House Subcommittee Says Bad Policy Caused Crisis, Dodd-Frank Missed the Mark

first_imgHome / Daily Dose / House Subcommittee Says Bad Policy Caused Crisis, Dodd-Frank Missed the Mark Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Dodd-Frank Act Financial Services Subcommittee on Oversight and Investigations Regulatory Burdens Wall Street Reform 2015-05-14 Brian Honea Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago House Subcommittee Says Bad Policy Caused Crisis, Dodd-Frank Missed the Mark Sign up for DS News Daily Share Save in Daily Dose, Featured, Government, News Previous: Aspen Grove Solutions Renews National Appraisal Congress Sponsorship Next: Delinquencies, Bankruptcies, Foreclosures Improve; Household Debt Still 6.5% Below Peak 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. Witnesses at a House subcommittee hearing on Wednesday testified that the Dodd-Frank Act introduced new problems and may have even laid the groundwork for another financial crisis, according to an announcement from the House Financial Services Committee earlier this week.In Wednesday’s hearing titled “The Dodd-Frank Act and Regulatory Overreach,” the Financial Services Subcommittee on Oversight and Investigations examined the causes of the 2008 financial crisis and the subsequent passage of Dodd-Frank in 2010 along with the regulatory burdens that Dodd-Frank created.”Those who supported Dodd-Frank have been more concerned with helping special interests in Washington than their constituents back home and the proof is in the numbers,” said Representative Sean Duffy (R-Wisconsin), chairman of the subcommittee. “Fewer people have returned to the work force than in any other modern recovery. Our community banks are closing every week, Main Street lenders are being slowly euthanized and the number one cause that I hear from people in Wisconsin is the excessive regulatory burden imposed by this administration. Dodd-Frank is a major cause of that burden.”Duffy said that the “crushing regulatory regime” of Dodd-Frank has perpetuated unemployment, stifled hiring, and made it harder for people to obtain loans to either buy a home or expand their business.One of the witnesses at the hearing, Dean and Professor of Law at the University of Virginia School of Law Paul G. Mahoney, said a consequence of Dodd-Frank will be fewer and larger banks in the United States, because Dodd-Frank has layered on “costly new regulations that the large banks can afford but smaller ones cannot.”Key takeaways from Wednesday’s hearing include: Dodd-Frank was hastily passed in reaction to the financial crisis and benefits big banks at the expense of consumers; the 2008 financial crisis was caused not by market failures but by bad federal government housing policies that pushed people into buying homes they could not afford, and that regulators charged with monitoring the financial system failed to act until it was too late despite having all the authority they needed to regulate the system; and that Dodd-Frank will be ineffective at preventing the next financial crisis because it failed to address the fundamental causes of the 2008 crisis, and it paved the way for the next financial crisis by passing “too big to fail” into law and allowing taxpayer-funded bailouts for financial institutions deemed as “systemically important.”Another witness at Wednesday’s hearing, Hester Peirce, Director of the Financial Markets Working Group at the Mercatus Center at George Mason University, said that the drafters of Dodd-Frank were working without full information, since the Financial Crisis Inquiry Commission which Congress charged with determining the cause of the financial crisis did not issue a report until six months after Dodd-Frank was passed into law.”As the failures and bailouts of the financial crisis accumulated, so too did the calls for a quick and thorough rewriting of the financial regulatory rulebook,” Peirce said. “The resulting Act was the product of fear and fury, not of careful analysis. Grounded in an inaccurate market failure narrative, Dodd-Frank expands regulators’ authority to enable them to play a more central role in managing the financial system and identifying and mitigating systemic risks. This approach to financial regulation, while a natural response to a market failure narrative, only increases the vulnerability of financial system to regulatory failure.” Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 14, 2015 1,277 Views Tagged with: Dodd-Frank Act Financial Services Subcommittee on Oversight and Investigations Regulatory Burdens Wall Street Reform About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Aside from Completed Foreclosures, the News in Florida is All Good

