How Effective Is FHA’s Distressed Asset Stabilization Program?

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Calyx Announces New Integration Next: Home Price Slowdown: Cause for Concern? The Week Ahead: Nearing the Forbearance Exit 2 days ago How Effective Is FHA’s Distressed Asset Stabilization Program? A new study by the Urban Institute analyzed the Government Accountability Office’s (GAO’s) recent evaluation of the Federal Housing Administration’s (FHA’s) Distressed Asset Stabilization Program (DASP). The study found that while the GAO evaluation has made recommendations to improve the quality control of this program, its conclusions on the DASP’s overall effectiveness were “less helpful.”The Urban Institute said the GAO had concluded that “in aggregate sold defaulted loans were more likely to experience foreclosure than comparable unsold defaulted loans.” It had noted the probability of foreclosure 24 months after the loan servicing was transferred to the investor was 43% for sold loans through the program, versus 36% for unsold loans.”Though this figure appears bleak, and is indeed the subject of criticism in the report, it indicates the program’s success, not its weakness,” Laurie Goodman, VP, Housing Finance Policy, Urban Institute; Edward Golding, and Jim Parrott, both Nonresident Fellows at Urban Institute wrote in a blog.The writers said that the figures that GAO reached compared the outcomes of delinquent borrowers who FHA could no longer help because of which they were put into DASP, with borrowers FHA could still help avoid foreclosure. “Put differently, it shows the program changed the probability of foreclosure in that first group from close to 100% to 43%, only 7% higher than the group of borrowers FHA was still in a position to help on its own,” they said.Some of the ways in which investors who bought loans through the DASP helped delinquent borrowers avoid foreclosure included:Extending the loan term to 40 years or cutting the interest rate to below a market rate of interestForgiving the principal on the loansForbearing more than 30% of the loan value, or offering more generous terms for deeds in lieu of foreclosure or short sales”None of these options is available to FHA given their statutory authority,” the researchers pointed out while making a case for the importance of DASP. “Again,  borrowers who participate in DASP are basically out of options with FHA.”However, they added that more needs to be done to “ensure borrowers whose loans were sold through this program got the best shot possible and any foreclosures had minimal impact on the community.” While the FHA had made changes along these lines to the program in 2016, the researchers wrote that only one auction had taken place after these changes were implemented. Because of this, their full impact has not been studied.The study, therefore, made some recommendations that could help FHA improve its program. They included using better information systems and monitoring capability and more personnel and funding to manage the program. However, the most important aspect of FHA improving the program would be by releasing much more loan-level data, including data on DASP, “so that independent analysts can help them evaluate their programs. Indeed, periodic public reporting of outcomes would be valuable.”Click here to read the full blog. Related Articles Share Save Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / How Effective Is FHA’s Distressed Asset Stabilization Program? Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days agocenter_img Borrowers Delinquency Distressed Assets FHA Foreclosures GAO Investors mortgage Urban Institute 2019-08-19 Radhika Ojha Tagged with: Borrowers Delinquency Distressed Assets FHA Foreclosures GAO Investors mortgage Urban Institute Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha August 19, 2019 1,766 Views  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribelast_img read more

