Toronto group calls to release alleged Iran proxy who coordinated waves of attacks on Jewish sites
A Toronto activist group called for the US to release the Iranian regime proxy group commander who allegedly helped orchestrate attacks on Jewish, Israeli, and dissident sites and individuals across Europe and North America in the name of Harakat Ashab al-Yamin al-Islamia (HAYI), in a Thursday statement.
Al-Ahrar Palestinian Prisoner Support called for the immediate release of Kataib Hezbollah commander Mohammad Baqer Saad Dawood Al-Saadi, who had been extradited and charged by the US Department of Justice on May 15 for various terrorism offenses related to 18 attacks.
The Canada-based organization called on activists and organizations to act against the “violent move” by the US, rejecting its criminalization and describing its attacks as legitimate wartime actions.
“Mohammad Al-Saadi deserves widespread and unconditional support for his role in struggling against imperialism, whatever that may have looked like – from having a relationship with martyr leader [IRGC Quds Force commander Qassem] Soleimani to being yet another criminalized Iranian-Arab Muslim man to potentially even being a member of the Resistance to simply stating that the US is committing war crimes against his people while in court – these are all experiences worthy of uplifting and sharing.”
The group condemned Turkey for allegedly arresting Al-Saadi before extraditing him, asserting that the country’s support for campaigns against Israel was limited to “empty statements.”
War brought to the US, expansion of ‘global intifada’
Al-Ahrar, which also has a New York and New Jersey branch, asserted that Al-Saadi had brought the war within the borders of the US, comparing him to Washington DC Capital Jewish Museum shooter Elias Rodriguez. Al-Ahrar signed the May Tariq El-Tahrir Youth & Student Network petition praising and calling for the release of the murderer of two Israeli embassy staff.
Al-Saadi was also compared to Palestinian prisoners in Israeli prisons and Palestine Action vandals in the UK.
“All of these prisoners, many of whom are Palestinian and Arab, facing racist criminalization for participating in the struggle to liberate their homeland, are at the forefront of the movement against state repression,” said Al Ahrar. “Al-Saadi is part and parcel of this movement and international campaign – join us in calling for his liberation!”
The group also affirmed in the statement that it was part of Masar Badil Palestinian Alternative Revolutionary Path, which organizationally overlaps with Samidoun Palestinian Prisoner Solidarity Network. Samidoun is proscribed as a terrorist entity for its links to the Popular Front for the Liberation of Palestine (PFLP).
Al-Saadi pleaded not guilty, ‘we are in a war situation’
The Al Ahrar support of the alleged HAYI mastermind came as Canada and 21 other states condemned Islamic Regime and HAYI attacks in their territories, including a March shooting against the US Toronto consulate. Al-Ahrar defended the shooting on Thursday, saying the consulate represented not only “hundreds of years of genocidal occupation and colonial conquest, but also the infrastructure that continues to facilitate this globally.”
Al-Saadi pleaded not guilty last Monday to the criminal charges against him, according to Reuters, arguing “we are in a war situation.”
Charges against him included conspiring to provide material support to Kataib Hezbollah and the Islamic Revolutionary Guard Corps (IRGC), conspiring to and providing material support for acts of terrorism, attempted acts of transnational terrorism, conspiring to bomb a public site, property destruction by means of fire or explosives, and terrorism.
The plots attributed to him included a plan to carry out attacks against a New York City synagogue earlier this year.
Anti-Israel Columbia protest leader Mohsen Mahdawi fights deportation to Jordan
Columbia University anti-Israel student activist Mohsen Mahdawi appealed on Wednesday an immigration court order to deport him to Jordan, according to his legal representation American Civil Liberties Union (ACLU).
Mahdawi, who was arrested last April for undermining US foreign policy and government counter-antisemitism efforts with his pro-Palestinian campus activism, had been ordered removed to Jordan by an immigration judge last Wednesday.
The ACLU and other legal representatives on Wednesday appealed to the First Circuit US Court of Appeals. They have also petitioned on Wednesday to the Second Circuit, where his habeas petition is being deliberated. His legal team argued that his detention and censorship was punitive and served no legitimate purpose.
Mahdawi said that in a statement that as someone who was born in a Palestinian “refugee camp,” he thought he would be able to build his life in the US with the rights he ostensibly lacked there.
“Now the administration is abusing immigration law to silence me for speaking the truth about Palestinian suffering and genocide. When a government weaponizes immigration to punish speech, millions of immigrants and citizens feel that blow,” said Mahdawi. “This fight belongs to all who believe in democracy and every person willing to stand together in defense of the First Amendment. I take this fight to the First Circuit with love and faith – because the First Amendment is sacred, and I refuse to be silenced.”
Deportation to continue after US immigration judge rules Mahdawi not removable
Deportation proceedings had been reinstated against Mahdawi in early May after the US Board of Immigration Appeals overturned a February decision by a US immigration judge to reject the government’s efforts to deport him, arguing that the Department of Homeland Security (DHS) failed to prove he was removable.
“The original immigration judge correctly dismissed Mohsen’s immigration case before she had been fired, and the government cynically appealed the case within the Trump administration-controlled immigration court system knowing that the BIA would reverse,” Mahdawi’s attorney Cyrus Mehta said in a Wednesday statement with the ACLU. “We look forward to vindicating Mohsen’s First Amendment rights in the First Circuit Court of Appeals as well as the First Amendment rights of all other noncitizens living in the United States.”
The 34-year-old green card holder was arrested by DHS agents while he was attending a citizenship interview, with his deportation sought under the 1965 Immigration and Nationality Act.
“The secretary of state has determined” that his “presence and activities in the United States would have serious adverse foreign policy consequences and would compromise compelling US foreign policy interests,” was the explanation given for the move.
A judge ruled on the same day of his arrest that Mahdawi could not be removed from Vermont while the petitions against his arrest were being considered.
Petitions against Mahdawi’s detainment have argued that his arrest was a punitive measure over his activism, in violation of a resident’s First Amendment right to protected speech and due process.
The government said that its actions were legitimate under the INA and that the Vermont court lacked jurisdiction over the matter.
Mahdawi leads pro-Palestinian protests
Mahdawi has been a student and activist at various universities in the West Bank and the US since 2014. He was the head of the Fatah Student Movement at Birzeit University in the West Bank, and at Columbia, he was one of the leaders of pro-Palestinian protests. However, Mahdawi said that he stepped back from the role in March 2024.
Mahdawi reportedly co-founded the Dar: Palestinian Student Society alongside activist Mahmoud Khalil, a leader at Columbia University’s Apartheid Divest whose own deportation order is still being challenged.
ACLU Speech, Privacy, and Technology Project Deputy director Nate Freed Wessler said that “Mohsen should never have been detained for his speech.”
“The government’s continued persecution of our client for his beliefs should send a chill down the spine of everyone in this country, because once we start allowing exceptions to the First Amendment for speech the current government doesn’t like, there’s no telling where the censorship will stop.”
Anti-Israel Columbia protest leader Mohsen Mahdawi fights deportation to Jordan
Columbia University anti-Israel student activist Mohsen Mahdawi appealed on Wednesday an immigration court order to deport him to Jordan, according to his legal representation American Civil Liberties Union (ACLU).
Mahdawi, who was arrested last April for undermining US foreign policy and government counter-antisemitism efforts with his pro-Palestinian campus activism, had been ordered removed to Jordan by an immigration judge last Wednesday.
The ACLU and other legal representatives on Wednesday appealed to the First Circuit US Court of Appeals. They have also petitioned on Wednesday to the Second Circuit, where his habeas petition is being deliberated. His legal team argued that his detention and censorship was punitive and served no legitimate purpose.
Mahdawi said that in a statement that as someone who was born in a Palestinian “refugee camp,” he thought he would be able to build his life in the US with the rights he ostensibly lacked there.
“Now the administration is abusing immigration law to silence me for speaking the truth about Palestinian suffering and genocide. When a government weaponizes immigration to punish speech, millions of immigrants and citizens feel that blow,” said Mahdawi. “This fight belongs to all who believe in democracy and every person willing to stand together in defense of the First Amendment. I take this fight to the First Circuit with love and faith – because the First Amendment is sacred, and I refuse to be silenced.”
Deportation to continue after US immigration judge rules Mahdawi not removable
Deportation proceedings had been reinstated against Mahdawi in early May after the US Board of Immigration Appeals overturned a February decision by a US immigration judge to reject the government’s efforts to deport him, arguing that the Department of Homeland Security (DHS) failed to prove he was removable.
“The original immigration judge correctly dismissed Mohsen’s immigration case before she had been fired, and the government cynically appealed the case within the Trump administration-controlled immigration court system knowing that the BIA would reverse,” Mahdawi’s attorney Cyrus Mehta said in a Wednesday statement with the ACLU. “We look forward to vindicating Mohsen’s First Amendment rights in the First Circuit Court of Appeals as well as the First Amendment rights of all other noncitizens living in the United States.”
The 34-year-old green card holder was arrested by DHS agents while he was attending a citizenship interview, with his deportation sought under the 1965 Immigration and Nationality Act.
“The secretary of state has determined” that his “presence and activities in the United States would have serious adverse foreign policy consequences and would compromise compelling US foreign policy interests,” was the explanation given for the move.
A judge ruled on the same day of his arrest that Mahdawi could not be removed from Vermont while the petitions against his arrest were being considered.
Petitions against Mahdawi’s detainment have argued that his arrest was a punitive measure over his activism, in violation of a resident’s First Amendment right to protected speech and due process.
The government said that its actions were legitimate under the INA and that the Vermont court lacked jurisdiction over the matter.
Mahdawi leads pro-Palestinian protests
Mahdawi has been a student and activist at various universities in the West Bank and the US since 2014. He was the head of the Fatah Student Movement at Birzeit University in the West Bank, and at Columbia, he was one of the leaders of pro-Palestinian protests. However, Mahdawi said that he stepped back from the role in March 2024.
Mahdawi reportedly co-founded the Dar: Palestinian Student Society alongside activist Mahmoud Khalil, a leader at Columbia University’s Apartheid Divest whose own deportation order is still being challenged.
ACLU Speech, Privacy, and Technology Project Deputy director Nate Freed Wessler said that “Mohsen should never have been detained for his speech.”
“The government’s continued persecution of our client for his beliefs should send a chill down the spine of everyone in this country, because once we start allowing exceptions to the First Amendment for speech the current government doesn’t like, there’s no telling where the censorship will stop.”
Debris from intercepted Iranian drone injures child, damages homes in Bahrain
Bahrain’s Interior Ministry said on Thursday that an 11-year-old girl suffered minor injuries, while vehicles caught fire and homes were damaged in Hamad Town and the capital Manama after debris fell from Iranian drones that were intercepted and destroyed.
Iranian missiles continue to rain periodically through the Middle East and Gulf regions, as Jordan’s Royal Air Force and air defense systems intercepted 20 missiles within their airspace, according to Jordan News Agency.
A military source said that the interception resulted in several fragments falling, and that engineering units have discarded the remnants after checking them for explosive materials.
#عاجل|| القوات المسلحة: أنظمة الدفاع الجوي الأردنية وطائرات سلاح الجو الملكي اعترضت واسقطت فجر اليوم الخميس 20 صاروخا أطلقت من إيران باتجاه منطقة الأزرق #بترا #الأردن pic.twitter.com/X7SIGGzyHa
— Jordan News Agency (@Petranews) June 11, 2026
No damage or injuries have been reported.
This is a developing story.
FIFA’s Infantino says soccer org. ‘not kings of world,’ US decides who can enter, amid visa scandal
Before the World Cup kicks off in Mexico City on Thursday, FIFA President Gianni Infantino is fending off concerns over potential visa issues for players and officials entering the United States.
Infantino said FIFA is focused on being a “sports organization” and would not intervene in helping the US determine approvals for entry into the country.
“We try always to find solutions, always,” Infantino said Wednesday in a World Cup news conference in Mexico City. “But then we need to respect that we are not the kings of the world who can rule over governments and police forces, and I don’t know what. We are a sports organization, we try to do our best with the means that we have.”
Without detailing circumstances or sharing knowledge of any context behind the US denying entry to Omar Artan, a referee from Somalia, Infantino called the turn of events “unfortunate.”
One US official said Tuesday night Artan was not accepted when his flight landed in Miami from Istanbul due to an alleged “association with suspected members of terror organizations.” He said FIFA understands there are also times to “chill and relax” when visa issues arise rather than creating additional conflict.
Ticket controversies, visa issues, Iranian participation
“Sometimes, to immediately start screaming and shouting has the opposite effect in terms of finding a solution,” he said.
Infantino said there are no regrets from FIFA about selecting the United States as one of the three host countries for the 48-team tournament.
Asked about the status of the Iranian team, which moved its training to Mexico and will shuttle to games in the United States and then fly back to Tijuana, Infantino clarified he is not suggesting FIFA isn’t active in aiding its tournament participants.
“I don’t mean to chill and do nothing, I mean to trust us that we are working behind the scenes, trying to understand,” he said. “There are things we are told, things we are not told. We always try to make things positive and find a solution.
“It has been successful to bring Iran to play in America, I don’t know who would’ve managed to do that … we don’t live on the moon, we live on planet Earth, and we try our best.”
He said the same applies to the ongoing investigations by attorneys general in New Jersey, New York, California, and Texas over allegations of misleading ticket price structure. FIFA revealed Wednesday that listed ticket prices were sold for an average of less than $500.
Infantino, who claimed only four complaints crossed his desk from “800,000 tickets sold” for matches in San Francisco and Inglewood, California, said FIFA will also take a chill approach to responding to the uproar around ticketing.
Why so relaxed? “Because before starting to sell 7 million tickets, we checked what we would do with the best lawyers or experts,” Infantino said.
“In California, we sold 800,000 tickets for the games in Los Angeles and San Francisco. Out of the 800,000, we had three customers who complained. The fourth one has come since. These cases were solved before the investigations started. We welcome any investigations. We’ll present everything and make our case. But it’s most important that every dollar that we generate goes back into football.”
Trump administration: Somali referee denied US entry over possible terror ties
The Somali referee, who headed to the World Cup, then turned away, was denied entry into the United States over a possible tie to terrorism, a Trump administration official claimed to Fox News.
Omar Abdulkadir Artan, 34, made it to Miami International Airport on a flight from Istanbul on Saturday but was refused entrance into the country by US Customs and Border Patrol.
“Upon further inspection by CBP, derogatory information, including association with suspected members of terror organizations, was discovered, making the traveler ineligible for admission to the United States under the Immigration and Nationality Act (INA),” the statement read, Fox News reported Wednesday.
“The traveler was refused admission and given immigration forms that provide the section of law used to complete an expedited removal under 8235 of the INA. President Trump’s administration will not allow any security threat to enter our country – full stop.”
FIFA President Gianni Infantino addressed questions about the United States controlling access for entry into the country on Wednesday at his World Cup kickoff press conference and pointed to Artan’s case.
“It is unfortunate what happened to Omar, the referee from Somalia. But again, we don’t control everything,” Infantino said. “We try, we’ll discuss, we’ll see. Maybe sometimes it’s good as well to chill, relax. We work on everything, we try to resolve everything.”
Artan was named 2025 Male Referee of the Year by the Confederation of African Football and would have been the first-ever Somali referee to take charge of a match at the World Cup.
Fox reported Artan had been issued a visa to enter the United States last week, citing the Somalia Embassy in Kenya that processed it.
Opinion: Congress, don’t mock homeownership month: Fix or flush 21st Century ROAD to Housing Act
Pini Dunner’s “The Blackest of Lies” opened with: “Benjamin Franklin declared that ‘half the truth is often a great lie.’ Mark Twain put it slightly differently: ‘A half-truth is the most cowardly of lies.’ And this, from Tennyson: ‘The lie which is half a truth is ever the blackest of lies.’”
What Dunner is describing is known as paltering, an active use of selective, factually truthful statements to mislead someone or create a false impression. There is an evidence-based argument that, without needed amendments, the 21st Century ROAD to Housing Act is just the latest bipartisan deception, which strong-willed advocates, Congress and/or the White House should demand be fixed or flushed.
This pushback survey illustrates the following:
Per the Wall Street Journal Editorial Board.
- “A Bipartisan Housing Fiasco,” “The new House legislation will raise costs and give more power to regulators.” “Housing shortages are the result of restrictive state and local zoning and permitting” and “…eager to claim a victory on affordability, even if it’s likely to be pyrrhic.”
Per the WNG.org.
- Heritage economist E.J. Antoni, whose Bureau of Labor Statistics (BLS) nomination was pulled by the White House, said: “Unfortunately, though, a lot of them [aspects of the ROAD bill] are just more demand subsidies, and they’re more government programs, which aren’t actually going to fix the fundamental mismatch between supply and demand that we face today.”
- “Norbert Michel, director of the Cato Institute’s Center for Monetary and Financial Alternatives, told WORLD”…“Whatever outcome current government policy and previous government policies have wrought, that’s where we are now. And you really shouldn’t expect anything radically different from this [housing] bill,” Michel said. “It really doesn’t radically change what we’ve been doing for the past several decades.”
- “Francis Torres, director of the Bipartisan Policy Center’s housing and infrastructure projects…” said: “I wouldn’t say that, as a renter, I would expect my rent to go down the month after this bill passes just because of this bill. I think in the long run, me and other people who rent would benefit from a more abundant rental housing market—would benefit from housing being easier and faster to build in the places where there’s most access to jobs and opportunities.”
AEI Housing Center’s Edward Pinto and Tobias Peter asserted the ROAD bill’s leftward subsidy-minded lurch is a “pork-filled potpourri,” a “ROAD to less housing” and “Elizabeth Warren’s Housing Coup: The GOP Senate Is About to Pass a Bill That Is Great for Progressives.”
Antoni argued that more migrant deportations can help the housing crisis, because it opens up existing housing. Roughly three million people have been deported or self-deported. But at that pace, a housing crisis estimated at some five to eight-plus million units isn’t enough.
Construction is needed near where demand is and requires federal preemption.
- “Recall HUD’s Pamela Blumenthal and Regina Gray said: “Without significant new supply, cost burdens are likely to increase as current home prices reach all-time highs…” and “The regulatory environment — federal, state, and local — that contributes to the extensive mismatch between supply and need has worsened over time. Federally sponsored commissions, task forces, and councils under both Democratic and Republican administrations have examined the effects of land use regulations on affordable housing for more than 50 years.”
- Perverse incentives and the fingerprints of the Iron Triangle or AmeRegCorp are in evidence.”
For six months, an evidence-backed op-ed series via HousingWire made the argument, advanced by cited sources including MHARR, that without amendments to preempt zoning barriers plus affordable lending for more “inherently affordable manufactured homes” the ROAD bill won’t work.
Stating the obvious can be clarifying.
- The National Association of Realtors (NAR) doesn’t build houses.
- The National Association of Home Builders (NAHB) for years said that without subsidies, conventional building/development is “untenable.”
- Nearly 75% of Americans can’t afford a new site-built house.
Subsidies are a leftist ‘solution.’ Applying economic insights from Thomas Sowell reminds us that subsidies shift and mask costs without fixing problems. “TANSTAAFL” is short for “There Ain’t No Such Thing As A Free Lunch” because someone must always pay.
Both NAR and NAHB have provided research documenting how modern manufactured homes defy decades of outdated mockery as “trailers” or “mobile homes.” HUD and NAR documented that manufactured homes appreciate at similar or sometimes greater rates than conventional housing.
Per Catherine Koh/NAHB.
“The gap widens among homeowners, with manufactured homeowners earning a median of $41,500 versus $93,000 for single-family homeowners.
| Household Characteristic | Manufactured Homes Household | Single-Family Household |
| Age (Median) | 55 | 55 |
| Majority Education Attainment Level | High school or equivalency (37.8%) | Bachelor’s degree (24.8%) |
| Annual Household Income (Median) | $40,000 | $85,000 |
| Annual Household Income of Homeowners (Median) | $41,500 | $93,000 |
| Sources: 2023 American Housing Survey (AHS) and NAHB analysis. | ||
…The average cost per square foot for a new manufactured home in 2023 was $86.62, compared to $165.94 for a site-built home (excluding land costs)…”
The Biblical wisdom and ancient principle of ‘separating the wheat from the chaff’ must be applied to all sources, including purportedly notorious Manufactured Housing Institute (MHI) member Frank Rolfe. “So don’t tell me ‘we can’t solve affordable housing‘ because the correct statement is ‘we don’t want to solve affordable housing.’ ‘American incomes cannot support $400,000 homes and $2,000 apartment rents. Not even close. How did we end up in such a mess?’ ‘But there’s nothing more annoying than watching state and federal bureaucrats and non-profits that come up with ideas that don’t have a prayer of working and just throw good money after bad…news articles are a cornucopia of such idiocy. If you want to solve U.S. affordable housing you would have to eliminate all the barriers…’”
Per HousingWire: “Manufactured housing is the homeownership solve we keep ignoring” and “Comparing RV and manufactured housing data sheds critical light on U.S. affordable housing crisis.”
National Homeownership Month is typically celebrated by NAR and NAHB to promote their members’ products and services. Understandable. So, why has MHI for years failed to similarly promote it, as MHProNews repeatedly documented?
Why have smaller businesses and professionals within the MHI orbit asked them for years for a proper image and educational campaign, one mimicking for manufactured housing what the GoRVing campaign does for the RV industry?
Will detail- and honest-minded souls gaze beyond half-truths and paltering?
Without more inherently affordable manufactured homes, there will be more homelessness and more struggling to pay rent or higher-cost mortgages.
Perverse incentives – AmeRegCorp, the Iron Triangle – keep housing constrained due to “man-made barriers.” Who says? Artificial intelligence-powered Gemini, Grok, Copilot and ChatGPT. Let’s be clear, AI and all computing rely on Two GIGOs: “Garbage In-Garbage Out” or “Good In-Good Out.” Given accurate information, AI is adept at pattern recognition.
Most MHI leaders, corporate and staff, for years declined directly mentioning MHARR or yours truly. Why? AIs suggest strategic avoidance. Consolidation-focused MHI insiders want low production. Low 21st-century production, EconomicLiberties.us throttling plus limiting capital access foster consolidation into deeper pockets.
| Table 1 | ||
| Manufactured Home Production | National Totals | Average for years shown |
| 1995-2000 | 2,033,545 | 338,924 |
| 2001-2025 | 2,333,138 | 93,326 |
| Average Annual Deficit = | 245,598 | |
| Table 2 | Cumulative 21st Century Deficit | |
| 21st Century Annual Deficit in MH Production | 245,598 x 25 = | 6,139,950 |
Those tables are evidence that without millions more manufactured homes, the housing crisis will continue.
Congress and the White House can patch the potholes in the ROAD bill by adding the MHARR amendments. Fix it or flush it.
L. A. “Tony” Kovach is the co-founder and publisher of ManufacturedHomeProNews.com and ManufacturedHomeLivingNews.com.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.
One year later: How UWM’s Mia is reshaping borrower engagement
One year after introducing Mia at UWM LIVE!, the Mia AI-powered LO assistant has evolved from a borrower communication tool into a broader engagement platform supporting millions of conversations. Driven largely by broker feedback, Mia now includes multilingual capabilities, including Spanish, expanded outreach functions and new capabilities designed to help brokers strengthen relationships with borrowers and referral partners.
In this conversation, Jason Bressler, Chief Technology Officer at United Wholesale Mortgage (UWM), discusses what the company learned from Mia’s first year in the market, how broker adoption exceeded expectations and why AI-powered communication is becoming an increasingly important part of the mortgage experience.
HousingWire: Mia was introduced as an AI-powered LO assistant designed to help brokers manage borrower communication more efficiently. What has surprised you most about how brokers have adopted and used it?
Jason Bressler: The biggest surprise was how quickly adoption changed. Early on, there was a lot of hesitation. Brokers and loan officers didn’t want Mia communicating with their leads, borrowers or past clients without knowing exactly how it would perform.
We saw a decent amount of immediate opt-outs because people simply didn’t know what to expect. But within three to four months, that changed dramatically. Brokers started seeing real results. Our CEO, Mat Ishbia, highlighted success stories in sales meetings, shared testimonials and played recordings of Mia’s conversations. Some loan officers were generating multiple new deals each week through Mia’s outreach efforts.
Once brokers saw the business impact, adoption accelerated quickly. Today, the response is overwhelmingly positive. Brokers want more functionality, more customization and more ways to integrate Mia into their businesses. From a technology standpoint, that feedback loop is invaluable because it helps us continually improve the product based on real-world usage.
HW: Mia has now supported nearly three million calls and more than 80,000 closed loans. What have you learned about what brokers and borrowers expect from AI-powered communication?
JB: At the beginning, there really weren’t many expectations because this was such a new concept, especially at the scale we launched it. We gave roughly 50,000 loan officers access to their own Mia phone number and the ability to have AI handle inbound and outbound communication.
Initially, there was a lot of curiosity and caution. Over time, however, we learned that brokers want Mia to have increasingly detailed and natural conversations. They want her to understand UWM products, know information about their business, understand licensing limitations and communicate as an extension of their team.
As adoption has grown, expectations have grown as well. Brokers increasingly want Mia to speak on their behalf and handle more complex conversations. The goal is to make those interactions as informative, personalized and comprehensive as possible.
HW: UWM launched Mia On Demand at UWM LIVE!, which now includes call options for listing-agent outreach, pre-qualification follow-up and mortgage reviews. Why were those the next use cases to prioritize?
JB: Those enhancements came directly from broker feedback. The easiest way to describe it is that many people hesitate to initiate conversations. Whether it’s reaching out to a potential referral partner or making a cold call, there’s always some level of discomfort.
Mia eliminates that barrier.
She can make those initial outreach calls, start conversations and create opportunities that many people might otherwise avoid. That opens the door for brokers to develop new relationships and create more business opportunities.
The new use cases reflect areas where brokers wanted help starting and maintaining conversations. We listened to that feedback and built solutions around it.
HW: Spanish-language support was one of the most requested enhancements. How important is multilingual communication to the future of AI borrower engagement?
JB: It’s extremely important. We have a large Hispanic broker community, and many brokers told us they were hesitant to use Mia with certain borrowers due to language limitations. Once we introduced Spanish functionality, Mia’s AI adoption increased significantly.
Today, if a borrower begins speaking Spanish, Mia automatically recognizes it and switches languages. We’re also adding functionality through Brand 360, UWM’s marketing portal for clients, that will allow loan officers to designate specific contacts for Spanish communication from the beginning of the conversation.
What’s exciting is that this extends beyond Spanish. Mia can currently support roughly 32 languages. If a borrower begins speaking Korean or another supported language, Mia can automatically transition into that language as well.
That creates a much more accessible experience for borrowers while allowing brokers to engage a broader audience.
HW: As Mia continues to evolve, how has your perspective on AI’s role in mortgage lending changed over the past year?
JB: I think Mia’s role will continue to expand significantly. She already has the capability to handle many parts of the mortgage conversation process, and over time, she’ll be able to assist with nearly every aspect of the loan application journey, except for actually quoting rates.
The future is about moving beyond simple voice AI and creating increasingly sophisticated, conversational interactions, making Mia more knowledgeable, more responsive and more capable of handling a much wider range of borrower and broker questions.
The next major evolution for the industry will likely be AI-powered call centers. Many voice AI providers can have conversations, but what’s much harder is responding intelligently to objections, adjusting in real time and handling complex interactions at scale.
That requires extensive infrastructure, training, scripting and ongoing refinement. We’ve invested heavily in building that foundation. As the technology matures, I believe the industry will see a new generation of AI capable of handling much more advanced customer engagement and support functions.
HW: UWM LIVE! also introduced Refi ’86. How do you see AI and pricing strategy working together to help brokers capture refinance and retention opportunities?
JB: Some of the most impactful AI applications in mortgage lending won’t necessarily be customer-facing. AI-driven data modeling and machine learning will increasingly power dynamic pricing strategies. Lenders will be able to evaluate not only borrower characteristics, but also broker performance patterns, geographic factors, income profiles and numerous other variables to identify the best product and pricing options almost instantly.
The ability to deliver highly personalized recommendations quickly will become a major competitive advantage. Much of that technology already exists today. The question is how aggressively lenders and brokers choose to invest in it and integrate it into their workflows.
Ultimately, technology and pricing strategy will continue working together to help brokers identify opportunities, improve borrower retention and deliver more tailored mortgage solutions.
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Lenders should view UAD 3.6 as a reset opportunity
For many lenders, UAD 3.6 (Uniform Appraisal Dataset) may still feel like something the appraisal world needs to own and lenders only need to monitor, but that sentiment may leave some organizations underprepared.
UAD 3.6 is not a back-office update. It is a meaningful shift in how appraisal data is structured, delivered and interpreted, and lenders who engage with it early will be better positioned for the transition ahead.
The reality is that this change touches both the appraisal and lending sides of the business. For those who haven’t started preparing, now would be a good time to begin.
No one will have all the answers, and that’s OK
Many lenders are asking how to “train for UAD 3.6” as if it’s a one-time event, but the transition will be more of an ongoing adjustment. This is not a system update to install and move on from. It’s a shift that will call for flexibility, patience and a willingness to learn as things unfold.
Your teams shouldn’t expect to have every answer on day one. Underwriters won’t have a perfect playbook, and QC teams won’t immediately know what to prioritize. That’s completely normal for a change of this magnitude. The lenders that navigate it well will be the ones who understand what UAD 3.6 is asking of them and stay open to adapting in real time, rather than waiting for certainty before they act.
A chance to revisit workflows
One thing UAD 3.6 does is invite lenders to take a closer look at how their appraisal processes are structured today. For years, those workflows have followed a familiar pattern: reports come in, underwriters review them line by line, conditions are issued and revisions follow. The pattern works, but it doesn’t always work efficiently, and many teams have grown so accustomed to it that improvement can be hard to see from the inside.
UAD 3.6 introduces a more structured, data-driven format that changes how information is presented and evaluated. That shift will require some adjustment, particularly for underwriters who have developed precise review habits over time. Those habits are valuable, but they may need revision as teams learn to work with a new data structure.
Rather than treating that adjustment as a disruption, lenders can use it as a prompt to ask which parts of their current workflow genuinely serve the process and which have simply persisted out of habit. There’s often more room to improve than teams realize until something pushes them to look.
What lenders can do right now
For those who want to move into UAD 3.6 smoothly, these steps can make a real difference.
- Start with education. Rather than reducing UAD 3.6 to a checklist or a single training session, help teams understand what is changing and why. Underwriters, operations leaders and anyone who touches the appraisal process will benefit from a broader context. The goal is to build the judgment to work with new data over time, not memorize a new format.
- Audit your current workflow. Map out how an appraisal moves through the organization today. Where do delays happen most often? Where do revisions cluster? Which steps consume the most time without necessarily requiring it? Understanding those patterns now means UAD 3.6 doesn’t have to surface them under pressure.
- Prepare your underwriters. This may be the most human part of the transition. Underwriters are trained to be precise and consistent, and those qualities remain essential. UAD 3.6 will simply ask them to bring an adaptive mindset alongside that precision, with the expectation that they’ll learn and adjust as the new format becomes more and more familiar.
- Engage partners early. AMCs, valuation providers and technology partners all have a stake in how this transition goes. Lenders that bring them into the conversation early will have a clearer picture of how appraisal data will be delivered and what process changes may follow.
- Set realistic expectations. There will be an adjustment period. Turn times may fluctuate and review processes may need refinement before they settle. Communicating that now, before the pressure is on, will help teams stay focused on steady progress rather than measuring themselves against a standard of immediate perfection.
Get ahead while there’s still time
It’s easy to defer UAD 3.6 planning when rates are moving, volume is unpredictable and teams are stretched. But that’s precisely when early preparation has the most value. Lenders that build some familiarity with the change now will have a steadier path when volume picks back up. Those that haven’t will likely feel the strain in underwriting queues, extended turn times and operational friction that takes real time to unwind.
UAD 3.6 brings more structure, more consistency and real potential for greater efficiency. Capturing that potential will require a willingness to let go of familiar processes that may no longer be serving the organization well.
Forward-thinking lenders will resist the urge to simply recreate old workflows in a new format. Instead, they’ll ask where time is being spent, where reviews overlap and where decisions could move faster without sacrificing quality. The inefficiencies that exist in many appraisal processes today aren’t there because they’re necessary, but because they’re familiar. UAD 3.6 gives lenders a reasonable basis to revisit them.
For organizations with appraisal processes that are already efficient and adaptable, UAD 3.6 will likely be an uncomplicated update. For those navigating longer turn times, duplicative reviews or recurring revision loops, this transition offers the opportunity to address those challenges rather than carry them forward.
Nikkita Phanda is Senior Vice President of Digital Operations at Class Valuation.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.
Bitcoin Sale Didn’t Shake Institutional Investors, Says Strategy CEO, But Crypto Anarchist Retail Crowd Got The Jitters
Strategy Inc. (NASDAQ:MSTR) CEO Phong Le said on Wednesday that institutional shareholders were not as unsettled by the company’s Bitcoin (CRYPTO: BTC) sales as retail investors and cryptocurrency anarchists.
Strategy CEO Says BTC Sale Blown Out Of Proportion
During an interview with CNBC, Le said that the firm would continue to sell its Bitcoin if “it makes sense” for its common stockholders.
He stated that the latest sale of 32 BTC, worth $2.5 million, was to “test” the company’s processes and wondered why it received so much attention.
“Institutional shareholders that we talk to don’t seem to be unnerved by it,” the CEO added. “I think the unnerving is the retail community that views on never selling your Bitcoin, who are crypto-anarchists. Frankly, we have a lot more than just them as constituents.”
UN fails to condemn Hezbollah in statement on peacekeeper’s death, Israeli ambassador says
A United Nations Security Council statement on the recent death of a UN peacekeeper in Lebanon failed to condemn Hezbollah, Israeli Ambassador to the UN Danny Danon pointed out on X/Twitter on Wednesday.
“When a UN peacekeeper dies in southern Lebanon, and the Security Council still fails to explicitly condemn Hezbollah for violating Resolution 1701, it reflects a profound failure by the international community,” Danon stated.
The UN Security Council just adopted a statement following the death of a Serbian UNIFIL peacekeeper in southern Lebanon.
When a UN peacekeeper dies in southern Lebanon and the Security Council still fails to explicitly condemn Hezbollah for violating Resolution 1701, it… pic.twitter.com/wkaQGQlYwN
— Danny Danon 🇮🇱 דני דנון (@dannydanon) June 10, 2026
The peacekeeper, Sergeant Milovan Jovanovic of Serbia’s 27th Mechanized Battalion, died last week from wounds sustained when mortar shells hit his position near Marjayoun in southeastern Lebanon, and was the seventh peacekeeper killed in the country since March.
The Security Council’s statement expressed condolences to the peacekeeper’s family, as well as to the families of two other peacekeepers who were wounded in the same mortar strike.
The statement also generally condemned the killing, without specifying which group instigated the attack, and urged “all parties” to ensure the United Nations Interim Force in Lebanon (UNIFIL)’s safety and security.
Guterres calls for full ceasefire in Lebanon
UN Secretary-General Antonio Guterres later wrote on X that “All parties must work towards a diplomatic settlement that fully respects the territorial integrity, sovereignty & political independence of Lebanon.”
Since March, we have witnessed a serious escalation – as Israel intensified its operations in Lebanese & Hizbullah fired deeper into Israel.
All parties must work towards a diplomatic settlement that fully respects the territorial integrity, sovereignty & political independence…
— António Guterres (@antonioguterres) June 11, 2026
“I fully support a monopoly on weapons by the Lebanese Government,” he wrote. “The process must start with a comprehensive ceasefire respected by all parties everywhere, alleviating the suffering of communities on both sides of the Blue Line. I hope further negotiations will contribute to lasting peace & stability.”
Reuters contributed to this report.
IRGC general threatens to ‘turn entire region into hell’ if Strait of Hormuz destabilized
A commander of the Islamic Revolutionary Guard Corps (IRGC) threatened the entire region with harsh consequences if the United States destabilized the Strait of Hormuz, state news site WANA reported on Thursday.
“Will you make the sacred Strait of Hormuz unsafe? We will turn the entire region into hell for you from across Iran,” Brigadier-General Majid Mousavi, commander of the IRGC’s Aerospace Force, stated.
This is a developing story.
Explosion in China’s Guangxi region kills seven, injures 17
An explosion killed seven people early on Thursday in China’s southwestern region of Guangxi, local authorities said in a notice, adding that they were investigating its cause, but ruling out a risk from gas pipelines.
Seventeen people were taken to the hospital, but none were in critical condition, they said, after the 1:40 a.m. blast in the town of Xingan, nestled in a mountainous area rich in mineral and agricultural resources.
This is a developing story.
US strikes Iran for second day, hitting military surveillance capabilities, air defense systems
US Central Command (CENTCOM) announced that it launched “self-defense strikes” against multiple targets in Iran at the direction of US President Donald Trump in a post on X/Twitter on Wednesday.
According to Iranian state media reports, after the strikes were announced, explosions were heard in western Tehran and the southern Iranian cities of Sirik and Minab.
CENTCOM stated that it targeted Iranian military surveillance capabilities, communications systems, and air defense sites across Iran with precision munitions. The sites targeted posed a threat to US forces in the region and commercial ships attempting to transit the Strait of Hormuz, according to the US military.
— U.S. Central Command (@CENTCOM) June 11, 2026
“The strikes are in response to Iran’s unwarranted and continued aggression,” CENTCOM asserted, adding that “US forces remain vigilant, lethal, and ready.”
Iran claims Strait of Hormuz closed in response to strikes
According to Reuters, Iran’s top joint military command announced that the Strait would be closed in response to the strikes and that any vessel attempting transit through the waterway will be shot at.
