Monthly Archives: May 2021

Survey: Misconceptions Holding Back Homebuying

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first_img The Best Markets For Residential Property Investors 2 days ago While nearly seven in 10 Americans agree that now is a good time to become a homeowner, a large number remain reluctant due to their own misguided understanding of the financing process, according to survey results released Monday.In a poll of more than 2,000 consumers, Wells Fargo found 68 percent feel that now is a good time to buy a home, and 95 percent want to own if they don’t already.The results jibe with Fannie Mae’s latest consumer housing survey, in which 64 percent of Americans said now is a good time to buy (matching the survey’s record low).”Although the homebuying process has changed in many ways in recent years ,our survey found Americans still view homeownership as an achievement to be proud of and many believe that now is a good time to buy a home,” said Franklin Codel, head of Wells Fargo Home Mortgage Production.On the other hand, while nearly three-quarters of respondents in Wells Fargo’s survey said they “know and understand” the financial process involved in buying a home, large numbers also expressed doubt or misguided notions about homebuying requirements. For example, Wells Fargo reported, 30 percent of respondents expressed belief that only people with high incomes can obtain a mortgage at this point, and 64 percent said they believe only those with a “very good”” credit score can buy a home right now.While 64 percent of respondents said they have an understanding about how much of a down payment is needed to purchase a home, nearly half said 20 percent is required. Forty-four percent also said they know little or nothing about closing costs.While most lenders report that lending requirements at the moment are still high as a result of enhanced regulations and reluctance to take risks, Codel says lenders would be well served to work on educating homebuyers about all programs available to them—especially the millennial crowd, most of which pointed to lack of down payment funds as one of their biggest hurdles to homeownership.”It is important for prospective homebuyers to feel empowered to ask lenders and real estate agents questions about available options, such as down payment assistance or FHA [Federal Housing Administration] or VA [Veterans Affairs] loans for veterans,” he said. “Informing prospective homebuyers about their options is the first step toward helping them realize their goals.”On the other hand, the survey also found most Americans are confident in managing their personal finances, with 82 percent saying they know how to save, invest, and work within a budget. In addition, 63 percent said they have a “rainy day fund,” including more than half of millennial-aged respondents.With so many Americans focused on keeping their financial houses in order, Codel says there’s a decent opportunity to turn those consumers into responsible homeowners with an educational push.”[W]e have an opportunity as lenders, nonprofit agencies and real estate agents to better inform Americans about credit ratings, mortgage costs and housing affordability,” he said. “This would help demystify the homebuying experience for many consumers.” Survey: Misconceptions Holding Back Homebuying Servicers Navigate the Post-Pandemic World 2 days ago Previous: DS News Webcast: Tuesday 9/16/2014 Next: Homeownership Still Holds Promise for Nine in 10 Americans Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Share Save The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Fannie Mae Financing First-Time Homebuyers Home Ownership Wells Fargo 2014-09-16 Tory Barringer Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Tagged with: Demand Fannie Mae Financing First-Time Homebuyers Home Ownership Wells Fargo in Daily Dose, Featured, Headlines, Market Studies, Newscenter_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Tory Barringer September 16, 2014 1,770 Views  Print This Post Home / Daily Dose / Survey: Misconceptions Holding Back Homebuying Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

