June 16, 2021

Three Firms Settle With Pension Fund for $235 Million Over RMBS Fraud Complaints

first_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Citigroup Goldman Sachs RMBS Settlements UBS Financial Services 2015-02-17 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Tagged with: Citigroup Goldman Sachs RMBS Settlements UBS Financial Services Three Firms Settle With Pension Fund for $235 Million Over RMBS Fraud Complaints in Daily Dose, Featured, News, Secondary Market Three financial institutions – Citigroup Global Markets, Goldman Sachs, and UBS Securities – have agreed to a settlement for $235 million with a pension fund that bought Residential Capital to resolve allegations of fraud on the part of the underwriters involving mortgage-backed securities, according to media reports.The plaintiffs in the case, New Jersey Carpenters Health Fund, filed a motion for preliminary settlement approval on Friday, February 13, to end a lawsuit involving the sale of RMBS to the health fund and other investors by Residential Accredited Loans, Inc. (RALI) and other affiliates during the run-up to the financial crisis, in 2006 and 2007.According to the class-action lawsuit which was originally filed in September 2008, the underwriters made “material misstatements and omissions of material facts” in the offering documents, which was in violation of the Securities Act. The complaint also alleges that Residential Capital and the defendant underwriters “failed to conduct adequate due diligence with respect to the originators’ compliance with the loan underwriting guidelines stated in the offering documents.” According to the complaint, Residential Capital and the underwriter defendants also failed to disclose weaknesses in the loans for 59 offerings.The plaintiffs allege that Residential Capital, which had become one of the world’s largest issuers of mortgage-backed securities, sought out ratings agencies that gave favorable ratings to its subprime mortgages. These mortgages later received junk ratings when they went into default or foreclosure, according to the plaintiffs.The defendants gained a partial victory in 2010 when a district judge threw out 55 of the offerings, leaving just four at issue in the case; however, on appeal, 13 of the offerings were restored to the case in April 2013, according to the motion filed on Friday. A partial settlement was reached three months later in July 2013 when the issuing defendants agreed to pay $100 million in cash to resolve the claims against them. The $235 million settlement was originally reached in November 2014 and agreed to on Friday, pushing the total of settlements in the case up to $335 million.”Over seven years, the case had many difficult twists and turns, including an initial denial of class certification that would have meant an end to the case  had we not kept pursuing it,” said Joel Laitman, attorney for the New Jersey Carpenters Health Fund. “In the end, it is a favorable result for investors, particularly in light of continued risks.”Spokespeople from Goldman Sachs and Citigroup declined to comment on the settlement. Representatives from UBS were not immediately available for comment. Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_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. February 17, 2015 1,293 Views Sign up for DS News Daily Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Bank of America Further Reduces Size of Delinquent Mortgage Loan Division Next: RedVision Celebrates Huge Growth in Abstracting Coverage Home / Daily Dose / Three Firms Settle With Pension Fund for $235 Million Over RMBS Fraud Complaintslast_img read more

Posted in hvodhstgsbbxTagged ,,,,,,,,,,,,,,Leave a Comment on Three Firms Settle With Pension Fund for $235 Million Over RMBS Fraud Complaints

