Rising Home Sales in Most Fed Districts Indicate ‘Moderate’ Improvement

first_imgHome / Daily Dose / Rising Home Sales in Most Fed Districts Indicate ‘Moderate’ Improvement Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago December 2, 2015 1,230 Views Tagged with: Beige Book Federal Reserve Home Sales U.S. Housing Market While tight inventory combined with increasing home prices have caused some concern about affordability as of late, the Federal Reserve reported in its December Beige Book released Wednesday that housing markets improved at a “moderate” pace on balance since the previous Beige Book was issued in mid-October.Rising home sales in seven of the Fed’s 12 districts—Boston, New York, Philadelphia, Cleveland, Richmond, Chicago, and Kansas City—were largely responsible for the Fed’s reports of moderate growth in housing markets, though the Philadelphia district reported a “slow growth” market in which supply was at a low but stable level. The Boston, Cleveland, Richmond, and St. Louis districts all reported year-over-year declines in housing inventory, the Fed reported.Other contributors to the moderate improvement in housing markets were an increased demand for mortgage lending in several Fed districts, notably Richmond, Atlanta, St. Louis, and San Francisco; a slight decline in mortgage lending was reported in the Philadelphia district. Meanwhile, the Dallas and Richmond and Dallas districts reported rising demand for home equity loans and lines of credit, according to the Fed.The December Beige Book reported a modest to moderate pace of residential construction growth since the previous Beige Book was issued, with growth seen in the New York, Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, and Kansas City districts. Residential construction in the Dallas and Minneapolis districts remained flat since the previous report, however. New York, Philadelphia, and Chicago all reported improvements in residential real estate at a “mild” pace; however, in New York the Fed’s contacts indicated weak sales activity at the high end of the single-family home market, particularly the co-op and condo market in New York City.Overall, the 12 Fed districts reported that economic activity had increased at a “modest” pace in most regions since the previous Beige Book. Districts that reported modest economic growth were Cleveland, Richmond, Atlanta, Chicago, St. Louis, Dallas, and San Francisco.Click here to see the entire Fed Beige Book for December 2015, the eighth and final report of the year. Rising Home Sales in Most Fed Districts Indicate ‘Moderate’ Improvement Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Previous: HUD Secretary Castro: Country is Experiencing an Affordable Housing Crisis Next: DS News Webcast: Thursday 12/3/2015center_img in Daily Dose, Featured, Market Studies, News Beige Book Federal Reserve Home Sales U.S. Housing Market 2015-12-02 Brian Honea Related Articles Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save  Print This Post The Best Markets For Residential Property Investors 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 agolast_img read more

Fed Reports Strengthening Housing Activity

first_imgHome / Daily Dose / Fed Reports Strengthening Housing Activity Federal Reserve U.S. Economy U.S. Housing Market 2016-07-13 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save The Federal Reserve’s 12 districts general reported modest economic growth from mid-May until the end of June—and they expect it to continue at that same modest pace, according to the Fed’s Beige Book released on Wednesday.Residential real estate activity, however, continued to strengthen since the previous Beige Book reporting period (early April to mid-May), according to the Fed—despite supply issues.“Single-family home sales increased at a moderate pace overall, with Boston, Cleveland, and St. Louis reporting strong growth,” the Fed reported. “Many Districts indicated that inventories continue to be low. Despite this persistent inventory issue, Boston, Atlanta, Kansas City, and Dallas all report that contacts have a positive outlook for the market in the next few months.”The Fed’s districts generally reported house price increases, with modest residential construction activity across districts. Strong growth in housing starts was reported in Cleveland and Kansas City; Chicago reported little change in residential construction activity; and New York reported a decline. A lack of available lots on which to build was reported in Philadelphia, Richmond, St. Louis, and San Francisco.Banks in the Fed districts reported overall increases in loan demand, while overall economic activity continued to expand at a modest pace across most regions, according to the Fed. Activity was steady in the Cleveland District, but the increase was moderate in Minneapolis. The Fed reported that labor market conditions remained stable as employment continued modest growth since the previous Beige Book was issued six weeks earlier. Wage pressures remained modest to moderate, according to the Fed; consumer spending across districts was generally positive but did show signs of softening.“The outlook was generally positive across broad segments of the economy including retail sales, manufacturing, and real estate,” the Fed stated. “Districts reporting on overall growth expect it to remain modest.”Click here to view the entire Beige Book for July 2016. Related Articles 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. Tagged with: Federal Reserve U.S. Economy U.S. Housing Market Previous: Here is How the Republican VP Candidates Stack Up Next: Foreclosed Home Values Skyrocketing Since Crisis Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img July 13, 2016 1,162 Views About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 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 Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News Fed Reports Strengthening Housing Activity The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Subscribelast_img read more

