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[–] [email protected] 2 points 14 hours ago* (last edited 14 hours ago)

For some strange reason Tor users are able to reach this otherwise paywalled article, so I will post the text below for all those who are unable to reach it. It’s long, so using a spoiler:

full articleThis article was featured in One Story to Read Today, a newsletter in which our editors recommend a single must-read from The Atlantic, Monday through Friday. Sign up for it here.

The Instant Pot is, by all indications, a perfectly good machine—maybe even a great one. The IP, as the device is known to its many devotees, is a kitchen gadget in the most straightforward sense of the term: It’s a classic labor-saver, promising to turn ingredients into family meals while you clean up, tend to your kids, and do all of the other things you could be doing instead of keeping an eye on the stove. Once you get the hang of the electric pressure cooker, it seems to basically deliver on that promise, chugging along gamely through years’ worth of weeknight dinners of pork green chili or chicken tikka masala. Since its debut in 2010, the Instant Pot has sold in the millions and spent years as a must-have kitchen sensation.

Sure enough, in 2019, when the private-equity firm Cornell Capital bought the gadget’s maker, Instant Brands, and merged it with another kitchenware maker, the combined company was reportedly valued at more than $2 billion. A few years and one pandemic later, the company filed for bankruptcy on Monday, weighed down by more than $500 million in debt after years of supply-chain chaos and limited success expanding the Instant brand into other categories of household gadgetry. Perhaps counterintuitively, that the Instant Pot remains a useful, widely appreciated gadget is not unrelated to the faltering of its parent company. In fact, it’s central to understanding exactly what went wrong.

The Instant Pot certainly didn’t invent at-home pressure cooking, but it did introduce the concept to lots of Americans, and it did so in a plug-in, set-it-and-forget-it format that wasn’t as intimidating (or as explosion prone) as using a stovetop pressure cooker. If you weren’t sure how much you’d use the pressure-cooking feature, that was fine—the IP billed itself as a “multi-cooker,” and it also slow-cooked, steamed, sautéed, cooked rice, and made yogurt. At the height of its popularity, in the 2010s, you could get a basic model on Amazon for less than $100, so giving it a shot wasn’t much of a risk, even if you ended up using it only occasionally. As the device became more popular, it seemed to generate endless word-of-mouth praise for its ability to generate one-pot dinners, and Facebook groups, websites, and cookbooks sprouted up to teach new users how to get the most out of their machine.

All of this amounted to the kind of public-relations coup that companies are constantly trying and failing to buy for their own new launches. Those failures are not infrequently a result of the products themselves; at this point, it’s very difficult to come up with a novel idea for a consumer good that addresses some kind of real and reasonably common issue. The average American just doesn’t have that many problems left that can plausibly be solved at the level of inexpensive gadgetry. The Instant Pot flourished because the company found a tiny bit of white space in a crowded market, and it sold a machine that did a serviceable job at helping out a particular type of very common home cook: someone who cooks regularly for more than one or two people, more out of necessity than because they find the process creative or relaxing. There was no slick branding exercise foundational to the Instant Pot’s success. The device was the brand. It still is.

Therein lies the problem, or at least one of the problems. A device developed primarily to address a particular food-prep inefficiency has a natural ceiling to its potential market, and when one catches on as quickly and widely as the Instant Pot, it can meet that market ceiling in pretty short order. Arguably, it can exceed it—people who wouldn’t have otherwise seen themselves as Instant Pot owners buy into the hype. Predictably, after a decade of lightning-fast sales in the United States, things seem to be cooling off. Instant Brands does not release detailed sales figures, but from 2020 to 2022, sales of multi-cookers as a product category dropped by half, according to the market-research firm NPD Group. Instant Pots dominate the category. Very few people seem to need or want a second IP within five years of buying a first one. Why would they?

From the point of view of the consumer, this makes the Instant Pot a dream product: It does what it says, and it doesn’t cost you much or any additional money after that first purchase. It doesn’t appear to have any planned obsolescence built into it, which would prompt you to replace it at a regular clip. But from the point of view of owners and investors trying to maximize value, that makes the Instant Pot a problem. A company can’t just tootle along in perpetuity, debuting new products according to the actual pace of its good ideas, and otherwise manufacturing and selling a few versions of a durable, beloved device and its accessories, updated every few years with new features. A company needs to grow.

