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Home | Author Archives: Staff Writer (page 4)

Secretary Carson Defends HUD Budget Proposal Before Housing Subcommittee

The 2017 Housing Budget appeared in front of the U.S. House of Representatives Appropriations Subcommittee Thursday morning and was met with strong words from its members. While defending the proposal, Secretary Carson remained poised, articulate, and open as he fielded questions and concerns. He went on to say that the playbook needed to be changed because, “the pie is only so big.”

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Favorable Conditions For SFR Investment in Many Cities

It could be a great time to invest in rental properties, according to a recent report that measures the ratio of wealth accumulated through home equity versus the ratio of wealth accumulated through renting. Eight cities listed in the 20-City Composite favor renting, while eight favor buying. Four major metro areas could sway in either direction at the end of Q2.

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CFPB Takes Legal Action Against Mortgage Servicer for Noncompliance

The Consumer Financial Protection Bureau announced Wednesday that they found a Chicago-based mortgage servicer in violation of federally mandated rules, and subsequently ordered restitution payments and system changes. The investigation found the mortgage servicer did not provide ample information about foreclosure relief options. Restitution requirements come in the form of a fine and procedural changes.

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DIMONT Promotes Tom Stover to Chief Solutions Officer

Tom Stover has recently been promoted to CSO at DIMONT, a provider of specialty insurance and loan administration services to the residential and commercial mortgage industries. Denis Brosnan, President and CEO of DIMONT, said, “Tom’s promotion is in recognition of his continuing contributions to DIMONT, and his proven ability to develop innovative solutions.”

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Young People Buying Homes Earlier but for Similar Reasons

According to the second quarter Real Estate Sentiment Index, which polls industry professionals across the country to gain their unique insight about the future of the housing market, young people aged 26-30 are the number one demographic for first time home buyers. Their reasons? Financial investment and starting a family, which echoes past generations' reasons for becoming homeowners. Industry professionals are also confident in rising residential purchases, and in some states, price growth.

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Gen X Anxious and Fearful for Financial Future

Generation X, aged 28-52, have a worse financial outlook than any other group. Having lost nearly half their wealth after the housing market collapse, over a third of Gen-Xers believe we are headed for an inevitable financial crisis in the near future. “For this reason, many are paying down their mortgages to reduce payments and guard against possible foreclosure in a downturn,” said one industry expert.

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Carson Speaks: Clarifies State of Mind Comments

Secretary of Housing and Urban Development Ben Carson, in an interview with NPR, has attempted to clarify last month’s controversial comment that “poverty is a state of mind.” Carson has received extensive criticism from housing advocates and the media for his comment in what has been deemed insensitive in light of proposed budget cuts to the Secretary’s department. Carson defended his position by stating that while he did say that the way a person thinks is a factor in getting out of poverty, he did not say it was the only factor, or that simply wishing away poverty was enough to get a person out of it.

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BlackRock Seeks $3B in Damages from HSBC

BlackRock Inc., along with 23 other investors of residential mortgage-backed securities, petitioned New York federal Judge Lorna G. Schofield to hear oral arguments to advance their case to class status as they seek to collect over $3 billion in lost assets from HSBC. The initial suit claims that HSBC did not do its due diligence in protecting certificate holders, and that they failed to ensure the home loans being sold from mortgage originators and sponsors to the trust were only selling debt from credit-worthy borrowers. The plaintiff’s claim that HSBC’s direct neglect was the cause of loses when default rates hit their peak during the housing crisis.

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