Credit Risk Transfers: Hot Topic of 2017

first_img Tagged with: Fannie Mae Freddie Mac Front Cash Flows GSEs Last Cash Flows LIBOR floaters Modifiable and Combinable REIT eligibility RMBS Securities Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Credit Risk Transfers: Hot Topic of 2017 The Credit Risk Transfer (CRT) market continues to be a compelling investment vehicle that offers residential mortgage backed security (RMBS) investors an opportunity to achieve attractive risk-adjusted returns, while accessing various parts of post-crisis mortgage credit and origination. Following the mortgage crisis, the Federal Housing Finance Agency (FHFA) has mandated a number of changes affecting the government-sponsored enterprises (GSEs), mainly Fannie Mae and Freddie Mac, reducing the risk of losses that the GSEs may pose to taxpayers. Both Freddie Mac and Fannie Mae issued the first CRT transactions in 2013 in efforts to convey portions of their previously retained credit risk for the Agency mortgages they guarantee to the private sector. The collateral is newly issued (post-crisis) and incorporates significant reform in origination standards. Further, the reference collateral can vary in coupon and loan-to-value, but is primarily conventional 30 year fixed rate mortgages.CRT issuance primarily comes in two series: Connecticut Avenue Securities (CAS) by Fannie Mae, and Structured Agency Credit Risk (STACR) by Freddie Mac. As of May 2017, 47 CRT deals with combined security balances of $45 billion have been issued since the program’s inception in 2013. This represents exposure to over $1.3 trillion of residential single-family mortgages. Unlike traditional RMBS securities, payments made to investors are not directly from the underlying mortgage cash flows, but are instead remitted by Fannie or Freddie to CRT investors. The prepayments and the defaults incurred on the underlying reference pools are then reflected in payments by the GSEs to bondholders.The coupons paid by the GSEs are uncapped LIBOR floaters and carry various attachment points of credit enhancement. The GSE oversight and review of originator and servicer performance provides an additional layer of surveillance, which represents a further positive to underlying fundamentals. The CRT program offers a uniform and standardized investment vehicle for investors to access post-crisis mortgage credit. Program issuance has dwarfed the size of the RMBS 2.0 market (i.e., post-crisis non-QM mortgage securitizations) through today, in part due to the lack of standardization of the RMBS 2.0 market. CRT has become one of the few investment areas where investors can access this post-crisis mortgage credit. The deal structures have been evolving since 2013, initially originating only a first pay (M1) and last cash flow (LCF). Since then, these securities have evolved into anywhere from three to five tranches per transaction collateral pool. The deals now also offer exchangeable securities (MAC) where bondholders can split holdings into various access points of credit tranching or interest rates.Investors have many options to express views within housing including relative value to other U.S. structured products and broader fixed income, views on the path of home prices and the path of interest rates going forward, and technical factors arising from the declining outstanding float in legacy RMBS sectors. Dealers are heavily involved in making markets on the various tranches due to the synergies in primary issuance and trading this sector in secondary markets. Rating agencies have taken positive actions on many of the tranches due to the credit performance of the assets, issuing several upgrades and positive rating outlooks as the depth of the market continues to grow. Given that the CRT market is one of the only sizable sectors available to investors in post-crisis mortgage credit and underwriting today, the GSEs continue to work on expanding the investor base. For instance, once the work on the products REIT eligibility is finished and implemented, it should further improve the size and depth of the investor base.The CRT market remains well supported, while the collateral and structural benefits are high. We believe different parts of the capital structure add relative value in our portfolio construction. Some of the areas we find beneficial include:Front Cash Flows (M1s) are front sequentials, which pay atop the cash flow waterfall. They shorten as rates rally, but don’t extend significantly in an interest rate selloff. To clarify, mortgage rates are pegged to the on-the-run 10-year U.S. Treasury note and with higher rates, mortgage rates increase, slowing principal prepayments and therefore these bonds slow down or extend. The uncapped LIBOR floater offers additional protection against rising rates enhancing the risk-adjusted return profile. They are low beta and stable carry.Last Cash Flows (LCFs) are generally the second or third payer in the sequential waterfall. They are longer in spread duration and carry thick coupon spreads. Similar to the M1, the LCF’s are also uncapped floaters that may increase in value in scenarios of higher rates and cash flow extension.Modifiable and Combinable (MACs): These options allow a framework for investors to exchange tranches to express differing credit or interest rate views, for example by splitting off the interest-only portion or increasing/decreasing loss support.Home prices have continued their steady improvement and today, coupled with new post-crisis underwriting guidelines, the underlying sector outlook is strong. Continued enhancements to the program, structure, and the growing depth of the investor base, all while housing and market fundamentals remain robust, are reasons for our focus and positioning within the CRT sectors. Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Fannie Mae Freddie Mac Front Cash Flows GSEs Last Cash Flows LIBOR floaters Modifiable and Combinable REIT eligibility RMBS Securities 2017-05-30 Neil Aggarwal in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Neil Aggarwal The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Share Save Previous: Carson: The Right Mindset Can Overcome Next: Under the Microscope – How Effective are QM Rules? Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Neil Aggarwal, Portfolio Manager & Sector Specialist, RMBS, joined Semper Capital Management in 2017 as the Portfolio Manager and Sector Specialist for RMBS and other residential credit sectors. Aggarwal has over 14 years of experience in securitized products, trading, structuring, and credit analysis. Prior to joining Semper, he served as the Mortgage Credit Sector Head and Senior Trader for a securitized products strategy at BlueCrest Capital Management. Prior to BlueCrest, he was a SVP in RMBS and mortgage trading at Jefferies, where he primarily focused on market making and structuring. Earlier in his career, he was a residential mortgage loan/RMBS trader for Barclays Capital and C12 Capital, and a RMBS structurer for Citigroup. Aggarwal earned a BS in Mathematics and a BS in Finance with Honors from the University of Maryland. The Best Markets For Residential Property Investors 2 days ago Credit Risk Transfers: Hot Topic of 2017  Print This Post May 30, 2017 2,889 Views last_img read more

