Month: May 2021

Freddie Mac Announces STACR’s Inaugural Actual Loss Transaction

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Freddie Mac Announces STACR’s Inaugural Actual Loss Transaction Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 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. Freddie Mac STACR Structured Agency Credit Risk 2015-04-06 Brian Honea The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Freddie Mac Announces STACR’s Inaugural Actual Loss Transaction Previous: GSEs Making Push to Clear NPLs From Portfolios, Help Borrowers With Loss Mitigation Next: Report: Short Sales, REO Experience Largest Increase in Three Years About Author: Brian Honea in Daily Dose, Featured, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Freddie Mac announced on Monday that it intends to pre-market the first actual loss Structured Agency Credit Risk (STACR) offering starting Monday, April 13.The offering, known as STACR-2015-DNA1, is subject to market conditions. While this STACR offering will be similar to Freddie Mac’s recent STACR transactions, the difference will be that losses will be allocated based on actual losses realized on the related reference obligations as opposed to allocating losses to the debt notes based on a fixed severity approach.Freddie Mac will continue to sell the first loss and mezzanine tranches. The GSE will retain a vertical slice of each tranche sold. Freddie Mac’s historical loan-level dataset is available on its website; about 17 million 30-year fixed-rate single-family mortgages that originated between January 1, 1999, and June 30, 2013, are covered. Certain loan-level actual loss data points are now included in this information after recent updates.”We think the market of the future, where increasing amounts of credit risk will be transferred to private investors, will be actual loss based and we are excited to begin that transition with the next STACR offering,” said Mike Reynolds, Freddie Mac Vice President of Credit Risk Transfer.The STACR offering announced on Monday is Freddie Mac’s inaugural actual loss transaction and its third transaction this year. It is the 12th STACR transaction overall. Freddie Mac began the STACR program in the second half of 2013 as part of the Enterprise’s goal of reducing risk to taxpayers by increasing private capital’s role in the mortgage market. Freddie Mac has laid off a substantial portion of credit risk for more than $205 billion in unpaid balances on single-family mortgages through STACR transactions, according to the GSE.The structuring lead manager for the latest STACR offering will be Credit Suisse, and Citigroup will be the co-lead manager and joint bookrunner. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Tagged with: Freddie Mac STACR Structured Agency Credit Risk April 6, 2015 708 Views Related Articles Subscribe The Best Markets For Residential Property Investors 2 days agolast_img read more

Does Homebuyer Education Lead to Housing Stability?

first_img Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Does Homebuyer Education Lead to Housing Stability? First-Time Homebuyers Homebuyer Education Housing Counseling HUD 2016-07-01 Brian Honea in Daily Dose, Featured, Government, News Efforts to educate new homebuyers are paying off, according to HUD. This week, HUD published early findings from a large-scale study into the benefits of counseling buyers, The First-Time Homebuyer Education and Counseling Demonstration and found that distance and telephone counseling programs in mortgage literacy and preparedness, homebuyer outcomes, and loan performance are indeed helping borrowers make better choices to achieve housing and financial stability.Between September 2013 and January of this year, HUD studied more than 5,800 prospective first-time homebuyers across 28 metro areas, as well as three large national lenders, 63 HUD-approved housing counseling agencies, and two remote service providers. According to the study, 65 percent of early participants (2,377 people) who were offered remote homebuyer education and counseling initiated services, versus just 25 percent of those who were offered in-person education and counseling.HUD cited improved mortgage literacy, greater appreciation for communication with lenders, and improved underwriting qualifications among the positives. There was, however, no evidence of improved budgeting practices, i.e., buyers comparing a budget with their actual spending.“The early findings of this study underscore the need to continue supporting housing education and counseling programs, and the particular importance of making remote education and telephone counseling easily accessible to prospective homebuyers” said Katherine O’Regan, HUD’s assistant secretary for policy development and research.  “Over the next four years, we expect to produce long-sought answers about the impact of homebuyer education and counseling on mortgage literacy and preparedness, homebuyer outcomes and loan performance.”Education, HUD concluded, could be the main factor in moving prospects into actual buyers. In June, the Harvard Joint Center for Housing Studies issued its annual State of the Nation’s Housing report showing a continued decade-long downward trend in homeownership rates, while also noting that the vast majority of Americans indicate a preference for homeownership and that homeownership remains a key component of wealth building potential.“Understanding the extent that education and counseling can facilitate homebuyer success at gaining and keeping a mortgage is critical to mapping the future homeownership strategy for America,” HUD stated. Servicers Navigate the Post-Pandemic World 2 days ago About Author: Scott Morgan The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. Subscribe  Print This Post Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago July 1, 2016 1,525 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: First-Time Homebuyers Homebuyer Education Housing Counseling HUD Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Risk of Default is Rising for New Mortgages Next: Counsel’s Corner: When Borrowers’ Rights and CFPB Collide The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Home / Daily Dose / Does Homebuyer Education Lead to Housing Stability?last_img read more