In the past few decades, the idea that every company should be growing, predictably and boundlessly and forever, has leached from the technology industry into much of the rest of American business. Recently, it’s become clear that those expectations are probably not sustainable even for companies that have produced era-defining software products. They’re certainly not sustainable when placed on the shoulders of the humble Instant Pot, which, despite being an object with a digital display and a wall plug, was never technologically innovative so much as it was a clever, useful packaging of existing components. This was not at all unclear during the product’s heyday, but private-equity interests tried to moneyball it anyway, as they are wont to do.

When Cornell Capital acquired Instant Brands, in 2019, it merged the company with Correlle Brands, which it already owned and which makes a few lines of kitchenware, including Pyrex. It then began steering the brand into new markets with new products—it tried Instant-branded air fryers, blenders, air filters. None of the new product lines really worked out, because lots of other companies already do a fine job manufacturing and selling those things, and no one really had a reason to choose the Instant Brands version over competitors from Ninja or Vitamix or Honeywell, which specialize in those kinds of products in the way that Instant Brands does the multi-cooker. There was a lot of money, at least while interest rates were low, but there was no second good idea. Of course there wasn’t. Success on the Instant Pot scale is very seldom repeatable. It’s vanishingly rare for it to happen to a consumer-products company even once. But the pressures and expectations of private equity mean that that sort of astronomical success can still result in failure.

The Instant Pot, for its part, is not dead. Cornell Capital has brought in a restructuring crew, and the brand’s Chapter 11 bankruptcy filing allows it to continue doing business while it seeks relief from its debts. The problem is how the debts got there in the first place—in pursuit of growth for its own sake, of increased output with no clear needs that the new output would address. Even if the Instant Pot were the greatest kitchen gadget of all time, it wouldn’t be enough to overcome that faulty financial logic.

[–] [email protected] 1 points 14 hours ago

I don’t get how plastics can reach the food. Didn’t yours have a stainless steel innerpot with a metal cover on the food side?

 

Hardware far outlasts software in the smartphone world, due to aggressive chronic designed obsolescence by market abusing monopolies. So I will never buy a new smartphone - don’t want to feed those scumbags. I am however willing to buy used smartphones on the 2nd-hand market if they can be liberated. Of course it’s still only marginally BifL even if you don’t have demanding needs.

Has anyone gone down this path? My temptation is to find a phone that is simultaneously supported by 2 or 3 different FOSS OS projects. So if it falls out of maintence on one platform it’s not the end. The Postmarket OS (pmOS) page has a full list and a short list. The short list apparently covers devices that are actively maintained and up to date, which are also listed here. Then phones on that shortlist can be cross-referenced with the LineageOS list or the Sailfish list.

So many FOSS phone platforms seem to come and go I’ve not kept up on it. What others are worth considering? It looks like the Replicant device list hasn’t changed much.

[–] [email protected] 1 points 15 hours ago

Worked for no problem, over Tor in fact. Usually Tor gets the most hostile treatment.

[–] [email protected] 1 points 15 hours ago

I saw plenty of opportunities for enshitification and designed obsolescence.

There was an APP! So of course the natural order of things is to move more and more functionality from the physical control panel to the app. Then periodically let the app die by obsolescence. Force people to buy new phones to keep up, but then one day the new app no longer talks to old pressure cookers. Make the next version connect to the cloud for programs, and share with the IP maker everything you do. Sell that data to Amazon and Google who want to know what food you’re buying.

Then make the programs subscription based, so users have to pay a monthly fee to operate their cooker. Justify it by adding more and more programs. If someone does not pay their subscription, shut them down. Make the IP the biggest brick in the house.

I was actually disturbed that there was a Google Playstore app. Sure, it was optional, but I did not like the fact that my purchase in part financed the creation of an exclusive closed-source app exclusively available to Google and Apple patrons. It should have been an f-droid app.

[–] [email protected] 0 points 1 day ago (1 children)

Some detergents say “septic safe” on the container. My folks bought the cheapest option which did not say one way or another, so I had to call the supplier, who then said it was septic safe. It’s a shame that in the 2020s we still don’t have transparency on what we buy.

[–] [email protected] 0 points 1 day ago* (last edited 1 day ago)

I recall someone in #chemistry (on freenode) talking about measuring detergent. He could have been a nutter, but stressed the importance of measuring the right amount, saying get a scale and weigh it according to the manual.

