First-Time Buyers Show Interest; Face Tough Market

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post First-Time Buyers Show Interest; Face Tough Market Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago March 13, 2014 802 Views Share Save Affordability Consumer Confidence First-time Buyers Zillow Zillow Housing Confidence Index 2014-03-13 Colin Robins Previous: CFPB Names 3 Key Senior Positions Next: Mortgage Rates Rise, Helped by ‘Respectable Jobs Report’ 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 Home / Daily Dose / First-Time Buyers Show Interest; Face Tough Market Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img About Author: Colin Robins in Daily Dose, Featured, Headlines, Market Studies, News Related Articles Subscribe More than 4 million first-time buyers want to enter the market, but they face some tough issues as market conditions aren’t exactly favorable to new buyers.This conclusion came from the Zillow Housing Confidence Index (ZHCI), a new calculation released by Zillow and Pulsenomics.The ZHCI is a measure of consumer sentiment; anything over 50 indicates a positive sentiment. The current national index is 63.7. Of the 20 metros surveyed, 11 had individual confidence levels above the national average.In 19 of the 20 large metros surveyed, more than 5.0 percent indicated they wanted to buy a home in the next year. The report notes, “Among current renters, homeownership aspirations were particularly strong, with about 10 percent of all renters nationwide saying they would like to buy within the next 12 months.”A vast majority of respondents said they were “confident or somewhat confident” they could afford a home in 2014.If every respondent who indicated they wanted to buy a home actually purchased one, first-time home sales would total more than 4.2 million for 2014, more than double the roughly 2.1 million first-time buyers in 2013.While this optimistic total from Zillow suggests interest is high, actually purchasing a home should prove to be a challenge in the upcoming year.Market conditions are mixed: inventory, up 11 percent from a year ago, is still well below optimal levels, and has fallen year-over-year in 8 of 20 metros measured by the ZHCI. Mortgage rates, once a record low 3.3 percent in 2013, have risen to 4.2 percent, according to the Zillow Mortgage Marketplace.A dearth of inventory coupled with rising mortgage rates could push homes out of a homebuyer’s price range, particularly for first-time buyers.”For the housing market to continue its recovery, it is critical that homes are both available and remain affordable to meet the strong demand these survey results are predicting, particularly from first-time homebuyers,” said Zillow Chief Economist, Dr. Stan Humphries. “Even after a wrenching housing recession, this data shows that the dream of homeownership remains very much alive and well, even in those areas that were hardest hit.”He added, “But these aspirations must also contend with the current reality, and in many areas, conditions remain difficult for buyers. The market is moving toward more balance between buyers and sellers, but it is a slow and uneven process.”Areas indicated by the ZHCI with the highest interest in purchasing a new home come from metros that were hit hardest by the housing recession: Miami (67.5), Atlanta (62.9), and Las Vegas (64.1).Each were near or above the national index of 63.7 for “Overall Housing Confidence.” The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Affordability Consumer Confidence First-time Buyers Zillow Zillow Housing Confidence Index Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Labor Market Improvements Support Economists’ Predictions for Housing Recovery

