Beige Book: Economic Conditions Improved Since Q1 2014

first_imgHome / Daily Dose / Beige Book: Economic Conditions Improved Since Q1 2014  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Beige Book Federal Reserve Home Prices Mortgage Lending 2014-06-04 Tory Barringer The Best Markets For Residential Property Investors 2 days ago A survey of activity across the United States finds economic conditions have largely improved since the end of the slower first quarter.In its latest Beige Book, released Wednesday, the Federal Reserve noted economic activity has expanded in recent months, with the pace of growth “characterized as moderate in the Boston, New York, Richmond, Chicago, Minneapolis, Dallas, and San Francisco Districts, and modest in the remaining regions.”Compared to the last report, released in mid-April, growth picked up in the Cleveland and St. Louis districts but slowed in the Kansas City district, the Fed reported.Wednesday’s summary reinforces comments offered by Fed Chair Janet Yellen recently in which she forecast a faster pace of expansion as “financial conditions remain supportive of growth in economic activity and employment.” The report will be one of the factors in consideration when Yellen and the other voting members of the Federal Open Market Committee meet in two weeks to decide how to proceed with the Fed’s shrinking stimulus efforts.The central bank reported mixed news in residential real estate, “with some reports of low inventories constraining sales,” particularly in the Boston, New York, and Kansas City districts. Activity also softened in the Philadelphia, St. Louis, Minneapolis, and San Francisco regions, the latter of which attributing part of the weakness to “severe weather.”Meanwhile, home prices maintained their upward trend across most of the country, with only Boston reporting slight pullback in prices of single-family homes.Mortgage lending activity was similarly mixed. The Fed observed increases in residential real estate lending in the regions of Chicago, Kansas City, and Dallas, while activity held steady in Atlanta and San Francisco. On the other hand, Cleveland saw a slight weakening in lending, as did Richmond, thanks to a decline in refinancing. June 4, 2014 813 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Beige Book Federal Reserve Home Prices Mortgage Lending Related Articles Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, Newscenter_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Beige Book: Economic Conditions Improved Since Q1 2014 Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Millennials Use ‘Bank of Mom and Dad’ for Down Payment Help Next: New Hampshire Foreclosure Outlook Largely Positive Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Report Predicts Big Year for Housing in 2015 Based on Recent Government Actions

first_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Credit Availability Fannie Mae FHA FHFA Fitch Ratings Freddie Mac 2015-01-12 Tory Barringer Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Credit Availability Fannie Mae FHA FHFA Fitch Ratings Freddie Mac Demand Propels Home Prices Upward 2 days ago With 2015 less than two weeks underway, Fitch Ratings is the latest forecaster predicting great things for housing in the coming year. However, unlike other commentators, whose projections were based on encouraging market trends, the ratings agency says it’s a combination of recent government actions that reinforces its view.In a report released Monday morning, Fitch outlined five big events—all of which have taken place in the past few months—that, taken together, “could have a relatively meaningful impact on home buyer psychology, pent-up demand and housing trends in 2015 and beyond,” the company says.The Federal Housing Administration’s (FHA) announcement that it will lower insurance premiums to 0.85 percent annually: Historically considered one of the top resources for low-income and first-time homebuyers, FHA has fallen off in the past few years as it’s been forced to raise premiums and require life-of-loan payments to help shore up its capital reserves. As a result of the changes, Fitch estimates that FHA’s share of the new housing finance market through Q3 2014 was down to 11.9 percent from 15.6 percent in all of 2013 and 20.4 percent in 2012. With premiums set to come down by the end of January—a move the White House estimates will save the average FHA borrower $900 annually—the agency expects FHA-insured loans may become a more attractive option again.Fannie and Freddie’s move to lower down payment requirements: In another action to open up mortgage lending, the Federal Housing Finance Agency (FHFA) announced in December that it has directed Fannie Mae and Freddie Mac to introduce programs offering down payments as low as 3 percent to qualified homebuyers. To minimize risk, FHFA said the programs will take into account compensating factors to prove creditworthiness and will feature homeownership counseling.FHFA’s clarified rep and warrant framework designed to reduce lender confusion: Taking notice of FHFA’s pursuit of certain originators over loans they sold to the GSEs, many lenders have set up stricter credit overlays (often worse than the GSEs’ minimum requirements) in order to mitigate putback risk. To reassure lenders, both Fannie and Freddie updated their frameworks in November to better define what they consider to be a misrepresentation, a step that will hopefully spur originators to expand their lending criteria.Regulators’ finalizing of the qualified residential mortgage (QRM) rule: FHFA, the Fed, the Comptroller of the Currency, and other financial regulators finalized in October a rule requiring banks to hold on to a portion of loans they sell, cutting out an exemption for low-risk mortgages. The final rule did away with an earlier provision requiring a 20 percent down payment for low-risk loans after mortgage bankers and trade groups voiced concerns about how such a requirement would restrict credit.A welcome decline in oil (and fuel) prices: An oversupply of oil has brought costs down by more than half, slashing costs at the pump considerably (in an interview with USA Today, Saudi businessman Prince Alwaleed bin Talal said he doesn’t expect to see oil prices climb to $100 per barrel again.) The decline has left American drivers with more disposable income, opening up affordable housing options for those who were worried about their commute. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Report Predicts Big Year for Housing in 2015 Based on Recent Government Actions Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Tory Barringer Subscribe  Print This Post Home / Daily Dose / Report Predicts Big Year for Housing in 2015 Based on Recent Government Actions Sign up for DS News Daily 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Rogers Townsend & Thomas Elects Two Shareholders Next: ARMCO Announces New COO January 12, 2015 4,811 Views last_img read more

