Delinquent Loans May Still Face Foreclosure After Exceeding Statutes of Limitations

first_img Tagged with: Black Knight Financial Services Foreclosure Statutes of Limitations Foreclosures Mortgage Monitor March 7, 2016 2,065 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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 Related Articles Share Save Home / Daily Dose / Delinquent Loans May Still Face Foreclosure After Exceeding Statutes of Limitations 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 Previous: The Week Ahead: HUD’s ‘Prosperity Playbook’ Tour Continues Next: What the Mortgage Industry Needs to Know About Housing This Year Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago High-end estimates of loan-level delinquency timelines show that approximately 98,000 seriously delinquent mortgage loans may be facing some degree of exposure to foreclosure statutes of limitations in Florida, New Jersey, and New York—three of the states that were hit hardest by the foreclosure crisis, according to Black Knight Financial Services’ January 2016 Mortgage Monitor released Monday.The courts are currently deliberating in those three states discussing the specifics of how the statues of limitations laws apply to foreclosures. In Florida, the foreclosure statute of limitations applies to mortgages that are five years or more overdue, while in New York and New Jersey, it applies to mortgages that are six or more years past due.According to Black Knight, Florida has the largest volume of loans facing possible exposure to statutes of limitations with roughly 40,000, despite experiencing a 38 percent reduction over the past 12 months. For New York and New Jersey, the number of such loans is currently 35,000 and 22,000, respectively, after both experienced increases over the previous 12 months due to “limited resolution in severely delinquent loan populations” in both states, Black Knight reported.“Without taking into account additional carrying costs and/or fees incurred by mortgage servicers, Black Knight estimates the current potential unpaid principal balance (UPB) risk exposure in these three states at approximately $30 billion, concentrated primarily in private-label securities,” Black Knight stated in the report. “As it stands today, roughly $1 out of every $10 of principal in private-label securitizations in these three states is tied to a mortgage that is more than five years delinquent in Florida or more than six years delinquent in New York and New Jersey.”According to Black Knight, 37 percent of the loans that are more than five years delinquent in Florida are not actively involved in foreclosure, which depending on court rulings, potentially presents additional risk. For New York and New Jersey, the share of loans more than six year delinquent but not actively in foreclosure are 22 percent and 21 percent, respectively.Click here to view the entire Black Knight January 2016 Mortgage Monitor. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, News Demand Propels Home Prices Upward 2 days ago  Print This Post Black Knight Financial Services Foreclosure Statutes of Limitations Foreclosures Mortgage Monitor 2016-03-07 Brian Honea The Best Markets For Residential Property Investors 2 days ago Delinquent Loans May Still Face Foreclosure After Exceeding Statutes of Limitations Subscribelast_img read more

