The SEC has sued three top executives from former mortgage lender Indymac, claiming the trio defrauded investors by misrepresenting the company’s finances leading up to the mortgage crisis.
Federal complaints allege that the Pasadena, California-based lender sold $100 million in new stock while masking it’s inevitable decline from investors.
“These corporate executives made false and misleading disclosures about IndyMac at a time when the company’s financial condition was rapidly deteriorating,” said Lorin L. Reisner, Deputy Director of the SEC’s Division of Enforcement, in a release on the SEC’s website.
“Truthful and accurate disclosure to investors is particularly critical during a time of crisis, and the federal securities laws do not become optional when the news is negative.”
Specifically, the three execs failed to tell investors that the company had begun raising capital to protect its capital and liquidity positions, or that many of the loans it sold sold as mortgage-backed securities contained borrower misrepresentations (stated income loans).
One suit involves former Indymac CEO Michael Perry and CFO A. Scott Keys, while another complaint targets former CFO S. Blair Abernathy.
Abernathy settled without admission or denial of the claims, agreeing to pay roughly $125,000 in penalties.
Perry and Keys face similar penalties, along with permanent injunctive relief, an officer and director bar.
The Office of Thrift Supervision closed Indymac on July 11, 2008 and placed it under FDIC receivership, renaming it Indymac Federal, before it was eventually sold to investors and re-branded as OneWest Bank.
OneWest Bank looks like an Indymac in the making, with advertisements for jumbo mortgages sprouting up all around Los Angeles.
Kind of like PennyMac, whose team consists of 10 former Countrywide employees, which began originating mortgages recently as well.
SoFi is a nationally chartered, online-only bank that offers customers a high 4.20% on savings, an interest-earning checking account, and a host of other benefits for being a member. The bank currently has more than 5.5 million customers, which it calls members, and has an extensive rewards system in place to help your money go further and grow faster.
Find out why SoFi is a top-rated bank, as well as one of the fastest growing financial technology companies offering loans, an investment platform, and a rewards credit card.
SoFi at a Glance
SoFi became a nationally chartered online bank in early 2022, following the fintech’s acquisition of Golden Pacific Bancorp. SoFi started as a company that provided student loan refinancing, and evolved to provide personal loans and other services.
Its status as a national bank enables the fintech to help even more people. “This incredible milestone elevates our ability to help even more people get their money right and realize their ambitions,” said SoFi CEO Anthony Noto in a press release following the acquisition.
SoFi Products
Today, the online bank offers a variety of products to help American consumers meet their financial goals. The parent company, SoFi Technologies, is the parent company of SoFi Bank, Member FDIC. Products and services include:
SoFi checking and savings
SoFi personal loans
Credit card
Student loans and student loan refinancing
Mortgages
Investment and Retirement Products
Find out how these products compare to competitors in the industry in our SoFi reviews below.
SoFi Checking and Savings Account
SoFi offers a combined checking and savings account to customers. You cannot open one without the other, but this provides tremendous benefits and an incentive to save. Currently, when you open a SoFi checking and savings account, you can earn up to $250 when you set up direct deposit within the first month.
That’s in addition to all the other perks, including an account with no monthly maintenance fees, no overdraft fees (for qualifying customers), and no minimum balance requirement. Plus, deposits are FDIC-insured up to $2 million through SoFi’s network of partner banks, which exceeds the federal limit of $250,000 per account holder, per account type.
SoFi Checking
Your SoFi checking account comes with a cash back debit card that pays up to 15% cash back on debit card purchases when you shop at local businesses. Your SoFi debit card also offers fee-free access to more than 55,000 AllPoint ATMs for cash withdrawals, cash deposits, and balance transfers. You can also check account balances at any ATM with no fees.
Your SoFi checking account also has many other benefits you may not find in a traditional bank account. You can get paid two days early with early direct deposit. Plus, your SoFi checking account earns interest at a rate of 1.20% APY.
If you enable overdraft protection, SoFi will pull from your savings account to cover checks, debit card purchases, and ACH withdrawals, including online bill payments, loans, and P2P payments. It will not pull from savings you have designated in vaults for specific purposes.
SoFi Savings Account
Your SoFi checking account offers a 4.20% APY, which is one of the highest available for online savings accounts. Be aware that to earn this high rate, you’ll need a qualifying direct deposit of any amount each month. Otherwise, you’ll earn 1.20% on all account balances.
The savings account also helps with cash management by offering automatic savings features and savings vaults. You can designate a specific amount of each ACH direct deposit or cash deposit to go directly into your SoFi savings account or into a specific savings vault. Unlike many traditional banks, there is no limit on savings withdrawals or transfers.
SoFi Pros and Cons
Your SoFi bank account has a number of desirable features that make it one of the best online savings and checking accounts for many people.
Pros
High 4.20% APY on savings
1.20% APY on checking account balances
Early direct deposit
No ATM fees
No bank fees
Overdraft protection for qualifying customers
Cons
No CDs
No money market accounts
No branches for in-person service
SoFi Membership Features and Additional Perks
SoFi members who open a fee-free combined checking and savings account also qualify for other benefits. There is no minimum opening balance or minimum balance requirements to be considered a SoFi member.