The manual for one of my machines is shit.. says look at the program table for detergent amount - then it’s omitted from the table. But what was useful was the manual said what the numbers meant. The lines marked “15” and “25” are for 15cm³ and 25cm³. The brim is 40cm³ and the prewash cup is 5cm³. Those are volumes, not weight. So I calculated the weight I needed at one point and IIRC it turned out that 15g of powder came out to 15cm³ (lucky me!). I don’t recall how I figured out that I needed 15g.

Anyway, these are the variables that influence the amount of detergent to use:

  • load size (some manuals make that a factor, but it’s unclear why because it’s always the same amount of water in the tub. The guy in #chemistry seemed to think it was important)
  • water hardness
  • program selected (I have ~6 or so programs plus a ½-load button, so effectively 12; some have a prewash cycle, some not)
  • type of detergent

Some of the short programs imply that slow solving detergents (tablets) should be avoided.

I still have not figured out what the ½-load button really does. Manual just says press it if you have less than half a load to save on water and power. That’s it. WTF? So I asked the manufacturer and they repeated the same useless answer, but said fill only 1 rack. WTF.. which rack? I wanted to know what the ½-load button actually changed the program so I could use it wisely. How does the machine know which rack I chose? I think the “load only one rack” answer from the manufacturer is bullshit. I’ll probably sprawl out my partial loads. The manual should be telling people how much water is used with this setting. I have no idea how it saves on energy since the program choice dictates a fixed water temp. Maybe it just comes down to the fact that it has less water to heat. In any case, I should probably use less detergent on partial loads but the manual doesn’t give the calculation or even enough info to be able to calculate it.

Too much detergent → etching (and waste of detergent)
Too little detergent → repetition needed, which wastes water, energy, and detergent

If you don’t care about etching, then using too much is probably not a big deal.

[–] [email protected] 0 points 1 day ago (4 children)

In the past couple months Google has become quite hostile toward front-ends that previously made it possible for Tor users to reach their content. And I don’t have a good connection so I can’t do videos anyway.

But indeed, it’s hard to find proper detergent. I have to go to a big store of a big grocery chain to get it. But it’s worth it on the basis of price alone. Buying a couple kilos of powder gives the most loads for the money. IIRC the pods were twice the cost of powder when comparing a promotional sales price on pods.

0
submitted 1 day ago* (last edited 1 day ago) by [email protected] to c/[email protected]
 

First of all, detergent pods are for dummies who cannot measure the right amount of detergent for a job and those who don’t know that water hardness is a factor. They are for convenience zombies who cannot be bothered to think. So from the very start, pods are not for solarpunks.

Someone told me they had a problem with their dishwasher because undisolved gelatin sacs were gumming up their drain. The linked article goes into clogs. This article (if you can get past the enshitification) says there is research on an environmental impact by pod sacks. So that’s also antithetical to solarpunkness.

So do it right. Fuck pods. They cost more anyway. Buy powdered detergent if you have soft water (or if your dishwasher has a built-in water softener) and use less (to avoid etching). If you have hard water, either use liquid detergent or just use a bigger dose of powder.

[–] [email protected] 0 points 1 month ago* (last edited 1 month ago) (1 children)

Regarding all the companies you’ve critized: isn’t that unfortunately the case for many if not most bigger companies?

Yes but not equally so. As an ethical consumer I choose the lesser of evils. Also, this isn’t about me. Consumers have a right to make their own choices. Most do not give a shit about ethics and the masses tend to choose the best financial deal. Some are lazy but ethical. That is, they heard a negative blurb about one supplier and they boycott that one supplier not knowing that it leads them to support a higher detriment.

Cash shipments are officially forbidden as per the FedEx ToS, no matter if the package is insured or not. If money is shipped anyhow it is not covered by the insurance.

Either way, it’s the sender’s choice whether to take the risk as they understand it. And they may not understand the risk. A wise sender would insure the package regardless of the contents. Even if the insurance would not pay out, the mere flag that a pkg has insurance has the effect of deterrance. Staff mostly only steal packages that are uninsured because those do not lead to investigation.

However, after a quick research many of the issues apply to FedEx as well.

I have been boycotting FedEx over a decade for those reasons (but note that I see nothing tying FedEx to the Better than Cash Alliance). But this isn’t about me. A republican would happily support FedEx.

Regarding acceptance of cryptocurrency or other forms of payments, I think that’s similar for sending cash in a box.

