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Homeowner Relief Could Lead to Servicer Strain

first_img Tagged with: forbearance programs housing market 2020  Print This Post Subscribe Home / Daily Dose / Homeowner Relief Could Lead to Servicer Strain Homeowner Relief Could Lead to Servicer Strain Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago April 13, 2020 1,452 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Krista F. Brock Related Articles Previous: Unemployment Could Lead to Mortgage Forbearance Surge Next: DS5: The Shifting Housing Landscape and Remote-Working Challengescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago While the nation deals with an unprecedented health crisis, leading unemployment claims to grow at record rates, the federal government has taken steps to protect homeowners undergoing financial hardship.However, some worry that mortgage servicers may face liquidity shortfalls as a result of the government’s attempts to relieve pressure on struggling homeowners. Unemployment skyrocketed to 6.6 million at the end of March, leaving many Americans without an income to meet their ongoing financial obligations, such as their mortgage payments. In response to this and other economic strains stemming from the COVID-19 pandemic, the Trump administration is issuing six months’ forbearance on government-backed mortgage loans with a possible extension of an additional six months’ forbearance. Now the industry is working to both implement those plans and to ensure that the mortgage market itself remains stable as our nation navigates this turbulent time.“Congress hasn’t made the repayment obligation disappear, but simply moved it from the borrower to the mortgage servicer,” stated Mike Calhoun, Jim Parrott, and Mark Zandi in an article published on CNN Business. While the article acknowledges that the government-backed loans will “eventually be paid back by the government,” it points out that servicers must cover the cost in the meantime, and the government payment “can take upwards of a year.” If one in four families forgo mortgage payments for six months, that comes out to more than $70 billion that mortgage servicers must cover in the interim. The authors of the piece explain that this compares to just $10 billion in total net profits for mortgage servicers during all of 2019. Under these circumstances, “Only the very largest, best-capitalized servicers would be able to handle that kind of strain,” the experts claim in their article. “The rest would falter, and many would fail altogether.”While some mortgage servicers are divisions of large, well-capitalized banks, others are smaller nonbank firms. Not only are they smaller, but they are also not subject to the same capitalization requirements as their bank counterparts. The Federal Reserve expressed some concerns with nonbank servicers in a report late last year, saying, “The nonbank structure is vulnerable to liquidity and funding risks. The new post-crisis generation of nonbanks seems vulnerable to liquidity pressures similar to those that nonbanks were subjected to during the financial crisis.” The report also detailed the increasing presence of nonbanks in the mortgage servicing sector. Nonbanks gained a rapid share of mortgage servicing as well as loan origination following the financial crisis of 2008. In fact, when analyzing the loans serviced by the top 25 loan servicers in the nation, just 4.0% were serviced by nonbanks in 2008. The share jumped to 42.3% by 2018, according to the Fed. If the mortgage servicing industry experiences major disruption, the impact could be detrimental to the market. If mortgage servicers fail, struggling homeowners would have difficulty finding help. Also, as many companies both service and originate loans, homebuyers would have a harder time obtaining loans as the market begins to recover. Ultimately, the piece argues, “policymakers have a choice. They can step in now and address the massive cash-flow problem faced by mortgage servicers, either by advancing these payments directly to investors or by lending servicers the money to do it themselves.”Various government agencies have already been working to address this issue in recent weeks, with Ginnie Mae last week announcing an All Participants Memorandum that expanded its servicer assistance program in response to the spread of COVID-19.Editor’s note: DS News reached out to both the White House and HUD for comment on this piece. As of press time, we have not received a response. The Week Ahead: Nearing the Forbearance Exit 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Share Save in Daily Dose, Featured, Government, News forbearance programs housing market 2020 2020-04-13 Mike Albanese The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Col. Bruce Hampton & The Madrid Express Posthumously Release Live Album [Stream]