Some of the membership benefits include:
15% off estate planning
Free access to career coaching
Free financial planning services
Member events that can help with money management
SoFi Member Rewards
A few of the SoFi member benefits stand out, including the SoFi Member Rewards program. To join, download the SoFi app. You will earn points when you take actions like:
Using your debit card
Checking your credit store
Saving money
Investing
As you earn points, you can convert those points to cash deposited into your SoFi bank account. You can then redeem points to help may loan payments, convert points into fractional stock shares through SoFi Active Invest, or even cash in points for a statement credit.
SoFi Referral Program
SoFi’s Rewards don’t stop with actions you take within your account. If you share SoFi with friends using your unique link, you’ll earn additional points you can cash in.
Currently, SoFi offers 2,000 rewards points for every person you refer who opens a SoFi checking and savings account with at least $10. You will also earn 2,000 points for friends who open a credit card, SoFi Credit Score Monitoring Account, or fund a Lending Product within 90 days of registering for SoFi using your link. Your friend will also earn 2,000 points.
Note that you can only earn points for one account per friend, so your friend may open a bank account and a credit card, but you will each only earn 2,000 points.
SoFi Stadium Perks
You might not think of SoFi as a travel or entertainment rewards card, but SoFi’s Stadium Perks program does provide unique benefits for Los Angeles residents and tourists. SoFi members earn 25% cash back on purchases at SoFi Stadium, home of the Los Angeles Rams and Los Angeles Chargers, when you use your debit or credit card.
Plus, gain access to the exclusive SoFi Member Lounge and fast and easy entry to the stadium through the SoFi Member Express Entry line. If you need to check your bag, SoFi will reimburse the fees to your checking account or credit card.
SoFi Plus: Premium Membership
SoFi Premium members earn even more perks. Unlike many premier programs, SoFi Plus does not require an additional monthly purchase or subscription fee. To qualify, just set up direct deposit with your checking and savings account. When your first direct deposit clears, you’ll gain access to all the premium benefits.
Qualifying direct deposits for SoFi Plus must reach $1,000 per month or more to gain access to all the features of SoFi Plus. This includes no-fee overdraft coverage and rate discounts on SoFi loans. Other features, including the 4.20% APY, 2X rewards points, and preferred access to IPOs through SoFi Invest, apply to all SoFi Plus members.
How to Open a SoFi Account
Opening an account online is easy. You’ll need to provide some information, including your address and Social Security number. You must be a U.S. citizen or permanent resident to qualify.
There is no minimum opening deposit, but you’ll want to fund your account to take advantage of high interest rates and access all the benefits. You can deposit cash or checks to fund your account for the first time through:
ACH direct deposit
Mobile check deposit
a GreenDot debit card
Instant Funding
To take advantage of Instant Funding, link your existing Visa or Mastercard debit card to your SoFi account. Click “Transfer Instantly” and you can transfer up to $500 into your account in minutes. To use this method, you must be a new SoFi customer and deposit a minimum of $50.
SoFi Credit Card
The SoFi credit card lets you maximize the points you can earn. The card delivers 2% cash back rewards on every purchase and has no annual fees. To qualify, you’ll need a “good” or “excellent” credit score.
The card has a standard variable Annual Percentage Rate (APR) of between 17.74% up to 29.74% based on your credit score and financial history. Cash advances carry an APR of 31.74%.
The card carries fees comparable to other top-tier rewards cards, including a late payment/returned payment fee of up to $39, and balance transfer or cash advance fees of $10 or 5% of the transaction amount, whichever is greater.
You can redeem your cash back as a statement credit, cash back into your checking or savings account, or as a deposit for investing through SoFi Invest.
SoFi Investing
SoFi is not just an online bank, but a full-fledged financial services firm that includes planning, management, and investing. The online stock trading app provides automated investing or hands-on options. You can trade:
Stocks
ETFs
Fractional stocks
Crypto
IPOs (for qualified SoFi Plus members only)
SoFi Investing at a Glance
SoFi offers active investing for stocks, ETFs and even IPOs. You can start investing in some of the highest market cap companies on the S&P 500 and other stock indexes with as a little as $5. SoFi does not charge commissions on trades. When you open an Active Investing account with at least $10, you could win a bonus of stocks valued at up to $1,000 by playing the “Claw Game” promotion.
If you prefer not to engage in active investing, you can set up an automated investing account with as little as $1. Invest a set amount one time or set up automated recurring payments to watch your investments grow.
You will need to answer some questions so that SoFi can determine your risk tolerance and choose the right portfolio for you. SoFi automatically rebalances your investments quarterly and keeps your portfolio diversified based on your goals and risk tolerance.
SoFi also gives investors access to Bitcoin, Ethereum, Cardano, Dogecoin, Solana, and 25 other popular cryptocurrencies. When you make your first crypto trade with a $10 minimum, you will earn a $100 bonus in Bitcoin within seven days. SoFi charges a mark-up of 1.25% on all crypto transactions.
SoFi Retirement Accounts
In addition to active and passive investment services through stocks, bonds, and ETFs, SoFi’s investments include Roth, SEP, and Traditional IRAs for retirement. You can choose active or automated investing. SoFi financial planners can help you create a retirement strategy that will work for you.
