Inequality Marks Recovery; Home Prices to Stabilize

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Colin Robins February 26, 2014 599 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Inequality Marks Recovery; Home Prices to Stabilize Tagged with: Conference Board Nielsen The Demand Institute Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Inequality Marks Recovery; Home Prices to Stabilizecenter_img Servicers Navigate the Post-Pandemic World 2 days ago Previous: New Homes Grow Larger – But Who’s Buying Them? Next: Las Vegas Mirrors National Home Price Slowdown Servicers Navigate the Post-Pandemic World 2 days ago Conference Board Nielsen The Demand Institute 2014-02-26 Colin Robins Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Demand Institute, a non-advocacy, non-profit think tank jointly operated by the Conference Board and Nielsen, released Wednesday a new report entitled: “A Tale of 2000 Cities: how the sharp contrast between successful and struggling communities is reshaping America.”The report “finds that a large proportion of housing wealth is concentrated in a relatively small proportion of America’s cities, towns and villages.”An 18-month research program that included an analysis of 2,200 cities and towns and in-depth interviews with 10,000 consumers provided data for the report’s conclusions.The report’s title is presumptively a reference to the Charles Dickens work, A Tale of Two Cities, which begins with the famous and seemingly contradictory phrase, “It was the best of times, it was the worst of times…”The report seems to lend veracity to Dickens’ opening remarks, noting that, “Of the 2,200 analyzed, the top 10 percent ranked by the aggregate value of their owner-occupied homes held 52 percent ($4.4 trillion) of the total housing wealth. The bottom 40 percent held just eight percent ($700 billion).”50% of communities studied are struggling to move forward after the recession, according to the report.”Housing is an important financial barometer for the larger U.S. economy, and a more nuanced social barometer for families and towns,” said Kathy Bostjancic, director of macroeconomic analysis at The Demand Institute, and co-author of the report. “The housing trends analyzed in this report paint a powerful picture of how the Great Recession has impacted Americans in the short-term, and illuminate the potential long-term effect on our country.”The presence of double digit increases in home prices in the past two years are not indicative of future trends, according to the report. Rather, the upswing in prices was caused by investors buying up large tracts of distressed homes to meet rental demand.Home prices are expected to grow at a rate of 2.1 percent between 2015 and 2018 as supply and demand meet at a sustained equilibrium.The report comments, “Now, with prices firmer and the number of distressed or foreclosed properties down, the market is stabilizing. More homeowners are looking to sell than previously, so inventories will rise; that and the expected rise in mortgage rates and only tepid median household income gains will moderate future house price rises.”However, equality will not be evident across all 50 states: “There will be significant variations among all 50 states and the largest 50 metropolitan areas in the next five years. Price rises will be more than three times greater in the strongest markets than in the weakest ones.”By 2018, The Demand Institute projects that the national median price for a home will be close to reaching its 2006 peak. However, when adjusted for inflation, the median home price will stand 25 percent below its 2006 level. in Daily Dose, Featured, Headlines, Loss Mitigation, Market Studies, News Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily last_img read more

