May 2021

DS News Webcast: Tuesday 6/4/2013

first_img DS News Webcast: Tuesday 6/4/2013  Print This Post 2013-06-04 DSNews The Best Markets For Residential Property Investors 2 days ago June 4, 2013 512 Views Share Save Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Featured, Media, Webcastscenter_img Previous: Valuation Vision Hires SVP of National Sales Next: Delgado – Carrington Out Of REO Trades, 2nd Housing Bubble? – Jun 05,2013 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 Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Featured / DS News Webcast: Tuesday 6/4/2013 Demand Propels Home Prices Upward 2 days ago Subscribe About Author: DSNewslast_img read more

Breaking the Streak: Bankruptcy Fillings Increase in August

first_imgSubscribe  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Breaking the Streak: Bankruptcy Fillings Increase in August Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Bankruptcy Epiq Systems Related Articles September 5, 2016 1,740 Views Nationwide bankruptcy filings were about 1 percent higher in August 2016 compared with a year earlier, breaking an ongoing trend of decline, according to August 2016 AACER bankruptcy data reported by Epiq Systems.Bankruptcy filings totaled 68,495 in August, which was an increase from July’s total of 61,340, and was approximately 1.1 percent higher than August 2015’s total of 67,777 (an increase of 718).  Year-to-date, there have been 528,397 bankruptcy filings nationwide for the first eight months of 2016 (about 66,049 per month), down from 2015’s year-to-date total through the end of August of 562,579 (about 70,322 per month).The average number of filings per day in August 2016 was 2,978 over 23 days, which is a decrease from July’s daily average of 3,067 over 20 days. The extra three filing days in August compared to July accounts for the slight increase in the number of filings in July; had August featured 20 filing days, there would have been over 400 more filings averaged per day than in July. Bankruptcy filings have averaged 3,121 for the first eight months of 2016 over a period of 169 filing days.August’s total of 68,495 bankruptcy filings was just over half of the peak total for the month of August recorded in 2010 of 135,771.Click HERE to View the Entire ReportThe state with the most cumulative filings for the first eight months of 2016 was again California with 49,564. As has been the trend, Illinois was second in year-to-date filings with 36,371. The next three states with the most cumulative filings were Georgia (30,751), Florida (30,640), and Ohio (24,986).Tennessee and Alabama continued to rank first and second among states in bankruptcy filings per capita for August with 5.63 and 5.45 for every 10,000 people, respectively. Those numbers were virtually the same as July’s numbers. The national average of filings per capita in August 2016 held steady over-the-month at 2.55, though it has increased by about 50 basis points since January 2016’s average of 2.02 percent.Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. Top legal professionals depend on us for deep subject-matter expertise and years of firsthand experience working on many of the largest, most high-profile and complex client engagements. Epiq Systems, Inc. has locations in the United States, Europe and Asia. Sign up for DS News Daily Previous: At the Intersection: Discrimination and Diversity in the Modern Workplace Next: Morningstar Authorized to Rate Financial Institutions by SEC Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Bankruptcy Epiq Systems 2016-09-05 Kendall Baer About Author: Kendall Baer Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Breaking the Streak: Bankruptcy Fillings Increase in Augustlast_img read more