One State Takes Mortgage Relief a Step Further

first_img January 27, 2016 2,275 Views In December, President Obama signed into law the omnibus bill that included a provision allowing homeowners to exclude forgiven mortgage debt from their gross income when filing federal tax returns.More than a month later, California State Senator Cathleen Galgiani (D-Stockton) has introduced a bill that would extend tax relief on forgiven mortgage debt for homeowners when filing their state income tax returns. Senate Bill 907 would allow California homeowners who have either sold their home in a short sale or received some type of forbearance on their mortgage payments to exclude forgiven or cancelled mortgage debt from their state income tax forms when listing their income. Without legislation, both the California state and federal government would require homeowners to list cancelled mortgage debt as income.California has been one of the states hardest hit by the housing crisis. In January 2009, distressed residential property sales in the state peaked at 67 percent—meaning REO sales and short sales accounted for approximately two-thirds of all residential home sales in the state during the month, according to data released by CoreLogic on Tuesday. By November 2015, the distressed sales share had fallen to slightly more than 8 percent in California, according to CoreLogic—but the state still ranked fourth in completed foreclosures for the 12-month period ending in November 2015 with 24,000. Not only that, but financial troubles have still persisted in the state. For example, in 2015, more than 80,000 consumers filed for bankruptcy in the state of California—tops among states and more than 24,000 more than second-place Illinois, according to AACER bankruptcy data reported by Epiq Systems.Galgiani’s bill would provide much-needed state income tax relief to borrowers who cannot afford to pay taxes on money which was counted as income but money that they never actually received.“This is a common-sense measure to avoid additional fiscal burdens on those who are facing financial uncertainty as a result of the economic crisis and often unemployment,” said Galgiani. “Taxpayers who have lost their homes could face an additional income tax liability of thousands of dollars or more.”The exclusion of forgiven mortgage debt provision for federal income tax that was signed into law by President Obama in December is an extension of the Mortgage Forgiveness Debt Relief Act of 2007, originally signed into law by President George W. Bush. The original act relieved distressed homeowners from having to pay taxes on forgiven mortgage debt for the three calendar years of 2007 through 2009. That tax exemption was extended three more years until the end of 2012 with the Emergency Economic Stabilization Act of 2008, and it was extended until the end of 2013 with the American Taxpayer Relief Act of 2012. In December 2014, president Obama extended the tax exemption for forgiven mortgage debt until the end of 2014. Last month, it was extended until the end of 2017.“We want to make sure that families who are trying to stay on their feet aren’t kicked while they are down,” said U.S. Rep. Tom Reed (R-New York), sponsor of the standalone proposal included in the omnibus bill. “Many times they have tried to do everything right, but still run up against tough financial times and the Federal government shouldn’t add insult to injury by levying a tax bill that could cost their homes.” One State Takes Mortgage Relief a Step Further Previous: What’s Driving the Growth of the Housing Market? Next: DS News Webcast: Thursday 1/28/2016 Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: California Forbearance Mortgage Forgiveness Debt Relief Act Shot Sales Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Home / Daily Dose / One State Takes Mortgage Relief a Step Further California Forbearance Mortgage Forgiveness Debt Relief Act Shot Sales 2016-01-27 Brian Honeacenter_img in Daily Dose, Featured, Loss Mitigation, News  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 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 Sign up for DS News Daily Subscribelast_img read more

