Bank of America Settles with FHFA for $9.3B

first_img 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 The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Previous: Nonprime Market Sees New Entrant Next: Distressed Sales and Investor Purchases Fall in February The Best Markets For Residential Property Investors 2 days ago Subscribe March 26, 2014 735 Views Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Bank of America Fannie Mae FHFA Freddie Mac Mel Watt Securities Bank of America has agreed to a multibillion settlement with the Federal Housing Finance Agency (FHFA) to resolve allegations of securities fraud related to loans sold to Fannie Mae and Freddie Mac at the height of the housing bubble.The settlement resolves four lawsuits filed in September 2011 against BofA, Countrywide, and Merrill Lynch, the latter two of which were acquired by the megabank in 2008. The agency’s original complaint alleged misrepresentations of mortgage loan quality in regard to private-label residential mortgage-backed securities (RMBS) purchased by the GSEs between 2005 and 2007. Allegations of common law fraud were made in the Countrywide and Merrill Lynch cases.According to announcements made by all parties involved, under the agreement, BofA will make an aggregate payment of approximately $9.33 billion, $3.2 billion of which will go toward the repurchase of certain RMBS at fair market value. In return, the bank will be released from FHFA’s pending lawsuits and will be cleared from “certain other claims related to the private-label RMBS in dispute.”The settlement covers approximately $57.5 billion (in purchase cost) of RMBS purchased by the GSEs, according to a release from BofA.FHFA Director Mel Watt celebrated the settlement, saying in a statement that it “represents an important step in helping restore stability to our broader mortgage market and moving to bring back the role of private firms in providing mortgage credit.”“Many potential homeowners will benefit from increasing certainty in the marketplace and that is very much the direction we should be taking,” he added.The suit with BofA is just one of more than a dozen the agency filed against banks in 2011 as part of its efforts to recover losses Fannie and Freddie suffered through the crash. Of 18 suits filed, FHFA now has claims remaining in seven.In addition to the FHFA agreement, Freddie Mac also announced a separate settlement with BofA concerning claims related to reps and warranties on single-family loans underlying five Freddie Mac Structured Pass-Through Certificates (“T-Deals”). In exchange for a payment of $134 million, the enterprise has agreed to release the bank from existing and future loan repurchase obligations for those mortgages.“We are pleased that we have resolved this matter with one of our largest seller/servicer customers and counterparties,” said Freddie Mac CEO Donald Layton. “This settlement is an equitable outcome that allows both Freddie Mac and Bank of America to put these issues behind us and focus on the future.”As for BofA, it expects its Q1 2014 income to take a cut of about $3.7 billion as a result of the settlement—and that’s not the only litigation expense on its radar. Lawyers for the bank appeared in U.S. District Court in March to argue for the penalty phase of a fraud case decided last October, when BofA was held liable for allegedly reckless loans made by Countrywide before its acquisition. While the government is pushing for $2.1 billion in fines—a far cry from the $864 million originally sought—BofA says it should be penalized for the amount of profit it made from selling the loans: $0. Home / Daily Dose / Bank of America Settles with FHFA for $9.3B Bank of America Fannie Mae FHFA Freddie Mac Mel Watt Securities 2014-03-26 Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Bank of America Settles with FHFA for $9.3B  Print This Post Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Fed OIG to Conduct Security Audit on Personal Consumer Data Collected by CFPB