SoFi Investing Pros and Cons
As with all investment platforms, SoFi: Invest has many benefits and a few drawbacks.
SoFi Invest Pros
Active or automated investing
Investments in crypto, stocks, ETFs
Fractional shares permitted
Options investing
Intuitive app
SoFi Invest Cons
Options investing may require advanced knowledge
Not every investment will earn money
Odds of winning a $1,000 stock bonus are slim
SoFi Student Loans
Unlike many online banks, SoFi offers student loan refinancing with fixed interest rates as low as 4.99%. To qualify for the lowest interest rate, you will need to set up autopay for your loan payments.
SoFi can help you pay down your student loans faster with fixed APRs of 4.99% up to 9.99% or variable APRs of 5.74% to 9.99% APR. You may qualify for a SoFi student loan if you are gainfully employed, starting a job within 90 days of your loan application, or have sufficient income from various sources. You should also show a solid financial history and monthly cash flow indicating you can make the SoFi loan payments.
SoFi Mortgages
SoFi offers a broad range of mortgage products, including:
Conventional mortgages
Jumbo loans
Home equity loans
Cash-out refis
Short-term bridge financing for investment properties
With interest rates rising, SoFi’s “Lock and Look” feature lets you lock in today’s rates for up to 90 days while you shop for your dream home. Checking for your rate won’t affect your credit score.
First-time homebuyer loans may require as little as 3% down, while other home mortgages require just 5% down. Mortgages with a loan-to-value ratio greater than 80% will require private mortgage insurance.
SoFi offers conventional, fixed-rate mortgages with terms ranging from 10 to 30 years. If you take out a 30-year mortgage, you may qualify for a 0.25% pricing special or interest rate discount. To qualify for the lowest rates, you’ll want to have a strong credit history, an excellent credit score, and a low debt to income ratio.
SoFi Personal Loans at a Glance
SoFi may offer one of the top-rated online checking accounts today. But SoFi was founded as an online loan company in 2011, providing personal loans with no fees and loan amounts from $5,000 to $100,000. You can check your rates quickly with no impact to your credit score.
SoFi Personal Loans Review: Members-only Perks and Competitive Rates
A SoFi personal loan offers low fixed rates based on your credit history. Repayment terms range from two to seven years, while loan amounts run from $5,000 up to $100,000. SoFi borrowers pay no origination fee. You won’t suffer a prepayment penalty if you want to pay off your loan early. You can receive loan funds as quickly as the same day you apply.
SoFi personal loan interest rates range start at 8.99% according to the SoFi website. Secure the lowest rates with automatic payments directly from your SoFi account. SoFi Plus borrowers with qualifying monthly direct deposits may receive a rate discount as well. The higher your credit score, the lower your interest rate.
SoFi offers unemployment protection for borrowers, which can help with cash flow if you lose your job. You can modify your SoFi personal loan payments while you look for a new job. SoFi’s career coaching can even help you find new work.
Best for Fee-Free Debt Consolidation Loans
As one of the top online lenders today, SoFi can help you save money by consolidating high interest credit card debt into one, low, monthly loan payment. SoFi personal loans have no origination fee. Credit card consolidation can help you get out of debt faster and make it easier to pay your bills with one monthly payment directly from your account.
If you are planning to consolidate credit card debt through a SoFi personal loan, you can choose Direct Pay. Loan proceeds will go to your credit card companies directly, saving you time and hassle. You’ll also earn an interest rate discount with Direct Pay, making SoFi a great choice for credit card debit consolidation.
SoFi Personal Loans: Pros and Cons
SoFi personal loans have a number of benefits compared to other online lenders. Let’s look at the pros and cons of your SoFi personal loan.
Pros
No origination fees
Unemployment protection
Receive funds the same day you are approved
No prepayment fees
Loan amounts up to $100,000
Cons
Must be a U.S. citizen-permanent resident
Risk of charging up credit cards again after debt consolidation loan
Excellent credit scores required to qualify for the lowest rates
Hard credit pull to obtain a loan may reduce your credit score temporarily
What You Can Use SoFi Loans For
You can use SoFi loan money for virtually anything, including home improvements, credit card debt consolidation, family planning and IVF, or even luxuries like weddings and travel. With competitive rates, easy automatic payments, and unemployment protection, a SoFi personal loan might make sense to pay for one-time events where you might normally use a credit card.
How to Apply for a SoFi Personal Loan
Applying for a personal loan is easy. You may want to check your credit report first to ensure that all the information is accurate. A solid financial history can help you secure the best loan rates and highest loan amounts.
You will first want to open your SoFi bank account and set up direct deposit as well. SoFi Plus members can get interest rate discounts and even earn reward points for their loan. Once you are ready, visit SoFi.com, select personal loans from the drop-down menu of products, and click “View your rate.”
You’ll need to submit some information, including your name, address, Social Security number, loan amount, and income.
Bottom Line
SoFi Money encompasses all the banking, lending and investing services SoFi bank offers. SoFi ranks as one of the top online financial service companies, with excellent customer service and a wide range of products.