HSBC Agrees to Pay Nearly Half a Billion to Settle Mortgage Abuse Allegations

first_img The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Featured / HSBC Agrees to Pay Nearly Half a Billion to Settle Mortgage Abuse Allegations Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 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. By July 2016, HSBC will complete $370 million in creditable consumer relief directly to borrowers and homeowners in the form of reducing the principal on mortgages for borrowers who are at risk of default, reducing mortgage interest rates, forgiving forbearance and other forms of relief.  The relief to homeowners has been underway and will likely provide more than $370 million in direct benefits to borrowers because HSBC will not be permitted to claim credit for every dollar spent on the required consumer relief. About Author: Xhevrije West Subscribe Demand Propels Home Prices Upward 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago  Print This Post Related Articles HSBC will be required to implement standards for the servicing of mortgage loans, the handling of foreclosures and for ensuring the accuracy of information provided in federal bankruptcy court.  These standards are designed to prevent foreclosure abuses of the past, such as robo-signing, improper documentation and lost paperwork, and create new consumer protections.  The standards provide for oversight of foreclosure processing, including third-party vendors, and new requirements to undertake pre-filing reviews of certain documents filed in bankruptcy court.  The servicing standards ensure that foreclosure is a last resort by requiring HSBC to evaluate homeowners for other loss-mitigation options first.  In addition, the standards restrict HSBC from foreclosing while the homeowner is being considered for a loan modification.“Mortgage servicers have a responsibility to help struggling borrowers remain in their home, not to push them into foreclosure,” said General Counsel Helen Kanovsky of HUD.  “This agreement is another example of how multiple agencies in the federal government and state attorneys general across the country are working to make sure the mortgage industry treats consumers fairly.” HSBC Agrees to Pay Nearly Half a Billion to Settle Mortgage Abuse Allegations Share Savecenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Department of Justice HSBC Setttlements Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago February 5, 2016 1,728 Views in Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Department of Justice (DOJ) announced Friday that HSBC Bank has reached a settlement with several federal agencies and almost every state attorney general regarding “mortgage origination, servicing, and foreclosure abuses.”HUD, the Consumer Financial Protection Bureau, and 49 state attorneys general and the District of Columbia’s attorney general, were all other parties involved in the settlement.According to the DOJ, HSBC has agreed to pay $470 million in consumer relief and payments to federal and state parties, and will now be bound to mortgage servicing standards and be subject to independent monitoring of its compliance with the agreement.“This agreement is the result of a coordinated effort between federal and state partners to hold HSBC accountable for abusive mortgage practices,” said Acting Associate Attorney General Stuart F. Delery. “The Department of Justice remains committed to rooting out financial fraud and holding bad actors accountable for their actions.”Principal Deputy Assistant Attorney General Benjamin C. Mizer, head of the Justice Department’s Civil Division noted,”This settlement illustrates the department’s continuing commitment to ensure responsible mortgage servicing. The agreement is part of our ongoing effort to address root causes of the financial crisis.”“Even as the mortgage crisis recedes, the U.S. Trustee Program will continue to combat mortgage servicer abuse of the federal bankruptcy laws so that homeowners are given their legal right to try to save their homes,” said Director Cliff White of the Justice Department’s U.S. Trustee Program. “Homeowners in financial distress sometimes depend on chapter 13 bankruptcy to help them catch up on their payments. When banks violate bankruptcy laws at the expense of homeowners and other creditors, they must pay a price. This settlement holds HSBC accountable for its actions and helps to protect the most vulnerable homeowners.”The Federal Reserve also hit HSBC with a $131 million penalty on Friday “for deficiencies in residential mortgage loan servicing and foreclosure processing,” according to an separate, but related, announcement on their site.The Fed said that the penalty reviewed HSBC’s “unsafe and unsound practices and foreclosure activities” and can be resolved by “providing borrower assistance or remediation in conjunction with the Department of Justice settlement, or by providing funding for nonprofit housing counseling organizations.”If HSBC does not satisfy the full penalty amount within two years, the remaining amount must be paid to the U.S. Department of Treasury, the Fed noted.HSBC was not immediately available for comment at the time of publication.According to the DOJ, under the terms of the agreement in the settlement, HSBC is required to:Pay $100 million: $40.5 million to be paid to the settling federal parties; $59.3 million to be paid into an escrow fund administered by the states to make payments to borrowers who lost their homes to foreclosure between 2008 and 2012; and $200,000 to be paid into an escrow fund to reimburse the state attorneys general for investigation costs. Previous: War Over Wall Street: Clinton, Sanders Trading Barbs Next: Counsel’s Corner: Dealing with Declines in Default Inventory Department of Justice HSBC Setttlements 2016-02-05 Brian Honealast_img read more