Iranian state media then claimed that two “violating ships” were hit by Iran’s navy.
CENTCOM denied that the Strait of Hormuz has been closed, asserting that “commercial ships are continuing to transit in and out of the Strait” in a post on X/Twitter.
US to ‘hit Iran hard,’ Hegseth warns
The strikes were announced shortly after US Defense Secretary Pete Hegseth, during a security cabinet meeting with Trump, stated that the US was “going to hit Iran hard” on Wednesday, according to an Axios report.
“Those strikes that will happen tonight will be strong and clear and if they have to happen tomorrow night, they will be strong and clear,” Hegseth asserted, adding that CENTCOM will be “busy tonight.”
Hegseth tells reporters at CENTCOM: “CENTCOM will be busy tonight because we are going to hit Iran hard. Iran has a chance to make a great deal. They haven’t been willing to it…they are going to have tap, tap, tap bombs dropping on key facilities in Iran from the U.S. – it is… https://t.co/JLA5UAFL6T
— Barak Ravid (@BarakRavid) June 10, 2026
Hegseth clarified that the strikes on “key facilities” in Iran would be intended to “set the terms for a deal” rather than to restart the war.
He stated that Trump is prepared to make a deal and that “Iran would be wise to take it.”
“If we need to negotiate with bombs, we will negotiate with bombs,” Hegseth added.
Second consecutive night of CENTCOM strikes
CENTCOM conducted similar strikes against Iran on Tuesday after a US Army Apache Helicopter was downed near the Strait of Hormuz.
In Tuesday’s strikes, the US targeted Iranian air defenses, ground control stations, and radar sites with precise munitions, according to a CENTCOM statement at the time.
Reuters and Danya Saperstein contributed to this report.
US to ‘bomb s*** out of Iran’ if deal not reached, Trump warns after overnight strikes
The US will continue to heavily strike Iran on Thursday if it does not agree to a deal, US President Donald Trump told Fox News after the US initiated what it claimed were self-defense strikes against Iran on Wednesday.
Trump also asserted that Israel was not involved in the strikes, which reportedly targeted Iranian air defenses and radar sites near the Strait of Hormuz.
According to Fox, Trump said the bombing campaign would stop shortly if Iran agreed to a deal proposed by US negotiators. When asked what would happen if Iran refused, Trump responded: “We’ll bomb the s**t out of them tomorrow night.”
Fox News correspondent Trey Yingst reported that Trump said senior Iranian officials contacted him directly and asked the United States to halt its bombing campaign, which he said consisted of 49 Tomahawk missiles fired at targets in Iran, some of which were only around 40 miles away from Tehran.
Yingst reported that Trump told him the conversation took place while he was in the Situation Room with US Vice President JD Vance and senior advisers.
Iran’s state media denies contact between Iranian officials, Trump
Iran’s state media cited a senior official as denying that Iranian officials were in contact with Trump in the wake of US attacks on areas in southern Iran.
“Trump’s false claim that Iranian officials contacted him is a cover to evade war with Iran,” the unnamed official was cited as saying.
Reuters contributed to this report.
Herzog awards Mossad, IAI, IAF prize for capability-expanding classified system – exclusive
The Defense Ministry on Wednesday announced that President Isaac Herzog awarded a prize to the Mossad for “a classified operational system that significantly expands the Mossad’s collection and operational capabilities across a broad spectrum of missions.”
This project started as early as 2012 and took 14 years to fully develop.
Former Mossad chiefs Tamir Pardo, Yossi Cohen, and recently retired chief David Barnea all had a hand in advancing the program, without which it might not have reached the finish line.
According to the ministry, “The project embodies extraordinary technological innovation and unprecedented operational boldness. The award was presented to the Mossad, Israel Aerospace Industries (IAI), and the Israeli Air Force.”
Project began under Pardo
The project began in 2012 under then-Mossad chief Tamir Pardo and continued through the tenures of Yossi Cohen and David Barnea before being publicly recognized this week.
The award was announced days after Maj.-Gen. Roman Gofman formally assumed leadership of the Mossad, succeeding Barnea following the completion of his term as director.
Broader Mossad transformation
The lengthy development of the project coincided with broader changes inside the Mossad under Barnea’s leadership. Former senior Mossad official Ilan Rom recently told The Jerusalem Post that Barnea led a major organizational transformation within the agency.
According to Rom, the restructuring enabled the Mossad to carry out dozens of operations simultaneously, compared to earlier periods when it could focus on only one or two major operations at a time.
Rom said the changes were the result of years of planning and organizational reform, and that they expanded the agency’s operational reach across a broad range of missions.
Leadership transition
Despite publicly opposing Gofman’s appointment during the legal proceedings surrounding his selection, Barnea called on Mossad personnel to support the incoming chief after the High Court approved the appointment.
“The success of Maj.-Gen. Gofman is the success of the Mossad and the success of the entire State of Israel,” Barnea wrote in a message to agency personnel following the court’s decision.
Jerusalem Post Staff contributed to this report.
Israel set to approve funding plan for 61 West Bank settlements – report
Israel’s cabinet is expected to approve a plan to fund the de facto establishment of 61 new settlements in the West Bank on Thursday, according to Axios’s Barak Ravid.
The plan involves the allocation of over 350 million dollars over several years, Ravid wrote in a post on X/Twitter citing a source familiar with the proposal, and is being promoted by far-right Finance Minister Bezalel Smotrich.
“Many of the settlements included in the proposal are located in strategically sensitive areas,” Ravid wrote, “including along Highway 90 in the Jordan Valley, in the South Hebron Hills, and in locations designed to create territorial continuity between existing settlements.”
The funding will cover temporary mobile homes, public facilities, community infrastructure and support services, in what Ravid called “one of the most significant settlement expansion moves in decades,” adding that the funding for these structures would begin even before the planning process was fully completed.
In later stages of the proposal, the government would also fund more permanent development work for the settlements, including building roads and installing utilities.
Ravid highlighted that the proposal’s unusual move of allowing a temporary site to be established before planning procedures could be completed would set a significant precedent, allowing the government to set “facts on the ground” to later evolve into permanent settlements.
Right-wing pushing for Israeli sovereignty over West Bank
Right-wing ministers and lawmakers have continuously pushed for Israeli sovereignty over all areas in the West Bank, drawing sharp criticism and condemnation from leaders of various countries worldwide.
In another decision, 2,162 new housing units were approved to be developed in West Bank settlements by the Higher Planning Council, which is a body that operates under the Defense Ministry, Smotrich announced earlier this month.
Smotrich welcomed this decision, saying that “we are continuing to build the Land of Israel in practice.”
He added that the establishment of the new housing units was “not merely planning measures.”
“They are national initiatives that strengthen our hold on the land, reinforce Israel’s security, and establish clear facts on the ground that prevent the creation of an Arab terrorist state in the heart of the country.”
Keshet Neev contributed to this report.
California Democrat backed by pro-Israel group loses runoff spot to Israel critic
A California Democratic candidate backed by a pro-Israel advocacy group’s spending has lost her spot in a congressional runoff after a progressive critic of Israel overtook her in the vote count more than a week after the primary election.
State Assembly member Jasmeet Bains, a moderate, received around $500,000 in ad buys from Democratic Majority for Israel, according to a Sacramento Bee review of Federal Election Commission filings, in her bid to represent California’s 22nd Congressional District in the Central Valley.
In the days after California’s June 2 primary, Bains appeared on track to finish second and advance to a November contest against Republican incumbent Rep. David Valadao, who has backing from the pro-Israel lobby group AIPAC.
But late Tuesday, the Associated Press called the race for school board member Randy Villegas over Bains. As of press time, Villegas held 32% of the vote to Bains’ 27%, with 90% of total votes tallied. Valadao was in first place with 40% of the vote.
Israel emerges as campaign issue
The result sets up another front line in the Democratic Party’s effort to gain control of Congress amid rapidly shifting voter sentiment about Israel. Democrats are hoping to flip the 22nd District, where most residents are Latino, after statewide redistricting this year.
Villegas, who is backed by Jewish progressive Sen. Bernie Sanders, called for a ceasefire in Gaza in January 2024 and has called Israel a “genocidal regime.”
According to FEC filings, he received support from American Priorities PAC, a pro-Palestinian super PAC. Multiple media outlets also reported that Villegas received backing from a Republican PAC.
During the campaign, Democratic Majority for Israel president Brian Romick told Jewish Insider that Villegas “consistently has an anti-Israel record.”
But most of the group’s spending in the race did not mention Israel. Instead, the group purchased advertisements suggesting Villegas had been complicit in covering up abuse of minors at his local school district. Local media reported that the ads were misleading.
Mixed results for pro-Israel spending
In a sign of how pervasive anti-Israel sentiment has grown among Democrats, Bains, too, said Israel committed genocide in Gaza before Democratic Majority for Israel entered the race. After receiving its backing, the candidate later walked back that position.
“While we’re disappointed at the outcome of this race, we remain enthusiastic about our record so far this primary cycle,” Romick told JTA in a statement.
He pointed to the group’s backing of Texas Democrat Johnny Garcia against Maureen Galindo, as well as the success of another Democratic Majority for Israel-backed candidate elsewhere in California.
For Democratic Majority for Israel, however, the loss adds to a mixed record in a primary season that has seen Democrats turn sharply against pro-Israel spending. Other candidates endorsed by pro-Israel groups in Illinois, New Jersey and elsewhere have lost to critics of Israel.
Elon Musk’s SpaceX To List At What Price? Here’s What Crypto Bettors Are Wagering On
If you believe cryptocurrency punters, SpaceX shares might open above $150 when they hit the public market on Friday.
SpaceX To Exceed Expectations?
At the time of writing, Polygon (CRYPTO: POL)-based Polymarket assigned a 48% possibility of SpaceX listing between $150 and $200.
Similarly, there was a 41% chance that the aerospace giant would debut between $200 and $250. Bettors have largely ruled out any chance of SpaceX opening below $100.
Another market showed a 94% chance that the stock will open above its initial public offering price of $135 per share.
data-variant=”card”
…
US Jewish leaders throw support behind bipartisan House antisemitism bill
Reps. Dan Goldman and Mike Lawler introduced bipartisan legislation Wednesday aimed at expanding federal security support for Jewish institutions and combatting antisemitism.
The bill, a House companion to Jewish American Security Act in the Senate, would increase Nonprofit Security Grant Program funding to $1 billion, extend funding to Jewish organizations, and allow additional funds to be directed towards law enforcement.
It would also mandate that the Department of Education appoint a dedicated antisemitism coordinator and force social media platforms to explain their handling of online antisemitism.
US Jewish communities facing growing security crisis
“Jewish communities across the United States are facing a real and growing security crisis, and the federal government has a responsibility to ensure that all Americans can gather, worship, and live openly and safely as who they are,” Eric Fingerhut, the CEO and president of the Jewish Federations of North America, which has promoted the bill, said in a statement.
Goldman, a Jewish New York Democrat, cited the March car-ramming attack on Temple Israel in Detroit, saying in a statement that the attack underscored “how essential security is for every single Jewish institution” and that the government should support those costs.
“We should not have to pay a Jewish tax to be able to go to synagogue, and this will not only increase the funding, but it also expands the range of areas that can be funded by the Nonprofit Security Grant to include, very clearly, security personnel and other types of security that have not currently included and that are now clearly essential,” Goldman said.
Lawler, a New York Republican, said in a statement that houses of worship and nonprofit institutions should be “focused on serving their communities, not worrying about whether they have the resources to protect their members from violence.”
Antisemitism ‘should anger each and every one of us’
“I can walk into my church without passing a security guard stationed outside,” Lawler, who is Catholic, said. “Jewish Americans don’t have that luxury, and it’s outrageous, and it should anger each and every one of us.”
The bill adds to a growing list of attempts to advance antisemitism legislation in Congress, including the Antisemitism Response and Prevention Act, which was introduced by progressives in the House, and the Antisemitism Awareness Act, which failed to pass despite backing by Jewish groups.
On Wednesday during a press conference in Washington, DC, Lawler and Goldman were joined by a host of Jewish leaders, including representatives from the Anti-Defamation League, Jewish Council for Public Affairs, and American Jewish Committee as well as organizations affiliated with the Reform and Orthodox movements.
STAT+: Private Medicare plans erect barriers to rehab care in pursuit of profit, federal investigators find
The nation’s dominant Medicare Advantage insurers denied rehabilitative care for older and disabled Americans at higher rates than industry peers, then frequently overturned those denials when patients appealed, federal investigators found. The pattern reinforces longstanding concerns that insurers like UnitedHealth Group and Humana are profiting by forcing seriously ill and injured adults 65 and older to fight for care recommended by their doctors.
These health plans hired a UnitedHealth subsidiary called NaviHealth to evaluate requests for rehabilitative care. NaviHealth uses artificial intelligence to examine people’s care needs and was the focus of a STAT investigative series in 2023 that found its denials often resulted in poor outcomes for desperately ill patients.
Now, federal investigators are reporting the insurers themselves concluded NaviHealth’s denials often didn’t stand up to scrutiny. When patients appealed their blocked care, the insurers overturned the company’s denials of nursing home care 97% of the time, according to a report from the Office of Inspector General for the Health and Human Services Department.
Trump’s Latest Iran Strikes Crater US-Iran Ceasefire Odds On Crypto Prediction Market: Here’s How Much Is Already Bet
The odds of President Trump announcing a ceasefire between the U.S. and Iran have plummeted as the U.S. and Iran have started exchanging strikes.
While a deal was expected to be announced soon, Iran downed an American Apache helicopter on Monday, prompting Trump to call for a “very strong response.”
Here’s What Prediction Market Is Saying
Polymarket, a Polygon (CRYPTO: POL) based prediction platform that allows users to wager on an outcome using the USDC (CRYPTO: USDC) stablecoin, is currently betting on a contract “Trump announces US x Iran ceasefire …
Silver Collapses, Down Nearly Half From Its January Record High
Silver has plunged nearly 47% from its January peak as rising inflation, higher interest-rate expectations and renewed Middle East tensions trigger another sharp selloff in one of 2026’s most volatile assets.
Silver prices fell sharply on Wednesday, June 10, 2026, sliding to around $64 per ounce on the COMEX exchange, their lowest level since late March and nearly 47% below the record high of $121.67 per ounce reached in January.
The latest decline caps a painful month for investors in what had been one of the market’s hottest trades.
The iShares Silver Trust (SLV), the largest silver-backed exchange-traded fund and one of the most popular ways for individual investors to gain exposure to silver, has fallen roughly 20% over the past month.
The immediate catalyst was a combination of geopolitical and economic pressures.
The United States launched fresh military strikes against Iran following the reported downing of an American helicopter, sending oil prices higher. At the same time, the latest Consumer Price Index report showed annual inflation rising to 4.2%, its highest level since April 2023, while core inflation climbed to a seven-month high.
Ordinarily, geopolitical uncertainty can support precious metals.
However, markets focused instead on what higher inflation means for interest rates.
Stronger inflation increases the likelihood that the Federal Reserve will maintain elevated rates—or potentially raise them further. That creates a challenge for silver because, unlike bonds, savings accounts and many other investments, it generates no income.
When interest rates rise, investors often move toward assets that offer yield, reducing the appeal of non-income-producing metals.
Despite the sharp decline, silver remains significantly higher than it was a year ago.
In June 2025, silver traded near $36 per ounce. Even after the recent collapse, prices around $64 still represent a gain of approximately 76% over the past twelve months.
The current selloff therefore represents a retreat from extraordinary highs rather than a return to historical norms.
The rally that preceded the collapse was remarkable.
Silver surged to approximately $121.67 per ounce on January 29, 2026, more than tripling from levels seen during 2025. The following day, the metal suffered its largest one-day decline on record, dropping as much as 35% intraday.
That selloff, combined with simultaneous weakness in gold, erased trillions of dollars in value across precious-metals markets and marked the beginning of a prolonged correction.
Analysts had warned for months that prices had become detached from fundamentals.
Colin Steel of HSBC described silver as fundamentally overvalued despite maintaining a positive long-term outlook. Suki Cooper, head of commodities research at Standard Chartered, similarly warned that silver had entered heavily overbought territory.
Other analysts argued that speculative trading had become the dominant force in the market, pushing prices beyond levels justified by actual industrial or investment demand.
Silver’s volatility stems from its unusual dual role.
It functions both as a precious metal and as an industrial commodity.
Silver is widely used in:
- Solar panels
- Electronics
- Semiconductors
- Medical devices
- Electrical systems
- Advanced manufacturing technologies
Because of that dual identity, silver prices are influenced by both investor sentiment and industrial demand.
Recently, industrial demand growth has shown signs of slowing. Solar manufacturers, one of the largest consumers of silver, continue developing technologies that reduce the amount of silver required per panel, limiting future demand growth.
For investors, the decline serves as another reminder that silver can be considerably more volatile than gold.
Many investors own silver through ETFs such as SLV or through physical coins and bars purchased as inflation hedges. Those who entered near January’s highs are facing substantial losses, while longer-term holders remain well ahead despite the correction.
The impact extends beyond financial markets.
Lower silver prices can eventually reduce costs for solar developers, electronics manufacturers and medical-device producers. At the same time, falling prices can pressure the profitability of silver miners and companies tied closely to precious-metals production.
Gold also moved lower Wednesday, trading near $4,160 per ounce, down more than 2% on the day.
Not everyone has turned bearish.
Some investors view the correction as a buying opportunity, citing long-term supply constraints and expectations for growing industrial demand over the coming decade. Supporters of that view argue that global silver supplies remain tight and that emerging technologies could drive future consumption.
For now, however, markets are focused on inflation, interest rates and geopolitical uncertainty.
The next major event for traders arrives on June 17, when new Federal Reserve Chairman Kevin Warsh is scheduled to hold his first post-meeting press conference. Investors will be looking for clues about how aggressively the central bank intends to respond to rising inflation.
If policymakers signal a more cautious approach, pressure on precious metals could ease.
Until then, rising oil prices, elevated inflation and expectations for higher interest rates continue to create a difficult environment for silver—even after one of the largest corrections in its history.
JBizNews Desk — Markets
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Jim Cramer Describes Bitcoin, Gold As ‘Bad Money’ Getting Dumped For SpaceX — But ‘Good Money’ Apple And Nvidia Not Spared Either
Market commentator and popular media personality Jim Cramer dubbed Bitcoin (CRYPTO: BTC) and gold as “bad money” on Wednesday, which are getting dumped to participate in SpaceX’s upcoming IPO.
Good Vs. Bad
In an X post, Cramer posited that investors are liquidating assets to free up cash for SpaceX, expected to be the biggest stock market debut in history. But the way he described those assets raised some eyebrows.
The “Mad Money” host called Bitcoin and gold “bad money,” while referring to Nvidia Corp. (NASDAQ:NVDA) and Apple Inc. (NASDAQ:AAPL) as “good money,” all of which came under selling pressure.
Sign Of BTC Bottom?
Some users pushed back against Cramer’s characterization of gold as “bad money.” Bitcoin enthusiasts, meanwhile, celebrated the comment as a sign that the cryptocurrency had bottomed out—a nod to …
Platner’s primary victory shows just how deep the Democrats’ fracture goes – editorial
Despite it being a foregone conclusion, Graham Platner’s victory on Monday in Maine’s Democratic State primary represents an alarming escalation in the widening fracture between the Democratic Party, its Jewish voters, and Israel.
Platner won the primary after his initial opponent, Gov. Janet Mills, dropped out of the race following a wave of momentum for the energetic, sometimes oyster-farmer outsider to politics. He will now face off in November against Republican incumbent Susan Collins, who has served as Maine’s senior senator since 1997.
Platner, a progressive populist who has garnered grassroots support for promising to focus on the economic woes of the US middle class, is also virulently anti-Israel.
Not in the sense that he thoughtfully opposes the nuances of Prime Minister Benjamin Netanyahu’s government’s policies in defending the country against Hamas, Hezbollah, and Iran – opposition, which, by the way, aligns him with more than half of Israeli citizens. But rather, Platner has thrown his lot in with those Israel haters who haul out the “genocide” and “baby killers” trope in any instance they can.
His campaign seems to be obsessed with Israel. Platner’s first online ad, released in August, promised that he would never seek or receive the endorsement of the giant Israeli-American lobby group AIPAC because he believed Israel had committed genocide in Gaza.
Platner accused his opposition of being funded by Israel
Last week, at the end of the primary campaign, he had shifted the focus to Collins, suggesting that her campaign was “bought and paid for by Benjamin Netanyahu” and claiming that a third of her campaign funding came from AIPAC.
According to JTA, Federal Election Commission data showed that a third of donations to Collins in the previous quarter were gifts from individuals who used the pro-Israel lobby as an intermediary. Collins also received a small donation directly from the group’s super PAC.
However, Platner’s broad, anti-elitist statement reeks of animosity toward Israel and toward his views about the existence of a Jewish lobby that controls Washington.
The Anti-Defamation League said the remark about Collins “invokes classic antisemitic rhetoric” and added, “Such accusations call up the age-old dual loyalty trope that casts Jewish Americans as more loyal to Israel than their own country.”
And if these were normal times, the revelation that Platner had a Nazi Totenkopf tattoo on his chest for nearly two years, until he drew criticism for it on the campaign trail, would unequivocally answer those questions.
However, Platner’s defenders have doubled down on their support, blaming American supporters of Israel – or Israel itself – for dredging up his past, including recent allegations of misconduct towards women.
Jewish Democrats in Maine must now weigh how to proceed – to vote for a flawed, possibly antisemitic, candidate who will fight against Israel but reflects their core values, from LGBTQ rights to economic issues, or to enable Collins, a supporter of US President Donald Trump, to keep her seat.
For many of these voters, and Democrats in general, the former is the more acceptable option, and they’ll reluctantly decide to forgive his past indiscretions. But for others, there’s total alignment with Platner’s views on Israel.
In a viral video from a weekend rally, a Platner supporter said she had no problem with the Nazi tattoo, which Platner removed earlier this year. However, she stated that if the tattoo had been of the Israeli flag, she would have dropped her support of him.
Jewish Democratic Rep. Josh Gottheimer of New Jersey reacted by tweeting:
“Are you kidding me? A tattoo of the Israeli flag is worse than a Nazi symbol? This should not be welcome in the Democratic Party!”
Alas, it is becoming the prevailing sentiment.
Hatred of Trump and the damage he has done to the US, and support for a candidate whose views they mostly agree with, who has a good chance of ousting one of the president’s allies, outweigh the glaring warning signs about Platner’s character and past. More so, it reflects the growing mainstream view in the US that, yes, Israel committed genocide and that sporting an Israeli flag is more offensive than proudly displaying a Nazi insignia.
In November, voters in Maine will have to decide if that’s how they feel. The repercussions will be felt 6,000 miles away.
Knesset passes law placing internal police investigations under Justice Ministry’s authority
The Knesset passed into law late on Wednesday night a highly controversial bill that places the Police Internal Investigations Department (PIID) under the direct authority of the Justice Ministry, removing it from the State Attorney’s Office.
The legislation was passed with 43 lawmakers in favor and 39 against after a lengthy plenum debate. It was sponsored by Likud MK Moshe Saada.
The PIID currently functions as an independent investigatory body within the prosecution service tasked with probing alleged criminal misconduct by police officers.
Critics argue that placing the PIID under the Justice Ministry could undermine the independence of investigators and prosecutors.
Senior Researchers from the Israel Democracy Institute, Guy Lurie, Yael Litmanovitz, and Amir Fuchs, have warned that the legislation could impair the ability to operate professionally and effectively, and weaken public trust in law enforcement authorities.
The legislation proposes establishing the PIID into what is said to be an “independent body within the Justice Ministry.”
Under the Justice Ministry, the body would be authorized to investigate and prosecute police officers for criminal offenses, including minor offenses.
The legislation also changes the mechanism for appointing and dismissing the head of the PIID through a five-member committee. The majority of the panel’s members would be politically affiliated appointees. The justice minister would have substantive control over the committee.
The proposal also sets out to establish a reporting requirement under which the justice minister and the national security minister would submit periodic reports to the Knesset on the handling of complaints and offenses attributed to police officers.
A-G, State Attorney warn legislation may expose investigations to political influence
Attorney-General Gali Baharav-Miara and State Attorney Amit Aisman had issued in February a warning that the legislation risks exposing investigations into police misconduct to political influence at a time of mounting strain within Israel’s law enforcement system.
They argued that the proposed restructuring would create a parallel law enforcement authority operating outside the professional oversight of the attorney-general, raising the prospect of divergent enforcement standards and politically driven investigative priorities.
Supporters of the bill, including Saada – himself a former deputy head of the PIID – have argued that institutional separation is necessary to eliminate perceived conflicts of interest between prosecutors who rely on police investigators in criminal cases and a watchdog unit tasked with investigating those same officers. They have also criticized Baharav-Miara amid the government’s ongoing rift with her.
Saada said in the plenum that, “Today we are carrying out a reform,” adding that, “There will no longer be criminals serving within the law enforcement system.”
National Security Minister Itamar Ben-Gvir sharply criticized the attorney-general after the bill’s passage, stating that, “It is very good that the PIID will no longer be under the control of a woman with no restraint, who does not hesitate to use any means in order to achieve her goals.”
Meanwhile, MK Gilad Kariv (The Democrats) warned that the legislation is “one of the most corrupt and dangerous pieces of legislation in the judicial overhaul.”
“The law will not help a single citizen who has been harmed by police violence or by the abuse of police powers,” he added.
“Its sole purpose is to deter police officers from fearlessly investigating corrupt politicians and criminals who maintain close ties with politicians, as we have seen in the circles surrounding Ben-Gvir and within various circles of the Likud party,” Kariv stated.
Government attempting to weaken A-G status
The timing of the legislation’s passage comes amid the government’s ongoing attempts to weaken the status of the attorney-general. The A-G’s role combines several functions: legal adviser to the government, interpreter of the law for the executive branch, representative of the state in court, head of the state prosecution system, and final authority on major criminal decisions involving senior public officials.
The attorney-general has been considered an independent gatekeeper whose legal opinions bind the executive branch.
The current government has repeatedly clashed with Baharav-Miara and voted to fire her last year in August, though the High Court subsequently struck down that decision.
The government has also recently advanced in its first reading the highly controversial bill that seeks to split the role of attorney-general into two, in a move that critics say would hinder the power to influence.
MK Simcha Rothman (Religious Zionist Party), who chairs the Knesset’s Constitution, Law and Justice Committee, has advanced and supported both bills.
Ahead of the expected Knesset dissolution and amid the government’s last term to pass legislation, both laws have been fast-tracked, with numerous lengthy meetings held.
Rothman moved forward to advance the bill to split the A-G on Wednesday in the committee, ahead of its second and third readings. He announced to the panel that the legislation would take effect on January 1, 2027, if passed. This would not be long after the upcoming elections, which are set to take place no later than October.
Sarah Ben-Nun contributed to this report.
Cara Trager, beloved Queens Jewish communal leader and lifetime journalist, dies at 71
Standing before hundreds of mourners last month, Rabbi David Wise held up a T-shirt with the words “Proud American, Proud Zionist.”
It was the shirt he had planned to wear to the Israel Day Parade that morning. Instead, he carried it to honor Cara Trager, a Queens-based journalist and congregant of his whose sudden death days earlier had left the local Jewish community reeling.
Most in attendance had planned to attend the parade, as did Trager, whose fierce support for Israel was a defining conviction of her life.
“There was nobody more pro-Israel, and a bigger Zionist, than her,” Trager’s husband, Michael, told the Jewish Telegraphic Agency. “The joke I would say is that I knew how to tell her I love you. I had to tell her I’m pro-Israel.”
Trager died May 29 from injuries sustained when she and her husband were struck by a car while returning to their home in Hollis Hills, Queens, from an Israeli restaurant four days earlier. She was 71.
“I will spend the rest of my life missing her, and wishing she was here,” Trager’s son, Eric Trager, said during her funeral on May 31. “My mother, Cara Trager, loved, and was loved deeply. This is how I will remember her, and this is how I hope she will always be remembered.”
Michael Trager said that he and his son both attended the May 27 arraignment of the driver who started the chain-reaction collision, Dawood Faisal.
Faisal, 22, has been charged with manslaughter in the second degree, leaving the scene of a collision resulting in death, reckless driving and other crimes for speeding. Faisal pleaded not guilty at his arraignment in Queens Criminal Court, and was remanded to custody without bail.
Michael Trager said that he believed that Faisal had been “looking to do damage in a heavily Jewish area.” Faisal’s attorney, Sara Pervez, did not respond to a JTA request for comment.
“As devastated as the family is, and me in particular, I’d like to at least hope that justice is served, that this puts an end, or at least helps put an end, to senseless violence,” Trager said.
But amid the grief and search for answers, Trager’s family said they remembered her for her resilience, passion and enthusiasm for life.
‘In Judaism, we choose life’
“In Judaism, we choose life, and she chose life again and again and again,” said Trager’s daughter, Rachel Sales. “She was never less of herself, she was always like, you get the full Cara Trager, all her beliefs, all her opinions, all her love, all her energy, all of it, you know, and we weren’t ready for … we weren’t ready, and she wasn’t ready at all.”
In addition to her husband and children, Trager is survived by her daughter-in-law, Alyssa Saunders; her son-in-law, Benjamin Sales, who worked at JTA until last year; and her grandchildren Max, Teddy, Dov and Yael.
Born on May 4, 1955, in the Bronx to Alex and Sylvia Selinger, Trager grew up in a neighborhood with few Jews. While Sales said her grandparents were “super into Jewish identity and very Zionist,” the lack of a larger Jewish community left her mother “hungry for Judaism” throughout the rest of her life.
Trager attended James Monroe High School and then Queens College, where she wrote for the school newspaper and quickly discovered a talent for storytelling. In 1975, Trager met her future husband, Michael, at a mutual friend’s party. When they reconnected at another gathering the following year, Michael Trager said he was smitten immediately.
“I wanted to marry her that night, but you know, it might be helpful to graduate college, which we did,” he said. “And it was a great marriage. It was really a great marriage.”
After graduating from college, Cara Trager went door to door with her resume, and began her career writing for trade publications, according to her family.
“She really, really wanted to be a writer,” Sales said. “And I think people said, like, ‘You’ll never be able to do it, this is impossible,’ and she was dead set on making it work.”
Before having her first child in the early 1980’s, Trager decided to leave the typical newsroom environment and strike out on her own, eventually building a successful freelance business that included bylines in the New York Post, Crain’s New York Business and Newsday, which she continued writing for until her death.
“She was a storyteller, you know, she kind of had like a flair,” Sales said. “She just liked asking a lot of questions. She was very curious about people.”
Alongside her journalism, Trager also produced publications and marketing materials for a host of Jewish organizations, including the UJA-Federation of New York, the American Jewish Joint Distribution Committee and the Jewish Theological Seminary.
“She accomplished so much in her 71 years,” Sales said. “She was definitely a trailblazer in terms of being a journalist, being able to work from home, being totally present for her kids, while also building a full career.”
Beyond her professional life, Trager dedicated herself to supporting local Jewish institutions, including serving on the board of the Solomon Schechter School of Queens, which her children attended, and serving in several leadership roles at the family’s synagogue, Etz Hayim at Hollis Hills Bayside.
Trager remembered as lover of Israel
Trager and her husband visited Israel 11 times together over their lives, and she was also a board member of a children’s home in Israel. Sales said that her mother would frequently tell her and her brother detailed stories about the Holocaust and the birth of the State of Israel when they were young around the dining room table.
“This was really her passion,” Sales said. “We were Conservative. She would never describe herself as observant or religious, but [it was] really more about Jewish identity and Jewish resilience and Israel.”
Known as the matriarch of her family, Trager’s family said she approached motherhood with the same passion she brought to journalism and Jewish activism.
“She was an inspiration,” Rachel Sales said. “She loved people, she loved stories, she loved life, and she was stolen from us, she was 100% stolen from us by, we don’t know why yet, but we’ll find out.”
Spain reports 86% rise in antisemitic incidents, as interior minister takes aim at ‘xenophobia’
Antisemitic offenses in Spain rose 86% last year amid the country’s highest total hate incidents on record, according to a report from the Spanish government.
Jews were targeted in 69 hate crimes and incidents in 2025, up from 37 in 2024, according to a report released last week by Spain’s Interior Ministry. Islamophobic attacks also increased from 15 to 35 incidents.
Interior Minister Fernando Grande-Marlaska said in a video posted on Facebook that his office documented 2,417 total hate incidents last year, the highest figure since it began recording in 2014. Spain is home to about 70,000 Jews, according to the Federation of Jewish Communities of Spain.
The ministry defined antisemitism as any act of hatred, violence or discrimination directed against Jews or “nationals of the State of Israel.”
Spanish PM one of Europe’s sharpest critics of Israel
Spanish Prime Minister Pedro Sánchez has become one of Europe’s sharpest critics of Israel and its military action in Gaza, which he says constitutes genocide. Spain imposed a total arms embargo on Israel in 2025 and permanently withdrew its ambassador in March, following Israel’s withdrawal of its ambassador to Spain in 2024.
The Interior Ministry said hate crimes motivated by racism and xenophobia accounted for the largest number of offenses at 934. Grande-Marlaska called out “public officials” for rhetoric and policies that he said inflamed xenophobic sentiment.
Grande-Marlaska released his report as Spain’s far-right, anti-immigration Vox party advocates for a “national priority” policy that favors Spaniards over others in access to public aid and benefits, such as subsidized housing and healthcare. Vox recently struck deals with the conservative People’s Party to insert the “national priority” clause into coalition agreements in the regions of Extremadura, Aragón and Castile and León.
“The national priority is xenophobia,” Grande-Marlaska said. “It is institutionalized xenophobia, protected and promoted by public officials who legitimize and amplify hate speech that, in the past, would have been condemned when it entered the public sphere.”
Vox is strongly supportive of Israel, whose government has allied with the party despite a history of neo-Nazis in its ranks. Vox leader Santiago Abascal visited Israel in 2024 to show his support for Prime Minister Benjamin Netanyahu after Sánchez recognized a Palestinian state.
Iranian-Americans call on FIFA to expel Iran from World Cup
Instead of pride, many Iranian-Americans feel shame about the Iranian team’s participation in the World Cup and are demanding that FIFA remove the country from the competition, protesters said on Wednesday.
The team’s presence is outraging many who see the Iranian government as using the competition to sportswash its killing of dissidents since the 1979 Islamic Revolution. Protesters said many thousands have been killed over the years, including during widespread demonstrations in January, and that hundreds of athletes have been among the victims.
“Bringing them here and having them play basically presents a calm face to the world, when in fact back home there is no calmness, there’s only execution and suffering that the regime has brought,” said 21-year-old American-born Ryan Salami, whose parents both fled Iran, in an interview at a protest in front of Los Angeles City Hall.
Many protesters backed the National Council of Resistance of Iran’s call to remove Iran from the tournament. Photographs of dozens of Iranian athletes who died in government custody were displayed in an impromptu open-air gallery in front of Los Angeles City Hall. Speakers, including a number of former Iran national team players, mourned athletes whom they say died after opposing the government and being taken into custody.
Former players join criticism
“This is the ayatollahs’ team,” said Asghar Adibi, who was a member of the Iran national team in 1970, to the crowd. He said the team was controlled by Iran’s Islamic Revolutionary Guard Corps and that it was wrong to allow an organization “that kills people, tortures people, to have a team representing them.”
Protesters had a variety of views about whether the Iranian players themselves should be seen as part of the regime. Salami said he sympathized with players who might simply be athletes needing to stay silent and obedient to avoid the fate of previous players who have pushed back.
Another protester told Reuters that the IRGC would only allow loyal followers onto the team because she believed it would not want to risk defections, and therefore the players should be seen as little better than collaborators.
‘Players used like tools’
Another protester said the players were being used like tools to help the Iranian government look good on the world stage and that the players deserved little pity.
“They are all attached to the regime in some way,” said Peymaneh Shafi, who said she became an opponent of the Iranian government after gunmen shot her teacher in front of her. “These are the real athletes,” she said, pointing to photographs of athletes persecuted by the Iranian government.
After the rally, which included speeches and calls for regime change in Tehran, protesters marched through the park beside City Hall.
FIFA and Iran’s national team did not immediately respond to Reuters’ request for comment.
The Iranian team has said that it will stop playing if banned flags or critical slogans appear at matches.
Will Iranian-Americans try to sneak the pre-revolution lion-and-sun Iranian flag into SoFi Stadium and unfurl it when Iran plays?
“100%,” said Nasrin Saifi, who arrived in the United States one year before the Iranian Revolution when she was 17.
In 1998, she smuggled a T-shirt bearing the banned flag into a World Cup match between the United States and Iran in Lyon, France.
She has a ticket for Iran’s first match on Monday in Los Angeles, but is not sure whether she will attend.
Elizabeth Warren Wants SpaceX IPO Delayed, Points to ‘Inaccurate or Misleading Accounting of Valuation’ in Letter to SEC
The Massachusetts senator is urging regulators to slow what could become the largest IPO in history, warning that valuation concerns, concentrated control and index-fund exposure could put ordinary investors at risk.
Sen. Elizabeth Warren is asking federal regulators to delay what would be one of the most closely watched stock-market debuts ever.
In a letter released Wednesday, June 10, 2026, the Massachusetts Democrat urged Securities and Exchange Commission Chairman Paul Atkins to postpone the planned initial public offering of SpaceX, arguing that investors need more transparency before the company begins trading.
Space Exploration Technologies Corp., better known as SpaceX, is expected to debut on the Nasdaq on Friday under the ticker SPCX. The company is reportedly targeting a valuation of approximately $1.77 trillion and could raise as much as $75 billion, potentially making it the largest IPO in U.S. history.