DOJ Moves to Dismiss MetLife’s Suit Over ‘Too Big to Fail’ Designation

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first_img in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / DOJ Moves to Dismiss MetLife’s Suit Over ‘Too Big to Fail’ Designation The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago The U.S. Department of Justice has made a non-public motion to have a lawsuit dismissed that was filed by MetLife four months ago over the “too big to fail” tag which the government applied to the New York-based global insurance provider, according to media reports.The Justice Department did not immediately respond to a request for comment on why it is trying to have the lawsuit dismissed. The non-public motion was filed under seal; the DOJ has until May 18 to file a redacted public version of the motion, according to reports.”Far from presenting systemic risk to the U.S. economy, MetLife is a source of financial stability,” a spokesman from MetLife said in an email to DS News. “We strongly disagree with the arguments laid out by the government in its brief and look forward to responding in court next month.”MetLife sued the Financial Stability Oversight Council (FSOC) in the U.S. District Court for the District of Columbia in January to have the designation of “nonbank systemically important financial institution (SIFI)” removed. The FSOC notified MetLife in December 2014 that it had received the nonbank SIFI designation. MetLife is trying to have the designation removed because as a nonbank SIFI, it is subject to heightened regulation which the company says will increase compliance costs, hence increasing costs to consumers without any added safety benefit for the financial system.”The company continues to believe that MetLife is not systemically important under the Dodd-Frank Act’s criteria and has asked the U.S. District Court for the District of Columbia to review the decision,” MetLife wrote on its website.Roy Woodall, the Independent Member having insurance expertise on the FSOC, dissented from the Council’s designation of MetLife as a nonbank SIFI because he did not believe that Metlife “could pose a threat the financial stability of the United States if it were to suddenly and inexplicably be in material financial distress and face imminent failure.”According to reports, other nonbanks to receive the SIFI designation were American International Group (AIG), Prudential Financial, and General Electric. MetLife is the first institution to challenge the SIFI designation.MetLife has set up a portion of its website devoted to providing a “central point for information related to the judicial review of FSOC’s designation.” About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Aspen Grove Solutions Adds Guardian Asset Management to Client List Next: Nevada Lawmakers Recommend Elimination of Foreclosure Mediation Programcenter_img 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. Related Articles May 12, 2015 3,129 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Department of Justice MetLife Nonbank Systemically Important Financial Institutions Too Big to Fail Demand Propels Home Prices Upward 2 days ago Department of Justice MetLife Nonbank Systemically Important Financial Institutions Too Big to Fail 2015-05-12 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago DOJ Moves to Dismiss MetLife’s Suit Over ‘Too Big to Fail’ Designation Sign up for DS News Daily Subscribelast_img read more

