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, MReport and 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

Kyle Rittenhouse extradition ‘dangerous’ due to political climate: Lawyers

first_imgMarilyn Nieves/iStockBy KARMA ALLEN, ABC News(CHICAGO) — Defense attorneys for alleged killer Kyle Rittenhouse argued on Friday that it would be dangerous to extradite the 17-year-old teenager, citing fears of retaliation and a divided political climate.Rittenhouse, an alleged white supremacist accused of killing two protesters in Kenosha, Wisconsin, in the wake of an officer-involved shooting, appeared via Zoom for an Illinois hearing where his attorney contested the teen’s extradition to Wisconsin to face homicide and other charges in connection with the August shootings.The hearing, which lasted about five minutes, ended Friday morning without a decision and it’s unclear when the judge will issue a ruling. The judge gave state prosecutors seven days to respond to the motion and scheduled an in-person hearing for Oct. 30.“There is a massive amount of video evidence that shows … beyond a shadow of a doubt that this is not a legitimate criminal prosecution, it is a political prosecution,” John Pierce, Rittenhouse’s attorney, told the judge.Pierce also reiterated claims levied Thursday in a 16-page petition for a writ of habeas corpus, describing the case in court as “a very unique, extraordinary situation” and noting that there was “no reason to rush.”He also requested sufficient time to challenge the extradition: “There is a presidential candidate in the heat of arguably the most heated election, perhaps ever, certainly since 1860, that has inflamed the situation, And we simply ask that that this detainee’s due process rights be observed so we can challenge this in a proper way and ensure that this is a legitimate criminal prosecution and not something else.”While Piece did not mention either presidential candidate, Democratic presidential nominee Joe Biden’s campaign has criticized President Donald Trump’s failure to condemn white supremacists. A campaign video featured Rittenhouse on the streets of Kenosha. Attorney Lin Wood, who is helping to raise funds for Rittenhouse’s defense, threatened to sue the Biden campaign for libel on behalf of Rittenhouse in response to the video.Rittenhouse, of Antioch, Illinois, allegedly traveled to Kenosha, Wisconsin, in the wake of fierce protest over the case of Jacob Blake, a Black man who was allegedly shot in the back by police in front of his children.Rittenhouse allegedly shot and killed protester Joseph Rosenbaum, 36, of Kenosha, and Anthony Huber, 26, of Silver Lake. Rosenbaum allegedly followed Rittenhouse into a used car lot and confronted him in an attempt to disarm him before his death, according to a criminal complaint. The medical examiner found that Rosenbaum was shot in the groin and back — which fractured his pelvis and perforated his right lung and liver — and his left hand. He also suffered a superficial wound to his left thigh and a graze wound to his forehead.Rittenhouse was chased by protestors and fell, according to the criminal complaint. At that point, Huber tried to pull Rittenhouse’s gun away when he was allegedly shot and killed, according to the complaint. Rittenhouse then allegedly shot Grosskreutz, who had his hands in the air, in the right arm, according to the complaint.The 26-year-old Grosskreutz of West Allis, was injured in the shooting.Rittenhouse faces charges of first-degree intentional homicide, one count of first-degree reckless homicide, one count of attempted first-degree intentional homicide and two counts of first-degree reckless endangerment. He would face a mandatory life sentence if convicted on the first-degree intentional homicide charge alone.ABC News’ Jim Hill, Morgan Winsor, Josh Margolin and Jack Date contributed to this report.Copyright © 2020, ABC Audio. All rights reserved.last_img read more

A Journey of Leadership and Inspiration

first_imgAs we celebrate International Women’s Day on March 8th, I am grateful for the many women who have shared their voices of experience and encouragement. Their visible and vibrant presence confirms that the face of the workplace is evolving—soon more than 50% of the workforce will be female.  Ignoring this shift is not an option.  Women are driving change around the world, from the early days of pioneers like Sojourner Truth and Abigail Adams to current leaders like Madam Lu Hailin and Hillary Clinton. Each has her own message encouraging us to continue the journey.In the past year I have attended a number of women’s conferences, some as close as my hometown of Boston and others as far away as Beijing. Conference themes included “The Future is Now for Women” and “Creating your Future Career Success.” Packed agendas offered advice to women of all ages, professions, and walks of life.  Standing amidst thousands of women who gathered for these inspiring events showed me just how many of us are ready to take our careers and contributions to new heights.Now more than ever, women are providing significant return on investments for our companies, clients, communities and organizations.EMC employees proudly attend the 2014 Massachusetts Conference for WomenInfluential conference speakers encouraged all women to make a conscious effort to lay a strong foundation for other women to succeed.  Speaking at the recent Massachusetts Conference for Women in Boston, actress Lupita Nyong’o offered this thought:We continue to fight for equality, for justice, for freedom, for compassion…and we achieve the most when we are awakened and responsive to the dreams of our individual hearts. It is then we can be part of a whole and share our tools to fulfill the bigger picture of a better tomorrow.I believe this is applicable to all female leaders of today and the future.  Nyong’o eloquently provides perspective for the bridge that we must continue to build in the corporate world, in our local communities, and in our global society.The stories of Lupita Nyong’o and so many other high-achieving women are uplifting and encouraging, speaking to how far women have come on this journey.  Their insights also point to gaps that we must still work to close.Some of these conferences also offer participants the opportunity to look back and explore the often turbulent paths that our foremothers took.  This view always serves to illustrate and understand our progress.  By being informed and inspired by our past, we can continue to forge ahead, shaping the critical roles women will play in building the ecosystems of today and tomorrow.I am proud to represent EMC when I am at these events, surrounded by thousands of women from many different walks of life, ages, and accomplishments.  The people of EMC are committed to supporting the journey of our colleagues, as well as women around the globe.  With each step, we increase our cultural competence – a proficiency gained through inclusive attitudes and behaviors that help us interact most effectively.The ultimate measure of success will be when all EMC employees bring their “whole selves” to work, embracing a diversity of thought, people and perspectives because they can’t imagine working any other way.last_img read more