You can reach SoFi customer service via email, using the online virtual assistant chatbot, or by phone. Hours vary depending on the service you need. A wide range of financial products, low rates, and FDIC insurance up to $2 million for deposits set SoFi apart from competitors.
While I love throwing a good party and pride myself on setting a great table, I also love to pick the brains of the style geniuses that abound these days. One such person who has jumped on my radar of late is Heather Taylor, a Los Angeles based style maven who has morphed from a gallerist to blogger, mother and now textile designer, with her Heather Taylor Home collection. Her collections – ranging from tea towels and table linens to scarves and baby blankets – are designed in Taylor’s Los Angeles studio and hand-woven in Chiapas, Mexico.
This summer, Heather added to the fun by launching Heather Taylor Home Events (HTH Events), a collection of handmade, vibrant and textured linens available for rent. They’re the perfect way to take any table to the next level. I recently sat down with Heather to pick her brain for her favorite tips for setting a festive summer table.
Tip 1: Mix and Match. Mixing patterns and color in unexpected ways instantly gives your table a feeling of depth and texture. Just be sure to create a balance. If you use a patterned napkin, take it easy with the plates. Too many different patterns can look chaotic.
Tip 2: Stay centered. Always have a focal point in the center of your table. Grab the prettiest flowers you can get your hands on and casually arrange them in a vessel. If it’s last minute and flowers aren’t an option, a beautiful bowl filled with citrus or fruit will always feel fresh.
Tip 3: Pare down. Less is definitely more. I like to scale down the size of my glasses (sometimes I use small water glasses for wine) and the amount of flatware on the table for a look that feels more casual.
Tip 4: Go with your gut. To avoid looking like you copied a tabletop straight from a Pinterest board, try not to get too hung up on the current trends. Instead, make the table a reflection of you and your aesthetic in order to create something really beautiful, approachable and special.
Tip 5: Go naked. Especially in the summer months, a “naked” table feels seasonally appropriate. Do away with a table cloth in favor of runners and napkins
I want to thank Heather for sharing her awesome styling tips with us. Now I’m feeling extra inspired to throw my next dinner party!
The surging pandemic-fueled rental market has almost — but not quite — turned a corner.
In an interview the day before the latest inflation data was released, Jeff Tucker, senior economist at the real estate website Zillow, said he was optimistic that annual rent growth might have peaked in March. But by the next day, the data showed that hadn’t happened yet.
The most recent Bureau of Labor Statistics’ consumer price index data, a proxy for inflation, shows shelter was the largest contributor to overall price increases in April. Over a 12-month period ending in April, the price index for shelter, which includes rent, was up 8.1%, according to the report released May 10. Rent increased 0.6% from March to April, compared with a 0.5% rise the previous month.
The data, while disappointing, doesn’t quite tell the whole story. That’s because CPI data reflects a lag in rent renewals and new leases. Most leases last a year, which means a renter’s costs stay the same all year long. It also means we won’t see 2022 rental housing reflected in the CPI for months to come.
There’s reason to be optimistic about future CPI data this year. Tucker says the growth in rent began decelerating in March 2022 and cooled significantly in late 2022. The give-or-take 12-month lag in the rental portion of the CPI could mean next month’s data might show a downturn.
Still, the most recent Zillow rental data, released May 5, paints what Tucker calls a fairly normal picture of the rental market at this time of year. The 0.6% rise in asking rents from March to April equals about $12 monthly. That’s a slightly smaller increase than the typical April increase of 0.7%, averaged from 2016 to 2019. Typical asking rents, nationally, are now $2,018, representing a 5.3% annual growth rate. The current annual rate is down about 12 percentage points from the peak growth rate of 16.9% in February 2022.
“It’s a welcome signal that the rental market’s not accelerating on some new runaway trajectory of rapidly rising rent,” Tucker says. “And instead, it’s just kind of settling into a fairly normal seasonal pattern for the year.” He adds that April tends to be a “hot” time for rentals.
But today’s “fairly normal” comes on top of rent spikes during the first phase of the pandemic. If rents had continued growing at the steady pre-pandemic annual rate seen from 2015 to 2019, Tucker says, then rents would be a lot lower now.
“It’s more expensive than it used to be and more expensive than someone would have reasonably expected it to be this spring if you’d asked them in February of 2020,” Tucker says. “The kind of good news that things are not on a new runaway growth trajectory is maybe more like a silver lining to a still fairly bleak picture for renters in terms of affordability.”
What makes rent unaffordable?
Recent rental data from Zillow may show a downward trend in prices, but rent is still unaffordable in most cities in America.
The meaning of unaffordable may vary by household, but the general guideline is you should spend no more than 30% of your gross income on rent. Among the most unaffordable cities, median income earners in six places would be considered “severely rent burdened” by federal standards.
A monthly NerdWallet rent-to-income ratio analysis of 227 cities in the U.S. finds that, based on the most recent data for April, nearly 67% of rents on the market are equal to or above the recommended 30% ratio in March. The previous month’s report shows the ratio in March was 65%. February was the same.
