Goldman Sachs FHFA Settlement could reach $1.25 Billion

first_img Goldman Sachs FHFA Settlement could reach $1.25 Billion Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago FHFA Goldman Sachs Settlement 2014-07-27 Derek Templeton Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: FHFA Goldman Sachs Settlement Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Headlines, News Previous: DS News Webcast: Monday 7/28/2014 Next: Fannie Mae Forecasts Slowdown in Growth for Remainder of 2014center_img About Author: Derek Templeton Home / Daily Dose / Goldman Sachs FHFA Settlement could reach $1.25 Billion The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Multiple reports surfaced over the weekend that Goldman Sachs may be nearing a deal with the federal government to settle claims that it sold faulty mortgage backed securities to Fannie Mae and Freddie Mac, according to people with familiar with the negotiations.  If a deal is reached it is expected to come in between $800 million and $1.25 billion. The talks were first reported by the Wall Street Journal.The Federal Housing Finance Agency (FHFA) filed 18 lawsuits in 2011 against Goldman and other banks regarding about $200 billion in mortgage backed securities that later went collapsed in the lead up to the financial crisis.Goldman is one of four banks that have yet to settle with FHFA. HSBC Holdings, Nomura Holdings, and Royal Bank of Scotland Group are the others. To date, FHFA has recovered 16.1 billion from the first 14 settlements.The settlement would be the firm’s largest legal penalty to date, easily eclipsing the $500 million it paid to the Securities and Exchange Commission over its handling of its marketing for mortgage linked product. That settlement required Goldman to admit that it had made a mistake with the marketing of the security, titled abacus. It remains Goldman’s largest penalty to date. It is unclear at this moment if this settlement will also require some admission of fault.Still, it looks like the decision to wait to settle with the government until the case was further along may turn out to have been the right move. The bank may end up paying far less than its counterparts.In the original suit brought by the government in the case at hand, FHFA says that Fannie Mae and Freddie Mac bought a total of $11.1 billion dollars worth of securities from Goldman Sachs. An $800 million dollar settlement would represent 7.2 percent of that total. Some banks that have settled earlier with the FHFA have ended up paying 12 to 20 percent of the total securities that they sold.The case is currently scheduled for a September 29, 2014 trial if negotiations fail. Related Articles Sign up for DS News Daily July 27, 2014 1,003 Views last_img read more

