Monthly Archives: May 2021

Consumer Confidence Reaches 7-Year High

first_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: Conference Board Consumer Confidence Economic Activity August 26, 2014 1,896 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. The Week Ahead: Nearing the Forbearance Exit 2 days ago Consumer confidence ticked up for the fourth straight month in August, rising once again to a new seven-year high.The Conference Board’s Consumer Confidence Index climbed 2.1 points to 92.4 in the group’s August reading, marking the highest level of confidence since October 2007.August’s increase was driven by an increase in Conference Board’s measure of current economic sentiment, which grew to 94.6 from 87.9 in July. Most of that was spurred by more promising reports over the spring and summer as business and labor market indicators improved.On the other hand, the expectations component of the index slipped, falling one point to 90.9.”Looking ahead, consumers were marginally less optimistic about the short-term outlook compared to July, primarily due to concerns about their earnings,” said Lynn Franco, director of economic indicators for the Conference Board. “Overall, however, they remain quite positive about the short-term outlooks for the economy and labor market.”Out of those consumers surveyed, the number of those anticipating more jobs in the coming months fell to 17 percent from 18.7 percent in July, though the number of those expecting fewer jobs also dropped to 15.8 percent.Wage expectations were worse, with only 15.5 percent of respondents saying they expect their income to grow—down from 17.7 percent—and 11.9 percent expecting a drop in their earnings.Overall, August’s report is one to celebrate, says Chris Christopher, director of U.S. consumer economics at IHS Global Insight.”There has been some good news on the consumer front, such as well received employment reports and falling pump prices, though the current rise in food prices is a downer for many low-income and middle-income households,” Christopher said. “[The report] indicates that consumer confidence is maintaining itself at elevated levels and starting to gain traction.”Scheduled later this week is the final August reading of the University of Michigan/Thomson Reuters Index of Consumer Sentiment, which has not fared as well lately. Economists expect Friday’s release to show the index climbing to 80.5 after a disappointing first look earlier in the month. Previous: DS News Webcast: Tuesday 8/26/2014 Next: High Negative Equity Among Gen-Xers Causing Housing Gridlock Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Demand Propels Home Prices Upward 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Conference Board Consumer Confidence Economic Activity 2014-08-26 Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Consumer Confidence Reaches 7-Year High  Print This Post Sign up for DS News Daily About Author: Tory Barringer Consumer Confidence Reaches 7-Year High The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Home Prices Continue Steady Upward Move

first_img Tagged with: Black Knight Financial Services Home Prices Housing Market Black Knight Financial Services Home Prices Housing Market 2016-01-04 Brian Honea Home Prices Continue Steady Upward Move Subscribe in Daily Dose, Featured, Market Studies, News Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Old Republic Title Holding Company Names New Western Division President Next: Complexity of TRID Brought Many Unforeseen Issues in the 11th Hour Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Xhevrije West Despite seasonal changes, home prices continued their upward trend in October 2015.Black Knight Financial Services’ Data and Analytics division released its October 2015 Home Price Index (HPI) report, finding that U.S. home prices rose marginally by 0.2 percent in October.However, despite the relatively small month-over-month increase, home prices are up 5.5 percent year-over-year.The HPI reached $254,000 in October and is now just 5.3 percent off its June 2006 peak of $268,000. In addition, the HPI is up over 26.9 percent from the market’s bottom in January 2012.Leading the gains among the states for the fourth consecutive month in October 2015 is New York with a 1.1 percent month-over-month home price increase. Wrapping up the top five states with the largest monthly HPI changes are Nevada (0.8 percent); Utah (0.8 percent); South Carolina (0.7 percent); and New Jersey (0.7 percent).In October, Black Knight reported that Connecticut once again saw the most negative movement, as home prices declined 0.6 percent month-over-month. Minnesota (-0.5 percent); Ohio (-0.3 percent); California (-0.2 percent); and Missouri (-0.2 percent) followed with negative home price appreciation.New York City, New York  and Reno, Nevada led the metros with the largest home prices gains, with prices increasing 1.2 percent in October, according to the report. Sebastian, Florida (1.0 percent); Cape Coral, Florida (1.0 percent); and Carson City, Nevada (1.0 percent) wrapped up the top five metros with the largest home price appreciation.On the other hand, Bakersfield, California (-0.9 percent); Bridgeport, Connecticut (-0.8 percent); Norwich, Connecticut (-0.7 percent); Atlantic City, New Jersey (-0.6 percent); and Cleveland, Ohio (-0.6 percent) held the top five positions of metros with the largest home price declines.The data also showed that all five California metro areas were among the nation’s 40 largest saw home prices fall in October, as the state did as a whole.The data showed that New York, Tennessee, and Texas all hit new home price peaks again in October at $356,000, $178,000, and $216,000, respectively.Seven of the nation’s 40 largest metros reached new peaks in October including Austin, Texas ($286,000); Dallas, Texas ($220,000); Denver, Colorado ($328,000); Houston, Texas ($220,000); Nashville, Tennessee ($220,000); Portland, Oregon ($322,000); and San Antonio, Texas ($196,000).Click here to view the full report, or click here to view the graphics for the report. Home / Daily Dose / Home Prices Continue Steady Upward Move January 4, 2016 1,835 Views Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.  Print This Post Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articleslast_img read more

