Latest news with #FOM
News18
22-05-2025
- Entertainment
- News18
'Real' Over 'Reel' Racing For Verstappen! F1 Champion Snubs Brad Pitt's F1 Movie For iRacing
Last Updated: Max Verstappen skipped the exclusive screening of Brad Pitt's 'F1: The Movie' to spend time at home with family, and to live stream his iRacing gameplay. Max Verstappen made waves in F1's most glamorous paddock on Thursday by choosing to stay home instead of attending an exclusive screening of the new Brad Pitt film 'F1: The Movie'. Verstappen, who isn't fond of promotional activities beyond his team's needs, said he had declined the invitation well in advance. He didn't comment on his diaper-changing duties. 'I informed Formula One Management (FOM) that I wouldn't be attending," he said. 'They were aware. I just wanted to spend more time at home. It wasn't a mandatory event, and it was my private time. 'I prefer to spend that private time at home, especially since in F1, you're away from home so much already. It's pretty normal, I think. Now that my family is growing, I definitely prefer more time at home." While no one doubts Verstappen's commitment as a father, his alter-ego, 'Franz Hermann', was active on iRacing during the screening. The F1 Drivers had an exclusive preview of Brad Pitt's F1 Movie! 🍿All active drivers showed up to the premier except for, you guessed it, Max Verstappen aka Franz Hermann who was live on iRacing 😂 — Racing Balls F1 (@RacingBallsF1) May 21, 2025 Red Bull's four-time world champion and Aston Martin's Lance Stroll were the only drivers absent from the preview showing of the Hollywood movie in Monaco on Wednesday evening, which was part of the build-up to this weekend's Grand Prix. Both drivers, along with the 18 who attended, are in Monaco for the Grand Prix, the second of three consecutive races in Italy, Monaco, and Spain, following six season-opening flyaway races in Australia, Asia, the Gulf, and Florida. The highly anticipated film, set for release next month, stars Brad Pitt and Damson Idris. It was directed by Joseph Kosinski, known for 'Top Gun: Maverick,' and produced by Jerry Bruckheimer and seven-time world champion Lewis Hamilton of Ferrari, who praised the movie for its authenticity. (with agency inputs) First Published: May 22, 2025, 23:50 IST
New York Times
30-04-2025
- Automotive
- New York Times
Mexico City Grand Prix extends Formula One contract until 2028
The Mexico City Grand Prix has secured a new contract to host a Formula One race at the Autodromo Hermanos Rodriguez track in the Mexican capital until 2028. The Mexican event has featured on the F1 calendar for three distinct periods through the championship's 75-year history, with its current run starting back in 2015. Advertisement The race's current deal with F1 promoter Formula One Management (FOM) had been set to conclude at the end of 2025, after the race was granted two separate three-year extensions following the conclusion of its original five-race contract in 2019. This includes running through the 2020 season most impacted by the COVID-19 pandemic, when Mexico did not host a race. 'We are very excited to announce that the Mexico GP will be held for three more years,' said Alejandro Soberón Kuri, CIE president and CEO, in a statement. 'We are deeply grateful for the invaluable support of the government of Mexico City, from the head of government of Mexico City, Clara Brugada, to our president, Claudia Sheinbaum, as well as Stefano Domenicali (CEO) from Formula 1, who have made it possible to continue bringing Formula 1 to our country.' The Mexican Grand Prix first appeared on the F1 calendar back in 1963, with the Magdalena Mixhuca track hosting seven races in the following years. The Autodromo Hermanos Rodriguez then held seven more F1 world championship races between 1986 and 1992. The track's current run of races coincided with the rise of Sergio Perez —statistically Mexico's most successful F1 driver. He scored six race wins and 33 other podium finishes after commencing his F1 career with Sauber back in 2011. He most recently raced for the Red Bull team alongside world champion Max Verstappen, but was dropped from the squad at 2024's end. This led to concern amongst CIE officials about the race's chances of retaining its slot, but several factors have combined in its favor around the new deal. First, the Mexico City Grand Prix, as the event has been known since 2021, has been consistently popular with fans — with 404,958 people attending the most recent event over three days in October 2024. This figure includes 154,124 people attending race day alone. Then Ferrari driver Carlos Sainz dominated that day, where Perez produced a very poor showing that included a jump start penalty, a clash with the driver that briefly replaced him at Red Bull — New Zealander Liam Lawson — and getting lapped by the winner. Advertisement The race has also won awards from within the F1 community, with FOM handing it the 'Best Promoter' award at the FIA Prize Giving ceremonies five years in a row between 2015 and 2019. Perez has also been linked with a fast return to F1 racing action, if he can do a new deal with the Cadillac team that will enter the championship in 2026. But even if Perez is unsuccessful, in recent years CIE has been implementing a ticket sales strategy aimed at ensuring the race would remain popular even without a home driver to support – boosted by the current run of close racing between multiple teams generating an exciting on-track spectacle, as well as ongoing new fan interest generated by the 'Drive to Survive' Netflix series. 