First human case of West Nile Virus reported in Indiana

first_imgIndianapolis, In. — State health officials are urging Indiana residents to take steps to protect themselves from mosquito bites amid an increase in West Nile virus activity across the state.As of August 6, one human case of West Nile virus disease has been detected in Vanderburgh County, and 168 mosquito samples in 27 Indiana counties have tested positive for West Nile virus. The Indiana State Department of Health (ISDH) expects to continue to see increased West Nile activity throughout the state as the mosquito season progresses.“This is the time of year when people are at greatest risk for West Nile virus disease,” said State Health Commissioner Kris Box, M.D., FACOG. “All Hoosiers should take precautions to prevent mosquito bites. You can also reduce the risk for yourself and your neighbors by eliminating mosquito breeding grounds from your property.”State health officials recommend the following preventive measures:Avoid being outdoors when mosquitoes are active (especially late afternoon, dusk to dawn and early morning)Use an EPA-registered insect repellent containing DEET, picaridin, IR3535, oil of lemon eucalyptus or para-menthane-diol on clothes and exposed skinCover exposed skin by wearing a hat, long sleeves and long pants in places where mosquitoes are especially active, such as wooded areasInstall or repair screens on windows and doors to keep mosquitoes out of the homeEven a container as small as a bottle cap can become a mosquito breeding ground, so residents should take the following steps to eliminate potential breeding grounds:Discard old tires, tin cans, ceramic pots or other containers that can hold waterRepair failed septic systemsDrill holes in the bottom of recycling containers left outdoorsKeep grass cut short and shrubbery trimmedClean clogged roof gutters, particularly if leaves tend to plug up the drainsFrequently replace the water in pet bowlsFlush ornamental fountains and birdbaths periodicallyAerate ornamental pools, or stock them with predatory fishWest Nile virus can cause West Nile fever, a mild form of the illness, which can result in fever, headache, body aches, swollen lymph glands or a rash. Some people will develop a more severe form of the disease affecting the nervous system, including inflammation in the brain and spinal cord, muscle paralysis or even death. People who think they may have West Nile virus should see their healthcare provider.To see the latest results of ISDH’s mosquito surveillance program click here.last_img read more

First flu death reported in Indiana, take precautions

first_imgBatesville, In. — Flu season is just around the corner, and it’s important to get vaccinated now to help prevent contracting the influenza virus in the future. The flu can affect everyone differently, but the elderly, young children, pregnant women and people with chronic health conditions are at higher risk for serious flu complications.Symptoms can include a fever, cough, sore throat, runny or stuffy nose, muscle or body aches, headaches, chills and fatigue.The Centers for Disease Control and Prevention (CDC) strongly encourages people to get the flu vaccine to reduce their chance of catching the flu. The CDC also advises the following precautions to stop the spread of germs this flu season:Avoid close contact with sick people;While sick, limit contact with others as much as possible to keep from infecting them;If you are sick with a flu-like illness, stay home for at least 24 hours after your fever is gone except to get medical care or for other necessities;Cover your nose and mouth with a tissue when you cough or sneeze, and throw the tissue in the trash after you use it;Wash your hands often with soap and water, and if soap and water are not available, use an alcohol-based hand rub;Avoid touching your eyes, nose and mouth; andClean and disinfect surfaces and objects that may be contaminated with germs like the flu.Click here for a list of clinics providing flu shots.last_img read more

Local Elections 2019: John O’Donnell tops the poll in Milford

first_imgJohn O’Donnell is going back to Lifford after topping the Milford poll in the 2019 Local Elections.The Kilmacrennan man, with 1,959 first preference votes, is the first county councillor to be elected to the new Donegal County Council.John O’Donnell and team celebrate his election to Donegal County Council 2019‘The people have spoken’ is the mantra of O’Donnell today as he returns to county council just months after the Standards in Public Office found against him over ethics breaches. Cllr John O’Donnell elected on the first count to Milford EA. #le19 https://t.co/s55X27dkAw pic.twitter.com/s6S5P2LZTt— Donegal Daily (@DonegalDaily) May 26, 2019Controversy surrounds O’Donnell after he featured in an RTE Investigates report in 2015.He was filmed in a meeting with an undercover reporter who was pretending to seek support for a local windfarm development. In a ruling this March, SIPO found that O’Donnell made it clear that a financial reward would be required for his involvement in the project.O’Donnell celebrated his resounding victory in the Milford count with supporters at the Aura this afternoon, where cheers filled the centre when the results were announced. He will be followed by Liam Blaney (Fianna Fáil) at 1,761 first preference votes, who will continue the proud family tradition in the area.The battle is on for the third seat in Milford, where Ian McGarvey (IND), Maria Doherty (SF), Noel McBride (FG) and Eimer Friel (FG) are all in contention.First Preference Vote Count for Milford: Liam Blaney: 1761Maria Doherty: 752Eimer Friel: 725 Dermot Hardy: 338Noel McBride: 748Ian McGarvey: 805Charlie McGinley: 63 Declan Meehan: 677John O’ Donnell: 1959Local Elections 2019: John O’Donnell tops the poll in Milford was last modified: May 26th, 2019 by Staff WriterShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Donegal must be a priority in broadband scheme roll-out – Cope