Confusion Kills Confidence: Borrowers Underestimate Home Equity

first_img Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, TX. Born and raised in Texas, Kendall now works as the online editor for DS News. Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Fannie Mae Underwater Borrowers Fannie Mae Underwater Borrowers 2016-07-12 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 12, 2016 1,527 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Related Articles Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Confusion Kills Confidence: Borrowers Underestimate Home Equitycenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Confusion Kills Confidence: Borrowers Underestimate Home Equity Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Loss Mitigation, News Previous: GSEs Nearing Loan Modification Milestone Next: DS News Webcast: Wednesday 7/13/2016 About Author: Kendall Baer Servicers Navigate the Post-Pandemic World 2 days ago Research done by Fannie Mae shows that although home prices continue to rise, many homeowners and borrowers alike continue to underestimate the amount of equity they have in their homes.According to a recent Redfin report from Steve Deggendorf of Fannie Mae, misinformed homeowners and borrowers may be less likely to refinance their mortgages, apply for home equity loans, or even buy new homes.Because housing prices have continued to rise since 2012, just as reductions in home prices pushed some homeowners underwater, the rising of home prices would be expected to reduce the number of underwater households as well as raise the number of households with substantial home equity. Even though this has proven to be the case according to research conducted by CoreLogic, Deggendorf shares that many consumers are not aware of this fact.Each month, Fannie Mae’s National Housing Survey conducts interviews with homeowners about their thoughts and attitudes for owning and renting a home as well as home and rental price changes and the economy.What was found from this research in the recent month was despite continuing growth in housing prices, the percentage of homeowners who believed they were underwater has remained pretty consistent. This contradicts research conducted by CoreLogic which states that with the increase in home prices, the amount of homeowners underwater has decreased. When Fannie Mae asked homeowners to compare their total mortgage debt to the value of their home in December 2014, it was found that 23 percent of these homeowners believed that they were underwater. Research conducted in 2015 revealed this perception of homeowners believing themselves to be underwater increased to 24 percent. This vastly contrasts the estimate from CoreLogic which states that only an estimated 7 percent of homeowners were in fact underwater.“The idea is not to take on unnecessary mortgage debt or unsustainable behavior, but to be better informed to make major life decisions,” states Deggendorf in his report. “What’s more, reducing the gap between perceived and actual home equity has the potential to remove a barrier that may have hindered housing market activity in general and could create a virtuous cycle that is sorely needed in today’s market.” The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Postlast_img read more

