Month: May 2021

DS News Webcast: Monday 11/18/2013

first_img November 18, 2013 467 Views  Print This Post Home / Featured / DS News Webcast: Monday 11/18/2013 in Featured, Media, Webcasts Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: DSNews Demand Propels Home Prices Upward 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Previous: LoanLogics Receives $11.2M to Fund Continued Growth Next: CFPB Hits Private Insurer with $100K Fine Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 2013-11-18 DSNews Governmental Measures Target Expanded Access to Affordable Housing 2 days ago DS News Webcast: Monday 11/18/2013last_img read more


May 31, 2021 0

Lawmaker Calls for Further Examination of Servicers in 2013 Foreclosure Settlement

first_img Tagged with: 2013 Independent Foreclosure Review Citigroup Settlements Sign up for DS News Daily Lawmaker Calls for Further Examination of Servicers in 2013 Foreclosure Settlement About Author: Brian Honea March 20, 2015 1,001 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post 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. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 2013 Independent Foreclosure Review Citigroup Settlements 2015-03-20 Brian Honea U.S. Representative Maxine Waters (D-California) has written a letter to the inspectors general for both the Federal Reserve and the U.S. Department of Treasury asking for further investigation to determine if any of a group of mortgage servicers missed paying additional borrowers that were owed compensation as part of a 2013 foreclosure settlement.The letter was prompted by news reports that surfaced earlier this month stating that Citigroup, one of the servicers named in the settlement, had missed paying some 24,000 borrowers who were owed money from the settlement. Waters, the Ranking Member of the House Committee on Financial Services, sent her letter on Friday to Fed Inspector General Mark Bialek and Treasury Inspector General Eric Thorson asking them to perform further examinations to see if other borrowers were missed. The original settlement was reached more than two years ago between 15 mortgage servicers and the Fed and Office of the Comptroller of the Currency (OCC) to resolve claims of servicing violations during foreclosures.Those 24,000 Citigroup borrowers will receive a combined total of approximately $20 million with payments ranging from a few hundred dollars to $62,500 depending on the harm done to the borrower and the type of servicing error that was committed. One news report, citing an OCC spokesperson, stated that Citigroup was originally told by the OCC that it did not have to include those 24,000 borrowers in the settlement. It was discovered that Citigroup owed those 24,000 borrowers money only after one borrower filed a complaint on an OCC Customer Assistance website, which was stated in Waters’ letter and confirmed by the OCC.”As we said in the past, we are fully committed to fulfilling our obligations under the independent foreclosure review,” Citigroup spokesperson Lynn Fogarty said.Earlier this month when it was reported that 24,000 borrowers were still owed money by Citigroup, spokesman Mark Rodgers told DS News that “We want to make sure that everyone eligible for compensation under the agreement receives what they are due.”An Independent Foreclosure Review concluded in January 2013 with 10 mortgage servicers reaching an agreement with the Fed and the OCC to pay a combined total of $8.5 billion to more than 3.8 million homeowners whose homes were in foreclosure in 2009 and 2010. The claims allege that the servicers mishandled loan paperwork and robo-signed documents related to the foreclosures.The settlement totals were later increased to 15 servicers and a total of $10 billion in payments, according to the Fed. Citigroup has made cash payments of about $300 million to more than 350,000 borrowers and spent about $500 million on foreclosure prevention, according to an OCC report. Related Articles Share Save Home / Daily Dose / Lawmaker Calls for Further Examination of Servicers in 2013 Foreclosure Settlement Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Foreclosure, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Report: Freddie Mac to Sell $1 Billion Worth of Non-Performing Mortgage Loans Next: Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more