FHFA Targets Hardest Hit Markets with Neighborhood Stabilization Efforts

first_img March 7, 2016 1,309 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News, REO FHFA Targets Hardest Hit Markets with Neighborhood Stabilization Efforts Home / Daily Dose / FHFA Targets Hardest Hit Markets with Neighborhood Stabilization Efforts One goal for Fannie Mae and Freddie Mac, as outlined by its conservator, the Federal Housing Finance Agency, for 2015 was to reduce the number of vacant REO properties they own. While the number of these properties has been steadily declining the last few years, it remains elevated in some areas.The FHFA targeted 18 of those markets when it expanded its Neighborhood Stabilization Initiative (NSI) in November 2015 after a launching a pilot NSI program in Detroit in June 2014 and expanding it to Cook County (Chicago) in April 2015. The pilot program “sought to test innovative pre- and post-foreclosure strategies aimed at stabilizing selected distressed communities.”According to the FHFA’s Conservatorship Scorecard for 2015 released last week, which measures the progress of the goals for Fannie Mae and Freddie Mac while under conservatorship of FHFA, the GSEs are expected to give consideration to several tools when reducing the number of REO properties they hold. Those tools include giving consideration to non-profit organizations, repairing REO properties before executing a third-party sale, and either demolishing or donating uninhabitable properties—and leveraging NSI to develop strategies to achieve the best possible outcomes in neighborhoods, according to FHFA.Following the launch of the pilot programs in Detroit and Chicago, FHFA worked closely with the GSEs to analyze current risks in their REO portfolios and determine in which markets the NSI REO approaches would be most successfully implemented. The GSEs and FHFA determined that a broad-based REO stabilization program could be implemented in multiple markets using the infrastructure created with the pilot program.The expansion of the NSI builds on a partnership with the National Community Stabilization Trust (NCST) and features an Enhanced First Look program in those metropolitan statistical areas identified. Through Enhanced First Look, the GSEs offer NCST-approved community buyers and exclusive opportunity to purchase the REO properties without competition.“The sales prices of REO properties are established using a cost-avoidance framework that reduces the list price for a property based on estimates of the costs the Enterprise would otherwise incur for the preservation, maintenance, marketing, and sale of the property and takes into consideration a quick and certain sale,” FHFA said.The NSI expanded to the following markets, effective December 1, 2015: Akron, Atlanta, Baltimore, Chicago, Cincinnati, Cleveland, Columbus, Dayton, Detroit, Jacksonville, Miami, New York, Orlando, Philadelphia, Pittsburgh, St. Louis, Tampa, and Toledo.“Our goal is to take what we learned in Detroit and Chicago and apply it to these additional communities as quickly and efficiently as possible. Giving local community buyers an exclusive opportunity to purchase these properties at a discount, taking into account expenses saved through a quicker sale, is an effective way to give control back to local communities and residents who have a vested interest in stabilizing their neighborhoods,” FHFA Director Mel Watt said. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily About Author: Brian Honea  Print This Post Previous: Does Credit Score Matter? Not to a Lot of Baby Boomers Next: DS News Webcast: Tuesday 3/8/2016 The Best Markets For Residential Property Investors 2 days ago Share Savecenter_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Fannie Mae FHFA Freddie Mac Neighborhood Stabilization Initiative REO properties Related Articles Subscribe 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. Fannie Mae FHFA Freddie Mac Neighborhood Stabilization Initiative REO properties 2016-03-07 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Philadelphia: Wells Fargo Violated the FHA

first_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Philadelphia: Wells Fargo Violated the FHA Share Save Demand Propels Home Prices Upward 2 days ago On Monday, the City of Philadelphia sued Wells Fargo & Co for predatory lending and violations of the Fair Housing Act. This suit comes just two weeks after the U.S. Supreme Court ruled that cities may sue lenders for alleged discrimination, according to Reuters.Two weeks before this case, the Supreme Court had ruled that Miami could sue Bank of America for predatory lending practices that allegedly increased segregation.The complaint alleges that Well Fargo had pushed minorities into riskier loans at higher rates, and chargers that this had been an ongoing problem since 2004.”The City of Philadelphia’s investigation revealed that both the resources of the city and the lives of Philadelphia’s citizens have been negatively affected by Wells Fargo’s discriminatory lending practices,” city Solicitor Sozi Pedro Tulante said in a statement on CNBC. “The Law Department must take action in light of this evidence and halt these discriminatory practices on behalf of the citizens of Philadelphia.”The City said that black borrowers were over twice as likely to receive high-cost or high-risk loans than white borrowers, while Hispanic borrowers were around twice as likely, and home in predominantly minority neighborhoods were 4.7 times more likely to be foreclosed.”The city’s unsubstantiated accusations against Wells Fargo do not reflect how we operate,” Wells Fargo spokesman Tom Goyda said in a statement. “Wells Fargo has been a part of the Philadelphia community for more than 140 years and we will vigorously defend our record as a fair and responsible lender.”The bank continued its defense of itself in its statement.”Wells Fargo has been a part of the Philadelphia community for more than 140 years and we will vigorously defend our record as a fair and responsible lender,” the statement added. “We will continue to focus on helping customers in Philadelphia and its surrounding communities succeed financially, and on expanding homeownership in Pennsylvania and across the United States.”  Print This Post in Daily Dose, Featured, Foreclosure, News Tagged with: FHA Foreclosure Lending Wells Fargo Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Philadelphia: Wells Fargo Violated the FHA Related Articles Sign up for DS News Daily center_img About Author: Seth Welborn May 15, 2017 1,117 Views 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago FHA Foreclosure Lending Wells Fargo 2017-05-15 Seth Welborn Previous: Supreme Court: Late Bankruptcy Claims Not Subject to FDCPA Lawsuits Next: Speculation Surrounds the Fed Balance Sheet Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. Subscribelast_img read more