first_img  Print This Post Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Labor Market Improvements Support Economists’ Predictions for Housing Recovery Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Employment Housing Market Jobs Labor Market U.S. Bureau of Labor Statistics 2015-01-02 Brian Honea Employment statistics released earlier in the week by the U.S. Bureau of Labor Statistics (BLS) fall right in line with analysts’ recent predictions that the housing market will make a comeback in 2015.According to the BLS November 2014 Metropolitan Area Employment and Unemployment report, unemployment rates declined year-over-year in 341 out of 372 metro areas in the U.S., while 12 areas reported jobless rates of at least 10 percent and 147 metros posted jobless rates of less than 5 percent.Reports from economists at CoreLogic and Wells Fargo released in December indicated they believe housing will rebound in 2015 after a disappointing 2014, and they cited improvements in the U.S. labor market as a main reason why. The national unemployment rate in November (not seasonally adjusted) was 5.5 percent, more than a full percentage point lower than the rate reported for November 2013 (6.6 percent). A total of 200 metro areas had an unemployment rate below the national average of 5.5 percent in November, compared to 158 areas with an unemployment rate higher than the national average, according to BLS.The metro areas with the highest unemployment rates (not seasonally adjusted) in November were Yuma, Arizona (23.1 percent) and El Centro, California (22.6 percent), while the lowest unemployment rates were in Lincoln, Nebraska (2.1 percent) and Fargo, North Dakota and Mankato, Minnesota (2.2 percent each). Forty-four metro areas reported year-over-year decreases of 2 percentage points or more in November, led by Decatur, Illinois (4.3 percentage points), Yuma, Arizona (4.2 percentage points), and Danville, Illinois (4.1 percentage points).The highest unemployment rate out of the 49 metro areas with a 2000 population census of more than 1 million was in Riverside-San Bernardino-Ontario, California, at 8.0 percent. The lowest rate of those 49 metro areas was in Minneapolis-St. Paul-Bloomington, Minnesota, at 3.0 percent. Out of the 38 metro areas with annual average employment levels above 750,000 in 2013, employment increased in 37 of them. The highest increases occurred in Houston-Sugar Land-Baytown, Texas (4.4 percent) and Orlando-Kissimmee-Sanford, Florida (4.3 percent), while the only decrease occurred in Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland (0.2 percent).Payroll employment increased in 313 out of 372 metro areas in the U.S. in November, with the largest increases coming in Houston-Sugar Land-Baytown, Texas (+125,300), Dallas-Fort Worth-Arlington, Texas (+111,500), and New York-Northern New Jersey- Long Island, N.Y.-N.J.-Pa. (+107,900). Tagged with: Employment Housing Market Jobs Labor Market U.S. Bureau of Labor Statistics Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea 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. Share Save Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago January 2, 2015 1,280 Views Labor Market Improvements Support Economists’ Predictions for Housing Recovery Subscribe Previous: U.K. Lender May Have To Pay More Than Expected to Settle FHFA Suit Next: REITs Post Big Gains in 2014last_img read more

Bipartisan Legislation Introduced to Create Independent Inspector General for CFPB

first_img Servicers Navigate the Post-Pandemic World 2 days ago February 19, 2015 1,047 Views 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. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Report: Freddie Mac Has Helped 1.1 Million Homeowners Avoid Foreclosure Since 2009 Next: Black Knight Launches Tool to Protect Mortgagees from ‘Super-Priority Lien’ Losses The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Tagged with: CFPB Consumer Financial Protection Bureau Steve Stivers Tim Walz CFPB Consumer Financial Protection Bureau Steve Stivers Tim Walz 2015-02-19 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Related Articles One of the major complaints of the Consumer Financial Protection Bureau (CFPB)’s critics is a lack of Congressional oversight for the Bureau. Lawmakers have re-introduced a bipartisan bill in the U.S. House of Representatives in an attempt to change that.U.S. Representative Steve Stivers (R-Ohio), along with U.S. Representative Tim Walz (D-Minnesota) re-introduced the Bureau of Consumer Financial Protection-Inspector General Act of 2015, a bill that would create an independent Inspector General for the CFPB.”Government accountability is important now, more than ever,” Stivers said. “This legislation will allow for increased oversight of an agency that has been given broad authority. It is important that we take the necessary steps to ensure the CFPB is accountable to the American people.”The CFPB was created in 2011 as part of the Dodd-Frank Wall Street Reform Act with a mission to “make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products,” according to the Bureau’s website. The Bureau’s actions in carrying out this mission have resulted in several multimillion dollar fines and penalties against financial institutions, notably a $2 billion action levied against non-bank mortgage servicer Ocwen Financial in 2013 for servicing violations.”The CFPB is an important agency that works to ensure that you, the consumer, are protected from things like predatory payday lenders, shoddy mortgage bankers, and defective products. Their work is important, but that doesn’t mean that they don’t need oversight,” Walz said. “I fully support their cause, to stand up for you and believe the appointment of an independent Inspector General will only increase their ability to fulfill their important mission.”The CFPB’s critics, such as Representative Jeb Hensarling (R-Texas), have questioned why the Bureau is not accountable to Congress despite being funded by the Federal Reserve, and also why the Bureau is led by a single director when other government agencies such as the FDIC, the Federal Reserve, and the SEC are all led by boards.Currently, the CFPB shares an Inspector General with the Fed, and that position is appointed by the Fed chair and not subject to U.S. Senate approval. The bill introduced by Stivers and Walz will create the position of independent Inspector General for the CFPB that is appointed by the President and confirmed by the Senate. More than 30 federal government agencies or departments have an independent Inspector General, according to Stivers’ website.A spokesperson from the CFPB declined to comment on the bill.Stivers originally introduced the bill in the House in December 2013, but it has gained little to no ground since then. The CFPB’s backers, primarily Democrats, have stated they are vehemently opposed to any type of CFPB reform and have vowed to protect the Bureau from any type of legislation that would make changes to the status quo. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Bipartisan Legislation Introduced to Create Independent Inspector General for CFPB Share Save Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea in Daily Dose, Featured, Government, News Bipartisan Legislation Introduced to Create Independent Inspector General for CFPB Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Comptroller Focuses on Helping Banks Revitalize Distressed Communities