first_img in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago August 19, 2015 1,052 Views The Federal Reserve’s Office of the Inspector General (Fed OIG) recently updated its work plan to include a security audit of the data being collected on consumers by the Consumer Financial Protection Bureau (CFPB).The CFPB collects, handles, and stores various types of consumer information and personally identifiable information (PII) as part of its mission, according to the work plan. The data being collected by the CFPB is defined as data that could be used to identify specific individuals or distinguish individuals from one another.”We will review the extent to which the CFPB has assessed the risks associated with the collection, maintenance, storage, and disposal of privacy data and PII and applied appropriate information security controls and protection over the data to mitigate those risks,” the work plan said. “We will focus on (1) CFPB systems that house PII, (2) access to PII, (3) disposal and destruction mechanisms, (4) the handling of privacy incidents, (5) privacy training, and (6) National Institute of Standards and Technology privacy controls.”Several lawmakers and other financial industry groups and associations have expressed concern over whether or not the CFPB’s collection of personal data is an invasion of privacy.”CUNA (Credit Union National Association) has raised a number of concerns about the CFPB’s storage of information in the CFPB’s database, particularly if the personal information collected by the bureau is inadvertently disclosed when consumer complaints are filed with the bureau,” CUNA said in a press release. “CUNA has urged the CFPB to take steps to minimize privacy risks.”In September 2014, the Government Accountability Office (GAO) released the results of a comprehensive study confirming that the CFPB was collecting financial data on 600 million Americans. The study was requested by U.S. Sen. Mike Crapo (R-Idaho), who at the time was the Ranking Member of the Senate Banking Committee.”The CFPB’s massive data collection effort is an unwarranted, unwelcome intrusion into the private financial lives of millions of Americans,” Crapo said when the GAO’s report was released. “This GAO report confirms what the Bureau would not—that it has been collecting information on up to 600 million American financial accounts, and it does not have the proper safeguards in place to protect the information it is collecting. At a time when data and identity-related crimes are at an all-time high, the last thing the American people need is one more federal agency collecting their private financial information.”The Fed OIG’s work plan also listed as one of its ongoing projects the audit of the CFPB’s controversial Consumer Complaint Database.”In June 2012, the CFPB became the first federal regulator to publicly share individual-level consumer financial complaint data,” the work plan said. “While the Consumer Complaint Database initially contained only credit card complaints, the CFPB has extended the database to other consumer financial products and services covered by the CFPB. Our audit objective is to assess the effectiveness of the CFPB’s controls over the accuracy and completeness of the public complaint database.”Click here to see the entire Fed OIG work plan. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: CFPB Consumer Financial Protection Bureau Fed Office of Inspector General Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: FHFA Announces Final Rule for Fannie Mae, Freddie Mac Affordable Housing Goals Next: Fed Says Economic Conditions Are Approaching the Point of Being Ready for Rate Hikecenter_img Sign up for DS News Daily Home / Daily Dose / Fed OIG to Conduct Security Audit on Personal Consumer Data Collected by CFPB 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 The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Share Save Fed OIG to Conduct Security Audit on Personal Consumer Data Collected by CFPB CFPB Consumer Financial Protection Bureau Fed Office of Inspector General 2015-08-19 Brian Honea About Author: Brian Honea Subscribelast_img read more