Cryptocurrency is as close as you can get in a digital mechanism that respects privacy like cash, but there is still a big difference. CC is a public ledger. Everyone sees every transaction and identities can be discovered and doxxed.

in Germany you’d be having a hard time to find a jeweler or other professional entity that accepts such a form of payment.

Luckily it’s the jeweler’s choice.

First, they won’t want to have discussions if packages are lost or valuables are partly stolen from the package.

Not sure what the point is here. Of course when a package is lost the parties involved both have a mutual interest in a claim being filed. A supplier who does not do their part in filing a claim does not get off the hook for the missing package. They still owe the recipient a package, so it is in their interest to file a claim.

Second, they don’t want to be associated with dubious businesses.

That is exactly the harm that perpetuates when you tie a tool to a stigma. It’s not okay to take away useful tools and options from non-criminals on the basis that criminals use them. We do not ban cars on the basis that they are a tool for drive-by shootings.

Furthermore, there’s a legal limit for cash payments of 10,000€ to avoid money laundering.

That’s shitty indeed because it oppresses non-criminals with a policy of forced banking.

I think to get back to the original topic, it’d be interesting to see some statistics on what percentage of the cases where police seized cash from packages were legal (although against FedEx ToS) and how many were related to criminal activities.

Not really. Marginalizing and oppressing non-criminals is not justified by a hunt for criminals. If your approach to hunting criminals harms non-criminals, you’re doing it wrong.

The case at hand is even more perverse, as the civil forfeiture practice actually hinders enforcement of law. They do the money grab for the money. When you seize cash, you send a clear signal to criminals that they are being investigated. It tips them off with intelligence that helps them adjust their operations. When you seize money from a tax evader a year before they evade tax by filing their fraudulent tax return, you actually sabotage the opportunity to catch them (it’s crime-prevention prevention). You can only catch them by recording the cash and letting it go, then auditing their tax using that information a year or two later.

[–] [email protected] 0 points 1 month ago

Indeed. That was my paraphrasing (note the lack of quotes).

[–] [email protected] 0 points 1 month ago* (last edited 1 month ago) (2 children)

your bank has regulatory requirements

Are you talking about 31 C.F.R. § 103.121, which states:

“(i) Customer information required—(A) In general. The CIP must contain procedures for opening an account that specify the identifying information that will be obtained from each customer. Except as permitted by paragraphs (b)(2)(i)(B) and (C) of this section, the bank must obtain, at a minimum,the following information from the customer prior to opening an account:

  1. Name;
  2. Date of birth, for an individual;
  3. Address, which shall be:
    (i) For an individual, a residential or business street address;
    (ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual; or …
  4. Identification number,…

?

[–] [email protected] 0 points 1 month ago* (last edited 1 month ago) (3 children)

I can somehow understand why it’s often a percentage.

But luckily under the capitalist paradigm every consumer can decide for themselves what prices are reasonable and decide whether a transaction is in their interest. I don’t care how they justify their price. If they are charging me 1% to move 5 figures, I’m not okay with paying upwards of $100 to move money. If there really is $100 worth of risk in moving money electronically, then I don’t want a piece of that action.

PayPal, Credit Card, Crypto Currency etc. should typically all process within seconds.

PayPal shares your personal info with over 600 corporations:

https://git.disroot.org/cyberMonk/liberethos_paradigm/src/branch/master/rap_sheets/paypal.md

Credit card: there are only 3 to choose from in most regions.

  • visa: member of the Better than Cash Alliance; pays merchants $10k to reject cash, thus whenever you pay for something with Visa you help an entity who is trying to impose forced banking on us. Visa also blocked payments to Wikileaks, thus taking away our autonomy.
  • mastercard: member of the Better than Cash Alliance. Blocked payments to Wikileaks, thus taking away our autonomy. Sells offline transaction data to Google (and Google does business with the Israeli military).
  • american express: ALEC member, thus supports Trump and US republicans, opposes labor rights, fights women’s rights, fights environmental protection and supports climate denial propaganda, fights gun control, fights immigration, etc. Also blocked payments to Wikileaks.
  • credit card does not work in the other direction. A jeweler cannot expect customers who sell their scrap gold to accept credit card. An individual is not going to setup a squareup or whatever it is just to do a one-off transaction.

Cryptocurrency requires both people to use, which kills it as an option in most cases.

All of those options, including cryptocurrency, expose more data than cash and bring in risks with that exposure.

my intuitive feeling was, whoever is willing to take that risk, has a lot of money to transfer and is willing to lose some in favor to stay invisible.