Presidential Candidates Urged to Address Housing Crisis on Campaign Trail

first_imgHome / Daily Dose / Presidential Candidates Urged to Address Housing Crisis on Campaign Trail  Print This Post A former U.S. Senator and a former U.S. Department of Housing and Urban Development Secretary combined to urge 2016 presidential candidates to address the issues of a lingering American housing crisis.In a piece published as a Fox News Opinion earlier this week, Scott Brown, a Republican Senator for Massachusetts from 2010 to 2013 and Henry Cisneros, a Democrat who served as HUD Secretary from 1993 to 1997 during the Clinton Administration, urged those campaigning for next year’s presidential election speak about the housing industry’s most pressing issues in their campaigns and address what they call a “silent” housing crisis, since it is “largely overlooked by the media and strangely underestimated by our nation’s political leaders.”Both Brown and Cisneros currently serve on the executive committee of the J. Ronald Terwilliger Foundation for Housing America’s Families, which officially launched on June 9.  Terwilliger, one of the most successful real estate developers, has long been an advocate for housing policy changes.Candidates talking about the housing crisis on the presidential campaign trail, the authors said, is an excellent way to raise national public awareness and is a step toward finding solutions to the problems surrounding the housing industry, which include rising rents and diminished access to homeownership. Those problems, the authors said, have the nation “mired” in a housing crisis even six years following the official end of the great recession.”We believe those candidates who credibly address housing on the campaign trail will benefit at the ballot box,” Cisneros and Brown said. “After all, there are few issues as fundamentally important to the average voter and that hit closer to home. We urge each of the candidates – Republicans, Democrats, and independents – to make housing central to their campaigns and speak to the twin issues of rental affordability and home ownership access.”The authors point out that the nation’s homeownership rate is at its lowest point since the early 1990s and the rate for younger households has fallen to levels it has never seen before. Homeownership rates for minorities have also fallen substantially, “wiping out virtually all of the gains achieved over the past two decades.”Millions of homeowners transitioned from owning to renting after losing their homes to foreclosure since 2008 but now find homeownership out of reach due to a combination of tighter lending standards and years of stagnant incomes, according to Brown and Cisneros. Also, demand for rental housing is growing, causing the price of rents to rise, meaning many Americans are paying unsustainable portions of their incomes on rent and forcing them to forego necessities such as medical care and other essentials. It also makes it impossible for them to save for a down payment for a home, according to the authors. Not only that, but the supply of affordable housing is inadequate to meet the current and anticipated demand in that area.The housing crisis affects much of America’s population and not just the poor, the authors said. Many parents of millennials are concerned with how their sons and daughters who have thousands of dollars in student loan debt will be able to find a place to live amid rising rents and limited access to homeownership.”While these issues are deeply personal, they also have profound national implications,” they said. “Broad access to stable, safe, and affordable housing is a crucial part of the formula for upward mobility and essential for America’s future prosperity. Ensuring such access must be an urgent national priority. As members of different political parties, we believe there is plenty of common ground that can serve as the basis for a bipartisan policy response. But developing this response requires us to start talking first. We hope to see this conversation begin soon in communities throughout Iowa, New Hampshire, and the early primary states.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Previous: Negative Equity Rate Falling, But 4 Million Borrowers May Be Trapped Underwater Next: Freddie Mac’s STACR Program Receives Prestigious RMBS Award Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago June 12, 2015 1,139 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img 2016 Presidential Race Henry Cisneros Housing Market Scott Brown 2015-06-12 Brian Honea 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 Tagged with: 2016 Presidential Race Henry Cisneros Housing Market Scott Brown Share Save Presidential Candidates Urged to Address Housing Crisis on Campaign Trail in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Start Your Engines: Ohio Foreclosure Fast-Tracking Bill Takes Effect

first_imgSubscribe  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 foreclosure fast-tracking 2016-10-04 Kendall Baer The fast track foreclosure bill which would reduce foreclosure timelines from two to three years down to as low as six months, took effect last Wednesday, after passing in the Ohio State Legislature in late May.It took almost three years and many rewrites and amendments before finally being rolled into a larger bill, HB 390 (Sales tax-exempt sale of natural gas by municipal gas company), before it passed in the Ohio State Senate.As the problems caused by vacant and abandoned properties have gained national attention in the last couple of years, Ohio lawmakers fought to pass this legislation, which should now greatly reduce the amount of time a property remains vacant.Reducing the foreclosure timeline should cut down on problems presented by vacant properties such as the spreading of blight, lowering of property values, vandalism, squatters, and violent crime that these properties often attract.The idea for the bill was first proposed by Columbus City Attorney Rick Pfeiffer three years ago, and Ohio HB 223 was introduced to the Ohio Senate in June 2013 by Ohio Rep. Cheryl Grossman, a Republican, and Ohio State Rep. Michael Curtin, a Democrat.The bill passed unanimously in the Ohio House in April 2014, but in December 2014 an amended version of the bill failed to make it out of the Ohio State Senate Finance Committee. A new version of the bill, Ohio HB 134, was then introduced in early 2015 by the same two joint sponsors, Grossman and Curtin. That bill passed by a vote of 88-0 in the Ohio House of Representatives in November 2015, and took another six months to pass in the Senate. Now, five months later, this bill has become effective throughout the state of Ohio.Five Star Institute President and CEO Ed Delgado said of the Ohio fast track foreclosure legislation, “The crisis of vacant and abandoned properties is one of national proportion. By reducing the time that vacant properties remain unoccupied, fast-tracking the foreclosure process will ultimately reduce the risk of community blight and thwart the potential for crime and other undesirable conditions which are the natural byproduct of a failure to act. The implementation of this bill should serve as an important step toward the introduction of a solution for communities nationwide.”A potentially workable solution is being proposed by the National Mortgage Servicing Association (NMSA).  Now in its seventh year, the organization is leading the dialog on a number of important issues that affect the mortgage industry and has been advocating for a national standard for determining property abandonment to be set forth by HUD and FHFA, which will in turn be adopted into state foreclosure laws.While fast track foreclosure laws have not yet become a national standard, Ohio’s move is seen by many in the industry as a positive development in the effort to curb the impact that vacant and abandoned properties have on communities.Click here to view Ohio HB 390 in its entirety. The section on foreclosures begins on page 70.Editor’s note: The Five Star Institute is the parent company of DS News and DSNews.com. 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. Share Save Servicers Navigate the Post-Pandemic World 2 days ago October 4, 2016 1,585 Views About Author: Kendall Baer Home / Daily Dose / Start Your Engines: Ohio Foreclosure Fast-Tracking Bill Takes Effect Previous: ClosingCorp Launches New Closing Costs Calculator Next: What Issues are Lurking Behind Rising Home Prices? Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Start Your Engines: Ohio Foreclosure Fast-Tracking Bill Takes Effect The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Tagged with: foreclosure fast-tracking The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