first_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago November 12, 2015 1,212 Views Florida still leads the nation in 12-month sum of completed foreclosures by more than double the total of the next closest state, according to CoreLogic’s September 2015 National Foreclosure Report released this week. But aside from that, the news in Florida as far as foreclosures are concerned is all good.The Sunshine State has fallen to third in foreclosure inventory rate (2.6 percent) behind New Jersey (4.6 percent) and New York (3.7 percent) and is getting closer to the national average, which was 1.2 percent during September. Florida had the highest decline of any state in foreclosure inventory year-over-year in September—a 42.3 percent drop, from 4.4 percent in September 2014.In addition, Florida’s serious delinquency rate (5.8 percent) in September was third, behind New Jersey (8.0 percent) and New York (6.5 percent), according to CoreLogic. In September 2014, Florida’s serious delinquency rate was 8.6 percent, or 2.8 percentage points higher than September 2015.”The largest improvements in the foreclosure inventory continue to be in judicial states on the East Coast such as Florida and New Jersey,” said Sam Khater, deputy chief economist for CoreLogic. “While the overwhelming majority of states are experiencing declines in their foreclosure rates, four states experienced small increases compared with a year ago.”Those four states were Massachusetts, Rhode Island, Wyoming, and New Mexico. Washington, D.C. also saw an increase in foreclosure activity. Those states, plus D.C., are typically near the bottom of the foreclosure metric list. Washington, D.C. had a lower total of completed foreclosures in the 12-month period ending September 30, 2015 (only 69) than any state. The state with the lowest total was North Dakota with 310.Florida’s 12-month sum of completed foreclosures (91,000) for September was below 100,000 again, good news for a state where 12-month completed foreclosure sums have been well above 100,000 since the crisis. In fact, the Tampa metro area, which has routinely been near the top of CoreLogic’s lists for metro areas with the most completed foreclosures over a 12-month period, was not even listed in the top 10 for September—nor was any Florida metro. The top metro area for 12-month sum of completed foreclosures in September was Atlanta, with 14,240. Despite this, Atlanta’s foreclosure inventory rate (0.7 percent) and serious delinquency rate (3.3 percent) were still below national averages in September of 1.2 percent and 3.4 percent.Click here to see the complete report. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Previous: Nationstar Becomes the Latest Servicer to Settle Over ‘Force Placed Insurance’ Next: Mixed Economic, Housing Data Cast Doubt on Fed Liftoff 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Aside from Completed Foreclosures, the News in Florida is All Good Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Subscribe  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Tagged with: Completed Foreclosure Florida Foreclosure Inventory foreclosure rate Servicers Navigate the Post-Pandemic World 2 days ago Aside from Completed Foreclosures, the News in Florida is All Good The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Foreclosure, News Share Save Completed Foreclosure Florida Foreclosure Inventory foreclosure rate 2015-11-12 Brian Honealast_img read more

Have First-Time and Repeat Buyers Switched Places?