Servicers: How to Optimize CWCOT Strategies

first_imgHome / Daily Dose / Servicers: How to Optimize CWCOT Strategies  Print This Post About Author: Nicole Casperson Demand Propels Home Prices Upward 2 days ago Share Save Previous: Fast-Tracking Foreclosure Next: Residential Construction Driving National Migration Patterns 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] November 8, 2017 1,956 Views Altisource CWOT Min Alexander 2017-11-08 Nicole Casperson The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  As the popularity of Federal Housing Administration (FHA) insured home loan lending expands, servicers are looking to refine their strategy for managing foreclosure homes under the Claims Without Conveyance of Title (CWCOT) program.In a recent white paper titled, “New Opportunities for Servicers to Optimize CWCOT Disposition Strategies” author Min L. Alexander, SVP of Real Estate Services for Altisource, lays out a roadmap for an effective and efficient CWCOT program strategy.“One that incorporates elements of decision theory and risk modeling to simplify and streamline processes while decreasing loss severity for servicers,” Alexander writes. When optimizing CWCOT outcomes, there are a few obstacles that servicers will face, and Alexander outlines three. First, effectively utilizing available data to make decisions, while most information is available to servicers — including asset level, mortgage, market, and vendor cost data—servicers often struggle to produce clear, meaningful outputs that make decision making easier.Second is accessing intuitive technology platforms, as most vendors and servicers rely primarily on platforms, which function as electronic filing cabinets with limited capabilities for integration outside of simple workflow tasking and document storage, Alexander delves into detail on what can be done to overcome this. Finally, Alexander’s third obstacle to a successful CWCOT program is the inability to readily integrate processes and data flow across multiple vendors—causing material timeline delays and poor quality results for the next vendor.In the end, Alexander proposes a solution to each of these challenges. Want to know how to ensure an optimal CWCOT program strategy? Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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, Headlines, Market Studies, News Tagged with: Altisource CWOT Min Alexander Servicers: How to Optimize CWCOT Strategies Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