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago February 10, 2016 1,454 Views About Author: Brian Honea Subscribe Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Previous: Fannie Mae’s Largest Non-Performing Loan Sale Ever: The Winners Are. . . Next: Wells Fargo Faces Challenges to Start 2016 Speaking before the 2016 National Interagency Community Reinvestment Conference in Los Angeles this week, Comptroller of the Currency Thomas Curry announced that the OCC is soliciting comment for a new collection of information titled “Draft Bulletin: Risk Management Guidance for Higher Loan-to-Value Lending in Communities Targeted for Revitalization” in accordance with the Paperwork Reduction Act of 1995.According to the OCC, the agency supports efforts by national banks and federal savings associations to assist in the revitalization, stabilization, or redevelopment or distressed communities where foreclosure or blight has been prevalent through prudent mortgage lending, since the banks and others have expressed concern that distressed property values in distressed communities is inhibiting mortgage lending in these areas.One way banks can support revitalization in distressed communities is through offering mortgage products to purchase, or by purchasing and rehabilitating themselves, single-family residential properties where the amount of the loan may exceed supervisory loan-to-value (SLTV) limits. The OCC published a draft bulletin to provide guidance for managing risks associated with originating such loans.“Generally speaking, banks should not make single-family home mortgage loans that exceed 90 percent of the property’s value, unless the loan has appropriate credit support, such as mortgage insurance, readily marketable collateral, or other acceptable collateral,” Curry said. “The interagency guidelines also establish that institutions may make exceptions to this supervisory LTV limit on a case-by-case basis, taking into account certain other factors. As set out in the draft bulletin, we believe that engaging in higher LTV lending on a programmatic basis also can be consistent with safe and sound lending while having a positive impact in stabilizing and revitalizing communities.”Curry said through the OCC was prompted to how to clarify existing guidance in an effort to address perceived barriers to lending, based on a meeting with stakeholders in Detroit, one of the hardest hit areas by foreclosures and blight. He said he found that ongoing dialogue between interested parties was the best way to create ideas for improving economic opportunities.“As Comptroller, in addition to meeting with bankers on a regular basis, I meet with community organizations, consumer advocates, and public officials to listen to their concerns and discuss ways to improve financial services and promote community development,” Curry said. “Senior OCC staff, who also attend these meetings, have told me it is very helpful to hear these perspectives.”Curry also encouraged banks to meet with stakeholders in their communities in order to determine if the financial products they offer are the right fit for the communities they serve or to determine what tweaks need to be made in order to make their financial products more effective.“Periodic meetings with key local stakeholders can also help pinpoint new business opportunities, identify potential partnerships with local community organizations and public agencies, and help a bank formulate its business strategy for meeting its Community Reinvestment Act (CRA) obligations,” Curry said.The CRA was first enacted by Congress in 1977 and revised in both 1995 and 2005. The purpose of the CRA is to “encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations,” according to the U.S. Federal Reserve Board web site.Click here to read the full text of Curry’s remarks. 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. Servicers Navigate the Post-Pandemic World 2 days agocenter_img Share Save The Best Markets For Residential Property Investors 2 days ago Banks Community Reinvestment Act Community Revitalization Distressed Communities OCC Office of the Comptroller of the Currency 2016-02-10 Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Comptroller Focuses on Helping Banks Revitalize Distressed Communities Home / Daily Dose / Comptroller Focuses on Helping Banks Revitalize Distressed Communities Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Tagged with: Banks Community Reinvestment Act Community Revitalization Distressed Communities OCC Office of the Comptroller of the Currency Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Ask the Economist: An Increasing Interest in Financial Services