That means, if you live in one of the cities where the rent-to-income is 30% or higher and you earn the median income or less, the typical rent in your area is likely moderately to severely burdensome. Market rent comes from Zillow, based on April data, and median household income used for this analysis is from 2021 U.S. Census Bureau data. The data doesn’t differentiate between incomes for residents who own rather than rent in those cities.
By federal standards, spending 30% to 49% of income on rent means a household is “moderately rent burdened,” and spending 50% or more means a household is “severely rent burdened,” according to the NYU Furman Center, which conducts research about housing and urban policy.
Among the 227 cities analyzed, seven have rent-to-income ratios that put renters with median incomes in the “severely rent burdened” category for April 2023:
Bridgeport, Connecticut: 70.71%.
Trenton, New Jersey: 70.55%.
Miami: 68.98%.
Santa Maria, California: 60.68%.
New York City: 56.99%.
Madera, California: 53.39%.
Los Angeles: 50.14%.
Renters with the greatest financial burden for housing tend to be seniors, low-income households, immigrants and racial or ethnic minorities, according to a 2015 Zillow analysis of U.S. Census Bureau data.
Here are the cities with the least and most affordable rental housing markets, according to April 2023 rental market data by Zillow.
Methodology: Rent-to-income ratios by metro area
NerdWallet pulled the most recent available market rental data for 529 cities from the Zillow Observed Rent Index and matched it with the most recent available median household income data (2021) for cities by the U.S. Census Bureau. Certain cities identified in the Zillow Observed Rent Index weren’t included in the U.S. Census Bureau list of median household incomes by city and thus weren’t included in this analysis. A total of 227 cities were identified by both sets of data. Then, NerdWallet calculated the rent-to-income ratio using the following formula: Market rent/(median income/12 months).
Save more, spend smarter, and make your money go further
The advent of fall serves as a good reminder that you may need to correct course and keep your financial responsibilities in mind. On the first day of fall, the autumnal equinox, the lengths of day and night are roughly equal, and the daylight grows shorter from there. Use the diminishing sunlit hours to get you and your money back on course after a summer of sun and fun.
Start over
Every year at back-to-school time, there are ads for notebooks, fancy pens and backpacks. Even if you don’t have children, the fall season brings to mind stacks of blank paper, waiting for you to write your story….or re-write it! Are you financially off-track and your money goals are nowhere in sight? Start with a clean slate and get back to basics. Create fresh goals. Redo your monthly budget. Commit anew.
Become a night owl
We turn our clocks back on November 1. Use that hour to reflect on your day, unwind and set action items for tomorrow that will keep you on the right financial path.
Spring cleaning isn’t just for spring
If you live in a cold climate, now is the time you are pulling winter gear out of storage. Purge ill-fitting or never-worn garments and gear and have a fall yard sale. You’ll clear space in your life and earn a bit of money you can put towards your saving goals.
Give your bills a checkup
Scrutinize your bills. Are you paying the right amount for utilities, cable or broadband, phone, and other recurring monthly expenses? Are there any hidden fees? This is a good time to get organized, adjust your data plan or cut some channels out of your satellite TV package to save a few more bucks.
Pay attention to open enrollment
Many employees benefit plans run open enrollment — the period when you can make changes or sign up for new benefits — at this time of year. Instead of ignoring those flyers or emails, open them! Make sure you are taking advantage of vision, dental, and health insurance, and contributing to your employer’s retirement plan. Look at how much you spent this year on healthcare costs and see if a healthcare savings account may benefit your family. Keep in mind that Health Insurance Marketplace open enrollment for 2016 is from November 1, 2015 through January 31, 2016.
Stock up for next year
Now is the time to purchase used summer gear like patio furniture, pool toys and bikes. When others are deciding what doesn’t get to stay in the garage for another year, you can snag a great bargain on something you’ve wanted to add to your warm-weather activities. Grab it now and look forward to using it next year.
Resist the pumpkin spice latte
You can’t open your eyes in September without seeing an ad for a pumpkin spice something. It can be tempting to embrace the fall flavor, but did you know that a pumpkin spice latte can be as much as $5.25? I don’t know about you, but every year I succumb to the advertising pressure and long for the tasty warm treat. It’s a good reminder to skip the coffee stop and make your latte at home and save a fiver. Or at least custom order yours, which could save you half the cost!
Watch the calendar
The countdown to Christmas is alive in social media feeds. Whatever winter holiday you celebrate, plan accordingly. They happen at the same time every year, so now’s the time to make your plan — don’t let them sneak up on you and force you into overspending on food, travel, or gifts at the last minute.
Snuggle and save
When it gets cold outside, we tend to stay in, watch movies or invite friends over. While this routine may get old by March, at least you’re not out somewhere spending money! Silver lining, right?
Kim Tracy Prince is a Los Angeles-based writer. If she didn’t have a husband and 2 young boys who love sports, she’d save money by staying in and reading all the books that she never has time for.
Save more, spend smarter, and make your money go further
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My New Financial Reality in the “Real World”
A C-suite exec from one of the world’s largest gaming giants is floating his contemporary home on the market — with a $5,798,250 price tag. Or a $23k/month rent, whichever comes first.