first_img First-time homebuyers are still crushing the mortgage market when compared with repeat buyers, according to a recent report by the Urban Institute (UI). Despite facing inflated prices, stunted supply, tight credit, and rental costs that make saving for a down payment difficult, first-timers have commanded the mortgage market for the past 10 years, the report revealed and The Urban Institute doesn’t see that changing anytime soon.Giving a brief background, the report indicated that theFederal Housing Administration (FHA), which makes low down payment loans available to borrowers with subpar credit, has typically targeted the first-time buyer market, who make up around 80 percent of the FHA’s total originations. That percentage plunged to about 75 percent during the recession but has tiptoed back up to nearly 83 percent today, UI reports.By contrast, the GSEs’ share of first-time homebuyers historically tracked much lower than the FHA’s, totaling about 25 percent during the early 2000s. During the housing bubble, it jumped to around 40 percent. After receding slightly during the recession, the GSEs’ share of first-timers has maintained an upward trajectory since 2013. It sits at nearly 50 percent today, the report notes.When combining the FHA and GSEs, the total share of first-time homebuyers taking out purchase mortgages in 2017 amounted to 60 percent—around 20 percentage points higher than the 40 percent pre-crisis average.Why the flood of first-timers post-crisis? The reason is two-fold, according to UI: “Partly, it’s the better economy. But a big chunk of the increase is driven by the pullback of repeat buyers.”The report found that between 2001 and 2007, repeat homebuyers represented anywhere from 1.4 to 1.8 million home purchases per year, while first-timers accounted for between 900,000 and 1.3 million. The two cohorts have since switched. Last year, repeat buyers purchased just over a million homes, while first-time buyers snapped up to close 1.5 million.“Falling house prices during the recession prevented millions of homeowners from accumulating equity in their homes, equity they have typically used to trade up to bigger homes,” UI reported.Since prices have picked up and home equity is rising again, will repeat buying activity reclaim its historic levels? “Probably not,” the report said.Owners may have more equity today, but most of them also have very low mortgages they locked in during the recession—when rates routinely measured below 4 percent. If, for example, a homeowner with a 3.5 percent rate wanted to upgrade to a different home, they’d have to secure a new mortgage at today’s higher rate.“Many homebuyers will likely find it much more economical to simply stay in their existing homes,” the report said. “This will continue to dampen repeat buying volumes and continue the dominance of first-time homebuyers in the housing market.”But those first-timers will, quite literally, be paying for that preeminent status, it notes.“Since existing homeowners won’t release their starter homes into the market, and since we aren’t making up for that deficit through new construction, prices will likely keep going up for first-time homebuyers,” it reported. August 20, 2018 1,635 Views Subscribe The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Buyers First-Time Homebuyers Homebuyers Homeowners Homes HOUSING loans Mortgages repeat buyers sellers Urban Institute 2018-08-20 Radhika Ojha in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily About Author: Radhika Ojha 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. The Best Markets For Residential Property Investors 2 days ago Have First-Time and Repeat Buyers Switched Places?center_img Tagged with: Buyers First-Time Homebuyers Homebuyers Homeowners Homes HOUSING loans Mortgages repeat buyers sellers Urban Institute Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share 1Save Home / Daily Dose / Have First-Time and Repeat Buyers Switched Places? Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Previous: WMBC Showcases Logo Next: Computershare to Acquire LenderLivelast_img read more

Top 10 Housing Markets Poised for Growth

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Related Articles January 2, 2019 3,628 Views Top 10 Housing Markets Poised for Growth Servicers Navigate the Post-Pandemic World 2 days ago Share Save Affordability Danielle Hale Housing Market 2019 2019-01-02 Donna Joseph  Print This Post Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Top 10 Housing Markets Poised for Growth Subscribe Servicers Navigate the Post-Pandemic World 2 days agocenter_img Tagged with: Affordability Danielle Hale Housing Market 2019 Previous: Spotlight on Single-Family Rentals Next: Interpreting RESPA’s Regulation X Data Provider Black Knight to Acquire Top of Mind 2 days ago Realtor.com predicts the number of overall home sales to decrease by 2%, after years of steady climbs. Their latest report, released on Wednesday, pointed out that some markets will continue to flourish despite the anticipated slowdown in the real estate market. It predicts the number of overall home sales to decrease by 2 percent after a steady rise for several years. Home prices, on the other hand, will rise by a mere 2.2 percent on account of rising mortgage interest rates and tax changes pricing more buyers out of the market, the report stated. Despite this kind of deceleration, the report indicated that strong local economies and affordability are the main reasons for the increased influx of new residents in some of the metros. “The diversity of these top markets suggests that real estate can thrive anywhere there is a strong local economy,” said Danielle Hale, Chief Economist of realtor.com. Lakeland Florida topped the list with a median list price of $224,950. The sales growth is at 5 percent while price growth is projected at 7.4 percent. Lesser commute time to larger cities and cheaper home prices compared to Tampa’s median $261,362 or Orlando’s $299,950, makes it a very feasible option for many. Increased number of constructions is another important feature of Lakeland, the report indicated. Grand Rapids, Michigan secured the second spot on the list at a median list price of $278,750,  predicted sales growth at 4 percent and price growth at 8.2 percent. The city’s economy is all set for continued growth, attracting new residents. The city’s low cost of living and affordable housing have attracted lots of companies looking to relocate or expand, making it a diverse employer base for many seeking job opportunities. El Paso, Texas followed closely with a median list price: $175,050, predicted sales growth and price growth at 7.9 percent and 2.5 percent respectively. This steady influx of buyers looking for a place to live has caused a construction boom in El Paso, with a bunch of new subdivisions containing up to 150 single-family homes, according to the report. Chattanooga, Tennessee recorded a median list price of $269,950, predicted sales growth: 5.2 percent and predicted price growth at 4.3 percent in fourth place. Flipped homes in this area are popular among millennials.  The median price list in Phoenix, Arizona featured was at $329,975. The metro predicted sales growth of 3.6 percent and price growth of 5.6 percent. The report indicated that retirees and buyers fleeing ultrahigh-priced parts of the country are moving to Phoenix for its reasonably priced cribs.Other metros to have featured in the list included Bridgeport, Connecticut; Las Vegas, Nevada; Boise City, Idaho; Miami, Florida; and Boston, Massachusets. The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Donna Josephlast_img read more