May 31, 2021 0

Activists Urge White House Not to Abandon GSE Reform

first_img Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Activists Urge White House Not to Abandon GSE Reform in Daily Dose, Featured, News, Secondary Market Home / Daily Dose / Activists Urge White House Not to Abandon GSE Reform The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Several civil rights and housing advocacy groups on Wednesday called for the White House to take action on the lingering issue of GSE reform, which some top officials in the Obama Administration said will not happen during the last year-plus of Obama’s presidency.Representatives from the Leadership Conference on Civil and Human Rights, the Center for Responsible Lending (CRL), the National Community Reinvestment Coalition (NCRC), and the Labor Council for Latin American Advancement (LCLAA) all called on the Obama Administration to address the state of the housing finance system for minority communities, outlining steps they believe the Administration should take to address perceived economic and racial disparities, according to a report on ValueWalk.One of those steps is GSE reform—removing Fannie Mae and Freddie Mac from conservatorship of the Federal Housing Finance Agency (FHFA), where it has been for seven years after receiving a combined $187.5 billion bailout, and recapitalize them. Obama Administration officials such as Treasury Secretary Jack Lew have warned in the last month that such a “recap and release” program for Fannie Mae and Freddie Mac would put the GSEs at risk of another bailout; however, the GSEs’ Q3 earnings reports showed a $475 million net loss for Freddie Mac and a decline of more than 50 percent in Fannie Mae’s quarterly net income (from $4.6 billion in Q2 down to $2 billion in Q3), prompting their boss, FHFA Director Mel Watt, to declare that they may need a bailout anyway.On a press call Wednesday, Leadership Conference President and CEO Wade Henderson criticized the Obama Administration’s failure to let the GSEs regain financial stability and also the Administration handing the task of GSE reform to Congress, where no progress has been made despite general bipartisan agreement that some sort of GSE reform needs to take place.“Which Congress are they talking about?” Henderson said. “The House just pushed out its last Speaker because he wasn’t eager enough to shut down the federal government, and it hasn’t shown it can handle any other complex policy issue–especially one that ought to be bipartisan. Putting the future of our nation’s housing finance system in the hands of this House, while refusing to do what can be done under existing law, shows a level of naiveté and a seeming indifference to the consequences of the status quo that is truly disturbing.”CRL President Mike Calhoun pointed out that the way the GSEs that operate today under conservatorship is “far different” from the GSEs that operated prior to being seized by the government in 2008.“The House just pushed out its last Speaker because he wasn’t eager enough to shut down the federal government, and it hasn’t shown it can handle any other complex policy issue–especially one that ought to be bipartisan.”Wade Henderson, President of the Leadership Conference on Civil and Human Rights“We have already made major reforms to make them safer and more effective,” Calhoun said. “We need to continue that process and support the housing market and the entire economy, by strengthening broad access to all sustainable homebuyers and all responsible lenders, improving fair lending, and properly structuring and incentivizing the GSEs.”NCRC director Gerron Levi said his organization’s stake in reforming the GSEs is to preserve the affirmative obligations in the GSEs’ charters and their affordable housing goals that ensure all creditworthy borrowers can access mortgage credit.“Because of the policy and political uncertainty ahead, we believe that only way to preserve the affordable housing goals is for the Obama administration to recapitalize the GSEs, end the conservatorship, and to continue building on the reforms of strong supervision and oversight enacted as part of the Housing and Economic Recovery Act of 2008,” Levi said.Hector Sanchez, executive director of the LCLAA, said he believes the GSEs in their current state are shutting out homeownership opportunities for Latinos and therefore keeping them from wealthbuilding opportunities, which can potentially have negative consequences for the economy.“The economic implications of having a majority of Latinos, which will make up a third of the country by 2050, spending more than half of their income in the rental market will have serious effects on our nation’s economy,” Sanchez said. “We must encourage wealth building for Latinos because they will continue to play a key economic role in the future.” Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Fannie Mae Freddie Mac GSE Reform Obama administration 2015-11-11 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: What’s Wrong With Dodd-Frank? The GOP Says It Has the Answer Next: Will ‘Unaffordable’ Homes Ever Become ‘Affordable’ to Millennials? Tagged with: Fannie Mae Freddie Mac GSE Reform Obama administration Related Articles Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save November 11, 2015 1,125 Views Subscribelast_img read more


