Month: May 2021

Judge Upholds $1.5 Billion Claim against Wells Fargo

first_img Judge Upholds $1.5 Billion Claim against Wells Fargo  Print This Post Share Save Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Survey Finds a Lack of Savings for Many Americans Next: Associa Hires New Director of Corporate Communications Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago April 10, 2014 753 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Headlines, News, Secondary Market Subscribe Tagged with: Fortis Securities Mortgage-Backed Securities Securities Fraud Wells Fargo Securities Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Judge Upholds $1.5 Billion Claim against Wells Fargo Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Fortis Securities Mortgage-Backed Securities Securities Fraud Wells Fargo Securities 2014-04-10 Colin Robins The Best Markets For Residential Property Investors 2 days ago A lawsuit filed by European bank LBBW Luxemburg S.A. over an alleged $1.5 billion subprime mortgage-backed securities (MBS) fraud scheme was upheld by a federal judge, who denied the bank’s motions to dismiss. U.S. District Judge J. Paul Oetken let stand charges of fraud, breach of contract, negligent misrepresentation, and constructive fraud against Wells Fargo Securities LLC and Fortis Securities LLC.”This was a significant ruling in a massive fraud case where the sellers greedily squeezed money from investors despite knowing the underlying securities were riskier than represented and not even worth the price,” said David Warden of the Houston-based law firm Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing P.C. (AZA).The lawsuit references a 2006 deal, in which Wells Fargo Securities sold $40 million of what it claimed were highly rated securities to LBBW. The bank alleges that Wells Fargo overvalued the securities, making them riskier than promised. In total, LBBW claims that $1.5 billion in securities—sold to the bank and other customers—were misrepresented.After the sale, the securities were subsequently collateralized by subprime residential mortgages, and defaulted within a year.Allegedly, the two companies affected not only LBBW, but also the employee pension fund for the Zuni Indian tribe, which according to the bank, led to the discovery of the fraudulent activity.LBBW’s attorneys argue the alleged fraud was masked by the beginning of the economic crisis in 2007, and was only discovered later after the U.S. Securities and Exchange Commission (SEC) began administrative proceedings related to a $5.5 million investment made by the Zuni tribe’s employee fund. Sign up for DS News Daily About Author: Colin Robinslast_img read more

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Distressed Sales Move Closer to ‘Normal’ Levels

first_img The Best Markets For Residential Property Investors 2 days ago October 8, 2015 4,403 Views in Daily Dose, Featured, News, REO Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Sales of distressed residential properties (REOs and short sales) continued heading toward their “normal” levels with another substantial year-over-year decline in July 2015, according to distressed sales data released by CoreLogic on Thursday.Distressed property sales accounted for 9.4 percent of all homes nationwide in July, which represented a decline of more than 2 full percentage points from July 2014’s share of 11.5 percent. July 2015’s share was a decline of 0.4 percentage points from June’s adjusted share of 9.8 percent, according to CoreLogic.REO sales comprised 6.1 percent of all home sales in July, their lowest level since September 2007 when they made up 5.2 percent of all home sales. Short sales made up 3.4 percent of home sales in July and have remained in the 3 to 4 percent range since falling below 4 percent in mid-2014, CoreLogic reported.Distressed sales made up 32.4 percent of all home sales nationwide at their peak in January 2009, with REO representing nearly 28 percent of that share. According to CoreLogic, the ongoing shift away from REO sales has been a driver of improving home prices, since REO properties typically sell at a larger discount than short sales.By comparison, the pre-crisis share of distressed sales was typically around 2 percent; the distressed sales share would reach that level around mid-2019 if it continues to decline at the same year-over-year rate at which it declined in July 2015, according to CoreLogic.The five states with the highest distressed sales shares in July 2015 were Florida (20.7 percent), Maryland (20.6 percent), Michigan (20.2), Connecticut (19.1 percent), and Illinois (18.9 percent). While some states reported high distressed sales shares in July, only North Dakota and the District of Columbia had distressed sales shares that were within one percentage points of their pre-crisis levels. The metro area with the highest distressed sales share in July was Orlando-Kissimmee-Sanford, Florida, with 23.8 percent. Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Previous: Why Did Nearly One-Third of House Democrats Vote to Oppose the CFPB? Next: Fannie Mae, Freddie Mac Bring Foreclosure Prevention Total to 3.56 Million Home / Daily Dose / Distressed Sales Move Closer to ‘Normal’ Levels 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  Print This Post Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Distressed Sales Move Closer to ‘Normal’ Levels Tagged with: CoreLogic Distressed Sales REO Short Sales CoreLogic Distressed Sales REO Short Sales 2015-10-08 Brian Honealast_img read more