St. Louis Fed Economist on Recession Threat, Housing

first_imgHome / Daily Dose / St. Louis Fed Economist on Recession Threat, Housing  Print This Post St. Louis Fed Economist on Recession Threat, Housing Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save April 10, 2020 1,691 Views Subscribe This feature originally appeared in the April issue of DS News.William R. Emmons is the lead economist with the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis, where he also serves as AVP. His areas of focus at the Center include household balance sheets and their relationship to the broader economy. He also speaks and writes frequently on banking, financial markets, financial regulation, housing, the economy, and other topics. His work has been highlighted in major publications including The New York Times, The Wall Street Journal, and American Banker, and he has appeared on PBS NewsHour, Bloomberg News, and other national programs. Emmons received a Ph.D. in finance from the J.L. Kellogg Graduate School of Management at Northwestern University. He received his bachelor’s and master’s degrees from the University of Illinois at Urbana Champaign. DS News spoke to Emmons about recession threats and economic policy, as well as racial disparities in housing, slow population growth, and the implications of the falling default rate nationwide.Where is the threat level for a recession now? Let me start by saying these are my own views. The Fed cut interest rates, and that’s a concern. Also, the Fed cut rates 75 basis points last year. That indicates some concern. The yield curve has been inverted a chunk of last year. Depending on exactly which measure you look at, it inverted again this year. [President of the Federal Reserve Bank of St. Louis] Jim Bullard has pointed to that as a very important recession indicator. Another index that is informative is the Chicago Fed index, which shows that the economy is probably not in recession as of January. It is at a level that could be close if you go back and look at previous recessions. As long as the job market stays strong and unemployment stays low, we can probably power through without a recession. I would say there are so many straws in the wind right now. This is classic stall speed, tipping point sort of territory right now. The New York Fed, for example, has a model that is based largely on the slope of the yield curve, and they were showing elevated recession probabilities. I think they were pointing toward the middle of 2020 but that was before the virus. So, where’s the threat level? I would say high. How is the population growth slowdown impacting housing? As the population growth slows and there are fewer young people, it trickles through in all sorts of different ways. Way down the road, fewer people are entering the job market, and so those things are slower to develop. This deceleration in population growth is unusual because it’s probably the lowest population growth in peacetime ever. Economists who are looking at demography point to periods of really stressful economic conditions like the Great Depression or a war—that’s when you would expect to see both slowdowns in birth rates and in immigration, but we’re seeing it now when there is no Great Depression. Maybe by 2020, we’ll see some recession conditions. The point is that both the slowing birth rate and slowing immigration are indicative of some kind of adverse trends about young people not being as optimistic. Foreign potential immigrants are also not as welcome or not as optimistic about coming here as they might’ve been in the past.How solid has the housing market’s recovery become in recent years?I would characterize the housing recovery as mixed. Demand is pretty good. A big question coming out of the housing crash was, would people be frightened of homeownership? It doesn’t look like it. Opinion surveys show, pretty much across the board, across different demographic groups, people are still interested in becoming homeowners. One simple measure of the demand side is just what’s happening with house prices, which have gone up a fair amount. There’s still support for homeownership, and people want to be homeowners. The downside, though, is the supply side. Construction costs are worryingly high or growing rapidly. That’s land, labor, and lumber, but also growth restrictions, as well as difficult permitting in some areas that adds huge amounts to the cost. There’s a lot of work being done now—research and analysis pinpointing this problem of providing the supply. It looks different depending on where you are. In St. Louis, we don’t have much population growth, so there’s not a need for a lot of new housing. I would say a place like this is pretty healthy in terms of demand being accommodated by supply. House prices haven’t risen that much, and I’m thinking of house prices going up as an unhealthy sign either because of these supply problems or unrealistic price expectations. House prices have gone up in Dallas, Houston, and Austin—more than maybe they did even in the 2000s—and affordability measures would still say those markets are getting a little bit pricey for some people, but on average still pretty decent. Then there are the problem markets, mostly on the coasts where there is strong job growth, but housing supply is just pitiful. They’re just building grossly inadequate numbers of new housing, due in part to building restrictions. One positive