Fannie’s Earnings Recover

first_img Fannie’s Earnings Recover May 3, 2018 1,503 Views Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Fannie Mae released its Q1 financial statement Thursday. Overall, the news was good for the GSE. Fannie posted a net income of $4.3 billion, after taxes, in Q1. That’s up from a $6.5 billion loss and a comprehensive loss of $6.7 billion loss at the end of Q4 2017.Pre-tax net revenues in the first quarter were $5.4 billion and Fannie’s overall comprehensive income was $3.9 billion. This, Fannie reported, was “due to the remeasurement of the company’s deferred tax assets resulting from enactment of tax legislation during the quarter.”The GSE’s net worth reflects $3.7 billion received from Treasury in Q1. That’s related to Fannie’s senior preferred stock purchase agreement with Treasury to eliminate the company’s net worth deficit as of December 31. Fannie expects to pay a $938 million dividend to Treasury by the end of June. The two primary factors driving the difference between net income in Q1 2018 and net loss in Q4 2017, according to the report, were a $9.9 billion provision for federal income taxes in Q4 “that resulted from the enactment of the Tax Cuts and Jobs Act of 2017” and net fair value gains of $1.0 billion in Q1. The latter were primarily driven by gains on the company’s mortgage commitment and risk management derivatives.Fannie Mae’s President and CEO, Timothy Mayopoulos, reacted optimistically to the company’s Q1 numbers.“Our solid first quarter performance reflects the strength of our underlying business, the benefits of our business model, and our focus on customers,” Mayopoulos said. “We continue to drive advances in the housing finance system, providing our customers with reliable, sustainable, and innovative solutions to address America’s housing needs.”According to the report, Fannie Mae provided approximately $113 billion in liquidity to the single-family mortgage market in Q1 2018 and was (at 42 percent) the largest issuer of single-family mortgage-related securities in the secondary market. The GSE also continued to transfer a portion of the credit risk on single-family mortgages. At the end of Q1, $995 billion in single-family mortgages, a third of loans in the company’s single-family conventional guaranty book of business, measured by unpaid principal balance, were covered by a credit risk transfer transaction.Also, Fannie Mae reported providing more than $11 billion in multifamily financing to help finance 154,000 multifamily units in Q1. earnings report Fannie Mae GSEs Q1 2018 2018-05-03 Scott Morgan Tagged with: earnings report Fannie Mae GSEs Q1 2018 Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Where Are Homebuyers Headed? Next: Revisiting Single-Family Rental Securitizations Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Share Save Demand Propels Home Prices Upward 2 days ago Related Articlescenter_img Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Fannie’s Earnings Recover The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Scott Morgan Subscribe in Daily Dose, Featured, Government, Journal, News Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Homes Here are Selling Quick and Fast …