S&P Case-Shiller Index: Increases Across the Nation

first_img The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Home / Daily Dose / S&P Case-Shiller Index: Increases Across the Nation Demand Propels Home Prices Upward 2 days ago S&P Dow Jones Indices released the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index today. The data accounts for July 2017 and shows that home prices continued to increase across the country over the last year.The index reported a 5.9 percent annual gain in July, a slight increase from the previous month. The 10-City Composite annual increase came in at 5.2 percent, while the 20-City Composite posted a 5.8 percent year-over-year gain.According to David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, consumers, through home buying and other spending, are the driving force in the current economic expansion.Regionally, Seattle, Washington, Portland, Oregon, and Las Vegas, Nevada reported the highest year-over-year gains among the 20 cities. According to the data, Seattle, “led the way with a 13.5 percent year-over-year price increase, followed by Portland with a 7.6 percent increase, and Las Vegas with a 7.4 percent increase.” In addition, another 12 cities had greater price increases in the year ending July 2017.“While the gains in home prices in recent months have been in the Pacific Northwest, the leadership continues to shift among regions and cities across the country,” said Blitzer. “Dallas and Denver are also experiencing rapid price growth. Las Vegas, one of the hardest hit cities in the housing collapse, saw the third fastest increase in the year through July 2017.”Blitzer continued to explain other housing indicators that will have the market dealing with confronts.“The housing market will face two contradicting challenges during the rest of 2017 and into 2018,” he said. “First, rebuilding following hurricanes across Texas, Florida, and other parts of the south will lead to further supply pressures. Second, the Fed’s recent move to shrink its balance sheet could push mortgage rates upward.”To view the full Index, click here. About Author: Nicole Casperson Share Save Tagged with: HOUSING mortgage S&P/Case-Shiller Home Price Indices Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Subscribe Servicers Navigate the Post-Pandemic World 2 days agocenter_img S&P Case-Shiller Index: Increases Across the Nation HOUSING mortgage S&P/Case-Shiller Home Price Indices 2017-09-26 Nicole Casperson Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Related Articles Servicers Navigate the Post-Pandemic World 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 September 26, 2017 1,335 Views Previous: Equifax CEO Explains Reasons for Retirement Next: The American Dream: Homeownership Still Included? The Best Markets For Residential Property Investors 2 days agolast_img read more