Investor demand appears enormous.
Reports indicate orders for shares have exceeded $250 billion, more than three times the amount of stock expected to be sold in the offering.
An IPO marks the first time a private company offers shares to the general public, allowing retail and institutional investors to buy ownership stakes through public markets.
In her 12-page letter, Warren outlined three primary concerns.
The first centers on valuation.
Warren argued that SpaceX’s proposed valuation appears difficult to justify based on publicly disclosed financial information. She pointed to reported 2025 revenue of approximately $18.67 billion and a net loss of $4.94 billion.
At a valuation of $1.77 trillion, the company would be worth roughly 94 times annual revenue, a level Warren described as potentially disconnected from financial fundamentals.
She urged regulators to ensure investors receive sufficient information and cited concerns about what she called the possibility of an “inaccurate or misleading accounting of valuation.”
Her second concern involves corporate governance.
According to the letter, Elon Musk would retain approximately 82.4% of voting power through a dual-class share structure that grants enhanced voting rights to certain shares.
Warren argued that the structure would leave outside shareholders with limited influence over company decisions. She also cited provisions involving mandatory arbitration, restrictions on shareholder proposals and the company’s incorporation under Texas corporate law as factors that could further reduce investor influence.
The third concern could affect millions of Americans who do not directly purchase SpaceX shares.
Several major stock indexes have recently reviewed rules governing how quickly newly public companies can be added to benchmark indexes.
The Nasdaq-100 finalized expedited entry rules on May 1, while similar discussions have occurred among managers of other major indexes.
The issue matters because index funds automatically purchase stocks included in the indexes they track. Millions of Americans own such funds through retirement accounts, pension plans and 401(k) programs.
If SpaceX were added quickly to a major index, passive investors could gain exposure to the company even if they never actively chose to buy the stock.
Warren argued that regulators should closely examine whether accelerated index inclusion could expose retirement savers to excessive risk.
Notably, the committee overseeing S&P Dow Jones Indices reportedly indicated this week that it would not alter its rules specifically to accelerate inclusion of SpaceX or other large IPOs.
In her letter, Warren said the offering appears to present substantial risks for ordinary investors while potentially creating enormous gains for company insiders.
She asked the SEC to delay approval of the final registration process until her concerns are fully addressed.
The timing is tight.
With the planned listing scheduled for Friday, regulators have limited time to respond. An SEC spokesperson confirmed receipt of the letter but declined further comment.
Supporters of the IPO point to strong market demand.
The reported $250 billion-plus order book suggests investors are eager to own shares despite the company’s losses and governance structure. Reports also indicate that SpaceX plans to allocate as much as 30% of the offering to retail investors, a larger share than many major IPOs reserve for individual buyers.
Importantly, Warren’s letter does not accuse SpaceX of fraud or wrongdoing. Rather, it argues that investors should receive greater scrutiny and transparency before the company enters public markets.
For investors, the practical implications vary.
Those who buy individual stocks can decide for themselves whether SpaceX fits their risk tolerance and investment goals. But investors holding broad market index funds could eventually gain indirect exposure if the company is added to major benchmarks.
That possibility is at the center of Warren’s request: slowing the process long enough for regulators to examine whether one of the largest IPOs ever brought to market deserves additional scrutiny before trading begins.
JBizNews Desk — Markets
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GSA sells Old Post Office Building in Washington, once home to Trump hotel
The General Services Administration (GSA) on Wednesday announced the sale of the Old Post Office Building located at 1100 Pennsylvania Avenue in Washington, D.C.
The building was previously the Trump International Hotel from 2016 to 2022 until the Trump family firm sold the leasing rights for $375 million. The hotel reopened later in 2022 as the Waldorf Astoria Washington D.C., under the management of Hilton.
GSA said that its sale of the building included terms that “permanently secured public access to the iconic clock tower while establishing strong protections for the building’s architectural heritage through a binding preservation covenant.”
The deal also includes a dedicated fine arts covenant that will retain the American public’s ownership of artwork within the facility, including Robert Irwin’s “48 Shadow Planes” and a historic Benjamin Franklin Statue.
TRUMP REVEALS NEW WHCA DINNER VENUE AFTER SHOOTING CHAOS DERAILED GALA
GSA’s sale is moving forward under the terms of the existing ground lease, which gives BDT MSD Partners, a merchant bank, the right of first offer.
The Wall Street Journal reported that BDT & MSD Partners acquired the building and land for $80 million, according to people familiar with the matter. The report noted the bank is discussing selling the property for a total of $400 million.
Hilton currently has a long-term agreement in place with the hotel to operate it as the Waldorf Astoria, and that arrangement would continue with a new leaseholder, the Journal reported.
TRUMP ORGANIZATION CLOSES $375M SALE OF DC HOTEL THAT WILL BECOME A WALDORF ASTORIA
The Old Post Office Building was completed in 1899 and originally served as the headquarters for the U.S. Post Office Department and the post office for Washington, D.C.
It is listed in the National Register of Historic Places and its Romanesque Revival architecture makes it one of the most recognizable buildings on Pennsylvania Avenue, featuring a prominent clock tower and atrium. The facility is also located near the White House and other Washington, D.C. landmarks.
According to GSA’s announcement, before the property was redeveloped into a hotel, taxpayers were absorbing about $6 million a year in losses on the building.
Since then, there has been over $250 million in private sector capital invested in the property and taxpayer revenues in the last decade, including the current sale, are expected to exceed $110 million.
GSA has listed dozens of other federally-owned properties for sale since early last year as the Trump administration looks to reduce federal spending on underutilized office space and real estate.
Bitcoin, Ethereum Flat, XRP, Dogecoin Dip As US Hits ‘Multiple Targets’ In Iran: Analyst Points To Data Showing BTC Bottom Not In Yet
Leading cryptocurrencies traded sideways, while stocks closed lower on Wednesday as resumption in U.S.-Iran hostilities dampened risk-on appetite
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.28% | $61,916.15 |
| Ethereum (CRYPTO: ETH) |
-0.48% | $1,632.51 |
| XRP (CRYPTO: XRP) | -2.52% | $1.10 |
| Solana (CRYPTO: SOL) | -1.53% | $64 |
| Dogecoin (CRYPTO: DOGE) | -1.44% | $0.08363 |
Crypto Market Stagnates
Bitcoin spiked to an intraday high of $62,788 but faced stiff resistance soon after. Ethereum meandered in the $1,600 zone, while XRP and Dogecoin traded in the red.
Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 1.43% and 3.46%, respectively.
Over $400 million was liquidated from the market in the last 24 hours, with long position traders bearing the brunt of the losses, according to Coinglass data.
Bitcoin’s open interest rose marginally by 0.84% in the last 24 hours. Retail and whale derivatives traders with open BTC positions, meanwhile, remained long on the apex cryptocurrency.
“Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Velvet (VELVET) | +123.97% | $0.8940 |
| Audiera (BEAT) | +49.55% | $7.12 |
| Magma Finance (MAGMA) | +44.27% | $0.5399 |
The global cryptocurrency market capitalization stood at $2.12 trillion, following a dip of 0.33% from the previous day.
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Mexico Readies for World Cup Opener as Protests Threaten Tournament Showcase
Mexico’s World Cup kickoff is set for Thursday, but demonstrations, road blockades and uncertainty over a major fan festival are casting a shadow over one of the country’s biggest tourism and economic events in years.
Mexico City is hours away from kicking off the 2026 FIFA World Cup on Thursday, but the celebration is colliding with protests that have blocked roads, toppled tournament displays and put the country’s biggest fan party in doubt. On Wednesday, President Claudia Sheinbaum said she could not yet guarantee that the capital’s free fan festival would go ahead because a teachers’ protest camp had sealed off access to the main square where it is meant to take place.
The opening match pits host Mexico against South Africa at Estadio Azteca, the Mexico City stadium that anchors a tournament jointly hosted by the United States, Mexico and Canada. Kickoff is set for Thursday afternoon following a star-studded opening ceremony, with Colombian singer Shakira among the scheduled performers.
Sheinbaum will not attend the match. She said she gave away her ticket and would instead remain focused on monitoring the protests and security situation surrounding the event.
The stakes extend far beyond soccer.
The Mexican Football Federation estimates the tournament will generate roughly $3 billion for hotels, restaurants, transportation providers, sports venues and other tourism-related businesses. Mexico is hosting 13 World Cup matches across Mexico City, Guadalajara and Monterrey during the tournament’s 39-day run.
For many businesses, Thursday’s opener represents the most important single day of the competition. Organizers expect the match and surrounding festivities to attract one of the largest audiences of the entire tournament, making it a showcase event for the country’s tourism and hospitality industries.
That economic opportunity is also fueling some of the protests.
The National Coordinator of Education Workers (CNTE), a powerful teachers’ union, has spent more than a week demonstrating in the capital. Union leaders argue that the government devoted significant resources to stadium upgrades, transportation improvements and tourism infrastructure while failing to adequately address teacher pay, school funding and public services.
The union established a large encampment in the Zócalo, Mexico City’s historic central plaza, where officials had planned to host the tournament’s primary FIFA Fan Festival. Government estimates suggest the encampment could house approximately 6,000 protesters, effectively limiting access to the square.
The disruptions have spread beyond the city center.
Earlier this week, demonstrators blocked sections of a major highway near the stadium. Police erected barriers to prevent protesters from reaching key tournament sites, and several World Cup-themed statues and promotional installations were vandalized.
Mexican authorities say approximately 19 social movements are expected to stage demonstrations during opening-week activities, with at least seven separate marches planned for Thursday alone.
Not all of the demonstrations focus on economic issues.
Groups representing families of Mexico’s missing persons have organized peaceful marches timed to coincide with the tournament opener. The groups hope to draw international attention to the more than 130,000 people reported missing in Mexico, most of them over the past two decades.
Amnesty International this week called for protections for the women leading many of those search efforts, arguing that the global spotlight surrounding the World Cup provides a rare opportunity to raise awareness of the issue.
Despite the tensions, Sheinbaum has sought to project confidence.
She has repeatedly stated that authorities will not be provoked into confrontation and has pledged that the opening match and related activities will proceed peacefully. The government has deployed large numbers of security personnel, including members of the National Guard, throughout the host cities.
The security presence follows a wave of cartel-related violence earlier this year in one of the World Cup host cities, an incident that raised concerns among tournament organizers and international visitors.
For businesses, however, uncertainty carries its own costs.
Hotels, restaurants, retailers and street vendors near both Estadio Azteca and the Zócalo have spent months preparing for large crowds. Road closures, transportation disruptions and the possibility of a canceled or relocated fan festival could reduce the foot traffic many businesses expected to generate significant opening-week revenue.
While one disrupted day is unlikely to derail a tournament lasting more than a month, it could affect perceptions among tourists deciding whether to travel to Mexico for later matches.
The timing is also politically sensitive.
Sheinbaum is preparing for important trade discussions with the United States later this summer. Those talks are expected to influence key manufacturing and supply-chain sectors that tie the two economies closely together.
A World Cup designed to showcase Mexico as a global tourism and business destination is instead opening amid images of protests, road blockades and heavy police deployments — a contrast critics have highlighted in recent days.
Tournament organizers remain confident that the opening match will proceed as scheduled. Whether the surrounding festivities and economic benefits unfold as planned remains the question hanging over Mexico City as the first whistle approaches.
JBizNews Desk — Mexico
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Stock Market Today: S&P 500, Dow Futures Fall As May Inflation Rises The Most In 37 Months— Autozi Internet, Cracker Barrel In Focus (UPDATED)
(Editor’s note: The future prices of benchmark tracking ETFs and the headline were updated in the story.)
U.S. stock futures fell on Wednesday, as the Nasdaq 100, S&P 500, and the Dow Jones indices declined, following Tuesday’s mixed close.
The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose 4.2% year-over-year in May, matching FactSet estimates to hit its highest mark since April 2023.
Core inflation also remained sticky, with the all items less food and energy index accelerating by 2.9% over the past 12 months, climbing past the 2.8% rate seen in April.
On Tuesday, President Donald Trump ordered military strikes against Iran after a U.S. Apache helicopter was brought down near the Strait of Hormuz. Trump later downplayed the severity of the incident, telling The Wall Street Journal that it “wasn’t a big deal” because “the pilot is fine.”
This came right after Trump posted early Monday that “both sides, Israel and Iran, are looking to do an immediate ceasefire,” shortly before Iran’s armed forces said they had ended military operations against Israel.
Meanwhile, the 10-year Treasury bond yielded 4.53%, and the two-year bond was at 4.14%. The CME Group’s FedWatch tool‘s projections show markets pricing a 98.2% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.
| Index | Performance (+/-) |
| Dow Jones | -0.45% |
| S&P 500 | -0.54% |
| Nasdaq 100 | -0.88% |
| Russell 2000 | -0.64% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Wednesday. The SPY was down 0.54% at $733.10, while the QQQ declined by 0.77% to $702.41.
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Jim Cramer Is ‘VERY Skeptical’ Of Intel’s 2028 Foundry Deal With Google And Nvidia: Here’s Why
Why It Takes More Than Two Years to Build a Patriot Missile
In an age of next-day delivery, one of the most sought-after weapons on earth still moves at a crawl.
A single Patriot PAC-3 interceptor takes more than two years to build and passes through a network of more than 400 companies before it ever reaches a battlefield. That bottleneck is now under enormous strain as wars and security threats drive demand to record levels, revealing how modern defense manufacturing really works.
A Massive Production Ramp Is Underway
The pressure became official this year.
On January 6, Lockheed Martin announced a seven-year agreement with the Pentagon aimed at increasing annual production of PAC-3 interceptors to 2,000 missiles per year, up from roughly 600 annually.
Tripling production sounds simple on paper.
Building the factories, supply chains, and workforce needed to make that happen is anything but simple.
One Missile, Hundreds of Suppliers
A Patriot missile is not built by a single company.
Lockheed Martin manufactures the PAC-3 interceptor itself.
Boeing produces the advanced seekers that guide the missile to its target.
Raytheon, a division of RTX, builds the radar systems and launchers that make the Patriot system work.
Behind those well-known defense giants sits a vast network of more than 400 suppliers, each responsible for specialized components.
Every part must arrive on schedule, meet military specifications, and pass extensive testing before final assembly can proceed.
If a single supplier experiences delays, the entire production chain can slow down.
A Defense Industry Built for Efficiency, Not Wartime Demand
The challenge stems partly from how the defense industry evolved over the past three decades.
Manufacturers increasingly adopted practices common throughout the private sector:
- Just-in-time inventory systems
- Single-source suppliers
- Lean manufacturing
- Minimal spare inventory
Those strategies reduce costs during peacetime.
But they create vulnerabilities when demand suddenly surges.
That is exactly what is happening today.
Global Demand Is Exploding
The Patriot missile has become one of the world’s most heavily used air-defense weapons.
It has played a central role in Ukraine’s defense against Russian missile attacks and has been heavily utilized throughout conflicts in the Middle East.
Recent attacks involving Iran generated what defense officials described as the largest operational use of Patriot systems in history.
The result is a growing backlog.
The current order book exceeds 4,300 Patriot interceptors from more than a dozen countries, including:
- Saudi Arabia
- Germany
- Poland
- Japan
- South Korea
At current production rates, that represents roughly seven years of manufacturing demand.
In one April 2026 contract, approximately 94% of the funding came from foreign governments purchasing through U.S. military sales programs.
The Economics Behind the Missile
The financial stakes are enormous.
According to a Congressional Research Service briefing, each Patriot interceptor costs at least $4 million.
In September 2025, Lockheed Martin received a $9.8 billion contract covering 1,970 missiles, the largest Patriot order ever placed.
Those long-term commitments are critical because they give manufacturers confidence to:
- Build new facilities
- Hire workers
- Expand production lines
- Invest in new equipment
Without multiyear contracts, companies are reluctant to make such expensive investments.
Factories Can’t Expand Overnight
Progress is happening, but slowly.
Lockheed Martin increased PAC-3 production by more than 60% over two years and delivered approximately 620 interceptors during 2025.
Meanwhile, Boeing is expanding its seeker-manufacturing facilities by roughly 30%, but the additional capacity is not expected to come online until 2027.
Building new factories takes time.
Installing equipment takes time.
Training skilled workers takes time.
None of those constraints can be solved immediately.
The Math Still Doesn’t Work
Even with planned expansions, some analysts worry production may still lag demand.
According to Fabian Hoffman, a missile expert at the University of Oslo, global Patriot interceptor production currently runs at roughly 850 to 880 missiles annually and could rise to around 1,130 per year by 2027.
The challenge is that air-defense forces frequently launch two or three interceptors against a single incoming threat to maximize the chances of a successful interception.
Meanwhile, many adversaries can manufacture offensive missiles more quickly and at lower cost.
Producing more Patriots helps.
It may not completely close the gap.
The Hidden Side of National Defense
Most people see the visible side of air defense: a missile launching into the sky.
The invisible side is a vast industrial network involving:
- Hundreds of suppliers
- Specialized manufacturing facilities
- Scarce skilled labor
- Long-term contracts
- Highly regulated production processes
National security ultimately depends on that industrial foundation.
The Bottom Line
The short-term story is a record production ramp, with billions of dollars flowing to Lockheed Martin, Boeing, and RTX as governments rush to strengthen air defenses.
The longer-term story is more challenging.
The United States and its allies are attempting to transform a defense industry optimized for efficiency into one capable of sustaining wartime production levels.
Until that transition is complete, the biggest obstacle to getting more Patriot missiles into the field may not be technology or funding.
It may simply be the factory floor.
JBizNews Desk — Defense & Manufacturing
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ICE ends 30-day death reporting rule as detainee deaths reach 20-year high – report
With the number of immigrants dying while in Immigration and Customs Enforcement (ICE) detention rising, the agency has opted to shrink the scope of deaths it will be required to report.
In a memo sent to employees last Thursday, acting director David Venturella said that ICE is eliminating the requirement to report deaths occurring within 30 days of release from detention.
“ICE is returning to the standard practice of reporting deaths that occur while an individual is in agency custody,” Venturella said in the memo reviewed by the Washington Post.
The Biden administration introduced a 30-day requirement in 2021, under which ICE was held accountable for the deaths of people who were released from custody with serious health conditions.
“The policy changed to make clear that ICE should not release people simply to avoid deaths in custody,” Deborah Fleischaker, acting chief of staff of the Biden administration, told the Washington Post.
How many people died after being held in ICE detention centers?
This change in policy comes amid concerns about the quality of medical care provided in ICE facilities after 18 deaths were reported in the first five months of 2026.
Notably, last year, ICE documented 30 deaths, its highest number of deaths in two decades.
In an email to the Washington Post, a spokesperson for the Department of Homeland Security said: “ICE remains committed to transparency regarding detainee deaths.”
However, the ICE spokesperson argued that it is “common sense” that ICE should not be responsible for monitoring or reviews “when an individual passes away weeks after leaving their custody.”
ICE’s new death reporting rule dangerous for detainees, lawyers argue
In one such case, Martin Vargas Arellano contracted COVID-19 while in ICE custody at Adelanto Detention Facility in 2021.
Vargas Arellano had pre-existing severe medical conditions that made him especially vulnerable to the disease, and despite pleas for his release, he was kept in detention.
He was released from custody while hospitalized and brain-dead. Three days later, he died.
His family has an ongoing wrongful death lawsuit against the facility’s contractor, alleging that it failed to implement and enforce protocols that could have prevented his death.
Later in 2021, the policy of reporting deaths within 30-days of release was introduced.
“Mr. Vargas Arellano’s case is emblematic of what happens when you don’t have a policy of reporting deaths that occur immediately after release,” Khaled Alrabe, the family’s attorney, told CNN.
“This creates a situation where ICE can basically release people on their deathbed and then not have to worry about having to do any investigations,” he added. “Even when the situation … was a result of the conditions of detention.”
The Washington Post contacted the DHS Office for Civil Rights and Civil Liberties, which said that not investigating the death of a person who dies shortly after release from ICE custody “is a missed opportunity to improve the care provided and reduce liability.”
Spielberg’s ‘Disclosure Day’ excites but falters in final act
A new Steven Spielberg movie is always a welcome event, and his latest film, Disclosure Day, which has just opened in theaters throughout Israel, is an ambitious sci-fi thriller widely hailed as a return to form for the 79-year-old master director, the most beloved and celebrated filmmaker of all time.
The good news is that much of Disclosure Day, in which Spielberg turns his gaze upward again, searching for the heavens’ other forms of life as he did so memorably in such classics as E.T. and Close Encounters of the Third Kind, is thrilling. Disclosure Day has many parallels to Close Encounters in particular, and it could almost be a sequel of sorts to that film.
Like most viewers, I was hoping that Disclosure Day would be a real modern-day classic that could stand up alongside Spielberg’s early classics. His previous movie, The Fabelmans, was an uncharacteristically autobiographical film, about how he coped with his parents’ messy divorce and the antisemitism he faced at school by starting to make his own movies.
It was an essential film for anyone whose heart has ever been moved by Spielberg. It followed years of good but not great movies, such as the low-key remake of West Side Story, a sadly bland adaptation of the cult gamer novel Ready Player One, and Bridge of Spies, about a spy swap deal at the height of the Cold War.
But although Disclosure Day has an interesting, suspenseful premise and many beautifully staged sequences, it falls flat toward the end, becoming predictable and even preachy, pitfalls that Spielberg avoided so skillfully in his early sci-fi films. I suspect, though, that many viewers will get so caught up in the story that they will enjoy it despite its flaws.
Disclosure Day returns to a premise that worked so well in E.T. and Close Encounters, in which his human heroes discover the existence of aliens and must protect them from an angry government that wants to destroy them and keep them secret.
Plot and protagonists: alien secrets, corporate intrigue, and global tension
THE MOVIE is being released at a moment when trust in authorities is at what may be a historic low point, as people are increasingly worried about the power in the hands of a few companies that control incomprehensible amounts of data about every aspect of our lives. The advent of AI and the uncertainty about how it will affect the livelihoods of billions is also part of this mistrust.
It opens as the US and North Korea are facing off against each other in a confrontation that looks like it could turn into an all-out nuclear war. During this crisis, the film focuses on two protagonists who have never met but are drawn to each other by what they have gleaned from their previous contact with aliens.
The basic outline of all this can be gathered through the trailer, so none of this constitutes a spoiler. The first hero is Danny Kellner (Josh O’Connor of The Crown and Challengers), a brilliant computer scientist who has stolen a huge cache of data from the evil corporation where he works, Wardex. The data proves that aliens are real and have visited Earth many times.
Wardex is run by Noah Scanlon (Colin Firth, who often brings to mind Mark Darcy, the sometimes grumpy character he played in the Bridget Jones movies, as he scowls his way through this role), a tense tech magnate who will use every dirty trick and billion-dollar piece of technology to keep the truth about the proof of alien life a secret.
As the movie opens, Scanlon and his minions have kidnapped Danny’s girlfriend, Jane (Eve Hewson), to get him to hand over all the data he has stolen, which he planned to release to the press. But he manages to outfox them, and soon is on the run with Jane, aided by his unflappably sweet colleague, Hugo (Colman Domingo).
The most haunting part of the film comes in the early scenes with the second protagonist, Margaret (Emily Blunt, who is also currently starring in The Devil Wears Prada 2), a Kansas City weather reporter who dreams of becoming a news anchor.
When a cardinal flies into her window and disrupts her breakfast with her mellow guitar-playing boyfriend, Jackson (Wyatt Russell), it stares into her eyes. Suddenly, she answers him in fluent Russian, a language she has never studied.
Right after that, she discovers she can read minds. At the television studio, she speaks to a Korean guest in his native language, then goes on the air, making strange clicking noises, and collapses.
Soon, she and Jackson are also on the run, as she begins to realize that a forgotten trauma she experienced as a child mirrors one that Danny experienced and is the key to their bond and their mission:
They must find each other, and together the two of them can tell the world that aliens have been visiting Earth since at least the time of the Roswell incident in 1949, information they must release through a credible platform.
Action, performances, and standout characters in Disclosure Day
THE FIRST part of the movie features some amazing action sequences that will have you on the edge of your seat, and brings to mind scenes from other Spielberg movies, such as The Sugarland Express and Duel.
Much of the action involves Scanlon “diving on” characters such as Jane, which are reminiscent of Spielberg’s Minority Report and the VR battle scenes in Ready Player One. Scanlon sits in a lab attached to electrodes that transport him to the minds of others, and he can see what they are doing and manipulate them.
In a chase movie like this, you must identify with the characters to enjoy it, and Margaret and Danny are extremely likable. At times, I wished Blunt were allowed to show a little more of the snark she became famous for in The Devil Wears Prada movies, but Disclosure Day is going for something different.
O’Connor is always good, but this is the finest performance of his I’ve ever seen. Firth does his best to channel pure corporate, capitalist evil, but any movie that chooses this soft-spoken, thoughtful actor to portray the villain is paving the way for a moment of redemption.
Domingo has charisma, but his nice-guy character doesn’t get too much to do. Wyatt Russell as Jackson is very funny in the kind of role Teri Garr played in Close Encounters: the bewildered partner of someone in touch with extraterrestrial phenomena. Hewson, as Jane, makes a strong impression as a former nun who is caught up in events she struggles to understand.
I had mixed feelings about the glowing portrayal of Catholicism, which is presented here as the ultimate contrast to the corporate overlords. Jane’s mentor, Sister Maura (Elizabeth Marvel), is open-minded and has a wry sense of humor, and everything about her faith is illuminated here. We only see nuns; there are no priests who might remind us of the huge pedophilia scandals in the church.
It seems to me a little disingenuous for a Hollywood liberal like Spielberg to idealize a faith that will not make women equal partners in the hierarchy and which outlaws abortion and condemns homosexuality, but perhaps he is trying to make the point that, despite all this, there are good people who are religious.
SADLY, THOUGH, while the first two-thirds of Disclosure Day are gripping, the third act collapses, turning what had been a complex story into a bombastic struggle between niceness and nastiness.
It was all too clear that there would be some kind of reenactment in which the heroine would confront her childhood trauma. “The only way to know your purpose is to go back to where it all began,” Hugo tells her. This is the kind of sequence that has been in countless movies and has lost any luster it may have once had.
What was great about E.T. and Close Encounters was that we could feel how the heroes identified and empathized with the aliens; we could see it in their eyes. In Disclosure Day, though, Hugo articulates the message that empathy is good in excruciating, preachy detail in a scene that derails the movie.
It takes us out of the action and tells us how we should feel, as he intones, “Empathy is something we all have from when we were children, and we lose it in this cynical world. For us to advance, we have to find that again. That human connection.”
No one is against empathy, just like virtually no one is pro-war, and it’s trite to hear this spelled out. It’s probably not a coincidence that following this, the suspense dissipates.
While I never stopped rooting for Danny and Margaret to triumph, at times I remembered the Tim Burton film Mars Attacks!, in which the aliens were anything but benign and played for laughs.
I also found myself wondering why it was so important that people see proof of alien life, when it seems like at least half the world is already convinced they exist, and it seemed to me the corporate class would welcome aliens and have them start programming AI.
Maybe Spielberg would think this is proof that I am too cynical, that I’ve been co-opted by the big-tech bad guys. But the important thing is that Spielberg kept me entertained for about two hours, and for that I am grateful.
Jerusalem Film Festival to open with Moshe Rosenthal’s ‘Tell Me Everything’
The 43rd Jerusalem Film Festival will open on July 9 with Tell Me Everything (Atzma’ut), the new film by Moshe Rosenthal, the festival announced on Wednesday.
The film, which stars Assi Cohen, Keren Tzur, Yair Mazor, Ido Tako, Mor Dimri, and Neta Orbach, will have its Israeli premiere at the festival’s festive opening-night event at Sultan’s Pool under the stars, in front of an audience of 6,000 viewers and guests. The screening will take place in the presence of the filmmakers and actors.
The Jerusalem Film Festival will run from July 9-19.
Tell Me Everything, which was produced by Green Productions and United King Films, had its world premiere at the Sundance Film Festival earlier this year, marking the first time in a decade that a full-length Israeli feature film was included in that festival.
Rosenthal’s first feature, Karaoke, won several Ophir Awards and a great deal of critical and popular acclaim. Tell Me Everything stars Cohen, one of Israel’s most beloved actors, in his first film role in 15 years, alongside Tako, a rising star of Israeli cinema.
Roni Mahadav-Levin, CEO of the Jerusalem Cinematheque and director of the festival, and Orr Sigoli, artistic director of the festival, said in a statement: “We are excited to open the 43rd edition of the Jerusalem Film Festival with Tell Me Everything, Moshe Rosenthal’s new and much-anticipated film, which will be screened on the festive opening night at Sultan’s Pool in its Israeli premiere.
Director: Israeli cinema important as industry faces challenges
The choice of an original and sweeping Israeli work as the opening film emphasizes the festival’s commitment to placing local cinema at the forefront, alongside the rich international program and the Israeli competitions, the full details of which will be published soon. We invite the public to an exceptional cinematic celebration that will bring to Jerusalem the best of cinema from Israel and around the world.”
Rosenthal said, “It is a great honor to open the festival with Tell Me Everything and to reveal the film for the first time to the Israeli audience on this impressive stage. At a time when Israeli cinema is facing challenges in the global arena, the support and the platform that the Jerusalem Film Festival gives us are more significant than ever.
Tell Me Everything is a film that takes the personal, the small, and the local, and translates it into a cinematic experience intended for the biggest screen. I am excited for the opportunity to celebrate the film and Israeli cinema together with the audience, and to feel the passion and excitement in the air.”
Alona Refua, the film’s producer at Green Productions, said: “We welcome the choice of our film, Tell Me Everything, as the opening film of the festival. This choice is not self-evident, and we see it as a great honor and an expression of confidence in local creation.”
Set in 1987, the film tells the story of Boaz, who discovers a shocking secret just before his bar mitzvah, about his admired father, Meir. Nine years later, Boaz sets out in search of his estranged father, during which he is forced to confront the memories and choices that have haunted him ever since.
The festival, which was conceived and founded by Jerusalem Cinematheque founder and Israel Prize laureate Lia Van Leer, is the largest, leading, and oldest film event in Israel. Its 43rd edition will feature dozens of world premieres, as well as the first screenings of leading Israeli films and high-profile titles that won prizes or premiered at major international festivals, including Berlin, Cannes, Venice, Sundance, Tribeca, and others.
The festival will award prizes totaling about NIS 1 million in its various competitions, most of them to Israeli filmmakers and film professionals.
Tickets to the opening are now on sale at https://jff.org.il/en
US Launches Second Round of Strikes on Iran
World Cup tickets hit eye-popping highs, outpricing mortgage payments in 5 US cities: report
Soccer fans hoping to watch the World Cup in person may need a housing-sized budget.
The tournament kicks off Thursday in Mexico City, launching a six-week event expected to draw between 5 million and 6 million fans across 16 North American host cities. But for many U.S. fans, getting inside the stadium has become a major financial hurdle, according to Realtor.com.
In five of the 11 U.S. host cities, the cheapest available World Cup tickets for late-stage tournament matches cost more than the average monthly mortgage payment in that market, Realtor.com reported, citing real estate research firm PropertyShark.
That means fans in Miami, Dallas, Atlanta, Kansas City and the New York area could spend the equivalent of a mortgage payment — or more — for a single seat. The figure does not include airfare, hotel stays, food, parking or merchandise.
The steepest prices are for the July 19 final at MetLife Stadium in East Rutherford, New Jersey. The least expensive seats are listed at $7,256, far above New York’s average monthly mortgage payment of $4,096 and average rent of $4,872, according to Realtor.com.
In Dallas, the cheapest tickets for the July 14 semifinal are listed at $2,391, slightly above the city’s average mortgage payment of $2,351. In Atlanta, the lowest-priced semifinal tickets are $2,208, above the average mortgage payment of $2,149, the outlet reported.
10 HOTTEST RENTAL HOUSING MARKETS IN THE US THIS SUMMER
Kansas City’s cheapest seats for a July 11 match are $1,567, compared with an average mortgage payment of $1,477. In Miami, the lowest-priced tickets for Colombia versus Portugal on June 27 are $2,700, nearly matching the city’s average mortgage payment and rent, according to Realtor.com.
Some consumers have already been priced out. A LiveSportsonTV survey of 1,008 U.S. soccer fans found that 52% had given up on buying World Cup tickets because of high prices.
“We’re seeing unprecedented prices for events like the World Cup because of supply and demand, to put it simply,” Mark Sanaiha of Macallan Capital said in a statement. “For years, the experience economy has outpaced wage growth, and younger generations aren’t planning to change that trajectory.”
AMERICANS OPTIMISTIC ABOUT INNOVATION ADDRESSING MAJOR CHALLENGES, SURVEY FINDS
The pricing has also drawn scrutiny from state officials. Attorneys general in Texas, New York, New Jersey and California have launched probes into World Cup ticket pricing and packaging policies, Realtor.com reported.
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“Being honest about ticket sales is not complicated,” New Jersey Attorney General Jennifer Davenport said in a statement. “But FIFA has turned buying a ticket to the World Cup into a gauntlet of confusion, fake scarcity, and impossibly high prices — all at the expense of consumers and hardworking New Jerseyans.”
Food Companies Keep Cutting Jobs as Shoppers Pull Back
CHICAGO — Some of America’s largest food manufacturers continue trimming their workforces in 2026 as higher costs, changing consumer habits, and growing automation reshape one of the nation’s most important industries.
From snack foods and packaged meals to beverages and meat products, companies across the food sector are eliminating jobs, consolidating operations, and investing in technology as they adapt to slower consumer spending.
Among the most notable moves, PepsiCo confirmed the closure of a longtime Frito-Lay facility in Orlando, Florida, affecting hundreds of workers. The company said the decision is part of a broader effort to improve efficiency and modernize operations.
PepsiCo is far from alone.
Major food and beverage companies including Kraft Heinz, General Mills, Hormel Foods, Archer-Daniels-Midland, Heineken, and Beyond Meat have all announced layoffs, restructuring initiatives, or operational changes during the past year.
The common thread is pressure on profit margins.
Consumers facing higher grocery bills and rising household expenses are increasingly trading down to lower-cost alternatives, purchasing fewer discretionary items, and showing greater sensitivity to price increases.
That creates challenges for food manufacturers that spent years relying on brand loyalty to support premium pricing.
Store brands are gaining market share.
Private-label products sold by grocery chains often cost significantly less than nationally advertised brands, making them increasingly attractive to budget-conscious shoppers.
The result is growing competition for shelf space and consumer dollars.
At the same time, technology is changing how food is produced.
Modern manufacturing facilities require fewer workers than previous generations thanks to automation, robotics, and advanced production systems. Tasks once performed manually can now be handled by machines operating around the clock.
For companies facing rising labor costs and pressure from investors to improve efficiency, automation offers an attractive solution.
For workers, however, the consequences can be severe.
Factory jobs have historically provided stable middle-class wages, often without requiring a college degree. Plant closures can affect entire communities, reducing economic activity and eliminating opportunities for workers whose skills are closely tied to manufacturing.
The broader economic impact extends beyond the factory floor.
Every major food-processing facility supports suppliers, transportation companies, maintenance contractors, local businesses, and surrounding communities. When facilities close, those effects can spread throughout a region.
Food manufacturers also face pressure from higher transportation and ingredient costs.
Fuel prices remain elevated, packaging costs have increased, and supply-chain disruptions continue affecting portions of the industry. Companies are attempting to balance those expenses while avoiding excessive price increases that could drive customers elsewhere.
Investors generally support efficiency initiatives.
Wall Street often rewards companies that reduce costs and improve productivity, particularly during periods of economic uncertainty. That dynamic creates additional pressure for executives to streamline operations and reduce headcount where possible.
Yet the long-term challenge remains unresolved.
Food companies must find ways to protect profits while maintaining customer loyalty in an environment where consumers are increasingly focused on affordability.
For shoppers, the impact may not be immediately visible.
Store shelves remain stocked, products remain available, and the food system continues functioning. Behind the scenes, however, fewer workers are producing many of the products Americans consume every day.
The trend highlights a broader reality emerging across multiple industries.
Companies are learning how to operate with leaner workforces while relying more heavily on technology, automation, and data-driven decision-making.
For now, America’s food supply continues moving from factories to store shelves.
It is simply being done by fewer hands than before.
JBizNews Desk
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Americans’ Mood About Money Hits a Record Low
WASHINGTON — Americans are feeling worse about their finances than at any point on record, according to a closely watched consumer survey that underscores the growing strain higher prices are placing on household budgets.
The latest University of Michigan Consumer Sentiment Index fell to 44.8 in May, the lowest reading in the survey’s history and the third consecutive monthly decline. The reading was revised lower from an earlier estimate of 48.2 and now sits below the previous record low reached during the inflation surge of 2022.
The decline reflects a simple reality facing many households: the cost of everyday life continues to outpace what families feel they can comfortably afford.
According to the survey, 57% of respondents spontaneously cited rising prices as a major concern, up from 50% a month earlier. That means nearly six in ten Americans brought up inflation without being prompted, making it the dominant economic concern across the country.
The biggest pressures remain familiar.
Gasoline prices remain elevated, grocery costs continue rising, and housing affordability remains near multi-decade lows. While the labor market has remained relatively stable, many consumers say their paychecks are not stretching as far as they once did.