Foreclosures Are Declining, But So Are Foreclosure Prevention Actions

first_img Demand Propels Home Prices Upward 2 days ago Previous: Starwood Waypoint REIT Reports Highly Successful Q3 Next: Stellar October Jobs Report Sets Stage for December Rate Liftoff The Best Markets For Residential Property Investors 2 days ago Subscribe Home / Daily Dose / Foreclosures Are Declining, But So Are Foreclosure Prevention Actions Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: FHFA Foreclosure Prevention Actions Foreclosures Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Servicers Navigate the Post-Pandemic World 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 in Daily Dose, Featured, Foreclosure, Newscenter_img While the number of nationwide foreclosures has been steadily declining since reaching historic levels in 2009 and 2010, the number of foreclosure prevention actions completed by Fannie Mae and Freddie Mac has also been dropping, according to the FHFA’s August 2015 Foreclosure Prevention Report released Thursday.In August 2015, the GSEs completed 17,806 foreclosure prevention actions, over half of which (11,382) were permanent loan modifications. August’s total included both home retention actions and home forfeiture actions and brought the total of foreclosure prevention actions completed by the GSEs to 3,578,227 since the conservatorships began in September 2008.Though the Enterprises have completed 3.57 million foreclosure prevention actions in seven years, that number has been on the decline for a few years along with foreclosure volume. For example, in 2012, Fannie Mae and Freddie Mac completed a total of 940,974 foreclosure prevention actions between them. That number fell to 789,617 the next year and down to 561,312 for 2014. And the 2015 pace is behind last year’s: Through the first eight months of 2015, the number is 166,844.In August the number of home retention actions recorded by the GSEs, which included loan modifications, repayment plans, and forbearance plans, totaled 14,914, down from 13,363 in July. The number of home forfeiture actions, which included short sales and deeds-in-lieu of foreclosure, was also down over the month in August from 3,122 to 2,892, a decline of 7 percent.The number of permanent loan modifications also declined from July to August, from 12,237 to 11,382. The share of modifications with principal forbearance increased slightly from July to August up to 19 percent. According to the report, improved house prices and a declining Home Affordable Modification Program (HAMP)-eligible population resulted in a drop in the share of modifications with extend-term only down to 47 percent of all modifications.Though the number of foreclosure starts on GSE-backed residential mortgage loans increased from 19,481 in July to 25,121 in August (a leap of 29 percent), the number of third-party and foreclosure sales (the true measure of homes lost to foreclosure) declined over the month in August from 9,316 to 8,530 (a decline of 7 percent).The combined serious delinquency rate (mortgage loans 90 days or more past due) on loans backed by the GSEs declined only slightly from July to August (1.57 percent down to 1.56 percent).Click here to see the FHFA’s complete foreclosure prevention report for August. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago  Print This Post 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 Foreclosures Are Declining, But So Are Foreclosure Prevention Actions Data Provider Black Knight to Acquire Top of Mind 2 days ago November 5, 2015 1,159 Views FHFA Foreclosure Prevention Actions Foreclosures 2015-11-05 Brian Honea Related Articleslast_img read more

Posted in oudqelbmqdfyTagged ,,,,,,,,,,,,,,Leave a Comment on Foreclosures Are Declining, But So Are Foreclosure Prevention Actions

The Long, Hard Road to GSE Reform

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Long, Hard Road to GSE Reform Demand Propels Home Prices Upward 2 days ago  Print This Post For some time, policymakers and industry executives have thrown around the idea of reforming and recapitalizing Fannie Mae and Freddie Mac, but is it possible at this point?With every proposal for GSE reform being shot down at every turn, the chances of change occurring remains slim but not impossible.Alex J. Pollock, Senior Fellow at the R Street Institute and former President and CEO of the Federal Home Loan Bank of Chicago, wrote in an essay released by the Urban Institute Tuesday that the American housing finance sector is “as important politically as it is financially, which makes it hard to reform.””More than seven years later, America is still unique in the world for centering its housing finance sector on Fannie and Freddie, even though they have equity capital that rounds to zero. Now they are primarily government-owned and entirely government-controlled housing finance operations, completely dependent on the taxpayers. Nobody likes this situation, but it already outlasted numerous reform proposals,” Pollock explained.Pollock’s assessment that GSE reform is unlikely is bad news for taxpayers—especially in light of a speech by FHFA Director Mel Watt, conservator of Fannie Mae and Freddie Mac, at the Bipartisan Center in February. Watt spoke of risks facing the GSEs that are “certain to escalate” the longer the conservatorships continue, with the chief risk being the fact that Fannie Mae and Freddie Mac are required to have zero capital by January 1, 2018.Watt noted that a disruption in the housing market or period of economic distress could cause the need for another draw on Treasury by Fannie Mae and Freddie Mac—i.e., another taxpayer-funded bailout similar to the one the GSEs had to take in 2008 to avoid insolvency. Watt also pointed out, however, that not only would GSE reform be extremely complex, but so are the conservatorships themselves.“We know that the stakes are high for the housing finance market and for the broader economy,” Watt said in the speech. “However, as I have indicated in my remarks today, there are substantial challenges and risks associated with the unprecedented size, complexity, and duration of the conservatorships of Fannie Mae and Freddie Mac.”While Watt’s remarks caused some to speculate that the end of the conservatorships is near, the Department of Treasury issued a statement a week after Watt’s speech stating that a so-called “recap and release” (recapitalization of the GSEs and releasing them from conservatorships) was not going to happen in the near term.“Taxpayers injected $188 billion into the GSEs to stabilize the housing market and lay the groundwork for our economic recovery,” a Treasury spokesperson said.  “Director Watt’s remarks underscore the Administration’s consistent position regarding the GSEs’ conservatorship:  the best long-term solution is comprehensive housing finance reform. Until then, Fannie Mae and Freddie Mac will continue to rely on the $258 billion of taxpayer provided support to sustain market confidence.”In his analysis, Pollock suggested seven ways to approach housing finance reform:Turn Fannie and Freddie into SIFIs at the “10 percent Moment”Enforce the law on Fannie and Freddie’s guarantee feesEncourage skin in the game from mortgage originatorsForm a new joint FHLB mortgage subsidiaryCreate countercyclical LTVsReconsider local mutual self-help mortgage lendersLiquidate the Fed’s MBS portfolioYet another theory of why GSE reform may not be possible anytime soon is that Fannie Mae and Freddie Mac earnings are holding back recapitalization. Establishing enough capital with earnings would take decades, according to a recent report from the Wall Street Journal by John Carney.”The question is likely to remain a theoretical one for the foreseeable future. The chances of the companies being released from conservatorship is extremely low,” Carney wrote. “A far more probable outcome is that the companies eventually get wound down and replaced by a new system.”Carney continued, “This brings us full-circle, demonstrating that there is no realistic scenario under which the companies will be released from conservatorship in the foreseeable future. That leaves us with either a situation in which the conservatorships last in perpetuity or the companies get wound down and replaced with something new.” Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Fannie Mae Freddie Mac GSE Reform 2016-04-05 Brian Honea April 5, 2016 1,524 Views Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Fannie Mae Freddie Mac GSE Reform Home / Featured / The Long, Hard Road to GSE Reform in Featured, News, Secondary Market The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: SFR Securitizations Keep Delinquency Rates Low Next: JPMorgan Chase RMBS Deal First to Qualify Under Safe Harbor About Author: Xhevrije West Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Is Rise in Forbearance Volume Cause for Concern? 2 days agolast_img read more