Inventory Shortages & Affordability Leading Some Homeowners to Renovate

first_img About Author: David Wharton Related Articles January 15, 2018 1,909 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: GSE Credit Risk Transfer Loss Expectations Trend Lower Next: Are Housing Databases Overshadowing Agents? Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Home / Daily Dose / Inventory Shortages & Affordability Leading Some Homeowners to Renovate  Print This Post Demand Propels Home Prices Upward 2 days ago Inventory Shortages & Affordability Leading Some Homeowners to Renovate Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Home Prices home renovation Homebuyers Housing Inventory NAHB National Association of Home Builders Potential homebuyers are having their plans hampered by limited availability and affordability, leading some to reconsider staying in their current home and renovating instead. That’s according to a new report by the National Association of Home Builders, released recently during the NAHB International Builders’ Show in Orlando, Florida.NAHB reports that housing starts increased 9 percent year-over-year in 2017, but housing availability and affordability remains serious obstacles to many homebuyers. Of the potential homebuyers surveyed by NAHB, 65 percent don’t see any relief for these problems coming in 2018. Of those surveyed, 79 percent of prospective buyers told NAHB that they can only afford half the homes in their markets.Rose Quint, Assistant VP of Survey Research for NAHB, said, “These potential buyers see a problem with housing availability. They know it’s a tough nut to crack, but they are not deterred. They are still planning to buy a house in the next 12 months.”The inventory and affordability issues are also leading more homeowners to stick in their current homes longer than they otherwise would. According to NAHB, homeowners are staying in their homes an average of 12-13 years, and that longer timeline means many homeowners are looking to renovate.NAHB reports that the top five renovation projects homeowners are considering include changing paint colors (48 percent), changing flooring (43 percent), or fixing up their kitchen, bathroom, or outdoor areas. That holds true for both luxury homes and mainstream homes (the latter defined as those owned by homeowners with an income of less than $125,000 per year).According to NAHB, the average home size for 2017 was 2,627 square feet, more or less unchanged from the 2016 total of 2,622 square feet. Forty-six percent of homes had four or more bedrooms in 2017, as compared to 45 percent in 2016. NAHB reports that in 2017 37 percent of homes had three full bathrooms, up from 35 percent in 2016.Per NAHB’s surveys, homes built in 2018 will likely include “a walk-in closet in the master bedroom, separate laundry room, a great room, nine-foot ceilings on the main floor and granite kitchen counters.” Energy-saving perks such as Energy Star-certified windows and appliances are also on track to be very popular in the year ahead.Furthermore, apparently not every potential homeowner puts a premium on having a lot of space. According to NAHB, 53 percent of respondents said they would consider buying a home smaller than 600 square feet at some point in their lives, with Gen Xers and millennials considerably more open to the idea than Baby Boomers or seniors.You can find out more about the NAHB’s homebuyer survey data by clicking here. Home Prices home renovation Homebuyers Housing Inventory NAHB National Association of Home Builders 2018-01-15 David Wharton The Best Markets For Residential Property Investors 2 days ago Share Save in Daily Dose, Featured, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Montgomery on the Road Ahead for FHA

first_imgHome / Daily Dose / Montgomery on the Road Ahead for FHA Data Provider Black Knight to Acquire Top of Mind 2 days ago Montgomery on the Road Ahead for FHA Subscribe  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Brian Montgomery FHA FHA Commissioner HUD Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Radhika Ojha Previous: Aligning Housing and Sustainability Goals in California Next: The Mortgage Industry’s Biggest Challenges in 2018 July 10, 2018 2,456 Views The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Share Save 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. Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Journal, News Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Brian Montgomery FHA FHA Commissioner HUD 2018-07-10 Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago It has been a little more than a month since The Hon. Brian D. Montgomery took over the reins as the Assistant Secretary for Housing and FHA Commissioner at the Department of Housing and Urban Development (HUD). During this time, he’s been busy assessing the agency’s needs and challenges and strategizing with his team about the path forward. “It’s been a busy 30 days, as you can imagine,” he noted Tuesday morning during a limited-attendance media event hosted by HUD.This isn’t Montgomery’s first time taking up the mantle of FHA Commissioner. He previously served in this position from 2005-2009 under President George W. Bush. Montgomery’s career path intersected with the FHA once again last September, when President Donald J. Trump nominated him as FHA Commissioner. He was confirmed by the Senate in May 2018.Montgomery told reporters on Tuesday that updating FHA’s technology infrastructure would be a primary focus in the near term. Comparing FHA’s infrastructure to the upgrades and expansions the GSEs have made over the past decade, Montgomery commented that “FHA’s looking for loose change under the sofa cushions, and that manifests itself in a lot of ways.”“We are in fix-it mode,” Montgomery said when asked about the agency’s future plans. “If you look at what Fannie Mae’s been able to do, in particular around Day 1 Certainty, they’re heavy on data-centric architecture. The CEO there has been visionary and hired a good team. They’ve been able to do a lot of amazing things.”Montgomery said that working to fill the agency’s vacancies would be another focus in the near term. “We have a great core here and we just need to expand on that.”When asked how the FHA would work to promote and improve homeownership rates among minority borrowers, Montgomery agreed that it was an important priority. “The minority ownership numbers have dropped, in particular for African-Americans,” Montgomery said. “Too many minority families are missing out on the benefits of wealth-building and wealth accumulation that homeownership brings over the long term.”Montgomery explained that homeownership rates expanded between 2005 and 2009, but they have since fallen again. Montgomery said the agency was still exploring possible opportunities to expand its footprint to benefit these underserved communities. “In spite of all that, 33 percent of first-time homebuyers who opt for FHA loans are minorities, and we plan to expand that number moving forward.” Demand Propels Home Prices Upward 2 days agolast_img read more