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President: A Strong Economy is the Key to America’s Future

first_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Tagged with: FY 2017 Budget Homelessness President Barack Obama Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News FY 2017 Budget Homelessness President Barack Obama 2016-02-09 Brian Honea Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago President Barack Obama President: A Strong Economy is the Key to America’s Future Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Subscribe Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. The January 2016 Employment Summary from the Bureau of Labor Statistics (BLS) indicated a bit of a slowdown, however, with 151,000 jobs added in the first month of the year—close to half of the previous three-month average.”Yet while it is important to take stock of our progress, this Budget is not about looking back at the road we have traveled. It is about looking forward and making sure our economy works for everybody, not just those at the top. It is about choosing investments that not only make us stronger today, but also reflect the kind of country we aspire to be–the kind of country we want to pass on to our children and grandchildren.” -Office of the Press SecretaryThe president’s budget plan, which will go into effect October 1, 2016, talks about several reforms, including a tax reform plan that would “modernize the business tax code to make it fairer and more efficient, and to create jobs,” the fact sheet said. In addition, two bipartisan agreements were passed to prevent the return of “harmful sequestration funding levels in 2018 and beyond, replacing the savings by closing tax loopholes and reforming tax expenditures, and with smart spending reforms.”The budget also includes a historic proposal regarding housing. According to an announcement from HUD, the president’s budget request for $11 billion to end family homelessness in the budget.”This significant investment is based on recent rigorous research that found that families who utilized vouchers–compared to alternative forms of assistance to the homeless–had fewer incidents of homelessness, child separations, intimate partner violence and school moves, less food insecurity, and generally less economic stress,” the Office of the Press Secretary stated.The Opening Doors program, which was the first-ever federal strategic plan to prevent and end homelessness, was launched by President Obama nearly six years ago. While that program has made strides, there is more work to be done, according to HUD. In January 2010, there were 54,000 homeless families nationwide, including 123,000 children; the Opening Doors program has reduced that number by 19 percent in the last six years. In some pockets of the country, however, the rental affordability crisis has resulted in an increase in homelessness among families, according to HUD.“Today, we can celebrate historic successes in reducing homelessness in all its forms—but we need to reach more families with the proven, cost-effective strategies that have driven that success,” HUD stated in its announcement.The president concluded his budget plan by noting that “the Budget is a roadmap to a future that embodies America’s values and aspirations: a future of opportunity and security for all of our families; a rising standard of living; and a sustainable, peaceful planet for our kids.  This future is within our reach.  But just as it took the collective efforts of the American people to rise from the recession and rebuild an even stronger economy, so will it take all of us working together to meet the challenges that lie ahead.”Click here to read the budget message of the president. February 9, 2016 1,170 Views Home / Daily Dose / President: A Strong Economy is the Key to America’s Future Previous: OCC Removes Servicing Restrictions from U.S. Bank, Santander—For a Price Next: Judge to Bank of America: Hold Off Paying Investors in RMBS Settlement Demand Propels Home Prices Upward 2 days ago President Barack Obama had much to reflect on prior to unveiling his final budget plan for Fiscal Year 2017, but one theme remained consistent in every part of his speech to Congress and the U.S. today—economic strength is the key to America’s future.When the president took office back in 2008, the nation was in the “worst recession since the Great Depression,” the economy was losing nearly a million jobs per month, and many families were struggling financially. Since then, 14 million jobs have been created and the unemployment rate is below 5 percent for the first time in almost eight years, according to the fact sheet released by the The White House Office of the Press Secretary.The labor market was the strong point of the U.S. economy in the last quarter of 2015, with an average of 284,000 jobs added in the last three months of the year.  Print This Post About Author: Xhevrije West 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 agolast_img read more

