Monthly Archives: May 2021

Comptroller of the Currency Discusses Progress Made Toward Rehabilitating Urban Communities

first_img Comptroller of the Currency Discusses Progress Made Toward Rehabilitating Urban Communities The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brian Honea Community Rehabilitation Community Revitalization Comptroller of the Currency OCC Ohio 2015-09-11 Brian Honea Previous: U.S. Rep. Duffy Says Financial Reform Attempts Have Failed America Next: Revenue Remains Constrained for Banks in Q2 Despite Record Earnings Home / Daily Dose / Comptroller of the Currency Discusses Progress Made Toward Rehabilitating Urban Communities Data Provider Black Knight to Acquire Top of Mind 2 days ago September 11, 2015 884 Views Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Share Save 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. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily center_img Tagged with: Community Rehabilitation Community Revitalization Comptroller of the Currency OCC Ohio Comptroller of the Currency Thomas Curry, addressing the City Club of Cleveland Wednesday, spoke on banks striking a balance between ensuring safety and soundness through proper risk controls while leaving room for innovative financing that can help revitalize communities.Urban stabilization and revitalization have long been at the top of the OCC’s national agenda, Curry said, and Cleveland and other Midwestern cities have seen their share of foreclosures, shuttered manufacturers, and population outflow during and since the financial crisis.”We know that it takes imagination, innovation, resourcefulness, and persistence to truly transform a city. It also takes a huge investment of financial resources,” Curry said. “As a regulator, I am deeply interested in the role that our financial institutions are playing, and must continue to play, in the revival of America’s cities.”Curry said that the banking system has “significantly recovered” from the economic calamity the nation suffered from 2007 to 2009.”There are many reasons for this, including an enhanced regulatory regime that holds banks to higher standards of risk management and corporate behavior,” he said. “Bankers today are focused on finding ways to show they can be profitable and responsible. And, in cities across America, and especially in places where the housing recovery is still lagging, bankers’ efforts are producing real results.”Curry cited as one examples of this the Cleveland community of Slavic Village, which was widely reported to have recorded more foreclosures than anywhere else in the nation in 2007 at the beginning of the crisis. An OCC-supervised institution has led the way in recovery by investing in community organizations. Another example is the Greater University Circle Initiative, which has “leveraged the combined efforts of area universities, museums, and hospitals, is another fine example of the public-private partnerships that are needed to carry out comprehensive strategies,” Curry said.The problem of foreclosures and abandoned properties has persisted in Cleveland and many Midwestern cities, and one way this problem is being addressed is through the land bank movement, Curry said. The land bank is a non-profit, government-affiliated entity which has adopted several strategies to acquire and dispose of foreclosed and abandoned properties.”We know that it takes imagination, innovation, resourcefulness, and persistence to truly transform a city. It also takes a huge investment of financial resources.””(The land bank) partnered with a local university to develop a data tool that now aids in the decision making about which neighborhoods and properties to target for rehabilitation or stabilization,” Curry said. “Some 60 percent of the land bank’s properties are beyond repair and are slated for demolition. In many cases, banks are paying for the demolition cost on properties they donate so the Land Bank does not have to absorb that expense.”The land bank has developed a creative housing program to foster homeownership for properties that can be rehabilitated, Curry said.A lack of credit access has been a concern in many cities, including Cleveland, since the crisis, according to Curry. He said, however, the issue of a lack of credit access “arises in part from certain misconceptions about supervisory standards and expectations.” Curry  said the OCC has raised expectations regarding credit underwriting and loan portfolio management since the crisisOCC has raised its expectations regarding credit underwriting and loan portfolio management since the end of the financial crisis, but in some of the hardest-hit communities or communities with low-valued properties, the OCC’s supervisory policies might present challenges in the lending process. That process becomes further complicated when these properties need substantial renovation, which must also be financed, in order for the properties to be habitable.”We have tried to address these concerns by pointing out that the supervisory standards discussing the 90 percent loan-to-value limit for residential lending do not create an ironclad ban on lending above that limit, even if there are no credit enhancements. Indeed, the standards acknowledge that lending above that limit in excess of supervisory loan-to-value expectations can be consistent with safe and sound lending practices in specified circumstances, provided that banks maintain appropriate controls and otherwise comply with applicable law, regulation, guidance, and the bank’s own policies and procedures,” Curry said. The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, Foreclosure, News 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 ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Forecasters Predict GDP Growth Will Slow Down in 2016 and 2017