HUD Announces Additional Homeowner Relief Measures

first_imgHome / Daily Dose / HUD Announces Additional Homeowner Relief Measures Share 1Save HUD Announces Additional Homeowner Relief Measures April 2, 2020 3,204 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Tagged with: Coronavirus HUD Mortgage Forbearance Previous: DS5: How Law Firms Are Assisting With Loss Mitigation Next: Increase in Jobless Claims Leading to ‘Unknown Territory’ Sign up for DS News Daily About Author: Mike Albanese The U.S. Department of Housing and Urban Development (HUD) announced a tailored set of mortgage relief options for homeowners with FHA-insured mortgages who have been impacted by COVID-19. HUD states, effective immediately for those who cannot make mortgage payments due to the virus, servicers must extend deferred or reduced mortgage payment options for up to six and also provide an additional six months of forbearance if requested by the borrower. This measure implements provisions contained in the CAREs Act signed by President Donald Trump on March 27. “The last thing any of us wants is for Americans to lose their homes unnecessarily while we continue to fight this invisible enemy. If you’re struggling, immediate help is now available. The FHA will continue to work with stakeholders to ensure that the loss mitigation options that are offered for both forward and reverse borrowers are appropriately tailored for the present situation,” said Dr. Benjamin Carson, Secretary of HUD. Additionally, the FHA implemented the COVID-19 National Emergency Partial Claim, an option to be used by servicers when the COVID-19 forbearance period ends. This will help eligible homeowners who have been granted forbearance to reinstate their loans by authorizing servicers to advance funds on behalf of homeowners. This claim will defer the repayment of those advances through an interest-free “subordinate mortgage” that the borrower does not have to pay until their first mortgage is paid off. “For American families impacted by the COVID-19 virus and unable to pay their FHA-insured mortgage, imminently losing their homes is now one less fear they should have,” said Assistant Secretary for Housing and Federal Housing Commissioner Brian Montgomery. “Today’s actions will ease the immediate pressures faced by many Americans who, through no fault of their own, are struggling with financial uncertainty.” A recent study by the Harvard Joint Center for Housing Studies (JCHS) found that 13 million Americans are at risk of losing their jobs due to the virus. “The loss of service jobs would undoubtedly worsen affordability for households who already must spend an outsized portion of their incomes on rent each month,” Whitney Airgood-Obrycki, Research Associate, JCHS said.Forty percent of households (5.2 million) whose wages came exclusively from at-risk jobs were cost-burdened as compared to 22% of households (13.1 million) whose income came only from other jobs. Subscribe Demand Propels Home Prices Upward 2 days ago 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. Governmental Measures Target Expanded Access to Affordable Housing 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 in Daily Dose, Featured, Government, News Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Coronavirus HUD Mortgage Forbearance 2020-04-02 Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Mc Brearty to seek abolition of Joint Policing Committees