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Home / Daily Dose / Ask the Economist: An Increasing Interest in Financial Services Share Save About Author: David Wharton Previous: Affordable Mortgage to Avoid Foreclosures Next: Addressing Reverse Mortgages After the Death of a Borrower Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Print Features Data Provider Black Knight to Acquire Top of Mind 2 days ago April 30, 2018 2,526 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Affordability Blend Financial services Home HOUSING Technology trends 2018-04-30 David Wharton Related Articles Tagged with: Affordability Blend Financial services Home HOUSING Technology trends Demand Propels Home Prices Upward 2 days ago Editor’s note: This feature originally appeared in the April issue of DS News.As the CFO and Co-Founder of Blend, a technology company transforming the $40+ trillion consumer lending industry, Erin Collard is a seasoned professional in economics, technology, and the housing sector. He attended the University of Sheffield where he received a bachelor’s degree in Economics. From there, he attended the University of Warwick where he earned a Master’s of Science in Economics. Before Blend, Collard served as an early employee and head trader of Clarium Capital Management (hedge fund founded by Peter Thiel) and Armored Wolf.DS // Why did you first become interested in the study of economics?Collard // I was always obsessed with statistics when I was young. I found the application of mathematics to real-world problems endlessly appealing, so it was a natural path to studying economics. Spending the majority of my postgraduate time researching Central Bank reaction functions, my academic career was cut somewhat shorter than intended when Peter Thiel asked me to join and help build his global macro hedge fund. It was exciting to spend years dissecting and analyzing the world of data where economic theory and market reality finally met. Even today, as CFO and Co-founder of Blend, I still view the world through the lens of an economist with the same passion that got me interested in economics in the beginning.DS // What trends do you think the economy will see throughout 2018?Collard // In 2017, the U.S. experienced a slowdown in home sales but not in prices, which was primarily due to the lack of housing available for purchase. In 2018, we’re not going to see this improve dramatically. While homebuilders are continuing to help on the supply side, their focus is currently on the “moving up” market vs. the entry level market for millennials and first-time homebuyers.Affordability will remain front and center for 2018 and will be made sharper because of the current administration’s changes to mortgage interest tax deductions. As a byproduct of this, the U.S. housing market will experience an increased demand for smaller, more affordable homes and the role of homebuilders to meet that need will become increasingly important.Investment in technology seems poised to continue increasing following a very strong 2017, particularly in early and later-stage companies. Th is is great news for the financial sector and economy as a whole. While many are focused on blockchain and its ability to power a multitude of platforms and applications, we will also continue to see a strong focus on cybersecurity and fraud prevention. As a result, I think the industry will see a lot more regulation, as various regulatory bodies struggle to keep up with the pace of development.One trend I noticed last year that I hope continues is a focus from fintech companies on encouraging and almost ‘gamifying’ savings and wealth management for millennials. This could be a massive win for the economy as millennials continue to increase their slice of the economic pie.As we look globally, one of the more interesting trends we may see is a divergence in central bank policy, a stark contrast to the last 10 years of the coordinated policy. While we may see the U.S. and U.K. continue to have steepening yield curves in relation to the E.U., this will have consequences for global trade and asset relocation. As a result, we can expect a continuation of asset infl ation in the U.S., and quite possibly for our net exports to form an obstacle to growth in the years to come.DS // What technological innovations are you seeing that can help housing experts better gauge the current economic environment?Collard // Over the past five years, we’ve seen an ongoing amount of notable investments taking place in fintech. A recent report from KPMG titled, “The pulse of Fintech Q4 2017” helps map out some of the major investments and trends. Investors see a significant opportunity for technology to drive change across different areas of financial services, and I believe we’ll only see this interest grow in 2018 and beyond.One of the areas where we see this take off is the level of visibility for lenders, specifically in assessing the risk of lending to borrowers. Now, lenders have direct access to data, instead of printed, scanned, uploaded pieces of paper, and are getting more detailed and reliable consumer fi nancial profi les to assess risk.One example of this is Fannie Mae’s Day 1 Certainty program, which allows lenders to know within 24 hours whether a loan will meet Fannie Mae’s underwriting guidelines, and protects them from buyback risk later on. Th is allows them to make a more informed decision about whether the borrower is creditworthy.We’re also seeing homebuyers benefi t substantially from the various technology options they have available throughout the process of purchasing a home. For everything from the initial research on available properties to evaluating diff erent loan pricing options, to scheduling an appraisal, they have many choices and can easily identify the best service or provider for their situation.DS // Interest rates have been at a historical low, but are now starting to climb again. What impact does this have on housing?Collard // Typically we see interest rates have ripple effects throughout the economy, not just housing. While the monetary effects take many months to translate into tangible impacts on theeconomy, mortgage rates may see a slight increase as a result. Nonetheless, there are positive outcomes for housing. With higher rates, lenders are more incentivized and have a larger cushion for risk. Lenders should show greater bandwidth to consider borrowers who may not have had access to certain credit. I predict we’ll see lenders expand access to a broader population, of course with the appropriate risk models in place. Refinancing will likely decline, which lenders may try to offset with more purchase loans. Finally, rising interest rates can push ‘onthe-fence’ prospective homebuyers to finally make that new home purchase, as they are incentivized to make the purchase sooner while rates are still low.DS // The future of the GSEs is uncertain, what do you foresee for the enterprises moving forward?Collard // As we look forward, we will see this become a serious topic of discussion for reform in 2018, as the majority of government bodies that help shape mortgage finance will themselves see major leadership changes. It is tough to say which direction GSE reform will take, but given White House rhetoric, I expect the GSEs will continue to play an important role in our economy (even more so if placed into receivership), and the system will continue to rely on them in the absence of a complete overhaul.Also, there has been a lot of talk on Capitol Hill about leveling the playing field, so it’s likely we will see some increased competition. This may come in the form of more guarantors and more uniform terms (price, credit, etc.) for large and small lenders. In essence, if we see the guarantor model remain intact, and there is an opportunity for more competition, the economy should benefit from retaining the 30-year mortgage, lower rates, and increased access to the credit market. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] The Best Markets For Residential Property Investors 2 days ago Ask the Economist: An Increasing Interest in Financial Services Sign up for DS News Daily Subscribelast_img read more

