Month: May 2021


first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Fannie Mae and Freddie Mac Post Q2 Earnings The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The U.S. government is set to see another $5.6 billion from Fannie Mae and Freddie Mac as both GSEs continue to post solid earnings.Both companies released on Thursday their earnings reports for the second quarter, reporting subdued profits compared to recent quarters as settlement earnings and other previous one-time benefits subside. In 2011, the Federal Housing Finance Agency, acting as conservator for Fannie and Freddie, brought lawsuits against 18 banks for their alleged roles in bringing down the GSEs’ portfolios with bad loans. The majority of those cases are now settled, leaving little for the companies to collect going forward.Those cuts in one-time earnings were offset in part by rising home prices and improvements in credit quality.For its part, Fannie Mae took in $3.7 billion in profits through the quarter, all of which will be handed to the Treasury per the terms of the GSEs’ bailout in 2008. Freddie Mac, which reported $1.4 billion in net income, will return $1.9 billion to the government.By September, the two mortgage giants will have paid a combined $218.7 billion back to the Treasury, more than $30 billion more than the amount they’ve drawn since their bailout. Under their amended agreement, dividend payments will continue to go on as the government maintains its controlling stake in the companies.How long that situation will continue is still undecided as policymakers—from Congress to the White House—push to reform the secondary market and bring in more private capital. While recent housing finance reform bills have made some headway in committee, debates over how to proceed have stalled any further progress, and no major moves are expected this year.Meanwhile, shareholders for the GSEs, spurred by their recent profitability, continue to pressure the companies and the government for their cut. The Week Ahead: Nearing the Forbearance Exit 2 days ago Fannie Mae Freddie Mac 2014-08-07 Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 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. Related Articles Sign up for DS News Daily center_img Fannie Mae and Freddie Mac Post Q2 Earnings Tagged with: Fannie Mae Freddie Mac The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: DS News Webcast: Thursday 8/7/2014 Next: Three Charged in Massive Mortgage Modification Scam August 7, 2014 1,128 Views Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News About Author: Tory Barringer Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Postlast_img read more


first_img Share Save The Best Markets For Residential Property Investors 2 days ago Home / Featured / DS News Webcast: Thursday 10/9/2014 Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Nearly half of the mortgages that were in foreclosure in December 2013 were still in foreclosure as of the end of August, according to the Black Knight Financial Services August Mortgage Monitor released earlier in the week. Black Knight reported that even though foreclosure inventory was down both month-over-month and year-over-year, 49 percent of mortgage loans nationwide that were in foreclosure in December of last year remained in that state as of August 31, 2014.The Black Knight data showed that only 2 percent of borrowers who were in foreclosure last December had fully paid off their mortgage loans by the end of August. Eight percent of borrowers in foreclosure in December 2013 had worked their way up to being current on their mortgages by the end of August. Four percent had sold their homes through a short sale or third party during that eight month period, and 23 percent had settled through active REO or REO liquidation.Fannie Mae announced earlier this week it will be adjusting the required interest rate for its Standard Modification Program. The rate increase from 4.375 percent to 4.5 percent will be effective for all Fannie Mae mortgage loans approved for the Standard Modification Program on or after October 14, 2014. This will be the sixth adjustment to the interest rate of the Standard Modification Program since Fannie Mae launched the program in January 2012 as a way to help borrowers who are not eligible for the Home Affordable Modification Program avoid foreclosure. in Featured, Media, Webcasts The Best Markets For Residential Property Investors 2 days ago 2014-10-08 Jordan Funderburk Sign up for DS News Daily Is Rise in Forbearance Volume Cause for Concern? 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago October 8, 2014 545 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe DS News Webcast: Thursday 10/9/2014  Print This Post About Author: Jordan Funderburk Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: NAR President Asks CFPB to be Cautious With Mini-Correspondent Brokers Next: Wells Fargo Settles With HUD Over Maternity Leave Discrimination Complaintslast_img read more