from the stability of housing is credit. Underwriting is tighter than it was during the 2000s, and that has the negative implication that some people who would like to be homeowners can’t right now. It also keeps the default numbers down because there are fewer instances of either individuals or families getting into homeownership in a risky way. Yes, it limits access for some people, but it’s a tough call because you don’t want to limit people’s choices. On the other hand, we know from experience that a big housing bust is extremely costly. And, of course, the people in the default servicing business see things a little bit different because that’s their business, dealing with defaults. Overall for the economy, low defaults are probably better than high defaults if we can maintain some promise that people will have access. But I would say the bottom line is that credit conditions are the main thing that differentiates why we have seen strong price growth.How are racial wealth disparities translating to housing?There’s a lot more interest in recent years in this area. There’s the historical background, and then there’s the current ongoing situation. Historically, discrimination and exclusion outright legalized segregation. Redlining has to be the most important historical fact. This brings us to the current situation: even if we were able to get rid of all of the essentially legalized discrimination like redlining, you would still not be back to a level playing field. For several reasons, current black and Hispanic income levels are lower than those of whites. Wealth is much lower. Even if you were able to eliminate all of the discriminatory practices, lower income and wealth would probably lead to lower rates of homeownership. Then there’s credit access. In the boom of the 2000s, it was almost like the situation had reversed. Instead of providing too little credit access, there was actually too much, and some of it was inappropriate, some of it was missold, and some of it was predatory. That led to more wealth declines as default rates and foreclosure rates were higher for racial and ethnic minorities. We at the Fed and other agencies have worked hard to try to make credit more available and fairer, but that doesn’t eliminate income and wealth disparities. Even if we believed that there was no redlining, there’s some economists at the Cleveland Fed who have been digging into what you might call “self-segregation.” People of the same income levels tend to cluster together. If you belong to the Catholic church, you want to live with other people who go to the same church. The same is probably true across racial and ethnic groups or even recent immigrant groups. We know it’s a source of strength for immigrants coming into the country to cluster together in one area. It just seems that’s an aspect of human nature that tends to perpetuate segregation. Some of the historical patterns and embedded disadvantages—low income, low wealth, for example—that means that minority neighborhoods have been more volatile in price. There’ve been bigger swings, bigger foreclosure problems, and longer-term, I’ve seen some evidence that appreciation rates have been lower, typically, in non-white neighborhoods. This sets up a vulnerability for less wealth accumulation. The Fed is part of this effort to try to bring a lot of these pieces of history and facts into the open, trying to enforce fair access to credit, but it’s a complicated problem. I don’t know that there’s a magic wand you could wave at the problem, but part of making progress is documenting and understanding what the situation is and where it came from before we can hope to make much progress.What does your day-to-day look like at the St. Louis Fed? I have three areas of responsibility, and so every day looks a little different, focusing on each of these. One is in our Center for Household Financial Stability. This is looking at families, especially with a special emphasis on families that have been struggling historically, whether it’s young families, families of color, or those with less education. Within that area, what I’m really focusing more on this year is homeownership. We’re going to do a lot of work on that this year. Another area that I spend a lot of time on is broader monitoring of the economy and financial markets.I do a lot of public speaking on those topics. The third area is a regular series of briefings for our president on topics that can range pretty broadly but generally are not monetary policy. I’m in the banking supervision division and so we stay away from classic monetary policy topics, but I and my colleagues cover things like financial markets, with a lot of focus on international banking conditions. Every day looks a little different. I enjoy a variety of things to do and feel like I’m always learning from people in each of these areas The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Related Articles in Daily Dose, Featured, News, Print Features Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily 2020-04-10 Mike Albanese Demand Propels Home Prices Upward 2 days ago Previous: OCC Intends to Move Forward With CRA Changes Next: Ginnie Mae Expands Servicer Liquidity Facility The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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. The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Assisting Homeowners Coming Out of Forbearance