Most people don’t have the insight that my fellow jewelers do. Most people think the risk of an uninsured pkg getting lost is the same as an insured pkg. They decide to save money and take the risk without understanding the heightened risk.

My reason for bringing up insurance was that insurance provides a way to secure valuables like cash. The best security is a good insurance policy. It gives a good option for the legit shipping of cash. The jeweler in the article most likely insured the $47k+ value. But if they didn’t, then it was most likely a young jeweler who has not learned that lesson. Either way, insurance does not likely protect victims from government actions, which is likely why the victims had to directly sue the state.

If you use a courier service that’s specialized on valuables which offers also insurance etc.

Something like that might exist in major cities but probably over 95% of the US is rural where some people are lucky if FedEx is within reasonable reach, much less anything special purpose. DHL abandoned the US, IIRC because they could not spread enough with enough reach to be sustainable. FedEx and UPS have a near duopoly.

 

One of my banks is threatening to freeze my account unless I disclose my residential address where I sleep at night. Then their privacy policy says they can share my account info around, vaguely to credit bureaus (who I have no contract with and who will share the data further, or leak it in a breach). This bank claims “regulations require…” No, they do not. The regs say they must collect residential address OR business address, or if those are not available an address to a family member. So the bank is bullshitting.

At the same time, another bank says in so many words: sorry to inform you we were breached. Cyber criminals have all your sensitive info. We take privacy and security seriously. We offer you a credit monitoring subscription to compensate you. If you are interested, you can share your sensitive info with that monitoring org, who in turn will share the info with their subcontractors. And anonymous access is blocked so you must also share your IP address.

In light of these two shitty¹ banks, I would like to give a big fuck you to those who say:

  • “You don’t want your bank to know where you live? What are you hiding? What kind of dodgy shit are you into?”
  • Bruce Schneiere: “cryptocurrency is a problem looking for a solution”
  • “You expect your bank to let you access your account from Tor? Why don’t you trust your bank with your IP address? Why don’t you want your ISP to know where you bank? What kind of dodgy shit are you into?”
  • “Cash is for tax evaders. You have no legitimate cause to demand cash payment or to pay in cash.”
  • “A cashless society protects us from criminals & money launderers”

¹ I don’t mean two imply these to banks are exceptionally shitty. They are just like any bank. All banks, credit unions, etc, are shitty in the same way.

[–] [email protected] 0 points 1 month ago* (last edited 1 month ago) (1 children)

It’s really annoying that @some_[email protected] just took this on the chin. For me even a dispute over $100 would be worth the courtroom battle just to satisfy my curiousity of what happened. A landlord cannot evict without a court procedure, so the tenant would not have to spend a dime on court costs and bring the paper trail to the court. From there, since the banks (all 3 involved) did a shitty job of investigating, they could have been named as 2nd party defendants (sue them all, let the judge sort it out). The investigation should have revealed the bank where the money landed and the actual bank account from there. They could then use the court to subpoena the agency that has “no record of the case”, but who the bank says has the money. If there is no case, then they can return the money (a judge would say).

OFAC obviously benefitted from someone’s court phobia even though the tenant had nothing to worry about.

 

Heat pump water heaters already exist. These are hybrid things where a traditional electric water heater is fitted with a heat pump. The heat pump can increase the water temp but cannot deliver enough, so heating elements are still needed to reach a usable temp.

I’m wondering if that design can be improved on this way: instead of powering the heat pump from the wall, the heat pump can be connected directly to a PV. I think that would be more efficient and cheaper because PV output is not normally directly usable. IIUC, it’s variable D/C which must be regulated and/or inverted to A/C involving more hardware, conversion, and waste. But exceptionally, I’ve heard that a PV can directly power a compressor with no middleware. Any reasons this would be infeasible or uninteresting?

Of course the tank still needs wall power for the heating elements, but would use less wall power and entail less conversion loss.

 

cross-posted from: https://slrpnk.net/post/13145612

(edit) Would someone please ship some counterfeit money through there and get it confiscated, so the police can then be investigated for spending counterfeit money?

 

cross-posted from: https://slrpnk.net/post/12826007

Is this a thing?

