FHFA: 30 Years of Protecting Homeowners February 13, 2019 4,016 Views Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Previous: Ginnie Mae Outstanding MBS Steady at $2T Threshold Next: The 20 Hottest Housing Markets Data Provider Black Knight to Acquire Top of Mind 2 days ago The Federal Housing Finance Agency (FHFA) put together a comprehensive account of the evolution of default risk for newly originated home purchase loans since 1990. It included several data sources to track a large number of loan characteristics and a summary measure of risk—the stressed default rate. One of the key findings of the paper is that mortgage risk had already risen in the 1990s, planting the seeds of the financial crisis well before the actual event. The findings also cast doubt on explanations of the crisis that focus on low-credit-score borrowers, the paper indicated. According to FHFA, there is still no comprehensive account of the changes in mortgage risk that produced the worst foreclosure wave since the Great Depression. The paper by FHFA is an effort to fill that gap, covering essentially the entire market for home purchase loan originations in the United States from 1990 to 2017. Data sources also include the full set of home mortgages guaranteed by the government-sponsored enterprises Fannie Mae and Freddie Mac (the GSEs). To FHFA’s knowledge, this is the first time the entire GSE book has been used in publicly-available research on mortgage risk. The paper shows that across the entire market, the average Combined Loan to Value (CLTV) on new home purchase loans increased substantially in the first half of the 1990s, and the average Debt-to-Income (DTI) trended sharply higher starting in 1992. The stressed default rate for the purchase loan market was already above the levels seen in the 1990s, with the largest increase for loans bundled into private-label securities (PLS) by 2000. It also noted that credit standards across the market eased in the early and mid-2000s. To cleanly identify changes in credit supply, the analysis is limited to loans for which lenders and investors fully bear the credit risk – private sector loans with no government guarantee and no private mortgage insurance. Data also revealed that mortgage risk for the market as a whole dropped and then swung back up between 1990 and 1995, followed by a gradual upward trend through 2003 and a steep rise over 2004-2006. Mortgage risk declined sharply as credit standards tightened in the wake of the housing bust. In recent years, the risk measure has edged higher, but as of 2017 it remained near the bottom of the range observed since 1990, the paper noted. The shift in the stressed default rate over the first half of the 1990s is reflective of factors such as tightening of mortgage lending standards during the second half of 1990 and throughout 1991, likely in response to the 1990-91 recession, followed by a considerable easing of standards in 1993 and 1994. The tightening occurred partially due to lenders clamping down on loans with less than full documentation, according to researchers at FHFA. Mortgage rates were cited as one of the factors that influenced stressed default rate. The 30-year fixed mortgage rate fell from roughly 10 percent in 1990 to 7.3 percent in 1993. This was in response to a substantial easing of monetary policy. In 1994, as the Federal Reserve reversed course by raising the rate to more than 1 percentage point. These changes in mortgage rates led to a drop in the average DTI through 1993 and then boosted it in 1994, which showed through to the stressed default rate. Moreover, with the decline in rates, many borrowers switched to 15- and 20-year loans, which are notably less risky than 30-year loans. In conclusion, the paper stated that in today’s market, the overall risk is “near all-time lows, despite high average DTIs and CLTVs, as risky product features have largely disappeared and average credit scores remain elevated.” It added that this highlights that the post-crisis regulatory environment succeeded, at least through 2017, in limiting mortgage risk. Read the full report here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily About Author: Donna Joseph Share Save Tagged with: Fannie Mae FHFA Freddie Mac Housing Bust Mortgage Rates Stressed Default Rate Fannie Mae FHFA Freddie Mac Housing Bust Mortgage Rates Stressed Default Rate 2019-02-13 Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / FHFA: 30 Years of Protecting Homeowners Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News, Servicing The Week Ahead: Nearing the Forbearance Exit 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 Subscribe Print This Post