HUD Offers Foreclosure Relief to Tornado Victims

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles avoiding foreclosure Disaster Relief Foreclosure HUD 2019-03-06 Staff Writer HUD Offers Foreclosure Relief to Tornado Victims The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / HUD Offers Foreclosure Relief to Tornado Victims Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Previous: Following Mortgage Fintech Into the Future Next: Kraninger: “The Bureau Is Stronger at This Time” Share Save About Author: Stephanie Bacot Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, Headlines, Loss Mitigation, Newscenter_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post 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 March 6, 2019 1,842 Views Stephanie Bacot is an experienced multimedia writer having created content for print, web, television, and more. She is the past producer of BIZTV, a national television network for businesses and entrepreneurs that reached more than 200,000 professionals. She has more than 15 years’ experience in healthcare marketing and was an advertising exec for Healthcare Journal of Baton Rouge, a trade publication focused on the healthcare industry, as well as the marketing director for a $5 million surgery center. Bacot is a graduate of Louisiana State University with a degree in Marketing and Communications. She resides in Dallas when she’s not pursuing her love of travel. Tagged with: avoiding foreclosure Disaster Relief Foreclosure HUD The Best Markets For Residential Property Investors 2 days ago HUD announced today that it will provide foreclosure relief for the victims of Alabama’s deadly tornados that occurred earlier this week. Homeowners in certain areas affected who are at risk of losing their homes because of the disaster may be able to avoid the initiation of foreclosure for 90 days under this protection, and additional protection is available for low-income renters as well. This announcement is less than a week after HUD announced its approval of the U.S. Virgin Island’s latest disaster recovery action plan, which will invest an additional $779 million to help the state continues to rebuild from Hurricanes Maria and Irma.  A few of the key things HUD offers those covered are immediate foreclosure relief or an automatic 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages commenced for the counties covered under the Presidential declaration. In addition, it makes mortgage insurance available to disaster victims whose homes were destroyed or damaged beyond repair. Also, HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance a house along with its repair through a single mortgage. Homeowners who have damaged houses can also finance the rehabilitation of their existing single-family home. In an effort to get help to those who need it, the department will share this information with the Federal Emergency Management Agency (FEMA) and the State on housing providers that may have available units in the impacted counties. This includes Public Housing Agencies and Multi-Family owners. The Department will also connect FEMA and the State to subject matter experts to provide information on HUD programs and providers.For the full report read here. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

CFPB Tackles Mortgage Debt Collection Issues

first_imgSubscribe 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. CFPB Tackles Mortgage Debt Collection Issues Sign up for DS News Daily in Daily Dose, Featured, Foreclosure, News Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago CFPB Consumer Debt FTC HOUSING mortgage Obduskey vs. McCarthus Holthus 2019-03-21 Radhika Ojha Previous: Out of the Seller’s Market, Into the Buyer’s Market Next: Homeowner Remodeling Trends At a Glance  Print This Post About Author: Radhika Ojha Financial services debt was the largest source of revenue for the debt collection industry, according to the Consumer Financial Protection Bureau’s (CFPB’s) annual report on its administration of the Fair Debt Collection Practices Act. The bureau said that revenue from financial services debt accounted for nearly 40 percent of debt collection revenue in 2018.The bureau noted that after several years of growth, consumer debt surpassed its 2008 peak in 2017, rising to a new high of $13.54 trillion in the fourth quarter of 2018. However, while mortgage debt increased, the growth in consumer debt was mostly fueled by non-housing debt such as credit cards and auto loans.The report revealed that the CFPB planned to issue a notice of Proposed Rulemaking relating to debt collections this spring. It said that the notice would address issues such as communication practices and consumer disclosures.”The Bureau understands that the debt collection industry, by and large, wants to comply with consumer protection laws,” said Kathy Kraninger, Director of the CFPB, in the report. “However, where there are bad actors who violate the law, we will take enforcement actions to protect consumers.”The report also highlighted some of the lawsuits and amicus curiae briefs filed by the CFPB and Federal Trade Commission to address the debt collection practices in the mortgage industry. They included an amicus brief on the Obduskey vs. McCarthy Holthus case on which the Supreme Court issued a ruling on Wednesday.The amicus briefs also included one on the deficiency judgment in judicial foreclosure in the case of Cohen vs. Ditech Financial LLC. This brie addressed whether “the FDCPA applies to judicial foreclosure proceedings in state court where, under state law, the debt collector is entitled to seek a deficiency judgment against the consumer for the amount of any mortgage debt remaining after the foreclosure sale.”Read the complete report here. Related Articles Tagged with: CFPB Consumer Debt FTC HOUSING mortgage Obduskey vs. McCarthus Holthuscenter_img 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 March 21, 2019 1,941 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / CFPB Tackles Mortgage Debt Collection Issueslast_img read more