The End 
of an Era: Tozer Talks

first_imgHome / Daily Dose / The End 
of an Era: Tozer Talks  Print This Post The End 
of an Era: Tozer Talks Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seven years might not seem all that long a tenure in the corporate world, but in the land of political appointees, Ted Tozer’s near-decade at the helm of Ginnie Mae was a true anomaly.Tozer was appointed President of Ginnie Mae, the HUD agency that brings capital to government-funded lending programs like FHA, VA, and RHA, by President Barack Obama in 2009 and confirmed by the Senate in early 2010. He stepped down from the office in January—nearly seven full years after he assumed the post. In a world where most appointees only last one to two years at most, Tozer’s tenure was certainly a momentous one—both for its timespan and because of the accomplishments it included, domestic and abroad.Not Your Average AppointeeTozer recognizes his tenure was a rarity, as do his colleagues, friends, and pretty much anyone who’s ever come in contact with him—yet they’re not surprised in the least. In fact, Jack Konyk, who worked at Ohio’s National City Bank while Tozer was heading up National City Mortgage Company, calls Tozer an “interesting study in terms of governmental positions.” “It was unusual to see anybody stay that long in that kind of a position, but it made perfect sense for Ted because he was the perfect guy for the role,” said Konyk, now the Executive Director of Government Affairs at Weiner Brodsky Kider PC. “Ted’s the most completely, totally qualified president Ginnie’s ever had, because of his in-depth knowledge of the details of its daily operations.”Garry Cipponeri, who got to know Tozer well decades ago through various industry events and organizations while working for CitiMortgage, says Tozer simply wasn’t what Washington was used to.“They’re used to people coming in for one or two years,” said Cipponeri, the current CEO of Traderoom Capital. “Ted did not fit that mold. He came in, and he actually wanted to change things. He actually wanted to make things better and equip Ginnie Mae for the future.”Coming off 24 years working as the SVP of Capital Markets for National City Mortgage Company—one of the biggest Ginnie Mae issuers at the time—Tozer certainly came into his role with a plan.“I did a lot of work with Ginnie Mae back then,” Tozer said, “and my whole frustration was it always felt that they had a huge inferiority complex.”So when he was nominated and eventually confirmed to head the agency, Tozer made strengthening Ginnie’s place in the market a major focal point.“I really wanted Ginnie Mae staff to get to the point where they realized they couldn’t be bullied—that they really have as much to offer and they have as much a right to be a part of the discussion as anybody else in the housing sector,” Tozer said. “They have as much to offer as what Fannie and Freddie do. They shouldn’t feel like they’re inadequate.”After years of working on the opposite side of the transaction, Tozer knew well the struggles and frustrations issuers faced, so pivoting the agency toward a more customer-centric approach was also on his agenda as president.“It was important for Ginnie Mae to become more customer oriented,” Tozer said. “When I was a Ginnie Mae issuer, dealing with Ginnie Mae was so tough. You’d ask questions, and they’d always refer you back to the manual. Have you read the manual? And the instructions? Just because you’re a government agency doesn’t mean you should treat your customers poorly.”This type of service—or lack thereof—is common among government agencies, Tozer said, but in the private world, you just don’t see that. Realizing this, Tozer set out to transform Ginnie Mae into a more private-like organization. “My goal was for Ginnie to be more like the private sector,” Tozer said. “Think about it. Whether you’re a government agency or not, you’re providing a service, so you should provide that service.”Ultimately, Tozer said, he feels he was successful in making Ginnie more private in its approach. And that’s had an impact on both the agency’s relationships with issuers and with the industry at large.“I think we’ve done a pretty good job of really getting Ginnie Mae to think in terms of their issuers being customers—to think of the Wall Street firms, the investors, their bonds, and the taxpayers as customers,” Tozer said. “By doing that, I think we really changed the dynamic of Ginnie Mae and how it’s looked at in the industry.”“Encyclopedic Knowledge” Though Tozer’s tenure and goals for Ginnie certainly set him apart from other agency heads, it was also his deep, deep knowledge of the industry that really helped him make an impact. Kathy Gibbons, who worked under Tozer at Ginnie Mae, called that knowledge “encyclopedic.”“He’s got an encyclopedic knowledge of operations, products, pricing, and the legal, accounting, and performance elements that go into a good mortgage and a bad mortgage,” said Gibbons, Ginnie’s Senior Policy and Program Development Advisor. “It doesn’t matter whether you’re talking about documents, appraisals, trading eligibility, investor needs, anything. You can’t get micro enough. From the most minute to the largest territory, he knows it extremely well with precision. There isn’t really anybody else I know in the industry who has that degree of knowledge, pure knowledge.” It sounds like embellishment but Gibbons’ sentiments are shared by many of Tozer’s former colleagues. “It’d be fairly difficult—no matter what side you’re on—to challenge Ted on a lot of things, because he has such a large depth of knowledge,” Konyk said.Because of this widespread expertise, Tozer was regularly consulted on larger industry discussions and issues—even ones with other agencies like Fannie Mae and Freddie Mac. “He was brought into a lot of different things in his tenure at Ginnie Mae because he was considered by some to be the expert on mortgages in the administration,” Konyk said. Tozer even had a hand in fine-tuning HARP, the FHFA program designed to provide refinancing options for near-underwater borrowers, and he helped guide many loss mitigation discussions during the housing crisis.