CFPB to Host First-Ever Research Conference May 7-8

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago April 27, 2015 1,299 Views Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Previous: Analyst Says Buying a Home Now Is a Solid Investment Next: Economist: Declining Shadow Inventory Will Not Help Country’s Short Housing Supply The Consumer Financial Protection Bureau (CFPB) will host its first-ever Research Conference on Thursday, May 7, and Friday, May 8, at the Bureau of Engraving and Printing in Washington, D.C.High-quality consumer finance research will be the focus of the two-day conference, which will feature academic and government researchers presenting their research papers as well as five panel discussions.”The goal of conference is to connect the core community of researchers and policymakers with the best research being conducted across the wide range of disciplines and approaches that can inform the topic of consumer finance,” CFPB said on the conference website. “We hope that the conference is attended by a diverse audience from academia, government agencies, nonprofit agencies, and industry.”The first day of the conference will feature a presentation and discussion on recent publications from the CFPB’s Office of Research, a panel discussion on Shocks and Consumer Well-Being moderated by Charles Romero of the CFPB, and a panel discussion on Consumer Learning and Behavior Change, moderated by Melissa Knoll of the CFPB.The second day of the conference will include a panel discussion on Consumer Background, Knowledge, and Expectations on Financial Outcomes moderated by Lori Parcel of the CFPB, a panel discussion on Information and Consumer Decision-Making, moderated by Erik Durbin of the CFPB, and a panel discussion on Supply of Credit on Consumer Decision-Making, moderated by Darryl Getter of the Congressional Research Service.Click here to see an agenda for the conference and a list of all the presentations happening within the panel discussions.Registration for the event is closed due to having reached maximum capacity for the venue, but the conference will be recorded and the video will be posted for viewing. Tagged with: CFPB Consumer Finance Research Subscribe The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Related Articles Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CFPB Consumer Finance Research 2015-04-27 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / CFPB to Host First-Ever Research Conference May 7-8 The Best Markets For Residential Property Investors 2 days ago CFPB to Host First-Ever Research Conference May 7-8  Print This Post Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

OCC Terminates Foreclosure-Related Consent Order for OneWest

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Banks Foreclosure-Related Consent Order OCC OneWest 2015-07-27 Brian Honea Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Office of the Comptroller of the Currency (OCC) announced the termination of the 2011 foreclosure-related consent order for OneWest Bank, having determined that the bank has satisfied the terms of the consent order.OneWest was one of 12 mortgage servicers penalized by the OCC and the Office of Thrift Supervision (OTS) in April 2011 for deficient mortgage servicing and foreclosure practices. The OCC handed down enforcement actions against Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo. The OTS penalized Aurora Bank, EverBank, OneWest Bank, and Sovereign Bank.The consent orders handed down against the servicers were based on findings by an examiner during an interagency review of major mortgage servicers conducted during Q4 2010, at the height of the foreclosure crisis. The OTS reported at the time of the consent order in 2011 that OneWest serviced a portfolio of approximately $141 billion in residential mortgage loans.At the same time the OCC announced the termination of OneWest’s consent order, the agency announced that it had granted approval for the Pasadena, California-based bank to merge with CIT Bank, which is based in Salt Lake City, Utah. The name of the new merged bank will be CIT Bank, N.A.OneWest was one of eight national banks included in the OCC’s Q1 2015 Quarterly Mortgage Metrics Report released in late June. The OCC reported that the percentage of performing first-lien mortgages at the eight banks had increased from 93.1 to 94.2 percent year-over-year and that foreclosure activity had declined during that same period by more than 30 percent to just less than 300,000 loans.Click here to view a copy of the original consent order against OneWest in April 2011. To view a copy of the consent order termination, click here. The Best Markets For Residential Property Investors 2 days agocenter_img Previous: Presidential Hopeful Ben Carson Is Skeptical of the New Fair Housing Rule Next: DS News Webcast: Tuesday 7/27/2015 Tagged with: Banks Foreclosure-Related Consent Order OCC OneWest OCC Terminates Foreclosure-Related Consent Order for OneWest Servicers Navigate the Post-Pandemic World 2 days ago July 27, 2015 1,748 Views Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / OCC Terminates Foreclosure-Related Consent Order for OneWest About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Morgan Stanley Begins to Fulfill RMBS Settlement Debt

