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FHFA Paper Challenges Assumptions About 2008 Financial Crisis

first_img FHFA Paper Challenges Assumptions About 2008 Financial Crisis Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Home / Daily Dose / FHFA Paper Challenges Assumptions About 2008 Financial Crisis The Best Markets For Residential Property Investors 2 days ago The Federal Housing Finance Administration (FHFA) Friday released a revised working paper entitled,  “A Quarter Century of Mortgage Risk,” with the intention of improving policymakers’ understanding of how mortgage risk has evolved over time and the role it played in the 2008 recession, FHFA said in a press release.Using a comprehensive dataset that contains aggregated results using more than 200 million purchase-money and refinance mortgages from 1990 to 2019, the paper provides a summary measure of mortgage risk by estimating a so-called “stressed default rate.”The stressed default rate takes a loan made at any time from 1990-2019 and measures that loan’s risk as though it originated at the dawn of the 2008 financial crisis.”The size and scope of the expanded dataset in the paper provide researchers and policymakers more complete and more accurate historical information of mortgage risk than ever before,” noted FHFA. “Based on the expanded data, the paper presents key findings about mortgage risk in years leading up to the 2008 financial crisis and in America today.”The paper—written and researched by William Larson of FHFA, Morris Davis of Rutgers University, Stephen Oliner of the American Enterprise Institute, and Benjamin Smith of the University of Pennsylvania—can be read in full at FHFA.gov. And it identifies three key findings, according to its authors:Mortgage risk accumulation started earlier than previously thought.”The new data shows that the buildup of mortgage risk in the nineties was a precursor to the market failing in 2008; previous research could not identify the fact that a refinance boom from 2000-2003 masked the mortgage risk accumulation.”Risk accumulated with borrowers across all credit scores.”Leading up to the 2008 financial crisis, mortgage risk accumulated across the full spectrum of borrowers, not just those with low credit scores as some have previously asserted.”Lending standards relaxed leading up to the Great Recession.”Mortgage rate spreads between not-risky loans and very risky loans tightened for portfolio and private-label securities mortgages in the mid-2000s indicating an expansion of credit supply right before the Great Recession.”FHFA’s expanded data set, the press release explains, led to an additional key finding, which is that mortgage risk is accumulating again in America today.”Sustained house price appreciation is leading mortgage risk to increase.”The data set and paper is a working document, thus all data, tables, figures, and other results are subject to change, FHFA noted. At this stage, note the authors, “it is leading researchers to challenge some long-held assumptions about the impetus of the 2008 financial crisis.” 9 days ago 658 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Christina Hughes Babb Subscribe Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img 2021-05-21 Christina Hughes Babb 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: Why Homeowners Aren’t Selling in This ‘Super Sellers’ Market Next: The Week Ahead: Positive Trends Signal Drop in Forbearances  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Government, Market Studies, News The Best Markets For Residential Property Investors 2 days agolast_img read more

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Gun access heightens risk of suicide, murder

first_img Read Full Story A new study finds that people with access to a gun are three times more likely to commit suicide and almost twice as likely to be murdered. David Hemenway of Harvard School of Public Health — who wrote an editorial in the Annals of Internal Medicine to accompany the University of California, San Francisco (UCSF) study — said that the results suggest that people should try to limit access to firearms for a friend or loved one going through a rough patch or emotional turmoil.“If someone’s going through a bad period, you should at least lock the gun up — or, even better, get the gun out of the house — until things get better,” said Hemenway, professor of health policy at HSPH and director of the Harvard Injury Control Research Center, in a January 20, 2014 HealthDay article.In his editorial, Hemenway said the UCSF study findings are likely too conservative in estimating the relationship between guns, suicide and homicide, although he said the authors “aptly summarize the evidence that, for most families, bringing a gun into the home substantially increases the risk for suicide for all family members and the risk for women being murdered in the home.”last_img read more

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Serena,  Barty,  Osaka into Australian Open second round

first_imgSERENA Williams underlined why she is the Australian Open favourite with a rapid first-round win, while world number one Ashleigh Barty overcame a scare to reach the second round.Williams, chasing a record-equalling 24th Grand Slam title, beat Anastasia Potapova 6-0 6-3 in just 58 minutes.Australia’s Barty recovered from a poor start against world number 120 Lesia Tsurenko to win 5-7 6-1 6-1.Defending champion Naomi Osaka also advanced on the opening day.Third seed Osaka started slowly against Marie Bouzkova, before winning 6-2 6-4.While Williams claimed a convincing victory over her Russian opponent, there was an even faster win for seventh seed Petra Kvitova, the 2019 runner-up, demolished fellow Czech Katerina Siniakova 6-1 6-0 in 51 minutes.Former champion Caroline Wozniacki got her final tournament before retirement off to a good start with a 6-1 6-3 victory over American Kristie Ahn.However, 2017 US Open champion and 24th seed Sloane Stephens was beaten by China’s Zhang Shuai.The American served for the match in the second set but then lost seven games in a row as she fell to a 2-6 7-5 6-2 defeat.Britain’s Johanna Konta was due to play on the first day but her match was one of 32 rescheduled for Tuesday because of rain.Top seed Barty won the Adelaide International on Sunday but struggled for rhythm in a patchy match.Ukrainian Tsurenko, who reached the 2018 US Open quarter-finals, was playing just her second match after injuring her elbow but initially held firm against an error-strewn Barty.Barty was broken in the opening game of the match, silencing the packed Rod Laver Arena, and Tsurenko ultimately served out the set after Barty sent an easy forehand long.The Australian made 19 unforced errors in the opening set but was able to take advantage of a fading Tsurenko, whose served crumbled as the match progressed.The 23-year-old won 14 of the final 16 games to close out the match and will play either Polona Hercog or Rebecca Peterson next.Barty, who claimed her first Grand Slam singles title in Paris last year, said: “It’s all good. This is the moment I’ve been looking forward to the most throughout the off season.”The tournament started as scheduled on Monday after air quality improved in Melbourne, although matches were later postponed because of heavy rain.Last week’s qualifying event had been disrupted by delays because of the air pollution caused by widespread bushfires.Williams, who had a pulmonary embolism after giving birth in 2017, said she had been concerned about what conditions might be like during her match.“That is still a concern for pretty much everyone. Every day all the players and the tournament make sure that all the players are updated on what the play conditions would be like,” said the American.“It’s literally every day, we are just waiting every day to see how the air quality would be. Today, it seemed normal. Yeah, it seemed pretty good.”Eighth seed Williams, who won her first WTA title in three years in the run-up to the opening Grand Slam of the year, will play Slovenia’s Tamara Zidansek next.The 38-year-old was made to work harder in the second set by 18-year-old Potapova, who broke in the third game of the second set after a double-fault by Williams.But Williams immediately broke back and pulled away to victory.(BBC Sportslast_img read more

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