Wells Fargo’s Sloan and CFPB’s Kraninger Appear Before Congress

first_img The Best Markets For Residential Property Investors 2 days ago Subscribe Wells Fargo’s Sloan and CFPB’s Kraninger Appear Before Congress Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Leaning Into Tax Lien Investing Next: Homeownership May Be More Affordable Than We Thought in Daily Dose, Featured, Government, News Sign up for DS News Daily  Print This Post Share Save Servicers Navigate the Post-Pandemic World 2 days ago About Author: Donna Joseph March 12, 2019 3,789 Views The day began with a pair of important hearings on Tuesday.Wells Fargo CEO Tim Sloan appeared before the House Financial Services Committee to address the bank’s progress in providing reparations related to past scandals and how the bank is working to improve its culture and better serve its customers.Meanwhile, the Senate Committee on Banking, Housing and Urban Affairs met in an Executive Session to discuss the CFPB’s activities and plans with Kathleen L. Kraninger, Director, Consumer Financial Protection Bureau as the witness. Wells Fargo’s Sloan Testifies Before House Financial Services CommitteeThe hearing stems back to 2016, when the Consumer Financial Protection Bureau (CFPB), Office of the Comptroller of the Currency (OCC), and Los Angeles City Attorney fined Wells Fargo Bank collective penalties of $185 million for opening millions of deposit and credit-card accounts in customers’ names without their consent or knowledge. The CFPB and OCC imposed the bank with civil money penalties and demanded restitution to harmed customers. In the follow-up hearing on Tuesday, Wells Fargo defended its response, claiming the bank has worked toward a change in leadership, culture, and practices. Sloan pointed out that Wells Fargo has created the required ethics training for all team members titled “Change for the Better.” He also added that he “cannot promise perfection,” however, he suggested that the changes implemented will act as a deterrent to further issues.U.S. Representative Maxine Waters asked Slone directly, “You’ve not been able to keep Wells Fargo out of trouble, why should Wells Fargo continue to be the size that it is?” Sloan replied that he believed the bank was serving its 70 million customers very effectively and he reiterated the changes the bank has made since he took over. Further, Sloan said “We’ve made fundamental changes. I can give personal assurance the bank will comply with consent decrees.”The main question that was asked throughout the hearing, is whether or not Wells Fargo is too big, and if the bank should be dissolved to protect consumers from further harm. Sloan insisted that breaking up the big bank doesn’t serve consumers, saying “I think the value that larger banks bring today is that because of our economies of scale, we can invest billions in technologies and innovation and services that our medium-size and smaller competitors can’t,” he said. “There are a number of products and services that we’ve been able to introduce because of our economies of scale.”Sloan also acknowledged the bank had had improperly foreclosed on 500 homes after incorrectly denying mortgage modifications, due to a computer glitch last year. He said that full restitution has been made and that each of the affected customers “recieved $15K compensation,” but did not have an answer when asked about additional harm such as devastating credit scores and other residual damages caused by the error. Addressing the plight of a collective 3.5M customers who were defrauded, Sloan was questioned as to why the bank perceivers customers not worthy of the same justice that was meted out to investors. To which Sloan responded, “We went back 15 years, looked back 165M accounts and we feel we captured all customers harmed, addressed and made things right. They have all been taken care of, restitution has been made. We’ve settled customer suits, and resolved them but we’ve enforced our arbitration rights.” When asked about the accountability of the bank’s lobbyists and their stance on the bill concerning overdrafts, Sloan indicated that he has not spoken to them but he intends to. Ms. Waters ended the session with a promise to reintroduce legislation aimed at holding big banks accountable, which would, among other