A Look at the Housing Market’s Potential

first_imgHome / Daily Dose / A Look at the Housing Market’s Potential Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago May 21, 2019 1,040 Views The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News 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. Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days agocenter_img Previous: Mortgage Performance: A Look at the Latest Trends Next: Single-Family Rental Market Stabilizes Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post A Look at the Housing Market’s Potential Tagged with: Existing Home Sales First American Financial Corp. Homeowners Servicers Navigate the Post-Pandemic World 2 days ago Existing Home Sales First American Financial Corp. Homeowners 2019-05-21 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Potential existing-home sales showed a slight increase in April to a seasonally adjusted annualized rate (SAAR) of 0.1% from March, according to the First American Financial Corporation Potential Home Sales report.The increase represents a 54.1% jump from the market potential low point in February 1993, but a decline of 1.3% in existing-home sales compared to a year ago—a loss of 68,600 SAAR sales.The report also states potential existing-home sales is 1.567 million SAAR, or 23.2% below the pre-recession peak of market potential that occured in March 2004.The market performance gap decreased by an estimated 37,000 SAAR sales between March and April 2019.“The housing market continued to under perform its potential in April 2019, but the performance gap shrank compared with March. Actual existing-home sales remain 1.3% below the market’s potential, but the performance gap narrowed from 2.0% last month, according to our Potential Home Sales model,” said Mark Fleming, Chief Economist at First American. “That means the housing market has the potential to support 68,000 more home sales at a [SAAR].”Fleming added that lower mortgage rates in April loosened the “rate lock-in effect” that has created a financial disincentive that prevents many homeowners from selling. He added the amount of time a homeowners lives in their home has increased dramatically over the years.Before the housing market crash of 2007, homeowners spent an average of five years living in their house. That number jumped to seven years between 2008 and 2016, Fleming said.“Since existing homeowners supply the majority of the homes for sale and increasing tenure length indicates homeowners remain hesitant to sell, the housing market faces an ongoing supply shortage – you can’t buy what’s not for sale,” Fleming said.“The most recent data shows that the average length of time someone lives in their home reached 11 years in April 2019, a 9 percent increase compared with a year ago. Increased tenure length reduced the market potential by 33,000 sales compared with last month,” he said. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