first_imgDeputy Pat the Cope Gallagher has called on the Government and the Department of Communications to give priority to the border counties including Donegal during the broadband roll-out.He said these are areas which are within or between existing fibre areas and rural areas that are urgently requiring broadband services.Over 32,000 households and premises are without high speed Broadband at present in Co Donegal, and the Department estimates the costs of connecting these premises at €128 million. Deputy Gallagher said what is most concerning is that it is projected to take 7 years to complete this plan as currently proposed added Pat the Cope.He said “It is essential that rural areas are given priority, and especially in the context of the looming threat of Brexit, and the massive pressure border areas will be under with the ongoing uncertainty.“I am calling on the Government to immediately put in place a comprehensive schedule of works, so that each area will know exactly when they are to be connected to the national broadband network.“This plan has the potential to solve all over fibre broadband needs and current problems, but unless it is properly managed it will drag on and areas will be left waiting for years before they actually get connected.” He added that border counties will be under serious pressure in the coming years with the ongoing Brexit uncertainty , that will directly impact business, employers and the broader community, it is therefore imperative that our competitiveness and business & employment supports are fully in place, and nowadays high speed Broadband is critical piece of such infrastructure.He said “Donegal needs to be actively and positively discriminated towards, this will involve the Donegal voice been heard at Government level, this needs for Donegal to be put first on the list – priority status, today as the plan is launched nearly every county is mentioned bar Donegal, even though it got the fourth highest level of premises awaiting connection for broadband.“Plans alone will not deliver broadband to Donegal on time, what is needed in this instance is a real commitment to make areas in Donegal the priority they deserve , that priority status needs to be underpinned by the Government, otherwise areas in Donegal could potentially be left without broadband for up to another 7 years.”Donegal must be a priority in broadband scheme roll-out – Cope was last modified: November 20th, 2019 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:broadbandPat the Copepriorityroll-outlast_img read more

Milky Way Center Bathed in Unexplainably Hot X-Rays

first_imgThe Chandra X-Ray Observatory found more heat at the center of the Milky Way than astronomers can explain.  Astronomers observed a tiny angle around the Milky Way’s center for 170 hours.  After subtracting out known sources, a diffuse gas cloud remains that is radiating X-rays at 100 million degrees.  Star counts capable of heating the gas are short by an order of magnitude; “There is no known class of objects that could account for such a large number of high-energy X-ray sources at the Galactic center,” said a co-author of the study released this week.    Furthermore, what sustains the cloud is a mystery.  Known gravitational sources are insufficient to hold onto this gas, which should have escaped by now.  “The escape time would be about 10,000 years, a small fraction of the 10-billion-year lifetime of the Galaxy,” states the press release.  “ This implies that the gas would have to be continually regenerated and heated.”  But three suggestions for maintaining this gas at such a high temperature all have problems.    Space.Com added, “A paper will describe the study in the Sept. 20, 2004 issue of the Astrophysical Journal.  Maybe by then somebody will figure out what it means.”Since this is a work in progress, any judgments on tentative interpretations would be premature.  It’s good to discern, however, attempts to force uncooperative data into preconceived notions about time scales and evolutionary theories.  That fault is endemic in the biological sciences.(Visited 6 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

What Use Is Half a Wing?