Survey Director Joanne Hsu said persistent inflation and higher fuel costs continue weighing heavily on public sentiment, particularly among lower-income households.
The pain is not being felt equally.
Consumers with lower incomes and those without college degrees reported some of the steepest declines in confidence, reflecting their greater exposure to rising costs for essentials such as food, transportation, utilities, and rent.
Unlike wealthier households, many families have little room to absorb higher expenses without cutting back elsewhere.
The survey also revealed growing concern about the future.
Consumers now expect inflation to remain elevated over both the next year and the longer term. Year-ahead inflation expectations rose to approximately 4.8%, while long-term inflation expectations increased to 3.9%.
That matters because expectations often influence behavior.
When consumers believe prices will continue rising, they frequently delay major purchases, reduce discretionary spending, and become more cautious about taking on debt. Those decisions can ripple throughout the broader economy.
The gloomy mood stands in contrast to recent government employment data.
The economy added 172,000 jobs in May, and unemployment remains relatively low at 4.3%. On paper, the labor market appears healthy.
But sentiment surveys measure something different.
They capture how people feel about their personal finances, not simply whether they have a job.
For many Americans, having a paycheck is no longer enough to feel financially secure when food, fuel, housing, insurance, and utility bills continue rising faster than expected.
Businesses are paying close attention.
Consumer spending accounts for roughly two-thirds of U.S. economic activity. When confidence falls, retailers, restaurants, travel companies, and manufacturers often feel the impact through slower sales and more cautious purchasing behavior.
Several major consumer-facing companies have already reported signs of customers trading down to lower-cost products, delaying purchases, and focusing more heavily on discounts and promotions.
Historically, consumer sentiment readings this low have often coincided with periods of slower economic growth.
While economists caution that sentiment alone does not guarantee a downturn, the survey provides an important snapshot of how households are experiencing the economy in real time.
There is some reason for cautious optimism.
Earlier this spring, sentiment improved modestly when gasoline prices briefly retreated and geopolitical tensions appeared to ease. That suggests consumer confidence could recover relatively quickly if inflation moderates and fuel costs decline.
For now, however, the message from American households is clear.
Even with jobs available and unemployment relatively low, the rising cost of everyday necessities is leaving consumers feeling more financially stressed than at any other point since the survey began.
Whether that mood improves will depend largely on what happens next with inflation, interest rates, fuel prices, and the broader economy.
JBizNews Desk
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Highlights from Bloomberg Invest Hong Kong
Gwyneth Paltrow smeared online after Israel commercial gig
Oscar-winning actress Gwyneth Paltrow has been mocked in the past for Goop, her New Age wellness site, but that’s nothing compared to the backlash she is facing for becoming the face of 51 Park, a luxury building project in Israel.
Paltrow, who grew up in an interfaith Jewish-Christian family, appears in a commercial that started airing in Israel recently for 51 Park, a luxury housing project in Herzliya.
The commercial shows her waking up in her New York apartment, where she wonders, “Who decided mornings should be so early?” and bemoans the fact that “Even my coffee needs a coffee” before going out for a run in nearby Central Park. While it’s “brutal” for her to start her morning run, she says that, “Once I hit the park, pure energy takes over,” and notes that, “There’s a reason the world’s most iconic buildings are by a park.”
Coming out of her building dressed in a chic white suit, she tells a waiting driver to take her to “51 Park.” He asks, “New York?” and she replies, smiling, “Herzliya, Israel.” A voiceover lists the features of the two-tower development, which will be 51 stories tall and located right next to Herzliya Park.
Paltrow accused of supporting genocide for taking commercial job
Paltrow began to receive online hate after the commercial aired. Most accused her of supporting genocide, and many said she deserved to be beaten, and worse.
“Gwyneth Paltrow promotes $10M penthouses in Herzliya while Gaza burns and Lebanon bleeds,” one user wrote, while another, referencing Paltrow’s phrasing in the announcement of her divorce from Coldplay frontman Chris Martin, said she was “consciously uncoupled from morality.”
Another X user wrote: “Something deeply unspeakably sinister about this thin, wealthy, white woman looking for any possible opportunity to collaborate with a state committing genocide across at least two states,” and others criticized her supposed $10 million contract for the commercial.
Paltrow, who is active on Instagram, did not post the commercial, but many of the comments on her recent posts reiterate these accusations, calling her such epithets as “Genocide Queen.”
Others praised her for her support for Israel and for “being on the right side of history.”
The actress has spoken up about her Jewish roots many times and, during the war with Hamas, posted support for the hostages held in Gaza. Her brother, Jake Paltrow, directed a movie in Israel, the 2022 June Zero, which was co-written by Tom Shoval and which focuses on people involved in the trial and execution of Adolf Eichmann, one of the main Nazi officials behind the Holocaust. Chris Martin has visited Israel several times to spend time at educational programs he supports.
In recent years, several ad campaigns featuring Hollywood stars have run in Israel, including Morgan Freeman for Tadiran, Snoop Dogg for SodaStream, and David Schwimmer for Meitav.
Shin Bet investigates haredi protests amid concerns over threats to government sites – report
The Jewish Division of the Shin Bet has launched an investigation into recent haredi draft protests amid concerns that future demonstrations could target government buildings or officials, Doron Kadosh and Moriah Asraf said in a message to Army Radio via Telegram.
The probe takes a broad approach rather than focusing on a single incident. However, the riot outside Supreme Court Justice Noam Solberg’s home on June 3, along with other disorderly events, helped prompt the investigation.
The riot outside the justice’s home shocked and alarmed both the public and many in government, drawing widespread condemnation.
The President of the Supreme Court, Justice Isaac Amit, and the Director of the Courts, Justice Tzachi Uziel, issued a letter to all judges following the violent incident, saying, “This represents crossing a red line and an attack on the entire judicial system and the rule of law in Israel… The judiciary will not hesitate to take all measures at its disposal to ensure the safety and security of its employees.”
Tomer Moskowitz, head of the Tzur Hadassah local council and a close friend of Justice Sohlberg, deputy president of the Supreme Court, said that the haredi (ultra-Orthodox) protest outside of Sohlberg’s house “wasn’t a demonstration, it was a pogrom.”
Even Prime Minister Benjamin Netanyahu condemned the incident outside the justice’s home, saying, “I strongly condemn the violent riot against Justice Noam Sohlberg. Law enforcement must apply the full force of the law against the rioters.”
Over 60 arrests were made following the riot.
Senior Israel Police Superintendent Chaim Taieb clarified that the investigation into the riot was not being treated like a normal protest but rather a “serious criminal event with real intent to harm.”
Haredi protests remain disruptive, reckless
Prior to the riot at the justice’s home, eight ultra-Orthodox (haredi) protesters were arrested on June 1 after breaking into a police station in Beit Shemesh following the detention of an alleged draft dodger.
During the incident, several rioters managed to enter the station, while others attempted to block traffic and throw stones.
Haredi protests have continued, remaining disruptive and reckless, prompting the Shin Bet’s investigation.
The probe falls within the Shin Bet’s remit, specifically its mandate to protect against threats to the government and the State of Israel.
Gold Falls Hard Even as War Fears Grip Markets
Gold did the opposite of what it normally does on Wednesday, June 10. On a day when the United States struck Iran and the government reported the hottest inflation in three years, the metal that investors usually run toward in a panic instead dropped more than 4%, sliding toward $4,100 an ounce.
The selling followed two events that hit on the same morning. The Bureau of Labor Statistics reported that consumer prices rose 4.2% over the past year, the fastest pace since April 2023. Hours earlier, U.S. Central Command confirmed it had struck Iranian air defense and radar sites near the Strait of Hormuz. Either headline would normally send buyers into gold. Instead, the metal fell.
The reason comes down to interest rates. Gold pays no interest. When bonds and savings accounts offer high returns, holding gold means giving up that income. After the strong May jobs report and Wednesday’s inflation reading, investors concluded the Federal Reserve will keep interest rates high all year, and may even raise them. Some traders now put the odds of a rate increase by December near 70%. Higher rates make gold less attractive, so money flowed out.
A firm U.S. dollar added to the pressure. Gold is priced in dollars, so when the dollar strengthens, gold tends to weaken. Treasury yields climbing toward 4.5% pushed in the same direction.
There was also a technical trigger. Gold fell below its 200-day moving average, a closely watched line that trend-following traders use as a buy-or-sell signal. Once that line broke, automatic selling kicked in, turning a pullback into a rout.
The drop caps a rough stretch. Gold has fallen more than 11% over the past month, retreating from a late-April high near $4,800 and from its January record around $5,600. Even so, it remains roughly 25% higher than it was a year ago. This is a sharp correction inside a long climb, not a collapse.
That distinction matters for the people who own gold, and many do, through coins, exchange-traded funds, and retirement accounts. The forces that drove gold higher for years have not disappeared. Central banks bought 244 tonnes of gold in the first quarter of 2026, up 3% from a year earlier, as countries continue to diversify away from the dollar. Those buyers tend to hold for the long term and are unlikely to be shaken out by a bad week.
Still, the near-term path looks bumpy. Analysts at Citi warned in a note this week that if the Strait of Hormuz stays closed through the end of summer, gold could fall as low as $3,500 an ounce. The logic is the same loop driving everything else: a longer war keeps oil expensive, which keeps inflation high, which keeps interest rates up, which keeps pressure on gold.
For everyday investors, Wednesday was a reminder that gold is not a guaranteed safe haven. It usually rises during fear, but it answers to interest rates and the dollar just as much as to geopolitics. When those forces line up against it, even a war headline cannot hold it up.
Some buyers see the pullback as a chance to get in cheaper. Others worry the slide has further to go. What is clear is that the same war and inflation story squeezing households at the gas pump is now reaching into investment portfolios, and gold, long seen as the steadiest store of value, is having one of its most volatile years in decades.
JBizNews Desk — Markets
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Modular builder Kinexx eyes ‘hidden-in-plain-sight’ lots for growth
While modular construction comprises a small niche in the U.S. ground-up residential development market – roughly 3% of new homebuilding – it’s an outsized opportunity for urban infill projects, where developers face tight labor constraints, regulatory barriers and high land costs.
Kinexx Modular Construction, which has built more than 100 housing units on urban infill sites in Chicago, believes it has identified an opportunity to leverage modular construction to deliver attainable for-sale and rental housing in neighborhoods in the inner rings of downtown urban centers, frequently overlooked by developers.
Having proof-tested its concept in Chicago, the company is eyeing other cities for expansion and has recently announced a new crowdfunding campaign to finance its growth.
The developer has a roster of about 20 current and former pro athletes who have invested in the business, including the likes of NFL quarterbacks Jameis Winston and Cam Ward, former Pro Bowl running back Mark Ingram and retired MLB stars Rickie Weeks and Edwin Jackson.
“We have the blessing of being backed by a number of professional athletes. This adds some measure of influence to that campaign as well,” Adrian Muhammad, Chairman, Kinexx Modular Construction and Managing Partner at LaPhair Capital Partners, told HousingWire’s The Builder’s Daily.
But beyond the buzz that comes with celebrity investors, Kinexx believes it has a proven and profitable model – focused on often-overlooked infill parcels in underserved communities, paired with the cost savings and production efficiency of modular construction.
Converting speed into savings
Kinexx, founded in 2020, builds a mix of detached and attached single-family homes, small ranch homes and multifamily buildings. The company builds housing on both scattered lots and larger projects that can span an entire city block.
“We thrive in both environments,” Paul Tebben, Kinexx Modular Construction Co-Founder and Chief Design Officer, said. “Whether those 20 units go to a single lot or to an entire block, it equals the same efficiency for us, because we’re building off-site.”
Modular construction can work well for Chicago, a city with high labor costs, stringent building codes and a lot of narrow lots and tight streets, Tebben explained. The company further says that it can build at roughly 20% lower cost and 30% to 50% faster than traditional site-built methods.
That speed lowers financing and carrying costs, generating savings that can be passed on to buyers. Because Kinexx can build homes more quickly, it can borrow money for a shorter period of time, which lowers the overall cost of financing each project.
“Modular is a process. It’s not a product,” Muhammad said. “The process is where the value is, and the process gives us speed.”
Beyond accelerating construction timelines, Kinexx’s modular approach can make assembly more efficient by utilizing precision-built components produced in a controlled factory setting. This process reduces costs by minimizing material waste, improving quality control and keeping costly mistakes to a minimum.
The company operates a roughly 60,000-square-foot factory in Chicago that can produce four to six modules per day. A typical 1,600-square-foot single-family home requires six modules, so production allows such a home to move off the assembly line roughly every one to two days.
Keeping production indoors at this facility means that the developer eliminates many of the variables that drive up costs in traditional construction, including weather delays, labor constraints and material disruptions.
Leveraging crowdfunding to expand
Kinexx’s recently announced crowdfunding campaign allows investors to participate starting at $500 with no institutional minimum.
As Kinexx leadership put it, crowdfunding enables everyday people to invest, broadening access to capital while generating public engagement. Crowdfunding can also help bridge a financing gap created by the modular construction model, which often moves faster than traditional development and construction lending systems are designed to accommodate.
With the crowdfunding campaign launched, Kinexx plans to ultimately expand its model into eight additional cities, including Baltimore, Cleveland, Philadelphia and Detroit.
As Muhammad put it, every modular construction company struggles with generating a consistent pipeline of projects that produces a stable and predictable revenue-based company. However, Kinexx believes that it has a successful and proven model that it can bring to other cities, and that it has found the solution to this problem in plain sight.
Muhammad cited Bronzeville, a neighborhood in Chicago located just south of the city’s Central Business District, as proof that the Kinexx model works. According to Muhammad, the average value of townhomes, condos, and single-family homes in the neighborhood is roughly twice what it costs Kinexx to deliver a home there.
At the same time, there is little competition from other developers in the neighborhoods that Kinexx builds in, as many traditional site-built operators have dismissed those lots.
“We don’t have to worry about competition, because no one wants to build there for some ungodly reason. Well, we found gold there, and if we can summon the capital, and we can produce units that actually can service the aesthetic and the value reflected in those markets, then we believe that not only will we service a legitimate good, but we can actually profit in a very meaningful way,” Muhammed said.
The company further believes that there is an unmet need for smaller, newly built homes around 1,600 square feet or less.
Data from the National Association of Home Builders indicates that only about 13% to 16% of newly built single-family homes are under 1,600 square feet, despite roughly 26% to 28% of buyers desiring a home of such size. This supply gap indicates that there is a great deal of demand for smaller, more affordable homes that isn’t fully met by the market.
Kinexx believes its focus on smaller infill projects and a disciplined growth strategy positions it differently from many of the off-site construction companies that have struggled to scale.
Despite attracting significant investment and attention, many well-known off-site construction companies have struggled to successfully scale their operations in recent years. Katerra, which received over $2 billion in funding before filing for bankruptcy in 2021, is the most prominent example.
Tebben argued that, as Kinexx expands to other cities, maintaining design flexibility will be key. While the construction process will remain standardized, the finished product can be adapted to reflect the unique look and feel of different cities and communities.
“I think one of the resounding mistakes or undertones of those failures has been that they have painted everything with the same brush. I think the idea is that they have a formula that works, and without alteration, they should apply it one-to-one to another market, and that’s not true,” he said.
LARRY KUDLOW: Trump’s secret oil stash could steady Fed interest rates
So lo and behold, Project Freedom to reopen the Strait of Hormuz has been operating surreptitiously after all this past month. According to President Trump’s disclosure today, our military has secretly helped more than 200 commercial ships with more than 100 million barrels of oil through the Strait.
This was done by communicating and communicating to freely and safely transit the ships, not actually escorting them. Here’s the president earlier today spilling the beans: “You know I can say it now. Something you didn’t do. You know, we’ve been taking out millions of barrels of oil. Nobody knows it. You know who doesn’t know about it? Iran. Until right now.” He added that “we took out the other night 22 ships late at night with no lights, because they don’t have any radar, because we blasted the crap out of it. We took out. That’s why oil is $85 a barrel.”
No lights, no transponder, no Iranian radar. He’s right. Now, these numbers are more or less correct. And 100 million barrels of oil have come through the Strait to various destinations around the world, let’s assume in the past month or 30 days. That’s an oil supply increase of 3 million barrels per day.
Then put that in context, world supply and demand intersects at roughly 100 million barrels per day. So tacking on 3 million by secretly opening up Hormuz, adds roughly 3 percent to the global oil supply, it’s a big deal. And that has surely helped to stop oil from going to $150 a barrel or $200 a barrel. For more context, America produces 13.6 million barrels per day.
In fact, West Texas WTI peaked at $113. Today it’s at $90. That’s a drop of nearly 20 percent. Gasoline peaked at $4.56 back in May. Today it’s at $4.15 according to AAA’s national tally. So that’s a drop of almost 10 percent. Almost half of the states today have gasoline with a $3 handle. I know that’s created anxiety, and everyone wants it at least a dollar lower. Yet it still seems like a modest price to pay to liberate the Middle East and the rest of the world from the scourge of radical Islam in Iran. And surely Mr. Trump is right. This war will end soon and oil and gasoline prices will come down significantly.
Which leads me to my final point on today’s CPI which went up 4.2 percent on the topline year on year. Yet only 2.9 percent excluding food and energy. Yes, most of this jump in prices is from 104 percent annual increase in energy over the past three months. And a 250 percent jump in gasoline. Goods prices, by the way, at least excluding food and energy are basically flat. So much for the tariff inflation threat.
Yet let’s not forget the economy is booming. Manufacturing, business capital goods, factories, construction, profits, productivity, and stocks (even with the current sell-off). Low taxes, a light regulatory touch, drill, baby, drill, and the A.I. boom are growing America’s economy at nearly 4 percent with low unemployment. It’s a supply-side revolution.
And hopefully at next week’s Fed meeting, Chairman Kevin Warsh will tell the world that growth does not cause inflation, nor does a temporary energy bump. The new chairman will hopefully bring in new models, and a new breath of fresh air a week from today.
2026 RealTrends Verified: Joe McNally Team scores top-30 small teams ranking
When Joe McNally earned his real estate license at age 18, he became the youngest licensed agent in Maine.
That distinction was notable — but early success proved elusive.
“My mother got her real estate license, and I got mine a year later,” McNally told HousingWire. “I was so young, and I never closed a deal. It was hard to earn trust from homeowners, buyers, that sort of thing. I was there more to help my mother close deals.”
Two years later, he moved with his wife to her home state of Michigan, where McNally closed 55 deals in his first year.
Now a 20-year industry veteran, McNally has built one of the nation’s most productive small real estate operations.
The Joe McNally Team — part of REMAX Together in Big Rapids, Michigan — earned the No. 28 national ranking among small teams for transaction sides on RealTrends Verified’s 2026 The Thousand rankings after closing 203 transaction sides last year.
McNally attributes much of his long-term success to a business model centered on referrals and repeat clients.
“I have been extremely intentional about building a relationship-based business,” he said. “It’s everyone’s dream. It’s what everyone obsesses about — every conference, every book, all of it, right? And there’s a good reason for that.
“I’ve been quietly building that foundation for 14 or 15 years. And I’m so blessed. I don’t advertise much for myself at all. I actually don’t advertise myself at all.”
A top 30 ranking during a ‘down year’
Despite national recognition, McNally said 2025 was not one of the team’s strongest years.
“It was a down year,” he said. “I’ve closed over 240 or 250— me and my two buyers agents — every year for the past five or six years. In the past, I want to say that we’ve ranked in the top 10 nationwide a couple times. It’s just me and two agents, and one of them went back to school for her master’s and worked part time through the year, that impacted us.”
Another personnel change added to the challenge.
“My other buyer’s agent actually quit halfway through the year, had to replace her,” McNally said. “So yeah, little speed bump there.”
He continued to carry a significant share of the production himself.
“I personally closed around 138 last year, which was down from 172 the year before,” McNally said. “I just basically remarket to my past clients, I’m coming up on 2,000 personal career transactions under my belt, and it’s served me well. I think last year, 110 of my closings were direct referral, just word of mouth referral, which is a lot.”
Growing through REMAX
McNally has been affiliated with REMAX for 11 years.
“I actually started a REMAX franchise in Big Rapids, Michigan,” he said. “There wasn’t one there. I continued to maintain my personal business, and then I was at a point — I actually came to this point too late, but better late than never — where I knew I needed to find a way to better serve my sellers and the buyers. I wanted a little more of a traditional team structure.
“I say team very loosely, because they’re on my team, but they do their own volume and their volume goes under their name. They close, they list and they buy, but they’re there to help me serve the sellers and the buyers that come along for my listings.”
Looking ahead, McNally believes the team is positioned to return to the production levels it achieved in previous years.
“I think getting my two agents recentered around priorities [will help business],” he said. “One of them graduated school about two months ago, so she’s back rip-roaring. My other girl, she’s back in the saddle full time, so I think we’re looking good.
“I think we’re re-centering around that. I love what I do so much and I’ve got incredible systems in place.”
As for the secret behind his production, McNally insists there isn’t one.
“I’ve been number one agent in in west Michigan market for a very long time, and everyone thinks there’s some big mystery,” he said. “It’s pretty boring. It’s just really about being committed and consistent every single day of the year, and I’ve always been good at that.
“I’m good at being consistent and good at communicating with clients and putting them first. I do it every day, every time, no matter what.”
For McNally, the principle that carried him from a teenager struggling to earn trust to a nationally ranked team leader remains unchanged.
“Never, never put yourself over a client,” he said. “Always making sure they feel like they are number one in every way.”
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Logan Finance hires Mark Luzi to lead Western sales
Mark Luzi has joined Logan Finance Corp. as Western managing director of sales as the non-QM lender looks to grow its footprint across more states.
Luzi, who has nearly 30 years of consumer finance and mortgage sales experience, will report to chief operating officer Aaron Samples. His official start date was May 26, according to the company announcement.
In his new role, Luzi will be responsible for leading Logan’s sales strategy and execution across Western markets, including broker and correspondent channels.
“Mark brings a rare combination of scale and relationship depth to this role,” Samples said in a statement. “He has led large, distributed sales organizations and knows how to build the kind of trust that drives long-term growth. As we continue expanding our presence in the Western market, having a leader of his caliber leading that effort is a meaningful step forward for Logan and for the broker and correspondent partners we serve.”
Luzi joins Logan Finance from LendSure Mortgage Corp., where he most recently served as West division sales manager and oversaw three regions across all Western states, including Hawaii. Before that, he was a division manager at Accredited Home Lenders, leading eight regions and a team of 340 people.
He began his career at Ford Consumer Finance in 1997, and he has spent nearly three decades building and managing large, distributed mortgage sales organizations in the western U.S. His background centers on team building and broker relationship management at scale — key capabilities as non-QM lenders lean on third-party originations for growth.
“The non-QM space is evolving fast, and Logan Finance is one of the few genuinely built to keep pace with that,” Luzi said. “I chose to join Logan Finance because of the strong leadership under the executive team, along with the company’s clear focus on competing and growing in such a competitive space. My job is to make sure brokers across the West know what Logan is capable of and feel that difference every time they work with us.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
Unlock closes $358.5M home equity agreement securitization
Unlock Technologies completed a $358.5 million securitization backed by home equity agreements (HEAs), marking the company’s first transaction of 2026 and the largest HEA securitization completed in the market this year.
The financial technology company announced on Tuesday that its Unlock HEA Trust 2026-1 transaction closed on May 21 and securitized approximately $358.5 million of home equity agreements originated and managed by Unlock. The deal was issued and sponsored by D2 Asset Management.
The transaction is backed by a pool of 3,546 HEAs. It represents Unlock’s seventh rated securitization and eighth overall.
According to Unlock, the offering was oversubscribed and attracted strong demand from institutional investors, including six first-time participants in the company’s securitization program.
“That breadth of participation underscores how this market is maturing and how investor appetite for the asset class continues to deepen,” Peter Silberstein, Unlock’s chief capital officer, said in a statement.
The deal marks the first broadly syndicated HEA securitization sponsored by D2 Asset Management. D2 previously sponsored Unlock’s UNLOK 2025-3 transaction, a privately placed securitization completed in December 2025 that the companies said was the largest HEA securitization at the time.
The securitization included $254 million of senior Class A notes rated A (low) (sf), $48.5 million of mezzanine Class B notes rated BBB (low) (sf), and $42.2 million of subordinate Class C notes rated BB (low) (sf), according to Morningstar DBRS. The Class A and Class B notes received investment-grade ratings.
The collateral pool includes both senior- and junior-lien home equity agreements, with first-lien HEAs accounting for about 19% of the pool by investment payment.
Jefferies served as sole structuring lead and bookrunner. Cantor Fitzgerald and TCBI Securities Inc., doing business as Texas Capital Securities, acted as co-managers.
Unlock CEO Jim Riccitelli said the transaction reflects growing institutional acceptance of HEAs as an asset class.
“The strong, oversubscribed demand reflects the continued maturation of this market and the confidence investors have in the HEA,” Riccitelli said.
Luke Doramus, co-founder and managing partner of D2, said the transaction reinforces the firm’s confidence in both the HEA market and Unlock’s growth prospects.
“As one of the most active participants in this market, we bring the structuring and capital markets expertise to scale a strong originator, and Unlock is exactly the kind of partner we want to do that with,” Doramus said.
This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.
White House taps Brian Johnson to lead CFPB
The White House has sent the nomination of Brian Johnson to serve as director of the Consumer Financial Protection Bureau (CFPB) to the Senate, according to a notice filed on Wednesday.
The agency has been under the leadership of acting director Russell Vought for the past 16 months. During his tenure, Vought — who also serves as the current head of the White House Office of Management and Budget (OMB) — has moved to scale back the bureau’s enforcement and regulatory activities.
In November 2025, President Donald Trump nominated Stuart Levenbach, an associate director at the OMB, to serve as CFPB director. Critics, including Sen. Elizabeth Warren (D-Mass.), argued the move allowed Vought to remain in charge beyond the 210-day limit set by the Federal Vacancies Reform Act (FVRA), as the clock is paused while a nomination is pending.
Johnson has previously served as deputy director of the CFPB during Trump’s first term, where he oversaw the agency’s rulemaking, supervision and enforcement activities.
A spokesperson for the CFPB stated that Johnson is the White House’s nominee to be the next Senate-confirmed CFPB director. He will “continue the CFPB wind down and de-weaponization that acting director Vought has been leading for the last year and a half” as Vought’s term ends this summer.
In April 2025, the Trump administration moved to dismiss roughly 90% of the CFPB’s workforce, triggering a court fight that temporarily blocked the layoffs. In August, a federal appeals court panel allowed the reductions to proceed, leading to the dismissal of about 1,500 employees.
Trade groups have commended Brian Johnson’s nomination. Consumer Bankers Association (CBA) president and CEO Lindsey Johnson said the association welcomes the opportunity to work with him as the bureau enters its next chapter.
“America’s leading Main Street banks look forward to engaging with Director-designate Johnson on policies that provide certainty and create a more durable, stable CFPB where the Bureau meets its mission of consumer protection in a manner consistent with its congressional mandate,” Lindsey Johnson said.
“A transparent, accountable CFPB focused on its core mission will strengthen outcomes for consumers, financial institutions, and the U.S. economy.”
Homebuilders are using AI-powered ERP to find margin leaks faster
No homebuilder would have asked for the headwinds that 2026 brought to both would-be homebuyers and the organizations that serve them.
Still, given the level of preparation and de-risking most homebuilding firms have pursued since before the COVID-19 pandemic in 2020, this year’s raft of challenges may be delivering exactly the operating discipline the business needs.
That probably sounds counterintuitive.
At a moment many U.S. homebuilders are grappling with soft demand, affordability fatigue, fragile consumer confidence, cancellation anxiety, incentive creep, and elevated cost-of-living pressures weighing on would-be buyers, it’s hard to imagine, let alone appreciate, a silver lining.
However, strategic leaders in this business know something others sometimes forget: Downturns reveal operational truths that can create renewed – sometimes redoubled – opportunities when markets recover.
When absorption slows, cycle times matter more. Margin leakage becomes more visible. Hand-off friction among land, design, purchasing, construction, sales, finance and warranty becomes harder to hide. Waste compounds. Delays cost more. Fragmented systems become strategic liabilities.
The companies that emerge stronger from these “middle innings” of constrained demand will likely not be simply those that cut costs the hardest.
They’ll be the ones who improve most continuously, and ultimately, the fastest.
That’s what makes the launch of Stella AI by Constellation HomeBuilder Systems strategically interesting – not as another AI product announcement, but as a marker of where the homebuilding industry’s next operational competitive frontier may be forming.
McKinsey recently argued that “investments into an improved data foundation will always help scale AI in the future.”
A Harvard Business Review analysis we came across in the past few weeks carried an equally pointed warning:
“Instead of testing lots of [AI] use cases across the company, pick one area and go deep.”
For homebuilders, this blend of messages clarifies the context that can offset business leaders’ hesitations about plunging into AI-powered digital transformation of operations and workflows.
Because the industry now faces a classic damned-if-you-do, damned-if-you-don’t moment on AI.
Ignore it and risk falling behind competitors who use technology to compress cycle times, reduce waste, sharpen pricing, and enable faster decision-making.
Chase dozens of disconnected AI experiments, and risk creating expensive noise with little tangible return or durable value.
The better path may be to embed AI operationally into the core enterprise workflow itself.
The hidden cost of “good enough”
Chris Graham, president of Constellation HomeBuilder Systems, framed the issue with unusual clarity in an interview with The Builder’s Daily. Graham’s observation that “data has always been messy” will resonate with almost any homebuilding business or operational executive who has spent years trying to get fast, reliable answers from across a sprawling enterprise.
This is, after all, a business whose workflows evolved in layers.
Land acquisition teams operate on one cadence. Development teams follow another. Product design and architecture often run on their own systems and timelines. Purchasing leaders juggle option libraries, vendor agreements, and price variances. Construction teams live within schedules, starts, inspections, and trade performance metrics. Sales and marketing teams track absorption, incentives, traffic, and cancellations. Finance reconciles it all after the fact, often trying to make sense of data generated by systems that were never designed to talk to one another seamlessly.
For years, “ERP” in homebuilding has too often meant something more transactional than transformational, at least among business leaders who have been reluctant to commit to and invest in it.
Even strategists and operational leaders who have invested may still view such solutions as a necessary but cumbersome infrastructure layer that records activity but doesn’t help leaders interpret, interrogate, and act on it quickly enough to materially improve outcomes.
That’s where the current wave of AI discussion becomes strategically more than just hype.
McKinsey’s recent analysis of AI’s impact on ERP argues that enterprise software may be entering a fundamental reinvention, in which systems of record evolve into systems of decision support.
For homebuilders, that dialed-up capability means even more, as today’s market economics increasingly punish delayed decision-making.
Heading off compromises to net margins
A slowdown in the sales pace doesn’t just reduce revenue velocity. It pressures overhead absorption. It strains construction cycle economics. It can expose latent inefficiencies in subcontractor performance, option pricing, purchasing execution, field scheduling, and customer conversion that are often overlooked in stronger demand environments.
The difference between identifying a margin leak in days versus in weeks can be meaningful. The difference between spotting recurring scheduling bottlenecks in real time and discovering them after quarter-close can be costly.
Bob Swainhart, Constellation HomeBuilder Systems’ General Manager of Enterprise Solutions, framed the operational implications in terms that builders immediately understand. Looking at purchasing, for example.
“Many of our builders might be managing an option library of five to 7,000 options,” Swainhart said. “If they wanted, for instance, to know which are the top 20 options that actually sell, I could probably, if my data is good, pull a full report, and now I’m sifting through five to 7,000 options to try to find the ones that are actually important to me.”
That’s not a theoretical matter.
- That’s time.
- That’s labor.
- That’s decision friction.
- That’s margin management delayed.
Swainhart continued with an equally recognizable construction scenario.
“If I have 600 or let’s say, 7,000 homes under construction at any one time, the reality is, I’m going to be looking through a lot of scheduling data to try to pinpoint where schedule delays are happening,” he said. “What trades are causing me delays more than others?”
For builders in a cost-sensitive operating environment, those are not peripheral questions. They are material, cost-impacting operating questions.
And they illuminate why the current AI moment feels particularly consequential.
AI’s less-is-more impact
The HBR warning against scattered AI experimentation is especially relevant to homebuilding because fragmentation is already endemic to the business.
The temptation will be familiar: pilot one AI tool for estimating, another for customer care, another for sales scripting, another for marketing content, another for purchasing analytics, another for warranty response.
That approach risks creating exactly the kind of disconnected digital sprawl many builders already struggle to manage.
The stronger strategic question is whether AI can be embedded where operating decisions already happen. That’s what makes Constellation’s Stella AI proposition more compelling than a generic chatbot overlay.
For Chris Graham, that distinction stems from decades of working at a homegrown level with homebuilding operators to unpack every operational workflow in the build cycle and then reassemble them into a cohesive, data-unified system.
“It’s not an experiment for us,” Graham said. “We’ve built a platform. We’ve been at it for many years.”
That proven commitment and investment to operational fluency and business systems alignment shines a bright line that separates AI hype from AI reality.
One of the clearest messages from enterprise AI thinkers right now is that organizations chasing isolated AI pilots without fixing underlying data architecture are likely to create more noise than value.
McKinsey’s point about data foundations is not abstract in homebuilding.
Homebuilders’ operational data often lives in an archaeological landscape of ERP systems, spreadsheets, CRM tools, accounting systems, field reporting platforms, vendor data sources and manually assembled reporting layers.
Working up from well-trained, unified data
AI doesn’t and can’t solve that multilayered mess by magic.
If anything, it amplifies the importance of getting enterprise data discipline right, even as it stands to increase and accelerate the risks of not doing so.
That’s where Constellation’s Director of Data Services, Seamus Mulroy, offers an operational key to grasping the practical, workflow-specific impacts of Stella AI.
“The first thing that comes to mind was really figuring out how we balance both the uniqueness of builder data and the messiness,” he said.
Homebuilders, Mulroy’s observation attests, are each unique even though they may appear to be made out of the same business and operating model.
Regional product differences. Market-specific workflows. Division structures. Trade ecosystems. Land strategies. Sales models. No off-the-shelf abstraction can cleanly capture that complexity and the nuances that go hand in hand with local conditions and resources.
Mulroy described Constellation’s BuilderMetrix infrastructure as a “standardized, intuitive source of truth” feeding Stella AI.
The biggest question: Will builders trust it?
Whether builders embrace that particular architecture remains to be seen. But the broader strategic principle is difficult to dispute: AI without trusted operating data is unlikely to become a durable enterprise advantage.
Trust, in fact, may prove to be the deciding issue.
Homebuilders are not likely to embrace AI enthusiastically if it introduces governance uncertainty, role confusion, data exposure risks or inconsistent outputs. As they say, trust takes a long time to earn, but it can be broken irreversibly in an instant.
Mulroy addressed that concern head-on, emphasizing enterprise-level architecture and protections for the handling of non-public data. After all, this is not a novelty market. Homebuilders are pragmatic adopters, apt to be ultra-skeptical about shiny new toys for their own sake. Technology is embraced when it demonstrably saves time, reduces costs, improves visibility or strengthens execution.
Not because it sounds innovative.
Improve now … or never
Which brings us to the strategic point. This market moment may feel punishing.
Soft buyer confidence, affordability-struggle fatigue, elevated borrowing costs and persistent uncertainty have given the new-home landscape a grinding, trench-warfare feeling.
However, difficult – specifically “slow” – periods also create clarity in operations. The strongest builders invariably use slower environments not merely to defend margins, but to rewire how the business performs. They become adaptive, nimble, agile.
- To shorten cycle times.
- To remove workflow friction.
- To reduce waste.
- To empower better frontline decision-making.
- To create repeatable operating intelligence rather than episodic problem-solving.
If demand remains sluggish through the balance of 2026, those investments could materially strengthen competitive positioning.
If the market unexpectedly reaccelerates, those same capabilities become even more valuable in revving up the engines of opportunistic growth and market share expansion.
Either way, the risk and cost of standing still grow larger.
In our eyes, the Stella AI capability may be less an AI story and more a continuous improvement story in the Japanese “kaizen” sense. One where technology simply becomes the means, not the end.
Amtrak reveals first renderings of the new Penn Station
A few weeks after announcing the master developer for the redevelopment of Penn Station, Amtrak released the first renderings of the project on Monday. Penn Transformation Partners (PTP), a joint venture led by Halmar and Skanska, is leading the long-awaited redesign of the detested Midtown commuter hub, which aims to transform the station from cramped, dark, and overcrowded into a modern, light-filled civic landmark that can serve 600,000 daily riders. The overhaul could cost $8 billion; construction is expected to begin late next year.