Consumer Confidence Reverses Negative Course

Previous: Supreme Court Rejects Banks’ Request to Review FDIC Suit Next: Yellen is Dovish on Future Rate Hikes March 29, 2016 975 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago After plummeting in February due to a slow economic start to the year, consumer confidence turned in the other direction for March, according to data released by the Conference Board on Tuesday.Whereas pessimism among consumers reigned in February’s report, March’s data showed signs that attitudes toward the economy are slowly improving after enduring such headwinds to start the year as lingering effects of the strong dollar and low oil prices. The Conference Board’s Consumer Confidence Index increased up to 96.2 (1985=100) in March from February’s reading of 94.0 and the Consumer Expectations Index jumped from 79.9 to 84.7 over-the-month in March.“Consumer confidence increased in March, after declining in February,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions posted a moderate decline, while expectations regarding the short-term turned more favorable as last month’s turmoil in the financial markets appears to have abated. On balance, consumers do not foresee the economy gaining any significant momentum in the near-term, nor do they see it worsening.”The share of consumers expecting business conditions to improve in the next six months rose from 14.5 in February to 15.0 percent in March while the percentage expecting business conditions to get worse over the same period declined from 11.6 percent to 9.2 percent, according to the Conference Board.“On balance, consumers do not foresee the economy gaining any significant momentum in the near-term, nor do they see it worsening.”Lynn Franco, The Conference BoardThe labor market situation also improved in February as 242,000 jobs were added during the month following January’s disappointment, and the unemployment rate stayed below 5 percent, according to the Bureau of Labor Statistics. In the Conference Board data, consumer outlook for the labor market experienced a corresponding increase. The share of consumers anticipating more jobs in the next six months ticked up from 12.2 percent to 2.9 percent from February to March while the share of consumers who expect fewer jobs declined slightly from 17.7 to 17.2 percent. The share of consumers who expect their income to increase in the next six months inched up from 11.6 in February to 11.8 percent in March.The Conference Board’s Present Situation Index dropped slightly from February to March, from 115.0 to 113.5, as the share of consumers who said they believe that business conditions are “good” declined from 26.0 percent down to 24.9 percent.In Fannie Mae’s March Economic Outlook, analysts noted the factors that have created a drag on the U.S. economy such as “weakness in net exports and oil-related nonresidential investment as well as the ongoing inventory correction process after unsustainable accumulations during the first half of 2015.” At the same time, they pointed out that the positives in the economy such as strengthening domestic consumer and business spending and a healthy labor market, should outweigh those negative factors.Fannie Mae’s report noted that stocks have recovered from February lows to near their highest level this year, credit spreads have narrowed, and oil prices have climbed. Meanwhile, the economy gained some footing after a fourth quarter slowdown during which real gross domestic product (GDP) grew at an annualized rate of just 1.4 percent. in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Consumer Confidence Labor Market U.S. Economy Home / Daily Dose / Consumer Confidence Reverses Negative Course About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Consumer Confidence Reverses Negative Course 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. Related Articles Consumer Confidence Labor Market U.S. Economy 2016-03-29 Brian Honea Demand Propels Home Prices Upward 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Subscribe read more

Should the Fed Be Overhauled?

first_imgHome / Daily Dose / Should the Fed Be Overhauled? About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Fed Reform Proposals Federal Reserve 2016-04-11 Brian Honea Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: GAO: Keep an Eye on Nonbank Servicers Next: DS News Webcast: Tuesday 4/12/2016 Data Provider Black Knight to Acquire Top of Mind 2 days ago Should the Fed Be Overhauled? Governmental Measures Target Expanded Access to Affordable Housing 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. Tagged with: Fed Reform Proposals Federal Reservecenter_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Stating that the Federal Reserve’s governance structure “no longer ensures that the Fed serves the public interest,” former Fed adviser Andrew Levin recommended in a recent letter four major steps to reform the U.S. central bank.Levin, now an economics professor at Dartmouth College, spent two decades at the Fed as an economist, including the last two as an adviser ending in 2012. In his letter, he said that the Fed’s transparency and accountability are “severely deficient, which impairs Congressional oversight and undermines the public’s trust in the Fed.” He further stated that now is the time to move forward with a “sensible, pragmatic, and nonpartisan approach to Fed reform that preserves its independence.”Levin’s plan to reform the Fed includes four key elements:The Federal Reserve must be a fully public institution. Levin said private bankers and Wall Street firms, who control two-thirds of the seats on the board of directors of each regional Fed, should not have such an extraordinary influence on Fed policy decisions and inner workings. Instead, Levin said, all of the regional Fed banks should be made fully public entities and the regional Fed directors should be representative of the public and the majority of them should be affiliated with small businesses and non-profits.The process of appointing regional Fed presidents should be transparent. Levin recommends that instead of being selected in secrecy, the presidents of the regional Fed banks should be selected by a process in which nominations are accepted from the public, a list of eligible nominees is published, and the public participates by offering input and feedback through various forums such as hearings.Set term limits for Fed officials. Some past Fed chairs and regional presidents have served for two decades or more. Levin recommends that all Fed officials, including the governors at the Federal Reserve Board and the regional presidents, should serve one non-renewable term of seven years. “This term of office will preserve the Fed’s operational independence while fostering good governance and accountability to the public,” Levin said.Align Fed transparency and accountability with that of other key public institutions. Levin said the Fed should be subject to external reviews and disclosure requirements, “just like every other key public agency.” Levin’s other recommendations include a regular annual review of the Fed’s policies, procedures, and operations published by the GAO; authority given to the Fed’s Office of the Inspector General to conduct investigation at all Fed banks and not just the central bank in D.C.; and a bipartisan commission to examine the overall structure of the Fed.Click here to view a copy of Levin’s letter.  Print This Post April 11, 2016 908 Views Demand Propels Home Prices Upward 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save in Daily Dose, Featured, Government, News Subscribelast_img read more

