DS News Webcast: Friday 2/21/2014

first_imgSign 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 Demand Propels Home Prices Upward 2 days ago About Author: DSNews Previous: Fewer Prospective Homeowners to Clash Over Homes Next: Florida Men Sentenced for Defrauding Millions from Homeowners Governmental Measures Target Expanded Access to Affordable Housing 2 days ago 2014-02-21 DSNews Is Rise in Forbearance Volume Cause for Concern? 2 days ago Related Articles in Featured, Media, Webcasts Demand Propels Home Prices Upward 2 days agocenter_img RealtyTrac released a yearly housing affordability analysis Thursday, noting an average 21% increase in monthly house payments. Average payments rose from $714 in the fourth quarter of 2012 to $865 in the fourth quarter of 2013. Rising interest rates are cited as a factor in the increased payments. Interest rates rose to 4.46% in 2013 from the 2012 rate of 3.35%. On average, the increase in rates caused a 10 percent rise in median prices.Despite rising interest rates, the report notes that buying a home is still cheaper than renting in 296 out of 325 counties. Counties with some of the biggest increases in estimated monthly house payments included Contra Costa and Sacramento counties in California, both up more than 50%, Wayne and Oakland counties in Michigan, both up more than 45%, and Clark County, Nevada, up 43%.On Thursday, Realtor.com released its National Housing Trend Report for January. Despite severe weather conditions, the report notes positive trends in the number of listings and median list prices of homes. The number of listings rose 3.1% from January 2013, and the median list price is up 8.3% to $195,000. The median age of inventory is unchanged at 115 days. More listings and steady inventory point to a more stable market in 2014 says the real estate website.  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago February 21, 2014 425 Views DS News Webcast: Friday 2/21/2014 Servicers Navigate the Post-Pandemic World 2 days ago Home / Featured / DS News Webcast: Friday 2/21/2014 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribelast_img read more

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Report: Morgan Stanley in Settlement Talks with New York AG Over Subprime Loans

first_img Tagged with: Morgan Stanley New York Attorney General Settlements Subprime Loans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Report: Morgan Stanley in Settlement Talks with New York AG Over Subprime Loans Related Articles March 2, 2015 866 Views Share Save The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago 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. Investment firm Morgan Stanley is currently negotiating a possible settlement with the office of New York Attorney General Eric Schneiderman over the mishandling of subprime mortgage loans in the run-up to the housing market crash and financial crisis, according to multiple media reports.According to a regulatory filing from Morgan Stanley, the New York AG said on January 13 that it planned to file a lawsuit against the investment firm under the Martin Act, a New York law that allows the state’s AG to file such suits with regards to financial fraud. The suit in this case is over alleged omissions of material information for 30 subprime securitizations on the part of Morgan Stanley, calling into question the investment firm’s due diligence, underwriting, and valuation processes, according to reports.A spokesperson from Schneiderman’s office, when reached by email, declined to comment on the lawsuit or the possibility of a settlement. According to Morgan Stanley’s regulatory filing, the investment firm disagrees with the allegations and has presented Schneiderman’s office with defenses, the reports said.The settlement talks with the New York AG are separate from an agreement Morgan Stanley made last week with the U.S. Department of Justice to pay $2.6 billion to resolve similar claims the handling of residential mortgage-backed securities.Morgan Stanley, a worldwide investment firm that is headquartered in New York, has had ongoing legal troubles in the last year with regards to its sales of RMBS prior to the financial crisis, resulting in a series of settlements totaling hundreds of millions.In mid-February, Morgan Stanley made a motion in the New York Supreme Court to dismiss two lawsuits filed by the Federal Housing Finance Agency (FHFA) accusing the firm of failing to buy back $2.5 billion worth of faulty residential mortgage-backed securities.In February 2014, the firm settled a separate lawsuit filed by FHFA for $1.25 billion over the selling of faulty RMBS to Fannie Mae and Freddie Mac during the run-up to the financial crisis. Servicers Navigate the Post-Pandemic World 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Home / Daily Dose / Report: Morgan Stanley in Settlement Talks with New York AG Over Subprime Loans Previous: Analysts: Mortgage Market Can Handle Twice As Much Default Risk Next: Treasury Official Says Administration is ‘Ready, Willing, and Able’ to Talk Housing Finance Reform The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Morgan Stanley New York Attorney General Settlements Subprime Loans 2015-03-02 Brian Honea in Daily Dose, Featured, News Subscribelast_img read more