first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 29, 2015 1,378 Views Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / FHA Publishes Responses to Comments on Rule Delaying Foreclosure on Non-Borrowing Spouses Demand Propels Home Prices Upward 2 days ago Federal Housing Administration FHA Foreclosure HECMs Home Equity Conversion Mortgages HUD 2015-04-29 Brian Honea About Author: Brian Honea 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. Tagged with: Federal Housing Administration FHA Foreclosure HECMs Home Equity Conversion Mortgages HUD  Print This Post 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 Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Economists Retain Positive Outlook Despite ‘Paltry’ GDP Growth in First Q1 Estimate Next: DS News Webcast: Thursday 4/30/2015 Related Articles in Daily Dose, Featured, Foreclosure, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Federal Housing Administration (FHA) responded in the Federal Register on Wednesday to comments on the alternative path to claim payment (the Mortgagee Optional Election Assignment) for certain Home Equity Conversion Mortgages (HECMs), which centers on the delaying of foreclosure on a surviving non-borrowing spouse following a borrowing spouse’s death.The FHA published a notice soliciting comments on the matter on February 6, and the comment period ended on March 9. In the four and a half week comment period, FHA received seven comments on the issue. Click here to see all seven comments and the complete responses from FHA. The comments centered mainly around asking FHA to clarify the eligibility requirements for surviving non-borrowing spouses (or any heir named on the title) to receive HECM relief.FHA and HUD amended their HECM program in January prevent reverse mortgage lenders from calling the note from a surviving non-borrowing spouse – but the amendment applied only to case numbers assigned on or after August 4, 2014, and for certain eligible case numbers assigned before that date. The requirements to qualify for HECM relief shut many out, however – the servicer has to agree to assign the loan to HUD rather than pursue foreclosure, and the surviving spouse must be either older or the same age as the deceased borrower at the time the loan was originated – or the surviving spouse must pay off the entire loan amount or 95 percent of the home’s value.In March, a group of concerned consumer advocates submitted comments totaling 65 pages to HUD expressing concerns over non-borrowing spouses facing foreclosure and eviction following the death of a borrowing spouse. In February, a CFPB report on consumer complaints regarding reverse mortgages found that the most common complaint was on surviving non-borrowing spouses suddenly facing foreclosure when a borrowing spouse dies – finding that “some consumers report that their loan originator falsely assured them that they would be able to add the other spouse at a later date.” FHA Publishes Responses to Comments on Rule Delaying Foreclosure on Non-Borrowing Spouses Share Save Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more


