Though players and fans may not have been satisfied with the results of last weekend’s football game against Oklahoma University, the people working behind the scenes to coordinate the weekend events said despite the influx of visitors, the weekend went well. Mike Seamon, director of game day operations, said more than 120,000 visitors made their way to campus last weekend, the highest total yet this year. “The near-perfect weather was a welcome change and added to the festivities of the weekend,” Seamon said. “As expected, we saw an increase in visitors to campus on both Friday and Saturday.” This increase was especially apparent in the parking lots on campus, which filled early in the day, Seamon said. “Given the spectacular weather, we found that people wanted to get to campus early and experience all of the various game day activities,” he said. Seamon said the tunnel tour of Notre Dame stadium had 4,752 visitors last Friday compared to 3,890 on Michigan State weekend and approximately 5,000 for Temple weekend. The pep rally had 7,500 people in attendance, compared to 7,000 before Michigan State and nearly 12,000 for the home opener. Additionally, the Friday football luncheon had more than 1,300 attendees, and students operating the campus pedal cab service provided more than 250 rides for guests on Friday and Saturday, Seamon said. Phil Johnson, chief of police for Notre Dame Security Police, said his staff made no custodial arrests Saturday but issued two citations for underage drinking. Seamon said no estimates were available on the number of Oklahoma fans who made it to the game, though they had a noticeable presence both on campus and in the stadium. “They obviously traveled well, but it’s impossible to guess how many bought tickets,” he said. Seamon said he and his staff are currently preparing for this weekend’s “away-home game” against Arizona State University at Dallas Cowboys Stadium as part of the annual Shamrock Series. Contact Ann Marie Jakubowski at [email protected]
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Federal Reserve Chair Janet Yellen has indicated that the Fed will consider raising interest rates at its December meeting for the first time since 2006. Her confidence appears to stem primarily from strong, consistent employment growth, though other key factors such as global market performance and terrorism threats are in the decision-making mix. Market players and market makers are watching closely, knowing the stock market ride might be coming to a close. One caveat to whatever reaction to a rate hike ensues is that investors have historically taken gains off the table in December only to drive the market upward in January, so I wouldn’t place too much credence in market behavior, assuming Yellen decides to test the waters with an increase tomorrow. Click here for a guide to the Federal Reserve powers and what happens when rates move. While some market reactions are more predictable than others, the relatively new phenomenon of marketplace (peer-to-peer) lending has yet to weather a rate hike. As a practical matter, we’re likely only talking about 25 basis points, which is hardly a shock to the system. This should be seen as more of a test, with the understanding that Yellen can halt further increases or even reverse her decision at the next meeting in the event of a sustained negative reaction in the markets or unforeseen external threats to the US economy. Most economists and market players appear to believe the ramifications of a slight increase can be effectively sustained. Goldman Sachs has even ventured to predict multiple increases in 2016.But it’s worth exploring the issue of liquidity, and where exactly capital in marketplace lending is being derived. Marketplace (Alternative) Lending OverviewFirst, it’s important to draw a distinction between the major players in this arena. Companies such as Prosper and Lending Club are the most well-known among the peer-to-peer lenders in the consumer loan space. (Click here for a list of marketplace lending definitions.) These companies are essentially exchanges that pair investors—both private and institutional—and borrowers. Think of it as “crowd-funding” consumer loans. Borrowers on these exchanges submit an application through an automated decisioning process that runs their credit and identifies certain risk factors before placing their requests on the exchange. Portions of their loan request, or in some cases the entire loan, can be purchased by an investor on the other side of the exchange. OnDeck, the largest US company in the small business space, provides a similar borrowing experience for small business owners in need of capital. There are hundreds of companies that have entered both the consumer and small business lending space but are considered “direct lenders.” These are companies that evaluate applications and decide whether or not to fund them directly. Here again, many are using institutional funds from banks, hedge funds or investment pools to fund loans. Some loans move entirely to the investors or are “participated” out in packaged investments. There are, however, “balance sheet lenders” who maintain the entire portfolio, thereby assuming all of the investment risk. Because the lending criteria is more automated and unsecured, rates on these investments are typically much higher than rates offered by traditional lenders. Consumers with compromised credit looking to pay down student loans or credit card debt are typically the prime targets for the consumer exchanges and direct lenders. Likewise, small businesses that have been locked out of the capital markets, regardless of their creditworthiness, have found a haven in this type of lending arrangement. Searching For YieldThe growth of marketplace lenders such as Prosper, Lending Club and OnDeck has caught the attention of Wall Street in a major way. Projected returns for loans on the exchanges are typically in the high teens, and reported default rates (though there is debate about the efficacy of these numbers) hover between 4 percent and 8 percent. We know that consumer default rates are the lowest in a decade, since the run-up to the banking crisis beginning in 2008. Recent reports indicate this trend may be in jeopardy, but the numbers are still remarkably low compared to the height of the crisis. Given the low cost of capital and relatively stable consumer default environment, investors have been able to toy with marketplace lending with relative comfort. The same logic has applied to the dramatic recovery in the stock market, as institutional investors have been able to essentially participate in quasi-riskless arbitrage, borrowing cheap money and investing for substantial gains in equities. Yet