Freddie Mac Predicts Drop in Sales Over 2016

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Freddie Mac Originations Sales 2017-03-29 Seth Welborn Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post in Daily Dose, Featured, Market Studies, News Tagged with: Freddie Mac Originations Sales Previous: FHFA Releases GSE Progress Report Next: Fannie Mae Clarifies Clear Boarding Policies March 29, 2017 1,181 Views Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. Share Save Related Articles About Author: Aly J. Yale Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Freddie Mac Predicts Drop in Sales Over 2016 Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 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 Freddie Mac Predicts Drop in Sales Over 2016 Sign up for DS News Daily Due to declining refinances and rising mortgage rates, originations will drop more than 25 percent this year, according to a recent outlook report from Freddie Mac.Released Wednesday, the outlook predicts that national growth and employment improvements won’t be enough to stifle rising interest rates in 2017, especially as the Fed hints at future rate hikes down the line.“The housing market posted strong gains in 2016,” the report stated. “Total home sales of just over 6 million units marked the largest annual growth in almost 10 years, and mortgage originations reached $2.1 trillion. However, rising mortgage rates will weigh on the market going forward, and mortgage originations will drop a little over 25 percent in 2017, almost exclusively as the result of plummeting refinances.”In Q4 2016, the nation saw a 1.9 percent jump in GDP growth, and as of February, the Consumer Price Index increased 2.7 percent over the year. Unemployment also dropped 4.7 percent, and nonfarm employment rose by more than 230,000 jobs. Despite this growth, the Fed announced a rate hike earlier this month and hinted that more may be in the future for 2017. As a result, mortgage rates are on the rise, averaging 4.3 percent by the week of March 16—about half of a percentage point higher than they were one year ago and three-quarters higher than last summer.But interest rates aren’t the only thing putting impacting housing affordability. According to Freddie Mac’s outlook, home prices are outpacing income growth significantly, and that’s putting a home purchase out of reach for many citizens.“Since January 2000, home prices have risen a bit faster than incomes, though recently home price growth has outpaced income growth by a wider margin,” the report stated. “But house prices have accelerated in recent years while per capita disposable income growth has been more stable. For example, in 2016, house prices rose 6.2 percent while per capita disposable income increased 3.4 percent.”Come spring, this disconnect could block many potential homebuyers from the market, the report stated.“As we get into the spring selling season, we expect affordability to start to bite in many markets pushing some prospective buyers to the sidelines and contributing to a modest decline in total home sales in 2017 relative to 2016.”In total, Freddie Mac predicts total 2017 home sales to hit around 5.9 million. To read the full outlook report, visit FreddieMac.com. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

HUD Secretary on Homelessness: “It’s Everybody’s Problem”