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The Best American Cities for Public Transit

first_img Servicers Navigate the Post-Pandemic World 2 days ago There are many things to consider when homebuyers decide where to hunt for a new house. While issues such as affordability, taxes, and safety are all key factors, the ability to actually get around town can be a major concern as well. Living within walking distance isn’t possible for most people, so availability of public transportation can impact whether a market becomes a hotbed for home shoppers or cools off instead. Now Redfin has ranked the best American cities in terms of public transportation. Knowing which American cities earned the best Transit rating could prove another important factor to keep in mind for investors deciding where to plant their financial seeds.Redfin’s Transit Score rankings evaluate cities based on “how convenient they are to public transportation.” In other words, is public transportation an option for most jaunts around town? If so, is it actually convenient, or would a trip by bus require hiring an Uber to get to the station on the other side of town?New York tops Redfin’s list with a Transit Score of 85.3, up 1.2 points over 2016 and holding first place for the second year in a row. New York is practically synonymous with public transportation, so there’s definitely no surprise there. In fact, the order of the top 6 best cities for public transportation has remained unchanged since Redfin launched Transit Score in 2012. San Francisco holds second place with a score of 80.4, unchanged since 2016. Boston is third, down 1.8 points year-over-year with a Transit Score of 72.6. From there, the rest of the top 10 includes Washington, D.C. (68.5), Philadelphia (66.8), Chicago (65.0), Seattle (59.6), Minneapolis (57.6), Baltimore (57.2), and Honolulu (57.2).“Seattle is not only the coolest city in the country—we are now one of the most transit-friendly cities,” said Seattle Mayor Jenny Durkan. “For our visitors, commuters, and residents, public transit is safe, affordable, and a vital component in making sure our city is accessible to all. With the opening of new light rail stations and one of the highest bus riderships in the country, Seattle is making significant strides towards becoming a world-class transit city.”Honolulu Mayor Kirk Caldwell also weighed in on the results, saying, “Honolulu has been a public transportation city for many years now and the fact that our residents and visitors use TheBus an average of 214,000 trips every weekday is a testament to this fact. The new Transit Score ranking announced today by Redfin is proof that the nearly 2,000 workers who keep our bus system running strive for excellence each and every day, and our commitment to a transit system that covers all of O’ahu will only improve once our rail project begins service along our busiest and most populated corridor.”Raleigh, North Carolina saw the largest Transit Score increase for the year, up 6.3 points year-over-year to 28.9. Raleigh was also recently listed as one of the top housing rental investment markets for 2018 by Forbes and Local Market Monitor, coming in fourth behind Orlando, Florida; Provo-Orem, Utah; and Jacksonville, Florida.The rest of the top 5 cities that saw the largest yearly score increases include Phoenix, Arizona (+3.8); Aurora, Colorado (+3.5); Seattle, Washington (+2.6); and Atlanta, Georgia (+1.7).Redfin’s Transit Score algorithm calculates its scores by “summing the relative usefulness of public transit (bus, subway, light rail, ferry, etc.) routes near a given location. Usefulness is defined as the distance to the nearest stop on the route, the frequency of the route, and type of route (with twice as much weight given to heavy/light rail than to bus service). Transit Score is based on data published in General Transit Feed Specification (GTFS) format by transit agencies across the country.”You can read the full Redfin report by clicking here. The Best American Cities for Public Transit About Author: David Wharton  Print This Post Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Housing Markets Investments public transportation Redfin rental investments 2018-03-06 David Wharton in Daily Dose, Featured, Headlines, Journal, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: In San Francisco, $1 Million Buys an ‘Earthquake Shack’ Next: Pennsylvania Supreme Court Addresses Foreclosure Notice Requirements Home / Daily Dose / The Best American Cities for Public Transitcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Housing Markets Investments public transportation Redfin rental investments Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago March 6, 2018 2,474 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

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Fitch Examines Top Servicers