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Kashkari Responds to JPMorgan Chase CEO

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Kashkari Responds to JPMorgan Chase CEO Previous: Lenders Preferred Refinancing Over New Purchases Post-Crisis Next: Court Finds No Pro-Bank Bias From Judge in Foreclosure Case  Print This Post in Daily Dose, Featured, Government, Loss Mitigation, Market Studies, News Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Kashkari Responds to JPMorgan Chase CEO Sign up for DS News Daily Tagged with: Bailout Banks Fed About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Bailout Banks Fed 2017-04-10 Seth Welborn Share Save Related Articles Demand Propels Home Prices Upward 2 days ago April 10, 2017 1,441 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previously, JPMorgan Chase CEO Jamie Dimon stated in his annual letter to shareholders that the issue of “Too Big to Fail” is solved.“Essentially, Too Big to Fail has been solved—taxpayers will not pay if a bank fails,” said Dimon in his shareholder letter. “The American public has the right to demand that if a major bank fails, they, as taxpayers, would not have to pay for it, and the failure wouldn’t unduly harm the U.S. economy. In my view, these demands have now both been met.”Despite the sunny outlook from Dimon, Minneapolis Federal Reserve President Neel Kashkari stated in an interview with Adam Shapiro on Fox Business that Too Big to Fail has not been solved, and is in fact worse. In addition, Neel Kashkari took issue with Dimon’s statement in his letter that banks are excessively capitalized, and that the capital standards should be lowered.“Unfortunately, both of those statements are wrong,” Kaskari said of the statements in Dimon’s letter. “The biggest banks are bigger than they were before the crisis, they’re absolutely sill too big to fail. It’s important that the American people know it.”Shapiro brought up the issue of bondholders expecting tax payers to bail them out. According to Kashkari, the issue is that if bondholders of one bank see losses being imposed on one bank, it could set off a “domino effect” of bondholders pulling their funds from the bank.“The only way to stop these dominoes from falling is equity, common stock” said Kashkari. “Equity holders are supposed to take losses, they have no ability to take pull their money out of a bank, unlike a bond. That fundamental difference is what makes equity so powerful in stabilizing the bank, and preventing those dominoes from falling.”Kashkari stated that instead of lowering the capital standards, capital standards should be raised. According to Kashkari, the banks are 70 percent likely to require a bailout again within the next century, and a raised capital standard would help the Fed to relax standards to help small banks.“[Capital standards] need to be roughly doubled from where they are today,” said Kashkari. “If we make the biggest banks put down about 20 percent on their investments, that buffer will be there to protect you and me, to protect the taxpayers.”last_img read more

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Georgia Addresses Statute on Execution of Documents