Designed by Practice for Architecture and Urbanism (PAU), the new train hall references the architectural legacy of the original Penn Station, designed by McKim, Mead & White and demolished in the 1960s, and the Farley Building across 8th Avenue.
Rather than demolishing blocks to relocate Madison Square Garden and build a new station, the design preserves much of the existing structure through “surgical reconstruction paired with radical thinking,” according to PAU.


The project uses structural elements of MSG in the new building. Existing columns will become a series of stone entry porticos, and the arena’s mast columns will be clad in ribbed bronze and incorporated into the train hall’s interior.
A full block square structure will be built around Madison Square Garden, stretching from 31st Street to 33rd Street and from 8th Avenue to the west side of the taxiway. The plan calls for a 450-foot colonnaded facade, inspired by the city’s Art Deco architecture and classical civic style of buildings in D.C., to replace the Infosys Theater at MSG and open onto 8th Avenue.


The facade will combine “stone, bronze, layered entablatures, and expansive glazing to create a civic facade that is both porous and monumental,” according to the architects.


Inside, the station is organized around a 50-foot-tall train hall with light-filled public spaces, including shops, restaurants, bars, and waiting areas, integrated throughout. A sculptural stair connects the street to the single-level concourse level, which will include widened corridors, ceiling heights of at least 20 feet, and upgraded public amenities.
The train hall’s coffered street grid reflects the Manhattan street grid and a blue-tiled wall that represents the Hudson River, according to Curbed. As Gothamist first reported the new renderings last month, a plaque with “President Donald J. Trump” is etched into marble with a presidential seal next to the new 8th Avenue entrance.


The project will also expand track capacity, including possibly through-running on the regional rail network to increase efficiency.
“After more than 30 years of thinking about and working on the seemingly intractable problem of Penn Station, it is beyond thrilling to unveil this ambitious vision for a re-imagined civic icon,” Vishaan Chakrabarti, founder of PAU, said.
“Our design not only creates more capacity and improves operations for the busiest transit hub in the Western hemisphere, but it also will create – once again – a gateway to New York that is befitting our great city and will bring a sense of dignity to the experience of train travel to and from New York.”