things, give regulators the authority to break up lenders that abuse consumers.Patrick McHenry, the top Republican on the committee, acknowledged that Mr. Sloan has made some progress, but expressed concern that Fed and the OCC still don’t seem comfortable with measures taken so far.”We don’t know with certainty how many consumers were affected,” Mr. McHenry said. Nor do we know “the full extent of the damage.”Wells Fargo contends that it’s made progress toward turning itself around and that it’s committed to making things right for its customers and earning back the public’s trust.Sloan pointed to the addition of seven new members to the bank’s board over the past two and a half years. “Solving past problems is not enough,” he said. “We are equally committed to preventing new problems from developing.”CFPB Director Testifies Before Senate Banking CommitteeEven as the Wells Fargo hearing was unfolding, the Senate Committee on Banking, Housing and Urban Affairs met in an Executive Session to discuss the CFPB’s activities and plans.In a previous hearing held last week by the House Financial Services Committee titled, “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau,” Kraninger stated that the Bureau was “stronger at this time, not weaker” and that it was on the right track. She also defended claims that sufficient efforts were not being made to police predatory lending.As part of CFPB’s Fall 2018 Semiannual Report issued in February that outlined the bureau’s work, Kraninger stated, “‘As I begin my stewardship of the CFPB, I will be moving forward with the agency to make sure the American people have access to the financial products and services that best suit their individual needs, the financial institutions that serve them are competing on a level playing field and the marketplace is innovating in ways that enhance consumer choice.” Prior to this morning’s hearing, U.S. Senator Mike Crapo (R-Idaho), the Committee’s Chairman, said, “During this hearing, I look forward to hearing more about Director Kraninger’s priorities for the CFPB in the upcoming work period; additional legislative or regulatory opportunities to provide widespread access to financial products and services; and steps that could be taken to increase the protection of consumers’ financial and other sensitive information.”He also took note of the positive changes in recent years under new leadership. However, he urged that the CFPB must ensure that the “collection of consumer information is limited, information is retained only as long as is absolutely necessary to fulfill the CFPB’s obligations and that appropriate safeguards are in place to protect it.”“Data privacy is another issue that the Committee will spend significant time on this Congress. Americans are rightly concerned about how their data is collected and used, and how their data is secured and protected by both government agencies and private companies. I have long raised concerns about big data collection by the CFPB, especially with respect to credit card and mortgage information,” Crapo added. Tagged with: CFPB Congress House of Representatives Kathy Kraninger Senate Wells Fargo CFPB Congress House of Representatives Kathy Kraninger Senate Wells Fargo 2019-03-12 Donna Joseph The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Wells Fargo’s Sloan and CFPB’s Kraninger Appear Before Congress Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Stephanie Bacot is an experienced multimedia writer having created content for print, web, television, and more. She is the past producer of BIZTV, a national television network for businesses and entrepreneurs that reached more than 200,000 professionals. She has more than 15 years’ experience in healthcare marketing and was an advertising exec for Healthcare Journal of Baton Rouge, a trade publication focused on the healthcare industry, as well as the marketing director for a $5 million surgery center. Bacot is a graduate of Louisiana State University with a degree in Marketing and Communications. She resides in Dallas when she’s not pursuing her love of travel. Demand Propels Home Prices Upward 2 days ago About Author: Stephanie Bacot Servicers Navigate the Post-Pandemic World 2 days ago 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] last_img read more