Report Shows Falling Defect Levels

first_img Tagged with: ARMCO Loan Defects loans Demand Propels Home Prices Upward 2 days ago ACES Risk Management (ARMCO) announced the release of the ARMCO Mortgage QC Industry Trends report for Q3 2016 on Wednesday. The report, using the Fannie Mae loan defect taxonomy, gives insight into loan quality nationwide.The report shows that the benchmark critical defect rate dropped 1.27 percent during the quarter, reflecting a downward trend in 2016 following a 1.92 percent high in Q1, and coming close to Q4 2016’s rate of 1.21 percent.ARMCO’s analysis showed that the legal/regulatory/compliance category and the loan package documentation category appear as problem areas, with defect rates of 38.9 percent and 32.5 percent in Q3 2016, respectively. Legal/regulatory/compliance defects rose 14.4 percent between Q2 2016 and Q3 2016.Within the same category, critical defects dropped to a 12-month low, and comprised 22.69 percent of all critical defects, an improvement over Q1 2016 when the legal/regulatory/compliance category comprised 53.23 percent of all critical defects, though it remains the highest category. Loan package documentation, the second highest category, is a known and continuous problem across the industry, though it rarely affects loan saleability.“The findings in the Q3 Mortgage QC Industry Trends report demonstrate that while the industry as a whole is making progress in mitigating loan defects, there are still recurring trouble areas that must be addressed,” said CEO of ARMCO Avi Naider. “At the same time, as we passed the one year anniversary of the implementation date for TRID, it’s fascinating to see a complex picture emerging among our lender base: Essentially, TRID defects still represent a large percentage of overall defects. Yet, lenders are concluding that minor TRID defects do not impact the saleability of their loans based on their experience in the marketplace.”According to the report, Fannie Mae has guided lenders as to what causes defects and how defects are reported for credit related defects.Read the full Q3 2016 report from ARMCO here. ARMCO Loan Defects loans 2017-03-01 Staff Writer  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Premium Title and LendingQB Announce Integration Next: New Jersey, Blue States Have Most Property Taxes March 1, 2017 1,282 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies Sign up for DS News Daily Related Articles The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Report Shows Falling Defect Levels About Author: Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago Share Save 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 Report Shows Falling Defect Levels Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Pre-Foreclosures Spiking in the Big Apple

first_imgHome / Daily Dose / Pre-Foreclosures Spiking in the Big Apple Sign up for DS News Daily Pre-foreclosures have risen 13% year-over-year in New York City, according to the latest data from PropertyShark. Quarter-over-quarter they have registered a spike of 31%.Property Shark’s Q2 foreclosure analysis for NYC indicated that the metro saw a total of 3,070 properties entering the pre-foreclosure stage for the first time. According to the report, foreclosures in the Big Apple are likely to increase in the coming quarters based on these numbers.In fact, each borough saw significant spikes, in this trend with the largest ones occurring in Brooklyn (43%), Staten Island (43%), and the Bronx (41%). Manhattan and Queens saw pre-foreclosures increasing by 17%.At present though, foreclosures seem to be stable in the city. The report indicated that first-time foreclosures decreased by 4% year-over-year in Q2 with a total of 847 properties foreclosing during this period.The city also saw a quarter-over-quarter contraction of 3% in unique cases.Breaking down the foreclosure numbers by borough, the report said that cases in Queens dropped 9% year-over-year. However, quarter-over-quarter the borough saw the largest number of foreclosure cases with a total of 324 homes hitting the auction block in Q2.At 13% Brooklyn saw the largest quarter-over-quarter percentage increase in foreclosures as well as a 7% uptick in foreclosure year-over-year. A total of 242 residential properties were foreclosed in the borough. Brooklyn also saw 1040 unique cases of pre-foreclosure filed in Q2, marking a year-over-year uptick of 21%.Another borough that saw an increase in foreclosures was Staten Island, the report noted. In Q2, foreclosure activity here increased 9% with 159 homes being foreclosed in the area. Staten Island also tied with Brooklyn for quarter-over-quarter pre-foreclosure spikes. The borough saw the largest increase in lis pendens, up 23% year-over-year.The report indicated that the steepest drop in foreclosure activity occurred in the Bronx, where only 96 homes headed to the auction block. Year-over-year foreclosure cases dropped 24%, and 36% quarter-over-quarter in this borough.While foreclosures in Manhattan remained largely unchanged year-over-year it saw a quarter-over-quarter drop of 32%. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles in Daily Dose, Featured, Foreclosure, News Subscribe July 8, 2019 1,971 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Savecenter_img Demand Propels Home Prices Upward 2 days ago Pre-Foreclosures Spiking in the Big Apple The Week Ahead: Nearing the Forbearance Exit 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Foreclosures lis-pendens New York NYC Pre-foreclsoure propertyshark Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Fannie Mae: Housing Sentiment Flip Flops Next: Lawmakers Spar Over Zombie Properties Legislation Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Foreclosures lis-pendens New York NYC Pre-foreclsoure propertyshark 2019-07-08 Radhika Ojhalast_img read more

