Former Fed Chair Bernanke Says DOJ Should Hold Individuals Accountable for Crisis

first_img Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Former Federal Reserve Chairman Ben BernankeFormer Federal Reserve Chairman Ben Bernanke said on Thursday that he believes the U.S. government should have sought the prosecution of individuals for their roles in precipitating the 2008 financial crisis rather than companies.Bernanke, who headed the U.S. central bank from 2006 to 2014, told the BBC that the Department of Justice should have attempted to hold individuals accountable for the crisis instead of companies because it was the decisions of individuals, and not the companies themselves, that brought on the crisis.”Perhaps that would have given us more clarity about whether these actions were irresponsible, illegal, whatever that would have been,” Bernanke said.When asked if individuals should have gone to jail for their decisions that led to the crisis, Bernanke replied, “Some individuals did go to jail, but certainly we could have gotten a better sense of what responsibility there was and what penalties would be appropriate for that.”Last month, the DOJ issued a memo to all U.S. state attorneys general stating that it will pursue the prosecution of individuals whose actions brought on the Great Recession of seven years ago. The Department has settled with several large banks over the crisis, including JPMorgan Chase (a then-record $13 billion in November 2013), Citi ($7 billion in July 2014), and Bank of America (a record $16.65 billion in August 2014) for selling toxic-mortgage backed securities to investors in the run-up to the crisis. “Some individuals did go to jail, but certainly we could have gotten a better sense of what responsibility there was and what penalties would be appropriate for that.”Deputy attorney general Sally Q. Yates stated in the memo that, “One of the most effective ways to combat corporate misconduct is by seeking accountability from the individuals who perpetuated the wrongdoing. Such accountability is important for several reasons: it deters future illegal activity, it incentivizes changes in corporate behavior, it ensures that the proper parties are held responsible for their actions, and it promotes the public’s confidence in our justice system.” Tagged with: 2008 Financial Crisis Ben Bernanke Department of Justice Federal Reserve Settlements  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Former Fed Chair Bernanke Says DOJ Should Hold Individuals Accountable for Crisis Previous: Ask the Economist: How Have Zero Interest Rates Affected the Housing Industry? Next: Speaker of the House Candidates Come From Contrasting Housing States 2008 Financial Crisis Ben Bernanke Department of Justice Federal Reserve Settlements 2015-10-09 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago 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, Government, News Former Fed Chair Bernanke Says DOJ Should Hold Individuals Accountable for Crisis October 9, 2015 1,101 Views center_img Demand Propels Home Prices Upward 2 days ago 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 Share Save Demand Propels Home Prices Upward 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 Subscribe About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Read More
Share of SFR Built-for-Rent Homes Remains Low