because the equity market is still highly volatile compared to the seemingly consistent yields in marketplace lending, investors have been willing to provide liquidity to the exchanges. Now that the Federal Reserve is emboldened enough by the employment recovery and is testing the waters with a rate increase, it calls the above strategy into question. The increase the Fed is considering is on the interbank lending rate, which is the cost at which banks borrow funds. While 25 basis points isn’t likely to disrupt very much, it will give pause to some institutional investors and cause them to re-evaluate their strategies going forward. Because the consumer exchanges rely so heavily on institutional investment dollars and the space is relatively new, there’s a chance that some of the more conservative investors will pull back and seek higher ground. Hedge funds will no doubt continue to play a significant capital role on the exchanges, however. Perhaps the more important trend to watch is consumer default rates. Employment growth has certainly been good for the economy and lower daily costs, such as gas prices, have provided some spending flexibility. But wage growth remains frustratingly low, which means the consumer is far from out of the woods. The UpshotThe combination of higher borrowing costs and increasing default rates will challenge the marketplace lending model over the next 18 to 36 months. It’s likely that direct lenders with stricter underwriting policies will be better positioned to withstand market forces than the exchanges.Tags & Sources: Federal Reserve Rate Increase, Janet Yellen, New York Times, Financial Times, Marketplace Lending, Prosper, OnDeck, Lending Club, Mayava Capital, Goldman Sachs, Peer-to-peer lending, alternative online lending, Consumer lending bubble, business loan consolidation, Business Loan Today, credit card lending, student debt, small business loans, consumer lending(Photo: Federal Reserve Chair Janet Yellen)
The Republic of Ireland international said: “From a personal point of view, I really couldn’t be more delighted or more proud. “I’ve been here since I was 12 years old, progressing from the younger teams through the youth team along with players such as Marc Albrighton, Barry Bannan and another couple who have just signed new deals in Nathan Baker and Andreas Weimann. “It’s great that we’ve all managed to come through together and there’s a bond there with this club that’s as close as family to us lads especially.” Manager Paul Lambert has been busy in the transfer market so far this summer, recruiting defenders Jores Okore and Antonio Luna, midfielders Leandro Bacuna and Aleksander Tonev, striker Nicklas Helenius and goalkeeper Jed Steer, and Clark is feeling positive about the coming season. “Everyone’s at the stage now where we just want to get out and play and the competition for places is tougher than it’s been these past few seasons, no doubt about that,” Clark added on avfc.co.uk. “The players who have come in have integrated into the squad really well. There’s definitely a vibrant feeling within the camp and a real desire to push on and keep building. We feel like we have very strong foundations in place. “The manager has also been superb in instilling confidence and ambition, a real desire to succeed for the club and we’re all hungry to achieve something here.” Ciaran Clark has become the latest player to pledge his future to Aston Villa, signing a new three-year deal through to 2016. Press Association The 23-year-old defender, an academy product at Villa Park, has made 75 appearances in all competitions for the club since making his senior debut in 2009, scoring six goals. He joins goalkeeper Brad Guzan, midfielder Ashley Westwood and fellow academy graduates Andreas Weimann and Nathan Baker in putting pen to paper on a new deal this summer.
The University of Wisconsin men’s basketball team, coming off an impressive win in the Gavitt Tipoff Games against Xavier, seem to have picked up another tally in the win column after high school senior Tyler Wahl signed his letter of intent for the Badgers Wednesday.According to a Wisconsin Basketball press release, Wahl is a four-star power forward that will join the growing class of 2023.Men’s basketball: Trio of Happ, Trice, Davison power Badgers past Xavier 77–68The University of Wisconsin men’s basketball team took a trip down to Cincinnati for the 2018 Gavitt Tipoff Games Tuesday Read…Wahl, originally from Lakeville, Minnesota, stands at 6-foot-7 and received offers and interest from Wisconsin, Minnesota, Northwestern, Butler and others.Wahl still has a senior season of basketball to play at Lakeville North High School. As a junior, he averaged 17.5 points, 12 rebounds, five assists and just under three blocks per game.“Tyler has a skill set matched with great athleticism that has us excited to work with him, and to help him reach his potential as a Badger,” Head Coach Greg Gard said in the press release.Football: Silver linings in lost Wisconsin seasonThe Badgers began this season with sky-high expectations that come with a No. 4 ranking in the preseason poll, but Read…Wahl, a former high school teammate of Badger sophomore forward Nate Reuvers, led his high school team to a 27-5 record and a Minnesota State Tournament appearance in the Class AAAA semi-final.“He comes from a winning high school program and knows what it takes to compete for championships,” Gard said.With the Badgers looking to restart their long-standing tradition to not only make — but excel — in the NCAA tournament, a strong 2-0 start to this season and the addition of Wahl to next season keeps the program and fans hopeful they will reach their goal.
This week many people started seeing their one-time payments directly deposited into their bank accounts. Many are still waiting for the checks to be mailed, depending on how each person has filed their tax returns.Most adults who earned up to $75,000 will see a $1,200 payout, married couples will see $2,400, and parents will get additional payments of $500 per child.One recent video that went viral claimed “Next year, you’re automatically going to owe $1,200 come tax season,” However, that information is false.The U.S. Treasury Department and Internal Revenue Service, which are working to deliver the money to people, confirmed to The Associated Press that households will not have to pay back the money in next year’s tax filing.There is no obligation to pay back the money. There has been multiple false reports online claiming that Americans will have to repay the relief checks they receive from the federal government under the $2.2 trillion coronavirus economic recovery bill.White House and Senate strike a deal on $2 trillion coronavirus stimulus bill!