first_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Fitch Ratings mortgage servicing Nonbank servicers RMBS Servicers Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Fitch Ratings mortgage servicing Nonbank servicers RMBS Servicers 2018-04-10 David Wharton About Author: David Wharton Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fitch Examines Top Servicers Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Fitch Examines Top Servicers Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Journal, News, Secondary Market, Servicing April 10, 2018 8,230 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post According to the latest installment of Fitch’s U.S. RMBS servicer handbook, the American servicing landscape is undergoing significant shifts, much of it driven by merger and acquisition activity among servicers such as Mr. Cooper and Ocwen.’Strategic positioning and M&A activity are radically changing the mortgage servicing sector as we see it today,” said Fitch Managing Director Roelof Slump. “Perhaps most notable is one of the biggest names in the space in Nationstar Mortgage, LLC, (now rebranded as Mr. Cooper), which will be merging with WMIH Corporation in a transaction expected to close later this year. Meanwhile, Ocwen Financial (parent of Ocwen Loan Servicing, LLC) is working towards the acquisition of PHH Corporation, a residential mortgage servicer and originator.”Even with mergers in the works, both Mr. Cooper and Ocwen’s servicing portfolios continued to scale back between Q3 2017 and Q4 2017. Mr. Cooper’s servicing portfolio dropped from $493.8 billion to $470.7 billion during that period, whereas Ocwen saw a similar decline from $181.6 billion to $173.3 billion.JPMorgan Chase went from $821.8 billion in Q3 2017 to $816.4 billion in Q4 2017. On the other hand, Wells Fargo’s portfolio increased across the two quarters, rising from $1.46 trillion to $1.5 trillion. CitiMortgage, meanwhile, scaled back dramatically in Q4, shrinking its servicing portfolio from $172.6 billion to $137.5 billion. Flagstar Bank grew its servicing portfolio to $97.9 billion in Q4, up from $91.1 billion in Q3.Many smaller nonbank servicers moved to pick up the slack in Q4, however, according to Fitch. Caliber Home Loans increased its servicing portfolio to $134.9 billion in Q4, up from just shy of $102 billion in Q4 2016. LoanCare jumped its servicing portfolio from $217.8 billion in Q3 2017 to $228.9 billion in Q4. Rushmore Loan Management Servicers increased its servicing portfolio from $25.1 billion in Q3 to $30.3 billion in Q4. Specialized Loan Servicing, LLC, saw its portfolio hit $71.8 billion in Q4, up from $62.9 billion in Q3 and $54.9 billion in Q4 2016.Fitch also noted the addition of Planet Home Lending to the list of residential mortgage servicers it tracks and rates. Primarily involved in sub-servicing Ginnie Mae loans, Planet’s portfolio as of December 31, 2017, consisted of approximately 80,000 loans with a total unpaid principal balance of $12.7 billion. Previous: Assessing the State of the Market Next: Mulvaney: ‘The Bureau Is Not Designed to be Accountable’ Subscribelast_img read more

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Benjamin Carson on HUD: “A Force for Fairness”

first_img  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Ben Carson Discrimination facebook Fair Housing Act HUD Washington Post 2019-04-09 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Benjamin Carson on HUD: “A Force for Fairness” Data Provider Black Knight to Acquire Top of Mind 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. About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Previous: Appraising Appraisals Next: Cities in the Crosshairs—Is a Housing Crisis Ahead? Share Save Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, Newscenter_img April 9, 2019 1,265 Views The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Ben Carson Discrimination facebook Fair Housing Act HUD Washington Post The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Benjamin Carson on HUD: “A Force for Fairness” Servicers Navigate the Post-Pandemic World 2 days ago “HUD will always be a force for fairness,” said Department of Housing and Urban Development (HUD) Secretary Benjamin Carson in an opinion piece submitted to the Washington Post. Secretary Carson wrote the Washington Post in response to an article discussing Carson’s decision to level a complaint against Facebook for “encouraging, enabling, and causing” unlawful discrimination through its targeted advertising system.“The April 1 editorial ‘Mr. Carson’s curious move’ was both right and wrong at the same time,” said Carson.“The editorial claimed that HUD is attempting to ‘unravel’ Obama-era fair housing rules. It is not,” Carson continued. “The editorial asserted that HUD is removing the words “inclusive” and “free from discrimination” from the agency’s mission. It is not. The editorial suggested my past statements on the role of government in our public life indicate a lack of commitment to fairness. They do not. HUD’s mission is to create strong, sustainable, inclusive communities that are free from discrimination.”According to Secretary Carson, housing discrimination is a real problem in the U.S, one that HUD is seeking to address.“The day I announced the Department of Housing and Urban Development’s discrimination charge against Facebook, I said, ‘Using a computer to limit a person’s housing choices can be just as discriminatory as slamming a door in someone’s face.’ I meant those words,” Secretary Carson told the Washington Post. ‘The editorial’s skepticism was based on some imaginary belief that I and the federal agency I lead seem “more interested in dismantling housing protections than ensuring they are respected.’ Those apprehensions were built on sand.”HUD claims Facebook enables advertisers to control which users receive housing-related ads based upon the recipient’s race, color, religion, sex, familial status, national origin, disability, and/or ZIP code. Additionally, the claim alleges that Facebook then invites advertisers to express unlawful preferences by offering discriminatory options, allowing them to effectively limit housing options for these protected classes under the guise of “targeted advertising.”“Facebook is discriminating against people based upon who they are and where they live,” said HUD Secretary Ben Carson in his announcement.Secretary Carson’s letter to the Washington Post can be found here. Subscribelast_img read more