The Applicability of Contempt Sanctions in Bankruptcy

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Bankruptcy 2020-01-19 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Applicability of Contempt Sanctions in Bankruptcy Subscribe Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / The Applicability of Contempt Sanctions in Bankruptcy Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Bankruptcy Fabrizio & Brook, P.C Related Articles Share Savecenter_img January 19, 2020 2,056 Views Servicers Navigate the Post-Pandemic World 2 days ago Previous: Microsoft Invests $250M in Seattle Housing Next: The Ties Between ‘Global Uncertainty’ and Housing Trends Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Editor’s note: This feature originally appeared in the January issue of DS NewsAn order for discharge in bankruptcy acts as an injunction against any act to collect, recover, or offset a discharged debt. This includes the commencement or continuation of a lawsuit for same. The United States Code sections 524 and 105 authorize a court to impose civil contempt sanctions when a discharge order is breached and, as we know, for the most part, this has been strictly enforced.The majority of courts treat violation of a discharge order close to strict liability. As long as a creditor acted deliberately, with knowledge of the bankruptcy case, civil sanctions may be appropriate. A subjective belief that an action was in compliance, or otherwise exempt from the bankruptcy discharge, would not insulate a creditor from civil contempt.A minority of circuits have followed a more lenient, subjective standard wherein a creditor would not be held in civil contempt simply by establishing that it had a good faith belief that the discharge order did not apply to its claim, even if this belief was unreasonable.The Supreme Court issued a unanimous decision this past June, establishing a new standard for holding a creditor in contempt for violation of a discharge injunction [In re Taggart, 139 S Ct 1795 (2019)]. The court created a standard based on “objective reasonableness.” In other words, the court should not impose contempt sanctions where there is a fair ground of doubt as to the wrongfulness of the defendant’s conduct.In Taggart a prepetition lawsuit for injunctive relief resumed after the debtor’s chapter 7 bankruptcy discharge had entered. The plaintiff was successful in the lawsuit and proceeded to file an action to recover its post-petition attorney fees. The state court held that the discharge injunction did not apply to this debt and granted plaintiff’s post-petition attorney fees. The defendant reopened the bankruptcy action and filed a motion for contempt for violation of the discharge order. The bankruptcy court entered an order for contempt and sanctions for violation of discharge despite the state court’s finding that the discharge did not apply to this debt. After several appeals, the Ninth Circuit, applying a subjective standard of review, ultimately reversed the ruling for contempt and sanctions against plaintiff. The defendant, Taggart, appealed to the Supreme Court and was granted certiorari.Taggart argued that the plaintiff was in violation of the discharge injunction because it was “aware of the discharge” and “intended the action.” This is the strict liability standard applied in the majority of circuits. The Ninth Circuit disagreed because plaintiff was advised by the state court that the discharge did not apply to collection of these post-petition attorney fees and therefore had a “good faith belief” that the discharge injunction did not apply to its action. The Ninth Circuit relied on a subjective standard used in a minority of circuits.Both standards were problematic in that the strict liability standard could lead to sanctions in cases even with a cautious creditor with a reasonable belief that the discharge was not applicable (i.e. a lower court opinion). Alternately, the subjective standard would rely too heavily on “difficult to prove states of mind” leading to costly litigation for both creditors and debtors. In an attempt to create something in between the majority strict liability standard and the less common, subjective standard, the Supreme Court created what may be referred to as an “objective reasonableness” standard. Using this standard, a bankruptcy court may only impose civil contempt sanctions for violating discharge “if there is no fair ground of doubt as to whether the order barred the creditor’s conduct … when there is no objectively reasonable basis for concluding that the creditor’s conduct might be lawful under the discharge order.”The Supreme Court created an objective standard that takes into account reasonableness and good faith. This allows creditors to be somewhat less risk averse in servicing mortgage loans after a bankruptcy discharge. A less strict standard for sanctions is not only beneficial to creditors but could also be beneficial to debtors seeking information about their loans or post-bankruptcy loss mitigation options. It also minimizes some of the conflict creditors face in complying with financial protection rules requiring disclosure such as the FDCPA and FCRA with less threat of sanctions for conflicting with bankruptcy regulations. About Author: Rose Marie Brook Sign up for DS News Daily in Daily Dose, Featured, Loss Mitigation, News, Print Featureslast_img read more