Structure of CFPB Ruled Unconstitutional

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Structure of CFPB Ruled Unconstitutional About Author: Brian Honea Sign up for DS News Daily Subscribe October 11, 2016 2,136 Views CFPB PHH 2016-10-11 Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Clayton Holdings Appoints New Chief Revenue Officer Next: First Sale of Reperforming Loans Announced by Fannie Mae Credit unions, which have long sought relief from the CFPB’s regulatory regime, praised the court’s decision.“I applaud the ruling from the U.S. Court of Appeals for the D.C. Circuit regarding the PHH case against the Consumer Financial Protection Bureau, in that it will establish a meaningful check and balance and bring needed accountability to the Director’s role,” said Credit Union National Association (CUNA) President/CEO Jim Nussle. “This ruling confirms CUNA’s concern that the structure of the CFPB is flawed and that an unchecked, independent director who answers to no one can’t lead to good public policy.  CUNA continues to support a five-person commission for the CFPB instead of its current structure.”PHH had originally been fined $6.4 million by an administrative law judge in November 2014 for accepting kickbacks in the form of reinsurance premiums paid to a PHH subsidiary by mortgage insurers, a violation of the Real Estate Settlement Procedures Act (RESPA). The administrative law judge ruled that PHH was responsible only for payments accepted on mortgage loans that closed on or after July 21, 2008; Cordray expanded that penalty to $109 million in June 2015, saying that PHH was in violation of RESPA for every kickback payment the company accepted after July 21, 2008 even, if the loans closed before that date.PHH immediately appealed the decision and the arguments were heard in the D.C. Court of Appeals in April 2016. PHH’s petition with the court stated: “Never before has so much authority been consolidated in the hands of one individual shielded from the president’s control and Congress’s power of the purse.” This, PHH claimed, put the CFPB director’s power and tenure at odds with the U.S. Supreme Court’s Free Enterprise Fund v. Public Company Accounting Oversight Board decision from 2010.CFPB defended itself and the $109 million disgorgement in a filing with the D.C. Circuit Court, claiming the penalty was a “small fraction” of the kickbacks and that the $109 million was merely money that the company should have never received to begin with, and therefore in essence not a penalty.Click here for a copy of the D.C. Circuit Court’s ruling from Tuesday. Home / Daily Dose / Structure of CFPB Ruled Unconstitutional Related Articles Tagged with: CFPB PHH Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 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 U.S. Court of Appeals for the District of Columbia on Tuesday ordered a restructuring of how the Consumer Financial Protection Bureau (CFPB) operates within the executive branch, calling the Bureau’s structure “unconstitutional.”New Jersey-based mortgage lender PHH Corp. had challenged a $109 million fine handed down by CFPB Director Richard Cordray, becoming the first organization to challenge an enforcement action handed down by the CFPB.Judge Brett Kavanaugh in the D.C. Circuit Court of Appeals ruled that the CFPB will be allowed to continue operating as an agency and perform its duties as it has been, but that it will be an executive agency similar to other executive agencies such as the Department of Justice and Department of Treasury that are headed by a single person.“This new agency, the CFPB, lacks that critical check and structural constitutional protection, yet wields vast power over the U.S. economy,” the ruling stated. “In light of the consistent historical practice under which independent agencies have been headed by multiple commissioners or board members, and in light of the threat to individual liberty posed by a single-Director independent agency…We therefore hold that the CFPB is unconstitutionally structured.”The court’s ruling gives the president the power to supervise the CFPB’s director and remove him from that position at will; the court also asked the CFPB to review the decision in the PHH Corp. case.”In essence, the Director is the President of Consumer Finance. The concentration of massive, unchecked power in a single Director marks a departure from settled historical practice and makes the CFPB unique among traditional independent agencies.”The Bureau was created in July 2011 out of the Dodd-Frank Act. While Democrats have defended the Bureau’s structure and pointed to the more than $11 billion returned to consumers that the Bureau has deemed financially harmed, the CFPB has been harshly criticized by Republicans who believe it to be an overreaching agency whose power is unchecked.The court’s ruling noted the power of the Bureau’s director, stating that, “In short, when measured in terms of unilateral power, the Director of the CFPB is the single most powerful official in the entire U.S. Government, other than the President. Indeed, within his jurisdiction, the Director of the CFPB can be considered even more powerful than the President. It is the Director’s view of consumer protection law that prevails over all others. In essence, the Director is the President of Consumer Finance. The concentration of massive, unchecked power in a single Director marks a departure from settled historical practice and makes the CFPB unique among traditional independent agencies.”The court further stated that the Bureau’s determining when, how, and against whom to bring enforcement actions “occurs in the twilight of judicially unreviewable discretion. Those discretionary actions have a critical impact on individual liberty.”CFPB spokesperson Moira Vahey said in reaction to Tuesday’s D.C. Circuit Court decision: “The Bureau respectfully disagrees with the Court’s decision. The Bureau believes that Congress’s decision to make the Director removable only for cause is consistent with Supreme Court precedent and the Bureau is considering options for seeking further review of the Court’s decision. In the meantime, as the court expressly recognized, the Bureau will continue its important work. Congress has charged the Bureau with ensuring that the markets for consumer financial products and services are fair, transparent, and competitive and with protecting consumers in these markets from unlawful practices. Today’s decision will not dampen our efforts or affect our focus on the mission of the agency.”House Financial Services Committee Republicans praised the court’s decision, while the Democrats on the Committee derided it: Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 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 ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Share Savelast_img read more

