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? 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Road To Canyon Jam: Organ Freeman Is Ready For Their First-Ever Colorado Performance

first_imgThe inaugural Canyon Jam at Colorado’s iconic Mishawaka Amphitheatre features several of the jam scene’s “Next Phase” of bands, such as Spafford, The Main Squeeze, Aqueous, Mungion, Organ Freeman, Cycles, Moves at Midnight, and Jus’ Sayin’. The two-day event takes place on September 8th and 9th, and is looking to be an annual affair boasting some of the jam scene’s top young talent. With the event just several weeks away, we decided to catch up with members of each band on the lineup in this new Live For Live Music interview series dubbed Road To Canyon Jam.Why The Mishawaka Amphitheatre Is One Of The Most Coveted Scenic Venues In The CountryOur initial installments of the “Road To Canyon Jam” interview series featured conversations with Cycles’ guitarist Patrick Harvey and drummer Michael Wood, Aqueous drummer Rob Houk, and Spafford bassist Jordan Fairless. In our latest installment, we chatted with Trevor Steer from Los Angeles-based organ trio Organ Freeman. Tickets for Canyon Jam are currently on-sale and can be purchased here. For event updates and additional information, join the Facebook Event page.Live For Live Music: The nature of Canyon Jam centers around the art of the “jam.” What, in your opinion, are the key ingredients to make up a solid improvisation?Trevor Steer: If I had to summarize our approach, it would be arc. Improvisation is, of course, a big part of what we do. The most important component of our music, in our own eyes, is definitely the writing, and the writing has to have an arc. Improvisation that doesn’t support the greater vision of the music isn’t particularly compelling. Great improvising is great writing, and great writing has a purpose and a direction.L4LM: Because Canyon Jam is in its first year and given the location and the lineup, what are you most excited about for Canyon Jam?TS: Canyon Jam will actually be our first show in Colorado together as a band, so more than anything, we’re excited to finally get to play for our fans who have been waiting for us to make it out that way. Also, every person I’ve talked to from there has raved about how beautiful the Mishawaka is, so that can’t be a bad sign. I’m actually holding off on looking up pictures so I can show up and be surprised.L4LM: In their earlier years, bands like The Disco Biscuits, The String Cheese Incident, and STS9 performed at the Mishawaka. Do you ever put any thought into bands that have played iconic venues before you and how that relates to your own career?TS: Honestly, not really. On the business end, it is, of course, useful to look at that type of information and understand what places you should be playing and why, but that’s where I stop. Comparing ourselves to other bands and ascribing too much significance to any particular accomplishment or milestone—be it playing a specific venue, following in the footsteps of a famous band, or anything else—has historically only served to distract us. Entertaining the thought that we might be the next Phish because we played the same venue once would be setting ourselves up for unnecessary disappointment. We’re focused on doing what we’re doing in the moment to the best of our ability, independent of what other groups have done before us.L4LM: The Mishawaka is known for its intimate and gorgeous setting. How does a venue’s vibe affect how you go into a performance?TS: The short answer is I have no idea. The energy of a place absolutely has a potentially huge effect on a performance, but it’s so difficult to quantify. Some of our best shows have been at beautiful venues that inspired us and provided those intangible elements that elevate a show above what it would normally have been; some of our best shows have been in horrible venues where everything went wrong and we simply stopped caring out of frustration and truly let go. Our approach obviously has to be different depending on which of these situations we’re in, but the goal is still the same: To put ourselves in a state of mind where we are totally focused on the music.L4LM: Playing Colorado, in general, always seems to bring out the best in bands. Why do you think that is?TS: Since it’ll be our first time there, I’ll leave it up to you to decide if it brings out the best in us. We’ll worry about why after the show, over a stiff drink.Tickets for Canyon Jam are currently on-sale and can be purchased here. For event updates and additional information, join the Facebook Event page.Friday Schedule:6 pm – Doors8 pm – 9 pm –  Moves at Midnight9:30 pm – 10:30 pm – Mungion11 pm – 1 am – Main SqueezeSaturday Schedule:4 pm – Doors6 pm – 6:40 pm – Jus Sayin’7 pm – 8 pm – Cycles8:30 pm – 9:30 pm – Organ Freeman10 pm – 11:30 pm – Aqueous12 am – 2 am – Spaffordlast_img read more