first_img  Print This Post Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago June 19, 2018 1,618 Views Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched. The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Homes Here are Selling Quick and Fast … Subscribe Tagged with: Days on Market Home Prices Homes HOUSING Inventory Listing market Mortgage Rates RE/MAX National Housing Report Supply Transactions Previous: Pennsylvania Passes Key Bills to Combat Urban Blight Next: Why the Pennsylvania Anti-Blight Bills Make Good Sense Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles in Daily Dose, Featured, Market Studies, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Rising prices notwithstanding, homes in May sold like hotcakes, this according to RE/MAX’s latest National Housing Report, which covers data from 54 U.S. metros. Crimped inventory and crushing demand from homebuyers slashed days on market (DOM) to 46, the second-lowest monthly amount in the report’s 10-year history, the report says. May sales outdid April’s by 14.5 percent; they fell 2.8 percent from May 2017. The median sales price: $251,673, up 7.8 percent from May 2017 and 2.1 percent from April of this year. Eleven metro areas saw double-digit year-over-year percentage increases, the biggest in San Francisco, California, at 19.3 percent; Boise, Idaho, at 16.8 percent; Las Vegas, Nevada, at 16 percent; and Augusta, Maine, at 14 percent.Homes sat on the market an average of five more days (51) in May 2017, 12 more (58) in May 2016, and 18 more (64) in May 2015. The metros boasting the lowest DOM were San Francisco and Seattle, Washington, at 19; Denver, Colorado, at 21; and Salt Lake City, Utah, at 25.“Even with low inventory and the Federal Reserve raising interest rates, homes are going from ‘for sale’ to sold 28 percent faster than three years ago,” said RE/MAX CEO Adam Contos.As for closed transactions, 16 of the 54 surveyed metros reported a gain in year-over-year sales, including Burlington, Vermont, at 14.2 percent; Boise, at 11.3 percent; Trenton, New Jersey, at 7.7 percent; and Anchorage, Alaska, at 3.8 percent. What’s more, the number of for-sale homes in May marched ahead 4 percent from April but slipped 9.5 percent from May 2017. Based on this May’s home sales rate, months’ supply of inventory stayed flat from April at 2.5 months and contracted a tad compared to 2.6 months in May 2017. This May, all 54 metros tallied months’ supply of inventory at or less than six months—a figure indicative of a seller’s market. Markets reporting the lowest months supply of inventory were San Francisco, at one month, and Boise, Denver, and Seattle tying at 1.1 months. Amid such a sizzling market, house shoppers should plan on competing with other would-be buyers when making an offer on a property, Contos advises. “Be prepared—that’s my message to potential homebuyers in this summer selling season,” he said. “Make sure you are pre-approved with a lender, try to make a clean offer with no contingencies, and, if possible, consider offering favorable concessions to the seller such as a flexible closing date.” Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Days on Market Home Prices Homes HOUSING Inventory Listing market Mortgage Rates RE/MAX National Housing Report Supply Transactions 2018-06-19 Alison Rich The Best Markets For Residential Property Investors 2 days ago Homes Here are Selling Quick and Fast … About Author: Alison Richlast_img read more