first_img By News Highland – March 18, 2014 WhatsApp Pinterest WhatsApp Twitter Previous articleSt.Eunan’s lift MacLarnon CupNext articlePramerica named as one of Ireland’s best workplaces News Highland Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey A Donegal councillor is calling for the abolition of Joint Policing Committees, saying they serve no purpose and are not a substitute for real accountability and reform.Last week, a meeting of the County Donegal JPC was adjourned after the Chairperson Cllr Noel Mc Bride clashed with Cllr Frank Mc Brearty. Cllr Mc Brearty was attempting to raise the issue of garda use of informants with Chief Superintendent Terry McGinn when Cllr Mc Bride ruled him out of order and tolds him to stick to the agenda.Cllr Mc Brearty challenged the chair, accussing him of stifling debate and protecting his party in government.Speaking afterwards to Highland Radio News, Cllr Mc Brearty said the system need to be radically changed………[podcast]http://www.highlandradio.com/wp-content/uploads/2014/03/frankjpcmotion.mp3[/podcast] Twitter Guidelines for reopening of hospitality sector published LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton center_img Mc Brearty to seek abolition of Joint Policing Committees Almost 10,000 appointments cancelled in Saolta Hospital Group this week News Facebook Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH Google+ Pinterest Facebook RELATED ARTICLESMORE FROM AUTHORlast_img read more

Local papers suggest FF is facing uphill battles in both Donegal constituencies

first_img Dail to vote later on extending emergency Covid powers Newsx Adverts Pinterest Twitter RELATED ARTICLESMORE FROM AUTHOR Twitter WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry Man arrested in Derry on suspicion of drugs and criminal property offences released HSE warns of ‘widespread cancellations’ of appointments next week Google+ PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal center_img Facebook Pinterest Local papers suggest FF is facing uphill battles in both Donegal constituencies By News Highland – February 17, 2011 Facebook Google+ Previous articleLurgybrack Hill closed as gardai investigate overnight RTANext articleTown Council to meet for special discussion on winter options News Highland Dail hears questions over design, funding and operation of Mica redress scheme WhatsApp Fianna Fail could be wiped out in Donegal North East, according to a new poll.The first major poll taken for the forthcoming general election locally appears in todays Tirconaill Tribune newspaper.The phone-poll which canvassed 800 voters over Thursday and Friday of last week shows Sinn Fein’s Padraig MacLochlainn with 28% of the vote followed by Fine Gael’s Joe McHugh on 20%. Only Betty Holmes is polling any way well among the Independent group with 5% of the poll.According to Tirconaill Tribune editor John McAteer, Fianna Fail candidate Charlie McConalogue will have to battle it out with Labour’s Jimmy Harte for the third seat Donegal North East……………….[podcast]http://www.highlandradio.com/wp-content/uploads/2011/02/jmc830.mp3[/podcast]Meanwhile, today’s Donegal Democrat says internal polls by both Fianna Fail and Fine Gael suggest Fianna Fail may also be in trouble in Donegal South West, with Tanaiste Mary Coughlan in danger of losing her seat.According to the paper, the internal polls suggest Deputies Pearse Doherty (SF) and  Diny Mc Ginley (FG) will return to the Dail, with Ms Coughlan and her party colleague Senator Brian O’Domhnaill fighting for the third seat along with Independent Cllr Thomas Pringle, with Cllr Pringle potentially the best placed to benefit from transfers.last_img read more

MacGill : FF leader says government is failing to implement real reform

first_img Man arrested in Derry on suspicion of drugs and criminal property offences released Dail to vote later on extending emergency Covid powers Previous articleGovernment accepts proposals to reduce Donegal to a single 5 seat constituencyNext articleSod turned on new Innovation Growth Centre in Omagh News Highland RELATED ARTICLESMORE FROM AUTHOR News Google+ Google+ PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Fianna Fail leader Michael Martin has told the MacGill Summer School that if the Constitutional Convention does not discuss issues of substantive reform, it will be a missed opportunity.He said there is simply no doubt that the Irish political system failed in recent years, and our political system, as set out in the Constitution, is in need of radical and urgent reform.He added no part of the system predicted what happened and most parts of the system actively pushed policies which exacerbated the crisis.The opposition leader told the summer school he is underwhelmed and concerned by the agenda the Government has, to date, set for the Constitutional Convention, saying it is disappointingly limited in the scope of its review.Speaking in Glenties, Michael Martin accused the government of tinkering around the edges, and told reporters the announcement of eight less TDs is typical of the failure of government to implement real reform………[podcast]http://www.highlandradio.com/wp-content/uploads/2012/07/mmartam.mp3[/podcast] Twitter Twitter MacGill : FF leader says government is failing to implement real reformcenter_img Pinterest Facebook Facebook By News Highland – July 25, 2012 Dail hears questions over design, funding and operation of Mica redress scheme Pinterest WhatsApp HSE warns of ‘widespread cancellations’ of appointments next week WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derrylast_img read more