first_img 2020-07-01 Mike Albanese About Author: Mike Albanese This story originally appeared in the July edition of DS News.Stanley Middleman is the CEO of Freedom Mortgage Corporation and founded the company in 1990. Following the Great Recession, he was able to transform his company into a market leader in VA mortgages and government insured lending. Employing more than 4,000 people in all 50 states, in 2019 Stanley was the recipient of the Ernst and Young Entrepreneur of the Year, Greater Philadelphia Award, financial services category. Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Assisting Homeowners Coming Out of Forbearance  Print This Post In what ways is the current economic downturn different from the Great Recession?One big reason, but a couple of other smaller reasons. But I think that the focus should be on the asset, the underlying asset, particularly in terms of the mortgage industry, and housing in particular. When we think about the Great Recession, we were in a period of hyperactivity, where the values of homes had gone up dramatically, and the values of those properties were probably a little over inflated. We were coming off of a prolonged period of growth that saw the values of these homes go way up, and way up relative to the previous peak. And when that happens, you are due for a market correction.We had a major recession and a major asset evaluation, which happened almost instantly. So even before the recession had kicked into gear, these property values had gone up and started to de-value, which kind of snowballed and led us into the recession. Probably people that shouldn’t have been buying homes were buying homes. People that shouldn’t have been investing in properties were investing in properties. When we look at today’s environment, we have, instead of a glut of available properties and excess housing, we have a shortage of housing. That shortage of housing and the scarcity in the marketplace really is driving the values of the properties that we don’t see going down across the board.Clearly there are pockets that were affected by the various changes in income tax, deductibility of state taxes, and such, but by and large the values of properties have stayed very stable.The anticipation from my chair is that they’re going to go up in value. And that’s quite different from what happened in housing during the Great Recession. So when the underlying asset is stable, and the scarcity of that asset and the demand for that asset is still great, that bodes well for the value of the key asset and the entire food chain, whether it’s lending or building or real estate sales. The underlying value of the home is really strong, and that’s the number one difference. We’ve had great credit. We’re coming off of one of the greatest credit qualities in the history of our country. Loans have performed better than they’ve ever performed before for an extended period of time. We experienced new lows and delinquency until we got to this point. So all of these things are happening after an incredibly strong run and credit environment.The reality is, I think that the value of these properties are not only going to hold, but they’re going to grow. And that’s how housing is going to lead us out of this recession. That’s how, when people get back to work, and they have their income supported, and they resolve whatever hiccups they may have faced as a result of this horrible, horrible tragedy, then you pile on top of the pandemic the social unrest, which I just want to touch on for a second. Clearly I empathize with all those folks and their feelings and their frustrations, but when you pile that on top of this pandemic and the reality of what’s happening in our society, it’s important that we have good solutions. And one is to make sure that the entire population is heard, and all their issues are felt and shared, and that when we solve these problems, we solve these problems for everybody.So that’s why things like government lending and equal opportunity housing and building strong communities is really important. And that’s what’s going to happen this time. And that’s really different from what happened last time. Instead of going around and having a lot of foreclosed, boarded up homes, where the properties and the community suffered, and I don’t think were able to recover, and I think that leads to all kinds of problems, drugs, and crime, and all that stuff. I think we’re going to have stronger communities. I think we’re going to have stronger property values. I think we’re going to have more home ownership, and this is going to be great. And if we can have a society where everybody treats everybody like they want to be treated themselves, and everybody’s treated as a person, rather than as this or as that, or another thing, I think we have a chance to be special and do special things.I’m really excited and optimistic for our society, for the economy, and for the future of everybody that lives here in this country, because I think the opportunities are there and how we choose to take advantage of them will dictate the outcome. But my hope is, and my prayers are, that we live in a fairer and a more congenial manner, where everybody’s feelings and lives are treated evenly and fairly, and that there is no distinction between any people, that everybody gets treated as a person, rather than as this kind of person, or that kind of person. And that’s what my hope would be.The good news is, is in housing, we do that. And I’m really proud of being able to be one of the top government lenders that really admires and drives diversity as part of what we do on a daily basis. Supporting the VA and the FHA, providing the people that are a little underserved and that require special service, and that demand special respect, is one of the keys to our culture and to the way we see the world, and I’m looking forward to doing even more of that. I’m really excited about the prospects in the coming year. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Fed Chair Discusses Administering Additional Stress Tests Next: McCalla Raymer Leibert Pierce Expands Into Washington, Oregon, Texas Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days ago Share Save Home / Daily Dose / Assisting Homeowners Coming Out of Forbearance July 1, 2020 1,550 Views Demand Propels Home Prices Upward 2 days ago How can the mortgage industry best assist homeowners coming out of forbearance?First of all, we’ve been able to help, I guess, in excess of 85,000 consumers defer their payments or be eligible to defer their payments as a result of this COVID-19. And it’s really interesting to see what kind of people live in this country. People that have government loans are the primary participants in this, and even those consumers that have had the challenges around this disease, which is just awful, most of them, or many of them at least, continue to pay and may not even need the forbearance. So for those consumers that are eligible, applied, and were granted forbearance, and the bar was clearly low, it was easy to take advantage of, but a lot of people didn’t take advantage of it. And it was really on the honor system.To see so many people be able to make their payments, it really restored my faith in humankind. For those people that did take advantage of it and really needed the help, and where it’s become an important tool in managing their own personal financial environment, there’s a lot of options as we come off of forbearance. Some of the tools have not been completely refined by places like HUD, for the FHA and the VA and USDA. The final rules are not placed, but essentially what happens is when forbearance ends, the consumer has basically three things that can happen. One, they can obviously pay all their money back and just go on with their lives, and for most people that didn’t take it at all, it’ll be like it never happened.The second thing that could happen is that we could modify their loan, and it just becomes part of their new loan at a lower interest rate, and we go through the normal waterfall of events. Another thing that could happen is that that loan amount, whatever it was that was deferred, gets added onto the end of the loan, and then at the end of the loan, interest free. And then that loan will come due, as stipulated in the CARES Act. Now, exactly how that all happens and the rules that have not been released by the FHA, it’s not as clear yet, but that’s the way it would work for a conforming loan. And each loan type is going to be different, each investible habits, on site guidelines. And we’re obviously going to follow all the rules, but that’s fundamentally what would happen.I think that by and large, many of these people will either refi or get a modification, depending on the tools that are at our disposal. And what that’ll do is it’ll put a consumer even in a better situation, because they’ll be able to get their interest rate lower. And at the end of the day, it’ll feel like this didn’t even happen. So it’s very encouraging, sitting in my seat, knowing that we’ve helped so many people through this crisis, and at the same time have helped them resolve their issues and get into a better financial situation than they otherwise might’ve been. The Best Markets For Residential Property Investors 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. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Challenges of unemployment discussed at Donegal seminar

