What Should Be the Aim of GSE Reform?

first_imgSubscribe The Best Markets For Residential Property Investors 2 days ago Related Articles Previous: AACER: Bankruptcy Filings Reverse Upward Course Next: Freddie Mac is Close to Meeting One Year-End Goal Share Save Home / Daily Dose / What Should Be the Aim of GSE Reform? About Author: Xhevrije West Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Fannie Mae Freddie Mac GSE Reform Housing Market Urban Institute Fannie Mae Freddie Mac GSE Reform Housing Market Urban Institute 2016-05-04 Brian Honea As the GSE conservatorship surges forward with little promise of reform, many in the industry cannot help but wonder what will happen next.Gary Acosta, Co-founder and CEO of the National Association of Hispanic Real Estate Professionals (NAHREP), Jim Park, CEO of the Mortgage Collaborative, and Joseph J. Murin, Vice Chairman of Chrysalis Holding LLC and Chairman of JJAM Financial LLC said in an essay published by the Urban Institute that if the GSE reform should happen, the industry should aim to meet the needs of future generations of homeowners, not the wants of political interests. In order to do this, however, Ginnie Mae will need to come forward as its own government corporation.”These needs can be met only with a sustainable structure that provides consistent market execution, low down payment opportunity, and long-term fixed-rate mortgage finance, with the government taking as little risk as the market can bear to deliver this sustainable structure,” the authors wrote.The authors suggest a reform that uses “existing plumbing” of the mortgage market to “develop a safer and more sustainable market bearing an explicit catastrophic-risk government guarantee that will serve each segment of the homebuying public.”The proposal focuses on two goals: (1) Meeting the consumer needs, and (2) Eliminating as much of the government risk exposure as possible.The authors proposed two models under a new Ginnie Mae 2.0 structure that uses the best of the GSEs’ core capabilities and Ginnie Mae’s functionality.”Ginnie Mae is the most viable solution with the least disruption because the U.S. mortgage market is already familiar with Ginnie Mae, as are most domestic and foreign investors,” the authors stated. “Other proposals seem too complicated or create unnecessary additional structures to meet the consumer and MBS buyer needs. Too many other proposals don’t seem sustainable or simply don’t remove the “private gain and public risk” that partly caused the housing crisis and continues to haunt us.”They concluded, “Any solution for the future of the GSEs needs to be based on simple principles and meet the two goals we believe are strategic imperatives for America. Ginnie Mae 2.0 could meet those goals and the needs of current and future homebuyers and MBS buyers in the least disruptive and most sustainable manner.”Taxpayers can breathe a sigh of relief after receiving the news that Freddie Mac will not need a draw on Treasury following widespread speculation in the previous week or so that Freddie Mac would need another draw due to the GSEs’ dwindling capital buffer, which is currently $1.2 billion.First the good news from Freddie Mac’s Q1 2016 Financial Results released on Tuesday morning: Freddie Mac will not need a draw on Treasury for the time being.Now the bad news: Freddie Mac reported a net loss of $354 million for the first quarter following a net profit of nearly $2.2 billion in Q4. Not only that, but Q1 marked the second time in the last three quarters that Freddie Mac suffered a net loss; for the third quarter of 2015, the net loss was $475 million.Fannie Mae earnings are expected tomorrow. Will this government-sponsored enterprise need a bailout from Treasury?center_img May 4, 2016 1,351 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. 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 What Should Be the Aim of GSE Reform?  Print This Post Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agolast_img read more

RHTYSC, Bakewell honour members of the Rose Hall Town Bakewell Second Division team

first_imgBAKEWELL, 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.last_img read more

MBB : ALL FALLS DOWN: SU lets late lead slip away in loss to Hoyas

first_imgJason Clark stepped to the line and sealed the improbable Georgetown victory. As Clark nailed the second of two free throws, the energy that had built up in the Carrier Dome vanished.The Hoyas made their run, and Syracuse found itself unable to answer.And in a game where any offense proved to be significant, the Orange had arguably its worst offensive performance of the season.Holding onto a narrow four-point advantage with less than six minutes to play, No. 12 Syracuse (20-5, 7-5 Big East) watched as No. 11 Georgetown (19-5, 8-4) reeled off a 15-3 run to steal a game that appeared to be under SU’s control. Reverting to the shooting struggles that have at times plagued the Orange this season, SU found itself helpless, missing its final seven shots in front of a crowd of 26,904 down the stretch.Georgetown rode a wave of momentum coming into the Dome, having won six consecutive Big East games, including three on the road. And that showed in the final five minutes Wednesday.AdvertisementThis is placeholder text‘We had so many chances to put them away and we didn’t,’ SU point guard Scoop Jardine said. ‘In the Big East, if you don’t put teams away — you make bonehead turnovers or miss rebounds — you’re going to lose. That’s what happened to us tonight.’Coming into the game, Georgetown was the best shooting team in the Big East at 50.3 percent from the field. And with an experienced core of seniors and juniors, it was only a matter of time before the Hoyas made a run.When they did, Syracuse crumbled.‘We really focused on defense and communicating to try and get rebounds and try to get stops,’ Georgetown guard Chris Wright said. ‘If we got stops and we’re up with four with two minutes left, we’re in good hands. Especially with our leadership and our veterans.’For the first time all season, SU’s leader and anchor, forward Rick Jackson, was plagued by foul trouble throughout the game. When he was in, he was unable to dominate inside as he has done so many times before.With Jackson on the bench during a key stretch late in the second half, the Hoyas took advantage by crashing the offensive glass. The Hoyas outrebounded SU 19-10 in the second half, eight of which came on the offensive end.‘We’ve really come to depend on him,’ SU head coach Jim Boeheim said. ‘That was a big difference in the game.’Syracuse held a late lead when Jackson and Brandon Triche returned to the court, just as Georgetown began making its run. Neither player was able to rescue the Orange as the Hoyas built their late lead. Offensive fouls, turnovers and missed shots all equated to squandering a fragile lead.Jackson finished with a modest four points and eight rebounds, well below his season averages.‘I think it was a lack of focus,’ Triche said. ‘Going into the last five minutes, we were confident that we were going to pull this game out. Then one thing led to another and they made a run to end the game.’Just one game after showing a strong offensive effort against South Florida, Syracuse was as flat as it has been all season.And it was evident on the court late. Beyond the statistics, Syracuse couldn’t catch a break when it needed one most. Layups rolled off the rim and illegal screens were called, all of which led to what Boeheim referred to as one big unimpressive offensive performance.‘We missed some shots that you’ve got to make,’ Boeheim said. ‘You can’t do that. Georgetown is obviously a very good team. They’ve played well on the road this year, and we just didn’t make the plays that we had to make there at the end.’Once Clark nailed his second of two free throws with 48 seconds remaining, it was all but over. The high energy that had once filled the Dome had been deflated, and Syracuse fans and players alike shook their heads.Jardine did more of that afterward inside the locker room.‘That’s a good veteran team,’ Jardine said. ‘They made plays to win the game, and we didn’t make plays to win. That was the game.’[email protected] Comments Published on February 8, 2011 at 12:00 pmcenter_img Facebook Twitter Google+last_img read more