“He was able to be of use to folks from the Federal Reserve and Treasury who were trying to put together the early loss mitigation efforts and programs,” Gibbons said. “He could go in and explain to them exactly why something would or would not work from a legal or business standpoint. I think that the people from Treasury and FHFA and organizations like that, they cannot say enough about how Ted kept them from going down rabbit holes that would have been no use.”Leading the ChargeThough Tozer’s breadth of knowledge was wide, his colleagues maintain that he never acted like he had all the answers, nor did he micromanage their every move. In fact, according to Tozer himself, he knew the least of all his team. “I strongly believe that everybody who worked for me in the organization knows more of what’s going on than I do,” Tozer said. “So, to me, my job as a leader is to facilitate staff’s ability to be successful—that’s at Ginnie Mae or anywhere. And so that’s always what I tried to do. I’ve always tried to give my thoughts but also remember the people that are there on a daily basis. They know what’s going on.”Tozer calls this a “bottoms-up” structure, and it’s one his employees took notice of.“He had an ability to be actively involved, know everything, and yet allow his team to do the work,” said Mary Kinney, who served as EVP at Ginnie Mae from 2009 to 2016. Kinney worked with Tozer during her entire career at the agency. “He kept an awareness, but he didn’t micromanage,” she said.This approach, combined with Tozer’s sheer dedication to his job, empowered and motivated all he worked with. “He had a vision that was very aspirational,” Kinney said, “but it was also infectious. We all drank the Ted water, and we realized that we had the opportunity; we had the leadership, and he had our backs.”Even from the outside looking in, Tozer’s approach was obviously effective.“The people at Ginnie loved him, in part because they knew he understood their daily lives,” Konyk said. “He resonated with them. He’s a listener. He’s willing to listen to ideas that seem out of the box and consider whether or not they make any sense.”Though empowering his employees was certainly a goal of his, on a larger scale, Tozer really wanted to expand the agency’s workforce during his tenure. Under Tozer’s leadership, in-house staff at Ginnie Mae more than doubled—a fact that’s likely influenced the agency’s continued growth over the last decade. “He’s managed to get government to understand the critical role that they play and the fact that you can’t outsource everything,” Konyk said. “You really have to build a capable cadre that’s big enough and sophisticated enough to manage what you’re doing.”The Evolution of Ginnie MaeOver the course of seven years, Tozer spearheaded a full-on evolution at Ginnie Mae, increasing its workforce and portfolio, steering it through the years following the housing crisis, bringing its technology into the 21st century, and now, standing strong as a viable option for GSE reform. In Tozer’s time in office, Ginnie Mae’s staff grew from just over 60 employees to upwards of 130, and the agency went from holding about $800 billion in outstanding securities to $1.7 trillion—even exceeding Freddie Mac, according to Kinney. It was a period of long-term growth, and while its budget might not have grown to match, the agency has emerged a stronger, more influential force in the financial services industry, Kinney said.“We didn’t always have the money, but we charged in there and transformed this agency from the sleepy government agency to one of the premier leaders in securitization worldwide,” she said.That transformation was largely due to Tozer’s leadership.“Every once in a while the planets align,” Konyk said, “and they did in that case to everybody’s benefit, for the benefit of Ginnie, to the benefit of the market in general, to the mortgage industry as a result of it.” One of the biggest industry benefits? Ted put Ginnie Mae on the map—at least internationally.“He has been a gigantic cheerleader for Ginnie Mae securities internationally,” Cipponeri said. “I mean, during the crisis, when a lot of the international investors did not want to invest in U.S. mortgage-backed securities, he was tirelessly out there pitching that, saying ‘No, this is fully U.S.-government backed.’ He’s done a lot of really, really good things.”According to Gibbons, it was Tozer’s sheer knowledge and experience that positioned him to do those things.“An American mortgage market was not a place that investors were interested in putting money,” Gibbons said. “You needed somebody who understood how to reassure very nervous people about what was likely to happen, and he had the authority and the background to do that.”It was that same authority and background that helped Tozer right the ship when the waters got rough. Taking the helm at the tail-end of the financial crisis, he had an uphill battle from the beginning. But according to those who were there through it all, he took the challenge in stride—and his leadership provided a much-needed light at the end of the tunnel for American borrowers. “These were dangerous periods of time, and we had significant decisions to make within the context of no history, no precedent that would be comparable,” Gibbons said. “We relied on the ability of Ted to analyze the problems along with us.”Konyk said it was Tozer’s leadership that made Ginnie Mae “a rock in the marketplace” and “one of the brightest spots government had” throughout the crisis. “The industry needed an outlet for their loans and the borrowers in this country needed the ability to get a mortgage,” he said. “Ginnie’s ability to keep the lending faucet open when a lot of the other sources of mortgage credit constricted significantly was vitally important to not just the industry who serve them, but to the borrowers in this country who wanted to buy or refinance their homes.”Like much of his accomplishments, Tozer downplays his role in Ginnie’s near-spotless emergence from the storm.