first_imgKen Dial is at it again, trying to explain bird flight from the ground up with his own version of a Darwinian story (see 01/16/2003).  The title of his paper in BioScience1 harks back to an old criticism of Darwin’s theory: “What use is half a wing?”  Well, half a wing could be a half a stabilizer is the new answer.  Outstretched proto-wings, according to Dial’s WAIR theory (Wing-Assisted Incline Running) helps chukar partridges keep their balance when running up slopes, presumably escaping predators who might otherwise interrupt their ability to pass on their genes.  Maybe this provides insight into the development of full powered flight in the dim past:As a rebuttal to Darwin’s (1859) explanation of the origin and diversification of life, St. George Jackson Mivart (1871) posed a challenge: “What use is half a wing?”  With this simple question, Mivart challenged Darwin to explain the adaptive role of intermediate forms within an evolutionary continuum, prompting Darwin to expand on the concept of functional shifts within structural continuity (Gould 1985).  This concept of transitional functional and structural stages is the basis for exaptation, an integral component of modern evolutionary theory (Gould and Vrba 1982).  A response to Mivart’s question is that if the wing of a flying bird is a product of small, gradual structural changes, these transitional forms must have had some function during the evolution [sic] of powered flight.Discussing the ground-up (cursorial) theory and tree-down (arboreal) theory, Dial finds fault with both.  Watching partridge chicks run up ramps, his team measured the advantage of stubby wings in helping them maintain stability:The most significant finding from this body of work is that developing ground birds employ their incipient wings, adorned with symmetrical feathers, to execute brief bouts of aerial flight (dorsoventral flapping) and to enhance hindlimb traction (anteroposterior flapping) as they negotiate threedimensional terrestrial environments….Thus, not only does the ontogeny of WAIR demonstrate functionally adaptive intermediate stages or steps, it demonstrates an adaptive continuum between featherless forelimbs, protowings with symmetrical feathers, and derived wings with asymmetrical feathers and a complex wing stroke.As for the arboreal theory, Dial notes that there are no intermediates between gliders and flappers.  But on the other wing, “there are no known contemporary analogs of cursorial bipeds that use their forelimbs to run faster, to run and glide, or to swipe at or capture prey, assumptions proposed among various cursorial hypotheses.”  He says that this debate presents a false dichotomy: “both hypotheses fail to provide the functional and incremental adaptive stages of forelimb evolution necessary to achieve the fully developed flapping mechanics observed among extant species…”  So he came up with his WAIR hypothesis independently, yet it shares advantages of both positions.  “The WAIR hypothesis is a testable and inclusive approach to explain the evolution of avian flight,” he crows, “and it appears to resolve the impasse created from a strict cursorial or arboreal position.”  Not only that, his approach provides a model for explaining transitional forms in the fossil record: identifying analogs among extant forms.Ascribing functional explanations to transitional forms without integrating the wealth of corroborating evidence from other subjects (life history, behavior, development, ecology, and the physical sciences) will only lead to endless “just so stories” about the history of life.    We suggest that incipiently feathered forelimbs of small, bipedal protobirds may have provided the same locomotor advantages for inclined running as are present in extant birds.  Whether sprinting across an obstacle-filled terrain or up inclined or even vertical surfaces, whether being chased or chasing, an animal capable of employing WAIR experiences improved hindlimb traction.  What appear to be partially developed wings of recently discovered theropod dinosaurs [sic] (e.g., Caudipteryx, Sinosauropteryx, Protarchaeopteryx, Rahonavis, Unenlagia, and others) have confused scientists: Were these wings used for running faster, for gliding, for protecting eggs and young in the nest, or for catching food, or were they simply vestiges of once functional wings?  