Nationwide Bankruptcy Filings Drop

first_img  Print This Post December 2, 2016 1,243 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Bankruptcy Filings Epiq Systems Previous: Does the Latest Jobs Data Pose Challenges to Homeowners? Next: Freddie Mac Releases List of Confirmed eMortgage Dealers Subscribe Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, TX. Born and raised in Texas, Kendall now works as the online editor for DS News. in Daily Dose, Featured, News Sign up for DS News Daily center_img Bankruptcy Filings Epiq Systems 2016-12-02 Brian Honea Nationwide Bankruptcy Filings Drop The Best Markets For Residential Property Investors 2 days ago Nationwide bankruptcy filings were 7 percent lower in November 2016 compared with a year earlier, falling even lower than last month’s reported decrease, according to November 2016 AACER bankruptcy data reported by Epiq Systems.Bankruptcy filings totaled 59,300 in November, which was a decrease from October’s total of 63,055, and a decline from November 2015’s total of 65,562 (a decrease of 6,262).  Year-to-date, there have been 715,460 bankruptcy filings nationwide for the past eleven months of 2016 (about 65,042 per month), down from 2015’s year-to-date total through the end of November of 765,583 (about 69,598 per month).The average number of filings per day in November 2016 was 2,965 over 20 days, which is an increase from October’s daily average of 3,153 over 20 days. November experienced 188 fewer filings than in the month prior. Bankruptcy filings have averaged 3,111 for the past eleven months of 2016 over a period of 230 filing days.November’s total of 59,300 bankruptcy filings was less than half of the peak total of 135,771 recorded in September of 2010.Click HERE to View the Entire ReportThe state with the most cumulative filings for the past nine months of 2016 was again California with 66,669. As has been the trend, Illinois was second in year-to-date filings with 48,956. The next three states with the most cumulative filings were Georgia (42,726) Florida (40,726), and Ohio (33,648).Tennessee and Alabama continued to rank first and second among states in bankruptcy filings per capita for November with 5.65 and 5.52 for every 10,000 people, respectively. Those numbers were virtually the same as October’s numbers. The national average of filings per capita in November 2016 decreased slightly over-the-month at 2.51, though it has increased by about 50 basis points since January 2016’s average of 2.02 percent.Epiq Systems is a leading global provider of technology-enabled solutions for electronic discovery, bankruptcy and class action administration. Top legal professionals depend on us for deep subject-matter expertise and years of firsthand experience working on many of the largest, most high-profile and complex client engagements. Epiq Systems, Inc. has locations in the United States, Europe and Asia. About Author: Kendall Baer Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Nationwide Bankruptcy Filings Drop Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Interest in Starter homes, Premium Rise

first_imgHome / Daily Dose / Interest in Starter homes, Premium Rise in Daily Dose, Featured, News About Author: Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago Interest in Starter homes, Premium Rise Previous: Transforming the Tenant Next: Outstanding Loans, Delinquencies Remain Flat The Best Markets For Residential Property Investors 2 days ago dsnews For Sale Luxury Homes Starter Homes Trade Up Trulia 2017-02-16 Staff Writer The Best Markets For Residential Property Investors 2 days ago We already spend 25 to 40 percent of our income on starter and trade up home. Trulia Experts say we should not spend more than 30 percent.Per the latest data reported by Trulia 51.1 percent of its inventory suggest that It’s a buyer’s market for Luxury housing. Although, there is a strong supply of inventory the average value in luxury homes has increased to 5.6 in the nation’s top 100 metros in 2016.  Only two cites saw a decline Houston (-1.5 percent) and San Francisco (-0.5 percent). In fact, during the last five-years home value in the U.S have doubled from 2 percent to 4 percent or 500,000 from 1 million in metro areas. Data shows that West Palm Beach, Florida, has the most luxury homes in the country, with nearly 70 percent of the value in the housing market coming from luxury homes. The city that makes up 50 percent of the largest starter and trade in luxury housing in America is Tacoma, Washington.Trulia also reported that other hot market for luxury homes, such as Aspen Colorado, have seen their luxury market grow 1 percent to 5.5 million, year-over-year from January 2016 to January 2017.Comparatively, the luxury housing market in the Hampton has spiked from 11.8 percent to 2,1 million during that same period. However, Colorado Springs have been proven to the largest inventory of premium homes on the market.  On average, each property is 3,056 square ft. compared to Detroit’s median of almost half that with 1,645 square feet.Finally, the most expensive property in the United State currently is located in Bel-Air, California valued at 250 million and consist of 12 bedrooms and 6,898 square feet.To view the full luxury homes info-graphic, click here. Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago February 16, 2017 1,460 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Tagged with: dsnews For Sale Luxury Homes Starter Homes Trade Up Trulia Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Michigan Residents Get Foreclosure Relief