“We only had 10 to 12 issuers go broke,” Tozer said. “It really showed the strength of the Ginnie Mae program.”Forging AheadAs the longest-lasting Ginnie Mae president in history, there’s no doubt Tozer made an impact on the agency—and the industry at large. But just because he’s left his appointment doesn’t mean his job is done. Tozer still has plenty of work to do. Hoping to consult and use his experience and insight for good, Tozer has a number of ideas on how to improve the industry and better serve the American homebuyer.Most of his concerns? They revolve around the ever-increasing costs getting passed on to the consumer. The Dodd-Frank Act, compliance fines and fees from the Consumer Financial Protection Bureau (CFPB), and the ever-rising costs of defaulting borrowers are all driving up lender expenses—and in the end, there doesn’t seem to be a balance between benefit and cost on the consumer side, Tozer said.“There’s not this kind of analysis going on,” Tozer said. “Has the borrower gotten their dollar’s worth? At the end of the day, we should do an analysis. If a regulation is going to cost $100 a loan, will that consumer get $100 worth of benefit? And if they don’t, then you basically shortchange the borrower. I think that’s what’s missing in the Dodd-Frank discussions. It’s this cost-benefit analysis. That’s what it ultimately comes down to.”But regulations aren’t just increasing costs. Because the Department of Justice and CFPB are focusing on enforcement, doling out hefty incompliance fines and penalties, it’s also causing lenders to shrink the credit box.“It’s very difficult to convince capital today to go take a risk on repayment in that sector when they have to risk not only the repayment of their capital, but whether or not the government will spank them for how they deployed it in the first place,” Konyk said.Dodd-Frank, the CFPB, and many of the industry’s recent regulatory changes are well meaning, Tozer said, but the question is simple: “Is the medicine going to be more dangerous than the disease itself?”Cipponeri shared a similar sentiment, saying that even though mortgage rates have been low as of late, they should be much lower—and Dodd-Frank is part of the problem.“I think the intentions were good, but the execution was punitive. Really, really punitive,” he said. “Eighty percent of all the costs and all the pain of Dodd-Frank just gets passed on to the consumer. It’s much harder to get a mortgage, and it’s much more expensive to get a mortgage than it should be because of Dodd-Frank.”Ultimately, Tozer doesn’t think Dodd-Frank or the CFPB should be eliminated—just refocused a bit.“Sometimes you have these unintended consequences and you have to keep re-evaluating when they occur,” he said. “Fine-tune your role to get it to do what you it want to do. I think that’s what we’ve been missing with Dodd-Frank and CFPB.”Tozer also has serious input on the topic of GSE reform—a particularly hot-button issue since President Trump took office in January. Naturally, he favors adopting a more Ginnie Mae-like system over the privatized structures of Fannie Mae and Freddie Mac.“The Ginnie structure allows lenders to expand the credit box,” Tozer said. “On the government lending side, the Ginnie Mae structure has reduced the barriers of entry for new entrants, which allows disruptors to improve the experience for borrowers. In conventional mortgage lending, disruptors have to obtain permission from the middle organizations—Fannie Mae and Freddie Mac—versus in the Ginnie Mae program where there are no middle organizations.”The current structuring of the conventional market is restricting access to credit, Tozer said, as is the overabundance of regulatory fines and fees. These, according to Tozer, are pushing big banks out of the mortgage sector.According to Tozer, getting these banks back on board is crucial.“We are going to have a recession,” Tozer said. “I don’t care what they say. Economics is not up for appeal. We are going to have a recession sometime in the future and it could really test the housing market if the independent mortgage bankers don’t have the banks to back them up.”Ever the dedicated public servant, it’s obvious Tozer isn’t going quietly into the night just yet.“The market is still going through some growing pains,” he said, “so I’d like to give my two cents for whatever it’s worth. I really feel strongly about the strength of that housing market and how important it is to the American society. And I want to continue to support and be part of that.”For the full issue, click here. Share Save Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Tagged with: Fannie Mae Freddie Mac Ginnie Mae GSE Ted Tozer Previous: Sales Could be the Cure for Inventory Shortage Next: Why Are Lenders Loosening Credit Standards? Demand Propels Home Prices Upward 2 days ago About Author: Aly J. Yale Data Provider Black Knight to Acquire Top of Mind 2 days ago Fannie Mae Freddie Mac Ginnie Mae GSE Ted Tozer 2017-06-26 Staff Writercenter_img 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 Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Headlines, Print Features Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 26, 2017 6,119 Views Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. Subscribelast_img read more

