May, 2021 Archive

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Bank of America Victorious in Discriminatory Lending Lawsuit

first_img Related Articles in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Bank of America City of Los Angeles DIscriminatory Lending Forelosures Lawsuits Bank of America Victorious in Discriminatory Lending Lawsuit The Week Ahead: Nearing the Forbearance Exit 2 days ago Bank of America picked up a victory in court when a federal judge dismissed a lawsuit filed by the city of Los Angeles that accused the bank of discrimination in mortgage lending, according to multiple media reports.U.S. District Judge Percy Anderson threw out the city of Los Angeles’ claims, saying the city had no standing to sue the bank under the Fair Housing Act. Anderson said in his ruling that the city failed to prove that it was harmed as a result of Bank of America’s allegedly discriminatory lending practices.Los Angeles sued Bank of America, one of the nation’s largest lenders and servicers of residential mortgages, in December 2013. The lawsuit accused the bank of predatory lending in the run-up to the 2008 financial crisis, saying the terms of mortgage loans offered to minorities were less favorable than those offered to Whites.The lawsuit claimed many borrowers steered toward these less favorable terms could not sustain the terms of the alleged predatory loans, resulting in defaults, foreclosures, and subsequently, blight. In the lawsuit, Los Angeles said that mortgage loans Bank of America issued in minority areas of the city were four times more likely to end up in foreclosure than the loans issued in predominantly White neighborhoods. The city was seeking damages for lost property tax revenue and increased costs brought about by the foreclosures, according to reports.In court filings, Bank of America responded to the city’s allegations by saying it was “absurd” that its lending practices resulted in large numbers of foreclosures in Los Angeles.”We are pleased with the Court’s decision,” a Bank of America spokesman said in an email to DS News. “Our record demonstrates a firm commitment and strong record for fair and responsible lending and community revitalization. We responded with urgency to rising mortgage defaults that resulted from the country’s severe economic downturn, which the Los Angeles suit ignored, providing unprecedented assistance to customers who have suffered personal financial hardships. We continue to work with government agencies and non-profit organizations to revitalize neighborhoods.”The city of Los Angeles has three other similar lawsuits pending against the Citi, Wells Fargo, and JPMorgan Chase. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Bank of America Victorious in Discriminatory Lending Lawsuit Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago May 16, 2015 1,106 Views Subscribe Bank of America City of Los Angeles DIscriminatory Lending Forelosures Lawsuits 2015-05-16 Brian Honea Sign up for DS News Daily Previous: Former Fed Chair Says Restricting Central Bank’s Lending Power is a ‘Mistake’ Next: DS News Webcast: Monday 5/18/2015last_img read more

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Crisis No Longer Haunts Bank of America

The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Fannie Mae, Freddie Mac Exceed Risk-Sharing Goals Next: Just How Far Has REO Fallen? March 28, 2016 3,771 Views Demand Propels Home Prices Upward 2 days ago Bank of America Earnings Statements Mortgage Crisis Profits 2016-03-28 Brian Honea Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Subscribe The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Bank of America Earnings Statements Mortgage Crisis Profits in Daily Dose, Featured, News Home / Daily Dose / Crisis No Longer Haunts Bank of America Data Provider Black Knight to Acquire Top of Mind 2 days ago With the release of the company’s Q1 2016 earnings statement right around the corner, Bank of America CEO Brian Moynihan said in his letter to shareholders in the 2015 Annual Report that the bank is “no longer clouded over by heavy mortgage and crisis-related litigation and operating costs.”Crisis-related litigation plagued Bank of America in 2014. The bank reached a settlement with the Department of Justice in August of that year for $16.65 billion over the sales of toxic mortgage-backed securities in the run-up to the financial crisis; litigation costs and other expenses related to that settlement took a big chunk out of the bank’s 2014 net income. The $16.65 billion settlement remains a record for a settlement between the Department of Justice and a single company over matters related to the 2008 financial crisis (it was eclipsed only by British Petroleum’s $20.8 settlement with the DOJ in October 2015 over the Gulf oil spill).“This progress is the result of continued strong business performance, no longer clouded over by heavy mortgage and crisis-related litigation and operating costs,” Moynihan said. “Over the past several years, we’ve followed a strategy to simplify the company, rebuild our capital and liquidity, invest in our company and our capabilities, and pursue a straightforward model focused on responsible growth.”For the full year of 2015, Bank of America more than tripled its net income from the previous year ($15.9 billion compared to $4.8 billion). The bank’s earnings for 2015 were the highest since the pre-crisis year of 2006 (net income of $21.1 billion).“Other general operating expense decreased $16.0 billion primarily due to a decrease of $15.2 billion in litigation expense which was primarily related to previously disclosed legacy mortgage-related matters and other litigation charges in 2014,” the shareholder letter said.Moynihan’s announcement follows what was largely a positive second half of 2015 for Bank of America. In November, independent monitor Eric Green reported that the bank was well ahead of schedule to pay off the $7 billion in consumer relief required by the August 2014 RMBS settlement. In December, the Federal Reserve approved the bank’s resubmitted capital plan after spending approximately $100 million to “get the process right for resubmission,” Moynihan said. Nine months earlier, the Fed announced that Bank of America must submit a revised capital plan due to certain weaknesses in the Charlotte, North Carolina-based bank’s capital planning process the Fed located in its annual Comprehensive Capital Analysis and Review (CCAR) conducted in early March 2015.Bank of American’s earnings statement for the first quarter of 2016 will be released on Thursday, April 14.Click here to view the entire 2015 Annual Report for Bank of America. Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Crisis No Longer Haunts Bank of America read more