'We are very excited to announce that the Mexico City Grand Prix will continue to be part of our calendar through the 2028 season,' said Domenicali in a statement. 'Formula 1 is energy, passion and emotion, and every year the unique atmosphere created by our fans in Mexico City is one of the most incredible and energetic experiences of our championship.' Verstappen is the most successful F1 driver in the Mexican F1 race, with five wins scored between 2017 and 2023. The Autodromo Hermanos Rodriguez track is situated in south-east Mexico City and is named after racing driver brothers Ricardo Rodríguez and Pedro Rodríguez. The latter is Mexico's second most successful F1 driver, with two world championship victories before his death in a sports car race in 1971. (Jared C. Tilton/Getty Images)
The Independent
24-03-2025
- Automotive
- The Independent
Ferrari boss slams F1's ‘joke' radio broadcast of Hamilton-Leclerc swap in China
Ferrari boss Fred Vasseur took aim at Formula One's 'joke' broadcast of the Chinese Grand Prix as he accused the sport of deliberately creating a show when Lewis Hamilton offered to move aside for Charles Leclerc. Vasseur was speaking before both Hamilton and Leclerc were disqualified from fifth and sixth places for illegalities on their cars. Hamilton's floor ran too close to the ground, while Leclerc's machine was underweight. In the race, Hamilton volunteered to allow team-mate Leclerc through for fifth as he struggled for speed. However, Hamilton's radio message was not shown on the international feed. Instead, the broadcast picked up on Hamilton's race engineer Riccardo Adami telling the seven-time world champion that 'we are swapping cars at Turn 14'. Hamilton told Adami he was closing up on George Russell ahead of him and would allow Leclerc through when 'he was closer'. Hamilton was then instructed to 'swap this lap'. The 40-year-old hit back by replying: 'I'll tell you when we can swap.' Hamilton moved over for Leclerc moments later. The exchanges between Hamilton and Adami arrived a week after the British driver told his new race engineer to 'leave him to it' at the opening round in Australia. And, speaking after the race in Shanghai, team principal Vasseur said: 'This is a joke from FOM (Formula One Management), because the first call came from Lewis to swap. Lewis suggested it. 'But to make the show, to create the mess around the situation, they did not broadcast the first part of the exchange. So I will discuss it with them. 'We have to work for the team and consider the best thing for Ferrari. The collaboration between the two guys (Hamilton and Leclerc) is mega and I cannot complain about it.' Vasseur was speaking before both Hamilton and Leclerc were disqualified from fifth and sixth places for illegalities on their cars. Hamilton's floor ran too close to the ground, while Leclerc's machine was underweight. Addressing the swap with Leclerc, Hamilton said: 'We didn't really have a battle. He just had more pace than me. I was struggling with the car so I told the team to let him by. It was my idea.'
The Independent
23-03-2025
- Automotive
- The Independent
F1 broadcast of Hamilton-Leclerc swap was a joke
Ferrari boss Fred Vasseur took aim at Formula One's 'joke' broadcast of the Chinese Grand Prix as he accused the sport of deliberately creating a show when Lewis Hamilton offered to move aside for Charles Leclerc. Hamilton volunteered to allow team-mate Leclerc through for fifth as he struggled for speed. However, Hamilton's radio message was not shown on the international feed. Instead the broadcast picked up on Hamilton's race engineer Riccardo Adami telling the seven-time world champion that 'we are swapping cars at Turn 14'. Hamilton told Adami he was closing up on George Russell ahead of him and would allow Leclerc through when 'he was closer'. Hamilton was then instructed to 'swap this lap'. The 40-year-old hit back by replying: 'I'll tell you when we can swap.' Hamilton moved over for Leclerc moments later. The exchanges between Hamilton and Adami arrived a week after the British driver told his new race engineer to 'leave him to it' at the opening round in Australia. And, speaking after the race in Shanghai, team principal Vasseur said: 'This is a joke from FOM (Formula One Management), because the first call came from Lewis to swap. Lewis suggested it. 'But to make the show, to create the mess around the situation, they did not broadcast the first part of the exchange. So I will discuss it with them. 'We have to work for the team and consider the best thing for Ferrari. The collaboration between the two guys (Hamilton and Leclerc) is mega and I cannot complain about it.' Vasseur was speaking before both Hamilton and Leclerc were disqualified from fifth and sixth places for illegalities on their cars. Hamilton's floor ran too close to the ground, while Leclerc's machine was underweight. Addressing the swap with Leclerc, Hamilton said: 'We didn't really have a battle. He just had more pace than me. I was struggling with the car so I told the team to let him by. It was my idea.'