first_imgHome / Daily Dose / Morgan Stanley Begins to Fulfill RMBS Settlement Debt Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Do Demographics Play a Role in the Current Homeownership Rates? Next: Lenders Find New Strengths In Shared Households Subscribe in Daily Dose, Featured, News Related Articles Tagged with: Justice Department Morgan Stanley Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea August 10, 2016 1,266 Views center_img Sign up for DS News Daily Morgan Stanley has begun to fulfill its consumer relief obligations under a settlement with federal and state regulators in connection with mortgage-backed securities practices, according to a report from independent monitor Professor Eric D. Green.On February 11, 2016, Morgan Stanley entered into a $3.2 billion settlement with the Department of Justice and New York State in connection with the creation, packaging, marketing, underwriting, sale, structuring, arrangement, and issuance of mortgage-based securities in the run-up to the financial crisis.The penalty from the DOJ amounted to $2.6 billion, while Morgan Stanley agreed to provide New York State with $550 million—including $400 million in consumer relief by the end of September 2019.Green said in his first report on the settlement that Morgan Stanley has submitted credit under the settlement of debt that is owed on 19 first-lien mortgage loans totaling approximately $10.4 million in reportable credit. While that total represents less than 3 percent of the overall consumer credit Morgan Stanley agreed to provide, it provided a “test drive” for the monitor and his team to assess Morgan Stanley’s plan for delivering the consumer relief and methodology for calculating how the assistance qualifies for credit under the settlement.Based on the initial review, Green said that Morgan Stanley is “employing a logical and appropriate approach to seeking credit for its consumer-relief efforts” and that “In the coming months, we should get a clearer picture of how quickly Morgan Stanley is delivering on its consumer-relief obligations and how much of what kind of relief is being delivered.”According to the monitor, 11 of the 19 loans were located in Hardest Hit Areas, which are areas identified by the U.S. Census Bureau has having a high concentration of foreclosure and distressed properties. All but one of the 19 homes were underwater on their mortgages. The average principal forgiven on these loans was more than $430,000, according to Green, and after the forgiveness, all 19 of the homes had an LTV ratio of 100 percent or lower—meaning either they were in positive equity or the owners did not owe more than the homes were worth.The February 2016 settlement was not the first for Morgan Stanley over mortgage-backed securities practices. In February 2014, Morgan Stanley entered into a settlement with the Justice Department for $2.6 billion to resolve claims that the investment firm packaged and sold toxic MBS in the run-up to the crisis.Click here to view the monitor’s complete report. Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Justice Department Morgan Stanley 2016-08-10 Kendall Baer Morgan Stanley Begins to Fulfill RMBS Settlement Debtlast_img read more

Why Many Millennials Still Live with Mom

first_img Related Articles Why Many Millennials Still Live with Mom Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Home / Daily Dose / Why Many Millennials Still Live with Mom Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Sign up for DS News Daily Previous: NYC Property Investment Revisited Next: Counsel’s Corner: The Challenges Facing Financial Services Firms The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Tagged with: costs Down Payment Homes Houses HOUSING Median Rent Millennials new Home Parents rents Zillow May 14, 2018 2,030 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Krista Franks Brock As their children age into adulthood, some mothers may feel a tinge of sadness at the thought of becoming an “empty nester;” others may rejoice at a new sense of freedom. Either way, mothers of young adults today may find their nest full for a while longer than mothers in years past. Despite a recovering labor market, a growing percentage of millennials are living with their mothers, according to recent data from Zillow, and many of them are college graduates. The percentage of millennials living with either their mother or both of their parents has risen 9 percentage points since 2005, up to 22.5 percent. That’s about 12 million adults ages 24 to 36 across the nation. About 12 percent of these young adults are unemployed, according to Zillow’s findings. The percentage of recent college graduates living with their mothers is also on the rise. About 28 percent currently live with their mothers, up from 19 percent in 2005. The share of millennials living with their mothers is up in all of the 50 largest metros from what it was in 2005. In some, it has more than doubled.With a recovering labor market, some may wonder what excuse these young adults have for living with their parents in a society that values independence. According to Zillow, you can blame it on the rents. After all, rents did rise 3 percent over the past year, and the Zillow Rent Index now stands at $1,475 for the nation. “As rents outpaced incomes over the past decade, young people turned to their families in large numbers to ease the housing cost crunch,” said Aaron Terrazas, Senior Economist at Zillow. He also conjectured, “Living with parents may allow young adults to pursue work or a passion that may not be especially lucrative, or save enough money for first and last month’s rent or a down payment on a home of their own.” The impact of rent costs can be seen in Zillow’s data, which reveals a higher percentage of millennials living with parents in areas with high rent and a lower percentage of millennials still living with parents where rents are more affordable. More than 30 percent of millennials live with their mothers in Los Angeles, California; Miami, Florida; Riverside, California; and New York, New York. In all of these markets, rent claims more than 35 percent of the median income level. In Los Angeles, the median rent takes up 47.3 percent of a median monthly income. On the other hand, just 13.9 percent of millennials in Austin, Texas, live with their mothers, the lowest rate recorded in any of the largest 50 metros in the nation, according to Zillow. A median rent in Austin costs 27.3 percent of a median income per month. Seattle is not far behind Austin, with 14.4 percent of millennials living with Mom. In Denver, 15 percent of millennials live with their mothers, followed closely by Oklahoma City at 15.2 percent. Western markets, even despite high and rising rents, tend to have higher rates of millennials living on their own, which Terrazas says is because, for many, their families live far away. Terrazas did note, Zillow’s analysis did not differentiate between millennials moving in with their mothers and mothers moving in with their grown children.“There is also a small slice of this young adult population that has a mom living with them instead,” he said. “Perhaps mom needs extra care as she ages, or has moved in with an adult child to help raise her grandchildren.” For any mothers wondering when their millennial children will move out on their own, only time will tell; but if we’re blaming it on the rents, it is worth noting that Zillow predicts a 2 percent rise in rent costs over the next 12 months.  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago costs Down Payment Homes Houses HOUSING Median Rent Millennials new Home Parents rents Zillow 2018-05-14 Krista Franks Brock Subscribelast_img read more