“The recently announced executive appointments combined with the project management capabilities already existent within Seacom position us as a fully fledged telecoms player,” Herlihy said. “We are able to meet the African market’s urgent requirements for cheap and readily available bandwidth within less than a year.” Seacom is also currently also trying to expedite the cable construction in an attempt to assist with the broadcasting requirements of the Fifa Confederations Cup, which South Africa will host in June 2009. “Our manufacturing and deployment schedule is on target and we are confident that we will meet our delivery promises in what is today an incredibly tight market underpinned by sky-rocketing demand for new cables resulting in worldwide delivery delays.” Seacom, which is privately funded and over three-quarters African owned, will assist communication carriers in south and east Africa through the sale of wholesale international capacity to global networks via India and Europe. Would you like to use this article in your publication or on your website? See: Using SAinfo material The final splicing, which involves connecting all the cable sections together, is scheduled for April 2009, allowing for enough time to test the system before its commercial launch in June 2009. The cable will then be buried under the ocean bed with the help of a plough along the best possible route demarcated through the marine survey. The environmental impact assessment on the project is well advanced, with archaeological, marine and ecological studies having been completed. The company has also had social consultations with all affected parties. 15 August 2008 From October onwards, the first of three Reliance Class vessels will start laying the actual cable. The cable, including repeaters necessary to amplify the signal, will be stored in large tanks onboard the ships, while the branching units necessary to divert the cable to the planned landing stations will be connected into the cable path on the ship just prior to deployment into the sea. The laying of shore-end cables – the cable portions at shallow depths ranging from 15 to 50 metres, where large vessels cannot operate – will commence in September. Laying cables “We are very happy with the progress made over the past five months,” Seacom President Brian Herlihy said in a statement. System test In addition, some 10 000km of the fibre-optic cable has been manufactured to date in Japan and the USA, and project contractors Tyco Communications will begin shipping terrestrial equipment from this month onwards. SAinfo reporter The construction of Seacom’s 15 000km fibre-optic undersea cable, which will link southern and east Africa, Europe and south Asia, is on schedule and set to go live as planned in June 2009, the company said this week.
Share with your Friends:More Two Groundspeak hamsters find homesTwo retired Groundspeak hamsters found ‘forever homes.’ The toy hamsters were retired after playing a starring role in a Geocaching.com video. The segment aired in a continuous loop while the website received a major update in early May. The “Geocaching.com Hamster Power” video played on an old joke – that Geocaching.com is actually powered by hamsters. (It’s not.)Thank you to the more than 100 geocachers who offered to care for the hamsters in their retirement years. Ultimately, a geocaching family from Germany and a geocaching couple from America will receive the hamsters.CacheZwerge is a team made up of 10-year-old Kai-Luka and 12-year-old Catharina.Team CacherZwerge: Catherina and Kai-LukaThey wrote, “We would be so glad to offer little Hammy a forever home. He was a hard working hamster for geocaching and now deserves a real good place to enjoy the sunny side of geocaching. We will show him all fantastic places in the Black Forest. Take him out to exciting adventures, visiting caves and climbing. Go kayaking with him and we will always carry him if he