first_img Previous: Presidential Hopeful Ted Cruz Demands More Transparency from the Fed Next: FHA’s Mutual Mortgage Insurance Fund Capital Ratio Soars Past Required 2 Percent Level in Daily Dose, Featured, News Forecasters Predict GDP Growth Will Slow Down in 2016 and 2017 Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily November 15, 2015 1,376 Views BLS GDP Growth Job Openings and Labor Turnover Summary Phladelphia Fed U.S. Economy 2015-11-15 Brian Honea Home / Daily Dose / Forecasters Predict GDP Growth Will Slow Down in 2016 and 2017 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. Related Articles Tagged with: BLS GDP Growth Job Openings and Labor Turnover Summary Phladelphia Fed U.S. Economycenter_img Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The outlook for the annual growth rate of the U.S. gross domestic product (GDP) for the next two years looks somewhat softer compared to what it was three months ago, according to a survey of 45 forecasters conducted by the Philadelphia Fed.The forecasters’ current estimates for average annual GDP growth are 2.6 percent for 2016 and 2.5 percent for 2017. Both of these figures represent downward revisions from their forecasts in August, when they predicted an annual growth rate of 2.8 percent for 2016 and 2.6 percent for 2017.The prediction has been upwardly revised for 2018, however. Whereas the forecasters originally thought GDP growth for 2018 would be only 2.4 percent, they now believe it will be 2.8 percent. GDP growth has not averaged above 2.8 percent for an entire year since before the recession—in 2006, when it was 3.3 percent. In 2014, the GDP grew at an average annual rate of 2.4 percent.The numbers for job gains during the first three quarters of 2016 have also been upwardly revised, according to the Philadelphia Fed. The forecasters are predicting nonfarm payroll employment to increase at an average monthly rate of 201,500 for Q3 and 188,200 jobs for Q4. Overall for 2015, the forecasters are predicting monthly job gains to average 241,800 for 2015 and 197,000 for 2016; following weak employment reports for August and September this year, there were 270,000 jobs added in October, beating expectations by about 50 percent.The outlook for the unemployment rate is slightly improved, according to the survey. For the full year of 2015, forecasters are predicting an average rate of 5.3 percent, but they believe that number will fall to 4.8 percent in 2016, and down to 4.7 percent for both 2017 and 2018, both downward revisions from the last survey conducted in August. The more comprehensive U6 unemployment rate, which includes those marginally attached to the workforce, discouraged workers, and people employed part-time for economic reasons, was 9.8 percent in October 2015, the first time that number has been below 10 percent since before the recession. The labor participation rate remained at its lowest level since the late 1970s, however.The survey of forecasters conducted by the Philadelphia Fed, released Friday, came one day after the Bureau of Labor Statistics (BLS) released its Job Openings and Labor Turnover Summary (JOLTS) for September 2015. The BLS reported approximately 5.5 million job openings (a rate of 3.7 percent) as of the end of September 2015, little changed from August; there were 5.0 million hires and 4.8 million separations during September, both numbers little changed from August.While the all-important monthly employment summary has been highly touted as the primary source to which to look in order to determine if economic growth is sufficient for the Fed to raise rates in December, the JOLTS should not be discounted, and has in fact been cited by Fed Chairman Janet Yellen as a source for better understanding the labor market beyond traditional metrics.“While it would seem good that the number of openings is increasing, demand for labor is rising, the fact that hiring and voluntary job separation remains low is an indication that there is a growing mismatch between the skills employers want and the skills employees have,” said Mark Fleming, Chief Economist at First American. “In other words, the labor supply isn’t aligning with labor demand. Anecdotal comments by employers that they can’t ‘find’ the right people for their jobs supports this. Interestingly this may be an indication of a tight labor market but not for the reasons we originally expected.”  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Fourth Time’s the Charm?

first_imgHome / Daily Dose / Fourth Time’s the Charm? Sign up for DS News Daily FHFA HARP 2017-08-17 Joey Pizzolato About Author: Joey Pizzolato Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Fourth Time’s the Charm?  Print This Post Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Federal Housing Finance Agency (FHFA) had big news on Thursday in the realm of refinance, first announcing that they modified Freddie Mac and Fannie Mae’s streamlined refinance program for borrowers with high loan-to-value ratios by setting eligibility for loans originated on or after October 1, 2017. The agency says the goal of this modification is to, “help preserve credit loss protection on the loans without unwinding the protection paid for through CRT transactions.”The second announcement was that the agency has extended the deadline for the Home Affordable Refinance Program (HARP) to December 31, 2018. This is the fourth time HARP has been extended. FHFA estimates that HARP could still help more than 143,000 homeowners refinance their home.Finally, FHFA release its Q2 2017 Refinance Report which shows that the volume of total refinances was on the rise in June due to a dip in mortgage rates during May, which fell to 4.01 percent for a 30-year fixed rate. Rates continued to fall in June, settling at 3.90 percent.In the second quarter refinances through HARP amounted to a total of 9,707 completed refinances, bringing the total to a staggering 3,470,804 since the program was created. The nearly 10,000 refinances represent about 3 percent of the total refinance volume across the nation. In Nevada and Florida, HARP refinances account for 6 percent.Eligibility requirements for HARP remain unchanged: loans must have been originated on or before May 31, 2009 and be guaranteed by Fannie Mae and Freddie Mac. Current loan-to-value ratio must be over 80 percent, and the borrower must be current on their mortgage payment with no more than one late payment in the past 12 months, and that must not have occurred 6 months prior to the refinance request.You can find details FHFA’s announcements here, and the full Q2 Refinance Report here. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Melchiorre Announced as Indisoft President Next: Next Post Tagged with: FHFA HARP Subscribe Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] August 17, 2017 1,324 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles in Daily Dose, Featured, Headlines, News, Secondary Market The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

