$2.7B Ocwen-Wells Fargo Deal Halted Indefinitely

first_img  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago $2.7B Ocwen-Wells Fargo Deal Halted Indefinitely About Author: Colin Robins 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. Ocwen Financial Corporation announced Thursday that plans to purchase the mortgage servicing rights of a portfolio worth $39 billion from Wells Fargo Bank have been halted by the  New York Department of Financial Services (NY DFS).The Wall Street Journal reports the deal was halted under allegations of abusive behavior towards homeowners, and the office of Benjamin Lawsky, superintendent of the New York regulator, has been investigating Ocwen since December 2012 over the alleged abuse, said a person familiar with the matter. The Atlanta-based business serves as a financial services holding company.In the press release, Ocwen said it “will continue to work closely with the NY DFS to resolve its concerns about Ocwen’s servicing portfolio growth.”The transaction has been halted indefinitely, and any timeline for the completion of the deal remains undecided.The NY DFS declined to comment. Related Articles Federal Department mortgage servicing rights Ocwen Wells Fargo 2014-02-07 Colin Robins Demand Propels Home Prices Upward 2 days ago February 7, 2014 764 Views Share Save Subscribe Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily center_img Tagged with: Federal Department mortgage servicing rights Ocwen Wells Fargo Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News, Secondary Market Home / Daily Dose / $2.7B Ocwen-Wells Fargo Deal Halted Indefinitely Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: NAHB Leading Market Index Edges Higher in February Next: What’s Keeping Borrowers from Refinancing? Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Two Indiana Municipalities Receive Funds to Eliminate Blighted Properties

first_img About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Two Indiana Municipalities Receive Funds to Eliminate Blighted Properties in Daily Dose, Featured, Foreclosure, News Home / Daily Dose / Two Indiana Municipalities Receive Funds to Eliminate Blighted Properties Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Blight Blight Elimination Hardest Hit Fund Indiana 2014-11-21 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Blight Blight Elimination Hardest Hit Fund Indiana 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. Sign up for DS News Daily  Print This Post November 21, 2014 768 Views Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Indiana Lieutenant Governor Sue Ellspermann announced on Friday that two of the state’s municipalities were recipients of a combined total of approximately $2.9 million in awards from the Hardest Hit Fund Blight Elimination Program (BEP).In what was the second out of six rounds of funding for the BEP, the city of Fort Wayne and the town of Arcadia were the successful applicants for the funds to help eliminate blighted, vacant, and abandoned homes in their respective communities in an effort to decrease foreclosures in the areas.”The Blight Elimination Program is allowing communities throughout Indiana to address long-standing problems with blighted and abandoned homes,” Ellspermann said. “This second round of funding provides an even larger impact, providing communities with an opportunity to obtain and remove structures that would otherwise continue to negatively impact neighborhoods.”Fort Wayne received $2.8 million of the money recently awarded in order to acquire, demolish, and facilitate an end use for 122 blighted, abandoned residential properties. City officials in Fort Wayne believe the demolition of the blighted properties will facilitate investment and growth as well as prevent avoidable foreclosures. Arcadia received $18,000 for the acquisition, demolition, and end use of one abandoned, blighted property located on Main Street in Arcadia.”Cities across Indiana have been struggling with the damaging effects caused by vacant and blighted properties and will soon see the benefits of these federal funds,” said Sarah Bloom Raskin, Treasury Deputy Secretary. “Removing blighted properties is important in the fight to reduce foreclosures and we look forward to continuing our partnership with the State of Indiana to help stabilize hardest hit communities.”Ellspermann announced the BEP for Indiana in February 2014. In the first round of funding in May, successful applicants to receive a combined total of approximately $15 million in funding were East Chicago, Gary, Hammond, Indianapolis, and Lawrence. The U.S. Department of Treasury approved the use of $75 million for the BEP to help eliminate blight, drawn from the $221.7 million allocated to Indiana for the Hardest Hit Fund. Previous: Economic Forecast Exceeds October Predictions Next: DS News Webcast: Monday 11/24/2014 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 Subscribelast_img read more