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Built-for-rent homes Census Bureau NAHB Single-Family Rentals 2015-11-23 Brian Honea About Author: Xhevrije West Tagged with: Built-for-rent homes Census Bureau NAHB Single-Family Rentals The Best Markets For Residential Property Investors 2 days ago Share Save Single-family homes that are built and held for rental purposes are just one small piece to a much larger picture of the housing market.Construction in this sector has risen significantly over the last year, but caution must be taken when looking at trends in the single-family rental (SFR) market as starts are still disappointing.Housing starts among single-family homes built-for-rent increased to approximately 9,000 for the third quarter of 2015, up from about 7,000 during the third quarter of 2014, data from the U.S. Census Bureau’s Quarterly Starts and Completions by Purpose and Design and National Association of Home Builders (NAHB) analysis showed.“The single-family built-for-rent market is a small portion of the total market, so care must be taken when identifying trends,” NAHB stated.The single-family homes built-for-rent market share on a one-year moving average is at 3.9 percent of total single-family starts for the third quarter of 2015, the reports found. The 3.9 percent share is higher than the historical average of 2.7 percent, but much lower than the high of 5.8 percent in early 2013.Although this market has seen substantial growth, single-family starts built-for-rent remain on the low side at 28,000 homes started during the last four quarters, the NAHB says.A confluence of factors has created the “perfect storm” for sustained growth in the single-family rental market, according to one expert in the Securities Lab of the Inaugural Five Star Institute Single-Family Rental Summit in Las Vegas in October.Those factors include higher mortgage rates, tightening credit standards, rising home prices, an increased number of rental options, ever-increasing student loan debt, and the number of household formations to building permits combined with declines in income growth, distressed sales, personal savings rate, and the overall desire to earn a home, said Chris Crippen, managing director for US Residential Asset Fund.”This is all leading to the perfect storm for sustained growth,” said Crippen, who has worked as an analyst, asset manager, and executive for Wall Street REITs, the FDIC, and Fannie Mae before founding US Residential Asset Fund in 2010. “At the FDIC in 2007 and 2008, the question was ‘How long will REOs last?’ Then all the REO agents went into the investment space. How long will that last? Who knows. We’re in an artificially suppressed interest rate environment right now. Trends are good. We’re in a perfect storm for sustained growth. I could say for the next five years all looks great and we’ll check back then. If I had to put a number on it now I’d say we’re in the third inning. It’s not too late to get in.”Rental rates and income yields continue to rise in the single-family rental market, affecting how real estate investors target purchase opportunities and how much landlords make on average. RentRange, a provider of rental market intelligence, recently released data which helps investors define and uncover opportunities nationwide.The Cape Coral, Florida metro came in first on the list with the largest change in third quarter rent year-over-year at 23.6 percent and an average yield of 9.1 percent. Sacramento, California (17.6 percent/6.6 percent); North Port, Florida (17.2 percent/9.7 percent); San Francisco, California (17.0 percent/5.6 percent); and Charleston, South Carolina (16.5 percent/9.0 percent) wrapped up the top five.“We continue to see substantial opportunity in real estate investing, but strengthening real estate markets in many regions require investors to be more informed before buying an investment property and rehabilitating it in order to achieve their desired return ,” said Walter Charnoff, CEO of RentRange and Investability. The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: Institutional Investors Slightly Less Active Next: Whistleblower Attempts to Revive RMBS Suit Against Wells Fargo November 23, 2015 1,579 Views Share of SFR Built-for-Rent Homes Remains Low Home / Daily Dose / Share of SFR Built-for-Rent Homes Remains Low Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Related Articles in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Read More
Servicer Match-Up: A Comparison of MSR Values

first_img Share Save Tagged with: Bank of America KBRA Ocwen Servicing Wells Fargo On Thursday Kroll Bond Rating Agency (KBRA) released its analysis of the current state of mortgage servicing rights (MSRS) in a paper title, “Mortgage Servicing Rights: Rising Yields Are Good.” According to the report, KBRA is unsure if the strength seen in MSR pricing in 2016 will continue into 2017 saying, “We expect to see plenty of volatility in the rest of 2017.” One bright spot for MSRs may be the new administration since KBRA reported that since the November election, “the prospects for MSRs and the firms that hold them improved enormously and with little warning.”As part of KBRA’s report, the rating agency delved into the MSR status of some of the nation’s top servicers including Wells Fargo, Citigroup, Bank of America, and Ocwen. In terms of the nation’s largest mortgage servicer—Wells Fargo—KBRA reported that the bank saw the fair value mark of its single-family MSRS fall 8 percent quarter over quarter at the end of Q1 2016, ending up at $12.7 billion. By the end of the year however, Wells Fargo ended up at $13 billion due to the change in interest rates during Q4 2016.Like Wells Fargo, Citigroup also saw a boost to their year-end MSR value due to changes in interest rates. KBRA reported that the bank experienced a 23 percent jump in its fair value of MSRs in Q4 2016 from Q3 2016 and ending the year at $1.6 billion. As DS News previously reported, on January 30 Citigroup announced that they sold nearly $97 billion in servicing rights to New Residential Investment Corp. “Needless to say, the timing of the sale coming near the peak valuation for MSRs in the past three years was very propitious indeed,” said KBRA.JPMorgan continued the trend of the top banks ending their years with increases to the fair value of MSRS. The bank finished the end of 2016 at $6.1 billion, an uptick from $5.7 billion at the end of Q2 2016.According to KBRA, Bank of America has had some of the lowest MSR valuations out of the top four banks since the financial crisis. In 2016 the bank realized “less uplift in terms of the estimated valuation of the MSR than other top banks, including a downward $820 million adjustment to the fair value of the MSR,” KBRA reported. In response, the bank explained that this “Represents the net change in fair value of the MSR asset due to the recognition of modeled cash follows and the page of time.” Overall, the bank ended the year with a net $306 million increase in MSR value due to these same reasons. Because of this variance, KBRA said “there is no way for analysts or investors to anticipate or understand these adjustments based upon public disclosure from the issuers.”In its analysis, KBRA also looked at MSRs among non-banks, the largest being Ocwen Financial, which reported $1.1 billion valuation for all its MSRs at the end of 2016. “Most of Ocwen’s MSRs are carried at the lower of cost or market, so fair value is not necessarily the best metric for investors examining this issuer, but it is the closet to the presentation of other holders of MSRs. The “updated assumptions” discussed in the Q4 2016 earnings presenting showing a $2.2 billion MSR valuation is probably more relevant to investors in terms of true future worth to the enterprise,” the report noted.To read KBRA’s full report, including the MSR values of other banks covered, click here. Previous: Home Values Rising to Meet or Recover Previous Losses Next: Yellen States Fed Rates to Increase March 2, 2017 2,090 Views Servicer Match-Up: A Comparison of MSR Values in Daily Dose, Featured, Market Studies Related Articles Subscribe The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Staff Writer Sign up for DS News Daily  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Servicer Match-Up: A Comparison of MSR Values Bank of America KBRA Ocwen Servicing Wells Fargo 2017-03-02 Staff Writer Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Read More
Jill Haro to be VP of Corporate Administration at LRES