Watchdog Calls on Treasury to Fix Blight Elimination Program

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first_img Demand Propels Home Prices Upward 2 days ago Watchdog Calls on Treasury to Fix Blight Elimination Program Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Watchdog Calls on Treasury to Fix Blight Elimination Program The Best Markets For Residential Property Investors 2 days ago Previous: CFPB: Compliance Management Deficiencies Linger Next: Roostify Integrates with DocMagic Tagged with: Blight Elimination Hardest Hit Fund Treasury Troubled Asset Relief Program Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. July 5, 2016 3,728 Views Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Blight Elimination Hardest Hit Fund Treasury Troubled Asset Relief Program 2016-07-05 Brian Honea Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The head of the Troubled Asset Relief Program recently called on the U.S. Treasury Department to reform its blight elimination program, claiming the program operates without the proper safeguards to prevent waste, fraud, and abuse.The special inspector general of TARP (SIGTARP), Christy Goldsmith Romero, released a lengthy treatise asserting that Treasury’s $622 million Hardest Hit Fund Blight Elimination Program (HHF) does not require full and open competition for blight contracts and does not have a way to ensure that federal money is used only “necessary and reasonable” costs.According to the audit, SIGTARP found that Treasury’s HHF program “is significantly vulnerable to the substantial risks of unfair competitive practices and overcharging than HUD’s [Neighborhood Stabilization Program]. These risks could lead to fraud, waste, and abuse. While two Federal programs fund similar activities and entail similar risks, only HUD’s program has Federal requirements to protect the Government against substantial risks inherent in contracting for demolition work—Treasury’s Hardest Hit Fund does not.”Romero also said that HHF is especially prone to “favoritism, undue influence, contract steering, bid rigging, and other closed-door contract processes.” As a result, she wrote, substantial risks under HHF blight elimination continue unchecked for a program that, at nearly $622 million, is double the size of HUD’s program.”HHF was initiated in 2010 to help fund the states that suffered the most from the aftermath of the housing crisis.Only HHF South Carolina has a requirement for full and open competition, the report stated. This is 6 percent of the program. The report covered the seven Treasury-approved states participating in HHF: Alabama, Ohio, Illinois, Indiana, Michigan, South Carolina, and Tennessee.“We believe the fundamental structure of HHF and the existing controls and compliance measures implemented by [the Office of Financial Stability] and the HFAs have made HHF blight elimination programs effective, flexible, and accountable.”Mark McArdle, Department of Treasury“State and city competition rules that Treasury relies on exclusively may not even apply because 87 percent of the partners are not municipalities or public agencies,” Romero wrote.SIGTARP gave Treasury 20 recommendations made in this report, which, in essence set up a way for Treasury to follow HUD’s program as a model.“SIGTARP recommends that Treasury’s program have the same protection as HUD’s blight elimination program for competition, and the same limit on only covering those costs that are necessary and reasonable,” the audit stated.In response to the SIGTARP audit, Mark McArdle, deputy assistant secretary for financial stability at the Treasury, said HHF has helped eliminate nearly 9,300 blighted properties, thereby increasing neighborhood values almost immediately. In Detroit, McArdle said, blight elimination helped raise neighborhood values up 4.2 percent.McArdle also said that SIGTARP’s audit unfairly compares HHF to non-TARP programs, failing to take into account the unique nature of the HFF program. He added that Treasury has modified the way it monitors HFF and “has tailored its compliance approach to address the specific risks and requirements of blight elimination programs.”He concluded: “We believe the fundamental structure of HHF and the existing controls and compliance measures implemented by [the Office of Financial Stability] and the HFAs have made HHF blight elimination programs effective, flexible, and accountable.”Click here to view SIGTARP’s complete report, with Treasury’s response at the end. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Related Articles Servicers Navigate the Post-Pandemic World 2 days ago About Author: Scott Morganlast_img read more

Housing Sentiment Hits All-Time High

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first_img Housing Sentiment Hits All-Time High The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 7, 2018 8,059 Views Home / Daily Dose / Housing Sentiment Hits All-Time High Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Fannie Mae Home Prices Home Purchase Sentiment Index Housing Sentiment Interest rates 2018-02-07 David Wharton Demand Propels Home Prices Upward 2 days ago Tagged with: Fannie Mae Home Prices Home Purchase Sentiment Index Housing Sentiment Interest rates Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Previous: Scoring the Unscorable Next: Is the Market in a Constant Tug-of-War? Servicers Navigate the Post-Pandemic World 2 days ago Fannie Mae has released the latest installment of its monthly Home Purchase Sentiment Index (HPSI), with the Index rising 3.7 points in January 2018 to hit an all-time survey high of 89.5. The HPSI is also up 6.8 points year-over-year.“HPSI rebounded from last month’s dip to a new survey high in January, in large part due to the spike in consumers’ net expectations that home prices will increase over the next year,” said Doug Duncan, SVP and Chief Economist at Fannie Mae. “Results may continue to fluctuate over the coming months as consumers sort out the implications of the newly passed tax legislation on their household finances. Over the past year, continued home price growth has helped spur a sizable increase in the net share of consumers who say it’s a good time to sell a home but also a modest weakening in the net share who say it is a good time to buy. At the start of 2018, it is still too early to determine the overall effect of the new tax legislation on housing, and we will need to see whether positive impacts on both housing demand and supply materialize in the coming months.”The Home Purchase Sentiment Index (HPSI) culls data from Fannie Mae’s National Housing Survey (NHS), compiling a single score that “reflects consumers’ current views and forward-looking expectations of housing market conditions.” The survey questions ask consumers “whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier.”Breaking the HPSI results down further, the net share of Americans who said it was a good time to purchase a house rose to 27 percent, a 3 percent increase that overcome a dropoff in sentiment from the month prior. The net share of respondents who said they believed it was a good time to sell their home also rose, up 4 percent to 38 percent.Looking further down the road, the net share of respondents who believe that home prices will rise jumped up 8 percentage points to 52 percent in January, hitting a new survey high. The net percentage who said mortgage rates will decrease within the next 12 months rose 2 percentage points, but that still left it at -50 percent.As far as general economic concerns, fewer Americans expressed concerns about losing their jobs—the net share who said they were not concerned about the prospect rose by 5 percentage points to 73 percent. Finally, the net share of respondents who said their household income had significantly increased over the past 12 months remained flat at 16 percent month-over-month. in Daily Dose, Featured, Headlines, Journal, Market Studies, News  Print This Post Related Articleslast_img read more