Hard Times in Bay Area for Low-Income Housing

first_img Servicers Navigate the Post-Pandemic World 2 days ago Jonathan Lichtenwalter has recently graduated college with degrees in creative writing and integrative studies, combining the fields of journalism, technical writing, and Spanish. He has worked as a staff writer for the NTDaily. He also wrote and edited for the websites evidenceforchristianity.org and cleverirrigationsystem.com. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Nomura Settles RMBS Suit With DoJ Next: Bankruptcy & Housing: Into the Labyrinth Tagged with: California Homes Households HOUSING permits Data Provider Black Knight to Acquire Top of Mind 2 days ago In 2017, California’s Bay Area cities and counties were far behind in catering to the housing demand for very low- to moderate-income levels, according to a report released by the Association of Bay Area Government (ABAG).  The report revealed that the region saw an additional 27,103 new housing units in 2017 than 2016 (20,868), or 2015 (20,495); yet only 18 percent of these units were for very low- to moderate-income residents, a number that is far below the 58 percent required by California’s Housing and Community Development Department. “With this new data, we can clearly see that more housing development is on the way, but we’re still far behind in meeting the housing demand for all income levels,” said David Rabbitt, President, ABAG and Sonoma County Supervisor. “The work that is being done at ABAG and at the Metropolitan Transportation Commission (MTC) in the Committee to House the Bay Area, known as CASA, is urgently needed to bring Bay Area leaders together to solve this problem.” New data on ABAG’s web portal, now includes complete datasets from 2014 to 2017 and will continue to be updated to incorporate housing permit and policy activities for cities and counties from 2018 onwards. According to the ABAG, these datasets provide a resource to shape both the development and evaluation of housing policies for Bay Area and will help support MTC’s funding initiatives, which include the One Bay Area Grant program and the new Housing Incentive Pool challenge grant program. Both these initiatives help to permit, produce and preserve housing. The Housing Incentive Pool rewards local governments that permit or preserve the greatest number of housing units for households belonging to very low- to moderate-income levels. October 17, 2018 1,460 Views Hard Times in Bay Area for Low-Income Housing The Best Markets For Residential Property Investors 2 days agocenter_img Subscribe in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Jonathan Lichtenwalter California Homes Households HOUSING permits 2018-10-17 Radhika Ojha Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Hard Times in Bay Area for Low-Income Housing Share Savelast_img read more