Foreclosure Report: Which States Are Seeing Increases?

first_img The Best Markets For Residential Property Investors 2 days ago August 27, 2020 3,839 Views Related Articles in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post ATTOM Data Solutions 2020-08-27 Christina Hughes Babb Home / Daily Dose / Foreclosure Report: Which States Are Seeing Increases? Previous: Most Competitive Housing Markets Next: FHFA and FHA Extend Foreclosure, REO Eviction Moratoriums Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily center_img 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 Foreclosure Report: Which States Are Seeing Increases? The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago ATTOM Data Solutions this week released its July 2020 U.S. Foreclosure Market Report, which shows there were a total of 8,892 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in July 2020, down 4% from a month ago and 83% from a year ago.“Even as mortgage delinquency rates climb, foreclosure activity continues to be artificially low due to moratoria put in place by the Federal and State governments,” said Rick Sharga, EVP at RealtyTrac (an offspring of ATTOM). “It’s inevitable that there will be a significant increase in foreclosures once these moratoria have expired, although it’s unlikely that we’ll see default rates reach the levels we saw during the Great Recession.”Delaware, South Carolina, Maine post highest state foreclosure rates, according to the report, which included the following details:”Nationwide one in every 15,337 housing units had a foreclosure filing in July 2020. States with the highest foreclosure rates were Delaware (one in every 6,489 housing units with a foreclosure filing); South Carolina (one in every 7,328 housing units); Maine (one in every 7,542 housing units); New Mexico (one in every 8,255 housing units); and California (one in every 9,194 housing units).Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in July 2020 were Trenton, NJ (one in every 3,445 housing units with a foreclosure filing); McAllen, TX (one in every 3,833 housing units); Davenport, IA (one in every 4,038 housing units); Dayton, OH (one in every 4,055 housing units); and Albuquerque, NM (one in every 4,452 housing units).Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in July 2020 included Louisville, KY (one in every 5,383 housing units); Riverside, CA (one in every 7,345 housing units); Baltimore, MD (one in every 8,139 housing units); Cincinnati, OH (one in every 8,289 housing units); and St. Louis, MO (one in every 8,514 housing units).Nationwide, foreclosure starts are down. A total of 4,530 U.S. properties started the foreclosure process in July, 7% less than last month and 83% from a year ago.”Counter to the national trend, several states posted month-over-month increases in foreclosure starts, including Connecticut (up 54%); Michigan (up 42%); Missouri (up 34%); Virginia (up 32%); and California (up 1%).Among metropolitan areas with a population greater than 1 million, those with the greatest number of foreclosure starts in July 2020 were Los Angeles, CA (285 foreclosure starts); New York, NY (190 foreclosure starts); Chicago, IL (182 foreclosure starts); Houston, TX (174 foreclosure starts); and Atlanta, GA (125 foreclosure starts).Bank repossessions continue to drop to lowest levels. Lenders foreclosed (REO) on a total of 2,163 U.S. properties in July 2020, down 14% from last month and 80% from a year ago to the lowest since we began tracking in 2005.“Even after default activity starts to increase, we may not see a similar increase in the number of repossessions,” Sharga noted. “The combination of record levels of homeowner equity, extremely limited supply of homes for sale, and strong homebuyer demand should give many distressed homeowners an opportunity to sell their property rather than lose it to foreclosure.” Demand Propels Home Prices Upward 2 days ago Tagged with: ATTOM Data Solutions Subscribe About Author: Christina Hughes Babblast_img read more