Posted in ansjcxnqjiidTagged ,,,,,,,,,,,,,,Leave a Comment on The Long, Hard Road to GSE Reform

These Areas are Eligible for CRA Consideration

first_img  Print This Post in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribe These Areas are Eligible for CRA Consideration Community Reinvestment Act Distressed and Underserved Middle-Income Geographies FDIC Federal Reserve OCC 2016-06-20 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago June 20, 2016 1,132 Views 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. Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Scott Morgan Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / These Areas are Eligible for CRA Consideration Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Community Reinvestment Act Distressed and Underserved Middle-Income Geographies FDIC Federal Reserve OCC Previous: Fannie Mae to Market More NPLs to Non-Profits Next: DS News Webcast: Tuesday 6/21/2016 Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago The Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation recently released their 2016 list of nonmetropolitan middle-income areas deemed distressed or underserved and where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration as community development.“Distressed nonmetropolitan middle-income geographies and underserved nonmetropolitan middle-income geographies are designated by the agencies in accordance with their CRA regulations,” the Fed said on its website. “The designations continue to reflect local economic conditions, including unemployment, poverty, and population changes.”North Carolina, Texas, and Georgia were the three states with the most distressed nonmetro areas. Poverty was listed as the most rampant issue in Texas, but unemployment in nonmetro areas was almost absent. Poverty was also the overwhelming issue in North Carolina and Georgia, but joblessness was also a factor in many towns.The Northeast, except for New York, Maine, and Pennsylvania, all but escaped the list. Massachusetts listed one underserved nonmetro in Nantucket, but Rhode Island, Connecticut, New Jersey, New Hampshire, and Delaware had no presence on the list. Hawaii also escaped the list, the only area outside the Northeast to do so.Revitalization or stabilization activities on the list are eligible to receive CRA consideration as community development for 12 months. The CRA was first enacted by Congress in 1977 and revised in both 1995 and 2005. The purpose of the CRA is to “encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations,” according to the U.S. Federal Reserve Board web site.Click here to view the complete list of nonmetro middle-income areas deemed distressed or underserved.last_img read more

Posted in kmvwgibemcuiTagged ,,,,,,,,,,,,,,Leave a Comment on These Areas are Eligible for CRA Consideration