Courts Address Condo Laws, But Questions Remain

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first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago August 13, 2018 1,937 Views court Foreclosures loans payment Ruling 2018-08-13 Radhika Ojha Tagged with: court Foreclosures loans payment Ruling Home / Daily Dose / Courts Address Condo Laws, But Questions Remain Previous: How the Fed’s MBS Holdings Stimulate Housing Next: How Much Does it Cost to Keep a Home? Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Courts Address Condo Laws, But Questions Remaincenter_img in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago Share Save About Author: Lauren Riddick Demand Propels Home Prices Upward 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Lauren Riddick handles contested foreclosure matters as a member of the Codilis & Associates, P.C.’s Contested Litigation Unit and also assists with title matters. She joined the firm in August 2013. Prior to joining the firm, she was an Adjunct Professor of Law with several colleges and a Securities Attorney for a large broker-dealer in Florida. Riddick is a member of the Illinois and Florida Bar Associations. She received her Juris Doctor in 2001 from the University of Florida Levin College of Law, and her Bachelor of Science in 1998 from the University of Florida. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The myriad issues plaguing the Illinois Condominium Law arena have been subject to several recent opinions from two separate divisions within the 1st District Appellate Court.  Unfortunately, the contrasting court rulings ultimately serve to confuse more than clarify. The string of new cases all focus on a particular section of the Illinois Condominium Property Act, which provides that a foreclosure sale purchaser must pay condominium assessments “from and after the first day of the month” following the foreclosure sale in order to “confirm the extinguishment” of a condominium association’s lien. The Illinois Supreme Court, in 1010 Lake Shore Assoc. v. Deutsche Bank National Trust Co., 2015 IL 118372, had previously ruled that a condominium association’s lien for pre-foreclosure sale assessments was owed in full by a foreclosure sale purchaser who failed to pay any assessments, as the lien’s extinguishment was never confirmed under the statute.  In 2017’s 5510 Sheridan Road Condominium Association v. U.S. Bank, 2017 IL App (1st) 160279), where payment was made approximately seven months after confirmation, the Sixth Division 1st District Appellate Court ruled that foreclosure sale purchasers are not subject to any payment deadline in order to confirm the extinguishment of a condominium association’s lien, stating that if the General Assembly had wished to include a strict deadline, they certainly would have done so.In contrast, just months later, the Second Division of the same Appellate Court in Country Club Estates Condominium Assoc. v. Bayview Loan Servicing, LLC, 2017 IL App (1st) 162459, instead ruled that “prompt” payment was required. The court stated that to the extent 5510 Sheridan Road “may be read as imposing no timing deadline whatsoever on foreclosure buyers, we find that conclusion to be inconsistent with 1010 Lake Shore.” The court further implied that seven months may be too long, absent extenuating circumstances, but remanded to the lower court for a ruling on whether prompt payment had in fact occurred.  Seemingly in response, earlier this year the Sixth Division fired back with Quadrangle House Condominium Association v. U.S. Bank, N.A., 2018 IL App (1st) 171713, where payment was made approximately nine months after confirmation. In rejecting the notion that payment must be “prompt,” the court stated that 1010 Lake Shore “did not hold that prompt payment is a condition precedent” and that the “payment of post-purchase assessments, whenever made, is the step necessary” to confirm extinguishment.On the heels of this ruling, this same Sixth Division issued another opinion, V&T Investment Corporation v. West Columbia Place Condominium Association, 2018 IL App (1st) 170436, where partial payment was made approximately four months after sale yet less than two months after confirmation. The court first confirmed that assessments were owed as of the first month following the sale, not the first month following confirmation of the sale. However, rather confusingly, the court then looked to whether the payment was “prompt,” citing to Country Club Estates to determine that payment was indeed prompt, as it was made shortly after the confirmation of the sale.Taking full advantage of the apparent confusion in its neighboring division, the Second Division of Illinois’ 1st District Appellate Court responded in June of 2018 with U.S. Bank, N.A. v. Quadrangle House Condominium Association, 2018 IL App (1st) 171711. To muddy the waters even further, this new case involves virtually the same parties as Quadrangle House Condominium Association v. U.S. Bank, N.A., 2018 IL App (1st) 171713, decided by the Sixth Division earlier in 2018 on a separate unit—thereby creating two “Quadrangle” cases out of the same district, in the same year, with vastly different interpretations. Although the earlier Sixth Division’s Quadrangle held that promptness wasn’t even a requirement, the new Quadrangle by the Second Division specifically addressed the Sixth Division’s apparent change of tune in V&T Investment Corporation v. West Columbia Place Condominium Association before reasserting its position that promptness is, in fact, a necessity.  In its analysis, the new Quadrangle Court pointed out that sale confirmation occurred in the month following the foreclosure sale, with payments to the association beginning less than two months thereafter, concluding that payment under this factual situation was prompt. The court’s focus on the sale confirmation date, rather than merely the date of the sale itself, implies that it remains an important factor in determining promptness. However, it seems clear that the only thing truly certain in this evolving area of law is that resolution is far from certain.last_img read more

