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 ago 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 Subscribe
Guardian Geomatics and Ocean Infinity have agreed terms for the acquisition by Ocean Infinity of a 25% stake in Guardian Geomatics.Guardian Geomatics is a Perth-based marine survey company, servicing the offshore oil & gas and renewable markets, with a footprint across Australia, PNG, NZ and the broader Asia Pacific region.Oliver Plunkett, Ocean Infinity’s CEO, said: “An essential part of our approach to growing our business is to build deep relationships with likeminded, dynamic and entrepreneurial partners. During the time we have been working with the Guardian team they have surpassed expectations on every criteria. This new partnership will cement our relationship and, as we look forward to our fleet of three ships and 15 AUVs serving clients around the globe, was an obvious next step for us to take.”Guardian Geomatics, managing director, Paul Kennedy, said: “This is a massive vote of confidence in the future of Guardian Geomatics. Along with access to Unmanned Surface Vessel’s (USV’s) and our current survey outsourcing contract with Ocean Infinity for the Island Pride, we have surpassed many of the goals we set ourselves when we established the company a year ago. We are excited about the opportunities this new partnership with Ocean Infinity will bring.”
BAKEWELL, who has been the official sponsor of the Rose Hall Town Youth & Sports Club, MS (RHTYSC) Second Division team since 2006, joined with the management of the club to honour fifteen players of the team. The players, under the captaincy of Kevin Sinclair, were honoured for their outstanding performances during the period January 1, 2018 to April, 2019. The team during that period won six tournaments organised by the Berbice Cricket Board (BCB) while several players have gone on to represent Berbice and Guyana at different levels.The team during the period of review won the countywide New Building Society 40-Overs Tournament, Magic Moments 20/20 Tournament, Naeem Nasir 5/5, Raffik Construction 100 Balls Tournament, Roy Fredericks Memorial Tournament and Rhonda Lewis Memorial 20/20 Tournament. Additionally, the Rose Hall Town Bakewell Under-17 team defeated Albion Community Centre in the final to also win the Ramnaresh Sarwan Under-17 tournament.Club Secretary/CEO Hilbert Foster stated that the Rose Hall Town Youth & Sports Club was very proud of the Bakewell teams as they not only represent the club and sponsor brand well on the cricket field but they were remarkable ambassadors off the field as well.The players honoured were Kevin Sinclair, Junior Sinclair, Surendra Kissoonlall, Kevlon Anderson, Keith Simpson, Joshua Vantull, Jonathan Rampersaud, Mahendra Gopilall, Sylus Tyndall, Erva Giddings, Chanderpaul Govindan, Sohil Shariff, Jai Tika, Kevin Ramnarine and Vikash Subramanie. The management of the team: Keith Hicks, Ravindranauth Kissoonlall and Tyrone Pottaya were also honoured.The three, along with Asst Secretary/CEO Simon Naidu, are responsible for the daily operation of the 10 Rose Hall Town Youth & Sports Club cricket teams.Kevin Sinclair, Junior Sinclair, Kevlon Anderson, Mahendra Gopilall, Jonathan Rampersaud, Erva Giddings, Keith Simpson and Chanderpaul Govindan have gone on to play either for Berbice or Guyana at different levels while the Bakewell Second Division team also successfully completed dozens of personal developmental programmes.They include monthly Old Age Pensioners Breakfast Programme, Feeding of the Poor, Cricket Academy, Republic Bank Summer Camp, Christmas Village, monthly single parent household, food hampers, medical clinics, anti-crime posters, schoolbags project and fitness walk.Foster disclosed that the RHTY&SC and Bakewell are very proud of the team and would continue to invest heavily into its development.He urged the teams to always strive for excellence and most importantly to continue working as a collective unit. Special thanks were extended to Rajin Ganga and the management of Bakewell for their support over the last 20 years.At the ceremony, Kevin Sinclair was named Batsman-of-the-Year while Junior Sinclair copped the Bowler and Cricketer-of-the-Year Awards.