Industry Reacts to Rumored Freddie Mac Move

first_imgSubscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago March 10, 2017 2,158 Views Demand Propels Home Prices Upward 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 Freddie Mac may be moving toward backing loans that finance single-family rental (SFR) homes, according to a recent Bloomberg article. Bloomberg reported that Freddie Mac executives pressed to finance single-family rentals as early as 2012 but those efforts were halted by FHFA officials who worried that the deals might stifle bank participation in the market.“What we are seeing is a major shift in housing policy—the recognition that single family rentals is an important segment of the housing market,” said Greg Rand, CEO of OwnAmerica, in an interview with DS News on Friday.Rand noted however that not all housing professionals may be as welcoming of this news as he is. If the reaction to when Fannie Mae announced it was moving into SFR-financing by guaranteeing a $1 billion dollar loan to Invitation Homes is any indication, then Rand may be right.At that time, groups like the National Association of Realtors (NAR) opposed the Fannie Mae deal on the grounds that it was subsidizing big investors at the expense of homebuyers.“Rather than focusing on allowing well-qualified Americans to build wealth through affordable mortgage options, Fannie Mae is actively financing large institutions to compete with them,” William Brown, President of the NAR, said in a January 31 letter to Mel Watt, director of the Federal Housing Finance Agency.On the opposite side, Rand told DS News, “Policy changes from Freddie, Fannie and HUD are going to provide cheaper financing for owners, which will encourage investment and contribute to more affordable rentals for tenants. It’s disheartening that the National Association of Realtors has chosen to line up against investors because of the natural competition investors are to first time home buyers.”Expanding on that Rand outlined he differs with NAR for the following reasons: “By lining up against investors, they are lining up against their tenants too. Renter families should have the opportunity to live in safe neighborhoods with good schools too. [Also] NAR’s membership closes 1,000,000 property transactions every year. That’s more than $3 billion in fees earned, and that pays lots of dues to NAR. It’s hypocritical to label landlords as villains.” Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Fannie Mae Freddie Mac Invitation Homes NAR Own America Single Family Rental Previous: Fitch Gives Ocwen ‘Stable’ Rating Next: The Week Ahead: The Federal Open Market Committee Convenes Fannie Mae Freddie Mac Invitation Homes NAR Own America Single Family Rental 2017-03-10 Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Secondary Market Home / Daily Dose / Industry Reacts to Rumored Freddie Mac Move The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Share Save Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Industry Reacts to Rumored Freddie Mac Move About Author: Staff Writerlast_img read more

Posted in qmfvpfbeyiyvTagged ,,,,,,,,,,,,,,Leave a Comment on Industry Reacts to Rumored Freddie Mac Move

U.S. Mayors Cite Housing Issues as Driver of Migration

first_img Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Affordability boston university Home Prices Initiative on Cities Menino Survey of Mayors migration 2018-01-24 David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily High housing costs are one of the chief factors driving people away from certain cities and into others—that’s according to the results of an annual survey that polls the mayors of major American cities.This week, the Boston University Initiative on Cities released the 2017 results of their annual Menino Survey of Mayors. The survey compiled data from interviews conducted in the summer of 2017. The Boston University survey contacted mayors of 467 American cities with populations of 75,000 or more. Of the 115 mayors who responded, 65 percent were Democrats and 22 percent were Republicans. Breaking things down by region, 39 percent of responses came from cities in the West, 27 percent from the South, 25 percent from the Midwest, and 9 percent from the Northeast. The mayors were 74 percent male, 26 percent female, and predominantly White (85 percent, with 11 percent of respondents Black and 4 percent Latino).In spite of all those differences, the majority of surveyed mayors (51 percent) all agreed that rising housing costs were one of the top factors that would drive people to move away from their cities. The remaining factors cited, in descending order, included: Jobs (45 percent), Schools (44 percent), Public Safety (28 percent), Taxes (27 percent), Nightlife/Food (22 percent), Transit (17 percent), Recreation/Amenities (10 percent), Racial/Equity Concerns (9 percent), Beauty/Aesthetics (7 percent), and Cleanliness (5 percent).According to the survey, “Mayors were split, however, on whether to prioritize addressing problems in the rental or homeownership markets.” Only 13 percent of mayors said the housing stock in their city fit their residents’ needs “very well” or “extremely well.” However, 57 percent said they believed their city’s housing stock at least fit the needs of their constituents “moderately well.” The survey found that housing concerns were most pronounced in the Western states, and concerns about housing stocks were pronounced across cities with “vastly different median housing prices.” The survey reads in part, “Popular, but not universal, aspirations for changes to housing stock included more affordable multibedroom units, increased home ownership, and upgrades to older housing. Other mayors cited priorities such as rental stability at one end of the spectrum and more high-end units at the other. The most commonly cited obstacles to improving housing access included a lack of government funding (especially for low-income residents); the challenges residents face obtaining bank financing or a lease; and the costs of upgrading older housing stock.”You can read the full 2017 Menino Survey of Mayors results by clicking here. U.S. Mayors Cite Housing Issues as Driver of Migration Share Save Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Lack of Affordable Homes Driving Nationwide Migration Trends Next: What do Mortgage Industry Data Initiatives Mean for Lenders? Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: David Wharton  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / U.S. Mayors Cite Housing Issues as Driver of Migration The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 24, 2018 1,426 Views Tagged with: Affordability boston university Home Prices Initiative on Cities Menino Survey of Mayors migrationlast_img read more