FHFA and FHA Extend Foreclosure, REO Eviction Moratoriums

first_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb August 27, 2020 4,991 Views  Print This Post Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago FHFA and FHA Extend Foreclosure, REO Eviction Moratoriums 2020-08-27 Christina Hughes Babb 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 agocenter_img 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. Servicers Navigate the Post-Pandemic World 2 days ago Previous: Foreclosure Report: Which States Are Seeing Increases? Next: Fannie Mae Offers Assistance to Disaster-Impacted Servicers Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Home / Daily Dose / FHFA and FHA Extend Foreclosure, REO Eviction Moratoriums The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago UPDATE: The Federal Housing Administration (FHA) and HUD announced, shortly following FHFA’s similar announcement, the third extension of its foreclosure and eviction moratorium through December 31, for homeowners with FHA-insured single family mortgages covered under the Coronavirus Relief and Economic Security (CARES) Act. According to a statement, “this extension provides an additional four months of housing security to homeowners, as they will not fear losing their homes as they work to recover financially from the adverse impacts of the pandemic. With this third extension, FHA has now provided more than nine months of foreclosure and eviction relief to FHA-insured homeowners.”HUD Secretary Ben Carson added, “President Trump is taking unprecedented measures to ensure American homeowners have the resources and support they need to get back to financial stability during the economic recovery. Because homeownership is the largest wealth builder for the majority of the nation’s families, providing relief from foreclosure and eviction to those who are in jeopardy of losing their hard-earned wealth, through no fault of their own, is a priority.”FHA’s Single Family foreclosure and eviction moratorium has been in place since March 18, and continues to apply to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages.“For so many first-time homebuyers and others who relied on FHA insurance to achieve homeownership, this extension provides an additional measure of peace-of-mind and security, along with the fact that we do not require a lump sum payment at the end of any forbearance period,” said Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade. “Right now, it’s important that those affected by COVID-19 focus on the immediate priorities of regaining their financial footing, without the additional stress of dealing with a foreclosure action.”HUD further outlines the precise nature of the extension on its website.Initial report:In order to “support households impacted by COVID-19,” Fannie Mae and Freddie Mac today announced an extension of the temporary moratoria on foreclosures and evictions until December 31. The moratoria, previously set to expire August 31, is effective immediately and applies to properties with single-family mortgages backed by the GSEs. The suspension of evictions applies only to homes owned by Fannie or Freddie and does not apply to tenants in homes that have not been foreclosed.”Fannie Mae, along with our lending and servicing partners, remains committed to supporting households who are experiencing job loss, a reduction in work hours or income, or other issues due to COVID-19,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. “With this latest extension of the foreclosure and eviction moratorium, we can continue to help ensure distressed borrowers are able to remain in their homes during this national emergency. For homeowners who may be struggling with their mortgage or facing possible foreclosure, assistance options are available and can provide much-needed relief. We encourage you to reach out to your servicer as soon as possible to get help.”FHFA Director Mark Calabria added, “To help keep borrowers in their homes during the pandemic, FHFA is extending the Enterprises’ foreclosure and eviction moratoriums through the end of 2020. This protects more than 28 million homeowners with an enterprise-backed mortgage.”Guidelines for single-family mortgages:Homeowners who are adversely impacted by the COVID-19 national emergency may request mortgage assistance by contacting their mortgage servicerForeclosure-related activities (except as to vacant or abandoned properties) and evictions of occupants from real estate owned by Fannie Mae are suspended until December 31, 2020Homeowners impacted by COVID-19 are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 monthsServicers must report the status of the mortgage loan to the credit bureaus in accordance with the Fair Credit Reporting Act, including as amended by the CARES Act, for homeowners impacted by COVID-19Homeowners in a forbearance plan will not incur late feesAfter forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modificationHomeowners can find out if they have an enterprise-owned mortgage by visiting  KnowYourOptions.com/loanlookup.Fannie Mae said in a statement that it “has taken a number of actions to help homeowners and renters facing financial hardship due to COVID-19. In addition to suspending foreclosures and evictions affecting homeowners, Fannie Mae extended eviction protections to multifamily renters when the property owner received a forbearance, reminded homeowners they are never required to repay missed payments after a forbearance period all at once, shared tips to help homeowners avoid foreclosure fraud or scams, and announced a new COVID-19 payment deferral option to help homeowners who are ready to resume their monthly mortgage payments following a COVID-19 forbearance. These and other resources we make available are part of our ongoing Here to Help education effort, aimed at helping homeowners and renters impacted by COVID-19 understand the options available to them.”This is a breaking news story that might be updated as new information is available. Subscribelast_img read more