first_imgHome / Daily Dose / Government Backstop Necessary for Sustainable Mortgage Market? Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Dean Terrell The Housing and Insurance Subcommittee held a hearing Thursday titled “Sustainable Housing Finance: Private Sector Perspectives on Housing Finance Reform,” inviting several private sector leaders and policy researchers to provide their opinion on necessary changes for the mortgage and housing industry. During the meeting, the panel outlined recommendations to reform the Federal Housing Administration as well as Fannie Mae and Freddie Mac, what regulatory, legal, and statutory impediments can occur with private capital returning to the housing finance system, and what factors and metrics for Congress to consider when reforming the housing finance system, according to the memorandum.The panelists included David H. Stevens, President and CEO of MBA, Jerry Howard, the CEO of the National Association of Home Builders, Sarah Edelman, Director of Housing Policy for the Center for American Progress, Dan Goodwin, Director of Mortgage Policy at the Structured Finance Industry Group, Kevin Brown, Chair of the Conventional Financing and Policy Committee for the National Association of Realtors (NAR), and Robert Dewitt, Chairman of the National Multifamily Housing Council, speaking on behalf of the Council as well as the National Apartment Association.“I look forward to having a more vigorous conversation with all of you on these topics as we would move forward,” said U.S. House Rep Sean Duffy (R-WI) and Chairman on the Housing and Insurance Subcommittee. “I would just hope that there’s going to be agreement, one, on the government backstop, but also, that we want market principles at play,” he said. Duffy went on to say that market discipline helps make sure another housing crash doesn’t occur.U.S. Rep. Dennis Ross (R-FL) asked the panel if it was necessary to have a government backstop in order to sustain a 30-year mortgage, with Brown replying “yes”, mirroring the whole panel’s response. He then asked the panel about a particular type of backstop, that is “private shareholders with a rate regulation-type environment that’s used in utilities” and if that would be a viable direction to take.“What we’re calling for is a mortgage-market liquidity fund, and that’s the rainy day fund.” said Brown. According to Brown, the fund for the GSEs would store profits in preparation for catastrophic losses after the system went through private capital, becoming a last resort to protect taxpayers. In response to Ross’s question on how the backstop should be restructured in terms of the homeowner’s, lender’s, and government’s level and reach of participation, Edelman responded “We do want a situation where the government is just the backstop and the market of last resort.” When asked by U.S. Rep. Brad Sherman (D-CA) on whether Congress should increase the amount of GSEs to more than two, Brown responded “Having two, we think is a perfect balance, we think that that has led to competition and innovation, so that has worked out well so far with the GSEs. Having multiple guarantors, we think would be just a race to the bottom in terms of pricing and then we would have liquidity problems in the market.” The topic of the mortgage-interest deduction cap was also a consistently discussed topic during the hearing, with a few representatives concerned of it being reduced and possibly removed.  U.S. Representative Michael Capuano (D-MA)  asked the panel on whether not the reduction of the cap would help increase homeownership or business. “We don’t think so sir, we are very concerned about the tax bill on housing. While we are in favor of the doubling of the standard deduction, we think there are revenue-neutral ways that the tax bill could solve the problem it creates with housing” replied Howard.U.S. Representative Al Green (D-TX) considered the cap lowering as a sign of it eventually being eliminated entirely and asked for Jerry Howard’s opinion on its reduction. “We’re angry. We think it’s very bad policy. We think it picks geographic winners and losers. We think it’s going to lower house values and it could lead to a housing recession.” Green then asked Brown who agreed with Howard. “Our economist came up with a number with a repeal of the SALT as well as a doubling of the standard deduction and we feel that it’s gonna be a 10 percent drop nationwide.”        The full press release can be viewed here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Journal, News The Best Markets For Residential Property Investors 2 days ago Government Backstop Necessary for Sustainable Mortgage Market? Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Related Articles Demand Propels Home Prices Upward 2 days ago Share Save Previous: Why RE/MAX Delayed its Earnings Results Next: While Unemployment Drops, Homebuilders Face Labor Shortage 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 Tagged with: Al Green Brad Sherman Chairman of the National Multifamily Housing Council Conventional Financing and Policy Committee Dan Goodwin David H. Stevens Dennis Ross Director of Housing Policy for the Center for American Progress Director of Mortgage Policy at the Structured Finance Industry Group Housing and Insurance Subcommittee Jerry Howard Kevin Brown Michael Capuano Mortgage Bankers Association National Apartment Association National Association of Home Builders National Association of Realtors Robert Dewitt Sarah Edelman Sean Duffy Al Green Brad Sherman Chairman of the National Multifamily Housing Council Conventional Financing and Policy Committee Dan Goodwin David H. Stevens Dennis Ross Director of Housing Policy for the Center for American Progress Director of Mortgage Policy at the Structured Finance Industry Group Housing and Insurance Subcommittee Jerry Howard Kevin Brown Michael Capuano Mortgage Bankers Association National Apartment Association National Association of Home Builders National Association of Realtors Robert Dewitt Sarah Edelman Sean Duffy 2017-11-02 Dean Terrell Governmental Measures Target Expanded Access to Affordable Housing 2 days ago November 2, 2017 1,926 Views  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more


first_img Demand Propels Home Prices Upward 2 days ago June 12, 2018 1,994 Views Evictions Webinar Explores PTFA Implications About Author: David Wharton  Print This Post President Donald Trump recently signed Senate Bill 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, into law. Among other changes designed to streamline or modify some elements of the 2010 Dodd-Frank Act, the bill also restores regulations related to the Protecting Tenants at Foreclosure Act (PTFA). That has implications servicers need to consider, and now the Legal League 100 will present a complimentary webinar exploring the topic.Entitled “Evictions: Regulatory and Litigation Update,” this latest installment of the Legal League 100 Webinar Series kicks off at 2 p.m. CT, on Wednesday, June 13. The webinar will feature presentations from representatives of two different League member firms: Jenna Baum, Partner, McCalla Raymer Leibert Pierce, and Gregory Sanda, Associate Attorney, Schiller, Knapp, Lefkowitz & Hertzel, LLP.You can click here to register for the webinar.Originally introduced in 2009, the PTFA “contained protections intended to ensure that tenants facing eviction from a foreclosed property would have adequate time to find alternative housing.” The PTFA expired on December 31, 2014. In the years since, some states have implemented their own versions of the law to continue those protections for tenants. Now, however, the PTFA is once again the law of the land.“In a nutshell, the resurrection of the Protecting Tenants at Foreclosure Act will give certain tenants in foreclosed properties significant additional rights beyond those they may have been provided by state laws,” Richard M. Nielson, Managing Shareholder, Reimer Law Co. told DS News.Nielson cited Kentucky, one of the states in which Reimer Law operates, as an example. Unlike some other states, Kentucky has not introduced their own version of the PTFA in the intervening years since it expired at the Federal level. As such, Nielson explained that the return of the PTFA could significantly increase the amount of time it takes to complete a post-foreclosure eviction. If that range was between 10-30 days before, for example, the reintroduced law could now require as much as 90 days’ notice to “bona fide” tenants before they can be evicted.To read the full text of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, click here. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Home / Daily Dose / Evictions Webinar Explores PTFA Implications Governmental Measures Target Expanded Access to Affordable Housing 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Dodd-Frank Act Evictions Legal League 100 LL100 PTFA s. 2155 Webinars 2018-06-12 David Wharton Servicers Navigate the Post-Pandemic World 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, Journal, News, Servicing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Delinquency Rates Hit Pre-Crash Lows Next: The Impact of Fed Rate Hikes on Homeowners Tagged with: Dodd-Frank Act Evictions Legal League 100 LL100 PTFA s. 2155 Webinars The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribelast_img read more