Posted in drnfwrvdvvfcTagged ,,,,,,,,,,,,,,Leave a Comment on U.S. Mayors Cite Housing Issues as Driver of Migration

Is Housing Ready for a Rebound?

first_img Servicers Navigate the Post-Pandemic World 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: David Wharton Sign up for DS News Daily Home Construction home construction prices LegalShield LegalShield Law Index tariffs 2018-04-09 David Wharton Previous: Fewer Renters Planning to Buy a Home Next: Combating Housing Shortages With Backyard Homes in Daily Dose, Featured, Journal, Market Studies, News According to the latest LegalShield Law Index, the housing market may be poised for a significant rebound, but factors such as the recent trade tariffs imposed by President Trump could complicate things.Released monthly, the LegalShield Law Index tracks factors such as housing starts, foreclosure starts, and consumer confidence, compiling indices based on LegalShield’s proprietary data culled from their client base. The Law Index is divided up into sub-indices that track different sectors of the economy, each tied to other key economic reports or indicators. This month, LegalShield spotlights activity on the LegalShield Housing Activity Index, which measures housing construction and which decreased in March but still remains 2.8 percent higher year-over-year. It was up 4.3 percent year-over-year during February.LegalShield’s latest report notes that housing starts remain near post-recession highs in spite of declining slightly beginning in February after surging to their highest level in a decade during January. According to LegalShield, new housing unit authorizations expanded 18 percent and housing permits expanded 6.5 percent during the last 12 months.“While rising interest rates may constrain new home construction to some extent, the combination of low inventories and high prices of existing homes for sale and the underlying strength of the U.S. economy point to stronger building activity in the near term,” explained James Rosseau, LegalShield’s CCO. “However, a key development to monitor is the growing likelihood of trade actions by the United States and its trading partners, particularly China, that could raise the prices of steel, aluminum, and lumber. If this occurs, it could lead to weaker construction investment and cause the LegalShield Housing Activity Index to stagnate or decline.”The other four sub-indices comprising the LegalShield Law Index include the Consumer Financial Stress Index, Real Estate Index, Bankruptcy Index, and the Foreclosure Index. The Real Estate Index, Foreclosure Index, and Bankruptcy Index indicate that existing home sales, foreclosure activity, and bankruptcies, respectively, will likely remain “muted” in the near term, according to LegalShield.The Consumer Financial Stress Index, however, decreased 1.0 point in March to 72.3, the lowest recorded score for that index ever. According to LegalShield, this indicates “that consumer financial health is strong and likely to remain so throughout the first half of 2018.””Overall, consumers are in a good position right now,” Rosseau said. “Although rising consumer debt levels are a potentially worrisome trend in the medium term, LegalShield data, which are based on actual consumer behavior rather than perception, indicate that consumer financial health should remain robust in the months ahead.” April 9, 2018 1,780 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Tagged with: Home Construction home construction prices LegalShield LegalShield Law Index tariffs Related Articles The Best Markets For Residential Property Investors 2 days ago Is Housing Ready for a Rebound? Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Home / Daily Dose / Is Housing Ready for a Rebound? Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days agolast_img read more

Posted in wixtebrszesiTagged ,,,,,,,,,,,,,,Leave a Comment on Is Housing Ready for a Rebound?