Lack of Credit Availability, Low Inventory Challenging Housing Market

first_imgHome / Daily Dose / Lack of Credit Availability, Low Inventory Challenging Housing Market 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. in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Two challenges facing the U.S. housing market is currently facing are a dearth of credit creation and a lack of available inventory, according to a report released Wednesday by the Kroll Bond Ratings Agency (KBRA) that is scheduled to be presented Thursday by KBRA Senior Managing Director and Head of Research Christopher Whalen at the 2nd Annual Real Estate Symposium in Salt Lake City, Utah.Whalen said the dearth of available credit for housing is a function of Dodd-Frank Act, which was created in part to protect consumers from predatory and other harmful lending and financial practices by businesses, and the oppressive U.S. regulatory environment, which discourages banks and other lenders from expanding credit for both consumers and businesses. Whalen asserts that the intention of Dodd-Frank was to prevent the bottom third of U.S. households from getting a mortgage – a goal that Whalen says has been achieved.Single-family home prices in most metro areas are beginning to rebound from a weak showing last summer, based on data released by Weiss Residential Research, according to Whalen. But while Whalen said low mortgage interest rates are causing home prices to rise and encouraging sales of mortgages into the agency, the low interest rates have not translated into an increase in mortgage lending – especially purchase mortgages.Whalen reported in the presentation that loan originations for mortgages were at a 12-year low with no recovery in sight. Meanwhile, bank revenues from mortgage sales, securitization, and servicing declined by 35 percent year-over-year down to $9.1 billion. The good news for banks is that non-current real estate loans have declined for 19 straight quarters, below 2 percent for all loans.Thursday’s symposium in Salt Lake is sponsored by Green River Capital, a wholly owned subsidiary of Clayton Holdings, LLC.  Print This Post Share Save Tagged with: Housing Inventory Housing Market Kroll Bond Ratings Agency Non-current Real Estate Loans Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Lack of Credit Availability, Low Inventory Challenging Housing Market Previous: Market Conditions Mixed in Fed’s Latest Beige Book Next: DS News Webcast: Thursday 3/5/2015center_img 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 March 4, 2015 1,374 Views Subscribe The Best Markets For Residential Property Investors 2 days ago Housing Inventory Housing Market Kroll Bond Ratings Agency Non-current Real Estate Loans 2015-03-04 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Related Articleslast_img read more