Buyers’ Agent Fees Could Drop With Updated Transparency Regulations

first_img 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. About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago February 26, 2021 1,902 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Data on real estate agent commissions is about to become entirely public for the first time in American history.It’s the result of an antitrust settlement between the National Association of Realtors (NAR) and the Department of Justice (DOJ), and industry pundits expect it will usher in a new era of pricing competition in housing.In early February, Redfin announced it would display the buyer’s agent commission for more than 700,000 home listings. Now that will be standard practice industry-wide.”Homebuyers will finally see how much money their agent stands to earn on any home for sale, letting them evaluate whether they’re getting good value for their money,” said Redfin CEO Glenn Kelman. “On the other side of the deal, people listing their home will find out what other sellers are paying buyers’ agents, without having to take their agents’ word for it. This information could usher in a new era of price competition that saves consumers billions of dollars in fees.”The NAR/DOJ agreement also forbids real estate agents from misrepresenting that buyer broker services are free.Most homeowners don’t fully comprehend how their agents are paid, found a 2019 survey commissioned by Redfin, which, more specifically, showed 61% of homebuyers did not understand commissions. “This leaves buyers unable to compare agent services and evaluate them on service and price,” Redfin reported.”In a typical home sale transaction, the seller pays the fees of both their agent and the buyer’s agent,” according to the latest from Redfin data journalist Lily Katz. “The total commission is normally 5%–6%, with about half paid to the seller’s agent and half to the buyer’s agent.”The DOJ settlement only impacts buyer’s agent commissions, which are the focus of the latest Redfin report. Past research has indicated that price transparency across industries often leads to lower prices.“When a homeowner can see that their neighbor offered a 2.5% buyer’s agent commission rate, it makes it much easier to justify offering a similar rate when they sell their home,” said Redfin Chief Economist Daryl Fairweather.Technology and other factors have led to increasingly lower commissions for buyer’s agents, as well, Katz wrote. In a red-hot seller’s market, some have realized that finding a buyer will be a cinch, regardless of the commission they offer to the buyer’s agent, Katz noted.“I’ve been talking with some of my sellers about offering no more than 2.5% given the lack of inventory,” Sylva Khayalian, a Redfin real estate agent in Los Angeles told Katz. “There’s such a huge shortage of houses for sale that most homes will attract a long line of eager buyers no matter what. As a result, many sellers feel they don’t need to compensate the buyer’s agent as much for that part of the process.” in Daily Dose, Featured, Market Studies, News Buyers’ Agent Fees Could Drop With Updated Transparency Regulations Previous: How Many Mortgage Holders Are Still Utilizing Forbearance? Next: Many SFR Investors Face Above-Average Risk of Default Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago 2021-02-26 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Home / Daily Dose / Buyers’ Agent Fees Could Drop With Updated Transparency Regulations The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Subscribelast_img read more

Letterkenny Mayor wants consultation on use of An Grianan plaza

first_img Google+ Calls for maternity restrictions to be lifted at LUH Facebook RELATED ARTICLESMORE FROM AUTHOR NPHET ‘positive’ on easing restrictions – Donnelly Help sought in search for missing 27 year old in Letterkenny Twitter WhatsApp Guidelines for reopening of hospitality sector published Google+ Pinterest WhatsAppcenter_img Pinterest Three factors driving Donegal housing market – Robinson Twitter Facebook Letterkenny Mayor wants consultation on use of An Grianan plaza The Mayor of Letterkenny is proposing that more use be made of the plaza outside An Grianan Theatre.Speaking at last night’s meeting of the Town Council, Cllr Dessie Larkin said it’s time to explore how best to use it as a public space. There have been concerts and events there in the past, and at one point. a farmers’ market was held there.Cllr Larkin says he wants a full consultation to decide how to use an area that could start a regeneration of a whole Port Road area……………..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/11/dlark1pm.mp3[/podcast] News 448 new cases of Covid 19 reported today By News Highland – November 20, 2012 Previous articleBuncrana Councillor hits out at lack of progress on Kelvin spurNext articleConsultation launched on Master Plan for City of Derry Airport News Highland last_img read more