Decoding the New Flood Insurance Regulation

Home / Daily Dose / Decoding the New Flood Insurance Regulation  Print This Post Demand Propels Home Prices Upward 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Tagged with: Biggert-Waters Act FDIC Federal Reserve Flood Insurance Lenders mortgage OCC Servicers Biggert-Waters Act FDIC Federal Reserve Flood Insurance Lenders mortgage OCC Servicers 2019-02-12 Radhika Ojha Related Articles Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha Sign up for DS News Daily February 12, 2019 3,537 Views 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 Decoding the New Flood Insurance Regulation The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Loss Mitigation, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago A joint ruling by banking regulators including the Federal Reserve, the Office of the Comptroller of Currency (OCC), National Credit Union Administration, Federal Deposit Insurance Corporation, and Farm Credit Administration will implement the provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 to require mortgage lenders and credit unions to accept certain private flood insurance policies in addition to policies under the National Flood Insurance Program (NFIP).With the addition of acceptance of private insurance flood policies through this rule, the regulators have widened the scope for lenders to accept private flood insurance policies by allowing them to conclude that the policy meets the definition of private flood insurance, “without a further review of the policy, if the policy  or an endorsement to the policy, states: This policy meets the definition of private flood insurance contained in 42 U.S.C. 4012a(b)(7) and the corresponding regulation.”According to the OCC, the rule which takes effect on July 1 would also allow financial institutions to rely on an insurer’s written assurances in a private flood insurance policy stating that the policy meets the criteria for flood insurance. It also clarifies that lenders, under certain conditions, can accept policies that don’t meet the Biggert-Waters Act criteria. It also allows lenders to accept some flood coverage plans provided by mutual aid societies subject to agency approval.The regulation specifies that the amendment would “permit regulated lending institutions to exercise their discretion to accept flood insurance policies issued by private insurers and plans providing flood coverage issued by mutual aid societies that do not meet the statutory definition of private flood insurance, subject to certain restrictions.”The OCC said that The proposed rule included conditions for accepting these policies. However, in response to commenters, the agencies removed some of these conditions from the final rule. “The key conditions in the final rule are a requirement that the policy provides sufficient protection for a designated loan, consistent with general safety and soundness principles, and a requirement that the regulated lending institution document its conclusion regarding the sufficiency of protection in writing.”Read the full analysis of the final rule here. Previous: Ellie Mae to Go Private Next: What Is Pushing Delinquencies Down? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago read more

Posted in gmxegjscxhgiTagged ,,,,,,,,,,,,,,Leave a Comment on Decoding the New Flood Insurance Regulation

Fannie Mae: Housing Driving Economic Growth

first_imgHome / Daily Dose / Fannie Mae: Housing Driving Economic Growth Share Save Fannie Mae: Housing Driving Economic Growth About Author: Seth Welborn November 18, 2019 2,155 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Economy 2019-11-18 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 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 Tagged with: Economy Servicers Navigate the Post-Pandemic World 2 days ago Housing supported the larger economy in Q3 2019, but despite this growth, global political uncertainty poses a risk to the forecast tipping to the downside. The Fannie Mae Economic and Strategic Research (ESR) Group expects one more rate cut from the Federal Reserve in early 2020 before pausing for the remainder of the year, leading to an upgraded 2020 forecast for real GDP growth of 1.9%. Housing added to growth in Q3 into the Q4 and the first half of 2020.The Fannie Mae ESR Group notes that housing should also continue to function as a positive contributor to growth in the near term, as indicated by both new and existing single-family home sales advancing in Q3, as well as pending home sales, permits, and starts. However, persistent supply and affordability constraints continue to hold back household formation, inhibiting housing market activity.“Even as global uncertainties mount, we continue to expect the domestic economy to produce solid, if not spectacular, growth,” said Fannie Mae SVP and Chief Economist Doug Duncan. “A stronger-than-expected Q3 contributed to the downward revision to our Q4 forecast, as some of the previously expected weakness in trade and inventories appears likely to have been pushed back into this quarter. Still, consumer spending is likely to continue driving the expansion forward, and with the passage of the budget act and a reprieve in trade tensions we’ve revised upward our forecast for full-year 2020 growth. We also continue to expect the Fed to cut interest rates only one more time in the foreseeable future, in early 2020, as a hedge against the sizeable downside risks and to counteract muted inflation.”Duncan added, “Positive contributions from single-family housing construction, home improvements, and brokers fees pushed residential fixed investment growth to a robust 5.1% annualized pace this past quarter, and we forecast continued but moderating strength as construction activity and home sales growth continue at a slower pace. With mortgage rates normalizing, we expect a decline in refinance activity in 2020, with the refinance share of originations dropping from a projected 37% in 2019 to 31%. Of course, the housing market as a whole remains constrained by the persistent supply and affordability issues, which is particularly unfortunate given the current strength of consumer demand for reasonably priced homes.” Related Articlescenter_img Previous: Fed Discusses Market Health Next: “Positive Conditions” Leading to Strong Home Builder Confidence Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe  Print This Post 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. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Posted in lpkspjdvlocgTagged ,,,,,,,,,,,,,,Leave a Comment on Fannie Mae: Housing Driving Economic Growth