Low stock levels push up prices in Gordon Park

first_imgThe home at 13 Barron St, Gordon Park.LOW stock levels are pushing up home prices in Gordon Park with a four-bedroom house on an average block recently selling under the hammer for $915,000.The two-level Queenslander on 405sq m at 13 Barron St, Gordon Park sold to a young professional couple at auction on August 26 after three bidders actively competed for the property.The bidding stalled in the mid $800,000s, then off-floor negotiations saw the price rise to $880,000 before the home eventually sold at its reserve.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019Inside 13 Barron St, Gordon Park.Selling agent Garry Jones of McGrath Estate Agents Wilston said the buyers, who were renting locally, were attracted to the property because of the dual living layout and seamless living, kitchen and deck areas.Mr Jones said the fully renovated home attracted 68 inspections during the campaign.“I genuinely think continuing lower stock levels has bolstered prices in the suburb,” he said.“I think the realisation of convenience in Gordon Park is becoming broadly acknowledged and that’s really adding to the interest levels.”Mr Jones said the entry level market in the suburb was very competitive among buyers.last_img read more

STEWART ELLIOTT WINS PRESTIGIOUS 2017 GEORGE WOOLF MEMORIAL JOCKEY AWARD; TORONTO NATIVE, BEST KNOWN AS REGULAR RIDER OF SMARTY JONES, SELECTED BY VOTE OF JOCKEYS NATIONWIDE

first_imgWOOLF AWARD TROPHY TO BE PRESENTED IN SANTA ANITA WINNER’S CIRCLE CEREMONY IN MARCH ARCADIA, Calif. (Feb. 24, 2017)–Stewart Elliott, best known for his 2004 Kentucky Derby and Preakness Stakes wins aboard Smarty Jones, has been selected by a nationwide vote of his peers as the winner of the 2017 George Woolf Memorial Jockey Award.A dominant force for many years in the Mid-Atlantic region, Elliott, 51, shifted his tack on a full-time basis to Southern California in 2016 and has firmly established himself as one of the circuit’s top riders.“On behalf of our membership, I’m elated that Stewart has been selected as this year’s Woolf Award winner,” said Jockeys’ Guild National Manager, Terry Meyocks.  “Stewart is an exemplary example of what the George Woolf Award is all about.  He’s not only a top rider, he’s a top human being as well and he continues to be a solid role model for jockeys everywhere.  On behalf of the Guild, I’d like to congratulate him on what is surely a crowning achievement in his career.”One of the most highly coveted honors in all of American racing, the Woolf Award, which was named in honor of the legendary George “The Iceman” Woolf, can only be won once and was first presented by Santa Anita in 1950.  The award, which honors riders whose careers and personal character earn esteem for the individual and the sport of Thoroughbred horse racing, was won last year by Victor Espinoza.              Born in Toronto, Canada, on March 11, 1965, Elliott has now won more than 4,700 races and has earned the respect of horsemen nationwide for his wide array of skills and consistent work ethic.  Regarded as a strong finisher who is also an outstanding judge of pace, Elliott currently counts local trainers Bob Baffert, Kenny Black, Mike Puype, Art Sherman, Neil Drysdale, Mike Harrington, Jeff Bonde and many others among his regular clientele.“He’s just class through and through,” said Elliott’s agent, Craig Stephen.  “He loves to work.  He’s happiest when he’s on the back of a horse.”One of five Woolf finalists, Elliott outpolled contemporaries Kerwin Clark, Julien Leparoux, Glen Murphy and Scott Stevens to win this year’s edition.  In becoming the 68th Woolf Award winner, Elliott follows in the footsteps of most of the greatest riders of the modern era.The 2017 Woolf Award Trophy, a replica of the life sized statue of Woolf that adorns Santa Anita’s Paddock Gardens area, will be presented to Elliott in a Winner’s Circle ceremony in March.last_img read more