In the Near Future, Buyers Could Use Bitcoins to Purchase a Home

first_img In the not too distant future, if someone were to ask, “How much did your home cost?” the answer would probably be, “18 bitcoins.” For that’s the going rate for an average American home in cryptocurrency, according to a recent analysis reported by Redfin.Although most brokerage firms do not currently accept cryptocurrency as a form of payment, the report notes Redfin’s agents in cities across the U.S., especially California, have said they had conversations with people about using cryptocurrency as part of their transaction. But is cryptocurrency set to become the payment of choice among homebuyers and sellers?“It’s hard to say whether the use of cryptocurrency to buy and sell homes is a long-term trend or just a blip based on the recent spike in value,” said Nela Richardson, chief economist at Redfin. While homebuyers and sellers seem optimistic about trading in bitcoins, the jury’s still out on this method of payment. “I recently helped a client write an offer on a luxury home in Silicon Valley that was contingent on the sale of cryptocurrency,” said Carina Isentaeva, a Redfin agent in San Francisco, where a median home can cost 82 bitcoins. Though her buyer ended up backing out when his cryptocurrency didn’t sell, Isentaeva said she was confident that he would buy when it did. On the other hand, Jeremy Paul, Isentaeva’s colleague in San Diego, recently worked with clients who cashed out two bitcoins valued at $7,435 each, to cover the closing costs on a home in Carlsbad, California.For buyers who have made a lot of money on the recent surge in cryptocurrency value, buying a home in bitcoins is a reasonable way to use the proceeds. For sellers though, accepting bitcoin is riskier because accepting cryptocurrency as payment is a bet that it’s going to continue to increase in price.“In some ways, cryptocurrency investors have just won the lottery, and so it makes perfect sense to use the proceeds to buy their dream home. On the other side of the ‘coin’, sellers probably wouldn’t accept lottery tickets as payment,” Richardson said.For an analysis of median American home prices in bitcoins, click here.In light of the new technology in an ever-changing digital world becoming a reality for the real estate industry, the inaugural Five Star Fintech Summit will convene on March 21 and 22, 2018 in Nashville Tennessee to address these changes. Speakers in the technology, operations, and mortgage industry will talk about the latest approaches to bringing financial technology into the forefront of consumers’ experience.The goal of this two day conference is to empower attendees and provide real benefit in terms of taking home actionable ideas and processes for their organizations.Click here to register for the conference.  Print This Post In the Near Future, Buyers Could Use Bitcoins to Purchase a Home bitcoins cryptocurrency Homebuyers Redfin 2017-12-15 Staff Writer December 15, 2017 1,640 Views Home / Daily Dose / In the Near Future, Buyers Could Use Bitcoins to Purchase a Home Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: bitcoins cryptocurrency Homebuyers Redfin Demand Propels Home Prices Upward 2 days ago Previous: New Year Brings New Homeowner Bill of Rights Requirements Next: Five Star Institute to Gather Industry Leaders Throughout 2018 Related Articlescenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, News Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