first_img Help sought in search for missing 27 year old in Letterkenny NPHET ‘positive’ on easing restrictions – Donnelly Newsx Adverts Previous articleDetails emerge of another VRT stand off in InishowenNext articleJob losses at Donegal insurance company News Highland The prospects for job creation in Donegal are being discussed at a conference in the Silver Tassie Hotel this afternoon. The “Making the Future Happen” seminar is being coordinated by the County Development Board.Unemployed people have been outlining their experiences, with the CDB hoping this will be the first in a number of such discussions.The seminar was opened this morning by Donegal’s Mayor Cllr Cora Harvey , she says it’s a significant event……….[podcast]http://www.highlandradio.com/wp-content/uploads/2010/10/xxcora1pm.mp3[/podcast] Twitter Facebook Facebook 448 new cases of Covid 19 reported today Challenges of unemployment discussed at Donegal seminar Google+ Google+center_img Pinterest WhatsApp Three factors driving Donegal housing market – Robinson Pinterest RELATED ARTICLESMORE FROM AUTHOR By News Highland – October 20, 2010 Calls for maternity restrictions to be lifted at LUH Twitter WhatsApp Guidelines for reopening of hospitality sector publishedlast_img read more

Pringle says World Record application highlights bailout burden

first_img A Donegal Deputy has described as a sad day for Ireland the news that a campaign group is seeking to get Ireland into the Guinness Book of Records for having the worlds most expensive bank bailout.Independent Thomas Pringle says the move is however an accurate reflection of the unjust burden that has been put on the people.The bid is being submitted by the campaign group Debt Justice Action.Deputy Pringle says it is a unique way to highlight the cost of the bank bailout:[popcast]http://www.highlandradio.com/wp-content/uploads/2012/12/thom1pm.mp3[/podcast] Pringle says World Record application highlights bailout burden Google+ Facebook Google+ RELATED ARTICLESMORE FROM AUTHOR Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApp Calls for maternity restrictions to be lifted at LUH WhatsApp Twitter Facebookcenter_img Pinterest By News Highland – December 18, 2012 Previous articleCounty Manager seeks clarification on future of water staffNext articleO’Domhnaill says septic tank grant scheme must be expanded News Highland News LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published Almost 10,000 appointments cancelled in Saolta Hospital Group this week Pinterest Twitter Need for issues with Mica redress scheme to be addressed raised in Seanad alsolast_img read more

Donegal granted almost 50k to tackle litter and graffiti

first_img Facebook Donegal County Council has been awarded one of the biggest allocations outside of Dublin to tackle the problems of Litter and Graffiti.The Minister for the Environment today announced the provision of €2,150,000 in grants to local authorities, 27,000 of which will come to Donegal.Nationally, the money is the be split between Anti-Litter & Anti-Graffiti Awareness, public education and awareness and a new Litter Enforcement Scheme.Donegal will receive an additional allocation of 20,000 euro for a Tourist Season Anti-Litter Grant Schedule. By News Highland – April 13, 2012 WhatsApp Need for issues with Mica redress scheme to be addressed raised in Seanad also Dail hears questions over design, funding and operation of Mica redress scheme Pinterest Previous articleOvercrowding eases and Letterkenny and Sligo GeneralsNext articleDonegal protesters descend upon Galway for Labour conference News Highland Donegal granted almost 50k to tackle litter and graffiti Google+ 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Google+center_img Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Minister McConalogue says he is working to improve fishing quota Twitter Facebook Newsx Adverts RELATED ARTICLESMORE FROM AUTHOR Pinterest Man arrested in Derry on suspicion of drugs and criminal property offences releasedlast_img read more

Third Chinese man arrested in relation to Malin drugs haul

first_img HSE warns of ‘widespread cancellations’ of appointments next week PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal By News Highland – October 11, 2012 WhatsApp Pinterest Facebook Man arrested on suspicion of drugs and criminal property offences in Derry Previous articleStrabane denied 800 Department of Agriculture jobsNext articleSF publishes employment strategy, saying 156 jobs can be created News Highland RELATED ARTICLESMORE FROM AUTHOR Google+ Twitter Google+center_img Pinterest Third Chinese man arrested in relation to Malin drugs haul Dail to vote later on extending emergency Covid powers WhatsApp Facebook News Dail hears questions over design, funding and operation of Mica redress scheme Man arrested in Derry on suspicion of drugs and criminal property offences released Twitter Gardai have confirmed that cannabis plants uncovered in a cultivation factory outside Malin yesterday morning are worth in excess of 1 million euro.The haul was discovered yesterday in a commercial unit.A third man has been arrested in relation with the find. Two men were also arrested at the scene yesterday morning.The three men are all of Chinese origin, and are all being held at Buncrana Garda Station for questioning.Speaking on todays Shaun Doherty Show, Superintendent Kevin English, said there’s a possibility that the men involved are part of an organised crime gang….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/10/keng1pm.mp3[/podcast]last_img read more