Month: May 2021

DS News Webcast: Tuesday 3/12/2013

first_img Servicers Navigate the Post-Pandemic World 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago The Best Markets For Residential Property Investors 2 days ago in Featured, Media, Webcasts Coverage- Fed’s Duke Addresses Recovery’s Sustainability in Speech- Nationstar Suit Questions Servicer’s Right to Sell Mortgage Notes />For More Information, go to DSnews.com About Author: DSNews Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago DS News Webcast: Tuesday 3/12/2013 Home / Featured / DS News Webcast: Tuesday 3/12/2013 2013-03-12 DSNews Demand Propels Home Prices Upward 2 days ago Previous: HOPE NOW Hosts Event to Help Homeowners Impacted by Sandy Next: Ally Bank Agrees to Sell MSRs to Ocwen for $585Mcenter_img March 12, 2013 535 Views  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

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New ‘Audit the Fed’ Bill Calls for Full Transparency from Central Bank

first_img Audits Federal Reserve U.S. Senate 2015-01-28 Brian Honea Related Articles Home / Daily Dose / New ‘Audit the Fed’ Bill Calls for Full Transparency from Central Bank Data Provider Black Knight to Acquire Top of Mind 2 days ago January 28, 2015 1,242 Views 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. Servicers Navigate the Post-Pandemic World 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago U.S. Senator Rand Paul (R-Kentucky) has reintroduced bipartisan legislation that calls for more transparency from the U.S. Federal Reserve Board of Governors, according to an announcement on Paul’s website.The Federal Reserve Transparency Act of 2015, or S. 264, commonly known as Audit the Fed, calls for elimination of the restrictions placed on the Government Accountability Office (GAO)’s audits of the Fed. The bill also mandates that several divisions of the Fed be subject to Congressional oversight, including credit facilities, securities purchases, and quantitative easing activities.”A complete and thorough audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington,” Paul said. “The Fed currently operates under a cloak of secrecy and it has gone on for too long. The American people have a right to know what the Federal Reserve is doing with our nation’s money supply. The time to act is now.”One of the provisions of the bill calls for an audit of the review of the loan files of homeowners in foreclosure: “The Comptroller General of the United States shall conduct an audit of the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board of Governors of the Federal Reserve System against supervised financial institutions.”Conservatives have criticized the Fed’s methods of attempting to stimulate the economy since the 2008 financial crisis and have repeatedly called for more transparency from the central bank. Legislation similar to the bill introduced by Paul on Wednesday has been proposed before by former U.S. Representative and Senator Paul’s father, Ron Paul (R-Texas) in 2009, and Representative Paul Broun (R-Georgia) last year. Broun’s bill easily passed in September 2014 with bipartisan support in the House by a 333 to 92 vote (with 106 Democrats and 227 Republicans voting in favor) but died when it was not voted on in the Senate before the end of the session. A similar bill was introduced in the House earlier this month by Representative Thomas Massie (R-Kentucky).Senator Rand Paul’s new Audit the Fed bill has 30 co-sponsors, only one of which – Mazie Hirono of Hawaii – is a Democrat. One of the new bill’s co-sponsors is Senator Ted Cruz (R-Texas).”At long last, it’s time for a complete audit of the Federal Reserve, so the American people can fully understand the scope and consequences of the agency’s extraordinary monetary policy since 2008,” Cruz said in a prepared statement. “The Fed has expanded its balance sheet fivefold, yet economic growth is still tepid, businesses are sitting on cash, and median income and household wealth are depressed. . .Enough is enough. The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on. This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term.”Another of the Fed’s policies conservatives have criticized is the near-zero savings interest rates. The Fed announced during the first Federal Open Market Committee meeting of the year on Wednesday that it is in no hurry to raise those interest rates, saying, “Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.””Americans are living with near-zero interest rates on their savings while entrepreneurs and small businesses report credit is still hard to get,” Cruz said. “Quantitative easing has contributed to the dollar’s volatility in recent years, which destabilizes the financial system and distorts investment. Other than elevating the stock market and key prices such as oil until lately, the Fed’s policies have not resulted in a long-term cure for our sick economy.”Democrats have repeatedly resisted any legislation that calls for further scrutiny of the Fed’s activity. Last month, Fed Chair Janet Yellen said she would “forcefully” oppose any type of Audit the Fed bill, telling reporters that “I do think central bank independence is very important. . . to make sure we can make the decisions we think are best.”center_img About Author: Brian Honea New ‘Audit the Fed’ Bill Calls for Full Transparency from Central Bank The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Audits Federal Reserve U.S. Senate in Daily Dose, Featured, Government, News Previous: North Carolina Publications Honor Hutchens Law Firm Attorneys Next: GSE Investors Gain Victory in Court of Federal Claims Demand Propels Home Prices Upward 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Consumers More Likely to Choose Non-Mortgage Debt Over Mortgages

