 BILLION dollar ruling might only be the first domino to fall. Townstone has the best products to fit your needs: Home Equity Loans, Home Equity Lines, 1% down payment purchases, conventional, FHA, VA, reverse mortgage, and many more! We know you're a smart person and smart people use Townstone. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Cook County tax bills are out payable due 12/1/23. It seems like everyone is dealing with higher taxes, but what about the lucky few who saw their bills decrease? We know you're out there! Anecdotally, we're seeing upticks in refinance activity as people look to take advantage of their home equity to consolidate debt or build a cash-cushion for the future. Townstone offers multiple 1st and 2nd lien products to help you achieve this as we head towards the holiday season. Bonds/Mortgages hold steady as market awaits FED decision on Wednesday. No increase is expected. Also coming later this week: several key employment reports, including ADP's employment change figures and JOLTS job openings on Wednesday, and the September jobs report on Friday. The data will give investors hints about the state of the labor market after last week's weekly initial jobless claims suggested it may be cooling slightly. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

While mortgage rates are starting the week lower compared to the last, they are still near their highest levels in 20 years. But home values don't seem to be dropping as a result. Housing inventory remains low and as long as that remains the case, we can expect a continued “stalemate” between lending rates and home prices. If you want to be optimistic, there is some evidence that the worst is over. Mortgage News Daily is reporting that “the balance of recent Fed comments suggest the Fed is done hiking rates unless inflation flares up in an unexpected way. As of Friday 10/20/23, the market saw next year's Fed Funds Rate about a quarter of a point lower.” The 10yr Treasury at 5% is an important psychological level as it becomes an attractive entry point for bond buyers, which puts resistance/a ceiling at 5% and could help prevent higher mortgage rates for borrowers. We all wish we had a magic 8-ball and could predict the future, but the FED's future actions will be driven by economic data. The next FED rate announcement is on November 1st which means we are now in the scheduled “blackout” period and shouldn't expect drastic movement until next week. Of course, “shouldn't” is not the same as “won't” and we continue to watch the charts. Fill out the form for a FREE consultation at Townstone.com to see if you qualify for one of our many products including: 1% Down-Payment Purchase Home Equity Loans and Lines Reverse Mortgages And you can always call us at 312-896-2100 with your thoughts, questions, scenarios, or anything else we can help you with. FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Happy Monday! We start the week with the stock market showing about 1% gains across the DOW, NASDAQ, and S&P 500. The 10 Year Treasury is hovering above 4.7% after closing last week at 4.6%. Tech employees continue to struggle with Microsoft-owned LinkedIn laying off nearly 700 employees. With Microsoft's recent acquisition of Activision Blizzard, Lululemon is set to replace them in the S&P 500 at open on 10/18. Purchase contracts are still coming in as Townstone continues to offer the best in service, products, rates, and costs. Debt-consolidation also seems to be a major need right now as high interest rate debt crushing many consumers. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Today is National Cheeseburger Day which perfectly encapsulates the adage "penny smart, dollar foolish". Sure, you can save a couple of dollars on a cheeseburger today, but you can save $40 each month just by getting a 0.25% decrease on your mortgage rate (assuming $250,000 balance). Here at Townstone, we ENCOURAGE our customers to shop for the lowest rate! Why? Because we know we have the best in the industry. Combine that with our variety of loan products and unparalleled customer service, the only reason you wouldn't use Townstone is Zach's insistence on wearing black every day.... As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

The last two weeks have been UGLY for the mortgage market. The average rate on the popular 30-year fixed mortgage hit 7.48%, according to Mortgage News Daily. But lack of inventory and rising rents are keeping home prices steady. It's still a seller's market here in the Midwest. But it's not only mortgage rates that are higher. Credit card debt is reaching record highs with many rates exceeding 20%! Here at Townstone, we're seeing a ton of activity with our fixed-rate home equity loan program that lets you take advantage of the equity in your home to help you consolidate your debt, lower your payments, make home improvements, etc... Purchases, refinances, home equity lines/loans, reverse mortgage, we have it all! As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/ Have a great week!