first_imgHome / Daily Dose / Michigan Residents Get Foreclosure Relief Michigan Residents Get Foreclosure Relief The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Journal, News Sign up for DS News Daily Related Articles Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Kristina Brewer 2018-07-30 Kristina Brewer Previous: The Rising Risk of Defaults in Refis Next: Delinquencies and Home Equity Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Great Lake State’s housing market is feeling the smoother seas of change this month, with two major programs aimed at housing affordability taking off in its two most populous cities. From a lawsuit resulting in major foreclosure forgiveness in Detroit to a policy change that could increase inventory for affordable housing in Grand Rapids, Michigan residents will soon reap the benefits of progression. A program that could impact nearly 700 households in the city of Detroit by avoiding impending foreclosure has just extended its filing deadline for qualifying residents. This is thanks to a settlement between the city and the American Civil Liberties Union (ACLU), which would allow for Detroit homeowners with “incomes below or near the federal poverty The settlement originated from the basis that a “series of unfair procedural and logistical obstacles” prevented homeowners with low-incomes from a property tax exemption, provided under Detroit’s Homeowner Property Tax Assistance Program (HPTAP). The ACLU argued that these obstacles, combined with a lack of public knowledge surrounding the program, were the cause of tens of thousands of low-income residents losing their homes for their inability to pay unfair taxes.Through this program, the homes that would otherwise be listed on the Wayne County tax foreclosure auction would be purchased by the city, which would then be passed to the United Community Housing Coalition, an organization that assists renters and homeowners with financial navigation in order to remain in their homes. The original announcement of this program came with the filing deadline of July 13, but due to a severe lack of qualifying individuals being reached, it has been extended to August 31. On the opposite side of the state and the issue, the city of Grand Rapids has seen a consistent dip in tax-foreclosed properties, resulting in the Kent County Land Bank Authority restructuring its role in how it interacts within the process of redeveloping foreclosed properties. The organization will now work with the city to clean up title issues, rather than take title of the properties, while the city works to sell the sites to nonprofit housing developers. The city hopes to alleviate the current affordable housing crisis being experienced by residents by getting these properties into the possession of local nonprofit development groups such as New Development Corp., Inner City Christian Federation (ICCF), and Dwelling Place. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. July 30, 2018 1,765 Views The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Is the Housing Market Prepared for the Next Crisis?

