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Massachusetts AG Sues Fannie/Freddie Over Buyback Programs

first_imgHome / Daily Dose / Massachusetts AG Sues Fannie/Freddie Over Buyback Programs Massachusetts Attorney General Martha Coakley has sued the Federal Housing Finance Agency (FHFA) and mortgage giants Fannie Mae and Freddie Mac, alleging the companies’ refusal to engage in foreclosure buybacks programs is “unfairly and illegally causing Massachusetts families to lose their homes.”Filed Monday in Suffolk Superior Court, the Massachusetts AG’s suit alleges that Fannie Mae and Freddie Mac refuse to comply with an August 2012 state law.Buyback programs, in this instance, are used by non-profit organizations to buy a foreclosed property to resell it back to the original owner at a more affordable price. The aforementioned state law prohibits creditors from blocking such programs.The recently-filed suit alleges the two GSEs have failed to comply with the law due to policies that prohibit property sales to non-profits in order to resell the property to the original homeowner.”It makes no sense for our federal government to stand in the way of this work to help struggling families stay in their homes, and it is illegal for Fannie and Freddie to do this in Massachusetts,” Coakley said. “For too long, Fannie and Freddie have been roadblocks to progress in addressing this foreclosure crisis, and I urge them to immediately reverse their policy on this common-sense program.”One example cited in the complaint is Boston Community Capital’s Stabilizing Urban Neighborhoods (SUN) Initiative. The program buys back foreclosed, REO properties at present market value and sells them back to homeowners.”Buyback programs like SUN prevent needless displacement of families that through an arrangement with a non-profit can afford to stay in their homes. Fannie Mae and Freddie Mac have continued to block buybacks even though they lose money in the process,” the AG’s office said in a release.Representatives for Fannie Mae and Freddie Mac offered no comment, citing pending litigation. Related Articles Sign up for DS News Daily About Author: Colin Robins Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Tagged with: Buyback Programs Fannie Mae Freddie Mac Martha Coakley Massachusetts Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 3, 2014 740 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Previous: VRM Mortgage Services Announces Milestone Next: Home Prices Continue Upward Climb in April Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Buyback Programs Fannie Mae Freddie Mac Martha Coakley Massachusetts 2014-06-03 Colin Robins The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Massachusetts AG Sues Fannie/Freddie Over Buyback Programs Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, Headlines, Loss Mitigation, Magazine, News, State Subscribelast_img read more

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Apartment development attracts interest ahead of Commonwealth Games

first_imgBCM Property Home liftout. $150 million Beach Apartments, Broadbeach, developed by Anthony Moreton Group and Pryde Group.THE final floor of The Beach Apartments Broadbeach has been poured with 95 per cent of the $150 million development already sold.Builder Mulitplex poured the floor on level 35 of the 219-apartment tower which is being developed in joint venture by Anthony Moreton Group and Pryde Group.Purchasers from around Australia are snapping up the final two-bedroom, two-bathroom apartments selling from $639,000.Brett Hohn (Avani), Warren Pryde (Pryde Group), Tony Hazell (Anthony Moreton Group), Cory Hinds (Multiplex) at The Beach Apartments Broadbeach.Holiday-makers have already begun capitalising on the summer holiday period and the Gold Coast Commonwealth Games in April 2018 with bookings rolling in.Anthony Moreton Group CEO Tony Hazell said while the opportunity to capitalise on the 2018Commonwealth Games was part of the appeal, most purchasers were taking a long-term viewdue to the property’s premium location.He said Broadbeach was set to take ‘centre stage’ on the Gold Coast over the coming years.“The Beach Apartments is also the only new residential high rise property to be delivered andMore from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours agooperational prior to the 2018 Commonwealth Games, and is therefore assured of being solidlybooked from the first day of opening,” he said.“The Pacific Ocean, expansive beach and Gold Coast hinterland are the ‘hero views’ of every single residence in the property.”Mr Hazell said: “The Beach will be ready for occupation this Summer, so it is appealing to purchasers who want to secure a brand new apartment off-the- plan without a long wait to pick up the keys or to start earning rental income”.The Beach Apartments, BroadbeachThe apartments, which feature sweeping views of the beach and Gold Coast hinterland, will bemanaged by international hotel owner, operator and investor Minor Hotels.Minor Hotels will manage The Beach as AVANI Broadbeach Residences, which will signal the first AVANI to open in Australia.The project is three months ahead of schedule and is expected to be finished by December.last_img read more