The Policy Makers

first_img The Best Markets For Residential Property Investors 2 days ago Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] The Week Ahead: Nearing the Forbearance Exit 2 days ago The Policy Makers Editor’s Note: This story was originally featured in the April issue of DSNews, out now.Peter Wallison is the first to admit that his beliefs on housing policy may be controversial. However, having served as White House Counsel under President Ronald Reagan, as General Counsel of the U.S. Treasury Department from 1981 to 1985, and now as the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute, he has no problem fighting for his beliefs at the highest level.Recently, Wallison took a bold stance by declaring the U.S. Treasury Department “rogue” in an op-ed for The Wall Street Journal. In the piece, Wallison voiced his confusion that the Treasury Department seems to be veering away from the Trump administration’s overall focus on deregulation.In January, Secretary of the Treasury Steven Mnuchin stated that reform of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac was a top priority for the Trump administration, but cautioned that it was important that the government continue to support the mortgage market. During a Senate Banking Committee hearing, Mnuchin expressed commitment to maintaining the 30-year fixed-rate mortgage backed by a government guarantee. “I don’t think the private markets on their own would support it. As we talk about GSE reform, we need to make sure we don’t do something that would put that at risk.”However, he also stressed the importance of “substantial private capital” being involved in any new system, so as to limit taxpayer risk. “If there is any guarantee, [it is important] that taxpayers are paid for putting that up, as opposed to explicit guarantees that weren’t compensated in the past,” Mnuchin said.Wallison’s stance is rather different. “I think the most important thing to understand is that the only reason for the government to be involved in the housing finance system is to help low and medium income families buy homes,” Wallison told DS News.After the U.S. economy and the housing market endured the traumatic Great Recession, developing comprehensive policies on housing finance was a crucial aspect of reviving the economy. Now, between an administration that has taken a new stance toward financial policy and the continued fluctuation of the economy, it may be time to take a look at what regulations may need to be updated in the face of today ’s market conditions—controversial or not. To address this, we spoke to some of the industry’s greatest leaders about the lessons they learned during the housing crisis, and how it’s shaping their stance on financial policy today.Characterizing the Post-crisis EraRep. Jeb Hensarling (R-Texas) has been one of the most outspoken proponents of reforming the GSEs, Fannie Mae and Freddie Mac, for some time now. During a December 2017 speech on housing reform, Hensarling didn’t mince words. “The current system is rigid and risky, distortive and inefficient, and it devalues individual choice and inhibits long-term prosperity. In other words, the hybrid GSE model is wrong. It is unfair. It is broken. It is irreparable. It cannot be saved, it cannot be salvaged, it must not be resurrected, and needs to be scrapped.” “A better system would give all Americans the chance to become homeowners,” Hensarling continued, “if they so choose and are qualified, in a way that encourages responsible mortgage lending and promotes long-term economic growth and stability.”The Hon. Edward DeMarco served as the acting Director of the Federal Housing Finance Agency (FHFA) immediately following the crisis from 2009 to 2014 overseeing the conservatorship of the GSEs. Today, he serves as President of the Housing Policy Council at the Financial Services Roundtable. For DeMarco, this is a time that reminds him of the flaws in America’s housing finance system. “That period was a painful reminder of several things,” DeMarco said. “Your home should not be viewed as a piggy bank or even primarily as an investment. It is consumption.”Additionally, DeMarco noted the need for transparency to make financial markets work, as too much of the housing finance system was opaque going into the crisis. However, DeMarco’s most thought-provoking lesson learned during his time at the helm of the FHFA is the reminder that concentrating economic activity on a few players, Fannie Mae and Freddie Mac especially leads to systemic risks.“We should want more competition,” DeMarco explained. “We should want not fewer channels for lending and financing, but more. Another thing, it served as a reminder that encouraging leverage in household balance sheets that exceeds what we allow for banks, is curious public policy. It’s one that creates a lot of risks for households, and in the crisis, it led to terrible damage to the very households policymakers thought they were helping.”DeMarco believes consumers and lenders are more risk-averse in the wake of these changes.While that’s healthy, the negative of this is postcrisis regulations that arguably went too far and today may be limiting credit and innovation in the marketplace. What’s the cure? DeMarco urges establishing equilibrium and balancing regulations with extending credit and encouraging innovation. After the savings and loan crisis, most mortgage credit risks either ended up in a government guarantee program such as Federal Housing Agency (FHA) or Veterans Affairs (VA) or at Fannie Mae and Freddie Mac.According to DeMarco, Fannie and Freddie retained virtually all the credit risk on $5 trillion of mortgages, while operating with a broadly perceived backing of the government. This was reinforced by remarkably weaker capital requirements set in statute, and weaker relative to what banks and thrifts faced.Fundamentally, housing finance reform is about replacing that concentration of mortgage credit risk in two GSEs with a competitive private market for mortgage credit risk that seeks private capital through numerous channels and across many risk holders.“The reason why I advocate for this change is that having multiple sources of capital is more resilient than having just two,” DeMarco said. “It better protects taxpayers, and it naturally leads to investor demand for transparency regarding the risk characteristics of the loans they are supporting. In turn, that should produce more accurate market signals of risk, which benefits both borrowers and lenders.”Hon. Joseph Murin, Chairman of the Board of Chrysalis Holdings JJAM Financial Services, formerly served as President of Ginnie Mae, where his efforts ensured strong support for the housing market during the worst of the housing crisis. He served both the Bush Administration and the Obama Administration during his tenure.“That was a difficult time in our nation and to the housing and mortgage industry,” Murin said. “You really don’t know what you’re getting into when you get into it because it’s almost a baptism by fire.”Ginnie Mae’s monthly issuance that was between $7 billion and $9 billion started to grow rapidly and ultimately peaked at around $70 billion a month, which caused a lot of issues. When Fannie and Freddie were thrown into conservatorship, there was a lot of confusion in the marketplace. Foreclosures began to accelerate and the only liquidity vehicle available then was government loans through Ginnie Mae issuance.“We didn’t have enough domestic buyers, so we had to depend on our Asian buyers to step up and buy more issuance every month, and it was a very turbulent time,” Murin said reflecting. “Obviously, at that time, the agency only had 69 employees, and we weren’t able to get any more employees authorized through the Department of Housing and Urban Development (HUD). So, I will tell you, it caused us a tremendous amount of angst every day in 2008 and 2009.”At the beginning of the post-crisis era, Murin believes the political environment was demonized. “I think the industry was paying its repentance for its sins, but all we were doing was hurting the national economy because housing was at a standstill,” he said. Murin continued, “One thing I learned when I was in Washington is that the end term and consequences of your actions aren’t really understood. When you drop a pebble into a pond of water, those ripples touch all the shorelines, so you have to think about the repercussions when you do something, and sometimes I think that there’s a lack of that.”But what stood out the most to the former Ginnie Mae President during the crisis? It was the resilience of the American people on any level, on anything.“We went through a once-in-a-lifetime traumatic event in the 2008 time period that we saw some really important initiatives come to the forefront,” Murin said. “We saw folks working together because they knew what they were saving were the stability of the American government as related to its finances.”Jack Konyk, Executive Director, Government Affairs, Weiner Brodsky Kider, has over four decades of financial services experience and serves as a voice for the industry with legislators and regulators at all levels of government. For Konyk, reflecting on the post-crisis era involves looking back at the different administrations.According to Konyk, during the Obama administration, there was an extreme reaction to economic circumstances, some it deserved, and some of it not.