Improved Affordability and Falling Delinquencies

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first_img After 16 straight months of declines, falling interest rates helped to improve the national affordability landscape and stem the slowdown as annual home price appreciation rose in July, according to data from Black Knight’s upcoming Mortgage Monitor. Additionally, tappable equity increased for the second quarter in a row in Q2 2019, growing by over $335 billion in Q2 2019 hitting an all-time high of $6.3 trillion.Tappable equity growth had been slowing in recent quarters due to rising interest rates and slowing home price growth, Black Knight notes, but the Q2 growth rate was slightly above Q1’s. Tappable equity is now at the highest volume ever recorded, and 26% above the mid-2006 peak of $5 trillion.According to the First Look at July 2019 mortgage data from Black Knight. Prepayment activity jumped 26% from June to its highest level in nearly three years and 58% above this time last year as falling interest rates continue to fuel refinance incentive.According to the First Look, the national delinquency rate dropped by 7%, offsetting the bulk of June’s 11% spike. At 3.46% of the active mortgage universe, delinquencies are just above the record low reached back in May. It’s also the lowest for any July on record going back to 2000. Both serious delinquencies and active foreclosure inventory fell as well. Black Knight states that serious delinquencies continued to improve, as these loans, 90 or more days past due but not in active foreclosure, dropped by 11,000 in June. Active foreclosures fell by 1,000.Despite July’s decline, mortgage debt and delinquencies make up a large portion of household debt. According to the Federal Reserve Bank of New York, severely derogatory balances are now half of all delinquencies.“Although the housing crisis produced a huge increase in severely derogatory mortgages, that effect has dissipated as the foreclosure pipeline has cleared out in even the slowest states,” the Fed states. “Today, auto and especially student loan balances are the interesting components: in the second quarter of this year, the outstanding severely derogatory balance is comprised of 35 percent defaulted student loans, which have grown stunningly since 2012.”Black Knight will release its newest Mortgage Monitor update on September 9.  Print This Post Affordability Delinquencies 2019-08-29 Seth Welborn in Daily Dose, Featured, Investment, Market Studies, News August 29, 2019 884 Views Home / Daily Dose / Improved Affordability and Falling Delinquencies Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Improved Affordability and Falling Delinquencies Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Best Markets For Residential Property Investors 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 Servicers Navigate the Post-Pandemic World 2 days ago Previous: Could Eliminating Single-Family Housing be Good? Next: New Tech Program Announced by Flagstar Bank Tagged with: Affordability Delinquencies 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. Related Articles Share Save Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Tax Abatements and Home Loan Performance