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Activists Call for Halts on Foreclosures

first_img default Delinquency Eviction Foreclosure 2020-03-16 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago As more and more people are isolated to contain the spread of the novel coronavirus, Miami and San Jose, California have temporarily stopped all evictions, while other cities, including San Francisco and New York, are considering doing the same. Activists are pushing for a national hold on evictions and foreclosures, in an effort to safeguard public health.“It’s never been more clear that housing is health care,” said Diane Yentel, the President and CEO of the National Low Income Housing Coalition. “The ability for people to self-isolate, self-quarantine in their homes is essential to all of our health, and so I think there’s a really important business reason and public health reason and certainly moral reason why big banks and regulators should take this step.”According to Jesse Van Tol, the CEO of the National Community Reinvestment Coalition, a blanket national halt to evictions and foreclosures would help policymakers get ahead of any uptick in delinquencies and defaults, preventing the government form “reacting to it and playing catch-up,” he told American Banker.Though regulators including the Federal Housing Finance Agency (FHFA) have not indicated a hold on foreclosures and evictions yet, Director Mark Calabria has said that the FHFA, as well as Fannie Mae and Freddie Mac, will be meeting the needs of home borrowers.“To meet the needs of borrowers who may be impacted by the coronavirus, last week Fannie Mae and Freddie Mac reminded mortgage servicers that hardship forbearance is an option for borrowers who are unable to make their monthly mortgage payment,” Calabria said. “For borrowers that may be experiencing a hardship, I encourage you to reach out to your servicer. The Enterprises and the Federal Home Loan Banks continue to provide support to the secondary mortgage market, and the UMBS market continues to operate at its normal level.” Activists Call for Halts on Foreclosures in Daily Dose, Featured, Foreclosure, Government, News Home / Daily Dose / Activists Call for Halts on Foreclosures The Best Markets For Residential Property Investors 2 days ago Related Articles 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.  Print This Post About Author: Seth Welborn 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 agocenter_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago March 16, 2020 1,378 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Biden, Sanders Address Possible Bailout & Mortgage Impact During Presidential Debate Next: Rep. Tulsi Gabbard Introduces Plan for Universal Payment Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Tagged with: default Delinquency Eviction Foreclosure Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

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State-By-State, the Desire to Relocate