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The Effect of Stepups on HAMP vs. Proprietary Mods

first_img The Effect of Stepups on HAMP vs. Proprietary Mods 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. Share Save Home / Daily Dose / The Effect of Stepups on HAMP vs. Proprietary Mods The Week Ahead: Nearing the Forbearance Exit 2 days ago The government’s Home Affordable Modification Program (HAMP), which started in early 2009 in response to the crisis to help struggling families avoid foreclosure and stay in their homes, is set to expire at the end of this year.To date, HAMP has helped 1.8 million families and completed 2.3 million homeowner assistance actions. Treasury estimates that 96 percent of modifications completed through HAMP receive an interest rate reduction, and 80 percent of those will experience at least one rate “stepup” five years after the modification.How are these modifications performing after their initial stepup? According to Black Knight Financial Services, the rise in monthly payments due to interest rate stepups appears to have caused very few mortgage loans modified through HAMP to redefault. To make their determination, Black Knight examined a pool of 64,600 first-time HAMP interest rate stepups,“Only about 1 percent of borrowers observed going through the initial round of HAMP step-ups appear to have defaulted because of their rise in payment,” Black Knight stated. “To put this in context, of the estimated 290,000 borrowers that faced first time rate step-ups through Q4 2015, only 2,900 would have become 90-days delinquent as a result.”The more pronounced effect of stepups on borrowers occurred in the area of proprietary modifications, according to Black Knight. In examining a pool of 33,600 first-time proprietary stepups, the analysis found that the higher resulting rates from stepups on proprietary modifications resulted in higher redefault rates on those loans than on HAMP mods that experienced stepups.Both proprietary and HAMP modifications experienced the lowest default rate on stepups that resulted in a 3 percent monthly mortgage rate. With HAMP in particular, mods that went from 2 to 3 percent experienced the lowest impact, with an increase of less than 1 percentage point and a 46 percent increase in the number of loans rolling into 90-day delinquent status within six months of the stepup.When the post stepup mortgage rate is increased to 4 percent, borrowers experienced twice the impact of those whose rate increased up to 3 percent after the stepup, according to Black Knight.Conversely, stepups on proprietary modifications that resulted in a rate of 5.5 percent or higher saw a 4.6 percentage point increase along with a 174 percent rise in the number of loans rolling to 90-day delinquent status. Black Knight Financial Services HAMP Interest Rate Stepups Proprietary Mortgage Modifications 2016-05-09 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Black Knight Financial Services HAMP Interest Rate Stepups Proprietary Mortgage Modifications Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Sign up for DS News Daily About Author: Brian Honea in Daily Dose, Featured, Market Studies, News  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Servicers Get Some Help from the GSEs Next: How Much Can the Fed Really Influence the Economy? The Best Markets For Residential Property Investors 2 days ago Related Articles May 9, 2016 1,203 Views Subscribelast_img read more