Obama and Warren Reflect On Wall Street Reform’s Progress

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Obama and Warren Reflect On Wall Street Reform’s Progress July 25, 2016 3,206 Views Previous: Government Passes the Baton to Servicers Next: Four Ways to Improve the Housing Market in Daily Dose, Featured, Government, News 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. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save  Print This Post About Author: Brian Honea Home / Daily Dose / Obama and Warren Reflect On Wall Street Reform’s Progresscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Barack Obama Elizabeth Warren Wall Street Reform Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Barack Obama Elizabeth Warren Wall Street Reform 2016-07-25 Kendall Baer Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Sen. Elizabeth Warren, who rose to prominence in the years immediately after post-crisis as the architect of the Consumer Financial Protection Bureau (CFPB), did not make the cut as Hillary Clinton’s VP.Warren did, however, meet with President Barack Obama on Saturday to assess the progress of post-crisis Wall Street reform regulation—in particular, the CFPB—in the White House. July 21 marked anniversaries for both the Dodd-Frank Act (six years) and the CFPB (five years).“The financial crisis wasn’t an unstoppable act of nature,” Warren said. “The whole thing could have been avoided. But we didn’t have rules in place to stop Wall Street from taking enormous risks that threatened the whole economy.”President Obama added, “Part of passing these strong consumer protections meant passing the first-ever Consumer Financial Protection Bureau, based on an idea that Senator Warren came up with before the crisis even began…Before the Consumer Financial Protection Bureau, you didn’t have a strong ally to turn to if your bank took advantage of you, or if you were being harassed or charged inappropriate fees. Now you do.”The CFPB launched on July 21, 2011, exactly one year after Obama signed Dodd-Frank into law, as the only government agency whose sole purpose is to protect consumers from predatory practices in financial markets. Warren points to the $11.7 billion in consumer relief handed out to about 27 million families as proof that the CFPB is working for Americans five years into its existence.The Bureau has not been without its critics in its first five years, however. Republicans have made repeated efforts through legislation to roll back or repeal certain portions of Dodd-Frank; the Republican presidential nominee, Donald Trump, said he wants to eliminate Dodd-Frank altogether.[youtube http://www.youtube.com/watch?v=A5DSQDehhZw]House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has been one of the most vocal critics of Dodd-Frank, and of the CFPB. In June, Hensarling unveiled the Financial CHOICE Act(Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) as an alternative to Dodd-Frank that calls for stronger capitalization rules for banks and at the same time offers regulatory relief for the smaller financial institutions they believe have been adversely affected by Dodd-Frank.The Financial CHOICE Act also calls for the CFPB to be placed under the Congressional appropriations process and for the Bureau’s director, Richard Cordray, to be replaced with a bipartisan five-member commission.“The CFPB has an important mission,” Hensarling told DS News in June. “Properly designed and led, it is capable of great good.” At the same time, Hensarling noted that “the CFPB has grown into an unaccountable federal leviathan of more than 1,500 employees with over a half billion dollar budget and the unrestrained power to dictate which Americans can receive credit and which Americans cannot.” He also said the CFPB “by design is not accountable to either Congress or the taxpayers. This defective structure allows the Bureau to evade the checks and balances that apply to virtually every independent regulatory agency, including those responsible for consumer and investor protection.”In response to the claims made by Republicans who say the economy is weaker, Obama said on Saturday, “Our economy is stronger today than it was before the crisis. Since we dug out from the worst of it, our businesses have added almost 15 million new jobs. Corporate profits are up, lending to businesses is up, and the stock market has hit an all-time high. So the idea that this was bad for business just doesn’t hold water.”Obama continued, “Whether you’re a Democrat, a Republican, or an Independent, if you’re a hard-working American who plays by the rules, you should expect Wall Street to play by the rules, too, and that’s what we’re fighting for.” Subscribelast_img read more

Don’t Adjust Your Screen, Serious Delinquencies Really Are That Low

first_imgHome / Daily Dose / Don’t Adjust Your Screen, Serious Delinquencies Really Are That Low The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Don’t Adjust Your Screen, Serious Delinquencies Really Are That Low Related Articles Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. About Author: Kendall Baer Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily December 22, 2016 1,339 Views  Print This Post Previous: The Pitfalls of Accelerated Home Prices Next: Could a Full Foreclosure Recovery Come Sooner Than Anticipated? Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Federal Housing Finance Agency (FHFA) released its third quarter Foreclosure Prevention Report which shows that Fannie Mae and Freddie Mac completed 46,390 foreclosure prevention actions in the third quarter of 2016, bringing the total number of foreclosure prevention actions to more than 3.7 million since the start of the conservatorships in September 2008.The report also shows that the serious delinquency rates of Fannie Mae and Freddie Mac loans declined to their lowest levels since 2008. This compared with 4.4 percent for Federal Housing Administration (FHA) loans, 2.3 percent for Veterans Affairs (VA) loans, and 3.0 percent for all loans (Industry average). Of these actions, 3,127,237 have helped troubled homeowners stay in their homes including 1,993,692 permanent loan modifications.Broken down further, Home Retention Actions totaled 40,223, with the repayment plans totaling 7,515 and forbearance plans numbering 1,407. Charge-offs-in-lieu totaled 208. On the Nonforeclosure-Home Forfeiture Actions side, the total was 6,167, with short sales coming out to 4,373 and deeds-in-lieu totaling 1,794.Modifications with extend-term only accounted for 44 percent of all loan modifications in the first quarter due to improved house prices and a declining HAMP eligible population. As of September 30, 2016, approximately 21 percent of loans modified in the third quarter of 2016 had missed two or more payments, one year after modification.A total of 1,080,472 troubled homeowners have been offered a HAMP trial modification since the program started in April 2009 and 655,249 of these homeowners have been granted permanent modifications through HAMP. A total of 2,500 homeowners were in a HAMP trial modification period at the end of the third quarter, but this number is a reflection of 1,080,472 modifications started as of Q2 minus the number of trials disqualified (78,779) and the number of trials cancelled (343,944). This number also reflects the subtraction of those trials turned into permanent modifications that numbered 655,249.Non-HAMP modifications accounted for 93 percent of all permanent loan modifications in the third quarter. A total of 28,877 homeowners received permanent loan modifications through the Enterprises’ proprietary modification programs in the second quarter, bringing the total number of non-HAMP permanent modifications to 1,241,085 since April 2009. 2016-12-22 Kendall Baer The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribelast_img read more