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first_imgHome / Daily Dose / Tax Abatements and Home Loan Performance The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Investment, News 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. Previous: Foreclosure Auctions Indicate Strong Housing Market Next: CFPB Director Provides Update on Protection Practices Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Foreclosure tax abatement Sign up for DS News Daily  Print This Post Subscribe The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img February 6, 2020 786 Views Demand Propels Home Prices Upward 2 days ago A Cleveland-based study by the Reinvestment Fund, an equity real estate data and investment firm, has found that foreclosures do not increase after tax abatements end. According to Crain’s Cleveland Business, the foreclosure rate for non-abated city properties from 2008 to 2018 was 5%, while the abated property foreclosure rate was 3%.”You can see that tax abatement is not the driving force of resident displacement, and it has been an important part of bringing development into the community,” Tania Manesse, community development director, said at a Cleveland City Council committee meeting on Tuesday, February 4, Crain’s reports.According to the study, found that the tax abatement program has declined since a peak in 2006. And abatements make up only a fraction of Cleveland’s property overall, according to the study. The share of abated parcels has gone from a high of 4.6% in 2008 to 2.5% in 2018.There was no strong evidence that a spike in sales follows the expiration of an abatement. Of the 3,858 abatements that ended from 2008 to 2015.Among city parcels with an expired abatement, 19% sold at the end of up to three years after an abatement, while citywide 48% of Cleveland households have moved within the last four years.Though the study indicates abated tax abatements are having a positive impact on the city’s housing market, Cleveland still has some of the highest rates of foreclosure in the country, as well as a high volume of vacant and zombie homes.Counties with a notably high percentage of vacant homes included Ashtabula County, located northeast of Cleveland. According to Stacker, 23.3% of total homes are vacant in this country, and Ohio holds one of the highest rates of zombie homes in the country, with a total of around 891 in the state. Around half of these vacant homes are in the Cleveland-Elyria metro area, with 431 homes. Additionally, the top two zip codes nationwide with the highest number of zombie properties (with at least 100 properties in pre-foreclosure) are Cleveland zip codes 44105 (57) and 44108 (54). Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Foreclosure tax abatement 2020-02-06 Seth Welborn Tax Abatements and Home Loan Performance Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Do New PSPA Limits Undermine Efforts to Combat Discrimination?