Fed Official: More Monetary Policies Available

first_img Fed Official: More Monetary Policies Available Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago In an interview with CNBC, Minneapolis Federal Reserve President Neel Kashkari said the Fed still has monetary policy options to combat COVID-19, but noted negative interest rates are not among them. Kashkari called on Congress to act in situations, such as a potential bailout for the airline industry but noted the Fed is in the “fourth round” of responders to the crisis, behind health care professionals, the public, and Congress. “We are not at the front line of this,” he said on “Squawk Box.” “But we do have a job to do and we are using our tools aggressively to try to make sure the financial system is ultimately working.”He also rejected criticism during the interview from some quarters that the Fed should have waited to use its final ammunition on the interest rate front. He compared the predicament to a driver coming up on a hill who accelerates before rather than waiting.“The notion that we should save our cuts for later is a colorful metaphor, but it’s just flat-out wrong,” he said.The Federal Reserve cut interest rates to zero on Sunday in an effort to bolster the U.S. economy as it combats the effects of the coronavirus.The benchmark interest rate is now in a range of 0% to 0.25%, which is down from a range of 1% to 1.25%. The Fed also announced it is re-starting its “quantitative easing,” as it did following the Great Recession to try and get money into the markets and the economy.The Fed also announced that over the coming months that it will increase its holdings of Treasury securities by at least $500 billion and its holdings and agency mortgage-backed securities by at least $200 billion.Chair of the House Financial Services Committee Maxine Waters, however, is not in favor of the Fed’s recent actions. “The global spread of the novel coronavirus has adversely impacted the lives of millions of Americans, the economy and the financial system,” she said. “This is in many ways an unprecedented crisis which calls for extraordinary federal response. Unfortunately, the Fed appears to be using its old playbook in trying to calm funding markets by flooding them with liquidity.” Waters said it is critical that the Fed to “go beyond these steps” to provide support to those on the front lines of COVID-19. Additional relief for all could be on the way, as Treasury Secretary Steve Mnuchin said the government is “looking at sending checks to Americans immediately,” during Tuesday’s White House Coronavirus Task Force briefing Tuesday. Mnuchin added the goal would be to send checks to Americans in two weeks to help workers cope with the economic effects of COVID-19. Republican Senators Tom Cotton and Mitt Romney, as well as Democratic Sen. Tulsi Gabbard, have suggested $1,000 per adult.  Coronavirus Federal Government Federal Reserve housing market 2020 2020-03-17 Mike Albanese Sign up for DS News Daily Tagged with: Coronavirus Federal Government Federal Reserve housing market 2020 March 17, 2020 1,122 Views Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post About Author: Mike Albanese 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. Previous: Eviction Actions Halted Amid Coronavirus Emergency Next: SFR Growth Propped Up by Low End Rentals The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Fed Official: More Monetary Policies Availablelast_img read more

DS5: Conservatorship’s Next Steps

first_img May 12, 2020 1,181 Views Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / DS5: Conservatorship’s Next Steps Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles 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 This episode of DS5: Inside the Industry brings you an exclusive interview with Thomas Wade, Director of Financial Services Policy for the American Action Forum.Wade speaks on the challenges involved in transitioning Fannie Mae and Freddie Mac out of conservatorship. Wade notes that the current administration “does seem to be moving towards releasing the GSEs from conservatorship.””I, and many others, were disappointed that the GSEs are likely to retain many of the advantages of inherent systemic riskiness post-conservatorship that characterizes them now,” Wade said.You can watch the full episode here or at the embed below. 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. Conservatorship DS5 Fannie Mae FHFA 2020-05-12 Seth Welborn Subscribecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News About Author: Seth Welborn Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago DS5: Conservatorship’s Next Steps Tagged with: Conservatorship DS5 Fannie Mae FHFA Previous: Prepping for a Delinquency Spike Next: How Digitization Can Smooth the Forbearance Process Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

MFG in liquidation with debts in excess of 1 million euro

first_img It is understood that the creditors meeting for community development agency MFG was yesterday told that the company has liabilities in excess of one million euro.The company closed suddenly last month with the loss of 130 jobs in the Gaeltacht.MFG was responsible for administration of funding and community supports for numerous projects across Donegal and the wider Gaeltacht including rural transport schemes.MFG is now in liquidation.Gaeltacht Minister Dinny McGinley says the priority now is to put in place mechanisms to look after the company’s staff and the projects it was responsibility:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/10/dinnymfg.mp3[/podcast] Guidelines for reopening of hospitality sector published Three factors driving Donegal housing market – Robinson Pinterest Twitter Help sought in search for missing 27 year old in Letterkenny NPHET ‘positive’ on easing restrictions – Donnelly By News Highland – October 19, 2011 Google+ Facebook Newsx Adverts WhatsAppcenter_img Pinterest WhatsApp Previous articleCouncil to host Historic Graveyards seminarNext articleTraders want Temple Bar type quarter for Letterkenny News Highland 448 new cases of Covid 19 reported today Twitter RELATED ARTICLESMORE FROM AUTHOR Google+ Facebook Calls for maternity restrictions to be lifted at LUH MFG in liquidation with debts in excess of 1 million eurolast_img read more