first_imgThe Consumer Financial Protection Bureau on Tuesday issued three new policies to promote innovation and compliance. The CFPB issued the No-Action Letter (NAL) Policy; Trial Disclosure Program (TDP) Policy; and the Compliance Assistance Sandbox (CAS) Policy. According to the CFPB, regulatory uncertainty can “hinder the development” of innovative products and services that benefit consumers. NALs provide increased regulatory certainty through a statement that the CFPB will not bring a supervisory or enforcement action against a company for providing a product or service under certain circumstances. “The new NAL Policy improves on the Bureau’s 2016 NAL Policy by having, among other things, a more streamlined review process focusing on the consumer benefits and risks of the product or service in question.” the CFPB says.  The CFPB’s first NAL under the new policy is in response to a request by the Department of Housing and Urban Development (HUD) on behalf of more than 1,600 housing counseling agencies (HCA) that partake in HUD’s housing counseling program. HUD discussed concerns in 2018 to the CFPB about the HCAs and lenders not entering into agreements that would fund counseling services due to uncertainty of the Real Estate Settlement Procedures Act (RESPA). A group of HUD Intermediaries filed a comment letter in February 2019 on the insufficiency of the CFPB’s prior NAL policy and supporting the new on. “The no-action letter essentially states that the Bureau will not take supervisory or enforcement action under RESPA against HUD-certified HCAs that have entered into certain fee-for-service arrangements with lenders for pre-purchase housing counseling services,” the release states. “The NAL, which is an exercise of the Bureau’s supervisory and enforcement discretion, is intended to facilitate HCAs entering into such agreements with lenders and will enhance the ability of housing counseling agencies to obtain funding from additional sources.”The new TDP policy allows entities looking to improve consumer disclosures to conduct in-market testing of alternative disclosures upon permission by the CFPB. CFPB’s new CAS Policy allows the testing of a financial product of service where there is regulatory uncertainty. September 11, 2019 1,153 Views Promotion of Innovation, Compliance Addressed in New CFPB Policies Home / Daily Dose / Promotion of Innovation, Compliance Addressed in New CFPB Policies Governmental Measures Target Expanded Access to Affordable Housing 2 days ago CFPB HUD Policy 2019-09-11 Mike Albanese Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanese Tagged with: CFPB HUD Policy 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. Subscribe Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Financial Services Bills Address Rural Housing and Appraisals Next: Ginnie Mae, NewDay USA Reach Agreement on VA Loans Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Postlast_img read more