May 31, 2021 0

Price Appreciation Expected to Continue

first_img in Daily Dose, Featured, News Related Articles The Best Markets For Residential Property Investors 2 days ago Price Appreciation Expected to Continue Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Price Appreciation Expected to Continue Previous: National Bankruptcy Rates Fall Further Next: DS News Webcast: Wednesday 8/2/2016 Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago August 2, 2016 1,208 Views Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Tagged with: CoreLogiccenter_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Home prices rose by 5.7 percent year-over-year in June, and that pace of appreciation is not expected to slow over the next year, according to data released Tuesday by CoreLogic.While CoreLogic’s June 2016 Home Price Index (HPI) reported that following the price appreciation of nearly 6 percent from June 2015, the company’s Home Price Forecast predicted that home prices will appreciate by another 5.3 percent from June 2016 to June 2017. Single-family home prices (including sales of distressed homes) are expected to reach a new peak on November 2017 if they continue at their current rate.“Home prices continue to increase across the country, especially in the lower price ranges and in a number of metro areas,” said Anand Nallathambi, President and CEO of CoreLogic. “We see prices continuing to increase at a healthy rate over the next year by as much as 5 percent.”CoreLogic’s HPI Forecast is a projection of home prices using the HPI and other economic variables, and values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state, according to CoreLogic.June 2016 marked the 53rd consecutive month of year-over-year home price appreciation. Twenty-three states plus the District of Columbia reached new highs in home price appreciation in June, while two states had negative home price appreciation during the month (Connecticut at minus 1.7 percent and New Jersey at minus 0.8 percent), CoreLogic reported.Mortgage rates dropped to near historic lows in June (3.42 percent for the average 30-year FRM), which spurred on both homebuying and refinance activity. The average 30-year FRM is currently at 3.48 percent and is expected to remain below 4 percent for the remainder of the year.“Mortgage rates dipped in June to their lowest level in more than three years, supporting home purchases,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Local markets with strong economic growth have generally had stronger home-price growth. Among large metropolitan areas, Denver had the lowest unemployment rate and the strongest home-price appreciation.”Click here to view CoreLogic’s Home Price Index for June. The Week Ahead: Nearing the Forbearance Exit 2 days ago CoreLogic 2016-08-02 Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more


May 31, 2021 0

Mortgage Servicing Challenges: LoanCare President Weighs In

first_img Dave Worrall LoanCare Servicing 2017-10-02 Brianna Gilpin Dave Worrall, President of LoanCare sits down with DS News to talk about what’s to come in servicing in 2018 at the 2017 Five Star Conference and Expo in Dallas, Texas. Following the hurricanes that have devastated parts of the U.S. and eventual ending of moratoriums, Worrall explained the different aspects servicers should focus on as well as the possibility of regional microbubbles.  Tagged with: Dave Worrall LoanCare Servicing Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, Foreclosure, Headlines, Media, News Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Mortgage Servicing Challenges: LoanCare President Weighs In Demand Propels Home Prices Upward 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Previous: Bubble Risk: A City by City Breakdown Next: Freddie Mac’s Chief Diversity Officer on Diversity and Inclusioncenter_img Mortgage Servicing Challenges: LoanCare President Weighs In Servicers Navigate the Post-Pandemic World 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 Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] About Author: Brianna Gilpin October 2, 2017 5,178 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more


May 31, 2021 0

Fed Minutes: More Interest Rate Hikes Incoming

first_img Fed Minutes: More Interest Rate Hikes Incoming Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Fed Minutes: More Interest Rate Hikes Incoming in Daily Dose, Featured, Government, Headlines, Journal, News The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago February 21, 2018 2,269 Views Demand Propels Home Prices Upward 2 days ago Share Save The minutes from the January meeting of the Federal Open Market Committee were released on Wednesday, showing Federal Reserve officials forecasting increased economic growth and inflation. Both factors led the Fed officials to stand firm on their plans to gradually continue raising the benchmark interest rate in 2018.The Dow Jones industrial average initially spiked 303 points after the release of the minutes, according to CNBC, then eventually closed down 167 points. The benchmark 10-year Treasury note also hit a four-year high in the aftermath of the minutes’ release.According to the minutes, the Federal Reserve officials in January had revised their economic projections upwards following their December meeting, noting increased consumer spending and confidence. “A majority of participants noted that a stronger outlook for economic growth raised the likelihood that further gradual policy firming would be appropriate,” reads the minutes summary. It notes that most of the FOMC members forecast inflation hitting the Fed’s 2 percent inflation goal during the “medium term.”The minutes say that “Members expected that economic conditions would evolve in a manner that would warrant further gradual increases in the federal funds rate. They judged that a gradual approach to raising the target range would sustain the economic expansion and balance the risks to the outlook for inflation and unemployment.”The next FOMC meeting is scheduled for March, when the Fed is widely expected to announce another rate hike, this one likely up to a target rate of 1.5 percent to 1.75 percent.The minutes also show the Fed officials commenting on the likely effects of the tax reform bill passed at the end of last year. The minutes read, in part, “With regard to how firms might use part of their tax savings to boost compensation, a few participants suggested that such a boost could be in the form of one-time bonuses or variable pay rather than a permanent increase in wage structures. It was noted that the pace of wage gains might not increase appreciably if productivity growth remains low. That said, a number of participants judged that the continued tightening in labor markets was likely to translate into faster wage increases at some point.”You can read the full Fed minutes for the January FOMC meeting by clicking here. About Author: David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Fed Federal Open Market Committee Federal Open Market Committee Minutes Federal Reseve FOMC Interest rates minutes 2018-02-21 David Wharton Previous: How Much Have Banks Been Fined Since the Crisis? Next: 10 Most Accurate Home Price Forecasts for Metros Tagged with: Fed Federal Open Market Committee Federal Open Market Committee Minutes Federal Reseve FOMC Interest rates minutes Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more