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  LRES recently named Jill Haro as VP of Corporate Administration. In this role, Haro will oversee compliance and corporate-wide strategic projects. Haro has more than 15 years of experience working within the mortgage services industry in operations, client relations, and corporate project management. Prior to LRES, Haro served as a solution delivery executive for RealEC Technologies, part of Black Knight Financial Services. Before that, she held senior operational roles with Xome Settlement Services and Lender Processing Services, which is now known as Black Knight Financial Services. “Jill’s experience and understanding of program management will help LRES continue to evolve and diversify our client offerings,” said Roger Beane, CEO of LRES. “She has proven to be a team leader and an effective communicator both internally and externally; we look forward to seeing where her expertise takes this company.” “I have worked with Jill for the past 15 years. Her knowledge and commitment to success will provide a strong support system for our corporate initiatives,” added Mark Johnson, Chief Strategy Officer of LRES. “LRES has a deep commitment to advancing its services and solutions for the mortgage services industry. I’m thrilled to be working with Roger, Mark and the LRES team to drive essential projects that contribute to the company’s strategic growth,” said Haro. The Week Ahead: Nearing the Forbearance Exit 2 days ago June 30, 2017 1,616 Views Subscribe Related Articles About Author: Joey Pizzolato Data Provider Black Knight to Acquire Top of Mind 2 days ago in Events, Featured, News, REO Share Save Home / Events / Jill Haro to be VP of Corporate Administration at LRES Is Rise in Forbearance Volume Cause for Concern? 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily center_img Jill Haro LRES REO 2017-06-30 Joey Pizzolato Demand Propels Home Prices Upward 2 days ago Jill Haro to be VP of Corporate Administration at LRES The Best Markets For Residential Property Investors 2 days ago Previous: Greg McCoskey Joins NTC as Lead General Counsel Next: Racing Against the Home Buying Clock Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Tagged with: Jill Haro LRES REO Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