first_imgCol. Bruce Hampton and The Madrid Express used to perform every Thursday at The Vista Room in Decatur, Georgia. The first show was December 22, 2016 – and as the vibe was felt, the community began to grow. For six months Bruce would settle in with a team of the best musicians, refining his craft to it’s most focused and subtle.According to a press release, “The Vista Room was conceived with ears first and eyes second – a room built from the back to the front by a seasoned player. If the room was right for musicians, they will bring their friends, and so on. As is often the case, Bruce Hampton’s arrival affirmed the beauty of the mission and a common void was filled for both parties – a spot where the outside world stayed outside, with no TV and an intimate setup. Mike Rizzi [whose intent was to create a space that was truly a musician’s room] soon dubbed Bruce ‘The Pope Of The Vista’ as he and many others witnessed community through music each week. In Rizzi’s words ‘There wasn’t a brighter light in the Vista than Col. Bruce Hampton’.”On March 16th, just six weeks before his unexpected death, the bandmates recorded their sold-out show at The Vista Room. The show was recorded with the intent of releasing it on vinyl. For several weeks, the project was being finished by Bruce, and is now in the hands of his band with the blessing of Bruce’s estate. Col. Bruce Hampton and The Madrid Express – Live At The Vista Room captures the essence of Bruce and his bandmates, and the undeniable energy he shared with those around him.Stranger Than Fiction: The Cosmic Curtain Call Of Col. Bruce HamptonThe Madrid Express is made up of Tyler Neal (Vocals, Guitar/Slide Guitar), Franher Joseph (Bass, Vocals, Potarth), Darren Stanley (Drums, Yells), Dante’ Harmon (Lap Steel, Vocals), and Nick DiSebastian (Mandolin, Vocals). The Zambi All-Stars include Denny Walley (Slide Guitar), John Mailander (Fiddle), Daniel ”Tojo The ManHole Nakazawa” Wytanis (Trombone), Joey ”Papa J” Sommerville (Trumpet), Dallas Dawson (Drums, Cases), Guarav Malhotra (Percussion), and Raphael (Tamborine). It’s a fact that Col. Bruce Hampton only surrounded himself with the best of the best musicians.During his go-to performance of “Basically Frightened”, you’ll hear the Col. say to the audience: “We’ll be here for about six Thursdays in a row. Please come back and see us, because…..” and that’s it. Six weeks later, while still scheduled to perform The Vista Room, Col. Bruce Hampton collapsed and died on stage at his 70th birthday celebration. While throwing out random numerical values are typical of Col. Bruce, there are definitively “no coincidences” in his world.As of now, this is the last professional recording of Col. Bruce Hampton before his death.<a href=”http://colbrucehampton.bandcamp.com/album/live-the-vista-room”>Live @ the Vista Room by Col. Bruce Hampton and the Madrid Express</a>last_img read more

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Demolition Of Jamestown Moose Lodge, Galloway Mansion Underway

first_imgShare:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window) Image by Storm Hartmann / WNY News Now.JAMESTOWN – The demolition of an iconic Jamestown property is underway.Image by Storm Hartmann / WNY News Now.Wrecking crews are taking down the former Galloway Mansion and current Moose Lodge, 405 E. 5th St.In recent years, the building needed repair, something that the Moose Lodge was unable to financially support. Last year the structure was obtained by the Chautauqua County Land Bank and sold.The DYI Network show “Salvage Dawgs” combed through the historic property in April 2019 to salvage vintage pieces. The show’s hosts, Robert Kulp and Mike White, recover everything from doors, windows, mantels and more. Once items are recovered, the team sells valuable pieces to a wide range of clients, from construction workers to high-end interior designers, who use them to restore other historical buildings and add character to newer structures.Before the Moose, the mansion was owned by the Galloway family who found fortune as Pennsylvania oil tycoons.The Galloway daughter, Grace, was a singer that regularly played at the Chautauqua Institution. Grace died of tuberculosis at age 27 in 1898.Her father commissioned a statue in Grace’s memory at Lakeview Cemetery. A Pittsburgh artist used Grace’s last portrait to model a statue after her.“Lady in the glass.” Photo date: 04/04/19. Image by Justin Gould/WNYNewsNow.The mystery surrounding Grace and her statue has persisted for decades.last_img read more