first_imgSign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Georgia Addresses Statute on Execution of Documents Demand Propels Home Prices Upward 2 days ago 2018 black book Georgia Statute of limitations 2018-01-18 David Wharton The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Share Save Subscribe The Best Markets For Residential Property Investors 2 days ago Related Articles Tagged with: 2018 black book Georgia Statute of limitations Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 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 Previous: Defining Debt Collectors Next: Can 2017’s Mighty Construction Numbers Keep Rolling in 2018? in Daily Dose, Featured, Magazine, Print Features Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Georgia Addresses Statute on Execution of Documents January 18, 2018 10,419 Views The Best Markets For Residential Property Investors 2 days ago Editor’s note: This story was originally featured in the January issue of DS News, out now.In 2015, the Georgia legislature passed a bill on the witnessing of documents for recording in Georgia. The bill went into effect on July 1, 2015, applying only to documents executed after that date. Despite the passage of time, it is still the case that many documents important to lenders and servicers in Georgia are not being executed in accordance with the new requirements, which leads to delays in collection enforcement actions, including foreclosures. This is especially true for documents executed outside Georgia, which has become increasingly common as lenders and servicers have become more national operations.The StatuteThe new “bill on the witnessing of documents for recording in Georgia” is actually not one statute but a series of amendments to existing statutes that affect the execution and witnessing of warranty deeds, quitclaim deeds, and, most importantly for lenders and servicers, security deeds (or deeds to secure debt) and assignments. These documents must now be “signed by the maker, attested by an officer as provided in Code Section 44-2-15 [basically, a notary], and attested by one other witness.” In short, documents for recording in Georgia must now be attested by two (2) witnesses, one of whom must be the notary. This is now viewed as the exclusive way that documents must be signed to be admitted for recording in Georgia.What it MeansThe significant effect of this new language is that it no longer permits documents to be executed with two witnesses, with the notary then using a notary acknowledgment form. For reasons that are open to speculation, this method of witnessing and notary acknowledgment had become more common in Georgia in the last 15 years or so. But use of a notary acknowledgment form indicates that the notary actually did not witness the signing, and so this is now not a good practice, as the stated requirement in the revised statutes is that the execution of the document must be attested (witnessed) by the notary (an officer as provided in Code Section 44-2-15). Regardless, it is still not unusual to see documents executed in Georgia, especially assignments, that do not comply with the requirements, even after more than two years in effect.An equally significant effect of the new language is how it may (or may not) interact with witnessing requirements for documents executed in states other than Georgia that are to be recorded in Georgia. For example, some states have statutorily prescribed notary acknowledgment language that makes it clear that the notary did not actually witness the signing of the document—and the problem is worse in states where there are varying opinions and practices regarding how much the statutorily prescribed acknowledgment language can be changed. In such states, less is better, so minor additions such as “notary witness” or “in my presence” or “who appeared before me” can do the trick. In other states, no witnesses at all are required by that state’s laws, only a notary acknowledgment. In these cases, a witness signature will need to be added, in addition to making modifications to the acknowledgment language to be sure it states that the notary witnessed the signing. These issues and potential conflicts probably can be worked out satisfactorily, but it does require understanding of the issues and requirements involved. Jon F. Young is an attorney in Weissman’s residential foreclosure practice. Throughout his career, Young has also advised and represented homebuilders, developers, lenders, and loan servicers on variety of matters.last_img read more

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Can Tiny Homes Help Combat Affordability Issues?

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Affordability Home Prices inventory shortages Redfin tiny homes 2018-04-27 David Wharton Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Can Tiny Homes Help Combat Affordability Issues? Tagged with: Affordability Home Prices inventory shortages Redfin tiny homes Previous: This Factor Is Keeping Many Homeowners From Moving Next: Sam Khater Joins Freddie Mac as Chief Economist in Daily Dose, Featured, Journal, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily center_img David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Related Articles About Author: David Wharton The Best Markets For Residential Property Investors 2 days ago With home prices and demand continuing to soar and housing inventory running short in many markets, homebuyers might have to start reconsidering what they’re looking for from a home. One trend that’s been the subject of much coverage is the so-called “tiny homes” phenomenon—bite-sized domiciles that cater to those looking for cheaper options and a simpler approach to daily living. But can these tiny homes really serve as a viable option for homebuyers looking to find more affordable alternatives? Redfin’s new report breaking down the top 10 most popular tiny homes on the market might provide some clues.To find the top 10 tiny homes on the market, Redfin looked at “actively listed single-family homes under 600 square feet in more than 80 markets” and used the number of “favorites” from Redfin users to gauge each home’s popularity among home shoppers. The most popular tiny home currently on the market, according to Redfin, is a quaint, 580 square-foot home in Seattle, Washington. Listed for $309,950, the home certainly isn’t cheap, but it is less than half of the Seattle median home price of $772,729 (according to Zillow data).The top three tiny homes are all in Washington, actually. Number two on the list is a 400 square-foot residence in Monroe, Washington (median home price $424,885), and it’s listed for just shy of $300k. The third-most-popular entry is 440 square feet, listed for $229,000, and located in Gold Bar, Washington (median home price $291,744).With the exception of number six (also in Washington state), the rest of Redfin’s top 10 list is located in California. It’s not surprising that some Californian home shoppers might consider going the tiny homes route—home prices in many California markets have traditionally been high, and the state as a whole is facing severe housing shortages. But how do these pint-sized California homes compare to their Washington counterparts in terms of affordability?The top California tiny home on the list is in the midst of one of the hottest markets in the country, Los Angeles. At 470 square feet and $465,000, this L.A. home is almost $200k cheaper than the $674,140 median home price for L.A.For those willing to sacrifice space to save money, tiny homes do look to be a viable option for homebuyers who can find one to their liking. Riverside, California, is apparently something of a tiny home mecca, with 153 of them currently listed, well ahead of Phoenix’s 99, New York’s 86, L.A.’s 70, and Tampa’s 55.Of course, smallness doesn’t guarantee affordability. Redfin reports that the most expensive tiny home on the market is a 600-square-foot home in Santa Cruz, California, that’s going for $1.25 million—or more than two grand per square foot. (The median home value in Santa Cruz is $913,912.) The Best Markets For Residential Property Investors 2 days ago  Print This Post Can Tiny Homes Help Combat Affordability Issues? Demand Propels Home Prices Upward 2 days ago April 27, 2018 2,613 Views Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Are Home Prices Finally Slowing Their Pace?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Are Home Prices Finally Slowing Their Pace? in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Best Markets for Single-Family Rental Investment Next: Untapped Urban Development Potential Subscribe Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 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. Related Articles About Author: Radhika Ojhacenter_img Demand FHFA Homes House Prices HPI Prices Regions Supply 2018-05-24 Radhika Ojha May 24, 2018 1,198 Views Home / Daily Dose / Are Home Prices Finally Slowing Their Pace? The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Demand FHFA Homes House Prices HPI Prices Regions Supply Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Home prices in the U.S. rose 1.7 percent in the first quarter of 2018 according to the Federal Housing Finance Agency’s (FHFA’s) House Price Index (HPI). The FHFA said that house prices rose 6.9 percent from the first quarter of 2017 and the first quarter of 2018.”Home prices continue to rise across the U.S. but there are signs of tapering,” said Dr. William Doerner, Senior Economist at FHFA. “Since housing markets began to rebound in 2012, house prices appreciation has been positive because demand has outpaced supply. In the last month, however, some regions reflect a slowing or even flattening of house price growth.”In this video, Doerner gives a breakdown of how prices performed across regions.<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span>last_img read more