HUD’s Plan for Housing Counseling Services

first_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: default Delinquency Foreclosure HUD HUD’s Plan for Housing Counseling Services  Print This Post default Delinquency Foreclosure HUD 2019-06-03 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Fannie Mae and Freddie Mac Launch UMBS Next: The March of For-Sale Housing Inventory Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles About Author: Seth Welborncenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / HUD’s Plan for Housing Counseling Services Sign up for DS News Daily Share Save in Daily Dose, Featured, Foreclosure, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago June 3, 2019 1,521 Views The Department of Housing and Urban Development (HUD) recently announced that it will be making $43 million in grants available to support hundreds of housing counseling organizations across the country. These organizations support homeowners through services aimed at helping those looking to purchase their first home, searching for affordable rental housing, or households trying to avoid foreclosure or eviction.“HUD-approved housing counselors can make all the difference in helping families find and keep stable housing,” said HUD Secretary Ben Carson. “Research demonstrates that housing counseling helps people make informed housing choices and can be the best preventative medicine to avoid housing problems down the road.”According to HUD, every federal dollar invested in housing counseling is estimated to stimulate six dollars from other state and local sources.HUD’s plans to better assist and counsel homeowners facing foreclosure comes as delinquency rates continue to dwindle. Black Knight recently reported that mortgage delinquencies dropped to 3.47% as of April, the lowest point on record, and Black Knight noted that the 5.51% month-over-month decline between April and March was the strongest single-month April improvement Black Knight has seen.Serious delinquencies fell to a 12-year record low as well, down to 474,000, marking a 124,000 year-over-year decline. Despite the declines, foreclosure starts edged up in April month-over-month by 4.28%, putting the total at 41,400. Year-over-year, however, foreclosure starts declined by 16.02%.In addition to the grant funding announced last week, HUD will also make an additional $2.5 million dollars available through its Housing Counseling Training Grant Program to support basic and specialized housing counseling training for housing counseling agencies.“HUD-approved housing counseling agencies help homebuyers evaluate if they are ready to buy a house, understand their financing and down payment options, help families find affordable rental housing, navigate through issues associated with Home Equity Conversion Mortgages (HECMs), and offer financial literacy training to help struggling families repair credit problems,” HUD stated.last_img read more