Starting this summer, Amtrak will start the community engagement process and allow for public comment on the plan. According to Amtrak and the U.S. Department of Transportation, construction is scheduled to begin in 2027. The project team includes Skanska, HNTB New York Engineering, Vornado, Severud Associates, and Langan.
The overhaul could cost between $7 billion and $8 billion. According to Amtrak, the project will be funded through federal grants to Amtrak, federal loans, private financing, and equity raised by PTP. Penn Station would remain in operation throughout construction, which could last about six years.
Last year, the federal government kicked out the MTA from the project and gave it to Amtrak to take over. As 6sqft previously reported, the agency had come up with its own plan to replace Penn Station with a single-level facility, but progress was delayed for years.
“We named this project Penn Station Transformation for the exact reason depicted in these renderings; a world-class, beautiful, and modern train station is coming to New York City,” Andy Byford, special advisor to the Amtrak Board, said.
“With the continued support of the President and USDOT, and the expertise of Halmar, Skanska, and the rest of our partners, we are continuing to drive momentum and meet more milestones to get shovels in the ground next year and turn these renderings into reality.”
RELATED:
- Penn Station redesign moves forward with selection of master developer
- Penn Station revamp to begin in late 2027, Trump says
- Trump administration says it will take over Penn Station reconstruction project from MTA
The post Amtrak reveals first renderings of the new Penn Station first appeared on 6sqft.
‘Dogecoin Is For Spending, Not Holding,’ Says DOGE Foundation Director
While Dogecoin (CRYPTO: DOGE) whales are accumulating, the crypto community is debating whether utility or speculation will ultimately determine the cryptocurrency’s future.
“Dogecoin Is For Spending, Not Holding“
In an X post on June 10, Timothy Stebbing, director at the Dogecoin Foundation, pushed back against critics who frequently dismiss ecosystem developments because they fail to trigger immediate price gains.
According to Stebbing, every announcement involving new Dogecoin features or utility improvements tends to attract the same responses from traders focused solely on price action.
“If you have ever read anything or listened to anything I’ve said in the last six years, you’d understand price is irrelevant to me,” Stebbing …
Veterans United seeks dismissal of amended RESPA class-action complaint
Veterans United Home Loans and its real estate brokerage affiliate are pushing back against an amended class-action lawsuit that accuses the companies of operating an illegal kickback scheme by misleading consumers about government affiliation and using “bait-and-switch” practices.
In a motion to dismiss that was filed Tuesday, the companies characterized the expanded lawsuit as a baseless copycat case driven by anonymous competitor complaints rather than actual consumer harm. The lender is seeking a dismissal with prejudice.
“This complaint is recycled from lawsuits filed against other large mortgage lenders, fueled by anonymous competitor remarks, and built on allegations that this complaint itself contradicts,” Chad Moller, corporate communications manager at Veterans United, told HousingWire. “As we have said from day one, these allegations are false.”
Hagens Berman, who represents the plaintiffs, did not immediately respond to a request for comment.
The lawsuit names Mortgage Research Center (doing business as Veterans United Home Loans) and Veterans United Realty (VUR), along with its marketing subsidiary Realty Search Solutions, as defendants. Veterans United employs roughly 4,500 people, while VUR operates a referral network of 5,000 agents, including more than 200 licensed in Missouri.
The plaintiffs allege the companies intentionally misled consumers into believing Veterans United is affiliated with the U.S. Department of Veterans Affairs (VA). They also claim the companies operate an illegal kickback scheme in which VUR provides leads to network real estate agents, who in turn pay the company about 35% of their commissions upon closing (roughly 1.05% of the home sale price) and steer buyers back to Veterans United for financing.
The amended complaint brings claims of Real Estate Settlement Procedures Act (RESPA) violations, unjust enrichment, and violations of consumer protection laws in Missouri, Illinois, New York, Ohio and Texas. Plaintiffs allege the “bait-and-switch” and misleading advertising tactics ultimately caused them to overpay for their mortgages.
‘No concrete injury’
In their motion to dismiss, the defendants argue the borrowers fail to allege a concrete and specific injury. According to the filing, each plaintiff uses identical boilerplate language to claim they “overpaid” without providing specifics on interest rates, fees or costs, nor do they allege they qualified for better terms from another VA lender.
“Rather than including allegations about Plaintiffs’ specific experience, the amended complaint contains 57 paragraphs of hearsay from ‘confidential’ real estate agents and loan officers who presumably compete with Defendants,” the motion states.
Addressing the “bait-and-switch” rate claims, the defense said just one named plaintiff, Scott Brickey, claims his rate suddenly increased at closing. The defendants argued Brickey failed to detail what he actually paid versus prevailing market rates or whether he qualified for better terms elsewhere, noting he received standard disclosures and was free to shop around for other lenders.
The companies denied claims of deceptive marketing regarding their VA relationship. Moller said that the plaintiffs’ attorneys unsuccessfully scoured the internet — including websites, social media, emails and brochures — when looking for instances of the companies holding themselves out as the VA.
“They could not find a single instance. That is because VUHL and VUR have never done so. Never,” he said.
RESPA defense
Regarding the RESPA claims, Veterans United argues the referral arrangement between VUR and its network agents falls within a safe harbor for “cooperative brokerage and referral arrangements between real estate agents and brokers.”
Even outside the safe harbor, the company said the borrowers failed to adequately plead the statutory requirements for RESPA liability, such as a “thing of value,” an “agreement or understanding,” or a “charge” paid by them. The possibility of future referrals, the lender argues, is too speculative.
The motion highlights that 13 of the 14 plaintiffs asserting RESPA claims do not allege they closed with an agent within the VUR network, thereby failing to connect the alleged scheme to their specific transactions. The lender also asserts that 11 of the 14 RESPA claims are time barred.
Additionally, the defendants took aim at the state consumer protection claims, arguing there was no deceptive conduct or actual damages. Claims in Missouri and Ohio exceed their respective five- and two-year statutes of limitations, the filing states, while claims in Texas failed to provide mandatory pre-suit notice.
ETF assets are surging. Here’s how they differ from mutual funds
Investors have a growing list of exchange-traded funds (ETFs) and mutual funds that they can choose from as they consider ways to structure their investment portfolios, though there are important differences between the two types of funds.
ETFs have grown rapidly as an investment category in recent years since they were developed in the early 1990s, with the total assets of the U.S.-listed ETF industry totaling about $13.5 trillion at the end of 2025 after increasing 30% year-over-year, according to the Institute of Business & Finance.
Mutual funds have been in existence for a little more than a century and the IBF’s data shows that mutual funds had $31.4 trillion in net U.S. assets at the end of last year, which amounts to an annual increase of about 10%.
“ETFs and mutual funds are both designed to help investors pool their money to invest in a broad mix of stocks or bonds, offering the benefits of diversification and professional management,” Kathy Kellert, head of index equity product at Vanguard, told FOX Business. “Many are index funds, where portfolio managers work to closely track a specific benchmark.”
HOW ETFS CAN BE EFFECTIVE BUILDING BLOCKS FOR RETIREES
For investors considering the similarities and differences between ETFs and mutual funds as they weigh which may be the better fit for their portfolio, there are a number of factors they should take into account – including how they trade, tax efficiency and whether they’re actively or passively managed.
“Ultimately, both ETFs and mutual funds can play an important role in a well-diversified, long-term investment strategy. The right choice depends on an investor’s preferences around trading flexibility, tax considerations, and overall financial goals,” Kellert said.
Vanguard’s Kellert said that, “ETFs trade on an exchange throughout the day, like stock, with prices that update in real time. Mutual funds, by contrast, are priced only once daily after the market closes, and all investors receive that same end-of-day price.”
Rizwan Hussain, senior investment portfolio strategist at Schwab Asset Management, told FOX Business that the price for an ETF is “reflecting the underlying portfolio holdings’ prices, providing investors liquidity during the day.”
“But when you buy or sell ETF shares, the price may be less than the net asset value (or NAV) of the ETF. This discrepancy (aka: the ‘bid/ask spread’) is often nominal, but for less actively traded ETFs, that might not always be the case,” he said.
Hussain added that mutual folders are executed once per day with the price based on the net asset value (NAV) at market close.
ETFS VS MUTUAL FUNDS IN 2026: WHICH IS RIGHT FOR YOUR PORTFOLIO?
Kellert said that ETFs are generally more tax efficient than mutual funds because of how they trade and the mechanisms fund managers use to rebalance the ETF’s holdings.
“Because ETF shares are typically exchanged between investors, and portfolio activities, like rebalances, are often handled ‘in kind’ – using securities rather than cash – ETFs are more likely to avoid realizing capital gains. Mutual funds, by contrast, may need to sell holdings to meet redemptions, which can generate gains that are distributed to all shareholders,” she said.
Hussain noted that ETFs “can potentially generate fewer capital gains for investors since they may have lower turnover (particularly passive ETFs) and can use the in-kind creation/redemption process to manage the cost basis of their holdings.”
He added that because of those distinctions, mutual funds have historically been more relevant for investors holding them in tax-deferred accounts.
WHAT ARE ACTIVE ETFS AND HOW ARE THEY RESHAPING HOW AMERICANS INVEST?
Data from the IBF shows that across ETFs and mutual funds, the amount of passively managed assets in U.S. funds was about $19.3 trillion at the end of December 2025, compared with about $17.4 trillion in actively managed funds.
“Most ETFs are passive investments pegged to the performance of a particular index (‘passive’); however, ‘active’ ETFs have gained popularity over the last year in particular,” Hussain said.
There are also distinctions between ETFs and mutual funds in terms of how frequently they disclose their portfolio holdings, with ETFs typically doing daily disclosures while mutual funds are at longer intervals which can be advantageous for managers of active mutual funds.
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“ETF managers are generally required to disclose fund holdings daily, whereas mutual funds disclose full portfolio holdings on a less frequent basis, typically monthly or quarterly. This later disclosure periodicity is typically a benefit to active mutual fund managers who are looking to avoid disclosing their strategy details to competitors,” Hussain added.
Lavazza Bets on Coffee Tablets to Crack the U.S. Single-Serve Market
Italian coffee giant Lavazza announced Monday, June 8, that it is bringing its Tablì single-serve system to the United States, a launch the company called its biggest U.S. investment ever in a press release issued from West Chester, Pennsylvania. Instead of the plastic pods that dominate American kitchens, Tablì uses a small, solid tablet made entirely of compressed ground coffee — no capsule, no wrapper, and no coating.
Each tablet consists solely of pressed coffee, dosed and tamped into a ready-to-use disk marked “100% coffee.” The tablets work exclusively with Lavazza’s proprietary Tablì machine. At launch, consumers can choose from five varieties: Super Crema, Espresso, Double Espresso, Lungo, and Decaf.
Getting the tablet to hold together was the difficult part. Antonio Baravalle, CEO of Lavazza, told CNBC that the company spent roughly five years developing the technology, filed more than 15 patents, and built a dedicated factory in Gattinara, Italy, to manufacture the tablets. He described the process as a complex engineering challenge requiring the coffee to be compressed tightly enough to survive shipping while still brewing properly once inside the machine.
The larger story is the market Lavazza is targeting. The U.S. single-serve coffee segment has long been dominated by Keurig Dr Pepper, whose K-Cup pods account for about 50% of fresh ground coffee pod sales in the United States, according to Euromonitor International. Nespresso holds roughly 7%. Keurig’s coffee business generated approximately $3.99 billion in net sales during 2025. By comparison, Lavazza’s U.S. retail business, sold through chains such as Target and Walmart, exceeds $100 million annually.
Baravalle has been candid that Lavazza is not attempting to dethrone the industry leaders. He told CNBC the company is focused on creating its own category while maintaining existing partnerships. One of those partners is Keurig itself, which currently sells Lavazza-branded K-Cup products. The result is an unusual dynamic in which Lavazza is competing with a company that also helps distribute its products.
The marketing pitch centers heavily on sustainability. Keurig’s pods have faced years of criticism over plastic waste. While the company announced that all K-Cups were recyclable as of late 2020, the U.S. Securities and Exchange Commission charged Keurig in 2024 with making misleading statements regarding recyclability. Keurig agreed to pay $1.5 million to settle the matter without admitting or denying the findings. Its website now advises customers to verify local recycling capabilities because many communities do not process the pods. Lavazza is betting that a product made entirely of coffee, with no capsule at all, will appeal to environmentally conscious consumers.
Pricing places Tablì firmly in the premium category. A pre-order bundle on TabliCoffee.us, including the machine, milk frother, tweezers for handling the tablets, and a 60-count variety pack, is being offered for $99.99, discounted from a stated value of $249.99.
Daniele Foti, Vice President of Marketing at Lavazza North America, said the company views Tablì as an opportunity to strengthen its position among American consumers, describing the United States as one of the world’s most dynamic coffee markets. The full retail launch is scheduled for August through LavazzaUSA.com, with availability on Amazon expected later this year.
The timing is notable. Keurig is preparing to launch its own plastic- and aluminum-free single-serve option, a puck-shaped product called K-Rounds, developed with Swiss manufacturer Delica and expected to reach stores this fall. Both companies are now racing to persuade consumers that convenience and sustainability can coexist in the single-serve coffee category.
For Lavazza, the stakes extend far beyond one product line. North American revenue rose 26.9% last year, and Baravalle has publicly stated his goal of building the U.S. market into a €1 billion business. Whether American consumers embrace coffee tablets over traditional pods is now a test that will play out in kitchens across the country.
JBizNews Desk — Business
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Dow Drops Nearly 1,000 Points as Inflation Surges and Iran Conflict Widens
Wall Street closed sharply lower Wednesday after the U.S. Bureau of Labor Statistics reported that consumer prices rose at their fastest annual pace in three years, and after the United States launched fresh military strikes inside Iran overnight. The combination of hotter inflation, a widening Middle East conflict, and a deepening sell-off in technology stocks pulled every major index down hard.
The Dow Jones Industrial Average fell 953.33 points, or 1.87%, to 49,918.78. The S&P 500 lost 1.62% to end at 7,266.99, and the Nasdaq Composite dropped 1.98% to settle at 25,169.50. The small-cap Russell 2000 slipped 1.10% to 2,835.47. The Cboe Volatility Index, Wall Street’s fear gauge, jumped more than 12% to 22.32.
The selling started with the morning inflation report. The Bureau of Labor Statistics said the Consumer Price Index rose 0.5% in May on a seasonally adjusted basis, after rising 0.6% in April. Over the last 12 months, prices climbed 4.2% — the fastest annual pace since April 2023.
Energy did most of the damage. The agency said the energy index rose 3.9% in May and accounted for over sixty percent of the monthly increase in overall prices. Gasoline led the climb. Shelter costs rose 0.3%.
There was a softer story underneath the headline. Core CPI, which strips out food and energy, rose just 0.2% for the month, a slowdown from April, and 2.9% over the past year. Prices for airfare, medical care and recreation rose in May, while new cars, household furnishings and car insurance got cheaper. The split left economists divided on what the Federal Reserve, now led by Chair Kevin Warsh, will do next. According to CME FedWatch, futures traders are not pricing in any rate cuts at all this year — and some now see a rate increase before December.
The second blow came from overseas. U.S. Central Command said American forces struck Iranian air defense, ground control, and radar sites near the Strait of Hormuz beginning at 5 p.m. Eastern on Tuesday, in response to the downing of a U.S. Army Apache helicopter off the coast of Oman. Both pilots were rescued. The escalation pushed oil higher. Brent crude rose about 2% to roughly $93 a barrel. Higher oil prices feed straight back into the gasoline costs that just drove inflation to a three-year high, a loop that worries households and the Fed alike.
Technology and chip stocks took the worst of it. The clearest pain came from Super Micro Computer, which sank nearly 28% on the day. The company said in a Tuesday statement that it plans to raise $7 billion through a series of equity and equity-linked financing transactions to fund the purchase of components for its AI servers. Management said the cash will help fill about $39 billion in orders from more than 20 customers. J.P. Morgan, Goldman Sachs and Citigroup are managing the sale. Investors balked at the size of the raise, which dilutes existing shareholders, and dumped the stock.
The damage spread across the sector. Micron Technology fell 4.70%. Nvidia, Apple and Advanced Micro Devices all closed lower as investors grew nervous about whether the enormous spending on artificial intelligence will ever turn into steady profit. The worry is no longer whether AI demand exists — Super Micro’s order book proves it does — but how much new stock and debt these companies will sell to chase it.
Not everything fell. A handful of household names hit fresh records as investors hid in defensive corners of the market. Coca-Cola rose more than 2% to an all-time high. TJX Companies, the parent of T.J. Maxx and Marshalls, climbed and also touched a record, a sign that shoppers are still hunting for bargains. Applied Materials reached a new high as well. Energy, financials, consumer staples and real estate were among the few groups in the green.
The weakness was global. In Asia, Japan’s Nikkei 225 fell 1.89% to 64,179.27, while South Korea’s Kospi slumped 4.52% to 7,730.82 on the same tech sell-off and Middle East fears. In Europe, the pan-European Stoxx 600 traded lower as AI-linked names retreated, with London-listed Raspberry Pi and Germany’s SAP both falling.
Gold, often a safe haven, dropped more than 4% to about $4,099 an ounce as investors raised cash. Bitcoin dipped slightly to around $61,700.
For everyday Americans, Wednesday’s session tied together the two pressures squeezing wallets right now: prices that keep climbing at the gas pump and grocery aisle, and a stock market — including the retirement accounts of millions — that just had one of its worst days of the year. With the next CPI report not due until mid-July, and the conflict with Iran still unfolding, the road ahead looks bumpy.
JBizNews Desk — New York
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Why Starritt Wrote ‘Drayton and Mackenzie’
Capitalism Is a Fact of Life, Starritt Says
Diabetes association leader apologizes for expulsion of members, pledges to rebuild trust
Five days after five members of the American Diabetes Association were ushered out of its annual scientific sessions in New Orleans for handing out an editorial criticizing federal research cuts, ADA chief executive officer Charles Henderson on Wednesday apologized to the people expelled and to the broader diabetes community.
“First and foremost, I want to personally apologize to Dr. Stephen Kahn, Dr. Desmond Schatz, Dr. Aaron Kelly, Dr. Maureen Gannon, and Dr. Justin Ryder, who were escorted out and denied access to scientific sessions, regardless of the circumstances that led to those events,” Henderson said in the three-minute video. “I recognize the impact that experience had on each of you. I am deeply sorry for the hurt, frustration, and the pain that resulted.”
WATCH: Israel at war with Hezbollah, not Lebanon, Netanyahu says in message to Lebanese people
Israel is at war with Hezbollah, and not with the people of Lebanon, Prime Minister Benjamin Netanayhu said in a video message shared on his official X/Twitter on Wednesday evening.
The Hezbollah terror organization has “taken your country hostage, does Iran’s bidding, [and] uses your territory to launch terrorist attacks against Israel,” Netanyahu said.
“Do you remember what Lebanon was like before Iran and Hezbollah turned it into a nightmare? Remember the cafés? Remember the culture? Remember the calm? All that’s gone because Hezbollah and Iran want to drag us into war over and over and over again,” he continued.
“You deserve better. Your children deserve better. You know by now that Israel will do whatever it takes to protect our families, our communities,” he added.
“Hezbollah is weaker than ever. Israel is stronger than ever. We’ve taken out nearly 10,000 Hezbollah terrorists so far. We’re systematically clearing out South Lebanon of these fanatics. No matter where they are, we’ll find them,” he stated.
Prime Minister Benjamin Netanyahu’s message to the Lebanese people:
Israel is not at war with Lebanon. We’re at war with Hezbollah, that has taken your country hostage, that does Iran’s bidding, that uses your territory to launch terrorist attacks against Israel.
Once Hezbollah… pic.twitter.com/FH8ywOaZpG
— Prime Minister of Israel (@IsraeliPM) June 10, 2026
“You also know we yearn for peace with you, with Lebanon. A peace where our two peoples can invest together, build together, thrive together,” he said.
Hezbollah is ‘only obstacle’ to peace, Netanyahu says
“The only impediment, the only obstacle to this beautiful vision is Hezbollah. They want war, not peace. They want death, not life. They will sacrifice as many of you as possible to achieve their sick aims. Don’t let your future be dictated by medieval theocrats hellbent on destroying our common civilization,” Netanyahu added.
“Israel wants peace with you. Seize your future. Join Israel. Build safety and prosperity for all of our children. And once Hezbollah is dismantled, the possibilities are endless. And they are sky high,” he concluded.
Michigan anti-Israel activists indicted for threats, vandalism against UMich officials, Jewish site
Eight University of Michigan (UMich) associated anti-Israel activists were indicted for a two and a half year campaign of violent threats and vandalism against university officials, the local Jewish federation, law enforcement, and businesses, the Michigan Eastern District US Attorney’s Office announced on Wednesday.
Twenty-three year old Canton resident Zainab Aliasgar Hakim, 21-year-old Ann Arbor resident Amatullah Aliasgar Hakim, 26-year-old Ann Arbor resident Paige Elizabeth Feyock, 28-year-old Milwaukee resident Ahmet Kerem Korkaya, 22-year-old Ann Arbor resident Jonathan Hongru Zou, 23-year-old Chicago resident Alexander Matthew Sepulveda, 24-year-old Dearborn resident Mariam Muhammed Odeh, and 24-year-old Ann Arbor resident Colin Hunter Weger were indicted by a federal grand jury after they were arrested in a multi-state operation in Michigan, Illinois, and Wisconsin.
The activists face a maximum penalty of five years’ imprisonment for conspiracy to transmit threats.
Since the October 7 massacre, the eight anti-Israel activists had allegedly launched a campaign of vandalism and intimidation primarily motivated by a desire for UMich to cut all perceived ties with Israel.
The eight anti-Israel activists allegedly held meetings to identify targets, researching their personal details and business ownership, and discussed methods of harming the targets and their families, including poison, bombs, and psychological torture. Korkaya allegedly stated that one victim’s family was on a hit list, and Feyock allegedly called for the conspirators to get the children of the targets.
“I’m gonna be the dirtiest f***ing doctor ever…I’m gonna be [victim’s] doctor… poison her a** slowly,” Korkaya allegedly said about another victim.
Feyock allegedly said in a meeting that “We need people following [victim]… get into that house then burn it down.”
Homes, businesses vandalized
The defendants operated at night, vandalizing and defacing homes and businesses with spray-painted threatening messages and slogans, including “intifada” and terrorist symbols such as the red inverted triangle, used by Hamas in propaganda videos to denote a target.
On the one-year anniversary of the October 7 massacre, the defendants allegedly vandalized a Jewish Federation of Metropolitan Detroit building and two other businesses with anti-Israel slogans.
The DoJ also cited incidents in which activists targeted the homes of UMich officials, such as in the May 2024 incident in which dozens of protesters erected tents and placed fake corpses wrapped in bloodied sheets on the lawn of UMich regent Sarah Hubbard. The activists played both bullhorns and drums, and taped a list of demands to her front door.
The same morning, masked activists came to the door of UMich Regent Jorda Acker’s residence before dawn, demanding the defunding of police. In December 2024, an object was thrown through the window of Acker’s family home, and their vehicle was graffitied with pro-Palestinian slogans and the red inverted triangles.
JTA reported that in June 2024, Acker’s law office was tagged with the slogans “free Palestine” and “divest now.” Former president Sana Ono and University chief investment officer Erik Lundberg’s homes were vandalized in October, and UMich Provost Laurie McCauley’s home was graffitied with the phrase “free Palestine.”
Acker, Hubbard, and Regent Mark Bernstein had continued to receive email threats as of June, leading the university to assign 24-hour security to its regents and executive officers.
The DoJ said that the defendants participated in actions in which they caulked doors shut, bike-locked entryways, broke windows, and threw glass jars filled with butyric acid and dye into homes. They allegedly posted footage of the incidents online and warned: “You cannot hide.”
Destruction of property, witness intimidation charges
Sepulveda was charged with destruction of property to prevent seizure related to an incident in which he and Zou allegedly threw glass jars filled with food compost through a window of McClauley’s home. Tipped off by an unindicted conspirator that law enforcement was about to search Sepulveda’s home, the defendant allegedly cleared the contents of his phone and laptop. The charge carries a penalty of up to 5 years in prison and a $250,000 fine.
Hakim and Feyock were also charged with witness intimidation, after they allegedly devised a plan to confront a UMich student they believed to be cooperating with law enforcement.
“We have to do something about [victim]… [victim] is actually a liability… the fact that [victim] is naming you to [unindicted conspirator] is a major issue,” Feyock allegedly said, calling for them to be “neutralized.”
Feyock allegedly wanted to “strip search” the victim “to see if he is wearing a wire / not taking no chances with him.”
They confronted the victim in August 2024, and then reportedly told another conspirator that the victim knew not to talk about their activities. Conspiracy to tamper with a witness comes with a maximum penalty of 20 years in prison and a $250,000 fine.
Michigan activist groups rallied outside a Detroit courthouse on Wednesday, decrying the arrests as suppression of pro-Palestinian activism.
“As fascism continues to rise, we will continue to see an escalation of state repression. We call on all students and youth to support people facing fascist repression,” the League of Revolutionary Students said on Instagram.
Last May, charges were dropped against 11 activists involved in anti-Israel encampment and other protests at UMich, including charges for trespassing and obstructing police officers.
Arab parties move to reestablish Joint List without Ra’am after disagreements with Abbas
Three of the four major Arab parties – Hadash, Ta’al, and Balad – will move ahead with reestablishing the Joint List without the Ra’am Party, led by MK Mansour Abbas, marking a setback in efforts to reunite all major Arab parties under a single electoral slate.
Hadash announced the three parties’ plans on Wednesday, after months during which there had been no official progress on the formation of the Joint List. Negotiations between the four main Arab parties began openly last summer.
The party noted that the “door was still open for Ra’am to join” ahead of the elections, which are scheduled to take place no later than October 27. Polls have shown that if the Arab parties were to run together, they would receive more seats than they would obtain in a separate run.
There had been disagreements in the negotiations with Ra’am on Sunday and Tuesday when the factions discussed their stance, a Hadash party representative told The Jerusalem Post on Wednesday.
Hadash subsequently released a statement that the three parties could no longer wait for Ra’am to join, and that they would progress without Abbas.
Ra’am welcome to join Joint List once disagreements solved
“The establishment of a broad Joint List that includes all components is still the best option for increasing voter turnout and replacing the [Prime Minister Benjamin] Netanyahu government. However, our responsibility to the public requires us to move forward and not remain in a state of waiting and uncertainty,” the party stated.
“Therefore, we will work to establish the broadest possible Joint List, while leaving the door open for Ra’am to join the process at any time,” Hadash added.
Without Ra’am, the three parties stated that they accepted the framework for a technical electoral arrangement, noting that this was done despite political reservations and “out of commitment to unity within the Arab public and to increasing its political strength.”
Hadash added that despite the efforts and flexibility shown by Hadash, Ta’al, and Balad throughout the process, a final agreement with Ra’am was not yet reached.
The party also said that even if the Arab parties run on two separate lists, with Ra’am as its own independent party, the sides would still work toward surplus vote agreements and “maintain a substantive and respectful political dialogue, out of a shared commitment to increasing voter turnout and replacing the current government.”
The last major development for the alliance was in January, when all four Arab party leaders, including Abbas, signed a commitment to work toward reestablishing the Joint List bloc ahead of the next elections.
The signing came after tens of thousands of protesters marched in a mass demonstration through the northern city of Sakhnin, rallying against police failure to curb organized crime in Israel’s Arab sector.
The Arab party leaders who joined the protest were called on by the public after the demonstration to unite and make an agreement.
A Hadash-Ta’al Party spokesperson told the Post at the time that public pressure was one of the factors that contributed to the signing, while also noting that more than 80% of the public would want a Joint List.
Since the agreement was signed, Abbas has said he would form an alliance with the other Arab parties as a purely technical bloc, which could split up in the Knesset after the elections. There have been numerous reports of disagreements between the parties throughout the months.
The Joint List has changed multiple times since its original state
The bloc, originally made up of the four parties, began to break apart ahead of the 2021 elections after Ra’am left the alliance. Then, in a dramatic last-minute split in 2022, Balad broke off from the two remaining factions and filed a separate list.
Currently, the two Arab-Israeli parties in the Knesset are Ra’am and Hadash-Ta’al – the latter a reduced Joint List that agreed to run together in the 2022 election.
The Balad Party, not in the Knesset, continues to fail to pass the electoral threshold in polls.
In past elections, the Arab parties had the greatest outcomes when running together, with a peak in success in the 2020 elections when the joint list received 15 seats.
In 2021, the Ra’am Party joined the coalition during the Naftali Bennett-Yair Lapid government, marking the first time an Arab party was a formal member of a governing coalition.
Though Ra’am seeks to be part of the coalition again, most opposition parties in the bloc seeking to replace Netanyahu have rejected the possibility of forming a government with any of the Arab parties.
It is still unclear how the opposition bloc will secure enough seats to form a government without the support of the Arab parties and the haredi (ultra-Orthodox) parties.
There will be a Palestinian majority in the Negev by 2050, Haggai Reznik says
Head of the Rifman Institute for the Development of the Negev, Haggai Reznik, said on Wednesday that there will be a Palestinian majority in Israel’s Negev region by 2050.
“We need to prevent Palestinian women from entering,” said Reznik. “The state funds and allows this. By 2050, there will be a Palestinian majority in the Negev.”
Also on Wednesday, the State Audit Committee met to review efforts to combat illegal weapons, enforcement failures, indictments, and sentencing. The discussion was brief, with many invited officials absent, including the acting director-general at the Prime Minister’s Office, the government secretary, and other key figures.
In 2025, Israel Police made 758 arrests for weapons offenses in Bedouin communities, setting a new record compared to previous years, according to a report prepared for the Knesset State Audit Committee, chaired by MK Alon Schuster (Kadima).
The State Comptroller’s report, which reviewed all actions related to illegal weapons, documented numerous serious shortcomings and formed the basis of the committee’s discussion.
Data show that arrests for weapons offenses rose from 654 in 2024 to 758 in 2025. Through April 2025, 288 arrests have been made. In 2025, 225 indictments were filed for weapons offenses, up from 174 in 2024, while 133 indictments have been filed so far this year through April.
Authorities also reported 780 incidents in 2025 involving the seizure of illegal weapons, including 1,876 handguns, 886 rifles, 552 grenades, 119 explosive devices, and 95 improvised weapons. In 2024, a record number of illegal arms were confiscated, totaling nearly 760 weapons, including rifles, handguns, and grenades.
Schuster: Balance ‘must be maintained’
“I hope the government will do what it decided on this matter. The challenges are immense,” Schuster said at the start of the discussion. “The balance between public order, governance, and law enforcement, and the citizens’ trust in the authorities, must be maintained.”
He warned of the threat to the legitimacy of Israeli governance. “The existing situation creates cracks in trust and in the government’s sense of ability to enforce law and order in the area in question. Here, there needs to be an organized government work plan. To create a roadmap and set the correct administrative hierarchies, all must be managed centrally by the Prime Minister’s Office. This is not a matter for another ministry.”
Schuster expressed regret that the government secretary and other officials responsible for implementing government decisions were absent. He said he plans to use all available measures to ensure those invited attend a follow-up discussion.
Reznik suggested using a new term to describe the situation in the region. “They talk about a loss of governance in the Negev,” he said. “We need to talk about a loss of sovereignty. Because a sovereign establishes a system of taxation.
“In the Negev, there is an alternative taxation. It’s called protection. They say that law in the Negev is enforced through shootings. The judicial system has been eliminated, and we, that is, the Israel Land Authority, do not manage the state’s lands.”
He added that the loss of governance and sovereignty is total, with a criminal economy present and government action too slow. “The State of Israel is not focused on this. The state does not have the appropriate governance tools to handle the matter.”
Avi Biton, a representative of the Crossing Points Authority, addressed the entry of Palestinian women and explained that the movement of Israelis into Palestinian Authority areas is not treated as a border crossing. “There is no registration of Israelis passing through,” he said. “By contrast, Palestinians entering the country with a permit are registered. They undergo inspection and proper registration.”
Biton added that alternative measures are being considered to regulate the registration of Israelis entering Area A of the Palestinian Authority. “This mainly involves Bedouins entering for family visits, shopping, and so on. We hope this will be handled within the framework of the regulation.”
A representative of the Authority for the Regulation of Bedouin Settlement in the Negev said a special committee is developing recommendations to create a separation between the Negev and the Palestinian Authority. “The entire lack of governance stems from this connection,” he said. “In the coming weeks, we will submit the recommendations to the Prime Minister. I am the last person to say the situation is as it should be.”
Local officials express frustration
Beni Margelishvili, director of municipal supervision and policing in Beersheba, expressed disappointment that the State Comptroller’s recommendations are not being implemented. “I feel frustration and disappointment,” he said. “The absence of government representatives indicates their attitude toward this matter.”
Schuster concluded by stressing that the challenge now falls to the next government. “I hope that any government formed after the elections will not be able to ignore what is happening in the Negev. This is a significant event from every angle. Sometimes one side benefits while the other suffers. No one is satisfied with the situation, and we will call a special discussion to examine the proposals before us.”
Brands By Integra earns GameChanger nod with 65% transaction growth
Brands By Integra has been named a 2026 GameChanger by RealTrends Verified — increasing transaction sides by 65% between 2021 and 2025 as it navigated one of the most challenging housing environments in recent memory.
The real estate platform operates prominent Century 21 and Coldwell Banker affiliates alongside New Fed Mortgage Corp., New Fed Insurance and James Rose Asset Management.
Founder Jim D’Amico told HousingWire the company’s growth has been driven less by market conditions and more by a disciplined focus on recruiting, retention and production.
“Most of the growth has been national,” he said. “I would say the biggest differentiator for us is just recruiting and growth. It’s also about knowing that it doesn’t matter how many transactions there are [in the entire housing market], it matters how many you do.”
That mindset has helped the company maintain momentum even as many brokerages faced slower transaction activity amid elevated mortgage rates and affordability challenges.
Today, Brands By Integra encompasses approximately 2,000 agents across 18 states and tracks roughly 6,000 annual transaction sides and $2.64 billion in annual sales volume.
Preparing for leadership transition
GameChanger recognition comes as D’Amico prepares to transition from CEO to chairman — a move that will allow him to focus more heavily on long-term strategic initiatives, acquisitions and growth opportunities.
Although his title is changing, D’Amico said he expects many of his day-to-day responsibilities to remain similar.
“My job is to bring in excellent talent to run the company for the agents here and for the businesses here that we own and operate,” he said. “I think having someone like [incoming CEO Dan Firda], who’s been in the industry for a very long time and has the type of experience that I value here, is huge. He definitely has the disposition of a leader.”
Firda will take over as CEO after serving as national vice president of franchise growth at Compass International Holdings — formerly Anywhere Real Estate — and at Century 21
“[Firda] will be effective within this culture,” said D’Amico. “He’s a very humble guy who’s going to be very collaborative with the team. I think I’m handing that torch to someone who’s going to maintain what I feel I’ve brought this business to. I do think that, as chairman, I’ll have a lot of time to spend in the field, at events and meeting with broker-owners that want to join and consolidate with us.”
A numbers-driven growth strategy
D’Amico described the company’s approach as a constant evaluation of production levels rather than simply agent headcount.
Whether replacing departing top performers or recruiting multiple agents with smaller books of business, the objective remains achieving transaction targets.
The strategy has produced consistent results. Brands By Integra has become a familiar presence in the RealTrends GameChangers rankings over the years — reflecting sustained commitment to expansion through recruiting and acquisitions.
“This year the goal is 7,000 [transaction sides] and we’re on pace right now for that,” D’Amico said. “It’s still early in the year, even though we’re in June. I always feel like you end up paying 35% of your overhead in the first quarter, so it’s always lopsided for us this time of year.
“We do have some acquisitions that we’re looking at, and some really great growth opportunities.”
While the company operates across multiple market segments, D’Amico noted that its core business remains focused on everyday homebuyers rather than luxury clientele.
“We do luxury brokerage, but we don’t have a reliance on that end of the business,” he said. “We kind of touch everything, but I would say our meat and potatoes is the first-time home buyer and the move-up or move-down buyer.”
Building density and consumer value
Looking ahead, D’Amico sees the Brands By Integra’s next chapter centered on deepening its presence within existing markets — while creating stronger connections among its brokerage, mortgage, insurance and wealth management businesses.
He also sees opportunities to develop additional consumer-focused programs that leverage the company’s scale while strengthening its role in local communities.
“I do think we can help consumers, and I also would like to be at the helm of our community interactions,” D’Amico said. “I think that we’ve always been big with our communities and really try to give back, so I’d like to spend a little bit more time ensuring that we’re continuing to do that, but at a higher level.”
As Brands By Integra enters its next phase, the company’s 2026 GameChanger recognition highlights a growth strategy that’s remained consistent through changing market cycles — focusing on recruitment, production and long-term scale while preparing for continued expansion across a national footprint.
Not all housing demand growth reflects market strength
For much of the past year, the housing conversation has focused on whether demand is improving.
Weekly pending sales continue to run ahead of last year’s pace despite mortgage rates hovering near 2026 highs. Purchase applications have remained positive for most of 2026, reinforcing a broader trend of housing demand holding up better than many expected under elevated borrowing costs.
On the surface, that looks like a straightforward demand recovery.
But beneath the encouraging national numbers, a growing divide is emerging.
The latest HousingWire analysis suggests demand growth is being generated in very different ways across local markets. In some markets, demand is returning as sellers adjust to post-pandemic realities. Price cuts remain elevated, inventory levels are higher and absorption rates remain relatively weak. Transaction activity is improving, but much of that improvement is being driven by repricing and market correction.
In other markets, demand is growing while inventory remains tight, absorption rates remain strong and sellers are making fewer concessions. These markets are generating positive sales growth without the same degree of adjustment.
Both can produce positive demand growth. But the underlying market conditions driving that growth can look dramatically different.
Demand is holding up nationally
The broader housing market continues to show resilience despite elevated mortgage rates.
Weekly pending sales reached 75,935 last week, up from 69,636 during the same week a year ago. Mortgage purchase applications, a leading indicator of future sales activity, were also up 7% year over year.
“Last week was another example of that, as our weekly pending home sales data and purchase application data were both positive year over year, even with rates near yearly highs,” HousingWire Lead Analyst Logan Mohtashami wrote in this week’s Housing Market Tracker.
At the national level, the story remains encouraging. Buyers continue to engage with the market despite affordability pressure, geopolitical uncertainty and mortgage rates that recently approached 6.75%.
Not all demand growth is created equal
HousingWire compared a group of pandemic boom markets, including Phoenix, Austin, Tampa and Miami, against a group of markets showing stronger underlying market fundamentals, including Rochester, Hartford, Detroit and Worcester.
Both groups are generating positive demand growth, but the similarities largely end there.
The pandemic boom group is posting average pending sales growth of 11.2%. The structurally stronger group is posting average pending sales growth of 21.0%.
The difference becomes even more pronounced when looking at the underlying market conditions supporting that growth.
The stronger markets are posting an average absorption rate of 18.5%, compared with just 9.0% in the pandemic boom group. They are also carrying an average of 1.4 months of inventory, while the pandemic boom markets are carrying 2.9 months.
Price reductions reveal perhaps the most important distinction.
The pandemic boom markets are seeing price cuts on 43.9% of active listings. The stronger markets are seeing price cuts on 28.2% of listings.
In other words, the markets generating stronger demand growth are often the markets requiring fewer concessions.
The pattern extends beyond a handful of individual metros. Across hundreds of markets analyzed by HousingWire, stronger absorption, tighter inventory and fewer concessions were consistently associated with stronger demand growth.
Growth through adjustment
Many of the markets that defined the pandemic housing boom continue to attract buyers.
Phoenix posted pending sales growth of 28.6% year over year. Austin posted growth of 15.2%.
Those numbers appear strong in isolation. But they exist alongside elevated inventory levels, weaker absorption rates and significant seller concessions.
More than half of active listings in Phoenix have taken price cuts. Austin continues to post elevated price-cut activity while carrying nearly three months of inventory.
These markets are not failing. In many cases, demand is improving because sellers have adjusted to today’s affordability realities.
That adjustment is helping restore transaction activity. But it is also a reminder that positive demand growth can emerge from a market still working through correction.
Growth from strength
A different pattern is emerging in several Midwest and Northeast metros.
Many of these markets experienced more measured appreciation during the pandemic and avoided some of the inventory distortions that later emerged in faster-growing markets.
Rochester is posting 41.1% pending sales growth while just 13.0% of listings have reduced prices. Hartford is generating 22.3% pending growth with price cuts on only 21.2% of listings. Detroit is posting 27.7% pending growth while maintaining stronger absorption and tighter inventory conditions than many larger markets.
These markets are not generating demand through aggressive repricing. Instead, they appear to be benefiting from healthier alignment between supply, demand and pricing.
Inventory remains relatively constrained. Buyers and sellers appear closer to agreement. Homes continue moving through the market without requiring the same degree of adjustment.
The distinction matters because two markets can both report positive demand growth while operating from very different positions of strength.
One market may be improving because sellers have finally adjusted expectations. Another may be improving because buyers never left in the first place.
What housing leaders should watch
For much of the past year, the housing market debate has centered on whether demand would return under higher mortgage rates.
In many markets, it already has.
The more important question now may be what kind of demand is driving growth.
HousingWire’s analysis suggests the strongest housing markets are not necessarily the markets cutting prices the most or posting the biggest year-over-year sales gains. Instead, they are the markets where demand growth is supported by stronger absorption, tighter inventory and fewer concessions.
That distinction matters because not all demand growth is equally durable.
Markets generating demand through repricing may continue improving as sellers adjust expectations, but their recovery remains more dependent on continued buyer engagement and affordability conditions.
Markets generating demand while maintaining stronger absorption and tighter inventory may be operating from a healthier foundation.
In today’s housing market, demand growth alone may no longer be enough to identify strength. The more revealing question is whether that growth is supported by strong absorption, constrained inventory and pricing power, or whether it is being sustained through concessions and repricing.
As mortgage rates remain elevated and affordability continues to pressure buyers, understanding what is driving demand may become just as important as measuring demand itself.
To track these trends and current pricing, demand and market signals at the national, metro and ZIP-code level, explore HousingWire Intelligence. For deeper context on rates, demand signals and the macro backdrop shaping housing activity, read HousingWire’s Housing Market Tracker weekly analysis.
HousingWire used HousingWire Data to source this story. This article is based on single-family residence data through June 5, 2026. For enterprise clients looking to license the same market data at a larger scale, visit HousingWire Data.
Figure CEO Michael Tannenbaum on the strategy behind $717M Kiavi purchase
On Wednesday morning, Figure Technology Solutions announced it would acquire fix-and-flip lender Kiavi, a move executives say will add about 40% to Figure’s first-lien volume and extend its lead in real-world asset tokenization.
The move marks Figure’s first acquisition and is expected to close in August, according to a company spokesperson. Under the agreement, Figure will acquire Kiavi’s technology and operating platform, while a joint venture formed by Figure and investment firm Sixth Street will acquire Kiavi’s balance-sheet assets.
In a note to investors, Keefe, Bruyette & Woods said that the deal was viewed favorably as it expands Figure into a new category of residential transition loans (RTLs) and “adds scale with a 40%+ immediate uplift to Figure’s loan volume.”
Just hours after the acquisition was announced, Figure CEO Michael Tannenbaum sat down with HousingWire to share his expectations for how the deal is designed to turn Kiavi’s valuation and lending technology — which also covers debt-service-coverage ratio (DSCR) products — into a marketplace offering for Figure’s 380 partners. Kiavi will also serve as the inaugural use case for Adaptor, Figure’s new AI product aimed at automating agent-to-agent onboarding.
Editor’s note: This conversation has been lightly edited for length and clarity.
Sarah Wolak: Michael, what made Kiavi the right acquisition target for Figure and how did this deal come together?
Michael Tannenbaum: We have some shared investors, so that kind of introduced us to the name. They’re also professionally invested; they had some venture capital financing when they started, so we’re familiar with the name. I actually had dinner with the CEO, Arvin Mohan — we were introduced by one of our mutual investors in January 2025. So, it’s been a pretty long time since we’ve been tracking the opportunity and it always seemed like a great fit.
They’re in the housing space; they’re a market leader in what they do. There’s a lot of alignment with them as a company, but also the products that they’re in, because we really focus on home equity and mortgage. They’re also kind of broadly non-QM, but at the same time they have focused their business more on direct to consumer, whereas we are a marketplace for our partners. And that’s also why we worked with Sixth Street as a partner here to essentially turn their platform into a marketplace.
Wolak: What do you think the main selling point was for Kiavi in agreeing to this partnership/acquisition?
Tannenbaum: Kiavi is going to still do RTL, fix-and-flip loans and DSCR, it’s just going to be that they’re offering that technology to all of the 380 partners that we work with. So it’ll become more of a marketplace versus a direct-to-consumer lending company.
I think, for them, they want to grow in the partner space very much. That was a big part of their growth plans. We already have that business and we have these partners we’ve been working with — sometimes as long as five years — and doing lots of business with us, running their platforms on Figure Technology. Being able to combine made a lot of sense.
Wolak: Thinking about the umbrella that this acquisition creates, how will Kiavi continue to operate after the transaction closes? Will it remain a distinct brand?
Tannenbaum: We do want to keep their brand because I think they have a great brand in the investor market. We probably will include some of Figure in that as well, but our brand tends to be more in the capital markets and more as a private label, right?
Most of the people that partner with us use their own name and brand, so it actually makes it easier because the Figure brand — as an investor brand and as a partner brand — is really strong. But as a customer brand, I think we’ll keep Kiavi.
Wolak: Part of the acquisition has to do with Kiavi’s technology platform. Can you talk about why that was attractive to Figure?
Tannenbaum: Yes, it was primarily due to their valuation technology. They ingest documentation from contractors and investors that helps determine what post-renovation value will be and what the power of that is.
Ultimately, people tend to focus on two things when they borrow in this space. One is rate and the other is loan to value, meaning maximizing the amount of loan they can get relative to the future value. And Kiavi is the best at that. They have a lot of investor support for what they do, so we can take that technology and help improve our home valuation approach.
As an example, a lot of homes are newly developed or newly renovated, it’s hard to understand what they might be valued at. Our existing Figure approach may undervalue them, because as you know, if you redo your kitchen, Zillow doesn’t necessarily know that. But what this now allows people to do is prove that the house is worth more with investor support for that, and that’s a technology we can actually use to improve our own business as well.
And when you think about what we announced with Adaptor, that’s also relevant here. What we can do is convert the schema of how Kiavi funds its loans and how it uses its capital market, adapt that to what we’re doing and get those synergies — for example, this post-renovation value.
Wolak: I’m glad you brought up Adaptor, because Kiavi is going to be the first use case for that product. Why start there?
Tannenbaum: When we add a new asset class onto Figure Connect, we want to make sure that existing investors on Figure Connect can understand the data approach that Kiavi is taking, because it’s a new asset class for them. What we build with Adaptor is, people can have all kinds of naming conventions and spreadsheets that are hard to match. Someone might call something LTV, other people call it loan to value, and so Adaptor is a valid and important use of AI to kind of smooth this out and save a ton of time.
We’ve also launched it with an agenda functionality, so it’s basically like an API that also has APIs for agents. If an agent were going to be performing this activity as a customer, it could access the Adaptor agentically, so it’s kind of like an MCP server and you can access their technology agentically.
Wolak: You mentioned earlier how Kiavi will still be doing RTL and DSCR loans. Are those attractive asset classes for Figure today?
Tannenbaum: They’re attractive today in that we have about 10 partners that do those loans with us, so we do offer those products. We’re not the market leader the way that Kiavi is, and so now we’re bringing on the market-leading technology to do that.
They’ve been doing it for 13 years, and what we’re going to do is jointly roll out the Kiavi RTL and DSCR products to our 380 partners later this year, once we close the acquisition. But we’re going to also keep the relationships that Kiavi has, because one thing that’s unique about the RTL space is that these fix-and-flip investors are repeat borrowers. We want to keep those valuable relationships, and nurture and grow them as well.
Wolak: You’ve mentioned how Figure has been growing its first-lien business organically and that these products could reach roughly 40% of marketplace volume by the end of 2027. How much of that growth is expected to come from this acquisition/partnership?
Tannenbaum: We can never talk too much about forward guidance, because we’re a public company. But today, roughly, we have about $17 billion of volume that is standalone. And we’re adding another $7 billion, which is all first liens, so we’re adding 40% of our volume. Of course, Figure itself is growing really quickly, so you know we’re kind of making some projections forward there when we say 40% in 2027. But we do expect this to be a very material “pole vault” in our efforts in first lien.
Wolak: Given that this is Figure’s first acquisition, what does this signal about the company’s future M&A strategy?
Tannenbaum: Well, we are a really disciplined company. We went public back in the fall, and that does make it easier to do acquisitions. When you have a company that has access to the public markets, can raise capital, is well known, our financials are visible, it makes people more likely to want to sell to us than they would otherwise. And that does open up opportunities.
We probably saw around 30 or so opportunities over the past nine months or so, and this is the one that we chose to act on. So I think we are going to be very disciplined and continue to be good stewards of capital.
One of the things that we shared was that the unlevered — meaning without the debt payback — is under four years, which is really strong from an acquisition perspective. This is also something that we really know how to do; it’s very adjacent to our core business. It’s not like running this company is going to be a huge challenge, because we’re familiar. And I think it’s a good opportunity to leverage Figure’s really strong distribution network of tens of thousands of loan officers to scale this product quickly.
Wolak: It sounds like it was a very intentional process if you evaluated nearly 30 other options. What were the specific metrics Figure was looking for?
Tannenbaum: Profitability is important. As a company, we’re really high margin. We confirm that we’re going to stay on our medium-term goal of 60% EBITDA margin, so we want to make sure that the fact that Kiavi made money is really valuable.
We use this concept of the rule of 40, which is like your margin plus your growth rate should equal 40, and Kiavi was well above that. They were growing fast, but also high margin, so that was important to us. And I think the distribution that we have with the loan officers, a lot of things we see are much more tangential to what we do, versus this is really kind of focused in our core. And when you’re doing your first acquisition, I think it’s helpful to have something where you feel like you know what makes that company tick. This was definitely that transaction for us.
I think this deal is accelerating and amplifying. We’ve been clear that we want to be the future of the capital markets on blockchain rails, and we’ve also been clear that this includes asset classes that we’re not in today.
Honda recalls more than 880,000 vehicles over rear suspension failure risk
Honda is recalling more than 880,000 SUVs and pickup trucks in the U.S. because a key rear suspension part can rust and fail, increasing the risk of a crash.
The recall covers 880,514 vehicles, including certain 2016-2022 Honda Pilot, 2017-2023 Honda Ridgeline, 2019-2023 Honda Passport and 2014-2020 Acura MDX models, according to the National Highway Traffic Safety Administration (NHTSA).
The issue involves the rear subframe, a structural component underneath the vehicle that helps support the rear suspension. In states where road salt is commonly used during winter, the rear subframe may corrode over time.
“As the corrosion progresses, material thinning and driving vibrations could cause the mounting area to fracture and fail,” NHTSA said.
MORE THAN 1 MILLION JEEP VEHICLES RECALLED OVER FIRE RISK AS OWNERS WARNED NOT TO PARK INSIDE
Drivers may notice abnormal noises or vibration from the rear suspension, as well as changes in vehicle handling while driving, the agency added.
The affected vehicles were sold in states including Connecticut, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, Wisconsin and Washington, D.C., among others, according to NHTSA.
KIA RECALLS 6K VEHICLES DUE TO POSSIBLE SEAT BELT DEFECT THAT COULD RAISE INJURY RISK
Honda dealers will inspect the rear subframe and install a reinforcement kit. If necessary, they will also repair or replace rear subframe components at no cost to owners.
The automaker said it had received no reports of injuries or deaths in the U.S. related to the issue as of May 28.
Honda shares were down 1% in late afternoon trading and are down more than 10% year to date.
SUBARU RECALLS NEARLY 70,000 SUVS AFTER MOONROOF PANELS DETACH WHILE DRIVING
The recall comes after Honda announced last month that it was recalling nearly 99,000 vehicles in the U.S. over a separate defect that could cause airbags to deploy unexpectedly during a crash.
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FOX Business reached out to Honda for comment.
How Will the UK and EU Get Along in 2036?
Bitcoin Too Volatile For Retirement? The Biggest Myth In Crypto, Two Analysts Argue
Bitcoin (CRYPTO: BTC) IRA co-founder Chris Kline and Anthony Pompliano tackled the three biggest Bitcoin myths on Tuesday, arguing that volatility concerns, ban fears, and quantum threats are all fundamentally misunderstood by most investors.
Myth One: Bitcoin Is Too Volatile For Retirement Savings
Kline argued the opposite is true.
Retirement accounts carry the longest investment horizon available, often 20 to 40 years, and that duration matches Bitcoin’s long-term appreciation cycle better than almost any other asset class.
The tax-advantaged structure compounds the advantage further, allowing Bitcoin’s gains to grow either tax-free or tax-deferred depending on the account type.
Pompliano framed it as a duration matching problem.
Short-term volatility becomes noise when the holding period stretches across decades, and pairing a long-duration vehicle like a retirement account with a long-duration asset like Bitcoin removes the mismatch that causes …
Why purchase applications are rising even as mortgage rates climb
Yesterday, existing home sales data beat estimates, with revisions that show a positive trend in home sales, and then today the purchase application data shows 7% week-to-week growth and 17% year-over-year growth! This is happening with mortgage rates near yearly highs. What gives?
I wrote about existing home sales here and discussed the report on this episode of the HousingWire Daily podcast as so many people were confused about the data.
For purchase applications, let me give some context that explains the double-digit, year-over-year growth and how this impacts the rest of the year.
Purchase application data
Two weeks ago, we saw a holiday slowdown in our Housing Market Tracker data, followed by a rebound. You can see a similar trend in purchase application data with the holiday, both this year and last. We have weeks in the year where purchase applications will fall week to week and rebound the next week. However, this year we have shown consistent year-over-year growth every week but two weeks. Those two weeks had hard comps to work from.
Now, when we take the purchase application data and string it out over the long term, we are working from extremely low levels. However, the growth this year is legit, where last year, we were working from mid-1990 levels. I joke that in 2025, the bar was so low that the last time we saw these levels, No Doubt was the top new hot band and “Gangsta’s Paradise” was the No. 1 song in America.
Today, we are closer to 2014 levels, a two-decade jump in music that means One Direction and One Republic were topping the charts. To be clear, we are still working off a low bar. As you can see in the chart below, we aren’t even back to 2015 levels here in this index. The growth in purchase application data this year is a much more positive story than last year, but context is still key.
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Now, looking at the data below, the year-to-date count includes the purchase application data I track for our readers. I always prefer to see at least 12-14 weeks of positive weekly growth alongside the year-over-year. In the past few years, our better sales prints have come with better weekly data than year-over-year. However, this index has been growing year over year, which is a positive.
- 10 positive week-to-week prints
- 10 negative week-to-week prints
- 2 flat week-to-week prints
- 10 weeks of double-digit year-over-year growth
- 20 weeks of positive year-over-year growth
- 2 negative year-over-year prints
Conclusion
With everything happening in 2026, just think of existing home sales showing a little bit of growth this year versus last. If mortgage rates had stayed under 6.25% for the year — a level we saw earlier this year — my target of 237,000 more home sales would have been met.
Even though mortgage rates have moved up 0.76% from the lows, they are still lower year over year for 2026. In fact, we had the lowest mortgage rate curve to start the year since 2022. This has benefited the housing market, and the only reason it happened this year is better mortgage spreads.
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Going forward, keep an eye on mortgage rates and how they affect purchase application data and our weekly tracker. In the past, when mortgage rates got above 6.64% and headed above 7%, that’s where we see demand get hit.
The World’s Great Powers Are Learning Military Strength No Longer Wins
The most powerful nations on Earth are learning a hard lesson: having the strongest military no longer means getting your way. The clearest proof came Tuesday, June 9, when U.S. Energy Secretary Chris Wright said more ships are again moving through the Strait of Hormuz — the narrow sea passage that carries about a fifth of the world’s oil — even as the United States and Iran remain locked in a standoff neither side can fully win. Oil prices fell on his comments. U.S. crude dropped 3.4% to $88.20 a barrel, while Brent crude fell 2.97% to $91.45. President Donald Trump said a deal with Iran to fully reopen the passage was “two or three days away.”
The United States, China, and Russia still possess the largest militaries and some of the most advanced weapons on Earth. But being the strongest is no longer enough to force an outcome — and the consequences are showing up where ordinary people feel them most: in oil prices, taxes, and the cost of everyday life.
Look at the U.S. and Iran. The United States and Israel began strikes against Iran on February 28. When direct talks between the two countries collapsed in April, Trump ordered the U.S. Navy to blockade Iran’s ports. Iran responded by threatening to close the Strait of Hormuz and choke off the world’s oil supply.
Months later, neither side has achieved a decisive victory. The U.S. could not force Iran to surrender. Iran could not keep the oil route closed. The strongest military on Earth still could not simply make the problem disappear.
That fight has come with a steep price. In testimony before the House Appropriations Defense Subcommittee, Pentagon acting comptroller Jay Hurst said the Iran conflict has already cost American taxpayers about $29 billion, up from roughly $25 billion just one month earlier. The bill continues to grow even as major combat operations have slowed.
There is a bigger issue behind the dollars. A report by the Center for Strategic and International Studies (CSIS) titled “Last Rounds? Status of Key Munitions at the Iran War Ceasefire” found that the United States drew down roughly half of its stockpile of its most expensive precision munitions and could require years to fully rebuild those inventories.
To help accelerate production, the Pentagon approved a $500 million investment in Honeywell Aerospace to expand critical missile-component manufacturing. Defense Secretary Pete Hegseth has said the military remains adequately supplied but has also pushed defense manufacturers to increase production capacity.
The strain is now showing up in the federal budget. Trump has proposed a $1.5 trillion defense budget for next year, roughly a 42% increase and the largest one-year military spending jump since World War II. In practical terms, the United States is attempting to project power simultaneously in the Middle East, Europe, and Asia, while spending unprecedented sums to sustain that posture.
Other major powers face their own limitations.
China’s leader, Xi Jinping, warned in May that the United States and China could slide toward open conflict over Taiwan if relations are mishandled. Yet the same CSIS analysis highlighted a critical weakness: China has not fought a major war since 1979 and lacks recent battlefield experience. That is one reason many military analysts believe Beijing is not prepared to launch an invasion of Taiwan in the near term.
Russia offers another example. Its prolonged war in Ukraine exposed weaknesses in logistics, equipment, manpower, and military planning despite Moscow possessing one of the world’s largest armed forces.
The pattern is becoming increasingly clear. The world’s biggest and best-armed nations can still inflict enormous damage. What they can no longer reliably do is force a quick, clean, and decisive outcome.
Why does that matter to ordinary people?
Because the costs ultimately reach consumers and businesses. When oil prices surge, the impact spreads quickly through gasoline, diesel, shipping, air travel, manufacturing, and retail prices. Every additional dollar devoted to military spending is a dollar unavailable for other priorities. And companies that depend on global supply chains must now plan for disruptions that can emerge with little warning.
The takeaway is simple. Ceasefires will come and go. Oil prices will rise and fall. But beneath the headlines, a deeper shift is underway. Military power can still start conflicts and shake global markets. What it increasingly cannot do is control how those conflicts end.
That uncertainty has become a permanent feature of the global economy — and of everyday business.
JBizNews Desk — Global Affairs
© JBizNews.com All Rights Reserved. Reproduction or distribution without written permission is prohibited.
23 soccer ball sculptures installed across NYC and NJ ahead of World Cup
Twenty-three soccer ball sculptures are popping up across New York City and New Jersey to celebrate the arrival of the FIFA World Cup this week. The initiative, dubbed “Art of the Game,” includes large-scale public artworks by internationally recognized artists on major streets, parks, museums, and watch party locations across all five boroughs and New Jersey. The sculptures will remain on view through Labor Day; 12 of the works will be installed permanently, and five will be auctioned for charity through Christie’s.

The project’s reach to some of the city’s most prominent museums is due to support from the late Agnes Gund, who died in September. “Art of the Game” marks Gund’s final philanthropic project; she was not asked to contribute financially, but instead to help connect organizers with partners at leading museums.
Participating artists were nominated by institutions including the MoMA, the Whitney Museum, and the Brooklyn Museum. ARTS 14C and the FIFA World Cup 2026 New York/New Jersey Host Committee organized the exhibition.
“The FIFA World Cup is the largest shared moment on earth–and that’s exactly where art belongs,” Robinson Holloway, CEO and Founder of ARTS 14C, said.
“The powerful thing about public art is that it belongs to everyone, just like the beautiful game. Art and soccer both cross borders, ignite passion, and bring people together in ways few other things can.”