May 31, 2021 0

Streamlining Banking Processes

first_img in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Banks Financial Services Committee FSOC House of Representatives Lending nonbanks SIFI Stress Test April 12, 2018 1,659 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Home / Daily Dose / Streamlining Banking Processes The House of Representatives recently passed two bipartisan bills that are aimed at streamlining processes for financial institutions across the country. While H.R. 4293, the Stress Test Improvement Act of 2017, looks to improve the efficiencies of the current stress test requirements for banks, H.R. 4061, The Financial Stability Oversight Council (FSOC) Improvement Act of 2017 looks at reforms for the designation process for nonbanks.Both the bills will now head to the Senate for a vote. “At the end of the day, it’s not really the banks that are the subject of these regulations. At the end of the day, it’s their customers,” said Financial Services Committee Chairman, Senator Jeb Hensarling of Texas. “What the Financial Services Committee and this House have to do is ensure that there is affordable and available credit to help fund people’s American dreams. That’s what these important bipartisan bills will help achieve.”The FSOC Improvement Act, which was passed by a vote of 297-121, aims to reform the FSOC designation process to enhance the transparency and procedural fairness of the nonbank systemically important financial institutions (SIFI) designation process. According to this bill, while the FSOC will retain the power to make a determination regarding any nonbank financial company, the bill would afford affected institutions a greater opportunity to be heard by the functional regulator and modify its business, structure, or operations prior to the designation.“Today’s vote on H.R. 4061 is a critical step toward providing the FSOC with additional ways to address potential risks to the financial system, while also making the systemically important financial institution (SIFI) process more accountable and transparent,” said Paul Schott Stevens, President and CEO of Investment Company Institute (ICI). “This legislation would enhance the FSOC’s ability to reduce systemic risk and ensure that nonbank SIFI designations are reserved for limited cases when identified risks to financial stability cannot be addressed more effectively by an entity’s primary regulator or action by the entity itself.”The Stress Test Improvement Act, which was passed by a vote of 245-174, would streamline the current regime for stress testing banks and make the company-run stress test an annual exercise. It would reduce the number of supervisory scenarios from three to two and allow institutions to determine if they have sufficient capital to absorb losses and support the operations during the harshest economic conditions.This bill would also limit the ability of the Federal Reserve to object to a company’s capital plan based solely on qualitative deficiencies.“Stress tests are an important regulatory tool that have much improved the safety of our financial system,” said Senator Maxine Waters of California while opposing the passage of the bill. “When we crafted Dodd-Frank, we mandated these stress tests and put in place other enhanced prudential guardrails for large banks to not only prevent damage to our economy but also help grow our economy. And they are working. But H.R. 4293 weakens the rigor and frequency of those stress tests, a move that simply makes no sense.”  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojhacenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Streamlining Banking Processes Servicers Navigate the Post-Pandemic World 2 days ago Previous: HUD & DOJ Partner Against Sexual Harassment in Housing Next: Rising Rates, Squeezed Supply Have Housing Industry’s Attention Banks Financial Services Committee FSOC House of Representatives Lending nonbanks SIFI Stress Test 2018-04-12 Radhika Ojha Subscribelast_img read more