Read More
Experts Talk Property Management, Investment, and Servicing

first_imgSign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Compliance Five Star Conference FSC 2018 Investment Property Management Property Preservation Servicing Rules 2018-09-17 David Wharton in Daily Dose, Featured, Investment, Journal, News, REO, Servicing September 17, 2018 4,516 Views The Five Star Conference’s Monday labs took attendees on a tour through three crucial subsets of the industry: property management, investment, and servicing and compliance. The labs were open to all conference attendees and aimed at providing the strategic insights and industry expertise housing professionals need.The day kicked off with the Property Management Lab at 9 a.m., with a focus on spurring discussions between mortgage servicers, government agencies, and field service companies on the latest challenges and developments in the realm of property preservation. Oscar Posadas, VP, Wells Fargo Financial, served as Lab Director. Topics during the Property Management Lab ranged from best practices for servicers and service providers, tackling issues related to recently conveyed properties, successfully partnering with third-party vendors, and handling the aftermath of a natural disaster. Participating organizations included U.S. Bank, Mr. Cooper, PennyMac Loan Services, Beal Bank, Caliber Home Loans, and more, as well as government organizations such as HUD and the GSEs.A returning Five Star staple, the Servicing and Compliance Lab invited top mortgage professionals to learn new strategies to enhance operations, manage costs, service homeowners, and safeguard portfolios from embedded risk. Yvette Gilmore, VP of Servicer Relationship and Performance Management for the Single-Family Division of Freddie Mac, served as Lab Director. Topics of discussion for this year’s S&C Lab included a “State of Servicing” presentation from Kevin Brungardt, CEO, RoundPoint Mortgage Servicing Corporation; a look at where the industry is headed in the year to come; an up-to-date look at how servicing rules and regulations are evolving, and a deep dive into the ways new concepts and tech are revolutionizing servicing. Other participating organizations included Mr. Cooper, EY, the Bureau of Consumer Financial Protection, the Collingwood Group, Aspen Grove Solutions, the GSEs, and more.Running concurrent to the Servicing and Compliance Lab, the Investment Lab explored the state of single-family investment in 2018, what factors could impact your investment strategies, and ways to optimize and protect your assets while keeping an eye open for new opportunities. With Matt Reilly, Head of Acquisitions, Stonecrest Financial, serving as the Lab Director, the Investment Lab featured insights from subject-matter experts representing Residential Assisted Living Academy, Skyhill Financial, Carrington Mortgage Services, CoreVest Finance, Aspire Financial, Castle Rock Capital, SWBC, and many more.To read our full coverage of the 2018 Five Star Conference and Expo, click here. Tagged with: Compliance Five Star Conference FSC 2018 Investment Property Management Property Preservation Servicing Rules Previous: Brian Montgomery on the Future of FHA Next: Building Better Disaster Relief for Homeowners  Print This Post 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] Share Save Servicers Navigate the Post-Pandemic World 2 days agocenter_img Home / Daily Dose / Experts Talk Property Management, Investment, and Servicing Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Experts Talk Property Management, Investment, and Servicing The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: David Wharton Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Read More
Fannie and Freddie’s 2019 Goals

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles On Wednesday, The Federal Housing Finance Agency (FHFA) released the 2019 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions. The FHFA notes that the 2019 Scorecard furthers the goals outlined in the Agency’s 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac.Much like the previous year’s Scorecard, the GSEs, as well as Common Securitization Solutions, will be assessed for all Scorecard items based on the following key criteria: The extent to which each Enterprise conducts initiatives in a safe and sound manner consistent with FHFA’s expectations for all activities; the extent to which the outcomes of each Enterprise’s activities support a competitive and resilient secondary mortgage market to support homeowners and renters; the extent to which each GSE meets FHFA’s expectations under the Conservatorship Capital Framework (CCF), including FHFA’s expectations on meeting appropriate return on conservatorship capital targets; the extent to which each Enterprise conducts initiatives with consideration for diversity and inclusion consistent with FHFA’s expectations for all activities; cooperation and collaboration with FHFA, each other, the industry, and other stakeholders; and the quality, thoroughness, creativity, effectiveness, and timeliness of their work products.Goals for 2019 include reducing taxpayer risk through increasing the role of private capital in the mortgage market; and building a new single-family infrastructure for use by the GSEs and adaptable for use by other participants in the secondary market in the future.Another key goal FHFA expects for 2019 is for the GSEs to maintain, in a safe and sound manner, credit availability and foreclosure prevention activities for new and refinanced mortgages to foster liquid, efficient, competitive and resilient national housing finance markets. In the Scorecard, FHFA notes that it expects Fannie Mae and Freddie Mac to operate their single-family and multifamily business activities safely and effectively, in a manner that supports safety and soundness, market liquidity, and access to credit.Find the complete Scorecard here. Common Securitization Solutions Fannie Mae FHFA Freddie Mac 2018-12-20 Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Why Single-Source Vendors Could be the Future Next: Predictions for the 2019 Housing Market Sign up for DS News Daily in Daily Dose, Featured, Government, News, Secondary Market Home / Daily Dose / Fannie and Freddie’s 2019 Goals Tagged with: Common Securitization Solutions Fannie Mae FHFA Freddie Maccenter_img December 20, 2018 2,604 Views Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Fannie and Freddie’s 2019 Goals Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Read More
Exploring How Housing Can Address Retirement Costs