does not want to walk. Or he can get a special ride with our husky.”The other hamster up for adoption won’t be traveling as far. It’ll find a home in Indiana, USA. Miss.Betsy and her fiance Mr.Charles have been geocaching since their first date, “We’ve camped, hiked, canoed and swam and nowwe’re looking for a special pet to share in our adventures!”Miss.BetsyMiss.Betsy says no other pet would do, she’s allergic to animals. “His polyester-based fur wouldn’t require me to medicate myself, we could find some nice hiking gear for him (Or perhaps I could sew him some!) , He would have a forever home in Greenwood, Indiana. He could weekend with us wherever we decide to camp, and he could have a beautiful, two-story, to-scale townhome located in scenic my bedroom! There are many lock-in-locks in which he can nest, and if he feels the need for roomier digs, he can inhabit one of many ammo cans.”Both CacheZwerge and Miss.Betsy will be receiving their Groundspeak pets soon, with care packages including Travel Bugs so that the hamsters will be trackable. You can watch the video below that made the hamsters famous. Stay tuned to the Latitude 47 blog. You never know when another hamster will come up for adoption! SharePrint Related”Hammy” a Groundspeak Hamster Finds a New HomeJune 22, 2011In “Community”Geocaching.com Hamsters Go Big TimeNovember 4, 2011In “Community”Groundspeak Weekly Mailer – December 28, 2011December 28, 2011In “Community”
Are you interested in teaching the next generation of Touch Football stars?With over 230 school programs registered so far for the Sporting Schools Program, Touch Football Australia (TFA) is eager to engage with its members and accredited coaches in order to effectively deliver all of these programs.TFA has developed the Field Officer Program which will provide the capacity for accredited coaches and interested members to become involved in the Sporting Schools Program.To be eligible to become a Field Officer an individual needs to: – Be aged 15 years or over– Have a current state/territory Working With Children Check – Hold a General Principles, Foundation or Talent level coaching accreditationAs a Field Officer you will receive: – Program payment between $25 and $50 per hour/session (dependent on accreditation level)– Uniform– Resources– Educational and pathway development opportunitiesIf you are interested in becoming a Field Officer please click the following link and complete the form – TFA Field Officer Registration. For more information on the Sporting Schools Program, please visit www.sportingschools.gov.auIf you have any questions or would like further information, please contact TFA via [email protected] Related LinksTFA Field Officers
Twitter/@BriceMarichMichigan quarterback commit Brandon Peters is one of the top passers in high school football, and the following highlight shows why. Peters, a four-star recruit out of Avon, Ind., finished with 381 yards and four touchdowns, none more impressive than his second.#Michigan commit, QB Brandon Peters throws his second TD pass to give Avon their first lead at 21-14 in the 2Q pic.twitter.com/pU5UIcLEsU— Brice Marich (@BriceMarich) August 28, 2015Peters’ three other scores showed his impressive touch near the end zone.Brandon Peters throws a beautiful pass for the TD. Avon now tied with Ben Davis 7-7 with 2:11 left in the 1st pic.twitter.com/o90TJx0yXz— Brice Marich (@BriceMarich) August 28, 2015#Michigan commit, QB Brandon Peters throws his third TD pass of the first half! Avon leads Ben Davis 28-21 pic.twitter.com/BK4GesEw6j— Brice Marich (@BriceMarich) August 29, 2015#Michigan commit, QB Brandon Peters scores his fourth TD of the game. Avon leads 35-28 with 9 minutes left pic.twitter.com/r6SvvKocgJ— Brice Marich (@BriceMarich) August 29, 2015#Michigan commit, Brandon Peters adds to his touchdown total throwing a great pass to give Avon the 35-28 lead pic.twitter.com/9sKHHHswLY— Brice Marich (@BriceMarich) August 29, 2015Ultimately, Peters and Avon were outlasted by Ben Davis, led by another Michigan commit, four-star running back Chris Evans, 49-42. The two repped their future school after the game.#Michigan commits, Brandon Peters and Chris Evans throwing up the pic.twitter.com/ziSRYnUoVP— Brice Marich (@BriceMarich) August 29, 2015Michigan fans have a lot to look forward to.