And the Best Age to Become a Homeowner Is …

first_img Share 2Save Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News And the Best Age to Become a Homeowner Is … Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Scott Morgan Demand Propels Home Prices Upward 2 days ago Previous: Confirmation of Sale Scrutiny in Kansas Next: AMDC Hosts Webinar Covering Inclusive Hiring Practices Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Bankrate Down Payment generation Home Homebuyers Homeowners HOUSING 2018-07-18 Radhika Ojha  Print This Postcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago What is the best age to buy a house?According to a survey by BankRate, the answer is 28, unless you’re a member of the Silent generation, then the answer is 26.That two-year difference is about the same across the board when it comes to what are perceived to be the right ages at which to make major financial decisions, per the BankRate survey. In general, millennials, Gen-Xers, boomers, and silents seem to agree on roughly the ages at which people should think about things like getting a first credit card or retiring.Of course, “reaching a milestone at a certain age is realistic depends on your own personal circumstances,” the report stated. Chantel Bonneau Stewart, a wealth management adviser at Northwestern Mutual in Los Angeles said it’s even more important to “think about how much money you need to save in order to accomplish your financial goals according to your timeline.”Take homeownership. The generally agreed-upon age that a person should first buy is 28. “But many Americans find the idea of entering the housing market at a young age challenging,” the report stated. Especially among the young, the issue often has to do with lower wages entering the job market and the weight of student loans.According to the National Association of Realtors, the median age for first-time homebuyers is actually 32, which is closer to the age lower-wage workers say is a good age at which to buy. “A little more than half of the lower-income individuals who earn less than $30,000 per year think that it’s best for new homebuyers to be at least 30 years old,” the report stated. “You’re also more likely to say that it’s best to wait to buy a house if you live in a region like the Northeast, where the cost of living in many places is high and affordable housing may be out of reach.”Stewart suggested that for those hoping to get a mortgage and buy as young as possible should see if they qualify for local programs that offer down payment assistance. “And find out if you qualify for an FHA loan, which allows homebuyers to make a down payment as low as 3.5 percent,” she said. “But that doesn’t work in every housing market.” Home / Daily Dose / And the Best Age to Become a Homeowner Is … July 18, 2018 2,898 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Bankrate Down Payment generation Home Homebuyers Homeowners HOUSING Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribelast_img read more

Rural America’s Affordable Housing Problem

first_img in Daily Dose, Featured, Government, News  Print This Post Tagged with: FSC Homeowners HUD Mortgages Rural Homeowners Demand Propels Home Prices Upward 2 days ago FSC Homeowners HUD Mortgages Rural Homeowners 2019-04-03 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago April 3, 2019 2,511 Views On Tuesday, the Financial Services Committee (FSC) Subcommittee on Housing, Community Development and Insurance held a hearing titled “The Affordable Housing Crisis in Rural America: Assessing the Federal Response.” Hearing witnesses included Gideon Anders, Senior Staff Attorney, National Housing Law Project; Stan Keasling, President, National Rural Housing Coalition; David Lipsetz, Chief Executive Officer, Housing Assistance Council; Andres Saavedra, Senior Program Officer, Rural Local Initiatives Support Corporation; and Tanya Eastwood, President, Council for Affordable and Rural Housing.According to a memorandum released by the FSC, rural areas are set apart from urban areas due to several distinct features. For example, rural areas tend to have comparatively high homeownership rates, however, the Committee notes that the quality and value of housing is comparatively lower than other areas of the country.“Changes in the rural economy have negatively affected the job markets in many rural areas, contributing to higher poverty rates and severe housing affordability issues,” the memo notes. “The aging housing stock in rural areas has also resulted in higher rates of residents living in moderately or severely substandard housing that may, for example, lack basic plumbing, and pose a risk to the health and safety of residents.2 Moreover, racial minorities in rural areas are three times more likely to live in substandard housing, putting them among the worst-housed demographic group in the entire nation.”Witnesses proposed solutions to issues faced by rural homeowners. For example, In his statement, Gideon Anders proposed an amendment to RD single family direct loan program.Under Section 505(a) of the Housing Act of 1949, RD is authorized to extend a moratorium on payments to homeowner borrowers whenever the borrower is unable to continue to make mortgage payments for reasons beyond the borrower’s control without unduly impairing his or her standard of living,” Anders notes. “In cases of extreme hardship, RD is also authorized to forgive interest accrued on the loan during the moratorium period in order to facilitate the borrower’s capacity to resume making mortgage payment.”He adds, “borrowers who face hardship, such as the loss of a job or a medical emergency, are frequently unable to resume making regular mortgage payments at the end of a moratorium, let alone make higher mortgage payments.”Find more on the hearing here, including the complete webcast. About Author: Seth Welborn 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. Rural America’s Affordable Housing Problem Related Articlescenter_img Home / Daily Dose / Rural America’s Affordable Housing Problem Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribe The Best Markets For Residential Property Investors 2 days ago Previous: Government & Mortgage Servicing’s Best & Brightest Convening in D.C. Next: Planning for the Possible End of GSE Conservatorshiplast_img read more