Life Events and Higher Rents Influence Decision to Buy

first_img Servicers Navigate the Post-Pandemic World 2 days ago 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 Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago February 26, 2016 1,398 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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. Life Events and Higher Rents Influence Decision to Buy Tagged with: Homebuyers Redfin Rental Housing in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days agocenter_img Share Save Homebuyers Redfin Rental Housing 2016-02-26 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Home / Daily Dose / Life Events and Higher Rents Influence Decision to Buy Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Sign up for DS News Daily Previous: Economic Outlook Remains the Same Despite Slow GDP Growth Next: The Week Ahead: Will Steady Gains for the Labor Market Resume? The single-family rental market has seen an unprecedented boom in popularity in the last two years for a number of factors, one being the lack of available housing inventory for sale. The result of the boom has been an increase in rents, and this increase is influencing renters to become homebuyers, according to a survey from Redfin.For Q1 2016, 25 percent out of the 750 homebuyers surveyed said that the rising cost of renting was their main motivation for purchasing a home, while 29 percent said that life events such as marriage or the birth of children were the biggest influencer in their decision to buy.Inventory, or the amount of homes to choose from when buying, is an issue for 20 percent of respondents, up from 16 percent in the fourth quarter, according to Redfin. Many economists have cited low inventory levels as a major concern heading into the spring homebuying season. Earlier in February, the National Association of Realtors reported that even with an over-the-month increase of 3.4 percent up to 1.82 million existing homes for sale as of the end of January 2016, housing inventory was 2.2 percent lower than January 2015’s total of 1.86 million.NAR Chief Economist Lawrence Yun stated that “current supply levels aren’t even close to what’s needed to accommodate the subsequent growth in housing demand,” while Realtor.com Chief Economist said that “This January reading is the lowest January measure of supply since January 2005. We’ve now seen 41 straight months of tight supply. In conditions of tight supply, home values have strong support, but potential buyers will continue to face challenges finding a home for sale that meets their needs.”Additionally, 16 percent of those surveyed by Redfin said they were concerned about competition from other buyers, which is an increase of 1 percentage point from last year.The Redfin survey showed that 53 percent of buyers anticipated that home prices would increase soon, while only 48 percent of respondents said the same in the previous survey. Of those indicating that prices would rise, 13 percent said that they would increase significantly, compared to 10 percent previously. The most recent NAR report showed that the median existing-home sales price was $213,800 in January 2016 for all housing types (single-family homes, town homes, condominiums and co-ops) and is up 8.2 percent from the previous January’s median price of $197,600. January 2016 marked the largest price gain in nine months (8.5 percent in April 2015) and the 47th straight month of year-over-year home price appreciation.As bidding wars are concerned, 60 percent of buyers said they would remain disciplined, but would consider paying a little more. This number is up from 58 percent last quarter and 55 percent in August. On the other hand, 27 percent said they would step back to avoid overpaying, while 12 percent would compromise on a lower-priced or less-competitive home. Only 1 percent of those surveyed said they would be willing to pay more for a home to get it.Homebuyer sentiment remains positive, with 33 percent of those surveyed indicating that they are more inclined to buy compared to last year, up 1 percentage point from the last survey. Meanwhile, 31 percent of buyers felt an increased urgency to buy before prices or mortgage rates rose, down one percentage point compared to last quarter.last_img read more

Fannie Mae’s Mortgage Portfolio Value Tumbles

first_img Having fallen below its 2016 cap of $339.3 billion in March, Fannie Mae’s gross mortgage portfolio contracted further in both April and May, shrinking at an annual rate of 32.0 percent in May, according to Fannie Mae’s May 2016 Monthly Volume Summary.The 32 percent rate of contraction in May was more than double the rate of shrinkage in April (15.4 percent). With May’s contraction, the aggregate unpaid principal balance (UPB) of Fannie Mae’s gross mortgage portfolio was $317.65 billion at the end of the month—down by about $10.5 billion from April, according to Fannie Mae. The portfolio has declined at an annual rate of 18 percent over the first five months of 2016.According to the June 2016 Chartbook from Urban Institute, “(The GSEs) are shrinking their less liquid assets (mortgage loans and non-agency MBS) at close to the same pace that they are shrinking their entire portfolio.” For Fannie Mae, the gross mortgage portfolio shrank year-over-year at the rate of 19 percent in April, compared to a 13.5 percent shrinkage rate in less liquid assets, Fannie Mae reported.Fannie Mae’s total book of business, which includes the gross mortgage portfolio plus total Fannie Mae mortgage-backed securities and other guarantees minus Fannie Mae MBS in the portfolio, increased at a compound annualized rate of 0.1 percent in May up to a value of about $3.100 trillion, according to Fannie Mae.In January 2016, Fannie Mae’s gross mortgage portfolio experienced a rare expansion, increasing at an annual rate of 5 percent. With May’s contraction, the portfolio has now contracted in all but four months out of the last 70 months (since June 2010). The four months in which the portfolio expanded were January 2016, March 2015, January 2015, and December 2012. At the beginning of that stretch in June 2010, the amount of unpaid principal balance (UPB) of the loans in the portfolio was $818 billion.Fannie Mae’s serious delinquency rate, or the share of loans backed by Fannie Mae that were seriously delinquent, declined by two basis points from April to May down to 1.38 percent. Fannie Mae completed 6,552 loan modifications in May, down from 7,097 in April.Click here to view the complete Monthly Volume Summary for May. Fannie Mae’s Mortgage Portfolio Value Tumbles Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 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 Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Freddie Mac Hits Credit Risk Transfer Milestone Next: Majority of Troubled Loans Sold by FHFA are Unresolved  Print This Post June 30, 2016 3,066 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Fannie Mae Gross Mortgage Portfolio Monthly Volume Summary Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Brian Honea Home / Daily Dose / Fannie Mae’s Mortgage Portfolio Value Tumbles Fannie Mae Gross Mortgage Portfolio Monthly Volume Summary 2016-06-30 Brian Honea The Week Ahead: Nearing the Forbearance Exit 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. The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, News, Secondary Market Subscribelast_img read more