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Bankruptcy Filings Finish 2016 with Upward Turn

first_img Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Bankruptcy Filings The Week Ahead: Nearing the Forbearance Exit 2 days ago After falling year-over-year for five consecutive years, the number of bankruptcy filings bumped up nationwide by 6 percent from the previous year in December 2016, according to December 2016 AACER bankruptcy data reported by Epiq Systems.Bankruptcy filings totaled 56,394 in December, which was a decrease from November’s total of 59,300, but an increase from December 2015’s total of 53,844 (an increase of approximately 2,500). For the complete year of 2016, there were 771,894 bankruptcy filings nationwide (or 64,324 per month), down from 2015’s full year total of 819,431 (about 68,286 per month).The average number of filings per day in December 2016 was 2,685 over 21 days, a decline of close to 300 from November’s daily average of 2,966 over 20 days. November experienced 188 fewer filings than in the month prior. Bankruptcy filings averaged 3,075 for full year of 2016 over a period of 251 filing days.December’s total of 56,394 bankruptcy filings was less than half of the peak total of 114,820 for the month of December, recorded in 2010.Click HERE to View the Entire ReportThe state with the most cumulative filings for all of 2016 was California with 71,955. As was the trend all year, Illinois was second in year-to-date filings with 52,674. The next three states with the most cumulative filings were Georgia (46,669) Florida (43,850), and Ohio (36,188).Tennessee and Alabama continued to rank first and second among states in bankruptcy filings per capita for December with 5.57 and 5.48 for every 10,000 people, respectively. Those numbers were slight declines from November’s numbers of 5.65 and 5.52. The national average of filings per capita in December 2016 decreased slightly over-the-month from 2.51 down to 2.48, though it has increased nearly 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.  Print This Post Related Articles 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, News January 11, 2017 1,372 Views Previous: Will Housing Become Less Affordable? Next: The Fluctuating Trend with First-Time Homebuyerscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Bankruptcy Filings Finish 2016 with Upward Turn Bankruptcy Filings Finish 2016 with Upward Turn Subscribe Bankruptcy Filings 2017-01-11 Brian Honea 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. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

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Economy in a Nutshell

first_imgHome / Daily Dose / Economy in a Nutshell Subscribe Servicers Navigate the Post-Pandemic World 2 days ago About Author: Joey Pizzolato The Best Markets For Residential Property Investors 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 Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Headlinescenter_img CoreLogic recently released its MarketPulse Report for the month of August, which explores some interesting economic trends associated with the mortgage finance industry.The first article, entitled “U.S. Economic Outlook: August 2017,” and written by Chief Economist of CoreLogic Dr. Frank Nothaft—who DS News spoke with in July—examines the effect that nonresident foreign buyers have on housing markets in “gateway cities” and the actions some metros are taking to curb those effects. Nothaft writes, “These buyers are often high-wealth and may add to speculative pressures, especially for expensive homes. Further, these buyers may effectively restrict supply if they leave their homes vacant.”Further, Andrew LePage, Research Analyst and CoreLogic, examines the ways in which rising interest rates decrease home affordability in complicated ways—more so than rising home prices. “The change in the typical mortgage payment of the past year illustrates how it can be misleading to simply focus on the rise in home prices when assessing affordability,” he writes. In his study, he uses what CoreLogic calls a “typical mortgage rate,” which is an interest rate-adjusted monthly payment that uses the median U.S. sale price to calculate affordability.Archana Pradhan, Economist at CoreLogic, takes a look at how jumbo loans have become cheaper for borrowers when compared to more traditional conforming loans, and how that’s changed since 2013.Finally, Bret Fortenberry, Senior Professional of Science and Analytics, asks what the geographic influencers are for mortgage fraud risk, and finds two states where CoreLogic pinpoints being the strongest influencers of fraud. He breaks it down even further: “Finding the states that are correlated is good, but looking at smaller regions is better. Smaller regions have a reduced number of contributing fraud factors to analyze.The MarketPulse Report also contains their Loan Performance Insights Report from May 2017, the Home Price Index Detail on a state level combined with distressed properties, the Home Price Index, and the CoreLogic HPI Market Condition Overview for June 2017 and the forecast for June 2022.You can read the full report in its detail here. Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Economy in a Nutshell CoreLogic 2017-08-18 Joey Pizzolato August 18, 2017 1,202 Views  Print This Post Previous: Inside, Outside U.S.A. Next: Student Debt Up, Homeownership Down Tagged with: CoreLogic The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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While Unemployment Drops, Homebuilders Face Labor Shortage

