How One Big Private-Equity Fund Makes Its Numbers Incomprehensible
While private equity is synonymous with opacity, the tricks of the trade are taking on greater importance as the industry seeks to broaden its reach among ordinary investors. President Trump last week signed an order seeking to open up Americans' 401(k) retirement accounts to private equity and other alternative investments. Rep. Elise Stefanik (R., N.Y.) made headlines when she asked the Securities and Exchange Commission in June to investigate the way Harvard is valuing its private-equity holdings.
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Goldman economist, uncowed by Trump attack, plans to 'keep doing' as before
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When is my first mortgage payment due?
Key takeaways To find the due date of your first mortgage payment, add 30 days to your closing date, then find the first day of the following month. When you make mortgage payments, you're paying for the previous month, not the current month. You have several options for paying your mortgage, such as setting up autopay or paying online through your servicer's portal. When is the first mortgage payment due? The due date for your first mortgage payment is based on your mortgage closing date. You must typically begin making payments one full month (30 days) after your mortgage closing date, on the first day of the month following the end of that 30-day period. Example of when a first mortgage payment is due Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership Say you close on your mortgage on March 12. Adding a month brings you to April 12, which would mean your mortgage due date would be on the first day of the following month: May 1. While it may seem like you're skipping a payment, you're not. That's because your mortgage payments are for the previous month, not the current month. The documents you receive at closing specify the due date of your first mortgage payment, typically in something called the 'First Payment Letter.' This also outlines the amount of principal and interest you'll pay each month, along with any tax payments that are part of your monthly mortgage bill. Can you change the due date of your first mortgage payment? In some cases, homebuyers can prepay interest, and even a portion of a mortgage payment, at closing. This can move the first full mortgage payment up to two months — or 60 days — after closing has taken place. Keep in mind that months with 31 days can impact your ability to adjust your first payment. 'This is a closing strategy that many loan officers discuss with their clients,' says Chris Parks, sales manager for Churchill Mortgage. 'An example would be closing in August, skipping the August and September payments and then having your first payment due in October.' If the lender allows, many homebuyers also try to strategically time closing with the end of an apartment lease or the sale of an existing home. This can help avoid juggling rent and a mortgage or multiple mortgage payments. 'Changing the mortgage due date is especially important for cash flow. Moving is expensive. So are closing costs, furnishing a new home and paying for a home warranty. Giving yourself as long as possible to build up your funds or to align with payday is a smart move,' says Jonathan Palley, CEO of Clever Tiny Homes. Can you change the due date of your ongoing mortgage payment? Some lenders let you adjust the due date of your ongoing mortgage payment — for example, from the 1st of the month to the 10th — especially if you request it during closing. Some don't. Ask your lender about its policies. How much is your first mortgage payment? The amount of your first mortgage payment is listed in your closing disclosure, a document you'll receive at least three days before closing. Each of your mortgage payments includes: Loan principal Interest Taxes (if you pay through your mortgage servicer) Homeowners insurance (if you pay through your mortgage servicer) The acronym PITI stands for these main components of your mortgage payment: principal, interest, taxes and insurance. However, your payment may also contain other components, such private mortgage insurance (PMI) or fees charged by your homeowners association, if you have one. For fixed-rate mortgages, the principal and interest payments will remain the same for the life of the loan. However, other costs that make up your monthly payment pay change. For example, your property taxes or homeowners insurance premiums may increase over time. Example of how much a first mortgage payment costs Say you bought a house for $350,000 at a 6.8 percent interest rate and put down 10 percent. Using Bankrate's mortgage payment calculator, your monthly mortgage payment would be about $2,350, with around $2,054 going toward the principal and interest and the rest going toward property taxes and insurance. Your mortgage's first payment will largely go toward interest, based on your loan's amortization schedule. While your first year of homeowner's insurance premiums are often included with closing costs, you can expect to pay each month toward your annual property tax and insurance costs. Learn more: How much house can you afford? How to make your first mortgage payment You can choose one of many methods to pay your mortgage, including: Autopay. Almost all lenders allow you to pay your mortgage via recurring, electronic payments. This way, you'll avoid missed payments and late fees — but you can also schedule larger-than-required payments to pay off your mortgage early and save on mortgage interest. Some lenders offer discounts for autopay. Online. You can also manually make payments through your lender's portal or app. If you plan to pay off your house early, but you can't commit to making extra payments each month, this is an easy way to pay toward your principal when you have space in your budget. By mail. If you prefer, you can send your monthly payment by mail using a personal check, cashier's check or money order. Always include your mortgage account number on your check and allow enough time for delivery to avoid late charges. By phone. Your mortgage statement will also include a