Marcus Sanford, Deputy CFO Planning & Analytics at Activision Blizzard, arguably the biggest gaming company in the world whose annual revenue reportedly amounted to $7.53 billion in 2022 alone, has just listed his Los Angeles home, giving gaming fans everywhere a peek inside the life of a Blizzard executive.
For those less familiar with the gaming scene, Santa Monica, Calif.-based Activision Blizzard, is best known for creating some of the biggest videogame franchises out there, including World of Warcraft, StarCraft, Diablo, Overwatch, and Hearthstone (which yours truly has been playing since it first launched its beta version back in 2013).
And spearheading the efforts to deliver these immensely popular video games to fans all over the world comes with benefits, as we’re about to see.
Inside the spectacular home of an Activision Blizzard executive
CFO Marcus Sanford’s house is a custom-crafted, modern abode set in the heart of Melrose Village, the popular Los Angeles neighborhood that runs along Melrose Avenue between Fairfax Avenue and Highland Avenue.
But location is by no means the only thing that makes this property stand out.
The distinctly contemporary home has 4 bedrooms, 4 full baths and one half-bath spread across 3,813 square feet of meticulously appointed living space.
Its interiors ooze modern luxury without sacrificing on warmth, relying heavily on wood and natural elements to set the tone for each space.
Stand-out features include white oak hardwood floors, a skylight shining down upon a stunning 20-year-old ficus bonsai, and wide glass windows that embrace abundant sunshine.
The luxurious kitchen is every culinary expert’s dream, equipped with the finest appliances (Miele), as well as marble countertops, an espresso machine, two ovens, a chef’s six-burner stovetop, a wine chiller, and even a designer pantry.
It’s also set right next to the sliding glass doors that open to the outdoor spaces — making summer BBQ prep or alfresco dining a breeze.
Rounding up the long list of amenities, the Activision Blizzard CFO’s home comes with four sleek fireplaces placed throughout the public and private rooms, a wine cellar, and an additional den or media room.
SEE ALSO: Inside a rare Disney World estate with themed ‘Star Wars’, ‘Frozen’ rooms
Though it’s worth mentioning that the property also features a Tesla charger and Control 4 system that manages indoor and landscaping lighting, indoor & rooftop music, TVs, blinds and doors, intercom and gates.
Per the listing, the four ensuite bedrooms feature spacious closets and privacy, and the expansive primary suite boasts a spa-like custom bath with a soaking tub, dual waterfall shower, and double vanity.
The primary suite also opens onto a private patio with its own fireplace.
Outdoor spaces reign supreme, with an expansive rooftop deck as the crown jewel
Impressive as the home might be, it was its outdoor spaces that caught our eye.
From its verdant, atrium garden entry to its carefully manicured backyard, the property’s outdoor areas bear the signature of Sirak Studio, the lauded Los Angeles-based design studio helmed by Adam Sirak.
But the property’s standout feature is its expansive 868-square-foot rooftop deck, complete with its own kitchen, bar, and outdoor living room.
Fully finished in solid teak decking with an open-front gas fireplace, the generously sized rooftop deck includes custom teak coffee tables accented with Italian silver travertine, outdoor fabrics by Kelly Wearstler, and lounge chairs by Holly Hunt.
The house is listed with Farah Levi and Mauricio Umansky of The Agency with a $5,798,250 price tag but is also offered as a rental for $23,000/mo.
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$36M Bel Air mansion is the epitome of modern luxury ER star Anthony Edwards lists Spanish-style vacation beach home for $6.5 millionOnce home to Stevie Wonder, this newly listed Beverly Hills compound has views for days Bacardi heiress lists rare Disney World estate with themed ‘Star Wars’, ‘Frozen’ rooms
The Hong Kong tourist board has partnered with Hong Kong International Airport (HKG) and home airline Cathay Pacific to offer North American travelers a limited batch of cut-price airfares to the city.
The campaign to celebrate the easing of travel restrictions in the region is part of a plan to give away 700,000 subsidized tickets globally; it began slowly rolling out country by country in March.
The North American offering is currently underway with Cathay Pacific. Successful applicants will pay only the taxes and surcharges for their tickets. To put this in context, roundtrip fares from New York’s John F. Kennedy International Airport (JFK) to HKG typically start around $2,300 dollars with taxes and surcharges totaling around $350 of that amount. This means that the subsidized ticket offer could save you at least $1,800 on your ticket or even more during busier periods.
However, you’ll need to act fast if you want to benefit — the airline will contact applicants on May 17 at 5:00 p.m. PST/8:00 p.m. EST, via email where they will receive an access link. You’ll then be able to use the link until the sales close on May 23 or until all tickets have sold out. Tickets will be available on a first-come-first-served basis, so keep an eye on you emails for the access link if you don’t want to miss out.
To be in with a chance, you must sign up as a member of Cathay Pacific’s Asia Miles loyalty program by using the link on the airline’s World of Winners page here.
Related: Ultimate guide to Cathay Pacific Asia Miles
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Cathay Pacific currently offers flights departing the U.S. to HKG from JFK, Los Angeles International Airport (LAX), San Francisco International Airport (SFO) and Boston Logan International Airport (BOS).
After you receive your voucher code it must be redeemed within one month. The redemption will be limited to economy seats and will be valid for travel for nine months. The minimum stay period will be two days and the maximum is one month.