In a protobird [sic], WAIR-like behavior could have represented an intermediate stage in the development of flight-capable, aerodynamic wings.The transition is thus explained: aerodynamic forces on the outstretched “half wings” increase hindlimb traction; and short vertical movements.  Rudimentary aerial ascent and controlled descent, as observed with modern partridge chicks, might have taken off into powered flight in gradual stages.  Therefore, “ontogenetic transformation observed in juvenile species exhibiting WAIR is a plausible behavioral and morphological pathway of adaptive incremental stages that might have been exhibited by the lineage of feathered, maniraptoran dinosaurs attaining powered flight,” he claims.  But with Dial’s frequent use of words like might, could and may have, how this differs from a just-so story might be a matter of debate itself.    See also the Science Daily summary of this paper, with picture of Dial holding a chukar partridge.1Ken Dial et al., “What Use Is Half a Wing in the Ecology and Evolution of Birds?” BioScience, Volume 56, Number 5, May 2006, pp. 437-445(9).Same dumb ideas, and same criticisms three years ago still apply (see 12/22/2003).  All this shows is that evolutionists remain touchy about the criticisms of just-so storytelling leveled at them, and are trying desperately to clear this bad reputation.  Don’t be distracted by the charts, graphs, diagrams and drawings in the paper; these all pertain to living, flying birds – not dinosaurs.  And don’t be distracted by the highfalutin-sounding term “Wing-assisted inclined running” as if inventing a phrase is going to make a case.  This is like the joke about the teenager being told by his doctor his lethargy is simple laziness, to which he responds, “now give me the scientific name so I can tell my parents.”    The mark of just-so storytelling is coming up with a hand-waving explanation that cannot be tested.  That is still the essence of Dial’s hypothesis despite his protests to the contrary.  Sweep away the scientific mumbo-jumbo and visual aids, and the jargon, because it is an irrelevant display of bluffing.  Forget the references to so-called feathered dinosaurs, because there were contemporary modern birds of these that already had powered flight, so the maniraptorans could not have been transitional forms.  Forget also the references to chicks of modern birds, because they already have the genetic information for powered flight; he cannot work backwards from the evolved to the unevolved.  And erase Dial’s own bravado about how much better his hypothesis is than others.    Instead, imagine the Geico gecko trying to evolve powered flight by running up inclines with its forearms stretched out.  A few moment’s visualization will do wonders to put this matter to rest.  There are so many vital, interconnected, required morphological changes that would be required for the Geico gecko to do more than leap a few inches off the ground, it is inconceivable that there would be enough lucky mutations able to converge on turning his descendents into Woody Woodpecker, let alone the Road Runner.  Cartoonists might be able to draw the transitional forms, but evolution needs to wait for mutations, almost all of which are harmful or neutral.  Feathers, lungs, bone changes, flight software – how many thousands of beneficial mutations do you want to wait for?  They all have to arrive simultaneously.  And does WAIR explain flight in insects, pterosaurs and bats?  Like Wiley Coyote forever behind the Road Runner, Ken Dial remains far behind his prey, an evolutionary explanation for flight.    Except for a brief hand-wave to future research needed in homeobox genes and evo-devo, Dial’s explanation is completely lacking in a genetic mechanism for attaining the required information for powered flight.  Rather, it has all the characteristics of a Lamarckian story: the giraffe needed a long neck to reach the leaves, and the gecko needed WAIR to escape the predator.  Presumably, the gecko already had defenses that worked just fine; “What say, mate, like, we just set and chat about a better way to settle our differences, hey?  How would you like to save a lot of money on your car insurance?”    Ken Dial’s only achievement was to exhibit Darwinist sensitivity to charges of storytelling, and to point out that all the other evolutionary explanations don’t work.  For that, his funny pages will get a good chuckle from creationists.(Visited 211 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