Monday Blues? Turn that into GREEN when you tap the equity in your home with a home equity loan or line of credit. Consolidate those payments into a single new mortgage with fixed or variable terms! Inflation at Wimbledon? The price of strawberries and cream remains frozen for a tenth consecutive year – locked in an inflation-proof bubble at £2.50 (just over $3). Congrats to Carlos Alcaraz on his victory over Novak Djokovic in a match that almost lasted 5 hours! How loyal are you to your bank? Per Matt Levine of Bloomberg: “Relationship businesses in general are on the decline. In a world of electronic communication and global supply chains and work-from-home and the gig economy, business relationships are less sticky and ‘I am going to go into my bank branch and shake the hand of the manager and trust her with my life savings' doesn't work. ‘I am going to do stuff for relationship reasons, even if it costs me 0.5% of interest income, or a slightly increased risk of losing my money' is no longer a plausible thing to think.” Do you agree? Townstone has the most-loyal customers in the mortgage business because we have the most programs, the lowest rates, the cheapest costs, and the best customer service. Maybe it's time you find that out for yourself? Free consultations available at: https://townstone.com/consultation-request/

NASCAR comes to Chicago in what appears to be a successful event that brought life-long fans of racing together with first-time locals. The city was a great backdrop, and it was nice to have good news coverage of Chicago for a change! 4th of July weekend brought some significant purchase activity to the Midwest. Some of you were enjoying BBQs with family and friends, while others were placing bids on new properties. While there may have been a slight slowdown in June, there's been a flurry of buying and selling activity the last two weeks. MAKE SURE YOU ARE SHOPPING FOR THE BEST DEAL ON YOUR MORTGAGE! We'd like to think that every mortgage company out there is looking out for you, but the truth is: they aren't. Here at Townstone, we are happy to step in and review the Loan Estimates from our competitors to tell you if you're truly getting a square deal on your loan. Don't settle for 2nd-rate service, higher closing costs, or higher rates! Townstone Financial has been helping people like you save money on their mortgage since 2002. https://townstone.com/consultation-request/

In this era of divisiveness, it was nice to see the world come together last week to speculate on the fate of the adventurers who perished in the Titan “submarine” after paying $250,000 for the privilege. Barry and Zach are considering starting a rocket company to offer trips to the moon out of Barry's garage, any takers? In real estate news: May 2023 saw listings of existing homes plummeting while at the same time, homebuilding projects surged in by the most in more than three decades. Mortgage rates have held relatively stable since the last Fed meeting when they decided against another immediate increase, but they did expect a further 2 increases before the year was out. If you're in the market for a home purchase, refinance, home equity line or loan, reverse mortgage, or trip to the moon: make sure you head to Townstone.com to fill out a FREE consultation. We have more products, lower rates, lower costs, and better haircuts than the competion. So the decision is EASY!

Smog! Hazardous air quality continues to hit parts of the eastern U.S. Euro-zone OFFICIALLY hits a recession, but what about here? Investors flee Phoenix real estate market, but we're not seeing the same for residential real estate in the midwest. Taylor Swift brings hotel occupancy in Chicago to all-time highs! 1% downpayment purchases are still our latest and greatest offer to qualifying borrowers, while home equity loans continue to be a great solution for debt-consolidation or home improvements. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

What would happen to real estate and mortgage markets? In other news: Townstone has an incredible 1% downpayment purchase program for eligible borrowers. You put down 1%, the lender gives you an additional 2%, and the loan doesn't even have PMI (mortgage insurance) As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Real Estate and Mortgage Market Updates! Lack of housing inventory keeping home prices stable. Upcoming casino in Chicago redesign, will it help or hurt? Purchases and Cash-Out/Debt-Consolidation seem to be the name of the game lately. Townstone is always expanding our product portfolio to make sure you have the loan that's the best fit for you and your family. As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Tucker is out at FOX and Lemon is out at CNN, but Barry and Zach are still here for you at Townstone! The spring purchase market is in full swing! It might be a good time to take another look at housing inventory that came to market this last month or two. Rents (at least in Chicago) continue to rise! We're hearing from people with landlords asking for 30% or higher year-over-year increases! Mortgage rates seem to have stabilized vs. the roller coaster we were dealing with at the start of the year, but is this new "normal" sustainable? We continue to expand our menu of loan products and options, so be sure to contact us for your next purchase, refinance, home equity line, home equity loan, reverse mortgage, bank statement loan, investor loan, and more! As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

The Rich Zeoli Show- Hour 4: On Thursday, SpaceX's unmanned Starship rocket exploded several minutes after taking off from its South Padre Island, Texas launchpad. SpaceX touted the next-generation rocket as being “the world's most powerful launch vehicle ever developed.” In a statement made on Twitter following the explosion, SpaceX founder Elon Musk stated, “Congrats SpaceX team on an exciting test launch of Starship! Learned a lot for next test launch in a few months.” In their Wall Street Journal editorial, John Berlau and Stone Washington document a disturbing attempt by the Consumer Financial Protection Bureau to censor speech. They write: “In a lawsuit against Townstone Financial, a small Chicago-area nonbank mortgage firm, the CFPB is signaling that it may attempt to punish anyone who complains about neighborhood crime. The CFPB accuses Townstone owner Barry Sturner and others affiliated with the company of making ‘statements that would discourage African-American prospective applicants from applying for mortgage loans.'” You can read the full editorial here: https://www.wsj.com/articles/shhh-the-cfpb-could-be-listening-townstone-crime-free-speech-chicago-brandon-johnson-mortage-48d4c260?mod=opinion_lead_pos5 While appearing on CNN's “This Morning”, White House Press Secretary Karine Jean-Pierre declined to answer questions about an IRS whistleblower who alleges the Biden Administration is inappropriately handling an investigation into Hunter Biden.