“There was a willingness upon a lot of the regulatory community to just blame the industry for everything that happened and crackdown, literally, on just about every practice they could find; which caused a great deal of angst,” said Konyk.Of course, the industry was simply reacting to the economic realities of the downturn, but there were a lot of distractions in trying to respond. From lawsuits and regulatory actions to trying to interpret and implement regulations that were incredibly severe. “The industry just knew it was walking on eggs, but it didn’t know exactly where the safe paths were,” said Konyk.As for the current administration, Konyk believes there is an indication that this administration is more willing to look at business as a positive partner in the operation of the economy and not necessarily the enemy. Although, this administration hasn’t been adept at making leadership appointments.One of the greatest issues today, according to Konyk, is the need to place rational, reasonable, regulatory authorities and leaders in key governmental positions who will work toward establishing a marketplace that Americans can rely on, understand, and operate confidently in, without inadvertently causing massive risk to the companies.For the Greater GoodIn June 2017, DeMarco testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs during a hearing on, “Principles of Housing Finance Reform,” as President of the Housing Policy Council (HPC), a division of the Financial Services Roundtable. The HPC’s 32 member-firms are among the nation’s leading mortgage originators, servicers, insurers and mortgage data service and settlement providers. DeMarco testified that these leaders operate in the mortgage market every day and they want it to be healthy and stable for the future to serve their customers—current and future homeowners.“As a trade association and especially one representing the largest players in the market, we seek what’s good for the system as a whole,” DeMarco said. “Competitive balance, effective and understandable regulations that align with good business practices, and opportunities for innovation in serving customers. When I was a regulator, I was concerned with similar end goals.”Just as rulemaking and regulatory oversight involve balancing competing interests for the greater good, so does running a trade association that’s concerned with markets functioning efficiently and effectively. While there aren’t very many policy issues that are cut-and-dried, right and wrong—most inevitably involve trade-off s.“I have come back to a core belief in markets and in basic economic principles,” DeMarco said. “Such as, the benefits of competitions, the importance in considering the incentives that laws and regulations can create, and maintaining some awareness of the law of unintended consequences.”Today, the regulatory framework is undergoing a fresh round of thinking with the new administration and with the new regulators that are taking their seats. Regulators are looking to improve the balance between ensuring there are guardrails in place while making sure those guardrails are not, in fact, limiting access to credit and inhibiting economic growth.“With affordable housing, the discussion is certainly developing. We’re seeing some new ideas emerging about how to encourage sustainable homeownership that’s affordable to folks,” DeMarco said. “The members of HPC see this as an opportune time to address three critical issues in Housing Finance.” Those issues are housing finance reform, improving the FHA program, and creating more opportunity for innovation and the use of technology in mortgage lending. “Each of these issues, dealing with them would enhance economic growth and expand opportunity for consumers,” DeMarco said. “They are enacting housing finance reform.”Ending the conservatorships, giving market participants certainty about the role of government and the market structure in which they’ll compete. Second, modernizing FHA so that lenders may have confidence in how the program operates and can judge and manage the risks involved.Lastly, more significant opportunity for innovation and the use of technology in mortgage lending. That would improve risk management. It would lower cost to borrowers. It would enhance product offerings. And, according to DeMarco, reduce the long and uncertain timelines many families face today in applying for a mortgage.So in sum, the current focus remains on Housing Finance reform, improving the FHA program and creating more opportunity for innovation and the use of technology in mortgage lending.Making dramatic changes to the housing finance system could cause concern for some. During a November 2017 hearing, Ginnie Mae Acting President, Michael R. Bright, spoke before the House Financial Services Committee, where he presented a paper he co-wrote with DeMarco in September 2016 titled, “Toward a New Secondary Mortgage Market.” In response, Rep. Brad Sherman (D-California) stated, “I don’t buy the idea that ‘if it’s not broke, don’t fix it,’ because sometimes you can make things better. But if it’s not broke, don’t break it.”Sen. Elizabeth Warren (D-Massachusetts) has vigorously opposed some of the administration’s attempts to make changes to the Consumer Financial Protection Bureau and various Dodd-Frank regulations, but in the past she has indicated openness to GSE reform. During that same June 2017 Senate Banking Committee hearing, Warren said, “I am all for ending government conservatorship, but I can’t be for reform if it doesn’t address the affordable housing crisis in the country.”As for the government involvement with the housing finance system, Murin believes that as long as the system establishes a secure government backstop, cost of liquidity can maintain itself. According to Murin, moving housing to the private markets will cause the cost of liquidity to go up. So there has to be a consistent abundance of credit available for all levels of borrowers in the marketplace at all times.However, with a fair credit loss responsibility and accountability system that allows the government backstop to stay in place, Murin believes in the creation of a mortgage finance system that can meet the needs of every level of a borrower in the marketplace.Tim Rood serves as Partner of The Collingwood Group, which he co-founded in 2009. Rood brings more than two decades of the mortgage industry and entrepreneurial experience to The Collingwood Group. He advises organizations to optimize the business opportunities and to mitigate and manage the risks in and around Washington, D.C.Rood advises that the housing finance reform proposed is an “old wine in a new bottle” approach. “We need to look no further than the housing crisis to see how private label securitizers with similar product sets, pricing, and capital standards found themselves all rising together during the boom times, and then all crashing to the ground when the rug got pulled out from underneath them,” Rood said. “I fear that some of the things being proposed would set us up for that sort of outcome.”There is a need to take into consideration that the GSEs are designed to be counter-cyclical, which, according to Rood, is critical to the housing market. In bad times, the GSEs will be in every market, every day, with competitive pricing, a facet that comes from their borrowing advantage and implicit guarantee by the federal government.The GSEs can be borrowing competitively, freely all the time. Conversely, some argue that the newly proposed guarantor model would be pro-cyclical. Meaning that the model will work great during strong markets, but when there’s a shock to the system, the GSEs will find themselves challenged to borrow and effectively compete and provide financing.“The things that we’re trying to accomplish in terms of insulating taxpayers, ensuring democratizing access for lenders to the financial markets and that gives pricing parities, already exists and that a couple modifications to the conservative share of the GSEs to make them look more like government utilities, seems to be far less risky than radical reform or wholesale reform that includes essentially hand-grenading these two institutions that have been profitable for years and are serving the market well, under the hopes that a new system will somehow at best be as competitive and as available as the current market system is today.”Standing for ChangeIn Wallison’s view, most things outside of ensuring access to housing can be taken care of by the private sector, for example, automobiles and food. When looking at how the private sector operates in the United States in a very competitive way, most of the things that people want have very stable prices without the government’s involvement at all.“This is an amazing thing that our market produces because of the competition that is involved in the private market,” Wallison said. “So why do we introduce the government into the housing finance system when almost everything else of importance in this country is run by and priced by the private sector?”Wallison strongly urges that taking the government out of the housing system will stabilize housing prices and will provide more opportunity for housing while reducing the risk of another housing bubble. The competition between Fannie Mae and Freddie Mac competing with the FHA has been driving down underwriting standards so they can allow more low-income people to buy homes. However, Wallison believes that the result has been much higher home prices for everyone; especially low and moderate-income families who have been priced out of the market when they’re trying to buy their first home because prices have risen faster than their wages.The private sector in this country produces goods and services at prices people can afford.According to Wallison, there is nothing about housing that is any different from any other private sector. Housing is simply a product.