first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn in Daily Dose, Featured, Government, Market Studies, News Sign up for DS News Daily FHFA Director Mark Calabria Provides Update on Conservatorship The Week Ahead: Nearing the Forbearance Exit 2 days ago On Wednesday, the American Enterprise Institute kicked off the Eighth Annual AEI-CRN Housing Conference, a two day event featuring eight panels of experts from AEI’s Housing Center and one panel of experts from the Collateral Risk Network, and a lunch keynote today from Federal Housing Finance Agency (FHFA) Director Mark Calabria.Panels at the Housing Conference focused on the expansion of housing supply, historical mortgage risk, land prices, and the appraisal process. The conference kicked off with a panel on housing market indicators, presented by Tobias Peter, Senior Research Analyst, AEI Housing Center, and featured discussion with Svenja Gudell, Chief Economist, Zillow and Sam Khater, Vice President and Chief Economist, Freddie Mac. The panel was Industry Consultant Mark Goldhaber.Speaking about the panelists, Gladhaber noted that they’ve “developed data that is really usable in a very practical way as we think about how to deal with the very evident supply shortage.”In his keynote, Calabria gave an overview of the state of GSE conservatorship.“I’m happy to say that in my time at the FHFA, we have doubled the capital of Fannie and Freddie,” Calabria told attendees. “I can’t promise that we can keep that pace up, but we are headed in the right direction.”Speaking about conservatorship, Calbria stated that he “never thought [he] would see a conservatorship longer than six months.”“I have a responsibility to fix them and get them out,” he added.The GSE’s took an important step toward privatization when the U.S. Department of the Treasury (Treasury) and the Federal Housing Finance Agency (FHFA) recently announced that they had agreed to modifications to the Preferred Stock Purchase Agreements (PSPAs), permitting Fannie Mae and Freddie Mac to retain additional earnings in excess of the $3 billion capital reserves currently permitted by their PSPAs.These modifications are an important step toward implementing Treasury’s recommended reforms that will define a limited role for the Federal Government in the housing finance system and protect taxpayers against future bailouts,” said U.S. Treasury Secretary Steven T. Mnuchin.View the AEI-CRN Housing Conference schedule and live feed here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Conservatorship Fannie Mae Freddie Mac The Best Markets For Residential Property Investors 2 days ago Share Save October 16, 2019 2,607 Views Related Articlescenter_img Home / Daily Dose / FHFA Director Mark Calabria Provides Update on Conservatorship 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. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Conservatorship Fannie Mae Freddie Mac 2019-10-16 Seth Welborn Previous: Housing Market Volatility and Overvaluation Next: The Intersection of Mortgage and Fintech 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 Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more


first_img The Best Markets For Residential Property Investors 2 days ago Share Save September 22, 2020 1,811 Views Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Housing Investors Face Risk of Foreclosure Sign up for DS News Daily About Author: Christina Hughes Babb 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 / Housing Investors Face Risk of Foreclosure Related Articles Servicers Navigate the Post-Pandemic World 2 days ago 2020-09-22 Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Forbearance Trends Hit a 5-Month Milestone Next: Can Opportunity Zones Help Combat Poverty? When it comes to eviction moratoria and other COVID-19 relief efforts, the focus often is on renters’ hardships. A new study concentrates on struggling landlords who derive a large portion of their income from their tenants.About a third of independent owners of single-family rental properties are from low- to moderate-income households (those with incomes of less than $90,000 a year), according to researchers at the Hamilton Project, an economic policy arm of the Brookings Institution.Hamilton’s recently released report showed that such “mom-and-pop” landlords are in a worse financial position relative to their higher-earning peers.”To better understand the economic circumstances of landlords,” the Hamilton Project reported data from the 2016 Survey of Consumer Finances. It studied households that own at least one residential investment property and receive income from that property.Based on its study, the Hamilton Project determined that “not only do tenants face great economic risk in the COVID-19 recession … [lower-income] landlords—who may be coping with their own unemployment or additional expenses related to the COVID-19 pandemic—will also struggle to pay their mortgages, utilities bills, property taxes, maintenance costs, and other property-related expenses. Relative to larger, corporate landlords, mom and pop landlords likely have fewer resources to withstand long delays or significant reductions in rental income.”When renters cannot pay rent, and are not required to in order to stay in their homes (under the eviction moratorium) it creates “a significant income shock for smaller landlords of modest means.”For many of these “mom and pop” landlords, property-related expenses can consume more than half of their property income, the study noted.Analysis found that, specifically, 40% of residential property units are owned by individual investor landlords.Among those owning residential investment property, property income constitutes up to 20% of the total household income for about a third of them.”Without rental assistance, tenants and smaller landlords alike will continue to struggle to make ends meet.”The study further showed that the moratorium and other renter-assistance will have less of an impact on higher-income landlords. For example, property income only represents 5% of total household income for landlord households earning over $200,000.In conclusion, the Hamilton Project recommends the following:”Emergency rental assistance resources should prioritize those facing the most severe housing insecurity, including those at high risk of homelessness. Supplementing the moratorium policy with federal rental assistance (detailed needs reported by Urban Institute) is critical to protect the long-term housing of tenants—and smaller landlords, too.”last_img read more