Mortgage Relief for Those Impacted by Hawaiian Volcano

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago May 14, 2018 3,121 Views  Print This Post Nearly 30 homes have been destroyed, and more are in the path of potential destruction since the Hawaiian volcano known as Kīlauea began pouring lava down its slopes on May 3, 2018. Now several lenders, including Wells Fargo and Bank of Hawaii, have announced mortgage relief for homeowners impacted by the disaster.As reported by Bankrate, Wells Fargo has announced that customers affected by the volcanic event can contact the bank in order to secure a 90-day postponement in mortgage payments. Paul Gomez, VP of Corporate Communications at Wells Fargo, said, “During this time, all negative credit bureau reporting, late fees, collection calls, and foreclosure referrals and sales are also suspended.”Bank of Hawaii is also offering protections for affected mortgage holders and those currently facing foreclosure. Stafford Kiguchi, a Bank of Hawaii media representative, said, “We are definitely suspending foreclosures and evictions during this time of hardship. The initial period of time is for the length of the emergency loan program, which is six months for forbearance.” Kiguchi added that the bank would also work with borrowers to extend foreclosure suspensions beyond that period where prudent. “If the hardship turns out to be more than a temporary situation, we have other, long-term relief programs, such as our loan modification program, which permanently lowers a borrower’s monthly payment,” Kiguchi continued.Kīlauea has been erupting since 1983 and has caused property damage before, including the 1990 destruction of the town of Kalapana. On Friday, May 11, President Trump approved a disaster declaration for the region and ordered the disbursement of federal disaster aid. Hawaii Gov. David Ige said in a statement, “I’m grateful for the quick approval of my request for a Presidential Disaster Declaration. This opens the door to federal assistance and demonstrates a solid partnership with the federal government as we work to keep Hawai‘i residents safe and support recovery efforts on Hawai‘i Island.”According to the National Oceanic and Atmospheric Administration’s National Centers for Environmental Information, natural disasters caused $306 billion in total damage across America in 2017. Mortgage Relief Natural Disasters volcano 2018-05-14 David Wharton in Daily Dose, Featured, Foreclosure, Journal, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Related Articles Tagged with: Mortgage Relief Natural Disasters volcano Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Mortgage Relief for Those Impacted by Hawaiian Volcano Mortgage Relief for Those Impacted by Hawaiian Volcano Previous: HUD Calls for Public Comment on ‘Disparate Impact’ Next: Industry Veteran Brad Blackwell Announces Retirement Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 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] Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