The Week Ahead: Will the Fed Reduce Rates?

first_img The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Federal Reserve FOMC HOUSING Interest rates Investments 2019-07-26 Radhika Ojha The Best Markets For Residential Property Investors 2 days ago Subscribe Tagged with: Federal Reserve FOMC HOUSING Interest rates Investments The Week Ahead: Will the Fed Reduce Rates? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Previous: Ask the Economist: First-Time Buyer Misconceptions and the Global Economy Next: GDP Exceeds Expectations The Federal Reserve’s Federal Open Market Committee (FOMC) will meet on Tuesday to deliberate on the state of the country’s economy and the Fed’s monetary policy. On Wednesday, the FOMC announcement will determine whether interest rates will remain unchanged or fall.There is a lot of anticipation around this meeting with economists predicting a fall in interest rates by September. In fact, Fed Chair Jerome Powell signaled that rate cuts would be in the cards in the coming months during his semi-annual testimony to Congress.”In our June meeting statement, we indicated that, in light of increased uncertainties about the economic outlook and muted inflation pressures, we would closely monitor the implications of incoming information for the economic outlook and would act as appropriate to sustain the expansion,” Powell told the House Financial Services Committee. “Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened.”He had also pointed to softening investments in housing needed to be addressed. “In addition, housing investment and manufacturing output declined in the first quarter and appear to have decreased again in the second quarter,” Powell said.Some other economic issues that needed to be addressed, according to Powell, included stagnation of middle and lower incomes, low levels of upward mobility for low-income households, and the long-term effects of rising federal debt.However, according to two Federal Reserve Chiefs, interest rates are unlikely to be cut in July. Federal Reserve Bank of Atlanta President Raphael Bostic told Bloomberg that he is “not seeing the storm clouds generating a storm yet,” while Thomas Barkin from the Richmond Fed said that with unemployment low and consumer spending, it’s “hard to make a case for stepping on the gas.’’Here’s what else is happening in the week ahead:S&P CoreLogic Case Shiller HPI, Tuesday, 9 a.m. ESTNAR Pending Home Sales Index, Tuesday, 10 a.m. ESTMBA Mortgage Apps – Wednesday, 7 a.m. ESTFreddie Mac Primary Mortgage Market Index, Thursday, 10 a.m. ESTCensus Bureau Construction Spending Report, Thursday, 10 a.m. ESTBureau of Labor Employment Data, Friday, 8:30 a.m. EST About Author: Radhika Ojha July 26, 2019 1,126 Views Home / Daily Dose / The Week Ahead: Will the Fed Reduce Rates? Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. in Daily Dose, Featured, Newslast_img read more

Cope calls for regional decision making in EU fishing policy

first_img By News Highland – April 8, 2011 WhatsApp Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter Previous articleCensus will provide clarification on the number of unoccupied houses – CSONext articleGAA – Jordan included in Tyrone panel for Meath game News Highland Almost 10,000 appointments cancelled in Saolta Hospital Group this week Guidelines for reopening of hospitality sector published NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Twitter Pinterestcenter_img News WhatsApp RELATED ARTICLESMORE FROM AUTHOR Calls for maternity restrictions to be lifted at LUH Cope calls for regional decision making in EU fishing policy Facebook Three factors driving Donegal housing market – Robinson Facebook Google+ North West MEP Pat The Cope Gallagher says the sooner the EU allows decisions on fishing policy to be made on a regional level, the better. At present, region 6A off the North West coast of Ireland is closed as a cod conservation measure.Mr Gallagher attempted to move an amendment in the parliament this week which would have allowed for fishing for species other than cod in the region, but  it was defeated.Mr Gallagher says the existing regulations are causing major problems for small, inshore vessels, which are being prevented from fishing for other species.While he did win concessions on boarfish this week Pat The Cope Gallagher says the Area 6A issue is a vital one, which shows the importance of allowing more regional decision making………[podcast]http://www.highlandradio.com/wp-content/uploads/2011/04/cope6a.mp3[/podcast]last_img read more