Measuring Pending Home Sales and Affordability

first_imgHome / Daily Dose / Measuring Pending Home Sales and Affordability Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Affordability Pending Sales Rent Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Pending home sales declined in April 2019, according to the latest Pending Home Sales Index from the National Association of Realtors (NAR). The Index fell 1.5% to 104.3 in April, down from 105.9 in March, and year-over-year contract signings declined 2%, which the NAR states is the 16th straight month of annual decreases.”Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising,” said Lawrence Yun, NAR Chief Economist. “It’s inevitable for sales to turn higher in a few months.””Home price appreciation has been the strongest on the lower-end as inventory conditions have been consistently tight on homes priced under $250,000. Price conditions are soft on the upper-end, especially in high tax states like Connecticut, New York and Illinois,” Yun said.Yun notes that the sales dip has yet to account for some of the more favorable trends toward homeownership, such as lower mortgage rates. Additionally, he states that the year-over-year increases reported by data from realtor.com could be a sign of a rise in inventory.”We are seeing migration to more affordable regions, particularly in the South, where there has been recent job growth and homes are more affordable,” Yun said.By metro area, San Jose-Sunnyvale-Santa Clara, California, Seattle-Tacoma-Bellevue, Washington, San Francisco-Oakland-Hayward, California, Portland-Vancouver-Hillsboro, Oregon-Washington, and Nashville-Davidson-Murfreesboro-Franklin, Tennessee, saw the largest increase in active listings in April compared to a year ago.While affordability is improving, affordability is still a problem for homeowners as well as renters in many metro areas. According to Freddie Mac, the largest metro areas are the most rent-burdened.“Rental affordability is a significant challenge for metropolitan areas across the United States,” said Steve Guggenmos, VP of Freddie Mac Multifamily Research and Modeling. “The vast majority of the units Freddie Mac finances are affordable. Even so, our research shows that supply just hasn’t kept pace with demand in many metros, and that’s pushing affordable rents out of reach for millions of American families.” Affordability Pending Sales Rent 2019-05-30 Seth Welborn Subscribe Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Previous: Temporary Extension Granted for National Flood Insurance Program Next: The Impact of Storm Surges on Housingcenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago May 30, 2019 1,241 Views Measuring Pending Home Sales and Affordability Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News  Print This Postlast_img read more

What’s Next for Housing Finance Reform?