Related: The ultimate guide to Cathay Pacific first class
It’s unclear exactly how many tickets are available to North American travelers, though it is expected to be 4,000 to 6,000 based on the offerings in other countries.
The Hong Kong tourist board is also offering various “Goodies” vouchers for visitors on its website. Some of these include welcome drinks at participating bars and restaurants, cash vouchers worth 100 Hong Kong dollars (about $13) and free transport tickets, among other items. You can apply for your Hong Kong Goodies voucher here.
Bottom line
Cathay Pacific has partnered with the Hong Kong tourist board and HKG to offer subsidized tickets to North American passengers. The tickets are in limited supply, but successful applicants will only need to pay for the taxes and surcharges on their tickets. Winners will be informed May 17.
Now that Tarek and Heather El Moussa have joined forces in holy matrimony and in the business of flipping homes and in starring on their own show, “The Flipping El Moussas,” we figured it was only a matter of time before they took the next step that all reality star couples take.
Can you guess? They’ve embarked on selling their own line of home decor.
Pretty much all big-name reality TV stars hawk their own products, of course. Chip and JoannaGaines peddle home accessories galore at Magnolia and Target. Property brothers Drew and Jonathan Scott launched a furniture line at Living Spaces. Dave and Jenny Marrs of “Fixer to Fabulous” have a slew of outdoor wares at Walmart. Even Tarek’s ex-wife, Christina Hall, has her own bracelet line. In short, the list of celebrity-endorsed products is nearly endless.
So it stands to reason that the El Moussas would also enter into the fray. Yet while I was excited to check out their offerings, I have to admit I was somewhat underwhelmed.
Is Tarek and Heather El Moussa’s home decor line a flop?
Home by Tarek & Heather currently offers only four products: two candles priced at $38, one candle priced at a jaw-dropping $249, and a dispenser of hand soap for $16.
All “smell lovely,” says Heather in a promotional video.
Apparently, these four products are just the start, with more to come—at least according to the second episode of their show, when Tarek and Heather were celebrating the arrival of some samples. They are not only sniffing candle scents, but also plumping pillows and nuzzling what looked like whisper-soft throws.
Tarek describes their new line: “In all of our flips, we’re going to put in candles, we’re going to do floor mats, rugs, maybe blankets, like homey stuff. Like comfy rugs and pillows.”
“So when people walk in, they know it’s a home by Heather and Tarek—er, Tarek and Heather. Sorry,” Heather says with a laugh.
I’m sure I wasn’t the only one who immediately wanted one of those throws. Given my anticipation, I was sorely disappointed to scour their website with nary a throw in sight—just four freaking products, one of them a $249 candle.
Could they have been overly eager to get to market, or just painfully naive about marketing home products? Tarek is known for selling homes, but selling home decor is a whole different game.
To find out what they might have been thinking, I reached out to consummate branding and marketing expert Klint Briney, founder and CEO of BRANDed Management. His company has worked with celebs, including Ed Sheeran, LeAnn Rimes, Mariah Carey, and Mark Cuban among others.
I asked him why the El Moussas launched so few products right out of the gate—shouldn’t they have waited until they had more to offer? Briney thinks not.
“By entering the saturated market of celebrity brands and home goods, a more risk-averse approach would be to initiate a small launch to test the market,” Briney says.
In other words, less is initially more when it comes to these lines.
“They chose two hero products that are both gender-neutral, accessibly-priced, and shelf-stable,” Briney continues. “In a time when most Americans struggle with decision fatigue, fewer offerings can often initiate higher conversion rates, as they are not bombarding the consumer with too many choices.”
I heard that. When I do a search on Amazon for one specific product and get 20 pages of results, I am usually overwhelmed by the choices and hold off on my purchase.
Tarek and Heather’s products haven’t been picked up yet by big-box stores like Target and Walmart, where their contemporaries have a presence? Is that a bad sign?
Not really, according to Briney.
“It appears they are taking a more targeted and narrow approach upon launch, as it is critical for them to ‘win their own backyard’ before employing a more large-scale, blanketed rollout,” Briney continues. “Their items are strategically branded Newport Beach and Los Angeles, the two markets they work and reside in. This sort of data is great presentation material when meeting with mainstream retailers, which often leads to better terms.”
In other words, you start out small and targeted, prove your work in a niche area, then your business offers a lot more value to a big-box store.
“They can learn a lot by the recent acquisition of Aussie brand Aesop,” Briney adds. This producer of skin, hair, and body care products was recently “acquired by Loreal for $2.5 billion, the largest in company history.”
If they’re lucky, Tarek and Heather, after starting with a few candles and some hand soap, could end up with a billion-dollar deal with a major international corporation.
“In an era of cancel culture and the fast rise and fall of most celebrity careers, the fact that Tarek has had a show in production over 10 years, along with reinventing himself after a high-profile divorce, shows his marketplace viability,” Briney concludes.
Forget the throws. Maybe instead I should buy stock in the El Moussa company.