first_img Related Articles  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Kerri Panchuk is an attorney and financial writer with more than a decade of experience covering real estate, default servicing, residential mortgage-backed securities, retail, macroeconomics, and commercial real estate. Panchuk graduated from the Southern Methodist University Dedman School of Law and texas Tech University, Panchuk previously served DSNews.com as online managing editor/producer and webcast anchor. In April, she rejoined the Fiver Star Institute as executive director of member groups, overseeing the development and growth of the National Appraisal Congress and Title and Closing Coalition. Panchuk is a member of the State Bar of Texas. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago An active mortgage market is the byproduct of consumers citing homeownership as a need–or an inescapable debt that is a natural appendage to a person’s credit history.Unfortunately, a new article from Credit.com suggests that when given a choice between different types of debt, fewer consumers take out home mortgages and are much more likely to carry other kinds of debt alone, with credit cards ranking as the most common.The article shatters the ongoing myth that mortgages are an average part of consumer life. Unfortunately, the data compiled by the Urban Institute says there are six kinds of borrowers: those who have mortgage debt only, those who have credit card debt only, those who have no debt, those who have an auto loan and a mortgage and those who have student loan debt only and those who have an auto loan.Surprisingly, credit card debt is the only debt for 22 percent of consumers. Meanwhile, the percentage of consumers with only a mortgage came in at 13 percent out of 5 million Americans studied.The most common type of consumer–making up 29 percent of the analyzed pool of consumers–have no debt at all, suggesting Americans are much more risk-adverse than previously known and remain so in the wake of the mortgage market meltdown.The takeaway for lenders: Consumers are definitely debt cautious, and it seems big ticket items lose out to smaller debts such as credit cards when borrowers decide to carry only one type of debt.For roughly 4 percent of borrowers, student loan debt is the only debt they reported. However, the report does note that it’s likely many borrowers carry more than one type of debt, especially if they have a mortgage since they need to establish some type of credit history before qualifying for a home loan. Consumer Credit Mortgage Debt non-mortgage debt 2015-11-26 Brian Honea The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Ocwen Re-Initiates Stock Repurchase Program Next: Building Better Relationships Consumers More Likely to Choose Non-Mortgage Debt Over Mortgages Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Featured / Consumers More Likely to Choose Non-Mortgage Debt Over Mortgages in Featured, Market Studies, Newscenter_img Subscribe Tagged with: Consumer Credit Mortgage Debt non-mortgage debt November 26, 2015 993 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Kerri Panchuk Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days agolast_img read more

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What is the Future of Freddie Mac’s Risk Transfer Policy?