Measuring Mortgage Debt

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago May 22, 2019 1,373 Views in Daily Dose, Featured, Investment, Market Studies, News Home / Daily Dose / Measuring Mortgage Debt 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: Seth Welborn Share Save Related Articles Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago debt Experian Homeowners mortgage 2019-05-22 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Americans are experiencing higher levels of consumer confidence alongside increased credit balances, and a recent report takes a look at how credit and debt has shifted since the 2008 financial crisis.“We’re continuing to see the positive effects of economic recovery, especially among younger consumers,” said Michele Raneri, VP of Analytics and Business Development at Experian. “Since the recession, responsible credit card behaviors and lower debt among younger consumers is driving an upward trend in average credit scores across the nation. Over the last ten years, those 18 to 21 increased their credit scores by 23 points on average compared to those 18 to 21 ten years ago.”According to the report, the average mortgage debt increased from $191,357 in 2008 to $208,180 in 2018, however, delinquency rates dropped within that time. In the ten years since the financial crisis, average 30 days past due delinquency rates dropped from 5.4% to 3.9%. Additionally, average 60 days past due delinquency rates dropped from 2.9% to 1.9% in that time, and average 90 days or more past due delinquency rates dropped from 7.1% to 6.7%.Older Americans, aged 72 and up, saw the biggest increase in mortgage debt, up $29,602 for a total of $160,735 in 2018 since 2008. Younger age groups saw smaller increases in mortgage debts, with consumers aged 22 to 35 increasing their average mortgage debt from $192,554 in 2008 to $209,713 in 2018.Year over year, 2018 saw the biggest increase in credit since the financial downturn, despite the fact that credit scores are still lower than they were before the crisis. Overall, the nation’s average credit score is 680, five points higher than the 2017 average of 675.”With this annual report, our goal is to provide insights that help consumers make more informed decisions about credit use to change their financial habits and improve financial access,” said Rod Griffin, Director of Consumer Education and Awareness at Experian. “Understanding the factors that influence their overall credit profile can help consumers lead financially empowered lives.” Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: What’s Holding Black Homeownership Back? Next: How to Approach the Lien-Release Process Tagged with: debt Experian Homeowners mortgage Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Measuring Mortgage Debt The Week Ahead: Nearing the Forbearance Exit 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. last_img read more

Council launching new initiative to combat racism and sectarianism

first_img Facebook Previous articleTanaiste urgd to intervene as another student grants crisis loomsNext articleLetterkenny councillors call for progress on derelict sites register News Highland Calls for maternity restrictions to be lifted at LUH Donegal County Council will this week launch a reporting scheme which allow victims or witnesses of racist or sectarian incidents in the county to report them via text, phone or online.The Independent and confidential reporting scheme will be officially launched by the County’s Mayor Cora Harvey tomorrow.The information gathered will be used to improve council policy to address racism and sectarianism.Francis Conaghan is the Council’s Good Relations officer – He says where appropriate, reports received will also be forwarded on the gardai….[podcast]http://www.highlandradio.com/wp-content/uploads/2010/09/franc830.mp3[/podcast] Twitter Google+ Pinterest Help sought in search for missing 27 year old in Letterkenny 448 new cases of Covid 19 reported today Twitter Guidelines for reopening of hospitality sector published Facebookcenter_img Pinterest Council launching new initiative to combat racism and sectarianism RELATED ARTICLESMORE FROM AUTHOR Three factors driving Donegal housing market – Robinson WhatsApp WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly Google+ By News Highland – September 16, 2010 Newslast_img read more