I always have spare keyboards out of use either from old machines or pulled out of the trash. Many of them have a dead key which ruins their purpose as a primary keyboard. It’s probably not worth the effort to bypass a bad trace. So why not have a 2nd keyboard just for symbols and emoji? ATM to enter a €uro symbol I have to type 3 keys ($specialkey+c+=). Or more importantly, the properly angled single and double quotes (’ ‘ “ ” ) each require typing 3 keys. That shit is annoyingly tedious. And consider all the superscripts¹.

I attached a qwerty keyboard and azerty keyboard at the same time (Debian, wayland + sway). The AZERTY board was treated as QWERTY. So that’s bizarre. Sure it’s useful that the layout is controllable by software, but strange that the keyboard’s native layout is not the default. It seems as if the layout choice (man xkeyboard-config) is universally imposed on all attached devices. Is it possible to configure a QWERTY or Dvorak layout for keyboard 1 and a totally custom or symbolic layout for keyboard 2?

¹ all the digits on a secondary keyboard could be superscripted like this footnote. E.g. ¹²³⁴⁵⁶⁷⁸⁹.. typing each of those requires 3 key presses.

 

Some large PVs for rooftops were at a street market for €35 each. I’m not deeply knowledgable about them.. I just know that there are two varieties of solar panels and that the kind that are used from small appliances (e.g. calculators, speakers, lawn lights, etc) are junk. And that junk variety is sometimes used in large rooftop panels. What I was looking at resembled the kind I see on a bluetooth speaker with a slight blue tint so I was skeptical. The info on the backside of the panel indicated “1000 V”. The other thing is, all solar panels degrade over time and reach end of life after like 15 years (though this is improving). They may have been a good deal but I passed on them because I didn’t want to buy them on a blind risk.

How would I know how much life a used PV has left? Would a volt meter give that info, assuming it’s sunny when I encounter them again?

 

cross-posted from: https://slrpnk.net/post/11937000

The article is normally paywalled but I prefixed 12ft.io/ to it, which worked for me. Google supposedly quit caching websites but old caches are still reachable with 12ft.io.

The UK’s GDPR might make it hard for banks to use people’s purchase data to derive their alcohol & tobacco habits, so apparently banks have to rely on interviews. Still, it would be foolish to rely on the GDPR. There are also stories of banks looking at spending data to deny mortgages, which I would guess is happening in a place without privacy safeguards like the US.

I’ll quote the article here as well:

Homebuyers could be forced to provide detailed information about the amount of money they spend on alcohol each month to qualify for a new mortgage under a new clampdown on reckless lending.

In a sweeping review of the mortgage market published today, the Financial Services Authority (FSA) said lenders needed to be far more rigorous about their financial checks of potential borrowers.

It said lenders should delve deeper into homebuyers’ personal spending including the amount they spend on alcohol and tobacco.

Spending on shoes, clothes and childcare could also be assessed under a new, industry-wide “affordability test”.

At present, the FSA does not prescribe rules about assessing a consumers’ ability to repay a mortgage and practices vary from one lender to the next.

In its document, the City regulator said: “There is clearly a responsibility on all lenders to extend credit only where a consumer can afford it and, in our view, a robust assessment of both income and expenditure is key to ensuring affordable mortgages.

“We propose to require all lenders to assess the level of a consumer’s expenditure in determining the affordability of a mortgage product, to ensure that lending decisions are based on a consumer’s free disposable income.”

It conceded though that there were some flaws with its plan with consumers potentially underestimating their spend or “failing to incorporate past experiences into their budgeting”.

The new measures, which aim to stamp out risky lending that has been criticised for compounding the financial crisis and tipping hundreds of thousands of homebuyers into negative equity, also include a plan to ban self-certified mortgages, dubbed “liar’s loans”, and to stop lenders from exploiting consumers who have fallen behind on their mortgage payments.

It also proposed that the FSA should regulate mortgages for landlords for the first time.

Self-certification mortgages were aimed at self-employed people with irregular incomes. The mortgages, which did not require proof of income, accounted for one third of new loans in 2007.

Their proposed banning was first revealed in The Times last week.

But the FSA stopped short of ruling out “supersized mortgages” by introducing caps on loan-to-value, loan-to-income or debt-to-income multiples.

Such mortgages were typified by Northern Rock which, at the height of the housing boom, offered 125 per cent home loan deals.

Gordon Brown wrote in a newspaper article at the weekend that it was “critical we end reckless banking practices that have left so many people worried about their finances”.

Jon Pain, managing director of supervision at the FSA, said: “The mortgage market has seen extraordinary upheaval over the past 18 months and while it has worked well for the vast majority of borrowers, some have suffered great financial distress. We recognise that we need to bring about a step change in regulation.”