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‘Wood’ you believe it? Goalpost is man of the match

first_imgShare on: WhatsApp London, United Kingdom | AFP | West Ham fans were so relieved by their team’s 1-0 win over Hull last Saturday that they named a goalpost as man of the match after the woodwork saved the Hammers three times.A Mark Noble penalty gave Slaven Bilic’s side the three points in the Premier League clash at the London Stadium but Hull hit the woodwork on no less than three occasions from Andrew Robertson (twice) and Dieumerci Mbokani.“With 57 per cent of the vote congratulations to The Post on securing today’s Man of the Match award!,” tweeted West Ham after the results of their supporters’ poll.The goalpost beat Cheikhou Kouyate (17 percent), Andy Carroll (14) and Winston Reid (12) in the vote.last_img read more

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Ozil fitness heartens Wenger ahead of Burnley clash

first_imgThe Germany international, who is in the final year of his contract at the Emirates Stadium and could open negotiations about a move away in January, came in for heavy criticism during the Gunners’ stuttering start to the campaign.But his improved recent form has demonstrated the player’s quality and Wenger attributes this to Ozil’s efforts on the training ground.“Mesut has worked hard and he is extremely fit at the moment as well, and that is why you see him sharp,”the Arsenal manager told the club’s official website.“The quality of his technical aspect is always there but he has added a more determined attitude and that is what you want from him.”Veteran French boss Wenger added: “Football today is very demanding in the mental and physical aspects and Mesut is in much better physical shape than he was before. “Every player wants to be a star and when they don’t manage to do it they are really disappointed but the best way to achieve it is to work hard and show the quality of performance that people expect from you.”– ‘Killing instinct of a snake’ –Last weekend’s win left Arsenal in sixth place, a point behind fourth-placed Tottenham with goal difference alone keeping the Gunners above Burnley.Wenger has been impressed by Sean Dyche’s side this season and is well aware of the test that lies ahead for his team. Wenger will restore his first choice line-up after making wholesale changes for the midweek Europa League defeat at FC Koln which did not prevent Arsenal from continuing in the competition as group winners.Danny Welbeck will return to the bench after a 45-minute appearance against the German side but Theo Walcott is out because of illness, while Santi Cazorla remains a long-term absentee.Burnley are boosted by the return of top goalscorer Chris Wood for their clash with Arsenal after the striker missed last week’s victory over Swansea City.Wood returned late from New Zealand international duty with a minor hamstring problem ahead of the win over the Swans, but has since got through a full week of training.Burnley manager Dyche has no fresh injury concerns, although England goalkeeper Tom Heaton is still recovering from a dislocated shoulder.Dean Marney (knee ligament) and Jonathan Walters (knee) have both returned to training but are not ready to be brought back into the matchday squad.Speaking ahead of Sunday’s clash, Clarets boss Dyche said: “When you come across these clubs, it’s a case of how you are performing against some of the most powerful teams — not just the score, but the actual performance level.“Playing against these big teams is a measurement of where we are in relation to them.”Share on: WhatsApp London, United Kingdom | AFP | Arsene Wenger believes Mesut Ozil’s recent resurgence is down to the Arsenal playmaker’s improved fitness levels.Ozil was outstanding in last weekend’s north London derby victory over Tottenham Hotspur and will again play a key role as Wenger’s side attempt to build on that win when they travel to face Burnley on Sunday. “They are the surprise package because before the season if you asked 100 people if Burnley would have 22 points at this stage of the season, 90 would have said no — and the 10 others would have been Burnley supporters,” he said.“They have won games with 25 percent or 30 percent possession, that means they are calm, they know what to do and they are patient with that killing instinct of a snake,” Wenger added. They put you to their face and then they bite you.”last_img read more

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