first_img homebuilding HOUSING mortgage 2017-11-03 Nicole Casperson Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe 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] in Daily Dose, Featured, Headlines Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / While Unemployment Drops, Homebuilders Face Labor Shortage Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago November 3, 2017 1,415 Views Demand Propels Home Prices Upward 2 days agocenter_img 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 While Unemployment Drops, Homebuilders Face Labor Shortage Related Articles About Author: Nicole Casperson On Friday, the U.S. Bureau of Labor Statistics reported its Employment Situation Summary for October 2017—reporting that the nation’s unemployment rate decreased by 0.1 percentage point to 4.1 percent, and the number of unemployed persons decreased by 281,000 to 6.5 million. Since the beginning of 2017, the unemployment rate has declined by 0.7 percentage point, and the number of unemployed persons has decreased by 1.1 million. According to Doug Duncan, Chief Economist at Fannie Mae, the employment situation summary is underwhelming—as the much-anticipated rebound in October nonfarm payroll was less than market expectations at 261,000. And even with the 90,000 upward revisions in the hurricane-affected months, the average monthly job gain for the last three months came in at 162,000—a slowdown from the year-to-date monthly average gain through July of 171,000. Additionally, flat average hourly earnings brought annual wage growth to 2.4 percent, a four-tenths payback from the solid gain of the prior month, when the hurricanes prevented many low-wage employees from working. “The seemingly positive headline in the household survey masked some bearish details, as the one-tenth decline in the unemployment rate occurred amid a 0.4 percentage point plunge in the labor force participation rate, the biggest monthly decline in four years,” Duncan said. Duncan continued, “One silver lining was the large drop in the broadest measure of labor underutilization, U-6, to 7.9 percent, matching the lowest rate of the last expansion. The bottom-line is that slack in the labor market is receding but the hiring trend is slowing and wage gains remain muted.”In addition, according to analysis from Mark Fleming, Chief Economist at First American, despite overall declines in unemployment, in sectors like homebuilding are still facing labor constraints.“Home building, particularly housing starts, faces a number of headwinds at the moment, including access to buildable lots with the appropriate infrastructure, rising regulatory costs, increased building material costs and labor constraints,” said Fleming. “Home building still requires manual labor as a key input into the production process and productivity gains in this sector have lagged behind overall productivity improvements . . . While, the gains made this month are a positive sign, home builders would like to hire more labor, if only they could fill those openings.”To view the full report, click here. Tagged with: homebuilding HOUSING mortgage  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Government Backstop Necessary for Sustainable Mortgage Market? Next: What’s on the Horizon for Existing Home Sales? Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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Fannie Mae CEO on the GSE’s Past & Future