Study to look at what homes and estates could connect to LK’s sewer

first_img Guidelines for reopening of hospitality sector published Google+ Twitter LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Pinterest By News Highland – March 7, 2012 WhatsApp Twitter Facebook Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH center_img Study to look at what homes and estates could connect to LK’s sewer WhatsApp Pinterest County Council engineers are to examine how many home and estates are not connected to the Letterkenny  main sewer put potentially could.Despite being in close proximity to the  town sewer network there are still many homes in the Letterkenny area that would have a septic tank.While housing estates, particularly those having problems with their own treatment plants, could also tap in to the main sewer.The topic has been raised by Councillor Dessie Larkin – he says that while there may be a cost associated with this to the public, at least at the end of the process, they will know where they stand:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/03/Desewer.mp3[/podcast] Newsx Adverts Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Almost 10,000 appointments cancelled in Saolta Hospital Group this week Previous articleOver 60 people apply for part time post at Cara House in LetterkennyNext articleNine on trolleys as Emergency Department overcrowding leads to clinic cancellations News Highland RELATED ARTICLESMORE FROM AUTHORlast_img read more

25% of Derry shoppers are from ROI – VAT hike set to boost city…

first_imgNewsx Adverts Man arrested on suspicion of drugs and criminal property offences in Derry Google+ Dail hears questions over design, funding and operation of Mica redress scheme Pinterest Google+ Twitter Man arrested in Derry on suspicion of drugs and criminal property offences released PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Facebook Pinterest Comments today from the chief executive of Derry’s Chamber of Commerce underline the severe impact the government’s 2% VAT increase may have on Donegal businessesSinead McLaughlin said a quarter of cars in the city’s Foyleside shopping centre car parks last weekend had Republic of Ireland registration plates, most of them from Co Donegal.Ms McLaughlin believes that the VAT increase will result in more people from Donegal shopping to Derry:center_img RELATED ARTICLESMORE FROM AUTHOR WhatsApp Dail to vote later on extending emergency Covid powers Twitter Facebook HSE warns of ‘widespread cancellations’ of appointments next week By News Highland – November 25, 2011 WhatsApp Previous articlePlans for major new Letterkenny nursing home withdrawnNext articleDonegal man takes over chair of the Irish Shellfish Association News Highland 25% of Derry shoppers are from ROI – VAT hike set to boost city furtherlast_img read more

Dallat “won’t be inhibited by death threat” as Twelfth violence hits Belfast

first_img Pinterest WhatsApp WhatsApp Further drop in people receiving PUP in Donegal Google+ Twitter News Pinterest Gardai continue to investigate Kilmacrennan fire Facebook 365 additional cases of Covid-19 in Republic Google+center_img Man arrested on suspicion of drugs and criminal property offences in Derry Dallat “won’t be inhibited by death threat” as Twelfth violence hits Belfast Previous articleTown Council should identify base for youth service – LynchNext articleBundoran lifeboat responds to ‘false alarm with good intent’ News Highland RELATED ARTICLESMORE FROM AUTHOR 75 positive cases of Covid confirmed in North Facebook By News Highland – July 13, 2013 Main Evening News, Sport and Obituaries Tuesday May 25th 23 police officers and an MP have been hurt in violence in North Belfast.North Belfast MP Nigel Dodds was taken to hospital after he was hit by a brick when violence broke out during the annual 12th of July parades.It was sparked by loyalist anger over Orange Bands not being allowed to pass through Ardoyne, as ruled by the Parades commission.The Tanaiste Eamon Gilmore has condemned the clashes and called the violence an affront to the decent people of the city and of this island.Meanwhile, East Derry MLA John Dallat has said he will not be inhibited by a death threat that was left on top of a loyalist bonfire in Garvagh.A scarf shaped into a noose was left with a threatening note on Thursday evening.Mr Dallat said despite the threat, he travelled to Garvagh on Thursday night, and was encouraged by what he saw………..[podcast]http://www.highlandradio.com/wp-content/uploads/2013/07/dallatthreat.mp3[/podcast] Twitterlast_img read more