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / What is the Future of Freddie Mac’s Risk Transfer Policy? As Freddie Mac announces its intent to sell its eighth and final scheduled offering this year of Structured Agency Credit Risk (STACR) debt notes, pending market conditions, DS News takes a look back at the STACR offerings as well as what is in store for 2017.The GSE states that it has led the market in introducing new credit risk-sharing initiatives with STACR, Agency Credit Insurance Structure (ACIS) and Whole Loan Securities (WLS(SM)), and was the first agency to market these types of credit risk transfer transactions. The company has since grown its investor base to more than 200 unique investors, including insurers and reinsurers. Since 2013, the company has transferred a significant portion of credit risk on nearly $570 billion of UPB on single-family mortgages.“The STACR offering is a part of a broader effort on behalf of Freddie Mac to transfer credit risk from Freddie Mac to private investors,” says Mike Reynolds, VP of Credit Risk Transfer for Freddie Mac.STACR debt notes are unsecured and unguaranteed bonds issued by Freddie Mac whose principal payments are determined by the delinquency and principal payment experience on a STACR Reference Pool consisting of recently acquired single family mortgages from a specified period. Freddie Mac transfers credit risk from the mortgages in the Reference Pool to credit investors who invest in the STACR debt notes.“We have a range of goals that we’re trying to achieve,” says Reynolds. “First and foremost, we’re looking to transfer credit risk into the hands of private capital. Second, we’re looking to establish a broad and deep investor base to be able to sustain this credit risk transfer today and into the future. Then third, we’re looking to minimize disruptions to the current origination and, specifically, the TBA market.”In this final STACR offering, Citigroup Global Markets and Barclays Capital will serve as co-lead managers and joint bookrunners.Additionally, the GSE reports that with the STACR 2016-HQA4 offering of loans with LTVs ranging from 80 to 97 percent, Freddie Mac holds the senior loss risk in the capital structure and a portion of the risk in the Class M-1, M-2 and M-3 tranches, and the first loss Class B tranche.With regard to what the future of the STACR offerings holds, Reynolds states that Freddie Mac expects to see the same as what has been seen in 2016.“There’s a focus on getting credit protection on new originations (30-year fixed rate, 60 to 97 LTVs),” says Reynolds. “We expect to be credit protecting the same types of collateral with roughly the same volumes next year.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Tagged with: Credit Risk Transfer Freddie Mac STACR Previous: Florida Case May Cause Both Borrowers and Servicers Difficulty Next: FHFA Announces Agency Goals for 2017 About Author: Kendall Baer The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Credit Risk Transfer Freddie Mac STACR 2016-10-03 Kendall Baer Demand Propels Home Prices Upward 2 days ago 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. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News October 3, 2016 1,175 Views What is the Future of Freddie Mac’s Risk Transfer Policy? Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Subscribelast_img read more

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OCC Head Stresses Collaboration in Maintaining Sound International Banking