May 31, 2021 0

Freddie Mac Announces Non-Performing Loan Sale

first_imgHome / Daily Dose / Freddie Mac Announces Non-Performing Loan Sale in Daily Dose, Featured, Government, News, Secondary Market Previous: FHFA Appoints New Principal Deputy Director, Industry Reacts Next: Rent and Affordability Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Delinquency Freddie Mac NPL sale 2019-04-16 Seth Welborn Freddie Mac Announces Non-Performing Loan Sale April 16, 2019 2,823 Views Sign up for DS News Daily Tagged with: Delinquency Freddie Mac NPL sale Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Freddie Mac recently announced an approximate $363 million non-performing loan (NPL) transaction, an auction of seasoned non-performing residential first lien whole loans held in Freddie Mac’s mortgage-related investments portfolio.The NPLs are being marketed via four pools: three Standard Pool Offerings (SPO) and one Extended Timeline Pool Offering (ETPO), which the GSE notes targets participation by smaller investors, including non-profits and Minority, Women, Disabled, LGBT, Veteran or Service-Disabled Veteran-Owned Businesses. SPO pools are generally large, geographically diverse pools, although they may be geographically concentrated. ETPO pools are generally smaller in size, and may or may not be geographically concentrated. The marketing period will be approximately two weeks longer than the typical marketing period for SPOs.Freddie Mac states that bids on these pools are due from qualified bidders by May 7, 2019 for the SPO pools, and May 21, 2019 for the EXPO pool. The sales are expected to settle in July 2019.Potential bidders must be approved by Freddie Mac and must successfully complete a qualification package to access the secure data room containing information about the NPLs and to bid on the NPL pool(s). The bids are to be made on an all-or-none basis for any pool separately or for any combination of SPO pools together. The winning bidder will be determined on the basis of the economics of the bids, subject to meeting Freddie Mac’s internal reserve levels, at Freddie Mac’s sole discretion.In order to qualify for access to the secure data room containing information about the NPLs, potential bidders must possess a signed Non-Disclosure Agreement, proof of adequate funds, a complete Servicer Due Diligence Questionnaire, and attestation that the bidder is is not currently disbarred or suspended from doing business by any federal, state or local government agency, and that bidder has adequate experience managing a portfolio of single-family mortgage loans or securities.Bank of America Merrill Lynch, and First Financial Network, Inc., a woman-owned business, serve as Freddie Mac’s advisors on the transaction. Find out how to become a bidder here. The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn  Print This Post 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 Subscribe Share Save 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. The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more


May 31, 2021 0

Cory Booker Addresses Affordability Crisis

first_imgHome / Daily Dose / Cory Booker Addresses Affordability Crisis  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Cory Booker Fair Housing Act HOUSING Renters About Author: Radhika Ojha Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Alogent Acquires New Lending Software Next: Fannie Mae: The Questions Homeowners Need Answered The Best Markets For Residential Property Investors 2 days ago From expanding the Fair Housing Act to include discrimination based on sexual orientation or gender identity to focusing on a renters’ credit that would lift 9.4 million people out of poverty, Presidential candidate Sen. Cory Booker unveiled a plan to address housing affordability challenges on Wednesday.”Making sure all Americans have the right to good housing is very personal to me,” CNN reported Booker as saying. “I’m determined to tear down the barriers that stand in the way of every American being able to do for their families what my parents did for mine.”The New Jersey Democrat, who has focused on housing issues in his 20-year political career, has modeled his plan for renters’ credit on legislation he recently introduced.CNN reported that while this plan “is similar to a plan by his 2020 rival Sen. Kamala Harris, a California Democrat who has centered her own housing policy on a subsidy for low-income renters,” his plan goes further by introducing “sweeping changes to restrictive zoning laws, coupled with federal incentives to build more affordable housing.”As part of his plan, Booker also said that he would not only target predatory housing market practices and funding grants to combat homelessness, but also expand the right to counsel for tenants from low-income households who were fighting eviction.According to the Washington Post, with the release of this proposal, Booker seeks to highlight “his tenure as mayor of Newark, during which his administration made considerable investments in the struggling city’s housing stock.”On his campaign trail, Booker has often mentioned that housing has always been a personal issue for him. Additionally, in his new plan, Booker said, he would expand the Fair Housing Act to include discrimination based on sexual orientation or gender identity.”Access to safe, affordable housing is a central theme in my life and my career in politics,” Booker said. “Housing is a basic need and a basic right. And Americans shouldn’t have to face insurmountable financial challenges to put a roof over their heads.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Cory Booker Addresses Affordability Crisiscenter_img Demand Propels Home Prices Upward 2 days ago Cory Booker Fair Housing Act HOUSING Renters 2019-06-05 Radhika Ojha Related Articles in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe June 5, 2019 787 Views last_img read more