first_imgSign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / HUD Secretary on Homelessness: “It’s Everybody’s Problem” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Market Studies, News Homelessness HOUSING HUD mortgage Secretary Carson 2017-12-06 Nicole Casperson Share Save Previous: Senate Set to Review Dodd-Frank Next: LGBT and Mortgage Leaders Collaborate to Better Diversity and Inclusion Subscribe About Author: Nicole Casperson The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago On a single night, 553,742 people experience homelessness in the U.S. According to the latest national estimate by the Department of Housing and Urban Development (HUD) 2017 Annual Homeless Assessment Report to Congress, this number represents an increase of .7 percent since last year.Despite the overall increase, homelessness across the country is varied. In fact, many places continue to experience a drop in homelessness—with 30 states and the District of Columbia reporting decreases in homelessness between 2016 and 2017. However, challenges in some major metropolitan areas have had a significant impact on the national numbers.The most troubling area is the city and county of Los Angeles. Last January, the area counted a total of 55,188 individuals living in sheltered and unsheltered settings—an increase of nearly 26 percent over January 2016.“In many high-cost areas of our country, especially along the West Coast, the severe shortage of affordable housing is manifesting itself on our streets,” said HUD Secretary Ben Carson. “With rents rising faster than incomes, we need to bring everybody to the table to produce more affordable housing and ease the pressure that is forcing too many of our neighbors into our shelters and onto our streets. This is not a federal problem-it’s everybody’s problem.”The severe lack of affordable housing in the Los Angeles County is also affecting the level of veteran homelessness. Only in Los Angeles, veteran homelessness increased 64 percent since January 2016, which largely accounts for the 1.5 percent increase of veteran homelessness nationwide.New York City is the second area of concern, with a reported 4.1 percent increase, principally among families in emergency shelters and transitional housing. To put the impact of both major metropolitan areas into perspective, if the findings were to exclude the two areas, the estimated number of veterans experiencing homelessness in other parts of the nation actually experienced a decreased by 3.1 percent since 2016.Additionally, since 2010, veteran homelessness declined nationally by 46 percent. Regardless of the national increase, U.S. Department of Veterans Affairs (VA) Secretary David Shulkin said he believes VA’s joint community-based homelessness efforts are working in most communities across the country.“Despite a slight increase in overall Veteran homelessness, I am pleased that the majority of communities in the U.S. experienced declines over the past year,” said Shulkin. “VA remains committed to helping Veterans find stable housing. We will continue to identify innovative local solutions, especially in areas where higher rents have contributed to an increase in homelessness among Veterans.”Matthew Doherty, Executive Director of the U.S. Interagency Council of Homelessness also expressed that the reduced homelessness in the majority of the country provides confidence that the strategies and dedicated efforts in place have been working.“At the same time,” Doherty said, “we know that some communities are facing challenges that require us to redouble our efforts across all levels of government and the public and private sectors, and we are committed to doing that work.”Other Key Findings of HUD’s 2017 Annual Homeless Assessment Report:•Most homeless persons (360,867) were located in emergency shelters or transitional housing programs while 192,875 persons were unsheltered.•The number of families with children experiencing homelessness declined 5.4 percent since 2016 and 27 percent since 2010.•Chronic or long-term homelessness among individuals increased 12.2 percent over 2016 levels though declined by 18 percent (or 19,100 persons) since 2010.•The number of unaccompanied homeless youth and children in 2017 is estimated to be 40,799.To view the full report, click here.  Print This Post Demand Propels Home Prices Upward 2 days ago HUD Secretary on Homelessness: “It’s Everybody’s Problem” Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] December 6, 2017 1,943 Views 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 Tagged with: Homelessness HOUSING HUD mortgage Secretary Carsonlast_img read more