“Let’s see how the housing finance system works without the government and the distortions the government introduces. If we then find that low and moderate income families cannot afford homes, we should rely on some kind of narrow government program that applies only to those families and is run by the FHA,” Wallison suggests.According to Murin, there can be room for an independent Fannie and Freddie that has a catastrophic backstop with the government but that also is fully responsible for the credit losses.“We can’t merge the two, if Fannie and Freddie’s going to stand independently, then they’re going to have to be responsible for their own credit losses if they expect to have a government guarantee,” Murin said. “The explicit guarantee by the federal government is critical, I believe, in our mortgage lending environment. So, without that, the cost of mortgages goes up significantly.”Speaking out, Murin urges the industry, when expressing policy ideals and perspectives, to realize how vital housing and the mortgage industry is to the American economy and to the American worker, especially the middle class and the lower to moderate middle class. “Everybody should be guaranteed a roof over his or her head,” Murin said. “I don’t necessarily think everybody should be guaranteed to own a home because that’s illogical but we have to focus on consistent mortgage credit for lower and moderate-income Americans to ultimately become a homeowner at some point in their life.” Murin continued, “Th at’s where our focus should be. Let’s start with the foundation, let’s rebuild the foundation, let’s commit to that foundation of stability with housing of some kind to bring that family unit back together.”Turning Ideas into ActionAccording to DeMarco, the principles to base an ideal housing policy on are first, fix what’s broken and then preserve what works in support of consumers in the market. Second, the transition from the old system to the new one should avoid disrupting consumers and markets. Third, private capital should bear all but catastrophic mortgage credit risk, so that market discipline contains risk. DeMarco notes that the government should provide an explicit full facing credit guarantee on mortgage-backed securities (MBS), but with a preset mechanism to ensure any catastrophic loses that call upon taxpayers, support will be repaid fully.Next, the government should provide a regulatory framework that is clear and equitable across all participating companies and ensures that participants in the housing finance system operate in a safe and sound manner. Additionally, replace the government protected GSE duopoly with a structure that serves consumers by promoting competition, affordability, transparency, innovation, market efficiency, and broad consumer access to a range of mortgage products.Replace the separate Fannie Mae and Freddie Mac MBS with a single deep and liquid MBS that has multiple issuers, backed by private capital, and wrapped with a government guarantee. And implement the common securitization infrastructure that operates with a uniform set of standards for mortgage servicing, investor disclosure, and dispute resolution.Finally, change the approach to meeting affordable housing goals by utilizing a dedicated funding stream to target individual households where policymakers want to promote a homeownership opportunity. “Targeting those resources in a way that leads not just to more homeowners, but to more sustainable homeownership,” DeMarco said. “It also means modernizing FHA, which needs to be an integral part of this discussion of affordable and sustainable homeownership.”For Konyk, the major principles that must turn into action should be that, first, consumers are informed and then empowered to make their own choices, without a lender having to assume all the responsibility that the borrower may have made a bad choice.“That’s an interesting concept because even in Dodd-Frank, this concept appeared to be clear because they actually created in the CFPB an office of financial education. So they got that, as a country, we’ve done a bad job of educating people in how to exist in the economy.” Konyk continued, “What we need to do is to understand first, that it is a free economy, or at least we purport it to be. Borrowers should be empowered to make choices, and then lenders shouldn’t be penalized for offering choices, as long as they offered them honestly, openly, and with the information necessary for an informed borrower to make a free choice. Those principles don’t seem to be working in a lot of places right now.”The role of the CFPB itself has been very much in question in recent months after President Trump appointed White House Budget Director Mick Mulvaney as Acting Director of the organization. There followed a legal dispute between Mulvaney and CFPB Deputy Director Leandra English, who was appointed to the same role by outgoing CFPB Director Richard Cordray.With both parties claiming they were the rightful inheritor of the position, the decision turned to the courts, which backed Mulvaney through several appeals and challenges. Mulvaney, a longtime critic of the agency, has set a very different course for the CFPB.He requested zero funding for the Bureau during Q2 2018 and in February announced a strategic plan for 2018-2022 that emphasized honoring the Bureau’s statutory responsibilities but going “no further.” In a statement at the time, Mulvaney explained that “pushing the envelope in pursuit of other objectives ignores the will of the American people” and “also risks trampling upon the liberties of our citizens.”Unsurprisingly, this scaling back of the CFPB’s regulatory focus has drawn ire from Sen. Warren, who was an advocate for the creation of the CFPB and a staunch defender of it ever since. She has butted heads with Mulvaney over the proper role of the CFPB, criticizing Mulvaney for scaling back investigations into things such as payday lending practices.Warren has also been pushing back recently against the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, which would scale back some of the regulations put in place by Dodd-Frank after the financial crisis.One of the primary changes is increasing the threshold for enhanced regulatory standards from $50 billion to $250 billion, a change designed to exempt some smaller and mid-sized banks from regulations that would still apply to the larger banking entities. The bill also exempts banks with less than $10 billion in assets from the Volcker Rule, which limits risky trading by U.S. banks, and dials back restrictions on small and regional banks when it comes to restrictions on mortgage lending. As the bill headed toward a final vote in the Senate, Warren warned that “If we lose the final vote next week, we’ll be paving the way for the next big crash. It’s time for the rest of us to fight back and demand that Washington work for us, not the big bank lobbyists.”Overall, the industry needs to look at the weaknesses in certain things, but it isn’t the same as saying, “Well, we’ve always done it this way, so this must be good.” Instead, it needs to say, “Look, this may be better. Here are the pitfalls. Here are the safeguards against them. And this is how we should be moving forward.” Konyk strongly urges that despite the current active market, without taking action and fixing the problems now, the next downturn will come and cause panic again.“You don’t want to fix them in a panic. The time to fix them is now.” And the only way to do so is if policymakers from different parties, views, and perspectives can get to the table without the animosity. The housing system will only reach progress out of frank, open conversation and the understanding that each side has its reasons for its beliefs.“The way we get ahead in this country is we realize that we’re not going to get everything we want,” Konyk said. “But, we need to find the way to get the optimum solution, understanding that there’s got to compromise to move forward. We’re not in that frame of mind right now in any of the pairings that you talk about. We just have to find a way to get by it.” Share Save CFPB Dodd-Frank Act Fannie Mae FHFA Financial Crisis Freddie Mac Ginnie Mae Government Regulations 2018-04-03 Nicole Casperson Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Houston Still Has Unspent Relief Funds from Hurricane Ike Next: For Waterfront Properties, Is Location Everything? Tagged with: CFPB Dodd-Frank Act Fannie Mae FHFA Financial Crisis Freddie Mac Ginnie Mae Government Regulations Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articlescenter_img in Daily Dose, Featured, Print Features Home / Daily Dose / The Policy Makers Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Nicole Casperson Demand Propels Home Prices Upward 2 days ago April 3, 2018 4,047 Views Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