Reconstruction Program Aims to Soften Fallout of Natural Disasters

first_img Related Articles The Best Markets For Residential Property Investors 2 days ago Reconstruction Program Aims to Soften Fallout of Natural Disasters Demand Propels Home Prices Upward 2 days ago June 19, 2017 1,347 Views Tagged with: Build it Back New York Sandy Hook Home / Daily Dose / Reconstruction Program Aims to Soften Fallout of Natural Disasters in Daily Dose, Featured, Government, Headlines, Loss Mitigation, News Rachel Williams attended Texas Christian University (TCU), where she graduated with Magna Cum Laude with a dual Bachelor of Arts in English and History. Williams is a member of Phi Beta Kappa, widely recognized as the nation’s most prestigious honor society. Subsequent to graduating from TCU, Williams joined the Five Star Institute as an editorial intern, advancing to staff writer, associate editor and is currently the editor in chief and head of corporate communications. She has over a decade of editorial experience with a primary focus on the U.S. residential mortgage industry and financial markets. Williams resides in Dallas, Texas with her husband. She can be reached at [email protected] A recent report by the New York Daily News examined the success of the city’s Built it Back Program, which restores homes destroyed by Hurricane Sandy. According to the paper, the program has had its highs and lows, with almost three-quarters of construction complete to date but a high drop out rate. As of May 30, the city completed 3,771 homes, closing out 73 percent of all builds on its docket. This is a significant uptick from the year before, which saw only 33 percent of homes completed. However, during this year-long period, 466 homeowners dropped out of the program.The program originally relied on $1.7 billion of federal funds, but recently received a boost of $500 million in HUD funding, putting the total at $2.2 billion.Part of the funds for the Build it Back Program go to elevate the homes so that they are better protected against future flooding, however the paper noted that this has led to discontent among some homeowners who expected to have their original floor plans followed. Due to the elevation requirement some homeowners have lost basement space, but these home now have greater resale value. Other complaints lobbed toward the program include higher than expected out-of-pocket expenses; slow build times; a confusing paperwork process; and comparisons to other programs that offer new builds.“These are families that have really emptied out their life savings to make ends meet and they are literally one emergency away from losing everything. So offering them a smaller amount of money when they’re eligible for a complete home build is outrageous and unacceptable,” said Staten Island Borough President James Otto to the paper.However, program proponents credit Build it Back with being able to move back into their neighborhoods and resume their daily lives.“I think this was one of the greatest gifts I’ve ever gotten, to be honest,” said homeowner Joy Gill, who received a new, elevated home from the program. Servicers Navigate the Post-Pandemic World 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 Servicers Navigate the Post-Pandemic World 2 days ago Build it Back New York Sandy Hook 2017-06-19 Rachel Williams About Author: Rachel Williams The Best Markets For Residential Property Investors 2 days ago Share Save Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Proceed With Caution: Existing Home Sales and Economic Growth Next: Cost of Living Rises in Tandem with Home Prices Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