And the Best-Run City in America Is …

first_imgHome / Daily Dose / And the Best-Run City in America Is … Tagged with: Budget City Per Capita Residents services WalletHub  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 9, 2018 1,554 Views in Daily Dose, Featured, Market Studies, News Previous: Brian Johnson Appointed Acting Deputy Director at BCFP Next: Windy City Targets Zombie Homes The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Alison Rich Related Articles Demand Propels Home Prices Upward 2 days ago Share Save And the Best-Run City in America Is … People, places, politics, policies … with so many components to manage and mind, running a city is no small feat. And the bigger the town, naturally, the more tricky a task it becomes. But doing it effectively helps keep current residents happy while attracting new ones to the fold. But how can we measure the effectiveness of local leadership? WalletHub wondered that very thing and set about finding out. One way, it realized, is by figuring out a city’s operating efficiency. “In other words, we can learn how well city officials manage and spend public funds by comparing the quality of services residents receive against the city’s total budget,” it said.To that end, WalletHub examined the operating efficiency of 150 of the nation’s largest cities to sleuth out which ones are managed best (and, alternatively, the worst). The company created a so-called “Quality of City Services” (QCS) score composed of 35 metrics assembled into six service categories (financial stability, education, health, safety, economy, and infrastructure and politics), which it then weighed against the city’s per-capita budget.The best-run city in America, according to the list? Nampa, Idaho, with a QCS score of 70 and a “Total Budget Per Capita” (TBPC) rank of one. Slotting in at No. 2 with a QCS rank of nine and a TBPC rank of two is Provo, Utah. Boise, Idaho, nabbed No. 3, with a QCS score of five and a TBPC score of three. At fourth spot, Lexington-Fayette, Kentucky, raked in a 63 ranking for its QCS and a four for its TBPC. Finishing out the top five, Missoula, Montana, earned an 80 in QCS and a TBPC of five.As for the worst-run on WalletHub’s ranking, Gulfport, Mississippi, reeled in spot No. 146, with a QCS of 133 and a TBPC of 145. San Francisco is No. 147, with a QCS of 21 and a TBPC of 149. New York, New York, is 148, with a QCS of 36 and a TBPC of 148, while Detroit, Michigan, ranked 149, with a 150 QCS and a 121 TBPC.Which locale on the list earned the dubious distinction of worst-run? Our nation’s capital, WalletHub reports. Washington, D.C., charted a Quality of City Services rank of 90 and a Total Budget Per Capita rank of 150. To see where your city sits, click here. The Best Markets For Residential Property Investors 2 days ago 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. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Budget City Per Capita Residents services WalletHub 2018-07-09 Alison Rich Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Pandemic Creating Downward Pressure on Rental Market

first_img Tagged with: Rent single family rent prices Demand Propels Home Prices Upward 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. About Author: Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Sign up for DS News Daily The National Association of Homebuilders’ (NAHB) Real Rent Index was essentially flat in June, falling just 0.1%.This is the Index’s first decline since 2013 and the annual growth rate of the Index fell to negative 1.4% after posting three months of growth, ranging between 4% and 8%.According to the NAHB, the Index fell in June because rent inflation slowed with the Core CPI rose by 0.2%. this is the first month Core CPI increase since February.The decline in the real rent index, according to the NAHB, could be related to the negative impact of COVID-19 on rental housing demand.“Fallout from the virus has put downward pressure on demand in many sectors of the economy, including rental markets,” the report said.Despite COVID-19’s impact on the market, single-family rents rose 1.7% annually in May 2020—the lowest annual growth rate since July 2010, according to CoreLogic.CoreLogic noted rental demand is still impacted by unemployment rates and stay-at-home orders, despite local economics reopening.Lower-priced rentals continued to prop up national rent price growth, continuing a trend from April 2014. Year-over-year growth in both tiers did slow in May 2020. Rent prices in the low-end tier—those with rent prices less than 75% of the regional average—rose 2.8% annually in May 2020.This represented a 3.5% drop from May 2019. However, higher-priced rentals, which are those with prices more than 125% of the regions’ average rent, rose 1.3% in May 2020—down from a gain of 2.5% in May 2019.Among the 20 metros studied by CoreLogic, Phoenix had the highest year-over-year growth in May with an increase of 6%. Neighboring Arizona city, Tucson, saw rent prices rise 3.5%, which was followed by Charlotte, North Carolina’s, 2.9% growth.Honolulu was the only metro to experience an annual decline in rent prices, falling 0.4%. St. Louis had the largest deceleration in rent growth in May, with a reported slowdown of 3.8 percentage points from May 2019. Rent single family rent prices 2020-07-24 Mike Albanese The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articlescenter_img Pandemic Creating Downward Pressure on Rental Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe in Daily Dose, Featured, News Home / Daily Dose / Pandemic Creating Downward Pressure on Rental Market The Best Markets For Residential Property Investors 2 days ago July 24, 2020 1,758 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Previous: CRT Securities Investors Face Potential Losses Next: Industry Reacts to HUD’s Termination of Obama-Era Housing Regulation Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Fed to Keep Rates Locked Near 0%