Government to confirm postponement of A5 today

first_img WhatsApp The government willl confirm today that it will not be in a position to honour its commitment to the A5 dual carraigeway project linking Aughnacloy and Derry in the lifetime of the current capital programme.Transport MInister Leo Varadker told the Dail last evening that the government remains commited to the project, and this is a readjustment of the timeframe, not a mothballing of the plan.However, in the Dail last night, Donegal North East Deputy Padraig Mac Lochlainn rounded on the government, saying it will honour promises to bondholders, speculators and gamblers, but won’t honour a  solemn promise to the people of the North West…………[podcast]http://www.highlandradio.com/wp-content/uploads/2011/11/pad830.mp3[/podcast]Junior Minister Brian Hayes said the government has no choice but to prop up the financial system so it can return to the financial markets and regain economic independence.He said the government’s hands are tied, and that’s whyaother adjustments have to be made…….[podcast]http://www.highlandradio.com/wp-content/uploads/2011/11/hayes830.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHOR Facebook Three factors driving Donegal housing market – Robinson Facebook Twitter Twitter News Google+ WhatsApp Pinterestcenter_img Pinterest Previous articleDonegal airport subsidy to be phased out by current GovernmentNext articlePat the Cope Gallagher and Jim Higgins are still recieving Ministerial and TD pension News Highland Government to confirm postponement of A5 today Calls for maternity restrictions to be lifted at LUH Google+ Help sought in search for missing 27 year old in Letterkenny By News Highland – November 10, 2011 NPHET ‘positive’ on easing restrictions – Donnelly 448 new cases of Covid 19 reported today Guidelines for reopening of hospitality sector publishedlast_img read more