One of my favorite pastimes is wandering design stores for inspiration. Gorgeous lighting, stunning sofas, a beautifully made bed are like food for my soul. One of my favorite places to do said wandering is Cisco Home. I’ve long been a fan of Cisco Home. I fell in love with their Jug Lamp Pendants the first time I stumbled upon their San Francisco store in Hayes Valley. Living in our first loft at the time, I had zero opportunity to make use of those pendants but that didn’t stop me from coming back to pay them a visit. Often. Now five years later, obviously many things have changed for me, and for Cisco Home too. They recently moved into a two story space close to San Francisco’s Design Center and it is stunning!
I’m like a kid in the ultimate design candy store. I can never decide what I love the most. Their stunning sofas, that adorable round pouf (it comes in leather – I’ve been coveting one for years) or all their amazing lighting. But what I love most is what I’ve come to learn about Cisco Home since getting to know them. A family-run business with more than three generations all working togehter, every single piece is designed and made in house. Right in Los Angeles. I actually have a lot more detail about all that which I’m going to get to share next week.
But for now – I get to invite you to a party! If you live in the Bay Area, please come by the Cisco Home Showroom TONIGHT between 6:00pm – 8:00pm. I’m cohosting the launch of Environment by Cisco Home – a collection of sustainably produced pieces made of reclaimed wood, responsible materials. There is going to be tasty treats, refreshing drinks and the opportunity to tour the stunning space. I hope I might get to meet a reader or two there.
Have you ever wondered about where the things in your home come from? Who created them? How were they made? I firmly believe that a thing takes on a whole new level of meaning when you can tell its story. I’ve made this concept a top priority as I work to design our new house. The renovation process has been such a (never-freakin’-ending!) labor of love. So now that I’m working on furnishing the space, I want what I put in the house to have the same level of care and attention paid that we put into our construction. I’m in no rush to simply fill the house with off the shelf stuff so that it feels “done.” Instead, I’ve been intentionally taking my time, hunting down pieces that I know I will feel good about every time I look at them.
So when my friends at HP challenged me to create an experience inspired by the beautiful design and attention to detail that went into making their gorgeous HP Spectre laptop (my new obsession which you may have caught in this post here), I knew exactly what I wanted to do. I wanted to collaborate with someone who would put that same attention to detail and commitment to artistry into a piece for my home. It did not take long for me to think of my dream partnership. I immediately set my sights on the home furnishing company Cisco Home. Like HP, they care about both the guts of their product as much as the visual aesthetics.
I’ve been obsessed with Cisco Home ever since I stumbled upon their store front upon moving to San Francisco. Their eye-catching lighting is what drew me in first, but it is the family run company’s commitment to quality, sustainability and beautiful timeless design that has kept me coveting a Cisco Home piece. Thanks to HP, I got the chance to hop down to Los Angeles to get a personal tour of the Cisco Home headquarters and furniture factory (where nearly everything Cisco Home sells is made by hand), to see what goes into their design process and collaborate with the founder himself on a custom piece for our home! Swoon.
As we walked Cisco Home’s factory floor, my HP Spectre tucked in my purse (it’s SO thin and light you can’t even tell it’s in there, can you??), I was so impressed by the skill and artisanship that goes into building furniture frames – Cisco only uses certified sustainable hardwoods – hand tufting headboards, stuffing cushions or hand stitching upholstery. Fabrics are designed in house by Cisco Home’s Creative Director & founder Cisco’s daughter Maurishka. To see the human hand that touches each detail of a piece of furniture was so inspiring.
After getting to see how a piece of furniture is made – start to finish – we sat down do design the perfect piece for my house! I was like a kid in a design candy store to say the least. Since our living room is likely going to be the heart of our home – it’s directly connected to the kitchen and will be the ultimate hang out zone – we decided to design a sofa. When it comes to home furnishings, your sofa is kind of equivalent to your computer if you think about it. It needs to be your work horse and stand up to all the abuse you dish out, but it also needs to look good and inspire you! I really want our living room sofa to be a piece I’ll love for years to come. Thankfully, my HP Spectre was the perfect travel companion to help us get the job done. At less than 2.5 lbs I was able to travel with it easily. And with its great battery life, I didn’t even have to haul a charger.
We were able to sit down right there in the middle of the Cisco Home showroom and quickly look up sofa styles on their website, look through all my Pinterest boards and narrow down to the perfect sofa style, fabric choice and color palette for my design – all in less than an hour! I loved that the online world could so easily collide with the old school physical one that is furniture making. It felt so satisfying to look at Pin boards on my HP Spectre while simultaneously flipping through Cisco Home’s books of gorgeous textile samples, connecting the virtual with the tactile in real time.
While I’ll have to wait for my sofa for awhile, I thought I’d share a little sneak peek of the design direction we’re headed.
I cannot wait for this house that I’ve worked on for so long to finally feel like home. And knowing the loving, thoughtful origins of our living room sofa is going mean so much to me. It’s just proof positive of HP’s entire approach to the design of the Spectre; that when something is thoughtfully designed from the inside out, it is made to last and to be loved.
original photography for apartment 34 by jeff mindell
This post is a paid collaboration with HP Spectre. All thoughts and opinions are 100% my own. Thank you for supporting partnerships that I’m excited about and that have kept Apartment 34’s doors open.