Nitrogen recommendations for wheat

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Ohio State University recommends applying nitrogen between green-up and Feekes Growth Stage 6 (early stem elongation), which is generally the latter part of April. The potential for nitrogen loss will decrease by waiting to apply closer to Feekes 6; however, when we reach greenup, a common sense approach would suggest applying when field conditions allow application equipment, particularly since days available for field activities may be limited between greenup and Feekes 6. Having that green, actively growing, plant in the field does help in holding nitrogen in place.We still suggest following the Tri-State Fertility Recommendations for N rates in wheat. This relies on the yield potential of a field. Once you have set a value for your realistic yield potential, the recommendation may be based on the following table for mineral soils. Nitrogen rate for wheat by yield potential.Yield potentialTotal N ratebu/Alb/A6058758490110105120** 120 is the highest recommended rate. We do not give any credit for the previous soybean or cover crop, since we do not know if that organic N source will be released soon enough for the wheat crop. The Tri-State Fertilizer Recommendations suggests that you subtract from the total (spring N) any fall applied N up to 20 pounds per acre. When do we need to apply nitrogen to corn?Even though we promote the Tri-State Fertilizer Recommendations as the tool for setting rates for P and K, not so with nitrogen. Even at the time the Tri- State Recommendations were written the philosophy on N was changing. Today we no longer recommend nitrogen rates based on yield goal. Recommendations today are based on economics and research trials to mange this nutrient.The current tool for nitrogen recommendations in Ohio is the MRTN web-based calculator. MRTN (for the Maximum Return to N), also suggests the most profitable N rate: http://extension.agron.iastate.edu/soilfertility/nrate.aspx. The current recommendation for Ohio with a corn-soybean rotation is about 160 pounds of N per acre. Please go to the website and run your own scenarios. If you read the Tri-State Fertilizer Recommendations for N rates you see there are some efficiencies that can be gained and should still be valid today. I like these tips:For inadequately drained soils with high denitrification potentials, N should be either: applied in a split application; applied as anhydrous ammonia with a nitrification inhibitor; or concentrated in a band to minimize soil contact.Corn grown on coarse-textured/low CEC soils with high leaching potentials may benefit from split or multiple N applications.For soils with greater than 30% residue cover, the majority of applied N should be either: injected below the soil surface; dribbled in bands using N solutions; or broadcast only if the material contains no urea (i.e., ammonium nitrate or ammonium sulfate).No-till corn, corn planted into cold, wet soils, corn following anhydrous ammonia applied less than two weeks prior to planting, and corn following spring-tilled legumes or cover crops should receive some N at planting — 20 to 40 pounds of N per acre banded near the row.Many of these conditions apply to Ohio soils, so almost every field can benefit from a split N application.And when do we need nitrogen for corn? Some recent work at the University of Illinois shows that corn really doesn’t need much N until well into the growing season. This chart from an article on the www.ipni.net website, titled “Modern Corn Hybrids’ Nutrient Uptake Patterns”, shows when and how N is used by the plant throughout the growing season.This work shows that we can get to V8 or later without a lot of nitrogen. A delayed application of N is more efficient, and less likely to be lost. Lost N costs the farm money, and becomes an environmental concern.Take action on weedsThe United Soybean Board has developed some very nice materials to fight resistant weeds. Mark Loux our Extension Weed Specialist supplemented and printed several thousand of these packets for Ohio – they have been very popular at our winter pesticide re-certification training programs. The campaign to manage resistant weeds is called “Take Action” against herbicide resistant weeds. The website to get more information is http://takeactiononweeds.com. I especially like the Site of Action chart: http://takeactiononweeds.com/understanding-herbicides/site-of-action-lookup/.There are no new herbicides — not quite a true statement, as there are many new names — but it is the active ingredient that is important, the rest is about marketing the name. So the site of action chart will help determine the active ingredient in the commercial product. I still remember as we were discovering the resistant marestail across Ohio, a farmer told me he had the solution to his marestail problem. He had been using “Roundup” until he learned it didn’t work any more — so he switched to “Buccaneer.” Only to learn that Buccaneer has the exact same active ingredient as Roundup. This chart will help avoid those mistakes.last_img read more