first_img Servicers Navigate the Post-Pandemic World 2 days ago October 8, 2018 5,716 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: How New York’s Foreclosure Rates Compare by Borough Next: Wells Fargo to Re-enter the RMBS Bond Market 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Share Save The Best Markets For Residential Property Investors 2 days ago About Author: Staff Writer Is the Housing Market Prepared for the Next Crisis? Demand Propels Home Prices Upward 2 days ago How much has the market learned from the financial crisis a decade back? And are we prepared for the next crisis? Darrell Duffie and Amit Seru, both professors with Stanford’s Graduate School of Business spoke recently to Edmund L. Andrews for the institute’s Insights blog about their concerns with the current U.S. housing market. Both the professors of finance have spent considerable time studying the underlying causes of the Great Recession and believe the conditions that led to the last crisis could still very well be lurking in the market. Seru, whose chief focus has been assessing responsibility for the subprime mortgage crisis among banks and regulators, stressed that the causes of the next financial meltdown remained unpredictable. According to him, the large number of market variables made it difficult for anyone to be able to forecast clearly. He contended that the best method for preventing future shocks to the financial system would be by passing legislation that requires banks to keep bigger “equity capital buffers” to withstand unanticipated market turbulence. In an interview with DS News, Natalya Vinokurova, Assistant Professor, Wharton School, University of Pennsylvania echoed this sentiment saying that not enough liquidity in the system was likely to cause the next housing bubble. “The liquidity comes in part from the quantitative easing of policies adopted to ease the aftermath of the 2008 crisis,” she said. Seru said that the creation of mortgage contracts with “semi-automatic relief mechanisms” that automatically index borrowers’ rates, so they vary according to local economic conditions, was yet another way to address the issue of liquidity as well as the fear that real income failures might lead to an increase in foreclosures once again.Duffie, who has advised the U.S. and foreign policymakers on the weaknesses in the financial system prior to the meltdown, agreed that the recovery after the Great Recession may only have averted the real repercussions of the crisis rather than resolving it, especially in that certain banks and institutions remained “too big to fail.” Recently,  Sen. Bernie Sanders (I-Vt.) introduced a legislation aimed at breaking up the nation’s biggest banks and risky financial institutions. “No financial institution should be so large that its failure would cause catastrophic risk to millions of Americans or to our nation’s economic well being,” Sanders said in a statement after introducing the legislation. “We must end, once and for all, the scheme that is nothing more than a free insurance policy for Wall Street: the policy of ‘too big to fail.’”While Duffie considered the reforms in U.S. banking and restructuring of U.S. debt since the crisis a step in the right direction, he remained skeptical about the steps being taken to keep another threat at bay. He said that Washington regulators have, since the crash, been “easier on the banks” than they should have been.Looking specifically at the housing market, Michael Calhoun, President of the Brookings Center for Responsible Lending said in a recent paper that while regulatory safeguards that were put in place subsequent to the crisis have made today’s housing market much safer and resilient, “more could have been done to aid homeowners in the crisis and work remains to provide families with sufficient affordable, sustainable housing for today and in the coming years.”Seru pointed out that Fannie Mae and Freddie Mac—Government-Sponsored Enterprises (GSEs) considered by many to be too heavily invested in the housing market—are now even more. Whereas, before the housing bust, GSEs accounted for 75 percent of mortgages bought and sold by private lenders, the share of GSEs in the market has since grown 20 percent, aremarkable 95 percent overall. Seru considers this a troubling trend.Additionally, Seru said that nonbank lenders were even more important in the mortgage market now than they were before the crisis. “No one knows what their balance sheet looks like, but they are selling all their mortgages to Fannie Mae and Freddie Mac. It is worth remembering that two of the largest and most notorious non-bank lenders, New Century and Ameriquest, went belly up first and helped trigger the last crisis,” he told Andrews.Click here to read the complete interview with the Stanford professors. The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Is the Housing Market Prepared for the Next Crisis? Tagged with: Banks Crisis Financial Institutions Foreclosure Homes HOUSING Stanford Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Banks Crisis Financial Institutions Foreclosure Homes HOUSING Stanford 2018-10-08 Radhika Ojha Subscribelast_img read more

HUD Announces Residential Reverse Mortgage Sale

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Tagged with: HUD Reverse Mortgage sale The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Hispanic Influence on the Housing Market Next: HUD and SEC Encouraging Opportunity Zone Investment Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 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. The Best Markets For Residential Property Investors 2 days ago The Department of Housing and Urban Development (HUD) has announced a sale of residential reverse mortgage pools consisting of approximately 1,500 reverse mortgage notes secured by properties with a loan balance of approximately $330 million. According to a post in the Federal Register, the sale will consist of due and payable Secretary-held reverse mortgage loans. “The mortgage loans consist of first liens secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a nonborrowing spouse,” HUD states.Qualified bidders can access the Bidder’s Information Package (BIP) beginning on on or about June 21, 2019, and bids sale will be accepted on the Bid Date of July 24, 2019. HUD anticipates that award(s) will be made on or about July 24, 2019.Potential bidders can become qualified bidders and receive a BIP by completing both a Confidentiality Agreement and a Qualification Statement, available on the HUD website. This is the third sale of this type conducted by HUD. The second one took place in November 2018, secured by roughly 1,150 single-family vacant properties with a loan balance of $230 million, while the first sale took place in March 2018 secured by 650 notes with a loan balance of roughly $136 million.Federal reverse mortgages have fallen, according to recent data. The origination of home equity conversion mortgage (HECM) loans fell 5.6% in June according to the latest data from Reverse Mortgage Insights (RMI). The data indicated that the fall, which put HECM endorsements within the range of 2,500 endorsements per month again, could indicate the new “default setting for the industry right now.” Overall, 2,546 HECM endorsements were recorded in June 2019.Among FHA approved HECM lenders that are tracked by RMI, the data indicated that despite an overall downward movement, three lenders saw a solid performance in June. They included High Tech Lending which increased its HECM originations by 68.6% to 59 loans; Fairway, which saw a 40% uptick with 98 loans; and FAR which grew 21.6% to 214 loans during the period.Endorsements by the top 10 HECM lenders consisted of 1,905 loans of the total 2,546 loans endorsed in June. in Daily Dose, Featured, Investment, News, Secondary Market  Print This Post Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / HUD Announces Residential Reverse Mortgage Sale Sign up for DS News Daily July 15, 2019 1,967 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago HUD Reverse Mortgage sale 2019-07-15 Seth Welborn HUD Announces Residential Reverse Mortgage Sale Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