From Home Listings to Home Flipping

first_img Related Articles 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] Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Home Flipping House Flipping Zillow Demand Propels Home Prices Upward 2 days ago Previous: Industry Sounds Off on Dodd-Frank Reform Bill Next: Carrington Holding Company Expands Leadership Zillow made its name as an online real estate database, helping homebuyers shop for houses whether they were right down the street or on the other side of the country. Recently, however, Zillow announced it had plans to branch out beyond that core business model, announcing plans to buy, refurbish, and resell homes on its own. The news stirred much discussion in the industry, and this week Zillow Group CEO Spencer Rascoff put in an appearance on Jim Cramer’s Mad Money on CNBC, where he discussed Zillow’s home-flipping plans and explained why the shift is like Netflix’s move into producing original content. Watch the whole segment below. Home / Daily Dose / From Home Listings to Home Flipping May 22, 2018 1,968 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago From Home Listings to Home Flipping Servicers Navigate the Post-Pandemic World 2 days ago About Author: David Wharton Demand Propels Home Prices Upward 2 days ago Home Flipping House Flipping Zillow 2018-05-22 David Wharton The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News, REO Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

The Ripple Effect of Rising Home Prices

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Ripple Effect of Rising Home Prices Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Previous: Can Education Costs Spur More Foreclosures? Next: Slashing Through the Servicing Jungle 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 Share Save GDP Home Prices Housing Market Rent-burdened Households Rising Home Prices Urban Institute 2018-11-23 Krista Franks Brock Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: GDP Home Prices Housing Market Rent-burdened Households Rising Home Prices Urban Institute Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Market Studies, Newscenter_img Related Articles Subscribe Home / Daily Dose / The Ripple Effect of Rising Home Prices The Week Ahead: Nearing the Forbearance Exit 2 days ago Rising home prices and elevated home prices have been making headlines for some time, but for those not in the market for a home in the near future, does it really matter? Researchers from the Urban Institute say it does. Home prices affect the economy at large, and thus everyone in it.Today’s elevated home prices are driven by “inadequate supply, not easy credit” as in the years leading up to the housing crisis in 2008, explained the researchers from the Urban Institute in a blog post on the Urban Wire. They asserted that “today’s high prices don’t make the market vulnerable to a similarly severe downturn.”Nonetheless, elevated home prices do have a broader impact on the economy.Between 1980 and 2000, housing contributed between 4.5 and 5.3 percent of gross domestic product. In 2005, housing’s GDP contribution peaked at 5.9 percent. In 2010, it reached its trough of 2.5 percent.Housing has rebounded somewhat and has varied between 3.3 and 3.4 percent of GDP since 2016, but it remains “significantly below the historical average,” the researchers stated.The researchers zeroed in on the impact of high home prices, laying out four major ways the economy and consumers are impacted: First, high home prices drive up rental prices increasing the amount of rent-burdened households. Second, high home prices drive down demand for consumer goods. Third, a misallocation of labor results when employees cannot afford to move for jobs. Fourth, wealth disparities widen when home prices climb.In the current housing market, home prices have climbed steadily with significant growth at the lower end of the market, precluding many low- and middle-income earners from homeownership. Thus, rents become more competitive. In fact, the Urban Institute found that the percentage of rent-burdened households—those paying more than 30 percent of their incomes on their rent—rose from 39.8 percent in 2000 to 49.7 percent in 2016.This issue is highly magnified among lower income earners. When observing specifically those earning between $20,000 and $50,000, the researchers found the share of rent-burdened households rose from 27.3 percent in 2007 to 62.3 percent in 2016.The second impact, lower demand for consumer goods, is a direct and obvious impact. When housing takes up more of one’s income, one has less to spend on other goods and