Yahoo
06-03-2025
- Business
- Yahoo
Family Opportunity Mortgage: What it is and how it works
Maybe your aging parents or adult child would like their own house, but they don't have the income or down payment to qualify for a mortgage. If you have the means, you can buy a house for them without facing the stringent terms that apply to home loans for second homes or investment properties. Borrowers who'd like to buy a home for their family have an affordable option with the Family Opportunity Mortgage (FOM). Here's what you need to know about the FOM, including its requirements, advantages, and disadvantages. This embedded content is not available in your region. Keep learning: The different types of mortgage loans In this article: What is the Family Opportunity Mortgage? How does the FOM work? Who is eligible for FOMs? Pros and cons Alternatives to FOMs FAQs The Family Opportunity Mortgage program lets you purchase a primary residence for an eligible elderly family member or an adult child who is in school, has a disability, or cannot work. Primary residence loans typically have lower interest rates than those for second homes or investment properties. The FOM gives the benefits of a primary residence loan without requiring that you, the owner, live in the house. Family Opportunity Mortgages work similarly to other primary residence loans, except the owner and occupant are different. The borrower is the property owner responsible for repaying the loan, while the family member is the occupant living in the home. For example, you could own the house while your parent lives in it. The government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac insure Family Opportunity Mortgages. These agencies set eligibility requirements that borrowers must meet. Fannie Mae and Freddie Mac don't list specific requirements for credit scores, debt-to-income ratios (DTIs), or down payments to get a Family Opportunity Mortgage. However, these GSEs' standard requirements typically apply to FOMs too. You'll need a minimum credit score of 620 and a DTI ratio of 45% or less. You can also get a Family Opportunity Mortgage with a down payment as low as 5%. A mortgage for a second home usually requires a little more for a down payment, and you'll need at least 15% down for an investment property. Read more: How much down payment do you need for a house? Before applying with Family Opportunity Mortgage lenders, expect to meet the additional requirements below. Eligible family members: Under FOM guidelines, you can only buy a primary residence for an elderly parent or an adult child with disabilities who cannot independently qualify for a mortgage. You may also buy a home for an adult child who cannot work or is in school. Sufficient income: As the borrower, you'll need enough income to cover your living situation and the additional property. Learn more: How to buy a house, step by step Support family members: An FOM makes homeownership more accessible to parents or adult children who cannot qualify for a mortgage loan. Qualify for favorable loan terms: FOMs are primary residence loans that are generally more affordable than mortgages for second homes or investment properties. Typically, the mortgage interest rates are lower, and the eligibility requirements aren't as strict as with second-home loans or investment property mortgages. Build home equity: Since you own the home, you'll build equity as you make the monthly mortgage payments. Dig deeper: 7 ways to build equity in your home Requires substantial income: Paying for an additional mortgage on top of your living expenses can strain your finances. Impacts future borrowing: The FOM adds significant debt, which increases your DTI ratio and could impact your ability to borrow in the future. Limited to parent-child relationships: Family Opportunity Mortgages are limited to parents or adult children who cannot qualify for a home loan. So, you cannot get a FOM to buy a home for a different relative. Read more: Why does your debt-to-income ratio matter? A Family Opportunity Mortgage is not your only option for helping family members own a home. Consider these alternatives. Cosigning a mortgage could help family members who qualify at least partly for a mortgage. When you cosign, you don't own the home but are responsible for mortgage payments if the primary borrower cannot pay. You don't have to have a parent-child relationship to cosign, which allows you to help family members other than your parent or child. Dig deeper: Cosigning for a mortgage — The process, risks, and alternatives A larger down payment can help borrowers with a stable income qualify for a mortgage. The higher the down payment, the lower the loan amount and the smaller the monthly mortgage payment. You may reduce the mortgage to an affordable level for your family member by providing a hefty gift toward their down payment. Learn more: What to know about using gift money for a down payment Homeownership assistance programs can include down payment assistance (DPA) or mortgage loans with more lenient eligibility requirements. For example, FHA loans typically have looser credit requirements than conventional loans. FHA borrowers can also take advantage of a lower down payment and closing costs. Similarly, Fannie Mae and Freddie Mac offer programs for families with lower incomes. You can search for local home-buying assistance programs by visiting the U.S. Department of Housing and Urban Development (HUD) website. Read more: How to get a 3%-down mortgage with Fannie Mae and Freddie Mac Family Opportunity Mortgage loans are still available, although you won't always see them labeled 'Family Opportunity Mortgages.' An FOM is not a separate loan program. It is a primary residence loan with a unique occupancy classification, where the property owner and occupant are different people. Since Fannie Mae and Freddie Mac insure FOMs, you'll likely find them with mortgage lenders who offer Fannie Mae and Freddie Mac loan products. Family Opportunity Mortgages aren't always labeled as such. So it's worth asking a lender if it offers a primary residence mortgage where the borrower is separate from the occupying family member. Borrowers will apply for a Family Opportunity Mortgage similarly to how they apply for any other primary residence home loan — prequalify, complete the application, and submit all required documentation. When you apply, specify that an eligible family member will live in the home instead of you. Your lender will likely ask you to provide additional documentation showing your relationship with the family member and their inability to qualify for a mortgage on their own. This article was edited by Laura Grace Tarpley.