May 31, 2021 0

African-American Homebuyers Still Feeling Impact of Great Recession

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / African-American Homebuyers Still Feeling Impact of Great Recession Data Provider Black Knight to Acquire Top of Mind 2 days ago African-American Homebuyers Still Feeling Impact of Great Recession Governmental Measures Target Expanded Access to Affordable Housing 2 days ago November 27, 2019 2,189 Views Melanie GambleAn October article from The Washington Post revealed that black homeownership has been hit hardest by rising student debt. Additionally, the homeownership gap between black and white homeowners is at its highest level in over 50 years, according to research by the Urban Institute. “African Americans are already being left out of the housing market and that’s exacerbating levels of inequality in this country,” said Lawrence Yun, Chief Economist and SVP of research at the National Association of Realtors. “There’s a kind of urgency now within the housing community to bring younger African American buyers into real estate.”However, according to Melanie Gamble, Broker/Owner of 212 Degrees Realty in Upper Marlboro, Maryland, that only tells half the story. Gamble chronicled the struggle communities of color have faced since the Great Recession in her book, Unintended Consequences. Gamble said minority homeownership is nearing record lows, even dating back before the 1960s when people of color were able to purchase homes. The U.S. Census Bureau reported that the African-American homeownership rate for Q3 2019 was 42.7%—far below the national average of 64.8%. The homeownership rate for white Americans was 73.4%, 47.8% for Hispanics, and 58.8% for Asians. “Of course the entire nation was impacted,” Gamble said of the effects of the Great Recession, “but it impacted communities of color a lot worse. And unfortunately, we have not been able to recover at the same rates as other communities.” Gamble cites many reasons for African-Americans not being able to bounce back at the same rate as others and one of those reasons is the net worth of African-Americans as a whole.  “Unfortunately, a lot of people of color purchased homes with loans that were later deemed to be predatory. Homes were appreciating at a rapid rate and purchasers were being told, don’t worry, you can always refinance,” she said. “Once the recession hit and the market started to shift, you saw home values decline by as much as 50% in some communities and the possibility of refinancing vanished.  Without any other real wealth, the net worth of African-Americans essentially disappeared as a lot of homeowners found themselves upside down on their mortgage.” Forbes revealed earlier this year that the average, non-retired, African-American had $13,460 in wealth in 2016—just 9.5% of reported wealth of $142,180 for white Americans. The average wealth for African-Americans in 2007 was 13.7% of the median-white wealth—$24,841.Gamble said one of the best things to happen to African-American homeowners over the past decade was President Barack Obama’s HARP program. The HARP program allowed people the opportunity to refinance who were underwater. She also said the Mortgage Forgiveness Act was beneficial in not double penalizing people who may have lost their home.“It was just really, really unfortunate that a lot of the lenders in the beginning of the crisis were not as flexible as they are today and working with people,” she said. Gamble, while noting current foreclosure rates are at historical lows, said that we’re witnessing a “super inflated, insulated market.” “It’s all kinds of smoke and mirrors,” she said. “I don’t think too much will happen next year because we’re in an election year—but I believe after the election we’ll see some changes and unfortunately I think we’ll start to see interest rates rise again and we’ll really start to see affordability coming into play.” In her book, she continues, takes a historical look at housing laws, and found that communities of color lacked financial literacy. “If all you had was the equity you were building in your home and then that disappears, there you go,” Gamble said. “One of the biggest things I found was that there is such a lack of financial education.”In her book, Gamble said her passion for real estate began nearly two decades ago when her grandmother, or as she called her, “Bigmama,” passed away and left her land in Daphne, Alabama. However, Gamble was never able to enjoy that land as her grandmother forgot to pay the property taxes on it. An investor purchased it for just $1,000 during an auction. Gamble said she was “heartbroken.” “I channeled my frustration into something positive,” she said. “By June, I was taking my first real estate course at Professional Development Institute in Silver Spring, Maryland. By September I was a licensed agent.“I knew if the loss of property could happen so easily to my family in Daphne, Alabama, it could likely happen just about anywhere to anyone.” Gamble said that it has now become her “mission” to educate people about homeownership, and that REO has allowed her to be in the community and reach people still feeling the effects of the Great Recession. “I do my best to make sure that they have a dignified transition and that they don’t feel any less than what they may already be feeling,” she said.   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. Tagged with: African American Great Recession Homebuyers The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago African American Great Recession Homebuyers 2019-11-27 Mike Albanese Previous: The Challenges Facing Law Firms, Servicers in 2020 Next: Home Sale Activity Indicating Economic Shifts Demand Propels Home Prices Upward 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago About Author: Mike Albanese Share Save Sign up for DS News Daily in Daily Dose, Featured, Market Studies, Newslast_img read more


May 31, 2021 0