services. Thus, other areas of the economy suffer. Were the current home price trend to be reversed, the researchers suggest there could be “greater consumption of other goods and services that stimulate growth and employment gains in other sectors, which could have a multiplier effect.”The third impact, misallocation of labor, occurs as it becomes too expensive for people to live in some areas, even if there are job opportunities there.Lastly, researchers point out that wealth disparities grow with rising home prices. Lower income earners end up paying a higher percentage of their incomes on housing as rents and lower priced homes are especially inflated. Meanwhile, those who already own a home experience rising wealth.“This widens the wealth gap between owners, who already have higher-than-average income and wealth, and renters, whose income and wealth are lower than average,” the researchers stated.The answer to today’s problem of high home prices, which is easier to identify than to overcome, is insufficient supply. Increase the supply of homes, and rent burden, lower consumer goods demand, misallocated labor, and growing wealth disparities may begin to diminish. The Best Markets For Residential Property Investors 2 days ago November 23, 2018 5,831 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Krista Franks Brock Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Addressing Vacant Homes in LA

first_img Demand Propels Home Prices Upward 2 days ago Share Save Home / Daily Dose / Addressing Vacant Homes in LA Demand Propels Home Prices Upward 2 days ago January 28, 2020 1,125 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Blight California Los Angeles Vacancy 2020-01-28 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Blight California Los Angeles Vacancy The Best Markets For Residential Property Investors 2 days ago Related Articlescenter_img in Daily Dose, Featured, Loss Mitigation, News Servicers Navigate the Post-Pandemic World 2 days ago Addressing Vacant Homes in LA Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago With housing activists in Los Angeles targeting people and corporations that are keeping housing units vacant instead of renting them out, how would a vacancy tax address the issue? In a piece on WBUR, while a vacancy tax may help some who are suffering as a result of the housing affordability crisis, it doesn’t get at the core of race and class inequality within housing economics.“If you think about eviction, if you think about homelessness, if you think about the negative impacts of segregation, both by race and class in our housing markets, this is a problem that is often very concentrated in particular communities amongst households of color,” said Michael Lens, associate professor of urban planning and public policy at UCLA on WBUR. “And so a vacancy tax is not getting at those root problems.”As Lens notes, a vacancy tax may not address the issue as it relates to race and homelessness. A study by Strategic Action for a Just Economy reveals there are three empty housing units for every homeless person in Los Angeles. In Los Angeles County, there are four vacant units per home person. The group’s solution is to impose a vacancy tax on units that sit empty.“A vacancy tax can have some positive outcomes for people who are struggling the most if we use the money that the tax would raise in an appropriate way,” Lens adds. “But again, it’s not getting at the root causes of our housing problems, which are myriad, but certainly have a lot to do with race.”A vacancy tax was enacted in Vancouver, British Columbia, two years ago, with the city assessing a 1% levy on a home’s assessed value if it was occupied less than half of the year.Reports say the number of vacant units fell 15% and the tax generated $38 million for affordable housing projects.The tax was met with opposition from those who own the vacant units, with the California Apartment Association saying the vacancy rate in Los Angeles is low. The U.S. Census reports the city’s vacancy rate is 3.6%.”We have seen no evidence that owners are deliberately keeping units vacant, which makes no financial sense,” said Beverly Kenworthy of the California Apartment Association. “If a unit is vacant it could be for a number of reasons—new buildings typically take 8 to 12 months to fully lease or a unit could be undergoing rehab work. We believe a vacancy tax is a solution looking for a problem.” 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. Previous: The Next Steps for NFIP Next: CoreLogic Acquires Location, Inc. The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Subscribelast_img read more