Sculptures from artists Katherine Bernhardt and Hank Willis Thomas will be installed at Rockefeller Plaza in front of Christie’s, while Futura 2000’s piece will be placed in Jersey City’s Journal Square.
Melissa McGill’s work will be on view at Hoboken’s Maxwell Pier, and Edgar Heap of Birds’ sculpture will be located at Staten Island’s SIUH Community Park.

Other installations include Madeline Hollander in Asbury Park; Kevin Beasley in Newark’s Lincoln Park; Wyatt Kahn at Gotham Park near the Brooklyn Bridge; Eddie Martinez at Newark Riverfront Park; Mario Ayala at Pershing Square Plaza near Grand Central; and Leo Castañeda near the Whitney at Gansevoort Landing.


Additional works include Taína H. Cruz at The Yard in New Brunswick; Fred Wilson at Hudson Yards; Ronny Quevedo at El Museo del Barrio; Bony Ramirez at MetLife Stadium; Tomokazu Matsuyama at Columbus Circle; Bassim Al-Shaker at Exchange Place in Jersey City; Matthew Day Jackson at the Brooklyn Museum; and Gabriel Lester at Paseo Park in Jackson Heights.
Finally, Cemille Sahin’s work will be installed at Alianza Dominicana Plaza in Washington Heights; Gabriel Fontana at Fordham Plaza; Dan Funderburgh at Mana Contemporary in Jersey City; and Nyugen Smith at Jersey City City Hall.
Hank Willis Thomas, Katherine Bernhardt, Fred Wilson, Bony Ramirez, and Tomokazu Matsuyama’s works will be auctioned, while the remaining non-permanent sculptures will be sold privately, with proceeds split between the artists and ARTS 14C.
“The World Cup is going to put an enormous global spotlight on our region, and we saw this as a chance to bring together artists whose work can reflect the scale, energy, and diversity of this moment,” Alex Lasry, CEO of the FIFA World Cup 2026 NY/NJ Host Committee, said.
“We want this initiative to leave something behind after the final match is played—creating pieces and experiences that continue to live in neighborhoods and public spaces as part of the tournament’s lasting cultural legacy in NY and NJ,” he added.

The sculptures were fabricated at Powerhouse Arts in Gowanus, Brooklyn, and assembled at Mana Contemporary in Jersey City. Each modular sculpture features 12 pentagon and 20 hexagon aluminum composite panels arranged in a traditional soccer ball pattern over a stainless-steel interior frame.
The 32 panels are designed for painting, mixed media, or UV-printed artwork. For example, Bernhardt spray-painted her piece in her signature style, while Matsuyama submitted high-resolution graphic designs for UV printing.
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The post 23 soccer ball sculptures installed across NYC and NJ ahead of World Cup first appeared on 6sqft.
Tensions Still High 10 Years After Brexit
Outgoing Frank Cassidy on running FHA more like a business
Frank Cassidy’s tenure as Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing in the U.S. Department of Housing and Urban Development (HUD) was brief but eventful, he told HousingWire.
Cassidy joined HUD in April 2025 and was confirmed as FHA Commissioner by the Senate in December. He took a leave of absence in April and resigned on Monday to return to his family in Philadelphia and the private sector. Ginnie Mae President Joseph Gormley will continue to lead the office in an acting capacity, a HUD spokesperson told HousingWire.
Despite the short stint, Cassidy says he hit the ground running to execute the Trump administration’s marching orders: deregulate, streamline, and expand access to mortgage credit.
“I felt like we needed to run the FHA more like a business. Most people don’t know, but the FHA made a $50 billion profit over the last two years,” Cassidy said.
During his time at the agency, key initiatives included revising the loss mitigation waterfall, opening access to alternative credit reporting, slashing mortgage insurance premiums for multifamily loan programs and a request for information seeking comments on possible improvements to the Home Equity Conversion Mortgage (HECM) and HECM Mortgage-Backed Securities (HMBS) programs.
“The one thing I learned about the government and the FHA is that it’s set up to be like a big cruise ship — it goes straight and slow, and it’s hard to move left, hard to move right,” Cassidy said. “Single-family mortgages have always been the priority, because that makes up 80% to 90% of the FHA’s portfolio.”
Looking ahead, Cassidy remains focused on the housing landscape, expressing excitement for the pending Road to Housing bill and its potential to unlock new supply through manufactured housing deregulation. While acknowledging the challenges of a high-interest-rate environment, he expects the FHA to continue its countercyclical role in providing liquidity to the market.
In this exclusive interview, Cassidy discusses his accomplishments at the agency, his stance on zero-down payment programs, and his plans to continue championing the administration’s housing agenda from the private sector.
Flávia Nunes: The U.S. Senate confirmed you in December. You took a leave of absence in April and are resigning after two months. Can you elaborate on the timing of the decision?
Frank Cassidy: I was ready to get back to spending time with my family. I have a one-year-old daughter. When the White House called in February, my wife was eight months pregnant, so it was a sacrifice to start working in the administration in D.C. in April and commuting between Philly and D.C. I’d always planned to do a short stint. There’s a saying in government when it comes to private sector people: you want to be in and out and don’t stay too long. I had my initiatives, my goals, and what I wanted to get done, and we were able to hit the ground running on the single-family side.
We tackled revisions to the loss mitigation waterfall. We officially turned the page on COVID. Borrowers had been getting multiple loan modifications — three, four, or five times — and we revised the waterfall guidance to two modifications. That will save billions and billions of dollars for the FHA Single Family Insurance Fund moving forward. I was very excited to tackle that on day one.
Additionally, opening access to credit reporting was something that I really wanted to push for. There are so many Americans, particularly younger Americans, who have rented an apartment for four years, paid their rent on time, but when they go to pull their credit score, they have no credit, and therefore can’t get a mortgage. By bringing additional competition into the credit space, it will lower costs and expand access to mortgages for millions of Americans who are creditworthy but just couldn’t get a mortgage.
FN: Before joining the department, you originated loans for multifamily properties as senior managing director of FHA Finance at Walker & Dunlop. How did your background help in the FHA role?
FC: Coming from the private sector and the commercial mortgage banking world, I had worked with FHA and HUD my entire career on the multifamily and healthcare sides, but I had never even been in HUD headquarters. I hosted the first-ever single-family executive roundtable, where we brought executives from the top single-family lenders to HUD. Secretary Turner attended, and it was really a listening session to hear what’s working, what isn’t working, and what we should be focused on. I can’t tell you how many executives said, “I’ve been working with FHA for 10 to 15 years”—some of the largest lenders—who had never even been in the building. It was really that private-sector approach that we were able to bring to FHA.
FN: How is the Trump administration changing the strategic direction and operations of the FHA compared to the previous administration?
FC: If you look at the president’s housing executive orders, they talk a lot about expanding access to mortgage credit, bringing more lenders into the mortgage market, and providing more liquidity. Ultimately, if you have more competition and more lenders in the space, it will bring costs to the consumer down. It was all about bringing in liquidity, expanding access to mortgage credit, deregulating, and streamlining a lot of these federal programs.
There’s so much bureaucratic red tape that was put in place over the Biden administration that we’ve now pulled back. Those were the marching orders from the president: expand access to mortgage credit, deregulate, and streamline.
I felt like we needed to run the FHA more like a business. Most people don’t know, but the FHA made a $50 billion profit over the last two years. They call that in D.C. a “negative credit subsidy.” I didn’t even know what that term meant, but essentially, we bring in more money than we cost, and it’s a great public-private partnership that has stood the test of time.
The FHA has been around since 1934, long before HUD even existed. It started to bring liquidity to the mortgage market, and that’s why our housing finance system is the envy of the world. We have 30-year fixed-rate mortgages that a lot of other countries don’t have, and it’s because of that government guarantee in the background. Private lenders still make the loans they originate, underwrite them, and service them, but the FHA, Fannie, and Freddie guarantee those loans against loss to the lenders. That’s why we have so much liquidity in the mortgage market.
FN: How far is the administration in its goal to streamline the FHA? What do you consider your biggest piece of unfinished business?
FC: We’ve got a lot done. There’s obviously still work to do, but I feel like the president has assembled a great team to see a lot of these initiatives happen.
What we did on the multifamily side on day one — we worked to lower the mortgage insurance premium to 25 basis points across the board for all multifamily loan programs. That was huge. Prior to that, under the Biden administration, every multifamily building had to get a green energy certification to get those 25 basis points. What I said was, ‘Every building is going to get the 25 basis points minimum, because the reality of it is, most buildings are being built to those standards anyway.’
Additionally, on our nursing home and assisted living portfolio, we put in place an Express Lane process that took deals that used to take six to nine months to get firm commitments down to seven to 14 days. Overall, the single-family portfolio is in great shape. The capital ratio is above 11.5%. Under my watch, it was the healthiest that it’s ever been. I feel like the FHA is in a great place right now.
What I am very passionate about is that the average age of a first-time homebuyer right now is up to 40. Back in the day, it used to be in the 20s. As a younger guy myself, I was fortunate to buy my first home at 20 years old. I was a sophomore at St. Joseph’s University here in Philadelphia, and I was looking to move off campus with three college roommates. We looked at a property, and the landlord said, ‘You can either buy it for $200,000 or you could rent it for $1,500 a month.’
I said I’d buy it. I had no idea how I’d finance it, but I discovered the FHA, and I got an FHA loan. I put down 3.5% — $7,000. In 2010, they did a first-time homebuyer tax credit, and I got $8,000 back. My buddies moved in. They paid $500 a month each, and that paid the mortgage of $1,200. I still have that property to this day, and it’s more than doubled in value.
It’s those types of opportunities that we need to expand and educate younger Americans about. We’re becoming a nation of renters, and we need to bring the average age of the first-time homebuyer back down into the 20s.
FN: A recent Urban Institute study suggests that, under certain parameters, a zero-down payment program wouldn’t pose an increased risk to the FHA. Given your inside perspective at the agency, what are your thoughts on zero-down mortgages?
FC: When people buy a home, they should have some skin in the game, whether it be 1%, 3%, 4%, or 5%. Having skin in the game is an important part. I understand there are studies that say it’s not riskier, but I think when somebody saves up, builds that cash reserve, and goes to buy a house, they have a feeling that they have skin in the game, which is what is important. They feel like, ‘I bought this, I did this.’
FN: HUD recently issued a request for information on changes to the HECM and HMBS reverse mortgage programs. What may come out of that?
FC: When I first started in the position, I didn’t really know a lot about reverse mortgages, but I did get coached up quite a bit, and it’s an important program. Seniors sit on $10 trillion of equity in their homes that a reverse mortgage allows them to tap into. And by the way, they don’t have to make any payments when they get the mortgage; the interest just accrues. So, it’s definitely a program that serves a need in the market and is important to seniors. I would like to see efficiencies created in the reverse mortgage space.
FN: How much of a priority is the reverse mortgage space for the agency right now?
FC: Well, you can only get so much done. The government moves slowly. The one thing I learned about the government and the FHA is that it’s set up to be like a big cruise ship — it goes straight and slow, and it’s hard to move left, hard to move right. Now, fortunately, I was able to bring that private-sector spirit to the FHA and get a lot done in the first year, but it’s all about priorities. You have to prioritize initiatives. Single-family mortgages have always been the priority, because that makes up 80% to 90% of the FHA’s portfolio.
FN: As you transition out of the administration, what are your immediate plans in the private sector?
FC: I’m planning on returning to the private sector, to the commercial mortgage banking origination world that I come from. However, I’d like to use my voice to support President Trump and his initiatives as they relate to housing. The Road to Housing bill may pass, and that will be the biggest piece of housing legislation to ever pass. It will affect our kids and our grandkids, and it will happen under President Trump’s watch because of his bold leadership.
I’m really excited about the Road to Housing bill and some of the deregulatory and streamlining initiatives in it. When I was the HUD Assistant Secretary for Housing, in addition to the FHA commissioner, I oversaw HUD’s Office of Manufactured Housing Programs, which oversees the design, build, and installation of manufactured homes. The Road to Housing bill allows for manufactured homes to now be built as two-, three-, and four-story complexes. Right now, manufactured homes are just one story because they have that steel chassis on the first floor. Road to Housing gets rid of that requirement, and it combines a lot of the technology from modular homes to manufactured homes. I feel that will allow for a lot of new supply to come online in an inexpensive manner.
I made a lot of relationships with the senators in D.C., particularly on the Senate Banking and Housing Committee, so I plan to advise them and to use my voice as the former FHA commissioner and Assistant HUD Secretary for Housing to basically champion the president’s housing agenda.
FN: With interest rates remaining high and ongoing geopolitical tensions, how do you see the macro environment impacting the market in the near term?
FC: We’re in a high-interest rate environment right now. We should put in a new Fed chair. I don’t have a crystal ball, but I do think by the end of the year interest rates will start to tighten, and hopefully, we’ll be in an environment where rates are below 6% or so. I’m excited about that.
The FHA really plays a countercyclical role in the market. When rates are higher and capital is less available, the FHA, as well as Fannie and Freddie, tend to step up. We’re in a good place right now in the market. It’s obviously harder to get deals done in a higher interest rate environment, but that’s part of real estate, and as part of the housing finance system, it very much goes in cycles.
FN: What are your thoughts on Bill Pulte stepping into the role of acting DNI?
FC: Bill is a proven leader who knows how to get results. President Trump trusts him, and he’s done a great job at Fannie and Freddie. He’ll bring that same spirit of getting results to the position of acting DNI director. Bill’s a good friend, and we work very closely together. The president often picks leaders with unconventional backgrounds but who have a proven track record of success. Bill has experience running big bureaucratic organizations — just look at what he’s done at Fannie and Freddie.
Hamas items, including Sinwar’s battle plans on display at new intelligence center exhibit
While there are several monuments and exhibits to Hamas’s October 7 invasion of southern Israel, the Intelligence Heritage and Commemoration Center (IICC) recently opened a new, unique one, with authentic items from Gaza chief Yahya Sinwar, from invasion plans which he wrote by hand, to his actual vest, shoes, and other clothes.
The IICC is unique because it is run by former top officials from IDF intelligence, the Mossad, and the Shin Bet, and has special, direct access to intelligence from those agencies at various times, in addition to its high-level open-source research.
Already, IICC officials told The Jerusalem Post during a tour of the exhibits on Wednesday that since October 7, IDF intelligence has intercepted and is in the process of analyzing over one million physical Hamas internal documents as well as petabytes (quadrillion bytes) of data.
According to the IICC CEO and Brig.-Gen. (res.) Yuval Halamish, the intelligence center’s director, has been hard at work analyzing waves of documents they receive from IDF intelligence and will likely invest years in the endeavor.
IICC Amit Terrorism and Intelligence Research Institute Head Col. (res.) Shlomo Mofaz noted that his center has already issued many reports on these Hamas documents.
Reports shed light on Hamas members, new operatives, and recruits
One such report described from internal Hamas documents how Hamas restored its training of new “recruits” in Shejaiya in northern Gaza between January and March 2025, during that temporary ceasefire period.
The report details what training measures were taken, names of trainees, how they scored on the shooting range, who passed the various combat courses, who failed, and religious brainwashing processes.
Part of the IICC exhibit presents physical items that the Hamas Nukhba Force invaders held, such as their infamously precise maps of each Jewish village they were designated to attack.
IICC tour guides remarked that Hamas’s intelligence was at an extremely high level regarding exactly where the most challenging security spots would be in each village, so as to neutralize them effectively.
Also, part of the exhibit was a special addition of the Quran, which Hamas produced for the attack, with a front picture of the al-Aqsa Mosque in the theme of the attack being declared “the al-Aqsa Flood.”
Further, the exhibit had a book of “fatwas”, or Islamic sharia rulings, including from Qatari Sheikh Yusuf al-Qaradawi, justifying the mass murder of unarmed Israeli women and children.
According to the fatwas, all Israelis are part of a militaristic cult, with a service in the IDF requirement, making them all military targets in the present or in the future.
The Sinwar documents include his August 2022 written directive for the invasion, linking it to the Walls of Jericho plan, which mid-level IDF intelligence officials knew about but did not pass on to senior levels, considering it a fantasy.
There is a special item listing photos and information about certain Gazan “journalists,” who IDF intelligence later proved from Hamas’s internal documents that they worked for the terror group, and many of whom participated directly in the October 7 invasion.
Moreover, there is a separate exhibit item highlighting UNRWA workers who were likewise dual-hat operatives for Hamas, many of whom took part in the October 7 atrocities.
Hamas weapons, including some likely supplied by Egypt, on display
Another series of items at the exhibit are Hamas weapons from the invasion, including those manufactured by Iran, Russia, North Korea, Egypt, China, and self-made weapons.
The presumption is that the Egyptian weapons were either stolen or provided to Hamas from 2012 to 2013, when Muslim Brotherhood political leader Mohamed Morsi was Egypt’s president.
According to the IDF, Egypt has cooperated with Israel against Hamas, even if with varied levels of commitment, before 2012 and since Morsi was deposed in 2013.
It is unclear how weapons from some of the other countries reached Hamas, although Iran has directly and proudly provided weapons for years.
Yet another set of exhibits includes physical original examples of Hamas trucks or motorcycles used to invade Israel – over 150 trucks and over 300 motorcycles were used – as well as several mauled and bullet-hole-ridden cars from the Nova Festival.
One arrives at the Nova Festival cars by walking through a dark extended tunnel, with haunting voices and noises playing as you cross over.
A large part of the exhibits focuses on Israeli suffering from the attacks.
Photos of all 1,224 Israeli victims of Hamas from October 7 are presented on an extended corridor in alphabetical order.
There are several videos, each addressing different aspects of the slaughter.
For example, one focuses on the Hamas invasion in the big picture, one on the hostages, one documenting how first responders found Israeli bodies mutilated and signs of rape, and another, a more hopeful video of a performance of the song “Habayita,” meaning “Come Home” for the Israeli hostages.
There is also a hopeful exhibit to record the stories of many Israeli heroes of that day, who saved countless additional potential victims.
The beginning of the exhibit hosts an extended, detailed painting portraying well-known Israeli figures, such as the Bibas children, on the morning of October 7, just prior to the invasion.
The IICC exhibits do not delve in depth into who was at fault for failing to prevent the October 7 failure, with very little footage regarding Israeli political officials, and only one video of former IDF chief Herzi Halevi giving a speech in which he took responsibility for the IDF’s part in the failure.
The focus in terms of substance is on Hamas’s strategy, plans, and physical representations of its tactics, and an opening video notes how completely Hamas surprised Israeli border soldiers, but does not set as a goal discussing the chaotic and critical several hours after that in which insufficient reinforcements arrived at the front.
All written items on the tour are translated from Hebrew into English, and all videos have English subtitles available.
Tours of the October 7 exhibits are targeted at persons over the age of 18 due to the extreme sensitivity and graphic nature of multiple exhibits.
Visitors must contact the center in advance to arrange tours.
Small groups may contact the center even only a few days before, but larger groups should contact the center more in advance.
The center can be reached at 03-5472321 or 03-5497019 or by email at mlmhida@intelligence.org.il
Most tours are given in Hebrew or English, but tours can also be scheduled in advance in Spanish or French.
Besides the exhibit and special publications related to the invasion, the Amit Center regularly publishes intelligence updates regarding Palestinian terror, Hezbollah, and Iran at www.terrorism-info.org.il
UN report on Israel condemned for equating settlers, Palestinian terrorists
“Palestinian civilians are victims of all sides, trapped between the mass atrocities of Israeli forces and settlers and the fear-based rule of Hamas,” the UN Independent International Commission of Inquiry on the Occupied Palestinian Territory (including east Jerusalem) and Israel said in a new report on Wednesday.
The report found that Israel is primarily responsible for the actions of Israeli settlers in the West Bank, while Hamas-affiliated forces are responsible for acts committed by Palestinian terrorists in Gaza.
In fact, it claimed that Israeli authorities are directly involved in settler attacks on Palestinians by allegedly granting impunity for settler violence for decades.
The Commission wrote that settler violence in the West Bank functions as a “means of implementing Israeli State policy,” including the “maintenance of the unlawful occupation, the entrenchment of illegal Israeli settlements, the annexation of Palestinian territory, and the displacement of Palestinians from their land.”
The UN also accused settlers of assaulting, abducting, and abusing Palestinian children while they were engaged in activities such as playing, going to school, or tending to animals and fields.
It also repeated previous claims of settlers committing or threatening to commit sexual violence against Palestinians to instill fear and humiliation, claims which Israel vehemently denies.
Settler violence a ‘direct outcome’ of Israeli policy, commission chair says
“Violence by settlers is the direct outcome of Israeli policies that support, enable, and protect their actions, whereas Hamas-affiliated forces have exploited the vacuum created by relentless Israeli attacks and widespread destruction of Gaza,” said Srinivasan Muralidhar, chair of the commission.
“What is alarmingly similar is the deliberate infliction of suffering on Palestinian civilians. While their origins and motivations differ, both operate within environments engineered by Israel.”
The UN report essentially places Hamas and Israel on the same plane.
Other parts of the report were dedicated to Hamas’s use of physical violence and extrajudicial killings.
In Gaza, the Commission identified 249 cases of executions and severe physical violence in 2024-2025, resulting in at least 108 deaths and 384 injured.
The Commission found that Hamas-affiliated forces were involved in at least 60 of these incidents, including two public executions of 11 men. These acts amount to the war crimes of murder and torture, and abuses of international human rights and humanitarian law.
“The Commission is gravely alarmed by the severity and public nature of Hamas’s punitive measures in Gaza, which inflict profound trauma on an already severely traumatized civilian population,” said Muralidhar. “Any future framework for peace and stability in Gaza must include a clear and enforceable commitment to accountability.”
While the report noted the increase in the killing and harming of Israeli civilians by Palestinian armed groups and Palestinian individuals in 2023, it said that many of the measures imposed by Israel in response to attacks, including the recently passed death penalty law, are “incompatible with international humanitarian law and international human rights law, and may amount to international crimes.”
‘Persistent bias against Israel,’ UN Watch legal advisor accuses
Dina Rovner, legal advisor at UN Watch, said the reporting continues to reflect a persistent bias against Israel.
She noted that the inclusion of violations by both Israelis and Palestinians is an effort to project even-handedness, but that the distribution of attention “tells a different story.”
“More than half of the report focuses on Israeli violations against Palestinians, while only approximately 9% addresses Palestinian attacks against Israelis. Another 34% examines Hamas abuses against Palestinians in Gaza.
Even in those latter sections, however, the Commission repeatedly contextualizes or shifts blame to Israel, attributing lawlessness, repression, and social collapse primarily to Israeli actions rather than Hamas governance, effectively minimizing Hamas’s responsibility for its own crimes,” she wrote.
Rovner said that at the heart of the report is a false moral equivalence between Israeli civilians residing in the West Bank and jihadi terrorist organizations.
“The issue of extremist Israeli violence is real and should be investigated and prosecuted to the full extent of the law. However, the existence of a small number of violent Jewish extremists does not warrant the collective stigmatization of hundreds of thousands of Israeli civilians,” she wrote.
Approximately 482,000 Israelis currently live in communities in the West Bank, whereas only 300 individuals are known to have engaged in violence.
Rovner also drew attention to other issues in the report.
For example, the Commission stated that it “consulted multiple sources of information,” yet much of the report relies on anonymous interviews, unattributed allegations, and undisclosed materials. This means that many supposedly factual assertions cannot be independently verified.
Additionally, Rovner highlighted the Commission’s attempts to distinguish between Hamas’s “military wing” and Hamas governing institutions, a distinction which she said (and many others say) Hamas itself does not make.
She quoted Hamas founder Sheikh Ahmed Yassin, who explicitly rejected such separation, stating: “We cannot separate the wing from the body. If we do so, the body will not be able to fly. Hamas is one body.”
As proof of this, the US, UK, and other countries that have proscribed Hamas have done so for the whole group, and not just its so-called military wing.
Furthermore, the Commission criticized Israel for referring to Palestinian stone-throwers as “terrorists” over what it characterizes as “some stone throwing,” and gives only a brief discussion of Hamas’s torture and sexual abuse of Israeli hostages. The UN report concludes that hostages were merely “mistreated in captivity.”
The Jerusalem Post also noted that the section about settler sexual violence against Palestinians is stated as an indisputable fact, whereas it said it “documented reports by at least six released hostages (three men and three women) stating that they had been subjected to sexual and gender-based violence.”
“The tainted by selective evidence, double standards, disregard for due process, and conclusions that appear predetermined from the outset,” lamented UN Watch Director Hillel Neuer.
The Post reached out to Danny Danon for comment.
Israelis, Americans should prepare for new sextortion scam, expert warns ‘Post’
Israelis and Americans should prepare themselves for a new sextortion scam originating from Middle Eastern criminal networks, Ori Segal, the CEO of Cyvore, told The Jerusalem Post on Wednesday.
Explaining the sextortion scam, Segal said high-net-worth individuals, particularly those in relationships, were being targeted with video call requests. Once these calls are answered, the men are exposed to a naked woman self-stimulating. Once the call ends, the video is manipulated to make it appear as though the nude woman is a 12-year-old girl, and the man is urged to pay a fee to ensure they are not reported as a sex offender.
By only manipulating the woman’s face with AI, the video appears more realistic, and the target audience is more responsive to what is on screen, rather than by using generative AI to manufacture the entire scene, Segal said.
While he said that the extortion attempts had so far primarily targeted individuals in the United States, he predicted they would soon expand to targeting Israelis.
“They use very special AI tools to change the figure of the woman that you just saw into a child. After they’re doing that, you suddenly get a message from them that say, ‘Hey, we have some evidence about you,’ and you don’t know what they’re talking about, and they start sending you pictures or part of the video, and then you get a shock because you see yourself watching a 12-year-old girl playing with herself,” he explained, adding that the goal of such interactions is to create a sense of panic and urgency so the target doesn’t have time to think before handing over large amounts of money.
Referencing the Hebrew saying, “Lech tokhich she’ein lecha achot” (“Go prove that you don’t have a sister”), he noted that these scams were particularly effective, as it is difficult to prove innocence, and the label of “pedophile” is particularly devastating.
It was only by chance that one of the victims was with his wife at the time of the interaction that the extortion scheme was exposed, Segal said, adding that the large majority of those targeted are unlikely to have sought help from law enforcement out of fear of not being believed.
“I’m guessing many people will pay this penalty to the fraudster in order to forget about it and put it behind them,” he said.
Cyber criminals have rapidly become more confident with advancements in AI
Cybercriminals have rapidly become more confident, and their techniques more refined, with advancements in artificial intelligence (AI), Segal explained. He told the Post that the last two years have seen a 2,500% increase in the number of phishing attempts and a 1,000% increase in credential phishing. On Wednesday alone, there were 183 newly reported phishing attempts targeting Israelis.
The CEO of a major Israeli cybersecurity company said that many criminal groups were using platforms such as LinkedIn and Facebook to evaluate targets, even creating a psychological profile to determine the most effective time to make the call.
The targets are “people with something to lose,” whether that be a relationship or a respectable career, and the information is easily obtainable online, he said.
“I think this is a well-organized group that invested a lot of money into that kind of a scam, and they are not afraid of anyone [law enforcement]. And it’s going to be like mass market in one hour, they can do so many phone calls,” he said, theorizing that they would make hundreds of thousands of dollars with the mass reproduction of this scam.
Do not answer calls from unknown numbers
As a first line of defense, Segal stressed that it was essential not to answer video calls from unknown numbers and to immediately hang up if they encounter the aforementioned situation. For links to private video call sessions, he urged people to use Cyvore’s free web tool: https://www.scanmysms.com/en
The website can quickly inform users whether a link can be trusted and also helps catalog new types of cyberattacks.
It was thanks to Cyvore’s tool that Israel was able to so quickly identify a fake Home Front Command spoof text, which would download an app enabling hostile actors full access to their victims’ phones.
“[In] the world that we are living today, you cannot believe anyone on anything anymore. You don’t know who is calling you, you don’t know who sent you the mail, who sent you the WhatsApp, with whom you are talking in a video call,” Segal warned.
“Everything can be fake, and you need to use tools in order to avoid that, because every day tons of people lose either money, credentials, or [things] much more dangerous than that.”
Board of Peace won’t wait for Hamas response to disarmament plan, source tells ‘Post’
The Board of Peace (BoP) has decided not to wait any longer for a response from Hamas regarding the terrorist group’s disarmament, a source within the council told The Jerusalem Post on Wednesday.
According to the source, the absence of a response thus far is being treated as a violation of Trump‘s 20-Point Plan.
“This constitutes a serious breach of the agreement, and from the Board of Peace’s perspective, it effectively amounts to a negative response from the terrorist organization,” the source told the Post as talks are underway in Cairo between Hamas and the mediating countries: Qatar, Egypt, and Turkey.
“As long as this remains the situation, we will not permit investment in long-term infrastructure or housing projects in areas under Hamas control until the organization is both disarmed and dismantled,” the source continued.
The BoP emphasized that, in the meantime, short-term initiatives will continue to be advanced in areas not under Hamas control.
Among the projects currently being promoted by the BoP in territories outside Hamas control are the construction of temporary alternative housing, efforts to address education and healthcare needs, and the deployment of the Palestinian technocratic government, the NCAG, and the multinational stabilization force, the ISF.
In recent days, discussions have been taking place between senior Hamas officials and representatives of the mediating countries. The talks aim to draft a framework document for Hamas’s disarmament.
Gaza terror groups reach common position
A source familiar with the matter told the Post that all terrorist organizations operating in the Gaza Strip have coordinated a common position ahead of the negotiations taking place this week.
Another source familiar with the discussions told the Post that “the talks are not simple, partly because of the current situation in Gaza. However, there is a desire to make progress.”
So far, despite reports in Arab media suggesting progress, the BoP has not received any official document demonstrating an agreement between Hamas and the mediators on a concrete disarmament plan that could be formally reviewed by the BoP.
The Agency adds 1,200 agents in New York tri-state expansion
The Agency, a global luxury real estate brokerage founded in 2011 by Mauricio Umansky, is adding a tri-state brokerage operation formerly affiliated with Christie’s International Real Estate, according to an announcement on Wednesday.
The incoming operation, led by industry veteran Ilija Pavlovic, will operate as The Agency One Rock, and have its headquarters at Rockefeller Center in Manhattan and an additional flagship office in the Flatiron District. The group brings approximately 1,200 agents and 26 offices across New York City, Westchester County, the Hudson Valley and New Jersey into The Agency’s network, which currently includes roughly 2,500 agents and more than 160 offices across at least 16 countries, according to the company announcement.
Pavlovic will serve as president and CEO of The Agency One Rock, the firm said in the announcement.
“At this historic crossroads within the real estate industry, we had to make a choice between a corporate Wall Street driven model that prioritizes a fiduciary duty to investors and a model that still protects the best interests of both our clients and our agents,” Pavlovic said in a statement. “We decided to align ourselves with a company that unites boutique culture, a global luxury brand, ensures maximum exposure for our clients’ properties and provides a cutting-edge, custom, advanced technology base in order to focus on the permanent growth of individual agents.”
The tri-state expansion builds on the firm’s existing New York and New Jersey footprint. The move comes as large brokerages and franchises continue to consolidate market share through mergers and acquisitions, while independent firms evaluate whether to join larger platforms to gain access to technology, marketing and referral networks.
Growth over volume
Umansky framed the affiliation as part of a deliberate, culture-first growth strategy rather than a pursuit of raw transaction volume.
“We are in a moment of remarkable opportunity. While the industry consolidates around transaction volume and scale, we are growing around something more enduring: shared values, genuine culture, and a commitment to our agents’ success,” Umansky, founder and CEO of The Agency, said in the announcement. “The New York metro has always been a cornerstone market for us, and today it becomes even stronger.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
US oil reserves drop towards Reagan-era lows, ‘significant impact at the pump’ coming, experts warn
The U.S. Strategic Petroleum Reserve (SPR) is dropping toward Biden-era lows toward levels not seen since the Reagan administration.
According to the latest data from the U.S. Energy Information Administration’s petroleum status report for the week ending June 5, the SPR fell to 349.2 million barrels, with nearly 9 million barrels per week being tapped.
The last time reserves approached this level was under the Biden administration in July 2023, when there were 346.7 million barrels in the SPR. If the reserve continues to decline, U.S. emergency crude oil inventories could hit a multi-decade floor not seen since August 1983.
Energy market experts are warning against the depletion as the Trump administration draws heavily on domestic reserves to counter the effective closure of the Strait of Hormuz during the war in Iran.
“This should be very concerning to every American consumer,” American Petroleum Institute President and CEO Mike Sommers said in an interview on CNN. “Because as those inventories go down and production isn’t increased, you’re going to start seeing a significant impact at the pump.”
“That’s going to happen over time,” Sommers cautioned, “but again, it’s because of American production that we haven’t seen those same price surges that you’ve seen in other parts of the world.”
“It’s a pretty monumental number to hear multi-decade lows reached,” GasBuddy head of analysis Patrick De Haan told Fortune. “The longer this goes on, the fewer tools the administration has in dealing with it and the more risk there is to a slingshot for costs.”
Under Biden-era leadership, the SPR declined by 243 million barrels to address pandemic-era supply chain disruptions and the Russian invasion of Ukraine, according to a Fortune report. Over the last several months, the Trump administration has authorized an overall release of 172 million barrels as a result of the active conflict with Iran.
Energy prices rose 3.9% in May amid disruptions to Middle Eastern oil supplies, with prices up 23.5% in the last year. The Bureau of Labor Statistics noted that the energy index accounted for more than 60% of the overall consumer price index (CPI) increase in May. Gasoline prices increased 7% on a monthly basis in May and are up 40.5% compared with a year ago.
“We’re raising alarm bells right now. We’re at about 350 million barrels left in the Strategic Petroleum Reserve. You have to have about 20% of that left for it to be operational, for our system to operate, so we’re getting to levels where we’re starting to be concerned,” Sommers said.
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“The only thing that we can do in the short term to fix this problem is to get the Strait [of Hormuz] open as quickly as possible,” Sommers said.
Under Secretary of Energy Kyle Haustveit told FOX Business’ Edward Lawrence on Wednesday: “We’re borrowing the barrels for a near-term supply challenge, but in return, the folks that receive those barrels are bringing more barrels back. On average, we’re seeing over 25% premium.”
FOX Business’ Eric Revell contributed to this report.
Bitcoin Teeters At $62,000 As Ethereum, XRP, Dogecoin Lose Up To 2.5% On Iran War Fears
Bitcoin rebounded from recent lows but remains below $62,000 as Fidelity recorded its largest Ethereum purchase in two months, signaling renewed institutional interest.
| Cryptocurrency | Ticker | Price |
| Bitcoin | (CRYPTO: BTC) | $61,842 |
| Ethereum | (CRYPTO: ETH) | $1,628 |
| Solana | (CRYPTO: SOL) | $63.80 |
| XRP | (CRYPTO: XRP) | $1.10 |
| Dogecoin | (CRYPTO: DOGE) | $0.08356 |
| Shiba Inu | (CRYPTO: SHIB) | $0.054663 |
Notable Statistics:
- Coinglass data shows 99,015 traders were liquidated in the past 24 hours for $304.32 million.
- SoSoValue data shows net outflows of $77.4 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $40.9 million.
- In the past 24 hours, top gainers …
WATCH: Haredim protest in Jerusalem, central Israel over detention of draft dodgers
The anti-IDF draft extremist haredi (ultra-Orthodox) Jerusalem Faction (Peleg Yerushalmi) protested at the Russian Compound in Jerusalem, Nitzan Prison in Ramla, Hadarim Prison near Netanya, and the Abu Kabir Prison in southern Tel Aviv, Israeli media reported on Wednesday.
“We call on the public of Torah scholars, and those who fear the word of God throughout the country, to go out in a widespread protest against the extradition process,” the Jerusalem Faction said.
The protesters denounced the detention of 19 haredi draft dodgers, with the Jerusalem protesters attempting to block vehicles transporting detainees from a nearby detention center, according to a statement by Israel Police.
Reports indicated that dozens of vehicles were blocked at the Russian Compound in downtown Jerusalem.
Israel Police said later on Wednesday that the Jerusalem protests had been dispersed and roads had reopened to traffic.
Three suspects have been arrested for rioting and attacking police officers.
Advance notice of protests
The Jerusalem Faction issued an advance notice to residents of central Israel ahead of the protests.
“Residents of the center, pay attention!” said the notice. “There will be a protest in the coming days, and this area will be closed to traffic due to the continued arrest of yeshiva students and the persecution of the Torah world.”
The notice included a picture of Shoham, Ben Gurion Airport, Lod, Ramla, Petah Tikva, Yehud, and Rishon LeZion, and stated that routes 1, 6, 40, 431, 44, and 443 would be closed to traffic.
On Tuesday, haredi protesters blocked a Jerusalem road in the Ramat Shlomo neighborhood, Ynet reported.
According to Ynet, the protest was sparked by false reports of a draft dodger’s arrest.
Rioters, eight of whom were arrested, started fires and broke into a police station.
“We will not tolerate any harm to the symbols of government and to the valuable police officers who work to protect the law and the public,” said Jerusalem District Police Commander Avshalom Peled.
Jerusalem Post Staff contributed to this report.
New UK law could pave way for tougher action against Iranian terror groups, including IRGC
The United Kingdom introduced a new bill on Tuesday, which would allow the home secretary to designate foreign state-linked organizations, notably Iran’s Islamic Revolutionary Guard Corps (IRGC), a threat to Britain’s national security.
The National Security (State Threats) Bill, which could be implemented as soon as next month, would permit Home Secretary Shabana Mahmood to designate state-linked groups responsible for “foreign power threat activity.” Such “threat activity” includes assassinations, surveillance, and sabotage.
The legislation would make it illegal to express support for designated proxies or to take money from them, providing for jail terms of up to 14 years.
Last year, the director-general of Britain’s MI5 (security service), Ken McCallum, confirmed that the UK had seen a 35% increase in state threat activity from the previous year and that the security service had tracked more than 20 potentially lethal Iran-backed plots.
Though UK says Iran could be behind attacks, no immediate proscription expected
In recent months, there have been numerous arson attacks on Jewish sites, with police saying they were investigating possible Iranian links. Meanwhile, there have been convictions for people accused of spying or acting on behalf of Russian and Chinese organizations.
Despite British intelligence exposing a number of Iran-backed plots on UK soil, it is not yet clear whether the proscription of the IRGC would be immediately included under the new legislation, with only 10 or fewer designations expected in the first year after it becomes law.
Labour MP Luke Akehurst, one of the leading voices calling for the IRGC’s proscription in the House of Commons, told The Jerusalem Post, “As well as brutally repressing freedoms within Iran, the IRGC poses a dangerous threat here in the UK, which our existing terrorism proscription regime was ill-equipped to deal with as it is a state actor.”
He said, “I had been campaigning for the government to address this for many years, so I commend ministers for introducing crucial new powers to allow us to clamp down on the danger posed by state entities and their activities.”
Last week, an Iraqi national denied involvement in multiple attacks against American and Israeli interests in Europe, including some of the recent attacks in Britain, during a US court appearance.
He is accused of directing people to carry out attacks in the name of Harakat Ashab al-Yamin al-Islamiya (HAYI), a component of an Iran-backed militia which the US considers a terrorist organization directed by the IRGC.
Jonathan Hall KC, the independent reviewer of State Threats Legislation, noted last month that there were significant failings in Britain’s current counter-terrorism legislation. He specifically highlighted that the National Security Act of 2023 has been less effective at disrupting proxies than foreign intelligence services.
IRGC poses different threat than ISIS, al-Qaeda, expert tells ‘Post’
Dr. Lynette Nusbacher, a former British Army intelligence officer, explained to the Post that Britain’s counter-terrorism laws had originally been designed for terrorism from Northern Ireland and adapted to address ”the threat of overseas Islamist terrorist groups operating globally, and homegrown Islamist terrorist groups operating in the UK. It was not designed to deal with foreign government agencies conducting covert operations in the UK.”
“This new bill is designed to enable the UK police and security services to deal with foreign government agencies like Iran’s IRGC Quds Force, its foreign operations unit, an armed force that is part of – indeed arguably the ruling part of – the Iranian government,” she noted.
Nusbacher advised against treating the IRGC like a typical terrorist organization by ignoring the fact it is backed and legitimized through the Islamic Republic. The previous legislation couldn’t account for this, nor tackle threats from other state actors like Russia and China, she added.
Though this new legislation is a step in the right direction, Nusbacher warned that police and security services lacked the appropriate resources to investigate hostile-state-linked threats, and so “the police and security services will have additional powers, but without the resources to exercise them.”
Nusbacher was also afraid of how such loose paradigms would be applied, particularly in relation to Israel.
“There is very little to distinguish the armed forces operating in wartime from terrorists, except in some particularly sophisticated definitions largely used by theorists and academics.
“We have seen in recent years, for instance, that the use of armed force has attracted accusations of state terrorism and accusations that operations of war amount to war crimes and genocide. It is a virtual certainty that if His Majesty’s Government applied the Terrorism Act to members or supporters of the IRGC, the same legislation would fairly soon be applied to members, veterans, or supporters of the IDF,” she warned.
“The wrong answer would have been to pretend that the IRGC is like Daesh/ISIS or al-Qaeda, when the IRGC is a lot more like the KGB in the old days: a government agency acting with ruthless violence as well as clever disinformation to spy on and to disrupt the United Kingdom,” Nusbacher concluded.
Iran ‘will stand firm against any pressure or threat,’ Pezeshkian warns in reaction to Trump
Threats to Iranian infrastructure, including transportation networks, electricity, and water, are “not a show of strength but a sign of desperation,” Iranian President Masoud Pezeshkian said on X/Twitter.
Iran “will stand firm against any pressure or threat,” he added.
His statements came in response to US President Donald Trump threatening to strike Iran “hard” again on Wednesday.
This is a developing story.
NRMLA targets lower HECM insurance premiums, fewer second appraisals
Leaders at the National Reverse Mortgage Lenders Association offered updates on key regulatory and legislative initiatives at this week’s NRMLA Western Regional Meeting in Irvine, California.
NRMLA President Steve Irwin, alongside board co-chairs Jim Cory of Guild Mortgage and Mike Kent of Onity Mortgage, spoke about the trade group’s engagement efforts with Congress. They noted that the House appropriations committee passed a funding package for the next fiscal year that ensures the operations of the federally insured Home Equity Conversion Mortgage (HECM) program.
They also said that NRMLA successfully lobbied to have funds for housing counseling assistance included in the package after President Donald Trump’s proposed budget for fiscal year 2027 sought to eliminate it. Counseling is a pre-funding requirement for all HECM borrowers and the current budget for FY 2026 includes $57.5 million in assistance across all types of counseling.
“We have dodged that bullet once again on your behalf and on behalf of the consumers you oversee,” Irwin told the audience.
Second appraisals
The NRMLA officials also spoke to key components of the HECM and HECM Mortgage-Backed Securities (HMBS) programs that are being scrutinized after the U.S. Department of Housing and Urban Development (HUD) issued a request for information in October 2025.
A rule that requires lenders to order second appraisals on a portion of HECM applications is something the trade group has wanted to eliminate for many years. Irwin said recent discussions with HUD and Federal Housing Administration (FHA) officials were more productive in that regard compared to previous efforts.
“This is not the first time we fought the second appraisal,” he said. “This is the first time that they’ve actually listened.”
Second appraisals add significant time and cost to the HECM origination process, lenders say. Estimates on how often they’re required vary. Former FHA Commissioner Brian Montgomery said that prior to the COVID-19 pandemic, they represented 20% to 30% of transactions. Erik Morin, CEO of appraisal management company Atlas VMS, recently told HousingWire’s Reverse Mortgage Daily that roughly 8% to 10% of his company’s business in the past year included a second appraisal.
“A second full appraisal is not only excessively expensive for the consumer, it’s very time intensive,” Kent told the audience. “It drags out the process. It’s very difficult to explain to seniors why yet another appraiser is coming out to their house.”
While the trade group said that collateral risk assessment remains integral to safe and sound reverse mortgage practices, it is calling for automated valuation models (AVMs) to be used more frequently. They noted that in traditional forward lending, Fannie Mae and Freddie Mac already use alternative valuation methods that have collectively saved borrowers billions of dollars.
“You bring into it a certain level of appraisal bias that AI and technology doesn’t really have,” Kent said. “We think by using technology tools to eliminate appraisal bias, you eliminate the problems you may have in the first appraisal that you can have in the second appraisal — and we think it’s cheaper, it’s faster and it’s more efficient.”
Mortgage insurance premiums
Initial mortgage insurance premiums (IMIP) are another prime target for change across the industry. Loan officers and executives say that paying 2% of the property value or 2% of the maximum claim amount (MCA) — whichever is lower — is a hurdle that many borrowers cannot overcome, which has contributed to low origination volumes for years.
“We think that 200 basis points of MCA is excessive, especially as interest rates rise, because it becomes a bigger percentage of the proceeds,” Kent said.
NRMLA has proposed a risk-based structure for IMIP and has suggested a figure as low as 50 basis points for borrowers who want to withdraw 60% or less of their available proceeds. Kent said the trade group is pushing ideas that will have positive or neutral impacts to the FHA’s Mutual Mortgage Insurance Fund.
FHA reported that the MMI Fund ended the 2025 fiscal year with a capital ratio of 11.47%, nearly six times higher than its statutory minimum requirement of 2%. And the HECM portfolio’s standalone capital ratio was 24.06%, meaning that revenue from current premiums are more than offsetting any losses.
Kent said that HUD and FHA officials have been receptive to the concept of lower premiums. He placed the odds of a 50-bps IMIP requirement at “maybe better than 50/50.”
“We’re trying to propose them in a way where it’s kind of an easy lift, where it doesn’t take a lot of work on their end, because time is short, right? This administration has a couple years left — that’s it,” he said.
“Lowering costs to homeowners is one of the central pillars of this current administration, and this aligns with that. We think it comes at a very good time, because the health of the MMI Fund is very solid.”
2026 RealTrends Verified: James Harris focuses on quality over quantity to unlock top ranking
For James Harris, the leader and founder of Harris & Partners, a top-producing large team based in Beverly Hills, California, the key to his team’s success is its size and tight-knit culture.
“I’ve always run a very lean and mean team,” Harris said. “I don’t want 50 agents because with a team that large it is hard to incentivize and support everyone.”
Harris said the smaller size of his team, allows him to easily host a weekly Monday meeting with the entire team where everyone discusses the deals they are working on or challenges they may be having with a buyer or seller, which he said fosters a collaborative culture and incentivizes the agents to make sure they aren’t the only one turning up to the meeting with no projects going on.
This approach helped Harris and his Carolwood Estates-brokered team close 83 transaction sides totaling $938.0 million in sales volume in 2025, earning the team the No. 2 rank in the country for sales volume among large team, according to the 2026 RealTrends Verified The Thousand rankings.
Harris says he values quality over quantity
“I would rather have 10 superb agents than 100 where the vast majority are mediocre,” he said. “If I have a smaller team, it helps with camaraderie, but it also allows me to be more hands-on in an individual way with each of those team members and ensuring that I am doing everything I can as a team lead to support each of them. But most importantly, it allows me to work alongside each of my team members, who I really consider partners.”
Harris said he finds it incredibly rewarding to watch the agents grow and evolve into better versions of themselves. Having started in real estate at just 15-years-old, Harris said he thinks it is very important for him to give back to and support the younger generations of agents entering the business in the same way he was mentored and supported in the early days of his career.
A focus on retention
Right now, Harris said he is thrilled with the current make up of his team and he is not looking to recruit, but he would not pass up any perfect opportunities that presented themselves. However, due to this his primary focus as a team leader is on agent retention.
“For me, it is really about how do I focus my attention and time towards the people that I already have to ensure that they’re becoming the best version of themselves?” he said. “If I have someone great, I want to do everything in my power to never lose them.”
According to Harris, this means making sure that he is incentivizing agents, building them up and collaborating on deals with them. He added that this desire to support his agents and help them better serve their clients is what inspired him to create Breezy, an AI operating system tool.
It is with tools like Breezy as well as the collaborative culture he has built, that Harris hopes will enable his team to close over $1 billion in sales volume in 2026.
“I am feeling more and more confident that we can do it,” Harris said. “But we are always looking ahead of us and thinking about how we can beat last year, but more importantly, how I can enable every agent to achieve to the best of their ability.”
EU Orders Meta to Reopen WhatsApp to Rival AI Chatbots
The European Commission, the European Union’s top competition enforcer, on Tuesday, June 9, ordered Meta Platforms to give rival artificial intelligence chatbot makers free access to WhatsApp while regulators finish an antitrust investigation into the company. The order was announced by the Commission’s competition chief, Executive Vice-President Teresa Ribera, in Brussels.
At the center of the fight is the WhatsApp Business API — the tool companies use to plug their own software into WhatsApp so they can message customers through the app. Meta barred rival AI services from that tool in October last year while keeping its own assistant, Meta AI, available. Regulators say that move shut competitors out of a doorway to millions of European users.
Why WhatsApp Matters in the AI Race
WhatsApp is not just a messaging app. For many companies, it has become a customer-service desk, sales channel, marketing platform, and increasingly a gateway to artificial intelligence. Access to WhatsApp allows AI assistants to answer customer questions, help complete purchases, provide support, and interact with users where they already spend their time. Regulators argue that if Meta reserves that access primarily for its own AI products, competitors may never get a fair chance to reach consumers.
The Commission acted using emergency powers it rarely touches. It is the first interim measure the Commission has issued in 17 years. The point of that tool is speed: rather than wait years for a final ruling, regulators can force a change now to stop damage they fear would be impossible to undo later.
Ribera put the reasoning plainly, saying in a statement that competition can be lost long before a final decision is adopted. She said the measures are meant to protect WhatsApp as a key entry point for AI companies to reach consumers in Europe and to let them scale up.
[AP pic: A WhatsApp icon displayed on a smartphone screen.]
The order is specific. Meta must restore rivals’ access to the WhatsApp Business API on the same terms that applied before October, within five working days. The interim measures stay in place for the duration of the investigation, which has no fixed deadline.
How the Dispute Started
The investigation began in December after complaints from The Interaction Company of California, maker of the Poke.com AI assistant, French startup Agentik, and a Spanish rival. The Commission filed formal charges against Meta about two months later.
In March, Meta allowed competitors back onto the platform — but only for a fee. The Commission objected, saying the price was set so high that it was not economically sustainable for competitors. Ribera echoed that concern in announcing Tuesday’s decision.
Meta rejected the order and said it will fight it.
A company spokesperson called the decision regulatory overreach and argued that it forces Meta to provide a product it built and maintains to some of the world’s largest AI companies for free. The company confirmed it plans to appeal.
Billions of Dollars Could Be at Stake
The financial risk for Meta is substantial.
If regulators ultimately determine that Meta violated European antitrust laws, the company could face fines of up to 10% of its global annual revenue. For a company of Meta’s size, that could amount to billions of dollars.
Meta is already appealing a separate $228.34 million European Union penalty tied to the bloc’s Digital Markets Act.
[AP pic: Business professionals use AI-powered messaging tools on smartphones and laptops in an office environment.]
A New Approach to Regulating AI
For businesses, the case reaches far beyond one messaging app.
AI assistants are rapidly becoming a common way people search for information, shop online, communicate with companies, and receive customer support. The companies building those systems are racing to reach users wherever they already spend their time, and WhatsApp represents one of the largest digital gateways in Europe.
Regulators argue that by limiting competitors’ access while promoting Meta AI, Meta was using control of the platform to give its own AI products an advantage.
The ruling also signals how Europe plans to regulate AI competition moving forward.
For years, critics argued that European antitrust investigations moved too slowly, allowing dominant technology companies to cement their market positions long before any penalties were imposed. By issuing an emergency order in an active AI market, the Commission is demonstrating a willingness to intervene much earlier.
The Bottom Line
For now, the immediate effect is straightforward: European consumers and businesses using WhatsApp should soon have access to more AI assistants inside the app, not just Meta’s own.
For Meta, the decision represents both a setback for its AI strategy and a challenge to a revenue-generating business product. More importantly, it may mark the beginning of a new era in which regulators move far more aggressively to shape competition in the rapidly evolving AI industry.
JBizNews Desk — Europe
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Nearly 195,000 people slept in NYC shelters in 2025, the most ever
The number of New Yorkers sleeping in homeless shelters rose 27 percent under Mayor Eric Adams’ four years in office, driven by overcrowded housing conditions and evictions, according to a new report. The Coalition for the Homeless released its annual “State of the Homeless” report, which found that the number of non-migrant New York City residents needing shelter grew by more than 12,000 between January 2022 and December 2025. Plus, last year, 194,531 individuals used the city’s shelter system over the course of the year, the most in its history. The increase excludes asylum seekers and other new arrivals who entered the shelter system during that period.