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Home / Daily Dose / What’s Next for Housing Finance Reform? Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago GSE Reform 2019-09-06 Mike Albanese The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: GSE Reform About Author: Mike Albanese in Daily Dose, Featured, Government, News Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. TV personality Geraldo Rivera made waves in 1986 when it was announced that he would be opening Al Capone’s secret Chicago vault. Speculation ran rampant as to what could be inside it.More than 30 million viewers tuned in on April 21, 1986. A forensics examiner was even on hand in the event a body was found.What was found? Dirt and some empty bottles. Not exactly what the millions of viewers, or Rivera for that matter, wanted to see.While it may not be mob secrets, the housing industry has been anticipating the release of the U.S. Department of the Treasury’s plan to reform housing finance.Their reaction now that is has been release? Much like those who tuned into Rivera’s special—seeking more.“It still leaves all the work to be done,” said David Stevens, former Federal Housing Commissioner and former President and CEO of the Mortgage Bankers AssociationStevens noted that the plan did a good job of providing options and applauded the push for legislative changes, as he said that is the only way to create permanent changes.He added that the plan is aligned with many of the talking points the Trump administration has discussed over the past three years. A model presented by U.S. Senator (R-Idaho) Mike Crapo, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, was leaned on, as it focused on a multi-guarantor model, giving more competition to the GSEs, and provide a level playing field for all lenders.What the plan is missing, Stevens said, is numbers. He said there are no specific numbers and plans for how to get out of conservatorship, although providing several options. One of the options outline was putting the GSEs in receivership, which would liquidate the shareholders.“I applaud the administration for putting this together … it is more fulsome than anything that was done by the previous administration, but it still essentially lays out the contours for what has to happen, and with the aggressive lean into legislation, which I frankly think has no possible prospect of happening, at least before the next presidential election,” Stevens said. “I still maintain my expectation is that people will use this paper to debate and discuss but beyond some administration actions Mark Calabria (FHFA Director) might do, I don’t know what else might happen that is significant.”Thursday’s release from the Treasury states President Donald Trump issued a Presidential Memorandum on March 27, 2019, directing the Secretary of the Treasury to develop a plan to address the “last unfinished business of the financial crisis.”“As a direct result of the Trump Administration’s pro-growth policies, unemployment is at 50-year low and American families are earning higher incomes and enjoying more opportunities than seemed possible just a few years ago,” said Secretary of Housing and Urban Development Ben Carson in a release. “There is still one piece of unfinished business from the financial crisis: housing finance reform. These changes to our housing finance system will help more American families achieve their dream of owning a home.”Michael Fontaine, COO and CFO of Plaza Home Mortgage, echoes Stevens’ sentiments. He said the plan will keep the GSEs in place in some form to not disrupt the housing market. Fontaine said there is a lot of concept and “high level” ideas, but no details on how to execute them. One of the plans that lacked details, according to Fontaine, was the possibility of eliminating the QM patch for GSEs for loans over 43 DTI. However, if there is no alternative, Fontaine said, it could limit access to credit for a lot of consumers, as the GSE handles many loans over 43 DTI.“There’s no details behind that,” Fontaine said.Stevens said the one “significant action” that could take place is a 5th amendment to the Preferred Stock Purchase Agreement, which would modify the net earnings, and put in place a new commitment fee as an alternative.Stevens, though, noted Calabria is an independent regulator and not part of the Trump administration, and will make his own decisions about moving forward.Treasury Secretary Steve Mnuchin, Carson, and Calabria will be present at Tuesday’s Senate Banking Committee meeting. Both Stevens and Fontaine agreed that they hope to hear details discussed during that meeting.“Nothing’s easy in government. This is a very complicated project” Stevens said.Fontaine said, “there is not enough agreement out there,” and noted there is very little that the U.S. Congress and the Trump administration agree on.Stevens said any proposed legislation has a chance of getting through the Republican-controlled U.S. Senate, but had little hope of anything being approved by the House.David Dworkin, President and CEO of the National Housing Conference, said in a release that the plan submitted by the Trump administration “has many roads, but there is a viable path forward if Congress is engaged in true bipartisan change.”“If taken, we can finally move forward with a housing finance system that serves all Americans without putting taxpayers at risk of another bailout,” Dworkin saidDworkin said the report does include a “major dead end” that makes bipartisan agreement impossible.“The housing goals language in the report is a non-starter that undercuts the value of everything else in the paper. And let’s be clear, there’s no getting around Congress on the housing goals,” Dworkin said. “They are written into the law and the civil rights community and a broader group of housing experts, including the National Housing Conference and most of our members have made clear, we won’t accept any back-tracking on this critical element of the system.”Further compounding the issue is the upcoming election, as President Trump is ramping up re-election efforts.Fontaine noted there could be changes in both Congress and in the White House, which could leave the plan stalled and the industry “starting back over at ground zero.”Stevens said Washington is approaching what he called the “silly season” as the election cycle nears, with very little movement on legislation happening during that time. And even if there was movement, he said GSE reform isn’t a high priority among voters.“No voter is saying, ‘hey, we need GSE reform.’ It’s not an issue,” Stevens said. “And the housing market is one of the few bright spots in a weakening economy.”Stevens gave legislative action little chance to be effective and is “bearish” on this plan ending conservatorship among the GSEs.“I applaud the administration for taking these steps. I think directionally it says all the right things,” he said. “I just think substantively, to execute against this plan, is going to require more of a herculean effort, and it would require the full weight of the white house to even give it a shot.”For Fontaine, the answer was simple when asked if he felt this plan could end conservatorship. “I don’t know if I’d want to bet on it.”center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles What’s Next for Housing Finance Reform? Previous: Syracuse Securities, Inc. Hands Reins to Premium Mortgage Corp. Next: Delinquencies Fall While Prepayments Rise Servicers Navigate the Post-Pandemic World 2 days ago September 6, 2019 1,687 Views Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Share 1Savelast_img read more