first_imgHome / Daily Dose / State-By-State, the Desire to Relocate Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Andy Beth Miller is an experienced freelance editor and writer. Her main focus is travel writing, and when she is not typing away from her computer at her home in the Hawaiian Islands, she is regularly roaming the world as a digital nomad, and loving every minute of it. She has been published in myriad online and print magazines, is a fan of all things outdoors, and finds life (and all of its business, technological, and cultural facets) fascinating in their constant evolution. She is excited to spectate as the world changes, and have a job that allows her to bring a detailed account of those constant shifts to her readers at home and abroad. Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News About Author: Andy Beth Miller Previous: Forbearance Update: How the Trends Are Changing Next: Despite Aid, Some Borrowers Still Unable to Pay Bills The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago According to a recent survey conducted by researchers at unclutterer.com (a home and office organization website), many Americans are looking to relocate post-pandemic. The most popular reasons given for this wished-for migration include the fact that many Americans report being either bored with their current locations (following weeks upon weeks of lockdown) or simply wanting to move away from their densely populated cities and towns to put down new roots in wide open spaces.The survey highlighted specific percentages of American residents that were feeling this way (broken down according to which state they reside in). Results revealed that Texas residents are among the top contenders in the proverbial “unhappy at home” category, with 39% reporting that they were bored of their hometown following lockdowns and were actively seeking to relocate elsewhere. In fact, almost 50% of Texans who live in cities and urban areas reported a desire to not only move, but to move out of the current metros and into the quieter, more spacious suburbs.This latter sentiment should definitely come as no surprise, as it has become painfully apparent that since the onslaught of the current COVID-19 pandemic, and its accompanying mandatory stay-at-home orders and lockdowns, many Americans are realizing just what a priceless commodity ample space truly is. In fact, many report a desire to now have things that they never thought much of before, such as access to a garden or the freedom of enjoyment of a big yard space. Not to mention simply having more space between neighbors in this increasingly social distancing-centric climate.Also drawing more people away from the city life to plant roots in the country? The simple fact that the further out from the city one goes, the further your money generally stretches in regards to house size, outdoor space, etc. Further supporting the validity of this survey finding is the fact that experts across the real estate industry have all reported a noticeable spike in the amount of online home searches in suburban zip codes this year.Alexander Brown from unclutterer.com commented on the survey’s findings: “The pandemic has made a lot of us look at things differently. Moving home is a big undertaking, but worth it for the benefits you get if you choose more space and a more relaxed pace of life. Packing up a household can be hard, but it’s a good opportunity to get rid of all the things you don’t need any more, and organizing your new space.”People in states including Connecticut, Main, Delaware, and Oklahoma are less satisfied, in general, than Texans, even. All of the aforementioned showed that at least half if the states’ residents wanted to relocate. See the numbers in detail on this interactive map. State-By-State, the Desire to Relocate Servicers Navigate the Post-Pandemic World 2 days ago 2020-09-09 Christina Hughes Babb September 9, 2020 1,068 Views Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

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Move-In Ready Homes Spark Bidding Wars

first_img Servicers Navigate the Post-Pandemic World 2 days ago Share 2Save in Daily Dose, Featured, Market Studies, News Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. December 17, 2020 1,387 Views About Author: Phil Hall Servicers Navigate the Post-Pandemic World 2 days ago It was a competitive November in the housing market—a new data report from Redfin found 53.6% of home offers written by the Seattle-headquartered brokerage’s agents nationwide were involved in a bidding war.Although November’s data was a decline from the revised rate of 58.5% in October, it nonetheless represented the seventh consecutive month when more than half of Redfin offers evolved into bidding wars between would-be buyers. Redfin attributed this trend to historically low mortgage interest rates coupled with a supply-and-demand imbalance and an increase in homeownership interest fueled by the rise of pandemic-impacted workforce handling their jobs from home.The majority of the most intense bidding wars appeared to be concentrated in the West Coast. Among the 24 major metro areas analyzed for the report, San Diego had the highest bidding-war rate with 75.3% of Redfin offers facing competition, followed by Denver (66.7%), the combined Bay Area’s metros of San Francisco and San Jose (65.8%), Seattle (60.9%), Sacramento (60%), Los Angeles (59.5%), Washington, D.C. (58.7%), Austin (58.1%), Phoenix (57.7) and Salt Lake City (56%).At the other end of the spectrum, Minneapolis had a lower rate of November competition with 34.6% of Redfin offers facing bidding wars in November. Rounding out the bottom five were Chicago (36.4%), Tampa, FL (37.1%), Houston (37.3%) and New York (37.6%). Among property types, single-family homes generated the greatest level of bidding wars (57.3%), compared to townhouses (48.7%) and condominiums (38.3%).”Buyers aren’t going to compete for homes that have been sitting on the market,” said Redfin Chief Economist Daryl Fairweather. “They will typically only get into a bidding war for a newly-listed, desirable home that is move-in ready.”And it appeared that the bidding wars helped to pump up the price tags on available property. Redfin also reported the national median home price rose in November by 14% year-over-year to $335,519, marking the second-largest annual increase since at least 2012. Closed home sales were up by 23% from one year ago while pending sales were up 37% and new listings merely recorded an 8% annualized uptick.”Neither the election nor the Thanksgiving holiday weekend curbed homebuyers’ appetite in November,” Fairweather said. “I personally bought a home last month because I knew if I didn’t seal the deal by then, I would have to wait until January for more new listings to hit the market to find one that checked all of my boxes. Plus, there is no guarantee mortgage rates will stay this low for much longer. And like most buyers this time of year, once I had it in my head that it was time to move, I wanted to be settled in my new home in time for the holidays.” Move-In Ready Homes Spark Bidding Wars  Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Home / Daily Dose / Move-In Ready Homes Spark Bidding Wars Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Key Takeaways from Real Estate in 2020 Next: Study Shows Disparities Among Older Households Related Articles 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 2020-12-17 Christina Hughes Babblast_img read more