While the Coalition recognizes the city’s Department of Social Services’ efforts to move more New Yorkers from shelters into permanent housing through subsidies and support, the group says the number of people entering the shelter system continues to outpace those leaving.
The report estimates that nearly 100,000 people sleep in homeless shelters each night, including disabled New Yorkers and people who are working but still cannot afford rent. Thousands more are unsheltered on the streets, while about 250,000 are “doubled up” in the homes of others.
In 2025, 194,531 unique individuals used the city’s shelter system, the highest number in a single year in the system’s history. The number of schoolchildren living doubled-up increased 29 percent from 2022 to 2025.
Eviction filings rose from a pandemic low of 42,110 in 2021 to 114,832 in 2025, resulting in 17,821 marshal-executed evictions that year, surpassing the 17,036 recorded in 2019. Meanwhile, the number of extremely low-income (ELI) households grew by more than 91,000 during the Adams administration, while only about 10,000 ELI units were financed.

According to the Coalition, the surge in homelessness can be attributed to rising housing costs in the five boroughs, where more than half of New Yorkers are rent-burdened, meaning they spend more than 30 percent of their income on rent.
These issues are further exacerbated by continued threats from the federal government under President Donald Trump, who has proposed major cuts to the Continuum of Care program, the nation’s largest homeless assistance program, which could put 7,000 formerly homeless New Yorkers at risk of returning to the streets.
Trump has also cut funding to the Supplemental Nutrition Assistance Program (SNAP), which more than 1.7 million New Yorkers facing economic strain rely on for food assistance. Last July, he approved $186 billion in cuts to the program over 10 years, and in March, he instituted new work requirements that could affect eligibility for millions of New Yorkers.
The Coalition said Adams and Gov. Kathy Hochul “squandered” an opportunity to build on the city and state’s previous success in reducing chronic veteran homelessness. Instead of expanding a model centered on permanent supportive housing and mental health services, city and state officials relied on approaches aimed at moving unhoused people out of public view.
The group also called on Mayor Zohran Mamdani to pay more attention to homeless New Yorkers and criticized the mayor for backtracking on campaign promises.
Notably, in March, the mayor reneged on a previous promise to support the expansion of the CityFHEPS housing voucher program, one of the nation’s largest rental assistance programs, which serves as a lifeline for roughly 65,000 New Yorkers, or about 140,000 people. Mamdani has also overseen encampment sweeps despite previously pledging to end the practice under the former administration.
“The lesson of the last four years could not be more clear: if the City continues to ignore the fundamental causes of mass homelessness, the number of people sleeping in shelters and on the streets will just keep going up. And no one in our city wants to see that happen,” Dave Giffen, executive director of the Coalition for the Homeless, said in a press release.
“Mayor Mamdani won the election on a promise of affordability, and we share that goal. But the ‘affordability agenda’ must include the nearly 100,000 people sleeping in shelters tonight, the thousands on the streets and in the subways, and the quarter-million more doubled up in someone else’s home. The mayor cannot reduce mass homelessness without targeting resources where they are most needed and building on the approaches proven to work.”
However, the report also highlights several housing-related actions taken by the Mamdani administration. The mayor’s Streamlining Procedures to Expedite Equitable Development (SPEED) reforms, unveiled in May, are credited with helping accelerate housing production and could allow new affordable homes to be developed up to two years faster.
Last month, Mamdani also announced a plan to build 200,000 new affordable homes over the next decade, the most ambitious target set by an NYC mayor. The plan calls for $22 billion in capital investments over the next five years to fund new affordable housing and preserve an additional 200,000 existing homes.
According to the report, the data show that Adams and Hochul did not achieve positive outcomes in addressing the surge in homelessness. It argues that policymakers should move away from unsuccessful approaches and instead expand affordable housing and increase access to permanent housing and mental health services for unsheltered New Yorkers.
The report concludes with a series of recommendations. The Coalition says the city must build at least 12,000 new deeply subsidized affordable housing units for homeless and ELI households annually over the next five years, while also accelerating placement timelines into homeless set-aside units and other housing financed by the city’s Department of Housing Preservation and Development to ensure shelter residents can access those units.
The group also urges Mamdani to connect 2,000 unsheltered people with serious mental illness living in the transit system to a portion of the roughly 5,000 vacant supportive housing units, and to allocate $98 million to create 2,000 new single-occupancy safe haven beds for unsheltered New Yorkers.
RELATED:
- Hochul signs reforms to New York’s environmental law to accelerate new housing development
- Mamdani releases blueprint to build 200,000 new affordable homes, target bad landlords
- Council proposes construction code updates to build 35,000 new homes on thousands of small lots across NYC
The post Nearly 195,000 people slept in NYC shelters in 2025, the most ever first appeared on 6sqft.
Dogecoin Whales Bought 200 Million DOGE Last Week: What’s Going On?
Dogecoin (CRYPTO: DOGE) whales accumulated over 200 million tokens last week as House of Doge and MoonPay launched DOGE Pay, bringing native Dogecoin payments to more than 6,000 merchants.
House Of Doge And MoonPay Launch DOGE Pay Across 6,000 Merchants
House of Doge, the official corporate arm of the Dogecoin Foundation, announced a partnership with MoonPay on Monday that brings native Dogecoin support to MoonPay’s existing network of over 6,000 merchants.
The collaboration also introduces DOGE Pay, a Dogecoin-first checkout solution planned for Q3 rollout, with a competitive 1% processing fee and streamlined merchant onboarding.
MoonPay Commerce enables merchants to accept crypto payments across online, in-app, and point-of-sale environments with instant conversion into fiat or stablecoins.
House of Doge CEO Marco Margiotta framed the deal …
To The Moon? SpaceX IPO May Ground Crypto ETFs
The highly anticipated initial public offering of Elon Musk’s SpaceX is creating ripple effects far beyond the aerospace sector, potentially reshaping capital flows across ETFs as investors raise cash to participate in what could become the largest IPO in history.
• iShares Bitcoin Trust stock is trading at depressed levels. Where is IBIT stock headed?
SpaceX is expected to debut with a valuation of roughly $1.75 trillion and has reportedly reserved as much as 30% of shares, or $22.5 billion worth of stock, for retail investors.
That unusually large retail allocation has fueled expectations that investors may sell other speculative assets, including cryptocurrencies and related ETFs, to fund purchases of the stock.
Analysts and market participants told Reuters that cryptocurrencies have already felt the pressure.
Bitcoin recently traded near $60,000, down sharply from its October peak, while crypto ETF outflows have accelerated in recent months. The trend has raised questions about which ETF segments could lose assets and which could emerge as beneficiaries of the SpaceX frenzy.
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Bitcoin’s Slide Below $60,000 Delivers 80% Windfall For This ETF
Why Is Cipher Digital Stock Falling Wednesday?
Cipher Digital Inc. (NASDAQ:CIFR) stock is under heavy pressure Wednesday as investors react to the company’s newly priced $810 million debt offering and a broader sell-off across technology and cryptocurrency-linked stocks.
Debt Financing Weighs On Sentiment
Cipher Digital announced that its wholly-owned subsidiary, Stingray Compute LLC, priced a $810 million offering of 6% senior secured notes due 2031.
According to the announcement, the notes are priced at 99.750% of their principal amount in a private placement expected to close on June 15.
Cipher disclosed that it will provide a customary completion guarantee with respect to the Stingray Facility, under which it will fund the Issuer as necessary to ensure the timely completion of the Stingray Facility.
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Seanergy Sees Strength in Commodity Demand
California city votes to permanently ban data centers in first-of-its-kind measure
Voters in a Southern California city overwhelmingly approved a ballot measure that permanently prohibits data centers within city limits, underscoring growing local resistance to the infrastructure powering the artificial intelligence boom.
Monterey Park voters approved Measure NDC by a margin of 10,321 votes to 1,362 votes, or 88.34%, according to official election results from Los Angeles County.
The measure amends the city’s General Plan to prohibit data centers citywide and specifies that the ban will remain in effect unless voters choose to reverse it in a future election.
The ballot measure was presented to voters as a way to protect air quality, drinking water resources and public health while preventing potential impacts on electricity and water rates.
KEVIN O’LEARY SAYS UTAH AI DATA CENTER PROJECT WILL SHRINK AFTER LAWMAKERS DEMAND CUTS
The vote follows months of controversy surrounding a proposed data center project at 1977 Saturn Avenue, which became the focal point of community opposition to large-scale digital infrastructure development.
The project, proposed by Australian investment firm HMC StratCap through its DigiCo platform, would have converted the site into a roughly 218,400-square-foot data center designed to support large-scale computing operations, including artificial intelligence workloads.
Project documents estimated the facility would require approximately 50 megawatts of peak electrical capacity and generate about $5 million annually in tax revenue for the city.
KEVIN O’LEARY DETAILS MASSIVE UTAH AI DATA CENTER TO RIVAL CHINA’S TECH DOMINANCE
Opponents argued the project’s electricity demands, water consumption and environmental footprint outweighed its economic benefits. Public opposition to the Saturn Avenue proposal intensified throughout 2024 and 2025, eventually prompting city officials to pursue restrictions on future data center development. The project was later withdrawn.
On March 4, the Monterey Park City Council unanimously voted to place the measure on the June ballot.
Following the election, Mayor Elizabeth Yang celebrated the outcome in a Facebook post.
“Landslide win!!” Yang wrote. “Congratulations to our city Monterey Park on making history!!!”
The vote comes as technology companies and developers invest billions of dollars in data centers to support the rapid expansion of artificial intelligence and cloud computing services.
That growth has fueled debates across the country over electricity demand, water usage, land-use planning and the economic benefits such facilities can bring to local communities.
Monterey Park officials have described the measure as a historic step in limiting data center development, though broader questions remain about how communities nationwide will balance rising demand for digital infrastructure with local concerns over energy use, resource consumption and quality of life.
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As artificial intelligence adoption accelerates, disputes over where and how data centers are built are likely to remain a key issue for local governments, developers and residents across the United States.
For $6.25M, a stately 1847 Boerum Hill townhouse has historic charm and a dramatic glass solarium
The landmarked brick townhouse at 306 State Street is a rare 25-foot-wide home built in the Greek Revival and Italianate styles on the same Boerum Hill block as the notable 9 Townhouses row. The 1847 townhouse, asking $6,250,000, was thoroughly renovated in 2004. The six-bedroom home is currently configured as a two-family dwelling with a spacious garden flat, but can easily be converted to an oversized single-family residence. While historic details have been preserved, peerless additions like a glass solarium and a deVol kitchen make it a 21st-century standout.



Throughout the home, you’ll find six fireplaces–three wood-burning and three gas–for timeless warmth. Central A/C has been installed for contemporary comfort.
The parlor level has all of the classic elegance you’d expect beneath high ceilings, highlighted by crown moldings, graceful arches, and solid wood floors. At the rear of this floor is a dramatic south-facing glass solarium for the feel of an indoor garden.






A hand-crafted deVOL kitchen was installed in 2023, complete with a vented La Cornue range, exemplifying the modern English farmhouse style. Two sets of French doors open from the sunroom onto a deck with stairs that lead to the verdant rear garden.





On the third floor are three additional bedrooms. The home’s entire top floor is devoted to an indulgent primary suite. The main chamber is paired with a second bedroom or home office, both with ensuite baths. There is a convenient laundry room on this floor as well.



The garden level holds a one-bedroom duplex rental apartment. A living room with a wood-burning fireplace, a dining room, and a lower-level den offer plenty of space. There is another washer/dryer for tenant use, and direct access to the back garden.
[Listing: 306 State Street at CityRealty]
[At Compass by Lindsay Barton Barrett and Annika Grove]
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The post For $6.25M, a stately 1847 Boerum Hill townhouse has historic charm and a dramatic glass solarium first appeared on 6sqft.
As Stablecoin Popularity Grows, So Grows The Threat Vectors
When it comes to cryptocurrency buzz, stablecoins are the new Bitcoins. No one is going to get rich off them. But just like Bitcoin (CRYPTO: BTC) holders, stablecoin holders can also lose their shirt as exploit trends are on the rise, a new report by CertiK shows.
According to the report, “a number of important exploit trends have emerged around stablecoin infrastructure over the last 18–24 months.” CertiK highlights blockchain bridges, interoperability protocols, custody systems, and fintech payment systems. “As stablecoins evolve into core settlement infrastructure rather than simply trading assets, attackers have increasingly shifted their focus toward the operational and infrastructural layers surrounding them,” report authors wrote.
So far this year, bridge incidents among two separate blockchains are estimated to be at least $328 million stolen. The Kelp DAO wallet breach was the biggest, accounting for $291.3 million in April. Drift Protocol (CRYPTO: DRIFT) came in second on April 1, getting soaked for $285 million.
Beyond the DeFi protocols, custody and infrastructure systems are in the crosshairs now. What’s safe?
From Wallet Theft to Breached Infrastructure Walls
Attackers are now going after weaknesses in stablecoin custody and treasury infrastructure rather than attacking the DeFi protocols directly, according to the CertiK report, released June 5.
From the report:
Institutional adoption of stablecoins has led to the growth of programmable treasury systems, custodial platforms, fiat on- and off-ramps, and automated settlement infrastructure that has become a new attack vector. These systems have introduced more centralized risks, and have led to compromised private keys and insider threats; API vulnerabilities and cloud infrastructure misconfigurations; and an overall weakness in access-control systems that make for easier exploits.
“As stablecoin infrastructure becomes more integrated with traditional financial systems, attackers are increasingly targeting operational security failures alongside on-chain vulnerabilities,” report authors wrote. Networks heavily used for remittances and stablecoin transfers have become the …
Why Michael Saylor Selling Bitcoin Into A ‘Bleeding Market’ Is A Big Deal
Strategy Inc.’s (NASDAQ:MSTR) sale of 32 Bitcoin (CRYPTO: BTC) was immaterial in size but not in signal, according to market-making firm Wintermute.
Why The 32 BTC Sale Mattered More Than The Number Suggests
Wintermute’s weekly market update laid out the sequence clearly.
Bitcoin’s bid had already thinned for weeks, retail was selling crypto to chase equities, and US institutions had quietly turned bearish.
The Saylor disclosure simply removed the last reason for bulls to hold on.
“32 BTC is immaterial. Saylor selling for the first time in four years, into a market already bleeding flows, is not,” Wintermute wrote.
The firm noted Strategy had been an overhang for a month and the sale effectively forced a reckoning that the market needed to work through …
China’s Exports to the U.S. Jump 35% Despite Trump’s Tariffs
China sold far more goods abroad than expected last month — including a sharp jump in shipments to the United States — even with American tariffs still in place.
According to data released Tuesday, June 9, by China’s General Administration of Customs, exports rose 19.4% in May from a year earlier in dollar terms, accelerating from April’s 14.1% gain and easily beating economists’ expectations of roughly 15% growth.
The number attracting the most attention was the one tied to the United States.
China’s exports to the U.S. surged 35.4% in May compared with a year earlier, the strongest increase in five years. The jump marks a dramatic reversal from much of last year, when shipments to America were falling sharply under the weight of tariffs and slowing demand.
For many readers, the obvious question is simple: if tariffs are supposed to discourage imports, why are Chinese exports to the United States rising so quickly?
Why Tariffs Aren’t Stopping Trade
A tariff raises the price of imported goods, but it does not automatically eliminate demand.
Many American businesses still depend on Chinese-made products because there are few alternatives available at comparable prices or scale. As a result, imports can continue growing even when tariffs remain in place.
Part of the recent surge also appears to be about timing.
Companies around the world rushed to place orders ahead of rising energy and shipping costs linked to the conflict in the Persian Gulf. When businesses expect transportation costs to increase, they often stock up early, temporarily boosting trade figures.
That front-loading effect appears to have contributed to May’s export surge.
The AI Boom Is Driving Demand
The larger force may be technology.
China’s exports of computer chips, known as integrated circuits, jumped 110% in value from a year earlier, while exports of high-tech products overall rose 50%.
The global race to build artificial intelligence systems is fueling demand for semiconductors, electronics, servers, networking equipment, and other technology products. China remains a major supplier in many of those categories.
As companies worldwide invest billions of dollars into AI infrastructure, demand for Chinese-made technology products has remained strong.
Tariffs Are Lower Than Before
The trade environment has also become less restrictive.
U.S. tariffs on many Chinese goods now stand at roughly 10% after the Supreme Court struck down a series of tariffs that President Donald Trump had imposed using emergency powers.
Trade relations also improved somewhat after Trump met Chinese President Xi Jinping during an APEC summit in South Korea last October.
Lower duties make it easier for Chinese goods to remain competitive in American markets, helping explain why exports have rebounded so strongly.
Economists See More Growth Ahead
Several economists believe the momentum could continue.
Sheana Yue, a senior economist at Oxford Economics, said demand for green-energy products such as electric vehicles, batteries, and solar equipment remains strong, while AI-related technology exports continue to expand.
Tianchen Xu, a senior economist at the Economist Intelligence Unit, noted that China’s tariff disadvantage relative to some Southeast Asian manufacturing hubs has narrowed, improving the competitiveness of Chinese exports.
Those trends are helping offset weakness in other parts of the Chinese economy.
What It Means for Consumers and Businesses
For American consumers, the data suggests that lower-cost Chinese goods continue to arrive in large quantities.
That includes electronics, household appliances, industrial equipment, and components used by manufacturers across the United States.
Continued imports can help limit price increases for some products, even as inflation pressures remain elevated elsewhere in the economy.
For American businesses, the figures reinforce how deeply integrated global supply chains remain despite years of political tensions and tariff disputes.
For Trump, the numbers present a challenge to one of the core goals of his tariff strategy: reducing America’s dependence on Chinese imports.
And for China, the report highlights how important exports have become as a source of growth while the country continues to struggle with a prolonged real-estate downturn and weaker domestic demand.
The Bottom Line
Tariffs may dominate the political conversation, but they are not the only force shaping trade.
A combination of early ordering, booming demand for AI-related technology, and a more favorable tariff environment helped drive Chinese exports sharply higher in May.
The result: China’s exports are growing faster than expected, and American buyers remain a major part of that story.
JBizNews Desk — Asia
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