Ocwen Borrower Outreach Focused on Foreclosure Avoidance

first_img June 5, 2018 3,154 Views Borrower Outreach Events Ocwen 2018-06-05 David Wharton 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] Ocwen Financial Corporation, a Florida-based financial services holding company, is partnering with New York-based charitable organizations to host a trio of borrower outreach events beginning Wednesday, June 6. Ocwen previously participated in numerous similar events during 2018, meeting with more than 550 Ocwen customers and working to help New York area borrowers and homeowners who were struggling to make their mortgage payments.Ocwen currently services more than 68,000 loans in New York. For this round of June borrower outreach events, Ocwen is joining forces with three local organizations: Neighborhood Housing Services of New York City, Inc.; Community Housing Innovations; and Neighborhood Housing Services of Brooklyn.The announced June events kick off Wednesday morning, and include the following:Wednesday, June 6, 11:00 a.m. – 7:00 p.m. ET, at NHS Brooklyn, located at 2806 Church Avenue, Brooklyn, New York. For more information call 718.469.4679.Thursday, June 7, from 11:00 a.m. – 7:00 p.m. ET, at the Crowne Plaza, located at 66 Hale Ave., White Plains, New York. For more information visit the event webpage.Saturday, June 9, from 10:00 a.m. – 3:00 p.m. ET, at 2475 Westchester Ave., Bronx, New York. For more information call 929.268.3790.Attendees will be able to meet with Ocwen Home Retention Agents as well as HUD-approved counseling agencies to learn about their options that could help lower their mortgage payments and help get them back on more stable financial footing.“Despite a better economic environment, the high attendance rate at our previous New York events demonstrates that many borrowers still have difficulty meeting their mortgage payments,” said Jill Showell, SVP of Government and Community Relations at Ocwen. “Working closely with seasoned non-profit housing counselors, Ocwen’s goal is to meet in-person with as many borrowers as possible to find responsible solutions to help families remain in their homes and part of their communities.”During Ocwen’s Q1 2018 earnings report, the servicer spotlighted its initiatives to help borrowers avoid foreclosure. According to Ocwen, the servicer reported 11,598 loan modifications during Q1, 17 percent of which included debt forgiveness totaling $59 million. Ocwen also reported a decrease in loan delinquencies from 9.3 percent as of December 31, 2017, to 9.0 percent as of March 31, 2018. Ocwen said this decrease was “primarily driven by loss mitigation efforts.”The servicer has also seen some significant personnel changes in recent months. In April, Ocwen announced that Glen Messina would take over as the company’s President after Ron Faris announced his retirement. Only last week, Ocwen EVP and CFO Michael Bourque also announced his impending retirement, having accepted a position with another financial services company. Ocwen reported at the time that they had begun a search for qualified internal and external candidates to fill the CFO position.To learn more about Ocwen’s borrower outreach events, you can click here. Share Save Home / Daily Dose / Ocwen Borrower Outreach Focused on Foreclosure Avoidance Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Borrower Outreach Events Ocwen About Author: David Wharton  Print This Post Ocwen Borrower Outreach Focused on Foreclosure Avoidance Related Articles in Daily Dose, Featured, Foreclosure, Journal, Loss Mitigation, Newscenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Overvalued Markets Snapshot Next: Fannie Mae Celebrates LGBT Pride Month Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Homeowners Face Fewer Financial Hardships