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Housing Starts Hit 15-Year Peak in March

first_img Building Permits Construction Doug Duncan Fannie Mae George Ratiu LendingTree NAHB Housing Market Index Realtor.com tendayi kapfidze U.S. Census Bureau U.S. Department of Housing & Urban Development (HUD) 2021-04-16 Eric C. Peck Housing Starts Hit 15-Year Peak in March Share Save Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Making up for the lack of U.S. housing inventory, builders nationwide got to work in March, as the U.S. Census Bureau and the Department of Housing & Urban Development (HUD) announced that housing starts rose 19.4% month-over-month in March to a seasonally adjusted annual rate of 1.74 million, the highest number of housing starts since 2006.March’s housing starts were 37% above March 2020’s rate of 1,269,000. Single-family housing starts in March hit the 1,238,000 mark, 15.3% above the revised February figure of 1,074,000. The March rate for units in buildings with five units or more was 477,000.The severe winter weather that hit Texas and parts of the Northeast slowed residential construction in February, as the thaw in March allowed builders to get back on track, with continued strong buyer demand, despite rising lumber prices and supply chain issues.”Compared to March of 2020, housing starts were up by 37%, illustrating just how much the economy has improved in the face of COVID-19,” said LendingTree Chief Economist Tendayi Kapfidze. “The significant improvement over February was a recovery from weather-constrained activity. Shortages in raw material, like lumber, are still presenting headwinds for builders. Overall, March’s new construction numbers are a positive indicator for both the housing market and the economy as a whole, especially compared to last year. While the threat of COVID-19 has not totally gone away, its impact on home building has significantly lessened. Going forward, rising lumber costs will likely continue to be a problem for builders, which is somewhat of a concern. Nonetheless, high demand for new homes should offset these rising material costs.”Building permits in March were at a seasonally-adjusted annual rate of 1,766,000, 2.7% above the revised February rate of 1,720,000, and 30.2% above the March 2020 rate of 1,356,000. Single-family authorizations in March were at a rate of 1,199,000, 4.6% above the revised February figure of 1,146,000.“While housing demand is expected to remain strong, we expect it to diminish somewhat as the year progresses due to the waning effect of the COVID-19 disruption to homebuyers’ purchasing timelines,” said Doug Duncan, Fannie Mae Chief Economist. “Furthermore, homebuilders continue to face supply constraints, including increasing prices of lumber and other materials. For now, however, the extremely tight supply of existing homes for sale and an elevated level of new homes sold, but not yet constructed, will help bolster a strong construction pace moving into the spring buying season.”Also in March, privately-owned housing completions were at a seasonally-adjusted annual rate of 1,580,000, 16.6% above the revised February estimate of 1,355,000, and 23.4% above the March 2020 rate of 1,280,000. Single-family housing completions in March were at a rate of 1,099,000, 5.3% above February’s rate of 1,044,000.“With the inventory of existing homes near historic lows and consumers seeking larger homes with updated features and technology, new homes have moved up in priority on many buyers’ wish lists,” said realtor.com Senior Economist George Ratiu. “The NAHB Housing Market Index has spent the past four months near four-decade highs, as home builders respond to the unseasonably high demand, and work to overcome the gap brought about by last year’s lockdowns. With the cost of lumber reaching new highs, however, the higher costs are being passed on to consumers. While new construction is a critical component in rebalancing the current dynamics, lack of affordability will continue to weigh on the housing market for the remainder of 2021.” 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: The Week Ahead: An Eye on the Rural Rebuild Next: Storms, Holidays, and COVID-19 Shaped March Housing Metrics About Author: Eric C. Peck Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img April 16, 2021 5,685 Views 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 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.  Print This Post Tagged with: Building Permits Construction Doug Duncan Fannie Mae George Ratiu LendingTree NAHB Housing Market Index Realtor.com tendayi kapfidze U.S. Census Bureau U.S. Department of Housing & Urban Development (HUD) Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Housing Starts Hit 15-Year Peak in March in Daily Dose, Featured, Journal, News Subscribelast_img read more

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