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Last lap pass nets Morrison win on opening night at Salina

first_imgBy Dusty WiegertSALINA, Kan. (May 1) — Mother Nature finally shined on Salina Speedway on Friday as the Browynn Birdsong Childhood Cancer Awareness Night kicked off the 2015 season.The finish of the night occurred in the 1st Class Chassis IMCA Modified main event. Twenty-three of the best in the area checked in for the feature with Corey Lagroon showing the way for a major­ity of the race after starting third.Lagroon was challenged by numerous drivers before seventh starting Danny Morrison closed the gap. As the field took the white flag Morrison dived low in corners one and two and it stuck to over­power Lagroon out of two and to the finish line. Lagroon finished runner-up and Van Gem­mill followed in third.Scott Miller has picked up plenty of wins in the past couple of seasons and continued his streak, this time aboard an IMCA-sanctioned Coors Light Stock Car. He picked up the win but was hounded by Arnold Williams for much of the race. Williams finished second with Jerry Phillips mak­ing his return to finish third.Daniel Gottschalk solidified his stand for the 2015 championship with an early points lead after capturing the Xtreme Motor Sports IMCA Northern SportMod feature. Gottschalk started eighth on the grid and was able to work past veteran driver Rodger Peck in his return to the track to pick up the hardware. Peck finished second and Kurtis Pihl was third.Tommy Fose obliterated the field in the Budweiser IMCA Hobby Stocks. Fose made short work of Aaron McBride to take the lead and powered away to a decisive victory. Travis Coop came from tenth to finish second with Duane Wahrman third.For his first time at the track M&H Motors IMCA Sport Compact feature winner Randy Murphy made it look easy, besting a second finishing Art Herzog for the trophy. Art Bird came home third.Heat races each paid $50 to win courtesy of Don Damon and Xtreme Motor Sports.last_img read more

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NCC Tennis League: Team VGC Lions, Kalotari Win Away

first_imgFormer national top 10 player Lovette Donatus ensured a clean sweep of the three points on offer on opening day by defeating Colleen Orji 6-4, 4-0 (scratch) in the ladies’ singles.Team Oluyole fought back on Sunday claiming one reverse singles and the men’s doubles through Okechukwu who beat George Abamu 6-3, 1-6, 6-2 and the pair of Ganiyu Salami and Kunle Bamidele who bested the Abamu brothers 6-4, 7-6.The VGC Lions, however made sure of the point by winning one reverse singles and the mixed doubles.In Ilorin, Team Kalotari won all the seven matches without dropping a set to sweep the tie.Christian Paul beat Emmanuel Ikakah in the first men’s singles 6-1, 6-3; Emmanuel Sunday defeated Sunday Emeruwa 6-4, 6-2 and Blessing Samuel outplayed Oluchi Ozurumba 6-3, 6-2 to win the three singles matches on opening day.Ikechukwu Iloputa then paired Paul to win the men’s doubles against Kareem Badmus and Henry John 6-3, 6-4 to put the tie beyond the reach of the host team.The reverse singles and the mixed doubles were a lot closer. Sunday beat Ikakah 6-1, 7-5 and Paul defeated Emeruwa 6-2, 6-3 while Paul and Samuel teamed to edge Badmus and Ozurumba 6-4, 7-5.The two ties completed the first round of matches in the Blue Group with Team Muller, Team VGC Lions and Team Kalotari having one point each.The six teams in each group are expected to play five round robin matches with the best two qualifying for the semifinals and finals.This weekend (Saturday & Sunday) will see the six teams in the White Group in action in three cities.Team CBN Futures, starring junior tennis sensation Marylove Edwards, will be hosting Team Ndoma-Egba at the National Stadium Lagos; Team Tech Vibe of Jos will host defending champions Team Offikwu of Kaduna while Team Yetade of Ado-Ekiti will be at home against Team Goshen of Ilorin.The NCC Tennis League is offering a consolidated prize money of N23 million with the champions getting N7 million.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram New comers Team VGC Lions of Lagos and Team Kalotari of Port Harcourt over the weekend got victories against host teams in Ibadan and Ilorin respectively.Team Oluyole who were hosting topflight national tennis in Ibadan after almost 35 years, succumbed to fellow new comers 2- 5 while Team Kalotari who placed third in 2015 overwhelmed Team Optiweb of Ilorin 7-0.Former national 18 & under champion Martins Abamu opened the account of the Lagos team by beating Samson Adewale 6-3, 3-6, 6-4. Onyeka Mbanu followed with a close 7-6, 5-7, 6-4 victory over Sunday Okechukwu of Team Oluyole.last_img read more

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