first_imgHome / Daily Dose / Fannie Mae CEO on the GSE’s Past & Future Fannie Mae CEO on the GSE’s Past & Future Fannie Mae Great Recession GSE Reform Housing Bubble Housing Crisis Housing Reform Timothy Mayopoulos 2018-01-29 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago January 29, 2018 2,605 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Fannie Mae Great Recession GSE Reform Housing Bubble Housing Crisis Housing Reform Timothy Mayopoulos About Author: David Wharton Share Save 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 Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago It’s been a decade since the housing bubble collapsed, sending shockwaves through the mortgage industry and creating economic impacts that are still being felt throughout the nation to varying degrees. In its December 2017 issue, DS News spoke to several prominent industry leaders, examining whether another housing bubble could be on the near horizon, and it’s a question that runs just under the surface of every market report. One person with a unique perspective on what it was like to be in the middle of the recovery from that crisis is Timothy Mayopoulos, President and CEO of Fannie Mae. He recently spoke with the National Public Radio program Marketplace, looking back at the housing crisis, his tenure at Fannie, and the state of the industry as we move into 2018.Prior to joining Fannie, Mayopoulos had a long legal career that included serving as EVP and General Counsel for Bank of America from 2004 – 2009. He joined Fannie in 2009, working initially as EVP, General Counsel, and Corporate Secretary, then taking on the role of Fannie’s Chief Administrative Officer in 2010. Mayopoulos became CEO of Fannie in 2012, several years after the crash and as the work to repair its damage was in full swing. “There are a lot of people who would say that Fannie Mae and Freddie Mac were really at the cause of the financial crisis,” Mayopoulos said to Marketplace host Kai Ryssdal. “I don’t agree with that. There are many contributing causes to the crisis, but clearly being able to sustain the housing finance system through the crisis was absolutely critical to the recovery.”However, there are critics who believe the GSEs should are long overdue for reform, or even for elimination entirely. With the Trump administration focused on updating or streamlining governmental regulations across many sectors, housing reform has been a key talking point. During November 2017 testimony before the House of Representatives’ Housing and Insurance Subcommittee, Peter Wallison, Senior Fellow and Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute, told Congress, “The best and most effective housing finance reform would be to completely eliminate the government’s role in housing finance, and to let private capital and the private sector operate the housing finance system. There is nothing about the way the government has managed the housing finance system for the last 50 years that would remotely recommend a continuing government role.”While Mayopoulos makes the case that the GSEs continue to serve a valuable function, he suggests there is ample room for the system to evolve—even if that eventually means the end of Fannie. “We’re not wedded to an old system,” Mayopoulos says. “We’re actually committed to making a better housing finance system. I’m probably one of the very few CEOs who stood up in front of his entire company and said, ‘You know what, we have to recognize the fact that the legal entity that we work for, Fannie Mae, may cease to exist at some point.’ … A lot of people are focused on what happened 10 years ago, and what we really need to be focused on as a country is what do we want the housing finance system 10 years from now or 20 years from now to look like?”You can listen to the full Marketplace interview with Fannie CEO Timothy Mayopoulos by clicking here. in Daily Dose, Featured, Government, Headlines, Journal, News Previous: Pennsylvania Law Authorizes Government to License Non-Bank Lenders Next: San Jose Tops Hottest Neighborhoods Rankings  Print This Post Sign up for DS News Daily Subscribelast_img read more

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The Week Ahead: Exclusive Zombie Homes Webinar

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Altisource Carrington Mortgage Holdings RoundPoint Mortgage Servicing Corporation the week ahead Webinar zombie homes 2018-06-17 David Wharton  Print This Post Share Save Demand Propels Home Prices Upward 2 days ago Previous: Today’s Top Challenges for Financial Services Law Firms Next: Coastal Flooding—A Trillion-Dollar Threat Home / Daily Dose / The Week Ahead: Exclusive Zombie Homes Webinar About Author: David Wharton Related Articles On Thursday, June 21, at 2 p.m. CT, DS News will present an exclusive, complimentary webinar, sponsored by Altisource, diving into the property preservation challenges of abandoned “zombie homes.” The webinar will include guidance, discussion, and best practices from our lineup of property preservation and servicing experts:Rick Sharga, EVP, Carrington Mortgage Holdings (moderator)Timothy Meyer, SVP of Field Services, AltisourceDawn Adams, SVP, Default Servicing, Roundpoint Mortgage ServicingStephen Hladik, Partner, Hladik, Onorato & Federman, LLPThe webinar will explore topics such as expedited foreclosures, state statutes affecting zombie homes, when a home qualifies as abandoned, and inspections and compliance issues. To register, click here.Here’s what else is happening in The Week Ahead.NAHB Housing Market Index, Monday, 10 a.m. ETFirst American Real House Price Index, MondayHousing Starts Survey, Tuesday, 8.30 a.m. ETMBA Apps, Wednesday, 7 a.m. ETNAR Existing Home Sales, Wednesday, 10 a.m. ETFHFA House Price Index, Thursday, 9 a.m. ETFed Balance Sheet, Thursday, 4.30 p.m. ET Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Altisource Carrington Mortgage Holdings RoundPoint Mortgage Servicing Corporation the week ahead Webinar zombie homes in Daily Dose, Featured, Foreclosure, News, REO The Week Ahead: Exclusive Zombie Homes Webinar Demand Propels Home Prices Upward 2 days ago June 17, 2018 2,021 Views The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Navigating Florida Foreclosure Code Issues