InterLinc Mortgage Services Promotes Gene Thompson to COO

first_img InterLinc Mortgage Services Promotes Gene Thompson to COO Share Save Demand Propels Home Prices Upward 2 days ago Home / Featured / InterLinc Mortgage Services Promotes Gene Thompson to COO July 24, 2018 1,763 Views About Author: Kristina Brewer Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Houston-based InterLinc Mortgage Services has announced that Gene F. Thompson III, who has served as President since 2010, will now serve as COO of the company. A 20-year veteran of the mortgage lending industry, Gene has been with InterLinc since 2007, where he has served as both Executive VP and President.“Gene’s decades of experience in the mortgage banking industry, combined with his dynamic approach to sales and operations, has brought InterLinc unprecedented growth opportunities,” said James H. VanSteenhouse, InterLinc CEO. “The long-lasting relationships that he’s built with builders and realtors have enabled InterLinc to become a powerhouse in the mortgage industry. As both President and COO, Gene will have even greater opportunities to apply both his exceptional strategic acumen and his operational skills to helping InterLinc meet our goals for growth and our ongoing commitment to unparalleled customer service.”For more than a decade, InterLinc Mortgage Services has delivered home loans with the motto of “On Time and As Agreed” to customers buying or refinancing. Loan originators and branch managers participate in a family-oriented culture, coupled with accountability metrics aimed to drive production. Gene is poised to carry this mission forward as he helps implement InterLinc’s strategic growth plan, which includes increasing the mortgage banking company’s annual production to $3 billion by 2020.“Adding the COO title in some ways simply acknowledges my role in overseeing central operations and our branch network,” says Thompson. “I’m honored by the trust James VanSteenhouse has always placed in me, and I will continue my focus on growth and maximum profitability without ever sacrificing customer service.”A graduate of Stephen F. Austin State University with a BBA in Accounting, Thompson has been the recipient of numerous industry awards, including the prestigious “Texas S.T.A.R. Award, Mortgage Industry Professional of the Year.”InterLinc Mortgage Services, LLC is a full-service mortgage-banking firm with approvals from the three largest issuers of mortgage-backed securities, Fannie Mae, Freddie Mac and Ginnie Mae. The Company affords clients access to enhanced mortgage product offerings, pricing competitiveness, loan efficiency and servicing. InterLinc is licensed in 18 states throughout the Midwest and Southeast U.S.  Print This Post Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. 2018-07-24 Kristina Brewer The Best Markets For Residential Property Investors 2 days ago Previous: Bright Outlines Goals for Ginnie Mae Next: FHFA Halts Discussion on Credit Changes to GSEs Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles in Featured, Journal, News, Servicing Data Provider Black Knight to Acquire Top of Mind 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Are We Talking Ourselves Into a Recession?

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Are We Talking Ourselves Into a Recession? Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago August 29, 2019 1,111 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Economy HELOC Recession 2019-08-29 Seth Welborn Tagged with: Economy HELOC Recession 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 Subscribe About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days agocenter_img Related Articles Previous: Fannie and Freddie Prep Servicers for Hurricane Dorian Next: The Industry Pulse: Updates on LoanLogics, WFG, and More Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Investment, Market Studies, News The Best Markets For Residential Property Investors 2 days ago  Print This Post The bond market is at a historic low, but the overall pulse of the economy is strong as many are becoming fearful of a recession, Brent Beardall, CEO of Washington Federal told CNBC.“My biggest concern is that we’re so worried about a recession that we talk ourselves into a recession,” said Beardall. “We’re not seeing a recession on the streets today.”In this Video Spotlight, Beardall discusses the health of housing and the strength of the consumer, with a focus on HELOCs and recession fears.The risk of a recession is on everyone’s mind, both in the U.S. and around the world. Realtor.com notes that Germany is already teetering on the brink of recession and the U.K. is facing unrest related to “Brexit”, while in the U.S., a rapidly escalating trade war with China is increasing fears. However, despite these risks, real estate should be safe, unlike in 2008.”This is going to be a much shorter recession than the last one,” predicts George Ratiu, Senior Economist with realtor.com. “I don’t think the next recession will be a repeat of 2008. The housing market is in a better position.”“There’s real reason we could talk ourselves into a recession,” Bearden notes. He goes on to state that an upcoming recession may be little more than a debt, not a serious recession like in 2008. Share Save Are We Talking Ourselves Into a Recession? Sign up for DS News Daily Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. last_img read more