The Industry Pulse: Updates on New Hires and Partnerships

first_imgHome / Daily Dose / The Industry Pulse: Updates on New Hires and Partnerships 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. Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Industry Pulse: Updates on New Hires and Partnerships LERETA, LLC, a provider of real estate tax and flood services for mortgage servicers nationwide, has tapped Michael Whiting as SVP of tax operations in its Dallas office. Whiting is responsible for continuing to enhance the technical innovation and client engagement of LERETA’s tax, oil and gas and trust business.“Michael has the industry experience and leadership background that will help this line of business and the company as a whole,” said Jim Micali, COO. “We are happy to have him join us and look forward to his contribution.”“I am honored to join a company that is proven to be an industry disrupter regarding its exceptional level of service and use of technology,” Whiting said. “This prestigious team of professionals has set the bar high, and I am excited to share my knowledge to further bolster LERETA’s name and reputation in the industry as a top service provider.”_____ Servicers Navigate the Post-Pandemic World 2 days ago Previous: Residential Mortgages Get Special Treatment With Bankruptcy Provisions Next: Mortgage Industry Groups Provide Feedback on Universal Mortgage-Backed Security January 22, 2020 1,011 Views Pulse 2020-01-22 Seth Welborn About Author: Seth Welborn Related Articles Effective January 1 the LOGS Network affiliated law firms of Shapiro, Van Ess & Sherman (Arizona); Shapiro, Van Ess, Sherman & Marth (California); and Shapiro & Sutherland (Oregon and Washington) merged and became part of an expanded Janeway Law Firm footprint.The Janeway-LOGS partnership now consists of Janeway Law Firm, P.C., a certified woman-owned law firm serving Colorado since 2004 and affiliated with the LOGS Network since 2013; and Janeway Law Firm, LLC, serving Arizona, California, Oregon, and Washington.“As a woman-owned law firm, we are excited about this expansion and our growing opportunity to serve our clients across multiple states,” said Lynn Janeway, Esq., Managing Shareholder of Janeway Law Firm, P.C. (Colorado) and Managing Member of Janeway Law Firm, LLC (Arizona, California, Oregon, and Washington).“With this merger, Lynn’s firm becomes one of the largest woman-owned law firms in the industry and her long career, both as an attorney and businesswoman, is a key differentiator of LOGS’ western states strategy,” said LOGS founder Gerald M. Shapiro, Esq. Shapiro continued, “We are grateful for the foundation of our legacy firms in these states, and LOGS is especially excited about the opportunity to expand the footprint of a woman-owned firm in the region under Lynn’s leadership.”_____Rentec Direct has partnered with The Closing Docs, an automated income verification company, to expedite and enhance the tenant screening process for landlords and property managers. By incorporating this solution from The Closing Docs, Rentec Direct users can now easily order automated income verification reports during the tenant screening process.“As a landlord myself, I understand the importance of carefully screening tenants and using a variety of information to make an informed decision,” said Nathan Miller, President of Rentec Direct. “Traditional methods of verifying income can be slow, error-prone, and cost you a lot of time. With automated income verification, landlords can quickly generate an easy-to-read report to help streamline the tenant screening process.”“Instead of asking property managers to interpret disparate data or chase down applicants for info, a couple clicks in the Rentec Direct workflow provide instant access to better information,” said Mark Fiebig, Founder of The Closing Docs. “We’re thrilled to support the best in the business. Together, we’re shortening marketing time and reducing risk.“center_img 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 Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Tagged with: Pulse Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Posted in dmhudhtxjbkrTagged ,,,,,,,,,,,,,,Leave a Comment on The Industry Pulse: Updates on New Hires and Partnerships