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago OCC Head Stresses Collaboration in Maintaining Sound International Banking Tagged with: Comptroller FATF OCC Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Sandra Lane Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Federal Reserve Bank of Atlanta Welcomes New President Next: MHA Releases Year-End Results. What’s Changed?  Print This Post Sandra Lane has extensive experience covering the default servicing industry. She contributed regularly to DS News’ predecessor, REO Magazine, from 2004 to 2006, covering local market trends, the effects of macroeconomic shifts on market conditions, and “big-picture” analyses of industry-driving indicators. But her understanding of the mortgage and real estate business extends even beyond those pre-crisis days. She is a former real estate broker and grew up in what she calls “a real estate family.” A journalism graduate of the University of North Texas, she has written articles for various newspapers and trade journals, as well as company communications for several major corporations. Home / Daily Dose / OCC Head Stresses Collaboration in Maintaining Sound International Banking The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Comptroller FATF OCC 2017-03-13 Sandra Lane in Daily Dose, Featured, Government, News Share Save Sign up for DS News Daily March 13, 2017 1,448 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago “Collaboration” was a key word used generously in the address given by Thomas J. Curry, comptroller of the currency, to the International Bankers Annual Conference on Monday in Washington, D.C. As various federal agencies now face drastic changes and even elimination under the new Trump administration, Curry spoke of “the necessity of maintaining certain safeguards and high standards.” “Some will suggest easing safeguards,” he said. “A few will even suggest eliminating them. Others will remember that the worst loans are made in the best of times and urge continued vigilance to build capital and liquidity so that it is available when the tide turns.”  He said that this is a reasonable policy discussion to have domestically and internationally and is a debate as old as banking itself. “During times like these, I think it is helpful to stress two things that remain constant in financial regulation,” he said, “the importance of international collaboration and the value of effective supervision. He went on to say that In times of change and uncertainty, collaboration among domestic and international supervisors provides perhaps its greatest value, because it takes the best from each to create something greater than any one of them individually. As head of the Office of the Comptroller of the Currency (OCC), Curry said that he had made collaboration a strategic priority and core value for the agency. “Collaboration is a powerful word,” he said. “For me, collaboration involves including diverse groups with different interests working together to achieve a common goal.”As an example of collaboration, he cited that since 1989, bank supervisors from member countries of the Financial Action Task Force (FATF) have been collaborating in the fight against terrorism and money laundering. “By monitoring international progress in implementing effective safeguards against money laundering and terrorist financing, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system as a whole from misuse,” he said. He also said that the OCC’s work in the FATF is complemented by its representation on the Anti-Money Laundering Expert Group (AMLEG) of the Basel Committee on Banking Supervision. “Our AMLEG membership enables us to collaborate with other bank supervisors from around the globe in the interpretation and implementation of the FATF standards in our respective jurisdictions,” he said. “This collaboration promotes consistency in supervisory expectations across the many jurisdictions in which our banks operate and their customers do business.”  In closing, Curry said he wanted to leave a reminder that the fundamentals of banking remain the same: strong capital, ample liquidity, controlled leverage, and limited concentrations. “These are lessons we remember during a crisis, but sometimes forget during extended periods of good times,” he said. “The safeguards implemented since the crisis of 2008 restored confidence in the system by focusing on these basic principles of sound banking.” He said that as a result, banks are growing in the United States, and have returned to profitability. “At the same time, they are better equipped to weather a downturn than at any time in my professional memory,” he explained. “And that’s a good thing, because as professional risk managers and bankers, we know that sooner or later that downturn will come. When it does, the work we have done since 2008 will soften the blow. We must not forget the lessons of the past crisis. There is exceptional value in strong supervision, value that regrettably sometimes only becomes clear in its absence. We cannot let our guard down.” Subscribelast_img read more

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CIT Group Sells Reverse Mortgage Operation

first_img in Daily Dose, Featured, Headlines, News, Secondary Market  Print This Post Related Articles Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago CIT Group Inc., who has recently been making moves to simplify its operations and become a regional commercial banking institution, announced it will be selling Financial Freedom and the reverse mortgage portfolio to an unnamed buyer. Financial Freedom has been a part of CIT group since August 2015 as a discontinued operation when CIT acquired OneWest Bank.Nearly $900 million in reverse mortgage whole loans, including real estate loans, are included in the deal as of June 30, 2017. Though the details of the deal were not disclosed, CIT expects it to close by mid-2018.”Throughout this year we have made continued progress in transforming the company and applying our focus toward maximizing the potential of our commercial banking and deposit franchises, which are the core of our go-forward strategy,” said Ellen R. Alemany, Chairwoman and CEO of CIT Group.CIT Group filed for bankruptcy in 2009 but has been streamlining its operations in order to simplify and improve efficiency. To begin that process, CIT announced in June its plan to sell its European Rail business and then in April sold stakes in the joint ventures with Tokyo Century Corporation and devised its aircraft leasing business.According to the report, since then, CIT Group has divested its Canadian, Brazilian, and Mexican businesses, among others. Due to the efforts the company has put in, analysts “seem to be bullish on the stock.”“The company’s to-be-reported quarter’s earnings estimates have been revised 6.4 percent upward over the last 60 days,” the report said. “Nonetheless, investors look skeptical about CIT Group’s prospects. Shares of the company have gained 34.3 percent in a year’s time, outperforming 27.9 percent rally for the industry.”To see the full report, click here. CIT Group 2017-10-09 Brianna Gilpin CIT Group Sells Reverse Mortgage Operation Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribecenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CIT Group About Author: Brianna Gilpin Home / Daily Dose / CIT Group Sells Reverse Mortgage Operation Demand Propels Home Prices Upward 2 days ago Share Save Previous: HOPE Program: 10 Years Later Next: Treasury to Streamline Capital Markets The Best Markets For Residential Property Investors 2 days ago October 9, 2017 2,091 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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For Waterfront Properties, Is Location Everything?