OTTAWA – The firm that audited the accounts of Garth Drabinsky’s Livent should be held financially responsible for some — but not all — of the failed theatre company’s losses two decades ago, the Supreme Court of Canada says.In a 4-3 ruling Wednesday, the high court found Deloitte was liable for negligently auditing Livent’s 1997 financial statements, though not for other conduct.The court concluded that an audit firm can only be held responsible where a company’s financial losses relate to the actual purpose of the auditors’ work.Lower court decisions left Deloitte on the hook for almost $85 million, but the Supreme Court ruling reduces the damages award to $40 million.In the 1990s, Livent brought live theatrical productions such as “Phantom of the Opera” and “Joseph and the Amazing Technicolor Dreamcoat” to audiences across North America.Drabinsky, a colourful impresario and public face of the company, was suspended as Livent’s vice-chairman and chief creative director in 1998 amid allegations of accounting irregularities. Myron Gottlieb, who served as president, was also suspended. Livent subsequently filed for bankruptcy and went into receivership.Drabinsky and Gottlieb were later found guilty of fraud and forgery. Both were handed prison sentences.Livent, through its receiver, sued Deloitte in 2001, alleging that audits between 1992 and 1998 were done negligently.The trial judge found Deloitte liable for damages, a decision upheld last year by the Ontario Court of Appeal. The appeal court said the auditors should have been able to detect serious fraud in the company’s financial statements.Deloitte argued in the Supreme Court that it was effectively being penalized for failing to resign as Livent’s auditor.Livent’s bankruptcy receiver countered that a robust audit has an important place in the statutory corporate and securities framework for public companies. It argued that accepting Deloitte’s position would make audit firms immune from civil responsibility to their clients for incompetent audits.Writing for a majority of the Supreme Court, justices Clement Gascon and Russell Brown confirmed that Deloitte negligently audited Livent’s financial statements, resulting in the company losing millions more than it would have if the auditors had uncovered the fraud earlier.“As a consequence, Livent’s corporate life was artificially prolonged, resulting in the interim deterioration of its finances,” the judges wrote.They reasoned that Livent would not have taken on greater debt through financing, instead limiting the damage by declaring bankruptcy sooner.Specifically, the court found Deloitte liable for its April 1998 audit of Livent’s 1997 financial statements, which prevented shareholders from properly scrutinizing the company. It said Deloitte was responsible for 75 per cent of the difference in the company’s financial position between the time of the audit opinion and Livent’s bankruptcy in November 1998.However, the high court disagreed with the lower courts that Deloitte should be held responsible for losses allegedly related to Deloitte’s approval of an August 1997 press release and comfort letter to investors. The Supreme Court said that work was intended to help the company attract investment, and its financial losses did not relate to this purpose.— Follow @JimBronskill on Twitter
FORT ST. JOHN, B.C. – As a result of responses on social media, Fort St John RCMP says the owner of the suspect trucking company called in and provided all required information to police.RCMP would like to thank all who either discussed this incident on social media or called the Police to provide leads.The Fort John RCMP are reaching out to the public to assist in identifying a transport truck that allegedly forced a local driver off the road on January 11, 2019, near the Big Bam turnoff near Taylor B.C. According to Police, the photo appears to depict a white semi-tractor with a wind deflector on top of the cab. The Sea Freight Container behind it is bright green with a white picture or logo on it and possibly white lettering. The container had a round emblem in the centre on the back of it.Anyone with information is asked to call the Fort St John RCMP at 250-787-8100.
Indianapolis: In a largely symbolic gesture to a group that helped him win the White House, President Donald Trump said Friday he is pulling the US back from an international agreement on the arms trade, telling the National Rifle Association the treaty is “badly misguided.” Trump made the announcement at the NRA’s annual convention, where he vowed to fight for gun rights and implored members of the nation’s largest pro-gun group struggling to maintain its influence to rally behind his re-election bid. Also Read – Enemies seek to sow discord’ between Iran & Iraq, says Khamenei “It’s under assault,” he said of the constitutional right to bear arms. “But not while we’re here.” With pro-gun legislation largely stalled in Congress and few deliverables during Trump’s term so far, the president told the group that he would be revoking the United States’ status as a signatory of the U.N. Arms Trade Treaty, which regulates the multibillion-dollar global arms trade in conventional weapons, from small arms to battle tanks, combat aircraft and warships. Also Read – Saudi Crown Prince Salman ‘snubbed’ Pak PM Imran, recalled his private jet from US: Report President Barack Obama signed the pact, which has long been opposed by the NRA, in 2013. But it has never been ratified by US lawmakers. “Under my administration, we will never surrender American sovereignty to anyone,” Trump said, before signing a document on stage directing the Senate to halt the ratification process. “We will never allow foreign diplomats to trample on your Second Amendment freedom.” “I hope you’re