CFPB Reviews Time-Barred Debt Collection

first_imgHome / Daily Dose / CFPB Reviews Time-Barred Debt Collection Sign up for DS News Daily Subscribe Share Save in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago February 25, 2020 2,259 Views Related Articles  Print This Post Tagged with: CFPB Debt Collection Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Consumer Financial Protection Bureau (CFPB) has issued a Supplemental Notice of Proposed Rulemaking (Supplemental NPRM) regarding the collection of time-barred debt, prohibiting collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the debt is time-barred.In May 2019, the CFPB published a proposal (May 2019 NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). The May 2019 NPRM would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts; set clear, bright-line limits on the number of calls debt collectors may place to reach consumers on a weekly basis; clarify how collectors may communicate lawfully using newer technologies, such as voicemails, emails and text messages, that have developed since the FDCPA’s passage in 1977; and require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts.The May 2019 NPRM also proposed to prohibit debt collectors from suing or threatening to sue on debts they know or should know are time barred. The Bureau included the “know or should know” standard in its proposal recognizing the concern that, in some instances, debt collectors may be genuinely uncertain whether the statute of limitations has expired even after undertaking a reasonable investigation. The Bureau received over 14,000 public comments on the May 2019 NPRM. A large number of comments addressed time-barred debt, including the proposed “know or should know” standard. The Bureau is analyzing those comments as part of the process of taking final action on the May 2019 NPRM. Given that the analysis is ongoing, the supplemental NPRM also proposes that standard.The Supplemental NPRM proposes model language and forms that debt collectors could use to comply with the proposed disclosure requirements. As with the May 2019 NPRM, the Supplemental NPRM also proposes to require disclosures only if a debt collector knows or should know that the debt is time barred to address debt collector liability if there was too much uncertainty as to whether a debt was time-barred. The public is invited to submit written comments on the proposed rule, including on the proposed knowledge standard.  The Bureau will carefully consider all comments received before a final regulation is issued. Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Foreclosure Increases Expected in 2020 Next: The Move to Single-Family Built-For-Rent CFPB Debt Collection 2020-02-25 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago 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 About Author: Seth Welborn CFPB Reviews Time-Barred Debt Collectionlast_img read more

Donegal County Council Boston trade trip could cost €10,000

first_img By News Highland – October 24, 2011 Donegal County Council Boston trade trip could cost €10,000 Twitter Pinterest Twitter Newsx Adverts Pinterest Need for issues with Mica redress scheme to be addressed raised in Seanad also LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Google+ WhatsAppcenter_img WhatsApp Previous articleGardai liaise with PSNI after body is found in GreencastleNext articleCouncillor urges people to raise NoW DOC’s future with their GPs News Highland Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Calls for maternity restrictions to be lifted at LUH The Mayor of Donegal will lead a delegation from the county on a trip to Boston next month that will cost the council up to €10,000.Mayor Noel McBride, County Manager Seamus Neely, County Enterprise Board Chairperson Dessie Larkin and the Councils Director of Community, Culture and Planning, Michael Heany are due to attend event between November 8th and November 15th.Flights for the trip cost €500 per person, while accommodation will cost approximatley €1100.The delegations food and travel costs while in the US will also be covered by expenses.Speaking to Barry Whyte in Lifford this morning, Michael Heany, said it’s been proven that such trips can benefit County Donegal……..[podcast]http://www.highlandradio.com/wp-content/uploads/2011/10/heany1pm.mp3[/podcast]Meanwhile, Mayor Noel McBride has defended the trip to Boston.The Mayor said that the event will showcase Derry and Donegal as hubs of creativity and culture.Cllr McBride, said although the event is costing thousands of euro, he believes if the delegation didn’t go, it would be a huge opportunity missed…[podcast]http://www.highlandradio.com/wp-content/uploads/2011/10/noel.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHOR Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Guidelines for reopening of hospitality sector published last_img read more

Mac Lochlainn supports burglary act but stresses other issues must be addressed

first_img Guidelines for reopening of hospitality sector published Google+ Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton By admin – January 19, 2016 Twitter Homepage BannerNews Pinterest Twitter WhatsApp WhatsApp Mac Lochlainn supports burglary act but stresses other issues must be addressedcenter_img Calls for maternity restrictions to be lifted at LUH RELATED ARTICLESMORE FROM AUTHOR Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey GAA decision not sitting well with Donegal – Mick McGrath Pinterest Google+ Previous articleDonegal Green candidate outlines Election 2016 prioritiesNext articleIBEC North West urges candidates to support key road projects admin Almost 10,000 appointments cancelled in Saolta Hospital Group this week It’s hoped the new Burglary Act, introduced by Justice Minister Frances Fitzgerald, will lower the level of criminality in Donegal and further afield.The act means that repeat offenders can be refused bail, taking them off the streets and therefore reducing the chances of them committing the crime again.Statistics provided by the Garda Síochána show that 75% of burglaries are committed by 25% of burglars.The Act has been welcomed by Sinn Fein Justice Spokesperson Padraig MacLochlainn but says there are still bigger issues that contribute to criminality levels in the county…………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/01/padragburglaries.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Facebooklast_img read more