Social Welfare Group Pushes for Immediate Pro-Housing Policy

first_imgHome / Daily Dose / Social Welfare Group Pushes for Immediate Pro-Housing Policy  Print This Post Share Save Subscribe in Daily Dose, Featured, News Housing equality—along with vanquishing systemic barriers and the creation of additional homes—is front and center for a campaign called Up for Growth Action, a 501(c)(4) federal pro-housing legislative advocacy campaign pushing for pro-housing policies at the federal level, according to Upforgrowth.org.Up for Growth Action is unique, according to its operators, in that it is the lone federal advocacy campaign that hones in exclusively on toppling obstacles to affordable and market-rate housing. The initiative is specifically aimed at exclusionary zoning and discriminatory land-use policies that exacerbate the country’s 7.3-million-home shortage.Escalating income inequality, which stands in the way of widespread access to quality and affordable housing, coupled with a profound shortage of homes—both of which require proactive legislative solutions—are spurring America’s housing crisis. The focus of Up for Growth Action is policies paving the way for communities to create housing integral to meeting the country’s 7.3 million-home shortage, as ascertained by the organization’s research.“Whether it’s the millions of Americans who have fallen behind on rent during the pandemic, or the millions more who were already struggling to cover the cost of housing prior to COVID-19, housing was on the ballot on November 3,” said Mike Kingsella, executive director of Up for Growth Action. The next Congress and new Administration cannot afford to ignore the immediate and long-term challenges of housing in the United States because we have a housing shortage that affects nearly every aspect of Americans’ lives, he continued.While Up for Growth Action hasn’t been around long, it has been active, boasting progress toward enacting its legislative agenda. Earlier in the year, with no dissent, the Yes In My Backyard Act passed the U.S. House.Several housing advocates recommend policies that could make a difference when it comes to the issue of “housing underproduction,” on which the Up For Growth organization published an extensive study. Said investigation showed “nearly every corner of the country bears part of the burden for the national 7.3 million home shortage.” In other words, it does not matter whether they looked at rural or urban areas, the “crisis” can be felt all across America.Up For Growth author Mike Kingsella interviewed several member-experts from smaller cities about the housing challenges they’ve seen and what policies, if enacted, would make the biggest positive difference.”Though they represent different types of communities located hundreds of miles apart, some similarities in their experiences emerge,” wrote Kingsella.  For example, two interviewees indicated that “various local, state, and federal tax incentives or programs are not currently geared to create affordable housing options in their communities. [Another] shared that zoning restrictions are making it harder to build the housing needed to keep up with housing demand …” Banking and Housing Lobby Up For Growth 2020-11-20 Christina Hughes Babb Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 1 day ago Previous: The Industry Pulse: Leadership, Acquisitions, and Partnerships Next: Forbearance Volumes Change Course Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Chuck Green Tagged with: Banking and Housing Lobby Up For Growth The Week Ahead: Nearing the Forbearance Exit 2 days ago Social Welfare Group Pushes for Immediate Pro-Housing Policy Related Articles Demand Propels Home Prices Upward 1 day ago November 20, 2020 986 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Doherty says Minister Varadkar must address HSE funding cuts

first_img Doherty says Minister Varadkar must address HSE funding cuts Facebook Pinterest The Minister for Health is being asked to outline the extent to which funds to the NoWDoc service in Donegal have been cut.Donegal South West Deputy Pearse Doherty tabled the question after reading a 2012 report commissioned by the HSE which rejected proposed changes to overnight services in Derrybeg and Carndonagh as “unsafe”.Deputy Doherty says he sees no difference between the situation then, and the situation now, with Caredoc, which administers the Doctor on Call service seeking to make changes.He believes funding is at the core of the issue, and wants Minister Leo Varadkar to address this as a matter of urgency………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/07/pearssat.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Twitter WhatsApp Twitter Nine Til Noon Show – Listen back to Wednesday’s Programme Facebook Pinterest Google+ Previous articleMc Ginley says Donegal Food Markets can apply for new government fundingNext articleIrish Independent says Donegal bin charges are the highest in the country admin center_img 448 new cases of Covid 19 reported today Google+ Help sought in search for missing 27 year old in Letterkenny RELATED ARTICLESMORE FROM AUTHOR Three factors driving Donegal housing market – Robinson News, Sport and Obituaries on Wednesday May 26th WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly Homepage BannerNews By admin – July 11, 2015 last_img read more

Damaged Oil Tanker en route to Belfast for repairs

first_img NPHET ‘positive’ on easing restrictions – Donnelly Help sought in search for missing 27 year old in Letterkenny Twitter Calls for maternity restrictions to be lifted at LUH Twitter Previous articleBuncrana Leisure Centre facing closure as Council cuts fundingNext articleDerry College issues advice to students following City rape News Highland Pinterest Google+ Three factors driving Donegal housing market – Robinson Newsx Adverts RELATED ARTICLESMORE FROM AUTHOR Damaged Oil Tanker en route to Belfast for repairscenter_img The Coastguard says there is no environmental threat from an oil tanker which earlier anchored 25 miles north of Tory Island having developed cracks in its deck.The 42,000 tonne Genmar Companion was en route from Rotterdam to New York when the captain requested assistance this morning.The vessel which is carrying 54,000 tonnes of gas oil, is now on its way to Belfast for inspection and repairs if needed.The Coastguard says the vessel is not leaking and no injuries have been reported. Facebook 448 new cases of Covid 19 reported today By News Highland – December 16, 2011 Pinterest WhatsApp Google+ Facebook WhatsApp Guidelines for reopening of hospitality sector publishedlast_img read more