happy,” he told the group, then appeared surprised by the cheers. “I’m impressed,” he said. “I didn’t think too many of you would really know what it is.” His move against the treaty came as Trump sought to excite an organization that was pivotal to his victory in 2016 but, three years later, is limping toward the next election divided and diminished. And it represents just the latest in a series of withdrawals from international pacts and organizations joined by previous administrations, like the Paris climate accord and the Iran nuclear deal. Gun activists had denounced the treaty when it was under negotiation as an infringement of civilian firearm ownership, despite the well-enshrined legal principle that says no treaty can override the Constitution or U.S. laws. The treaty is aimed at cracking down on illicit trading in small arms, thereby curbing violence in some of the most troubled corners of the world. It was the first legally binding treaty to regulate the international trade in conventional arms and was overwhelmingly approved by the 193-member U.N. General Assembly in April 2013. It has been ratified by 101 countries but key arms exporters including Russia and China and major importers such as India and Egypt have given no indication that they will sign it. Advocates of tighter gun restrictions and those who had helped negotiate the treaty denounced Trump’s decision Friday. Kris Brown, president of the Brady organization, said will “only embolden terrorists and other dangerous actors around the world.” And Rachel Stohl, managing director of the Stimson Center and a consultant to the treaty negotiations, said: “By turning its back on multilateral diplomacy yet again, the United States is disregarding global norms and allowing nefarious actors to trade weapons with impunity.” Yet Trump’s showy rejection of the agreement from the stage has limited effect because it has been unlikely all along that he would send the treaty to the Senate for ratification. At the United Nations, spokesman Stephane Dujarric called the treaty “a landmark achievement in the efforts to ensure responsibility in international arms transfers” and particularly important at a time of renewed interest in expanding weapons arsenals. Trump’s speech came at a troubled time for the gun rights organization, a one-time Republican kingmaker, which has been grappling with infighting, bleeding money and facing a series of investigations into its operating practices, including allegations that covert Russian agents seeking to influence the 2016 election courted its officials and funneled money through the group. As Trump landed in Indianapolis, a judge imposed an 18-month prison term on gun rights activist Maria Butina, an admitted Russian agent who, according to her plea agreement, worked with a former Russian lawmaker to use their contacts in the NRA to pursue back channels to American conservatives during the 2016 presidential campaign. While the group had high hopes for easing gun regulations after pouring hundreds of millions of dollars into 2016 campaigns, much of the legislation the group championed has stalled, due, in part, to a series of mass shootings, including the massacre at a Parkland, Florida, high school that left 17 dead. Adam Winkler, a UCLA law professor and expert on gun policy, allowed that the group had scored some victories under Trump, including the appointment of two Supreme Court justices who may be open to striking down gun laws. But overall, he said, “On the legislative front, the NRA has been frustrated,” with priorities like national reciprocity for conceal carry laws and a repeal of the ban on silencers stalled.
New Delhi: Burglars these days are opting new modus operandi to commit crime and for this, they change their looks and pose as vegetable vendors.The Delhi Police on Wednesday said that they have busted a gang who were targeting houses with the following modus operandi in Delhi-NCR. Police identified the accused as Sharif (50), Fahim (26) and Shahid (43). Deputy Commissioner of Police (South West) Devender Arya said that Sharif is the leader of Moradabadi gang. He along with his nephew Fahim and Shahid used to patrol on scooty in the posh areas of Delhi and NCR during day time as vegetable sellers. They used to spot the houses by giving their pamphlets of fruits and vegetables to the residents of the premise. The DCP further said that later finding lead they used to break into the locked premise wearing gloves so that their fingerprints could not be found from the spot. All of them used to commit a crime during day time. The team of the special staff of South West district, on May 14, received a secret information about Sharif Moradabadi gang that three desperate armed burglars cum robbers, who were spotted in various CCTV footages, will come near Peer baba Mazaar in Rangpuri to meet one of their friends. On this tip-off, the team were deployed at the spot. “On the signal of the informer, the accused persons riding on a scooty were asked to stop but instead, they tried to sped away. But the team of Special Staff successfully nabbed them after a hot chase,” said DCP Arya. Police said one loaded country-made pistol with one extra live cartridge, two buttoned knives and housebreaking equipment were recovered from their possession. During sustained interrogation, it was revealed that the accused Sharif is an absent bad character (BC) of Moradabad police station in UP from the last 10 years who commits the crime of various crime heads. He also disclosed his previous involvements in more than 30 cases of burglary and various types of cases. “Concerned authorities have been informed regarding the arrest of accused persons and further investigation is under process to affect more recoveries,” police further said.