For Single-Family Rentals, Low Vacancy Rates Mean Rent Growth

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago February 12, 2018 2,998 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: “No Further”: CFPB Plan Limits Bureau’s Mission Next: New York Buys Distressed Mortgages to Fight Zombie Homes in Daily Dose, Featured, Headlines, News, Secondary Market  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Related Articles CoreLogic has released its February U.S. Economic Outlook, with the spotlight this month turning toward the single-family rental market, and specifically the relationship between vacancy rates and rent price growth. As explained by CoreLogic Chief Economist Dr. Frank Nothaft, single-family rental stock has been booming in recent years, with CoreLogic reporting an increase by more than one-third over the past decade. Digging deeper into the data, CoreLogic finds that as single-family vacancy rates decline, SFR rental prices have grown “nearly 3 percentage points faster per year than other consumer prices.”For more insights into the state of the single-family rental market, be sure to register for the 2018 Single-Family Rental Summit, scheduled for March 19-21 at the Renaissance Nashville Hotel in Nashville, Tennessee. The event will feature top subject matter experts and skilled SFR practitioners leading discussion panels and training sessions that will answer questions and offer viable solutions related to property acquisition and management, financing, strategies for small, mid-cap, and large investors, and new developments related to technology and professional services. You can find out all the details by clicking here. Home / Daily Dose / For Single-Family Rentals, Low Vacancy Rates Mean Rent Growth Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago For Single-Family Rentals, Low Vacancy Rates Mean Rent Growth Tagged with: CoreLogic Rent prices SFR Vacancy Rate Single Family Rental Vacancy Rate Share Save The Best Markets For Residential Property Investors 2 days ago CoreLogic Rent prices SFR Vacancy Rate Single Family Rental Vacancy Rate 2018-02-12 David Wharton Subscribelast_img read more

Community Development Found to be Largest Value of CRA

first_img July 15, 2020 991 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: GSEs Completed 16,000 Foreclosure Prevention Actions in April Next: Mortgage Brokerage Responds to CFPB’s Claims The Best Markets For Residential Property Investors 2 days ago Related Articles Community development and single-family mortgage lending account for the greatest dollar volume of lending that qualifies under the Community Reinvestment Act (CRA), according to analysis from the Urban Institute’s Housing Finance Policy Center.The CRA was created to ensure that banks serve the needs of the communities in which they are located.Community development CRA lending claimed the greatest dollar volume among all CRA loan types in 2018 with $103 billion in lending. This is up from $96 billion in 2016. It displaced single-family CRA-eligible lending, which ranked No. 1 in 2016.Single-family mortgage CRA lending came in second in 2018 with $95 billion in 2018, down from $108 billion in 2016. Three researchers from the Urban Institute attributed the somewhat large decline in single-family lending to rising interest rates over the two years. The average primary mortgage interest rate rose from 3.65% to 4.54% between 2016 and 2018.The dollar volume of single-family CRA-eligible loans rose from 12% to 13%, but the dollar volume declined.Small business, multifamily, and small farm lending, in that order, filled out the remaining CRA lending categories for both of the two years analyzed.While keeping its spot in third place for dollar volume, multifamily CRA lending rose substantially from $33 billion to $42 billion over the two-year period, while small business and small farm lending fell slightly.The Urban Institute researchers also suggest the boost in multifamily lending is also partly responsible for the uptick in community development lending because when lenders create loans for affordable multifamily housing, the loan can be counted in both the multifamily and community development categories for CRA purposes.Multifamily lending experienced a $31 billion increase between 2016 and 2018 with an $11 billion increase in low- to moderate-income areas, according to the Urban Institute.Looking ahead, the researchers expect declining interest rates to incite increased mortgage and refinance activity this year and last year with some dampening by the impact of the coronavirus pandemic.The Office of the Comptroller of the Currency recently released new CRA rule changes, which the Urban Institute has opposed in various writings since the new rule was released this May.While some in the industry have praised the rule for its modernization efforts, others in and outside the industry are deeply critical. The Urban Institute also wrote this month that one of the impacts of the new rule would be that fewer loans would be assessed by CRA standards.“Even though the banking industry has drastically changed since the CRA was enacted, the current regulations are working reasonably well,” the researchers wrote in their post analyzing CRA lending. “Any modernization efforts should be rooted in data, and as we have written elsewhere, there is no need for change in the middle of a pandemic.”The U.S. House of Representatives last month passed a Congressional Review Act aimed at reversing the CRA.Opposing the rule from the start, Chairwoman of the House Committee on Financial Services, Maxine Waters, introduced her Congressional Review Act earlier this month alongside Rep. Gregory Meeks, Chair of the Subcommittee on Consumer Protection and Financial Institutions. Seventy other members of the House co-sponsored the act.“I am deeply concerned that the OCC’s final rule will harm low-income and minority communities that are disproportionately suffering during this crisis, effectively turning the Community Reinvestment Act into the Community Disinvestment Act,” Waters stated before the House on Monday.The new rule “incentivizes large deals at the expense of smaller and more continuous financial transactions” according to Waters. The Office of the Comptroller of the Currency rule would reward CRA funding to institutions that were active in Opportunity Zones without ensuring that their activities specifically benefitted low- to moderate-income community members. in Daily Dose, Featured, Government, News Community Development Found to be Largest Value of CRA Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Tagged with: Community Reinvestment Act OCC Home / Daily Dose / Community Development Found to be Largest Value of CRA Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Share Save Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista F. Brock Community Reinvestment Act OCC 2020-07-15 Mike Albanese Subscribelast_img read more

