Don’t believe in climate change, rising sea levels, or cities sinking (“subsiding”)? Venice is sinking. So are Rotterdam, Bangkok, and New York (though a few spots are rising!) But no place compares to Jakarta, the fastest-sinking megacity on the planet. Over the past 25 years, the hardest-hit areas of Indonesia’s capital have subsided more than 16 feet due to illegal wells, diminishing groundwater, and a rising sea level. Many billions will be spent moving an entire city. In the United States, insurance issues have become obvious problems. Do you think you have privacy in your car? Think again, and not only that, insurance companies are using driving data to set premiums. Uh oh. In Florida, several high-rise condo projects (with units for sale) are sitting as insurance companies have dramatically hiked their hurricane coverage costs so some projects are renewing at 50-60 percent coverage only, which makes the units unable to be financed. I’m told we
I was very excited last Saturday when I rode my bike by a garage sale and saw, “The Holy Bible” for sale, with a “signed edition” sticker on it. Of course I bought it. How cool is that? Trains are pretty cool too. “A railroad conductor needs to make sure he doesn’t go down the wrong track and lose his train of thought.” This morning I head to Milwaukee by train. While in Chicago I spent some time hearing how LOs must get back to the basics, including clear routines and discipline. They must provide education and guidance since LOs are in the “people business.” Technology is a great tool, but not the end-all in the loan process: AI may not take your job but somebody who can use AI might. Lenders, and real estate agents, are asking, “How are companies training a new generation of LOs and other residential mortgage workers?” (Today’s podcast can be found here, sponsored by Visio Lending and its top notch b