There is a serious bed shortage at LGH – INMO

first_imgHomepage BannerNews RELATED ARTICLESMORE FROM AUTHOR Nine Til Noon Show – Listen back to Wednesday’s Programme Facebook The General Secretary of the INMO says there is a serious shortage of beds at Letterkenny General Hospital.Liam Doran was speaking after figures were published today showing there were 2812 patients on trollies at the hospital last month.He says it’s a serious situation…………..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/04/doranlktrollies.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. WhatsApp Pinterest WhatsApp By admin – April 23, 2015 448 new cases of Covid 19 reported today NPHET ‘positive’ on easing restrictions – Donnelly Three factors driving Donegal housing market – Robinson center_img Twitter News, Sport and Obituaries on Wednesday May 26th Google+ Help sought in search for missing 27 year old in Letterkenny Facebook Previous article“We will find you” – PSNI message following Drumahoe pipe bombsNext articleMet Eireann say dry spell will end as rain forecasted for tomorrow admin Google+ Pinterest Twitter There is a serious bed shortage at LGH – INMOlast_img read more

Dana formally enters presidential race

first_imgNews By News Highland – September 19, 2011 Previous articleFour people in fishing vessel rescued off coast of KillybegsNext articleWorld Champions get heroes welcome on return to Twin Towns News Highland Google+ Former MEP Dana Rosemary Scallon has formally entered the presidential race, asking TDs and Senators to nominate her.At a press conference in Dublin she said the contest should not becomeknown as the “what if” election.She wants Oireachtas members to nominate her has as an independent, and says she’s asked Independent TDs and Senators, as well as those from Fianna Fail to sign her nomination papers.She’s also asking the Fianna Fail leader Micheal Martin to allow his parliamentary party to have a free vote to support an external candidate.Dana says everybody – regardless of their stance – has a right to enter the race: Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApp Facebook Pinterest Dana formally enters presidential race Google+center_img WhatsApp NPHET ‘positive’ on easing restrictions – Donnelly Pinterest RELATED ARTICLESMORE FROM AUTHOR Twitter Three factors driving Donegal housing market – Robinson Calls for maternity restrictions to be lifted at LUH Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitter Guidelines for reopening of hospitality sector published last_img read more

Trial of man accused of dangerous driving causing the deaths of eight men set…

first_img WhatsApp Google+ Pinterest Trial of man accused of dangerous driving causing the deaths of eight men set for February The trial of a man accused of dangerous driving causing the deaths of eight men has been fixed for February 4 at Letterkenny Circuit Court.Judge John O’Hagan was told today(Tues)at Donegal Circuit Court that the trial of Shaun Kelly will take about a week.Kelly, aged 24, of Hill Road, Ballymagan, Buncrana, Co Donegal, faces one charge of dangerous driving causing the deaths of eight men at in a collision at Meenaduff between Clonmany and Buncrana on the Inishowen peninsula on 11 July 2010.The men who died in the crash were Hugh Friel, 66; Mark McLaughlin, 21; Paul Doherty, 19; Ciaran Sweeney, 19; PJ McLaughlin, 21; James McEleney, 23; Eamon McDaid, 22; and Damien McLaughlin, 21.The accused man remains remanded on bail.February 4 has been fixed as the trial starting date in Letterkenny. LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Facebook WhatsApp Facebook News Calls for maternity restrictions to be lifted at LUH center_img Pinterest Twitter Google+ Twitter Previous articleShots fired in Derry armed robberyNext articleYoung woman ‘lucky to be alive’ after having her drink spiked in Strabane News Highland Almost 10,000 appointments cancelled in Saolta Hospital Group this week Need for issues with Mica redress scheme to be addressed raised in Seanad also By News Highland – December 17, 2013 Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHORlast_img read more