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first_img Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Do New PSPA Limits Undermine Efforts to Combat Discrimination? Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Previous: FHFA Extensions Will Align COVID-19 Mortgage Relief Policies Next: Market Still at Risk of Future ‘Zombie’ Property Wave Servicers Navigate the Post-Pandemic World 2 days ago Researchers believe a lingering Trump-era change to an agreement between the FHFA and the U.S. Treasury Department could undermine efforts by the new administration and newly nominated housing officials to combat discrimination and racism.Urban Institute Associates Edward Golding, Laurie Goodman, Jung Hyun Choi, and John Walsh conducted a housing and housing finance research study to determine the impact of the preferred stock purchase agreements (PSPAs)—the contracts that govern Fannie Mae and Freddie Mac’s relationship with the Treasury—on credit availability.They found that an amendment announced January 14 by Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency (FHFA) director Mark Calabria would restrict the volume of “high risk” loans they can purchase as well as the volume of second homes and investor properties.The authors explain in this published paper why these moves are an ineffective means of managing risk that will come at a considerable cost. They add that said changes should be edited or abandoned.”These changes will likely prove binding once the current refinance wave ends and, they will further limit access to mortgage credit and disproportionately affect Black and Hispanic borrowers, as well as [compromise] the goals of the Biden administration to advance racial equity,” wrote the study’s authors.The study outlines the ways in which, even before the changes, the pandemic had slowed GSE backing of what is considered high-risk loans, and why and how that impacts borrowers from minority groups.They also go on to establish reasons why they believe the rules are redundant.FHFA already is accomplishing the same risk-management goal through its capital rule (by charging for high-risk loans through a higher capital requirement) than is done in the PSPA.”Moreover, the automated underwriting systems also measure these characteristics so that any loanthat makes it through these screens likely has other compensating factors, such as a stable borrower income. Less than 0.2% of the high-risk loans in 2020 violated all three of the triggers, indicating that weakness on two triggers was compensated for by strength on the third.”The paper, which can be accessed in full at urban.org, concludes that the PSPA adjustments made last January undermine policymakers’ ability to support the mortgage market on several fronts.”These limits both disproportionately affect borrowers of color and unnecessarily constrict policy choices going forward,” they write. “We thus urge the new administration to revise the limits to better meet their policy objectives or abandon them for the sake of more dynamic, flexible tools in rulemaking or directives.” About Author: Christina Hughes Babb  Print This Post in Daily Dose, Featured, Government, News Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Do New PSPA Limits Undermine Efforts to Combat Discrimination? 2021-02-25 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago February 25, 2021 1,043 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Former Chair of Independent Fianna Fail would welcome its re-establishment

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first_img Facebook Facebook RELATED ARTICLESMORE FROM AUTHOR Three factors driving Donegal housing market – Robinson Help sought in search for missing 27 year old in Letterkenny NPHET ‘positive’ on easing restrictions – Donnelly Calls for maternity restrictions to be lifted at LUH WhatsApp The former Chair of Independent Fianna Fáil, said that the merger of Independent Fianna Fáil and the main Fianna Fáil party never really worked, and that it was a mistake.Speaking to Raidió na Gaeltachta Jimmy Begley said that Independent Fianna Fáil had never really been welcomed into the Fianna Fáil camp, that they had always been viewed as the enemy.He described the situation as ‘them and us’.Mr Begley also said that the merger had never really been completed on the ground, and that only some of the positions on the committee had been filled.He said that he would welcome the re-establishment of Independent Fianna Fáil, but feared that it may be too late. By News Highland – September 8, 2011 Former Chair of Independent Fianna Fail would welcome its re-establishment Twittercenter_img Pinterest WhatsApp Previous articleFuture of Town Councils set to top the agenda at LAMA conferenceNext articleTwo men appear in Buncrana court on petrol bomb charges News Highland Twitter Pinterest Google+ Google+ 448 new cases of Covid 19 reported today Newsx Adverts Guidelines for reopening of hospitality sector publishedlast_img read more

Call for large attendance at hospital rally

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first_img By News Highland – August 7, 2010 Twitter Google+ RELATED ARTICLESMORE FROM AUTHOR Previous articleKeavney stresses importance of music and arts in promoting reconcilliationNext articleBuncrana gardai concerned for safety of missing man News Highland A large crowd is expected to take to the streets of Letterkenny today to protest against any move to reduce local health and hospital services. The march will leave the town’s Station Roundabout at 12 noon and make its way to the car park above St Conal’s Hospital, where a number of speakers will address the crowd.One of those speakers, Senator Pearse Doherty, says its time for the people of Donegal to make their voices heard………[podcast]http://www.highlandradio.com/wp-content/uploads/2010/08/pearse10.mp3[/podcast] Pinterest Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ Twitter Newscenter_img WhatsApp WhatsApp Facebook Guidelines for reopening of hospitality sector published Three factors driving Donegal housing market – Robinson NPHET ‘positive’ on easing restrictions – Donnelly Calls for maternity restrictions to be lifted at LUH Call for large attendance at hospital rally Pinterest Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more