first_img David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Collateral Analytics Home Prices Home Values real estate waterfront properties 2018-04-03 David Wharton The old real estate adage insists that location is everything, but how much truth does that hold when it comes to waterfront properties? A new study by Collateral Analytics puts waterfront real estate under the microscope to determine what factors impact whether a waterfront view is a boon or a burden.The Collateral Analytics study, authored by Dr. Michael Sklarz and Dr. Norman Miller, does indeed show a positive impact on home values when it comes to proximity to bodies of water, but that impact varies significantly depending on the type of waterfront and various other factors. The impact shown is also lesser than that founds in some earlier studies of the same sort.Oceanfront property tends to receive more of a value bump than property adjacent to rivers or lakes. A 2011 study by Steve Conroy and Jennifer Milosch entitled “An Estimation of the Coastal Premium for Residential Housing Prices in San Diego County” theorized that some of these price increases may be tied to temperature moderations provided by proximity to the ocean. The 2011 study found that coastal homes located within 500 feet of a coastline saw a value increase of an estimated 101.9 percent, compared to homes further than six miles from the coast. Between 500 and 1,000 feet from the coastline, that bump decreases to 62.8 percent, and “the effect declines rapidly,” according to the 2011 report.Collateral Analytics’ new study examined “a large sample of 5-digit ZIP Codes that include both waterfront and off-water sales,” and categorized the waterfront property into three types: ocean and bay front, lakefront, and riverfront. Collateral Analytics found that oceanfront properties exhibited premiums nearly 45 percent higher than comparable homes within the same ZIP code that were not located on the ocean. For lakefront homes, the premium increase amounted to a little over 25 percent; for riverfront homes, it was 24 percent.Waterfront premiums also vary quite a bit depending on overall location. According to Collateral Analytics’ findings, a lakefront property in Georgia gets a premium percentage increase more than three times larger than that of a riverfront property. In Louisiana, however, the disparity between riverfront and lakefront property is much less pronounced.The study also highlights the impacts of factors such as whether a property is prone to flooding or not.You can read the full Collateral Analytics report by clicking here.Editor’s note: This story originally misattributed the authors of the Collateral Analytics study. The authors have been corrected above. April 3, 2018 3,892 Views The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Journal, Market Studies, News About Author: David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / For Waterfront Properties, Is Location Everything? Previous: The Policy Makers Next: HUD Secretary Ben Carson Reflects on Fair Housing Act Tagged with: Collateral Analytics Home Prices Home Values real estate waterfront properties Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Related Articles For Waterfront Properties, Is Location Everything? Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

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Coastal Flooding—A Trillion-Dollar Threat