first_imgHome / Daily Dose / Automated Valuation Models: Benefits and Unexpected Challenges 2021-01-06 Christina Hughes Babb Related Articles Servicers Navigate the Post-Pandemic World 1 day ago January 6, 2021 1,268 Views The Best Markets For Residential Property Investors 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 1 day ago Demand Propels Home Prices Upward 1 day ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 1 day 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. The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Christina Hughes Babb Automated Valuation Models: Benefits and Unexpected Challenges in Daily Dose, Featured, Market Studies, News Previous: Forbearance Activity Ended 2020 on a Flat Note Next: Top 10 States for Inbound Migration Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 1 day ago Share Save As professionals from all industries search for ways to work more efficiently and safely during a national health crisis, property appraisers have turned to automated valuation models (AVMs), which allow for contact-free assessment of a home’s market value.Researchers at the Urban Institute acknowledged that AVMs hold promise when it comes to reducing costs and increasing accuracy, and they write that the practice has helped keep the housing market moving during the COVID-19 pandemic. Still, in a late-December study, they found that AVMs in majority-Black neighborhoods produce larger errors, relative to the underlying sales price, than AVMs in majority-White neighborhoods, potentially contributing to the wide housing wealth gap between Black and White homeowners.Researchers Michael Neal, Sarah Strochak, Linna Zhu, and Caitlin Young, who wrote the paper entitled “How Automated Valuation Models Can Disproportionately Affect Majority-Black Neighborhoods,” say that historically, appraisals, including in-person appraisals, have been tainted by bias.”AVMs have drawbacks,” the authors wrote. “Historically, AVMs have not been able to take a property’s condition into account when determining a home’s value. Like in-person appraisals, the accuracy of AVMs depends on having a large-enough number of comparable sales in the area to ensure greater accuracy. And the use of comparable sales in the area may reinforce past racial bias.”The report, which can be accessed in full on urban.com, examines key drivers of the magnitude of inaccuracy and how they differ among neighborhoods.For example, the authors found that the percentage magnitude of inaccuracy in majority-Black and majority-White neighborhoods may be similar, the lower sales prices in majority-Black neighborhoods increase the percentage magnitude of inaccuracy significantly in all three cities we examined, possibly causing greater damage to the overall home values in these neighborhoods.The Institute’s findings suggest that the expanded use of AVMs could disproportionately affect majority-Black neighborhoods and reinforce the impacts of past racial discrimination that often resulted in the undervaluation of Black-owned homes. According to the researchers, a significantly lower appraised value, even from an AVM estimate, could lead to a canceled sales contract, which can contribute to the Black-White homeownership rate gap and the Black-White wealthgap.”When aggregated across society, these risks also have implications for policymakers responsible for macroeconomic and financial market supervision. More research is needed to identify the full scope of policy implications stemming from AVM inaccuracy,” the authors noted. “Nevertheless, the policy suggestions we present are meant to ensure that as the use of AVMs increases, its costs are better understood and more progress is made to ensure that all households experience the benefits of homeownership.The entire report is available on urban.org.last_img read more


first_img Twitter By News Highland – November 11, 2010 Pinterest Guidelines for reopening of hospitality sector published NPHET ‘positive’ on easing restrictions – Donnelly Facebook Previous articleFirst group of Buncrana parking fine defaulters before the courtsNext articleGale force winds to batter North West coast today News Highland Facebook Up to 32 new jobs could be on the cards for Buncrana is imminent.An online ticketing agency is looking at a premises in the town, and it’s expected a formal announcement could be made in the very near future.Buncrana Councillor Lee Tedstone has been working closely with the company, and is confident this will lead to jobs…………[podcast]http://www.highlandradio.com/wp-content/uploads/2010/11/newlee.mp3[/podcast] WhatsApp Three factors driving Donegal housing market – Robinson Google+center_img Pinterest WhatsApp 448 new cases of Covid 19 reported today RELATED ARTICLESMORE FROM AUTHOR Twitter Help sought in search for missing 27 year old in Letterkenny Google+ Up to 32 jobs on the cards for Buncrana Newsx Adverts Calls for maternity restrictions to be lifted at LUH last_img read more

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