first_img Home Equity pension retirement 2020-08-12 Christina Hughes Babb Share Save The Best Markets For Residential Property Investors 2 days ago August 12, 2020 947 Views Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Home Equity pension retirement in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Servicers Navigate the Post-Pandemic World 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: RealtyTrac Names Rick Sharga EVP of Marketing Next: Many Struggling Homeowners Are Overlooking Payment-Relief Options Demand Propels Home Prices Upward 2 days ago About Author: Phil Hall Sign up for DS News Daily Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire.  Print This Post Home / Daily Dose / Exploring How Housing Can Address Retirement Costs A columnist at Forbes has recently posted an op-ed discussing America’s “retirement crisis” and ways that homeownership can help.Americans looking to their retirement with inadequate savings need to consider tapping into the equity value of their homes to help finance their post-career years, according to a Forbes op-ed column authored by Rayan Rafay, COO and CFO at Fraction, a San Francisco-area digital platform that provides homeowners with socially conscious financial solutions.Rafay, who is also a member of the Forbes Real Estate Council, noted that nearly 49 million retired Americans received an average monthly Social Security benefit of $1,500 during June. The Social Security benefit covers more than 91% of all seniors. But for those approaching the retirement threshold, the financial situation is somewhat thornier—Rafay observed only 21% of working Americans have a pension related to their jobs, and the majority of private sector companies are shutting down their pension plans. While government workers still have a pension plan, less than 20% of the population is working in this sector.“If you are in your 60s, it is recommended that you have saved eight to 10 times your annual income,” Rafay wrote. “But on average, Americans have less than half that, with only $172,000 saved. The median income of retired households is $43,696, but for those households over 75, it drops to $34,925. We are outliving the insufficient savings we have.”Rafay stated that the next wave of retirees would need 80% of their pre-retirement household income to maintain their current standard of living and cover expenses including health care during their retirement years.“Assuming a retirement age of 65 and looking at the median income in the decade before, this equates to approximately $55,000 a year,” he added. “Given the current median income in a post-retirement household of $43,696, this is a deficit of approximately $11,000 per year. This deficit can grow larger as Americans age.”Rafay observed that seniors have a roughly 80% homeownership rate and most of these residences do not carry a mortgage. He highlighted that the “utility of a home is different than the financial asset that is a house.” While noting reverse mortgages have been a primary option for seniors, other options including home equity sharing and appreciation mortgages have been gaining popularity.“They each have their unique considerations, but what is clear is that assuming a reasonable 5% return on investments these gains could help bridge this gap,” he continued. “This gives retirees a better chance at the safety and comfort they have worked for their entire lives.”However, Rafay acknowledged that “adequate safeguards” need to be maintained to prevent both elder abuse and the financial exploitation of seniors. But with these safeguards, Rafay said, “financial products that help to offer liquidity to homeowners should be encouraged not just by financial advisors but also by advocacy groups for seniors.” He also encouraged the federal government, financial institutions and institutional investors to make these products available. Exploring How Housing Can Address Retirement Costslast_img read more