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New Faces in Housing Regulation

first_imgHome / Daily Dose / New Faces in Housing Regulation The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Another Look at GSE Credit Score Models Next: Industry Pulse: Updates on The Mortgage Law Firm, Fabrizio & Brook, and More … in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago December 13, 2018 1,468 Views The Best Markets For Residential Property Investors 2 days ago New Faces in Housing Regulation Related Articles Share Save 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.  Print This Post Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Radhika Ojha The Best Markets For Residential Property Investors 2 days ago HUD. Julián Castro Kathleen Kraninger Mark Calabria Maxine Waters 2018-12-13 Radhika Ojha Demand Propels Home Prices Upward 2 days ago Tagged with: HUD. Julián Castro Kathleen Kraninger Mark Calabria Maxine Waters Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago It has been a busy week in Washington, D.C., with new appointments and nominations that could, directly and indirectly, impact the housing industry. We take a look at all the new people who are likely to impact housing regulation in 2019.A New Financial Services Committee HeadWhen the Democrats took the House in the midterm elections, Maxine Waters (D-Calif.) was pegged as a favorite to succeed the current House Financial Services Committee Chair Jeb Hensarling (R-Tex). The week began with the Representative from California earning the nomination to chair the committee from her fellow Democrats.According to the Washington Examiner, Waters, who has been a vocal critic of some of the administration’s current policies, said that she would “prioritize protecting consumers and investors from abusive financial practices,” while ensuring “strong safeguards” to prevent another financial crisis.The Examiner said that she also promised to bolster affordable housing opportunities while promoting diversity and inclusion in the financial services sector. Waters also plans to keep a close eye on the Bureau of Consumer Financial Protection (BCFP) that just got a new head last week. “Of particular importance is ensuring that the Consumer Financial Protection Bureau is not dismantled by Trump’s appointees. This critical agency must be allowed to resume its work of protecting consumers from unfair, deceptive or abusive practices without interference from the Trump Administration,” she said.The New BCFP DirectorKathleen Kraninger began her stint as the BCFP’s new Director this week after she was confirmed by the Senate to lead the agency for five years on December 6. At a press conference, Kraninger answered questions ranging from which policies laid down by the outgoing Acting Director, Mick Mulvaney would she change and not change, including changing the name from Consumer Financial Protection Bureau (CFPB) to Bureau of Consumer Financial Protection (BCFP).Kraninger said that she would take a fresh look at Mulvaney’s decision to change the name of the agency while acknowledging the internal BCFP report that the name change would cost the industry $300 million. Additionally, she said that she cared “more about what the agency does than what it is called.” Her regulatory priorities, she said, were reflected in the BCFP’s most recent semi-annual regulatory agenda.The FHFA NomOn Wednesday, the Trump administration announced the nomination of Dr. Mark Calabria, who is currently the Chief Economist to Vice President Mike Pence, to lead the Federal Housing Finance Agency for five years after the term of the current FHFA Director, Mel Watt expires in January.If confirmed, Calabria would have significant influence over the housing finance market at the FHFA. According to Bloomberg, Calabria had previously pushed for putting Fannie and Freddie into receivership. “Calabria, a former scholar at the libertarian Cato Institute, has also called for abolishing the mortgage-interest deduction, something millions of homeowners benefit from. In addition, he has supported getting rid of government subsidies for the 30-year fixed rate mortgage,” Bloomberg said. Read about what the industry and regulators had to say about the nomination here.Looking at 2020On Thursday, former Secretary of the U.S. Department of Housing and Urban Development (HUD) Julián Castro, took a step towards throwing his hat in the ring for the 2020 Presidential elections by forming a presidential exploratory committee. However, the Democrat from Texas said that he would announce a decision on January 12, 2019. “I know where I’m leaning, for sure,” Castro told the Associated Press.An exploratory committee usually is a formality before a candidate launches a presidential campaign. It legally allows potential candidates to begin raising money. Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