first_imgHome / Daily Dose / Homeowners Face Fewer Financial Hardships Homeowners Face Fewer Financial Hardships 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. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista Franks Brock Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Just How Much Credit Risk Are the GSEs Transferring? Next: Patrick McClain Named FirstClose CFO and COO Sign up for DS News Daily Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Homeownership has long been referred to as the American Dream and is frequently touted as a wealth-building tool. Now, research links homeownership with lower rates of financial hardship.While it is unclear whether homeownership is a cause or effect of lower susceptibility to financial hardship, researchers at the Urban Institute determined an unequivocal link between homeownership and difficulty paying for basic needs.“Nearly half of renters report at least one material hardship in the past year, compared with just over one-third of homeowners, and renters consistently report higher rates of material hardship across all domains in our study,” stated Corianne Payton and Dulce Gonzalez in Homeowner and Renter Experiences of Material Hardship: Implications for the Safety Net.When breaking down various types of financial hardship, the researchers found the greatest discrepancy in food insecurity, which was experienced by 29.6 percent of renters and 19.2 percent of homeowners over a one-year period reported in a 2017 survey.While the discrepancy was smaller in other areas, it persisted across all categories covered in the survey. Among renters, 12.7 percent reported a partial or late rent payment over the past year, compared to 8.7 percent of homeowners reporting a partial or late mortgage payment. For utility bills, 16.6 percent of renters reported a partial bill payment in the past year, compared to 11.0 percent of homeowners.Nineteen percent of renters left a medical need unmet due to costs, and 19.8 percent experienced difficulty paying for medical bills. Homeowners fared a little better with 17.0 percent reporting leaving a medical need unmet due to costs and 16.9 percent reporting difficulty paying medical bills.Renters typically have less emergency savings, and they incur unexpected income declines more frequently than homeowners, according to the Urban Institute.Almost 28 percent of renters are unsure they could afford an unexpected expense of $400, compared to 18.4 percent of homeowners, even when controlling for demographic, socioeconomic, and geographic traits, according to the research.For renters earning less than 200 percent of the federal poverty level, the share jumps to 50 percent who would struggle with a $400 expense. This compares to 38 percent of homeowners in the same income bracket.Eighteen percent of renters reported a significant or unexpected fall in their income over the past year, compared to 14 percent of homeowners.The report clarifies that homeownership does not signify a lack of financial hardship, and financial hardship varies, as one might expect, among homeowners of different income brackets.“This suggests that homeownership may not be enough to achieve financial security for people with the lowest incomes,” the researchers stated.However, the discrepancy between homeowners and renters is notable and persistent. Even when comparing only renters and homeowners for whom a $400 unexpected expense would be difficult, homeowners were more financially secure. Among this group of households with “low savings cushions,” 82.6 percent of renters reported at least one financial hardship over a one-year period compared to 75.5 percent of homeowners, according to the Urban Institute.The cause for this discrepancy is unclear for now.“Because the elements that shape financial security are numerous and interrelated, we cannot determine whether housing tenure choice is a product of financial security, or whether financial security drives housing tenure choice,” according to the Urban Institute. Tagged with: American Dream Financial Security Homeownership Renters Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago November 2, 2018 1,313 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe  Print This Post American Dream Financial Security Homeownership Renters 2018-11-02 Krista Franks Brock in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share 1Save The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

North Carolina’s Ongoing Rebuilding Process

first_imgSubscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Loss Mitigation North Carolina Risk Storms in Daily Dose, Featured, Loss Mitigation, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / North Carolina’s Ongoing Rebuilding Process Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save October 2, 2019 1,128 Views Previous: Calm Conditions for Housing in Q3? Next: Mr. Cooper Partners With Ellie Mae and Encompass About Author: Seth Welborn North Carolina’s Ongoing Rebuilding Process Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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.  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago One year after Hurricane Florence, Buildfax examines how North Carolina has prepared its properties for increased risk of damage from natural disasters. According to Buildfax, properties in the path of Hurricane Florence were expected to see major repairs completed in seven to eight months, given the severity of the storm. However, the elevated severe weather, including the recent Hurricane Dorian has curtailed recovery progress.Even though Dorian made less of an impact than Florence, it encountered North Carolina in a very different condition than it was a year prior. Property risk in North Carolina is still high not only from Hurricane Florence, but also from the severe convective storms and snowstorms that impacted the state in the latter half of 2018. While these storms don’t bring about the headlines that a tropical storm does, they have the potential to inflict serious damage on properties. Repeat weather events combined with tightening construction materials and labor markets and a slowing housing market have resulted in slow recovery across North Carolina.On top of hurricanes, North Carolina was hit by severe snowstorms in December 2018, when over a foot of snow blanketed the state, stalling maintenance activity, causing thousands of power outages and leading to increased property risk in North Carolina.Additionally, five months before Hurricane Florence made landfall in North Carolina, the state experienced severe spring convective storms, which ultimately necessitated a major disaster declaration from the Federal Emergency Management Association. Following April’s storm and tornado activity, BuildFax research found maintenance activity in North Carolina rose 20.32% month over month.In September 2018, maintenance activity remained heightened in North Carolina as homeowners worked to repair properties damaged by spring convective storms. However, in the wake of these updates, Hurricane Florence hit, driving maintenance even higher. Maintenance activity rose 34.84% between September and October 2018 following Hurricane Florence. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Loss Mitigation North Carolina Risk Storms 2019-10-02 Seth Welborn Demand Propels Home Prices Upward 2 days agolast_img read more