number you can call to make a mortgage payment. You'll need your mortgage account number and bank account — or other payment — information. There may be a service charge for phone payments. If you want to prepay your mortgage, make sure your servicer applies the extra payments to the principal balance of the loan. This is not a default for many lenders. Learn more: Biweekly mortgage payments What happens if you miss a mortgage payment? If you miss your mortgage payment, be sure to pay as soon as possible. Most lenders offer a grace period, during which you can make a payment without a late fee or other consequences. Keep in mind that, while one late payment likely won't result in your eviction, repeated delinquencies could harm your credit and lead to foreclosure.'Missing a payment is a big deal. By missing a payment, you are putting into question your ability to repay the debt and will incur additional scrutiny on any further transactions,' Parks says. Late payments can also cause other issues. According to Parks, some lenders will disqualify you from another mortgage or a refinance if you're more than 30 days late two times during the same 12-month period. If your payments are no longer affordable, contact your lender. You may qualify for a loan modification, repayment plan or a temporary payment reduction. FAQ Why is the first month's mortgage payment more? As soon as you close on your mortgage, interest starts accruing. So if you close in the middle of a month — for example, March 12 — you'll owe interest for each day between the closing and the last day of the month. This is known as per diem interest. Many lenders require you to prepay your per diem interest on closing day. But some will roll it into your first mortgage payment. In the latter case, your first month's mortgage payment is more than your normal payment. Will my lender tell me when my first mortgage payment is due? Your lender should provide your first payment due date in your closing paperwork. Otherwise, you can usually find the due date in your online mortgage account. If you haven't heard from your lender or can't access your online account, reach out and confirm the payment due date. Typically, it's the first of the month after you've owned the home for 30 days. So, if you closed on March 12, your first payment would be due May 1. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Trump's search to replace Fed Chair Powell continues as new report says up to 11 names under consideration
The Trump administration is broadening its search for the next Federal Reserve chair, with reports suggesting as many as 11 candidates may be in the running to replace Jerome Powell when his term expires in May. Treasury Secretary Scott Bessent, who is leading the search and interview process for the next Fed chair, said the administration is casting a "very wide net" for candidates. "The president has a very open mind," Bessent told the Fox Business Network on Tuesday. "He even considered Janet, reappointing Janet Yellen [in 2017], so we want to see what everyone's thinking," he said. "It's not ideological. It's about economics, what's best for the American people, what's best for the economy." The broadening search marks an evolution since last week, when Trump said he had narrowed down his list of candidates to three or four people. A report from CNBC on Wednesday morning citing two administration officials said Trump is now weighing up to 11 candidates to replace Powell, including Jefferies chief market strategist David Zervos and BlackRock chief investment officer for global fixed income Rick Rieder. BlackRock had no comment on the report. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments "President Trump will continue to nominate the most competent and experienced individuals to deliver on his pledge to Make America Wealthy Again. Unless it comes from President Trump himself, however, any discussion about personnel decisions should be regarded as pure speculation," White House spokesperson Kush Desai told Yahoo Finance. Last week, President Trump suggested in a CNBC interview that the pool of potential nominees to succeed Powell was down to four people, but he said Bessent had asked not to be nominated for the role. The president suggested that both former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett were at the top of the list. When asked about Fed governor Chris Waller, Trump didn't deny that Waller was among the four possible replacements for Powell. Former St. Louis Fed president Jim Bullard, Fed governor Michelle Bowman, Fed vice chair Philip Jefferson, Dallas Fed president Lorie Logan, and former Bush administration official Marc Summerlin, and former Fed governor Larry Lindsey are all also considered to be in the running. Meanwhile, the president nominated Stephen Miran, current chair of the president's Council of Economic Advisers, to the Federal Reserve Board of Governors last week to replace Fed governor Adriana Kugler, who stepped down on Aug. 8. If confirmed by the Senate, Miran's term will run until Jan. 31, 2026. Bessent told Fox Business that Miran's appointment will "change the composition of the Fed" and suggested Miran could be renominated to a full term on the Fed board. He also said that the administration will have two seats on the Federal Reserve Board of Governors to fill, assuming that when Powell's term as Fed chair expires next May, he will also step down from his position on the Board of Governors, which does not end until January 2028. Powell has not said what he plans to do. These changes at the central bank come as markets now expect the Fed to cut interest rates at its September meeting after electing to keep rates unchanged last month. Fed governors Waller and Bowman both voted in favor of a rate cut and later expanded on their views in statements issued in early August. San Francisco Fed president Mary Daly and Minneapolis Fed president Neel Kashkari, neither of whom are voting members of the FOMC in 2025, have also said since the Fed's July 31 announcement that the case for rate cuts has strengthened. Powell's next major public appearance is expected on Aug. 22 at the Jackson Hole Economic Symposium.