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GSEs Release LIBOR Transition Resources

first_img May 28, 2020 1,426 Views Share Save Tagged with: Fannie Mae FHFA Freddie Mac LIBOR Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 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. Demand Propels Home Prices Upward 2 days ago Previous: High-Risk Homes Lack Flood Insurance Next: Additional 2.1M Americans File For Unemployment Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post The Federal Housing Finance Agency (FHFA) have announced that Fannie Mae and Freddie Mac (the Enterprises) have launched new websites that provide key resources for lenders and investors as the Enterprises transition away from the London Interbank Offered Rate (LIBOR). LIBOR is expected to stop being published at the end of 2021. The Enterprises’ websites contain information about resources and products, including the Enterprises’ jointly published LIBOR Transition Playbook and Frequently Asked Questions (FAQ).“To protect our nation’s housing finance markets, FHFA has directed the entities we regulate to transition away from LIBOR. These resources will help market participants to likewise move away from LIBOR in a safe and sound manner,” said FHFA Director Mark Calabria.Available at Fannie Mae and Freddie Mac’s websites, the Playbook describes key transition milestones and recommended actions for stakeholders to consider as they manage the upcoming transition away from LIBOR. Together with the accompanying FAQs, these tools will help participants plan and adapt business policies, procedures, and processes to support products linked to alternative reference rates, discontinue most LIBOR-indexed products by the end of 2020, and prepare for discontinuing the use of LIBOR as an index.”Fannie Mae’s LIBOR Transition webpage is a resource for lenders and investors to access key updates and information during this historic shift in the markets,” said Bob Ives, SVP and Treasurer, Fannie Mae. “Today’s announcement marks an important milestone in the transition from LIBOR to an alternative reference rate. We remain committed to ensuring a successful transition for our products, while we continue fulfilling Fannie Mae’s mission during these uncertain times.”The Enterprises also announced today updates related to transitioning their Credit Risk Transfer (CRT) programs and their collateralized mortgage obligations (CMOs), including the cessation dates for new issuances indexed to LIBOR and the expected dates for new issuances indexed to the Secured Overnight Financing Rate (SOFR). Details of these important milestones are available on the Enterprises’ LIBOR Transition webpages. Fannie Mae FHFA Freddie Mac LIBOR 2020-05-28 Seth Welborn Subscribe in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago GSEs Release LIBOR Transition Resources About Author: Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / GSEs Release LIBOR Transition Resources Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Low Supply, Rates Lead to ‘Fierce’ Competition