Financial Services Committee Examines Next Steps for Wells Fargo

first_img Previous: Industry Groups Applaud FHA CWCOT Changes Next: Joe Biden Addresses Housing Inequality Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Financial Services Comittee Wells Fargo  Print This Post March 10, 2020 1,657 Views Financial Services Committee Examines Next Steps for Wells Fargo About Author: Mike Albanese Subscribe Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 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 Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Financial Services Committee Examines Next Steps for Wells Fargocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 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 Financial Services Comittee Wells Fargo 2020-03-10 Mike Albanese in Daily Dose, Featured, Government, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Maxine Waters, Chairwoman of the Financial Services Committee, called Wells Fargo a “lawless organization” that has caused harm to millions of consumers during Tuesday’s hearing. Wells Fargo CEO Charlie Scharf testified before the committee during the hearing titled “Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust.” Waters said Scharf is the third Wells Fargo CEO to speak to the committee over the past three years. She noted that each Wells Fargo executive that spoke to the committee resigned shortly after. The Securities and Exchange Commission (SEC) announced in February that the bank will pay a $3 billion settlement over its account scandal dating back to 2016. Wells Fargo’s penalties include a $500 million fine to the SEC. According to the SEC’s order, between 2012 and 2016, Wells Fargo publicly touted to investors the success of its Community Bank’s “cross-sell” strategy, which it characterized as a key component of its financial success. According to the order, from 2002 to 2016, Wells Fargo opened millions of accounts of financial products that were unauthorized or fraudulent.Waters said the bank opened 3.5 million accounts, costing consumers more than $6 million. She added that the Office of the Comptroller of the Currency is aware of cases that the number of consumer accounts needing remediation for abuse exceeds 50,000 and the amount of harm exceeds $10 million. “I’m very concerned that the banks’ pattern of harming its consumers appears to persist,” Water said. Waters referenced a staff report from a 2019 Federal Reserve meeting and a senior executive at Wells Fargo said the bank should not bring in any new customers due to the bank’s actions. “Based on the findings of the majority staff report, I agree with the sentiment that Wells Fargo isn’t ready to be America’s bank again,” Waters said. Committee member and Chair of Oversight and Investigations Al Green said, “My constituents would like to know how is it that Wells Fargo can pay a $3B fine, commit fraud, open accounts with knowledge of customers, and not one person goes to jail.” He added that of all the top banks, there has never been a CEO go to jail. “It seems that they are not only too big to fail, they’re also too big to jail. This issue has to be resolved and it cannot be resolved by simply paying off the government,” Green said. “Wells Fargo has to do more to atone for its transgressions.” Green said Wells Fargo cannot continue to run what appears to be a “criminal enterprise.” Fellow committee member Patrick McHenry, however, noted that his colleagues on the other side of the aisle “made up their minds about Wells Fargo long ago.” He said that before the committee received any evidence in 2016, Waters said she had come to the conclusion that “Wells Fargo should be broken up. It’s too big to manage.” McHenry said that after reviewing nearly half a million documents and countless testimony, that breaking up the bank is not the answer. “Wells Fargo isn’t too big to manage. The findings of this document show it was grossly mismanaged,” he said. He said evidence shows the source of issues was its structure and leadership team. McHenry also dismissed the hearings set for Wednesday, as the committee will hear testimony from two prior board members with “the sole purpose of embarrassing them.” McHenry called the hearings “politically motivated” and not sure what the committee hopes to accomplish by speaking to people who are no longer with the company, especially given the current economic challenges taking place.  “Investors fear over the spread of coronavirus has had widespread consequences for the financial services industry, the economy, and the markets,” McHenry said. “Our constituents have real concerns and they expect us to put aside politics and focus on the urgent matters at hand.” Committee member Andy Barr said the scandals surrounding Wells Fargo breached the public trust. He said the committee is not here to re-litigate the bank, but instead wants to know what the bank is doing to fix its mistakes. “Wells Fargo’s individualized mistakes and misconduct sparked unfair anti-bank rhetoric that has been applied to all banks of all sizes … but labeling all banks as the villains of capitalism makes it easier for some on the far left to justify their quest to impose socialism on our free-market economy and politicize access to capital,” Barr said. Scharf said during the hearing that prior actions reported by the Department of Justice, the SEC, and the OCC show “deeply disturbing conduct.” “We had a flawed business model and how the company was managed. Our structure and culture were problematic, and the company’s leadership failed its stakeholders,” Scharf said. Scharf said he is confident the company can move in the right direction and that transformation has already begun. He added there will be an assessment of external and internal shortcomings and what needs to be done to address them. Work outlined by government regulators will be prioritized, Scharf said. Scharf said he has brought in three new members to the leadership team and expects to add two more—all from outside the bank. He also said 75% of the leadership team will be new since 2018. “Hiring experienced people with proven track records in the issues we face is necessary to bring about the change required,” Scharf said. Wells Fargo’s new CEO said the bank will offer greater transparency in how the business works, risks it faces, and the way it treats customers. He added the company is altering its evaluation and compensation practices to ensure higher accountability. “The guiding principle in how we make business decisions must be that everything starts and ends with our customers. We must put them first in our decision making in all we do,” Scharf said. Just 24 hours before Wells Fargo and Scharf appeared before the Financial Services Committee, the bank announced that Chair of the Board of Directors Elizabeth Duke resigned from her post. Duke was elected Chair in January 2018 and previously served as Vice Chair from October 2016 to December 2017. Board member James Quigley also resigned. Both resignations were effective on March 8. Charles Noski will serve as Chair of the Board of Directors. He joined the board in June 2019 and is a retired Vice Chairman and former CFO of Bank of America. “On behalf of Wells Fargo and all of its employees, I would like to thank [Elizabeth] and Jim for the contributions they have made over the past several years,” Scharf said in a release. “They have helped the Board navigate significant challenges relating to the sales practices issues, and they began the hard work of instituting necessary changes in leadership, governance, compensation programs and our business model that form the foundation on which we are continuing to rebuild the trust we’ve lost. We wish them the best.”Duke and Quigley released a joint statement saying: “Since we were made aware of the egregious harms suffered by Wells Fargo’s customers, we were and remain fiercely determined to do right by them and to strengthen the bank’s culture and controls. We have made these our top priorities. In addition, we hired new external leadership with the ability to be an effective change-agent, which we found with our CEO, Charlie Scharf. As the markets face increasing volatility, a strong Wells Fargo is needed now more than ever.” They added that out of “continued loyalty and ongoing commitment” to Wells Fargo’s customers and employees, they recommended leaving their positions. “We believe that our decision will facilitate the bank’s and the new CEO’s ability to turn the page and avoid distraction that could impede the bank’s future progress,” they said.  Related Articleslast_img read more