Derry man due in court on drugs charges

first_img WhatsApp Twitter NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Twitter Google+ Facebook Pinterest By admin – November 24, 2015 RELATED ARTICLESMORE FROM AUTHOR WhatsApp Google+center_img A 25 year old man is due at a special sitting of Derry Magistrates’ Court today over a £21,000 drugs seizure in the city.Cocaine worth £12,000 and Clephedrone worth £9,000 were seized when police searched a flat in the Waterside in July.The accused has been charged with possession of Class A and Class B proscribed drugs and possession with intent to supply. Facebook GAA decision not sitting well with Donegal – Mick McGrath Calls for maternity restrictions to be lifted at LUH Derry man due in court on drugs charges Previous articlePringle seeks restoration of full jobseekers’ allowance to under 26’sNext articleGerard Doherty signs two year deal at Derry admin Nine Til Noon Show – Listen back to Wednesday’s Programme Three factors driving Donegal housing market – Robinson Homepage BannerNews Guidelines for reopening of hospitality sector publishedlast_img read more

A5 public consultation to get under way tomorrow

first_img Facebook By News Highland – April 29, 2014 WhatsApp RELATED ARTICLESMORE FROM AUTHOR Almost 10,000 appointments cancelled in Saolta Hospital Group this week Pinterest Google+ A5 public consultation to get under way tomorrow Twitter Need for issues with Mica redress scheme to be addressed raised in Seanad also Twitter Google+center_img WhatsApp Previous articleDonegal County Council has had it’s last meeting before next months local electionsNext articleAreas with inadequate sewerage should be exempt from water charges – Doherty News Highland LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook The public consultation on the A5 dual carriageway gets underway tomorrow after the project was stalled for over a year following a successful legal challenge.The first reports will be publicly available in the DRD and council offices in Omagh, Strabane, Derry and Dungannon from tomorrow until the 13th of June. They are also available for viewing in DRD headquarters and in the DRD Western Division office, County Hall, Omagh.A fourth report will open for consultation in September and further consultation on the overall environmental statement and draft orders will commence in November.Urging people to participate, West Tyrone MLA Declan Mc Aleer says it’s vital that the project gets back on track, and this is an important element of that………….Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/04/deca51pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. News Pinterest Minister McConalogue says he is working to improve fishing quota 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Dail hears questions over design, funding and operation of Mica redress schemelast_img read more