He said there had been a “mutual assumption by too many borrowers and lenders that the good times could not end.”

The new reforms, he said, would ensure firms “only lend to people who can afford to pay back the money”.

But mortgage experts questioned the ease of imposing some of the new measures and expressed concern about the possible impact on homebuyers.

Ray Boulger, mortgage expert at John Charcol, said the new affordability test could prove difficult to implement. “I think it will be very difficult in practice to go into too much detail,” he said.

Homebuyers, he said, often forget the detail of their spending. “They will remember the weekly shop but not the £3 they spend on a sandwich each day.”

Paul Broadhead, head of mortgage policy at the Building Societies Association, said he had “significant reservations about the possible unintended consequences of some of the ideas.”

He said: “We believe that home ownership is something that should be encouraged, and it is vital that lenders retain the flexibility to respond to the very individual financial circumstances of individual borrowers.”

He added that self-certification mortgages were suitable for a minority of people and that an outright ban was “not appropriate.”

The Council of Mortgage Lenders said it was “important that the principle of consumer responsibility is not lost in such a regulatory environment, as it is a basic tenet upon which transactions of all kinds between firms and consumers rely”.

The report said there was a “clear and non-controversial case” for banning self-certification mortgages, instead compelling lenders to insist that customers provide evidence of their income.

“Our analysis shows that self-cert borrowers take out larger loan amounts than borrowers with standard products and fall into arrears much more frequently. To address these issues we propose to require verification of income for all mortgage applications,” it said.

The loans have been vilified as a significant contributor to the banks’ toxic loans problem because some customers have lied about their income. Defaults on self-cert repayments have been at much higher rates than the industry average.

HBOS and Bradford & Bingley were among the biggest self-cert lenders. HBOS was sold to Lloyds TSB in a rescue deal in September last year and B&B collapsed and had to be partially nationalised.

The plan to bring mortgages for landlords into the FSA’s scope for the first time was necessary the regulator said because of the big part the industry had played in “fuelling property price appreciation”

The FSA said: “As well as being a general contributor, buy-to-let funding funding has particularly helped to inflate prices of certain property types and locations such as city centre apartments.

“The overall impact on house prices inevitably has implications for our interest in the sustainability of the mortgage market.”

The market for buy-to-let mortgages has grown rapidly. Gross advances grew from £3.1 billion in 1999 to £44.6 billion in 2007.

The paper has been put out for consultation until early next year with a “feedback statement” to be published in March.

1
submitted 3 months ago* (last edited 3 months ago) by [email protected] to c/[email protected]
 

The cert for lemmy.sdf.org has issues. Not sure if it expired or what, but some apps report the key is unusable and only facilitate access after ~3-4 steps of authorizing the bad key. Some apps say the site is unavailable, full stop.. no option to continue.

This just started today.

 

cross-posted from: https://slrpnk.net/post/11683421

The EU has quietly imposed cash limits EU-wide:

  • €3k limit on anonymous payments
  • €10k limit regardless (link which also lists state-by-state limits).

From the jailed¹ article:

An EU-wide maximum limit of €10 000 is set for cash payments, which will make it harder for criminals to launder dirty money.

It will also strip dignity and autonomy from non-criminal adults, you nannying assholes!

In addition, according to the provisional agreement, obliged entities will need to identify and verify the identity of a person who carries out an occasional transaction in cash between €3 000 and €10 000.

The hunt for “money launderers” and “terrorists” is not likely meaningfully facilitated by depriving the privacy of people involved in small €3k transactions. It’s a bogus excuse for empowering a police surveillance state. It’s a shame how quietly this apparently happened. No news or chatter about it.

¹ the EU’s own website is an exclusive privacy-abusing Cloudflare site inaccessible several demographics of people. Sad that we need to rely on the website of a US library to get equitable access to official EU communication.

update


The Pirate party’s reaction is spot on. They also point out that cryptocurrency is affected. Which in the end amounts to forced banking.

#warOnCash

 

504 Gateway Time-out

 

It’s probably a good thing to find that nlemmy.nl is down, considering the parent of this thread was censored despite not breaking any rules.

(update) the moderator just admitted the removal was to silence an idea that clashes with the moderator’s anti-cash / pro-forced-banking view. So it was not a good place for open civil discussion.. just a black hole for msgs that oppose the mod’s world view.

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