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Navigating Florida Foreclosure Code Issues Share Save Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Foreclosure REO van ness 2019-10-17 Seth Welborn in Daily Dose, Featured, News, REO The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Navigating Florida Foreclosure Code Issues Demand Propels Home Prices Upward 2 days ago Previous: CFPB Gives Update on Disaster Preparedness, Regulation Next: New Chief Information Officer Announced at Freddie Mac Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Foreclosure REO van ness The Legal League 100 recently hosted a webinar to discuss what you need to know when handling Florida foreclosures and REO, and how code issues can impact your business. The webinar, titled “Code Issues: How They Impact Your Florida Foreclosures and REO” was presented by Legal League 100 member, Van Ness Law Firm. The speakers were Holli Adams, Senior Associate Attorney and Tony Van Ness, Founder, Managing Attorney.Florida has one of the highest foreclosure rates in the country, according to the ATTOM Data Solutions Q3 2019 U.S. Foreclosure Market Report, at one in every 577 housing units with a foreclosure filing. Additionally, Florida is still trying to recover from the impact of Hurricane Michael, with many homeowners still displaced.Adams kicked off the webinar by answering the question: “What is a code enforcement lien?” Florida, Adams notes, is a notice state. As of October 1, 2013, recording of liens in favor of a governmental and quasi-governmental entities to establish priority is required. Updating records so that the line is against the correct property is an issue that can arise, Adams notes.”With the lender being in title prematurely, sometimes a borrower made his deed property to the bank without the bank’s knowledge, and all of a sudden the bank may be getting code violations notices and tax bills, so its very important that you review the mail,” Van Ness noted. “Some common challenges in foreclosure actions, Van Ness states, include counterclaims, denial of inferiority, and requests for specificity in the final judgement. Counterclaims can happen if municipality or county if joined for a lien that is superior. Property registration, they note, is the responsibility of the banks. Minimizing negative impact in communities is a priority.Listen and view to the Legal League 100’s complete webinar presentation here. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago October 17, 2019 1,907 Views About Author: Seth Welborn Related Articles Sign up for DS News Daily Subscribelast_img read more

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Freddie Mac Prices Credit Risk Transfer Trust

first_img Related Articles  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Freddie Mac Prices Credit Risk Transfer Trust Previous: Five Star Global Cancels Conferences in Response to COVID-19 Next: Seven Major Mortgage Servicing Tech Trends Freddie Mac has announced the pricing of the first Seasoned Credit Risk Transfer Trust (SCRT) offering of 2020—a securitization of approximately $1.8 billion including both guaranteed senior and unguaranteed subordinate securities backed by a pool of seasoned re-performing loans (RPLs). The SCRT securitization program is a fundamental part of Freddie Mac’s seasoned loan offerings which reduce less liquid assets in its mortgage-related investments portfolio sheds credit and market risk via economically reasonable transactions.Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2020-1 includes approximately $1.7 billion in guaranteed senior certificates and approximately $177 million in unguaranteed mezzanine and subordinate certificates. The mezzanine certificates will be rated. The transaction is expected to settle on March 10, 2020. The underlying collateral consists of 10,992 fixed- and step-rate, seasoned RPLs which were modified to assist borrowers who were at risk of foreclosure to help them keep their homes. As of the cutoff date, all of the mortgage loans have been performing for at least 6 months. The loans are serviced by Specialized Loan Servicing LLC and will be serviced in accordance with requirements that prioritize borrower retention options in the event of default and promote neighborhood stability.Advisors to this transaction are BofA Securities, Inc., and Nomura Securities International, Inc. as co-lead managers and joint bookrunners, and Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, and R. Seelaus & Co. (a women-owned business) as the co-managers. To date, Freddie Mac has sold over $8 billion of Non-Performing Loans (NPLs) and securitized more than $60 billion of RPLs consisting of $29 billion of fully guaranteed PCs, $25 billion of SCRT senior/sub securitizations, and $7 billion of Seasoned Loans  Structured Transaction (SLST) offerings. March 8, 2020 3,111 Views Subscribe Share Save The Best Markets For Residential Property Investors 2 days agocenter_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Freddie Mac Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Freddie Mac 2020-03-08 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Freddie Mac Prices Credit Risk Transfer Trustlast_img read more

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