YoY Housing Affordability Declines—a First Since January 2019

first_img Previous: 2021 Five Star Conference Welcomes Home the Industry Next: Rise in Demand Drives Home Price Appreciation Housing affordability on an annual basis declined in March for the first time since January 2019, signaling the end of a more than two-year streak of rising affordability, according to the latest affordability report from First American Financial Corporation and its Chief Economist Mark Fleming.“The long run of increasing affordability snapped, even as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of greater affordability relative to one year ago,” Fleming said. “Lower mortgage rates and higher household income compared with one year ago propelled an 11% increase in house-buying power. However, surging house-buying power drives demand, and rising demand in a supply-constrained market accelerates nominal house price appreciation,” said Fleming. “In March, the final component of the RHPI, nominal house prices, appreciated at its fastest annual pace since 2005, 14.8%, wiping out any affordability boost from rising house-buying power. Yet, real estate is local and since house-buying power and nominal house price gains vary by city, local affordability trends may differ greatly city by city as well.”Affordability decreased most in Kansas City, in March. Fleming attributes that to the city’s 4.3% annual decline in household income and 16.5% increase in nominal home prices compared to one year ago.”Phoenix and Tampa both had even faster nominal house price appreciation than Kansas City, but household incomes held steady in both markets, so the relative affordability loss was less than in Kansas City,” Fleming said.Affordability also decreased in Seattle and Austin due to a combination of fast nominal house price growth and lowering household incomes.”In all of these markets, the takeaway is that nominal house price appreciation accelerated to a level that eliminated any affordability gains from strong house-buying power,” Fleming said.So, where will all of this lead in terms of house affordability?Fleming says that as house prices continue to climb, some prospective homebuyers could pull back. Decreased competition could then cause appreciation to moderate, which may help affordability.In addition, he says, “as more and more people are vaccinated and the economic recovery continues, demand for labor is likely to increase, and that can put upward pressure on wages as employers compete to attract employees.”At the same time, mortgage rates edged down slightly in April and even dipped below 3% in May. House-buying power is likely to remain robust in the months to come, but affordability trends will likely hinge on changes in nominal house price appreciation.”Below are a few key takeaways from First American’s RHPI for March, which can be read in full at firstam.com.Real house prices increased 4.2% between February 2021 and March 2021.Real house prices increased 3.5% between March 2020 and March 2021.Consumer house-buying power, how much one can buy based on changes in income and interest rates, declined 2.5% between February 2021 and March 2021, and increased 10.9% year over year.Median household income has increased 5.9% since March 2020 and 77.8% since January 2000.Real house prices are 21.6 % less expensive than in January 2000.While unadjusted house prices are now 25.3% above the housing boom peak in 2006, real, house-buying power-adjusted house prices remain 44.9% below their 2006 housing boom peak. Home / Daily Dose / YoY Housing Affordability Declines—a First Since January 2019 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago YoY Housing Affordability Declines—a First Since January 2019 About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 2021-05-24 Christina Hughes Babb 6 days ago 419 Views 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. Sign up for DS News Daily Share Save Servicers Navigate the Post-Pandemic World 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 in Daily Dose, Featured, Market Studies, News Related Articles  Print This Post Demand Propels Home Prices Upward 2 days ago 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 Subscribelast_img read more

Work to resume on new Medical Block at Letterkenny General

first_img It has been confirmed that work to complete the new Medical Block at Letterkenny General Hospital will resume on Monday.The project is almost a year behind schedule – work ground to a halt when the previous builders McNamara & Co went into administration.However an agreement has been reached which will see most of the subcontractors re-engaged to finish the project. Guidelines for reopening of hospitality sector published By News Highland – September 14, 2011 Google+ Calls for maternity restrictions to be lifted at LUH Google+ Pinterest WhatsApp RELATED ARTICLESMORE FROM AUTHOR WhatsApp Twitter Twittercenter_img Pinterest Newsx Adverts NPHET ‘positive’ on easing restrictions – Donnelly Previous articleDeputy Pringle against ‘Fraking’ in DonegalNext articleHSE moves to improve services for terminally ill patients in Donegal News Highland Help sought in search for missing 27 year old in Letterkenny Work to resume on new Medical Block at Letterkenny General 448 new cases of Covid 19 reported today Facebook Facebook Three factors driving Donegal housing market – Robinson last_img read more