National glory for Kilkenny

first_img Two Michael Fennelly goals in the first half set the All-Ireland champions up for another league crown, achieved in the absence of their manager Bran Cody, who is recovering from heart surgery. Fennelly rifled home a third minute goal to give Kilkenny an early boost, and after Tipp had fought back with points from Eoin Kelly, Noel McGrath and Seamus Callanan, Fennelly fired in a second goal from a tight angle in the 21st minute. Press Association Once again, the Premier county battled their way back into the game, hitting quality scores through Brendan Maher (3), Kelly and Noel McGrath. But late scores from Lester Ryan and Fennelly sent the Cats in with a 2-7 to 0-11 interval lead. Brendan Maher brought Tipperary level with his fourth point midway through the second half, moments after a flare-up had resulted in the straight red card dismissals of Kilkenny full back JJ Delaney and Tipp attacker Lar Corbett. Kilkenny pushed on in the closing stages with Eoin Larkin, Ryan and Michael Rice hitting the points that saw them over the finish line. center_img Kilkenny retained their National Hurling League title with a 2-17 to 0-20 win over Tipperary at Nowlan Park.last_img read more

Ben Arfa facing uncertain future

first_img However, having been discarded by manager Alan Pardew at the end of last season at a time when his talent could have proved more than useful amid questions over his attitude, the former Marseille midfielder appears to be surplus to requirements. The arrivals of Siem de Jong and Remy Cabella have increased the pool of attacking midfield talent available to Pardew and it has been an open secret for some time that Newcastle are open to offers. As yet, none have been forthcoming and Ben Arfa could spend the final year of his contract kicking his heels in the reserves. That would be a huge waste of a natural ability which has made him a fans’ favourite during his four seasons to date on Tyneside, and at one point saw him linked with a £20million switch to Liverpool. However, for every stunning goal or assist, there have been many more ineffectual displays, and a deterioration of relationships behind the scenes suggests divorce one way or another is inevitable. The 27-year-old France international will not travel to New Zealand with the first-team squad this weekend after training away from the main group since his return for pre-season. Reports from France have suggested Ben Arfa has been fined for arriving back on Tyneside overweight – a charge he has denied – although the club was keeping its own counsel on the matter on Thursday. Press Associationcenter_img Hatem Ben Arfa looks to be facing an ever bleaker future at Newcastle after slipping further down the pecking order. last_img read more

Full trophy presentation as Bayern Munich lifted their 6th UCL title [VIDEO]

first_imgBayern Munich lifted their sixth UEFA Champions League title after beating Paris Saint-Germain on 23rd August 2020 in Lisbon.Ex-PSG winger, Kingsley Coman came back to haunt the French-based side after heading a cross from Joshua Kimmich.It was a beautiful night for Hansi Flick’s men who added the UCL trophy to their clean sweep of domestic trophies for the 2019/2020 season – winning the DFB-Pokal, Bundesliga and Champions League.PSG on the hand had a night to forget as they failed to capitalize on several opportunities. Manuel Neuer repelling the attacks of Les Parisien several times.Bayern’s win meant they are the first team to claim the trophy by winning every single game in a single campaign.See the full medal presentation here:last_img

Red Sox call up top prospect Michael Chavis as team continues to struggle

first_imgLet the shake-up begin for the Red Sox.Boston has called up top prospect Michael Chavis from Triple-A Pawtucket, the team announced Friday. Prior to tonight’s game against the Tampa Bay Rays, the Boston #RedSox made the following roster moves:— Boston Red Sox (@RedSox) April 19, 2019This move comes after Eduardo Nunez was placed on the 10-day injured list with a back strain.Chavis is the No. 75 prospect in all of baseball, according to MLB Pipeline.He has had an interesting run in his minor league career after being drafted in the first round by the Red Sox in 2014.MORE: Watch ‘ChangeUp,’ a new MLB live whiparound show on DAZNHe initially struggled to make contact batting .223 in his first year with a full-season club and .237 in his second year.But he found himself in 2017 breaking out to the tune of a .282 average with 31 home runs across two levels on his way up to Double-A.He was seemingly fast tracked for the majors in 2018 but was then dealt an 80-game suspension for a postive test for Dehydrochlormethyltestosterone, which is a performance-enhancing drug. As a result his timeline was pushed back with Boston as he played a total of 46 games in the minors in 2018, but he came out this year hitting pretty well as he smacked four home runs in his first 12 games at Pawtucket.Whether Chavis is ready or not remains to be seen — he has played a total of 20 games above the Double-A level — but at this point the Red Sox are looking for any kind of help they can get.Through 19 games this season the Red Sox have the worst record in the AL at 6-13 and are 20th in runs scored in MLB with 77. With Nunez going on the IL, along with Dustin Pedroia on Thursday, Boston could use some new talent with hopes of giving the team a little jolt.last_img read more