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago March 17, 2021 1,214 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fed federal reserve board Data Provider Black Knight to Acquire Top of Mind 2 days ago Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Sign up for DS News Daily Home / Daily Dose / Fed to Keep Rates Locked Near 0%center_img Related Articles About Author: Eric C. Peck Share Save Previous: Bankruptcy Filings Continue Downward Trend Next: Layton: GSE Scorecard Brings Little Value to the Public The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Fed to Keep Rates Locked Near 0% Wednesday afternoon, the Federal Reserve Board met and voted to keep rates near 0% at least through 2023, while upgrading their overall economic outlook.“The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world,” said the Board of Governors of the Federal Reserve in a post-meeting statement. “Following a moderation in the pace of the recovery, indicators of economic activity and employment have turned up recently, although the sectors most adversely affected by the pandemic remain weak. Inflation continues to run below 2%. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.”The Fed met as the nation’s economy continues to point upward, with unemployment claims dropping by 42,000 last week and portions of the $1.9 trillion American Rescue Plan economic stimulus package—mainly $1,400 in individual stimulus payments—hitting bank accounts this week. These factors, combined with a rise in vaccination roll-outs and an easing of pandemic-mandated restrictions slowly lifting, could position the economy for a strong start this spring.But the Fed still navigates this landscape with caution.“The path of the economy will depend significantly on the course of the virus, including progress on vaccinations,” said the Fed in a statement. “The ongoing public health crisis continues to weigh on economic activity, employment, and inflation and poses considerable risks to the economic outlook. The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.”“The Fed is now probing the unknown as a powerful trio of massive fiscal stimulus, monetary support, and pent-up demand impact an economy released by the widespread dissemination of vaccines,” said Economist Lynn Reaser of Point Loma Nazarene University in a recent Bloomberg feature.The housing market continues to lead the charge, jolting the economy with strong numbers due to all-time-low mortgage rates. Standing at just a shade above the 3% mark, homebuyers are clamoring to a market that is short on supply and big on competition.“In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee’s maximum employment and price stability goals,” said Federal Reserve Chair Jerome H. Powell. “These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.”Realtor.com’s Housing Market Recovery Index—an analysis of new listings, buyer demand, time spent on the market and home prices—stood at 101.6 for the week ending March 6, 0.5 points higher than the previous week, and 1.6 points above pre-pandemic levels. Add a short supply of homes to the mix and the result is a tight market where many are paying well over the listing price to secure the home of their dreams.The Fed estimates that price gains will rise to 2.1% by the end of 2023, the same time unemployment falls further and at a more rapid pace. The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Fed federal reserve board 2021-03-17 Eric C. Peck Subscribelast_img read more

Minister Coveney to chair EU meeting on horse scandal today

first_img Google+ Minister Coveney to chair EU meeting on horse scandal today Need for issues with Mica redress scheme to be addressed raised in Seanad also Twitter WhatsApp The meeting has been called by Ireland, as holders of the EU Presidency, and will be chaired by Agriculture Minister Simon Coveney.The meeting gets underway at 4.30pm Irish time this afternoon.Ireland and the UK are to put together their own response to the crisis – while the EU formulates a wider plan.Henry Burns, Livestock chairman with the IFA, says Minister Coveney must ensure there are more stringent controls over meat processors here: Guidelines for reopening of hospitality sector published Pinterest LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton playpause RELATED ARTICLESMORE FROM AUTHOR Pinterest Google+ Facebook News Previous articleObama pledges to narrow inequality and fight gun crimeNext articleNew legislation on December’s budget will be published today admin By admin – February 13, 2013 Calls for maternity restrictions to be lifted at LUH Facebook Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApplast_img read more