First American Announces ServiceMac Acquisition

first_img Data Provider Black Knight to Acquire Top of Mind 1 day ago Previous: The Week Ahead: The State of Property Preservation Next: Red States/Blue States: Housing Data Reveals Key Differences Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Santa Ana California-based First American Financial Corporation, global provider of title insurance, settlement services and risk solutions for real estate transactions, and mortgage subservicing company ServiceMac, LLC, announced today the signing of an agreement for First American’s acquisition of ServiceMac. As a part of the transaction, First American has acquired a minority interest in ServiceMac’s parent company, the companies reported in a press release. That interest will convert into equity of ServiceMac at the closing of the acquisition, which is expected to occur by the end of 2021, subject to regulatory approvals and the satisfaction of customary closing conditions.Founded in 2017, ServiceMac offers “lenders, investors and other mortgage servicers personalized solutions that span the mortgage life cycle and enhance security, customer satisfaction, retention capabilities and profitability,” ServiceMac reports, adding that its “innovative, data-driven technology provides clients with quality results and immediate loan-level access to their accounts.”According to Dennis J. Gilmore, chief executive officer at First American Financial Corporation, “The acquisition of ServiceMac reflects our steadfast commitment to support the mortgage industry and further expand our product innovation efforts,”  “We’re excited to soon welcome to First American the people of ServiceMac, a rapidly growing company recognized for its technology and business leadership.”ServiceMac’s mortgage subservicing business complements First American’s existing capabilities and will enhance First American’s ability to provide lenders and servicers with end-to-end mortgage, settlement, post-closing services and servicing-related products and solutions, according to the announcement.  ServiceMac will have enhanced access to First American’s industry-leading property and homeownership data and mortgage solutions products, further advancing the company’s ability to add value to its existing services and develop new products and services.ServiceMac’s management team, including President and CEO Bob Caruso, will continue to lead the company’s operations.“Joining the First American family accelerates our ability to develop new products and services that benefit our lender customers and their clients, while strengthening our position as a counterparty in the mortgage finance ecosystem,” said Caruso. “Our employees will also benefit by being part of a company named to the Fortune 100 Best Companies to Work For® list five years in a row.” About Author: Christina Hughes Babb Related Articles First American Announces ServiceMac Acquisition Share Save The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News  Print This Post Home / Daily Dose / First American Announces ServiceMac Acquisition Data Provider Black Knight to Acquire Top of Mind 1 day ago 2020-10-26 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago October 26, 2020 1,714 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 1 day ago Demand Propels Home Prices Upward 1 day ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

