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Trump says he’d “look at” a pardon for NYC Mayor Eric Adams
NEW YORK – President-elect Donald Trump said Monday he would “look at” a pardon for embattled New York City Mayor Eric Adams, who has been indicted on federal corruption charges.
Trump added he was not familiar with the specifics of the charges Adams faces.
Adams has pleaded not guilty to five charges, including conspiracy to commit wire fraud, solicitation of a contribution by a foreign national and bribery. He’s accused of accepting travel benefits and illegal campaign contributions. You can read the full Adams indictment here.
Adams has pleaded not guilty to all the charges and has said he has no plans to resign and is seeking re-election. His trial is set to begin on April 21.
Adams won’t be getting campaign matching funds
Trump made the announcement the same day the New York City Campaign Finance Board announced it will not be giving matching funds to Adams for his reelection bid, a serious setback for his campaign.
“After thoroughly reviewing all available information, including the details of the indictment of Mayor Adams, the Board has determined that there is reason to believe that the Adams campaign has engaged in conduct detrimental to the matching funds program, in violation of law including the Campaign Finance Act and Board rules. His campaign also failed to provide documents and information requested by the Board. Accordingly, Mayor Adams’ campaign for reelection has failed to demonstrate eligibility for public funds payment at this time. Our priority remains achieving an equitable and transparent democracy that is accountable to all New Yorkers,” New York City Campaign Finance Board Chair Frederick Schaffer said.
“While today’s ruling by CFB to withhold matching funds at this time is disappointing, we will continue to work with the board to address any issues so that funds can be appropriately disbursed. The mayor’s campaign continues to have far more resources than his opponents’, and we are very confident we will have the support we need to spend the maximum amount allowable in the upcoming primary,” Adams’ 2025 campaign counsel Vito Patta said in a statement.
“Eric Adams’ unethical and potentially illegal campaign fundraising practices have led the NYC Campaign Finance Board (CFB) to deny him matching campaign funds for his re-election bid in 2025. New York’s public financing system works — we have some of the most robust campaign finance laws, and we’ve been a model for states and localities across the nation,” New York Working Families Party Co-Directors Jasmine Gripper and Ana María Archila said in a statement. “We are relieved to see the CFB’s decision to put public tax dollars to good use and prevent abuse of the system. It is time for New York City to elect a new mayor who can govern with integrity in service of New York City’s working families.”
Adams’ top aide abruptly resigns
These are just the latest developments in the investigation into Adams and his top aides, and come on the heels of Ingrid Lewis-Martin, Adams’ top advisor for years, abruptly announcing her resignation Sunday night. That announcement comes as prosecutors have reportedly presented evidence to a grand jury looking into corruption allegations against her.
Lewis-Martin’s resignation came a month before she was expected to retire.
Federal agents subpoenaed Lewis-Martin and seized her cellphone after she returned from a trip to Japan in September. They also searched her home in Brooklyn.
The Manhattan DA’s office has said it was looking into Lewis-Martin and four others reportedly involving the city’s leasing of commercial properties.
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Washington — TikTok and its parent company ByteDance have asked the Supreme Court to temporarily pause a law that would ban the app in the U.S. as soon as Jan. 19.
“A modest delay in enforcing the Act will create breathing room for this Court to conduct an orderly review and the new Administration to evaluate this matter — before this vital channel for Americans to communicate with their fellow citizens and the world is closed,” the emergency application said.
The move comes days after the U.S. Court of Appeals for the District of Columbia Circuit denied TikTok’s bid to delay the ban from taking effect pending a Supreme Court review.
TikTok and ByteDance asked the Supreme Court to make a decision on its request to delay the law by Jan. 6 so they can “coordinate with their service providers to perform the complex task of shutting down the TikTok platform only in the United States” if the justices decline.
This is a developing story and will be updated.
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Homeowners have multiple ways to access their accumulated home equity. From home equity lines of credit (HELOCs) to reverse mortgages and home equity loans and mortgage refinancing, there’s likely a safe and effective way to borrow your home equity now, regardless of your financial circumstances. And with the average amount of home equity sitting around $320,000 now, there’s likely plenty to utilize, too.
Two of the more conventional options — home equity loans and mortgage refinancing — may be worth exploring now, going into 2025. But with the interest rate climate changing again, homeowners may be wondering which of these two will be better worth pursuing in the new year. Below, we’ll detail the considerations.
Start by seeing what home equity loan interest rate you could qualify for here.
Home equity loan vs. mortgage refinance: Which will be better in 2025?
Each homeowner’s financial needs and circumstances are unique. Here, then, is when a home equity loan may be more favorable in the new year (and when a mortgage refinance may be):
Why a home equity loan could be better in 2025
A home equity loan is likely to be better for the vast majority of homeowners in 2025 for a simple but powerful reason: They won’t need to give up their currently low mortgage interest rate to secure the extra financing. While home equity loan rates at 8.38% (on average) are higher than mortgage refinance rates at 6.80% for a 30-year refinance, home equity loans will allow you to keep your current mortgage rate. These loans function separately from your existing mortgage repayment schedule. Because of this, you don’t need to use your current mortgage lender to secure a home equity loan. Instead, shop around amid competitors to see what other offers are available.
The primary reason for your home equity use is also important. While a mortgage refinance or home equity loan may be interchangeable in terms of the benefits it can offer for some expenses, others, like home repairs and renovations, are better paid for with a home equity loan. That’s because the interest on the loan will be tax-deductible if used for eligible home repairs. For all of these reasons, then, a home equity loan may be the better way to utilize your home’s value in 2025.
Get started with a home equity loan online today.
Why a mortgage refinance could be better in 2025
While home equity loans may be advantageous for the majority of homeowners next year, they may be quite right for all. If you purchased a home in 2023, for example, when mortgage interest rates were approaching 8%, a refinance can be the better way to put some extra money back into your pocket now.
With refinance rates on a 30-year mortgage at 6.80% and 6.15% for 15-year refinance loans, you could wind up saving a substantial sum by refinancing into the lower rate. The conventional wisdom is that a refinance of a full percentage point below your current one is worth pursuing. So, if you have a rate between 7.15% and 7.80% now, this may be the better option. Not only will you save on your monthly payments, but you won’t need to worry about making any repayments (plus interest) back to the lender like you would with a home equity loan. Again, this option isn’t for all homeowners or even most right now. But a select few could see some real benefits if they fall into this category.
See how much you could potentially save with a refinance loan here.
The bottom line
When trying to determine the best home equity borrowing path for 2025, your personal financial needs will come first. For many, a home equity loan, with its ability to offer a low-rate borrowing option without having to exchange an existing low mortgage interest rate, may be beneficial. Others, however, may seem more substantial relief (and lower payments) by refinancing to today’s lower mortgage interest rates, even if they’re still higher than what was available in recent years. Close exploration of both options is critical to ensure that any equity or loan terms adjusted for your current situation are financially tolerable, both now and in the future.