first_img Servicers Navigate the Post-Pandemic World 2 days ago About Author: Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Previous: 4 Hallmarks of an Exceptions SFR Services Provider Next: Metros With Increasing Foreclosure Activity The Best Markets For Residential Property Investors 2 days ago Subscribe Sign up for DS News Daily For the ninth consecutive month, more than half of all offers authored by Redfin real estate agents faced a competing bid, according to a monthly survey by Redfin.The COVID-19 pandemic and resulting surge in remote labor, for many Americans, continues to prompt a search for larger homes and relocation to more spacious environs, Redfin reports. Pending home sales were up 28% annually in the week ending January 24, while the number of homes for sale was down 36%.Mortgage rates remain at historic lows, with the average 30-year fixed-rate at 2.73% in the week ending February 4, which is “another motivating factor for buyers,” researchers say.“The number of homes for sale is at an all-time low and the supply shortage only seems to be getting worse,” said Redfin Chief Economist Daryl Fairweather. “With so few new listings hitting the market, I expect bidding wars to become more common and involve even more potential buyers as we head into the spring homebuying season. The best thing buyers can do is prepare: Prepare to see homes quickly as soon as they hit the market; prepare by talking to a lender and getting preapproved, and prepare by talking to your agent about how much a home you like is worth so you can go into a bidding war with your strongest offer tactics, but know when to back away if the price escalates more than you’re willing to pay.”The report shows Salt Lake City, San Diego, and the Bay Area have seen the largest share of such competition.One agent from California calls the competition “fierce” and says “nearly everything is selling in five to six days.”“I’m advising my sellers to get a hotel for the weekend while potential buyers tour their house, and we review offers on Monday,” said San Diego Redfin agent Charles Wheeler. “Some homes get 30 to 40 tours in just two days and more than 10 offers. I tell buyer’s agents to give me their highest and best offers right off the bat, because the sellers are going to be so inundated they’ll only consider the top three or four offers. Buyers shouldn’t expect to negotiate on price right now—if they want to win a house, they need to pay the asking price or more.” Share 2Save Low Supply, Rates Lead to ‘Fierce’ Competition Home / Daily Dose / Low Supply, Rates Lead to ‘Fierce’ Competition in Daily Dose, Featured, Market Studies, News 2021-02-15 Christina Hughes Babb February 15, 2021 860 Views 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 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. last_img read more

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Where Property Taxes Are Lowest

first_img in Daily Dose, Featured, Market Studies, News  Print This Post Demand Propels Home Prices Upward 2 days ago Related Articles Where Property Taxes Are Lowest The Best Markets For Residential Property Investors 2 days ago 2021-02-24 Eric C. Peck About Author: Eric C. Peck The Week Ahead: Nearing the Forbearance Exit 2 days ago February 24, 2021 1,400 Views The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Where Property Taxes Are Lowest According to the U.S. Census Bureau, the average American household spends $2,471 on property taxes for their homes each year. Considering this figure and the massive amount of debt in America, it’s no surprise that more than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association.The study, 2021’s Property Taxes by State, authored by John S. Kiernan, Managing Editor of Wallethub, found that nationwide, Blue States have 31.12% higher real-estate property taxes, averaging $2,722, than Red States, which averaged $2,076.The top five states with the highest property taxes (annual taxes on a home priced at $217,500) include: New Jersey at an average of $5,419; Illinois at an average rate of $4,942; New Hampshire at an average rate of $4,738; Connecticut at an average rate of $4,658; and Vermont at an average rate of $4,135.The top five states with the lowest property taxes (annual taxes on a home priced at $217,500) include: Hawaii at an average of $606; Alabama at an average rate of $895; Colorado at an average rate of $1,113; Louisiana at an average rate of $1,187; and the District of Columbia at an average rate of $1,221.For real-estate property tax rates, WalletHub divided the “median real-estate tax payment” by the “median home price” in each state. WalletHub then used the resulting rates to obtain the dollar amount paid as real-estate tax on a house worth $217,500, the median value for a home in the U.S. as of 2019 according to the Census Bureau. Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img An analysis of property taxes by Wallethub found that the state of Hawaii has the lowest real-estate tax rate in the U.S. with an average of $606, a rate that is 8.9 times lower than New Jersey, which ranks as the state with the highest average property tax at a rate of $5,419. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Fed Chair: Developments Point to Improved Economic Outlook Next: Diaz Anselmo Names New Managing Attorneys  Share Save Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

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