The Rich Zeoli Show- Full Episode (04/20/2023): 3:05pm- On Thursday, the House of Representatives advanced legislation that would prevent biological males from competing in women's sports. Ari Blaff of National Review writes, “[t]he House measure seeks to amend federal law so that ‘sex shall be recognized based solely on a person's reproductive biology and genetics at birth,' in order to determine Title IX athletics compliance. Title IX mandates that institutions that receive public funding from the federal government cannot discriminate on the basis of sex.” The bill passed along partisan lines—"with 219 Republicans voting in favor and 203 Democrats voting against.” You can read more here: https://www.nationalreview.com/news/zero-house-democrats-vote-to-protect-womens-sports-from-male-intrusion/ 3:10pm- While appearing on Real Time with Bill Maher, Rep. Katie Porter (D-CA) baselessly accused NCAA swimming champion Riley Gaines—who advocate for the rights of biologically female athletes—of simply speaking out for “likes and clicks.” 3:30pm- Henry gets cancelled for drinking English breakfast tea. 3:35pm- On Tuesday, high school volleyball player Payton McNabb spoke to the North Carolina legislature and documented the extensive injuries she suffered while competing against a biological male. After being struck by a volleyball spiked by the male competitor, McNabb suffered a concussion and neck injuries and is still dealing with impaired vision and partial paralysis. 3:45pm- If you were a single woman, which profession would you find more attractive? New York City Rat Czar or Pentagon UFO Czar? Rich, Matt, and Henry debate—listeners weigh-in. 4:05pm- On Wednesday, Speaker of the House Kevin McCarthy (R-CA) unveiled the “Limit, Save, Grow Act of 2023”—a 320-page bill that would raise the debt ceiling while concurrently cutting federal spending. According to The Washington Post's Tony Romm, the proposed legislation is estimated to “save the government $4.5 trillion over the next decade” including “$130 billion in spending cuts for 2024.” The bill would also create “new work requirements for welfare” and “block [President Joe] Biden's forthcoming program to cancel thousands of dollars in college debt.” Unsurprisingly, President Biden has already expressed opposition to Speaker McCarthy's proposal. You can read more about the legislation here: https://www.washingtonpost.com/business/2023/04/19/debt-ceiling-limit-republican-plan-explained/ 4:30pm- Is New York City coming for you cheeseburgers? While speaking with members of the press, “Mayor Eric Adams on Monday vowed to reduce emissions tied to city food procurements by 33 percent by 2030, unveiling data showing that in New York City, food consumption rivals transportation as a source of planet-warming gases,” according to Dana Rubinstein of The New York Times. You can read the full article here: https://www.nytimes.com/2023/04/17/nyregion/eric-adams-meat-emissions-nyc.html 4:45pm- Rich learns about the smelly, psychotic, and murderous founder of Earth Day! 4:55pm- Last month, The Wall Street Journal Editorial Board documented a “strange house call” the Internal Revenue Service (IRS) made to independent journalist Matt Taibbi's home—unannounced “the same day Mr. Taibbi testified before the Select Subcommittee on the Weaponization of the Federal Government.” The WSJ Editorial Board writes, “[t]he taxman left a note instructing Mr. Taibbi to call the IRS four days later. Mr. Taibbi was told in a call with the agent that both his 2018 and 2021 tax returns had been rejected…the curious timing of this visit, on the heels of the FTC demand that Twitter turn over names of journalists, raises questions about potential intimidation.” On Wednesday, Sen. Ron Johnson (R-WI) confronted IRS Commissioner Daniel Werfel about the aforementioned “visit” during a hearing on Capitol Hill. And on Thursday former-President Donald Trump released a video to social media condemning how Taibbi has been treated by the IRS. Read more about the story here: https://www.wsj.com/articles/irs-matt-taibbi-twitter-files-jim-jordan-daniel-werfel-lina-khan-84ee518?mod=hp_opin_pos_2#cxrecs_s 5:00pm- The Drive at 5: In a Wall Street Journal exclusive report, Aruna Viswanatha, Sadie Gurman, and C. Ryan Barber write, “[a]n IRS supervisor has told lawmakers he has information that suggests the Biden administration is improperly handling the criminal investigation into President Biden's son, Hunter Biden, and is seeking whistleblower protections… The supervisor has details that show ‘preferential treatment and politics improperly infecting decisions and protocols that would normally be followed by career law enforcement professionals in similar circumstances if the subject were not politically connected.'” You can read the full article here: https://www.wsj.com/articles/irs-whistleblower-says-u-s-is-mishandling-hunter-biden-probe-7cd127f2?mod=hp_lead_pos7 5:05pm- While appearing on Fox News with Sean Hannity, Rep. James Comer (R-KY) was asked about reports that Executive branch investigators are improperly handling an inquiry into Hunter Biden's tax filings. Rep. Comer said, “the walls are closing in on the Biden family.” 5:15pm- While speaking before the House Appropriations Committee, Transportation Secretary Pete Buttigieg blamed problems within his department on climate change and COVID-19. Meanwhile, Rep. Rosa DeLauro (D-CT) thanked Sec. Buttigieg for using “female dummies” for car crash tests. 5:20pm- The Mystery Movie Clip! 5:25pm- While speaking with a local television station, Chicago Mayor-elect Brandon Johnson refused to condemn looters and rioters whose actions on Saturday night resulted in enormous amounts of damage and left several people injured. 5:50pm- On Tuesday evening, conservative commentator Matt Walsh had his phone, Twitter, and emails infiltrated by a hacker. Walsh vowed to press charges against those who are responsible. 6:05pm- On Thursday, SpaceX's unmanned Starship rocket exploded several minutes after taking off from its South Padre Island, Texas launchpad. SpaceX touted the next-generation rocket as being “the world's most powerful launch vehicle ever developed.” In a statement made on Twitter following the explosion, SpaceX founder Elon Musk stated, “Congrats SpaceX team on an exciting test launch of Starship! Learned a lot for next test launch in a few months.” 6:15pm- In their Wall Street Journal editorial, John Berlau and Stone Washington document a disturbing attempt by the Consumer Financial Protection Bureau to censor speech. They write: “In a lawsuit against Townstone Financial, a small Chicago-area nonbank mortgage firm, the CFPB is signaling that it may attempt to punish anyone who complains about neighborhood crime. The CFPB accuses Townstone owner Barry Sturner and others affiliated with the company of making ‘statements that would discourage African-American prospective applicants from applying for mortgage loans.'” You can read the full editorial here: https://www.wsj.com/articles/shhh-the-cfpb-could-be-listening-townstone-crime-free-speech-chicago-brandon-johnson-mortage-48d4c260?mod=opinion_lead_pos5 6:40pm- While appearing on CNN's “This Morning”, White House Press Secretary Karine Jean-Pierre declined to answer questions about an IRS whistleblower who alleges the Biden Administration is inappropriately handling an investigation into Hunter Biden.