Freddie Mac Names Single-Family Head

first_img The Best Markets For Residential Property Investors 2 days ago Share Save Freddie Mac 2020-02-24 Seth Welborn Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Freddie Mac has that Donna Corley has been named EVP and head of the company’s Single-Family business. Freddie Mac states that Corley brings to the position nearly 25 years of experience in the financial services industry as well as deep expertise in risk management, capital markets and pricing. She was named interim head of the Single-Family division in October 2019.“Donna Corley is a proven, respected leader and I am pleased to announce that she will lead the company’s Single-Family business,” said David Brickman, CEO of Freddie Mac. “I’ve had the pleasure of working with Donna for more than two decades. Her qualifications, record of accomplishment and commitment to our clients make her the best choice to lead this critical business line at such an exciting moment for our company.”As the head of Single-Family, Corley will oversee all business relationships with its Seller/Servicers, the performance of its guarantee book, and all sourcing, servicing and business operations. Corley will also serve as a member of Freddie Mac’s senior operating committee and will report directly to CEO David Brickman.“I am thrilled to accept this role at such an important time for our business and the housing market,” said Corley. “As a mission-based company, we have the ability to help overcome some of the most fundamental obstacles to homeownership. I’m excited to be leading that effort for our Single-Family division.”Corley joined Freddie Mac in 1995 as a research analyst. Over the course of her career at the company, she held various positions within the Investment and Capital Markets division and rose through Single-Family to lead its credit pricing, risk transfer and securitization teams. Most recently, Corley served as senior vice president and Single-Family chief risk officer, where she led a team of 500 employees responsible for analyzing, modeling and managing the risks that impact Single-Family. in Daily Dose, Featured, Government, News  Print This Post Demand Propels Home Prices Upward 2 days ago Tagged with: Freddie Mac February 24, 2020 838 Views 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 Freddie Mac Names Single-Family Head Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Freddie Mac Names Single-Family Head About Author: Seth Welborn Related Articles Previous: Industry Leader ‘Applauds’ Nominee for Federal Housing Commissioner Next: Court Reverses Foreclosure Case Dismissal on Note Enforcement Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

4.8M Jobs Added in June

first_img The Best Markets For Residential Property Investors 2 days ago July 2, 2020 861 Views 4.8M Jobs Added in June Economy housing market 2020 Jobs Report 2020-07-02 Mike Albanese Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / 4.8M Jobs Added in June Share Save Previous: Mortgage Loan Delinquencies Record Highest Spike in Two Years Next: The Week Ahead: Signs of Improvement in Labor Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Subscribecenter_img About Author: Mike Albanese The U.S. economy added 4.8 million jobs in June and the unemployment fell to 11.1%, according to data from the Bureau of Labor and Statistics (BLS).Data found the total number of unemployed people fell by 3.2 million to 17.88 million. Unemployment rates decline in June for adult men (10.2%); adult women (11.2%); teenagers (23.2%); African Americans (15.4%); and Hispanics (14.5%).The number of unemployed Americans who were temporarily laid off fell by 4.8 million in June to 10.6 million. This comes after that sector of the market fell by 2.7 million in May.However, the labor force participation rate rose by just 0.7 percentage points in June to 61.5%—1.9 percentage points below pre-pandemic levels.Odeta Kushi, First American’s Deputy Chief Economist, said the labor market’s improvement will “likely stall out” if COVID-19 is not contained.She noted housing has been one of the few sectors to experience a V-shaped recovery, however, said the course of recovery is dependent on the health of the labor market.“The wages data for the last couple of months has reflected the underlying shifts in hiring for low-wage workers. The case for housing recovery is that, even if wage growth and thereby household income moderates or falls slightly, historically low mortgage rates would continue to boost house-buying power,” she said.Realtor.com’s Chief Economist Danielle Hale said the slow reopening efforts are bringing workers back on the payroll and the market is “clearly moving in the right direction.” This direction will help consumers gain confidence in buying big-ticket items, such as homes“So far, the housing market has been resilient, as homebuyers are looking through what may be a short-term disruption and taking advantage of lower rates to buy homes, but the potential for long-lasting recovery may be needed for housing to hold its momentum into the fall,” Hale said.In May, the Bureau reported the U.S. economy lost 20.5 million jobs in April and the unemployment skyrockets from around 4% to 14.7%.CNN reported that this was the most-sudden decline on monthly job losses since data started being tracked in 1939.CNN adds the last time jobless was this severe was more than 80 years ago during the Great Depression, when the unemployment rate peaked at 24.9% in 1933, according to historical data by the BLS. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Economy housing market 2020 Jobs Report Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agolast_img read more