Read More
Forbearance Levels Improve, But Plan-Expirations Loom Large

first_img Servicers Navigate the Post-Pandemic World 2 days ago 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. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Forbearance Levels Improve, But Plan-Expirations Loom Large Forbearance levels are looking better across the board as volume decreases for all types of mortgage loans, according to the weekly report from Black Knight. Keeping with the strong trend of early-month improvements, overall volumes dropped by 61,000 or 2.7%.Forbearance volumes for Fannie Mae and Freddie Mac fell by 13,000, or -1.9%.Federal Housing Administration (FHA) and VA plan volumes improved by 19,000, or -2.1%.Private Label Securities (PLS) and portfolio loan forbearances decreased by 29,000 or 4.6%.Inflow is down too—”total plan starts are down 13% month-over-month, and continue to slowly decline,” report the analysts at Black Knight.So, the current state of COVID-related forbearance plans in America as of May 11 looks like this:2.16 million or 4.1% of homeowners remain in pandemic-prompted forbearance plans, including 2.5% of Fannie/Freddie loans, 7.3% of FHA/VA loans, and 4.6% of portfolio and PLS loans.Some 250,000 plans list May 2021 expiration dates, Black Knight says, which offers “a moderate opportunity for additional improvements over the next few weeks, and more acutely in June, which lists 860,000 removal-or-extension expirations. Of all loans reviewed for extension or removal over the past month, 38% have been removed from forbearance, which marks the highest removal rate since mid-February.June marks the final quarterly review before early forbearance entrants begin to reach their 18-month plan expirations later this year.President Joe Biden last February announced an extension of the moratorium on home foreclosures—previously set to expire March 31—through the end of June. That temporary moratorium blocks home foreclosures, allows delayed mortgage payments, and offers six months of additional mortgage forbearance for those who enroll by June 30.Last week, when discussing the rapidly improving rate of delinquencies and forbearances, Marina Walsh, the Mortgage Bankers Association VP of Industry Analysis credited an improving jobs situation. She also issued a warning to servicers as forbearance programs expire: “Upon exiting long-term forbearance, some borrowers, regardless of their improving employment prospects, may need more complex workout options, such as loan modifications, to remain in their homes.” Subscribe Share Save About Author: Christina Hughes Babb Sign up for DS News Daily  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Foreclosure, Government, Loss Mitigation, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Borrowers Taking Advantage of More Lender Tech Next: Most Valuable Company: Claims Recovery Financial Services 2021-05-14 Christina Hughes Babb Home / Daily Dose / Forbearance Levels Improve, But Plan-Expirations Loom Large Data Provider Black Knight to Acquire Top of Mind 2 days ago 16 days ago 1,005 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Read More
Residents in Derry City Council to be surveyed on their views for future of…

first_img NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp Help sought in search for missing 27 year old in Letterkenny Three factors driving Donegal housing market – Robinson News Google+ Pinterest Twitter Previous articleGuide to help people who lost loved ones in Road Traffic Collisions launchedNext articleLetterkenny man recovering after being hit by train in Holland News Highland Google+ Twitter Residents in Derry City Council to be surveyed on their views for future of the citycenter_img Ilex, in partnership with the University of Ulster and Social Capital North West, will survey residents in the Derry City Council from next week to get their views on what they want for the future of the city.Over 500 households will be surveyed from 19 November until 7 DecemberThe aim of the survey it to gauge the publics views on the regeneration process and to measure progress against the last residential survey which was carried out in 2009.Surveyors will visit homes throughout the Derry City Council area from Monday. They have all been specially trained to conduct interviews and are well-known individuals within their respective communities.Ilex’s Director of Strategy and Regeneration, Gerard McCleave is urging people to fully participate in the exercise as it will form the basis for the future planning of development projects and service provision within the city and surrounding areas.Over 70 local enumerators, including unemployed residents, have been up-skilled to complete the data collection for the survey with findings to be reported in early 2013 Facebook Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHOR Facebook 448 new cases of Covid 19 reported today By News Highland – November 17, 2012 WhatsApp Pinterestlast_img read more

Read More
Senator O’Domnhaill says he will pay Household Charge

first_img Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHOR News Facebook Pinterest WhatsApp Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson Twitter Facebookcenter_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week Donegal Senator Brian O’Domnhaill has said that he WILL be paying the 100 euro household charge when it’s introduced.But he also said that the charge should be means tested.He said that he believes people claiming social welfare, pensioners, people in negative equity and people in mortgage arrears should be exempt from the Household Charge…….[podcast]http://www.highlandradio.com/wp-content/uploads/2011/12/bod2.mp3[/podcast] By News Highland – December 20, 2011 Previous articleIncreasingly likely that Councillors will reject Budget for 2012Next articleThomas Elvin trial hears claims of IRA connections News Highland Google+ Pinterest Senator O’Domnhaill says he will pay Household Charge Twitter WhatsApp Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margeylast_img read more

Read More