Fannie, Freddie’s Conservatorship Fate Left to Biden Administration

first_img January 19, 2021 2,611 Views 2021-01-19 Christina Hughes Babb Fannie, Freddie’s Conservatorship Fate Left to Biden Administration Previous: Legal Strategy and Budget: 10 Things Investors Should Consider Next: FHFA’s Foreclosure and Eviction Moratorium Extended Again Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Home / Daily Dose / Fannie, Freddie’s Conservatorship Fate Left to Biden Administration Related Articles in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb The Week Ahead: Nearing the Forbearance Exit 2 days ago In September 2019, President Donald Trump and his administration initiated a process whereby Fannie Mae and Freddie Mac would exit conservatorship. It’s been reported here that, as the Trump administration launched the process with little more than a year left in its term, it will not be able to complete many of the key requirements for conservatorship exit, and full re-capitalization” during his term (according to Former Freddie Mac CEO Don Layton, now a Senior Industry Fellow at Harvard’s Joint Center for Housing Studies).In a new brief from the Urban Institute, nonresident fellow Jim Parrot summarizes the Trump administration’s final steps to reform Fannie Mae and Freddie Mac, concluding that “it builds some modest momentum for their release from conservatorship but ultimately leaves their fate to the incoming Biden administration.”A few days ago, the Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury announced the last steps on housing finance reform the country will see from the Trump administration, an effort they mapped out in a 2019 white paper, Parrot points out in his brief.The FHFA and Treasury amendments allow the GSEs to build the level of capital requiredunder FHFA’s recently released capital requirements or $283 billion. Writes Parrot, “This is a sixfold increase in the current capital limits of $25 billion for Fannie Mae and $20 billion for Freddie Mac.”The Treasury and FHFA also agree that FHFA may release the GSEs from conservatorship once thelitigation related to the conservatorship is resolved and the GSEs have built equity capital equal to 3% of Fannie and Freddie’s total assets.The changes, outlined in the full paper and in an FHFA press release, place the GSEs on a clearer path out of conservatorship but also work to constrain Fannie and Freddie’s business practices upon the release from FHFA oversight.What, according to Parrot, are the implications, in brief, of this administration’s final push for reform?For one thing, “Treasury still has significant control over whether and how the GSEs are released,” he pointed out.”While it will take time to digest the full import of these changes, there are a few implications worthnoting. First, while it might appear that the agreement has put the GSEs’ release from conservatorship out of the Treasury’s control, it has not. Second, the modifications to the dividend will mean that in the end, taxpayers are likely to either go unpaid for a large share of its investment or in effect take over the GSEs. And third, the move to lock in the GSEs’ current risk profile is likely more optics than substance.”Another implication, according to Parrot’s paper: Taxpayers are likely to either get stiffed or walk away owning the GSEs.”Taxpayers are supposed to receive a dividend for their investment to date and a commitmentfee for the backstop they provide going forward,” he noted. “The latter has never been applied because the GSEs have never been able to afford it given their dividend obligations. Once they can afford both, however, Treasury and FHFA are obligated to set the level of the commitment fee and begin charging the GSEs for the backstop.”Parrot says the steps that Treasury and FHFA have taken amount to “a legacy statement on how they think Fannie Mae and Freddie Mac reform should proceed in the years to come.””While they’ve increased momentum down their preferred path, whether the GSEs continue down that path or change course entirely has been left largely to the incoming administration.”The full report is available on urbaninstitute.org. Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily  Print This Postlast_img read more

Irish Cancer Society to provide information service at Letterkenny General Hospital

first_img Twitter Help sought in search for missing 27 year old in Letterkenny WhatsApp Pinterest Irish Cancer Society to provide information service at Letterkenny General Hospital Newsx Adverts Facebook Pinterest Twitter Three factors driving Donegal housing market – Robinson Google+ Google+center_img Facebook The Irish Cancer Society is setting up six new Daffodil Centres across this country over the next year, including one at Letterkenny General Hospital.This morning the organisation has announced it’s investing 3-point-6 million euro in the new centres, which will be staffed by specialist nurses and volunteers.CEO of the Irish Cancer Society, John McCormack says the work that goes on in the seven existing Daffodil Centres is very important………..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/01/daff530.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHOR Previous articleBuncrana students capture moment earthquake struck DonegalNext articlePolice concerned about missing 15 year old from Derry News Highland Calls for maternity restrictions to be lifted at LUH 448 new cases of Covid 19 reported today NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp By News Highland – January 26, 2012 Guidelines for reopening of hospitality sector publishedlast_img read more

Two men arrested in cross border cannabis investigation

first_img Pinterest RELATED ARTICLESMORE FROM AUTHOR Homepage BannerNews NPHET ‘positive’ on easing restrictions – Donnelly Twitter Two men, aged 33 and 34, were arrested over the weekend in connection with the discovery of five cannabis factories across the North.The arrests happened in Newry and Portadown, with the men being questioned about cannabis factories discovered over the past year in Carrickmore, Millisle, Magherafelt, Cookstown and Portadown.Police say this is part of Operation Solaro, a cross border initiative which has been underway for over a year. Nine Til Noon Show – Listen back to Wednesday’s Programme Facebook Two men arrested in cross border cannabis investigation Facebook Twitter WhatsAppcenter_img Pinterest Guidelines for reopening of hospitality sector published Previous articleMcLaughlin & Ireland end qualifiers with Russian defeatNext articleDonegal girl in world cycling championships admin Three factors driving Donegal housing market – Robinson Google+ Calls for maternity restrictions to be lifted at LUH WhatsApp GAA decision not sitting well with Donegal – Mick McGrath Google+ By admin – September 21, 2015 last_img read more