Mortgage rates are falling, but where is the bottom? Barry and Zach talk real estate, finance, and politics on this stormy election day from Townstone's studio in Chicago. We've been offering our clients the best in mortgage, home equity lines/loans, and reverse mortgages since 2002. Remember to fill out a FREE consultation at https://townstone.com/consultation-request/

Silicon Valley Bank Is For Sale! Are you in the market for a bank? Barry and Zach discuss the fallout and impact it's had on the mortgage market. FHA loans require 3.5% downpayment, but now Townstone is proud to offer a program that includes 3.5% downpayment assistance in the form of a forgivable 0% loan! It seems like we're getting new products and options for our borrowers every day, so be sure to fill out a free consultation request form on our website to stay in the loop. https://townstone.com/consultation-request/

Zach and Barry go through the mortgage and real estate process when working with Townstone Financial. Free Consultations Available by filling out the form at: https://townstone.com/consultation-request/

Barry and Zach discuss credit scores, how they're calculated, and some basic steps you should take to make sure you get the best possible rate on your next loan. Remember, we offer FREE 1 on 1 consultations through our website: https://townstone.com/consultation-request/

Whether you're just starting your homebuying journey or a seasoned pro, here are the top "Townstone Tips" to help you make the process easier. Barry and Zach share their top homebuying tips to help you navigate the complex and often overwhelming world of real estate. We discuss everything from understanding your budget, getting pre-approved for a mortgage, negotiating with sellers, and avoiding common pitfalls. Barry and Zach cover all the essential information you need to know to make your homebuying experience as smooth and stress-free as possible. FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Election Day in Chicago! Townstone product changes and additions! Mortgage market updates and predictions! As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

It's election day here at Townstone! 2022 has been a rough year for real estate and mortgages as the average rate for a 30 year fixed pretty much doubled. Will Republicans take the House? Will they take the Senate? Will any outcome in today's election help move interest rates back towards their 2021 lows? Barry and Zach discuss!

Townstone CEO Barry Sturner talks about paying off credit card debt with WGN's Steve Bertrand.