Q3 Foreclosure Starts Have Decreased Most in These Cities

first_imgHome / Daily Dose / Q3 Foreclosure Starts Have Decreased Most in These Cities Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News October 19, 2020 1,163 Views While foreclosure starts are down to the lowest levels since 2008, the impact of a national health crisis and related foreclosure moratoria is different for various parts of the country.ATTOM Data Solutions, which published a September and Q3 2020 U.S. Foreclosure Market Report showing foreclosure filings down 12% from Q2 2020 and down 81% from Q3 2019 (to the lowest level since the company began tracking quarterly filings in 2008) further broke down data for individual cities.According to ATTOM’s most recent foreclosure market analysis there were 9,707 U.S. properties with foreclosure filings in September 2020. “That monthly figure is down 2% from the August 2020 and down 80% from September 2019,” ATTOM reported.The September and Q3 2020 report showed that lenders started the foreclosure process on 15,129 U.S. properties in the third quarter of 2020. That number is down 15% from Q2 2020 and down 81% from Q3 2019, “marking the 21st consecutive quarter with a year-over-year decrease in foreclosure starts,” the company said.Here is how cities are faring:Greatest year-over-year decreases in foreclosure starts:Pennsylvania (down 95%)Wisconsin (down 93%)Washington (down 93%)Maryland (down 91%)Colorado (down 90%)According to the report, among the 220 metro areas analyzed, those that posted a year-over-year decrease in foreclosure starts in Q3:Washington, D.C. (down 91%)Philadelphia, Pennsylvania (down 90%)Cleveland, Ohio (down 89%)Denver, Colorado (down 89%)Baltimore, Maryland (down 88%)Among markets with at least 1 million people, those with year-over-year decreases of at least 80% in foreclosure starts for Q3:Columbus, OhioDetroit, MichiganChicago, IllinoisProvidence, Rhode IslandCharlotte, North Carolina”While these major metros are among those posting some of the largest annual declines in foreclosure starts in Q3 2020,” ATTOM reported, “some of those markets are also starting to see an increase in starts, or holding steady, compared to the previous quarter.”Among those metros with 1 million people or more, the top 10 posting quarterly increases in foreclosure starts or holding steady in Q3 2020 include:Kansas City, MO-KS (up 94%)New York-Newark-Jersey City, NY-NJ-PA (81%)Virginia Beach-Norfolk-Newport News, VA-NC (up 59%)Indianapolis-Carmel-Anderson, IN (up 42%)Richmond, VA (up 37%)Detroit-Warren-Dearborn, MI (up 15%)Chicago-Naperville-Elgin, IL-IN-WI (up 11%)Nashville-Davidson–Murfreesboro–Franklin, TN (up 5%)Charlotte-Concord-Gastonia, NC-SC (up 4%)Cleveland-Elyria, OH (no change).Further data is detailed on ATTOM Data Solutions’ website. Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles 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. Q3 Foreclosure Starts Have Decreased Most in These Cities  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 2020-10-19 Christina Hughes Babb Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago 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 About Author: Christina Hughes Babb Sign up for DS News Daily Previous: Millions Missed Housing Payments Last Month Next: Former Fannie Mae CEO James Johnson Dies at 76 Subscribelast_img read more

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