first_img The Best Markets For Residential Property Investors 2 days ago Tagged with: climate change flooding floods hurricanes 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] climate change flooding floods hurricanes 2018-06-18 David Wharton Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Coastal Flooding—A Trillion-Dollar Threat About Author: David Wharton Home / Daily Dose / Coastal Flooding—A Trillion-Dollar Threat The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Sign up for DS News Daily June 18, 2018 2,456 Views center_img Previous: The Week Ahead: Exclusive Zombie Homes Webinar Next: Ginnie Mae Mortgage-Backed Securities Issuance Approaches Milestone Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Earlier this year, the National Centers for Environmental Information reported natural disasters caused more than $300 billion in damages during 2017, a record-setting year that encompassed several damaging hurricanes, as well as wildfires and mudslides in California. According to a new report by the Union of Concerned Scientists (UCS), however, the long-term risks from climate change-related flooding stands to become much worse by the end of the century.The UCS report states that as many as 311,000 coastal homes will be at risk of chronic flooding within the next 30 years—coincidentally, as the report points out, the average lifespan of a mortgage. Those potentially affected homes are worth around $120 billion today. Nearly 14,000 coastal commercial properties will also be at risk of chronic flooding during that time frame, with an assessed value of around $18 billion. The potential economic damage will become much worse as we near the end of the century, the UCS reports.By the end of this century, the UCS report estimates that homes and businesses worth a combined current value of more than $1 trillion could be at risk from chronic, climate-change-related flooding. How does that trillion break down? It works out to approximately 2.4 million homes, currently worth nearly $912 billion, and around 107,000 commercial properties, currently assessed at $152 billion.To put that in further perspective, those 2.4 million homes are roughly the equivalent of every home in both Los Angeles and Houston combined. The UCS report defines “chronic flooding” as “flooding an average of 26 times per year or more.”“What’s striking as we look along our coasts is that the significant risks of sea level rise to properties identified in our study often aren’t reflected in current home values in coastal real estate markets,” said Rachel Cleetus, an economist and policy director for the Climate and Energy Program at UCS, as well as a report co-author. “Unfortunately, in the years ahead many coastal communities will face declining property values as risk perceptions catch up with reality. In contrast with previous housing market crashes, values of properties chronically inundated due to sea level rise are unlikely to recover and will only continue to go further underwater, literally and figuratively.”The UCS report explains that “the properties at risk by 2045 currently house roughly 550,000 people and contribute nearly $1.5 billion toward today’s property tax base. These numbers jump to about 4.7 million people and $12 billion by 2100.”“For some communities, the potential hit to the local tax base could be staggering,” said Kristy Dahl, a senior climate scientist at UCS and report co-author. “Some smaller, more rural communities may see 30, 50, or even 70 percent of their property tax revenue at risk due to the number of chronically inundated homes. Tax base erosion could create particular challenges for communities already struggling with high poverty rates.”Nor are these dangers strictly limited to decades down the road. A recently released CoreLogic report estimated that that 6.9 million homes could be at risk of hurricane storm surge damage in 2018, with more than $1.6 trillion in potential reconstruction costs at stake. Servicers Navigate the Post-Pandemic World 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Traffic disruption as lorry leaves the road near Annagry

first_img Facebook 448 new cases of Covid 19 reported today By News Highland – November 1, 2012 Three factors driving Donegal housing market – Robinson RELATED ARTICLESMORE FROM AUTHOR NPHET ‘positive’ on easing restrictions – Donnelly Twitter Traffic disruption as lorry leaves the road near Annagry A large lorry has gone off the main road into a small river between Loughanure and Annagry less than half a mile  from Annagry village.There are no reports of injuries.Motorists travelling the road are asked to exercise caution as part of the road verge has broken away.It is expected there will be delays on the road as efforts get underway to remove the lorry. Guidelines for reopening of hospitality sector published WhatsApp Pinterestcenter_img Facebook WhatsApp News Help sought in search for missing 27 year old in Letterkenny Google+ Pinterest Google+ Previous articleFine Gael Deputy Joe McHugh hit out at Sinn Fein jobs strategyNext article14% of Donegal’s population has a disability News Highland Calls for maternity restrictions to be lifted at LUH Twitterlast_img read more

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Police net closes and second Boston bomb suspected

first_img Calls for maternity restrictions to be lifted at LUH Almost 10,000 appointments cancelled in Saolta Hospital Group this week Google+ Facebook Pinterest WhatsApp Previous articleBurton warns banks to be fair & realistic with debt dealsNext articleSavita jury return verdict of death by medical misadventure News Highland WhatsApp Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton RELATED ARTICLESMORE FROM AUTHOR NPHET ‘positive’ on easing restrictions – Donnelly center_img Pinterest Facebook By News Highland – April 19, 2013 Three factors driving Donegal housing market – Robinson Google+ Police net closes and second Boston bomb suspected News Police in Boston have surrounded a building in the suburb of Watertown as they hunt a teenager they suspect was involved in the bomb attack on the city’s marathon.Within the past few minutes media is reporting that shots have been heard in the vicinity of an apartment block which had been cordoned off.Earlier Tarmelan Tsarnaev (pron: Sar-neye-ev) was killed after a police chase and shootout in the Watertown area this morning.Its his 19 year old brother Dzokhar (pron: jock-ar) who is still on the run.His uncle, Ruslan Tsarni (pron: Roos-lahn Sahr-nee) lives near Washington DC.He says the family thought the boys had a bright future. Twitter Guidelines for reopening of hospitality sector published last_img read more

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