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Fannie Mae Targets Non-Profits With Delinquent Pool

first_img  Print This Post Fannie Mae Targets Non-Profits With Delinquent Pool Related Articles in Daily Dose, Featured, News, Secondary Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily “Selling severely delinquent loans can benefit communities and reduce risk for taxpayers.  We will continue to structure pool sales to encourage participation from non-profits and minority- and women-owned businesses.”Joy Cianci, Fannie Mae Share Save April 13, 2016 1,218 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fannie Mae Targets Non-Profits With Delinquent Pool Demand Propels Home Prices Upward 2 days ago “The non-performing loans that are included in today’s sale announcement have been previously solicited for loss mitigation opportunities by Fannie Mae servicers, but they unfortunately remain seriously delinquent. We believe other investors will offer additional opportunities for these borrowers to avoid foreclosure. We are also pleased to build on the success of our Community Impact Pool sales,” said Joy Cianci, Fannie Mae’s SVP for Single Family Credit Portfolio Management. “Selling severely delinquent loans can benefit communities and reduce risk for taxpayers.  We will continue to structure pool sales to encourage participation from non-profits and minority- and women-owned businesses.”Agency NPL sales practices have come under intense criticism recently from progressive groups and housing advocates who claim that the Wall Street investors and private equity firms that buy up a majority of the delinquent loans are interested only in financially benefiting from the foreclosure crisis and not in stabilizing neighborhoods or achieving the best borrower outcomes. A coalition is currently circulating a petition demanding that HUD Secretary Julián Castro reform HUD’s distressed loan sale program to require the loans to be sold to non-profits.Both FHFA and HUD have made changes to their respective distressed loan sale programs in the last year aimed at improving borrower outcomes. FHFA announced enhanced requirements for bidders in Fannie Mae’s and Freddie Mac’s NPL sales in March 2015. Among other requirements, the terms of Fannie Mae’s NPL transactions require the owner of the loan to market the property exclusively to owner-occupants and non-profits before offering it to investors when foreclosure cannot be avoided.Click here for more information on Fannie Mae’s NPL sales or to register to bid. Previous: ALAW Expands Into North Carolina Next: Republicans’ Assault on Dodd-Frank Continues Tagged with: Community Impact Pool Deeply Delinquent Loans Fannie Mae Non-Performing Loans Non-Profits Community Impact Pool Deeply Delinquent Loans Fannie Mae Non-Performing Loans Non-Profits 2016-04-13 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Housing advocates have been calling for government agencies to sell more non-performing mortgage loans to non-profits. With the announcement of Fannie Mae’s latest non-performing loan (NPL) auction, they are partially getting their wish.Fannie Mae’s latest NPL auction includes a smaller pool of geographically-concentrated, high occupancy loans marketed to encourage participation from non-profits, smaller investors, and minority- and women-owned businesses (MWOBs), according to an announcement from Fannie Mae.The NPL sale includes four larger pools of loans with a combined 8,200 deeply delinquent single-family residential mortgage loans totaling approximately $1.5 billion in unpaid principal balance (UPB). The sale also includes a smaller Community Impact Pool featuring 80 non-performing loans focused in the Miami, Florida area, totaling about $20 million in UPB, available to qualified bidders.Community Impact Pools are targeted to include participation from non-profits, smaller investors, and MWOBs. The Community Impact Pool up for bids is the third being offered by Fannie Mae since it began selling non-performing loans last year; the winner of both of the previous two Community Impact Pools was non-profit New Jersey Community Capital.Bids are due from qualifying bidders for the four larger pools on May 5 and for the Community Impact Pool on May 19, according to Fannie Mae. Subscribelast_img read more

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USC hopes woes end in Berkeley

first_imgUSC baseball has been a team defined by streaks. The Trojans started off the year 3-9, then appeared to turn it around, winning five of six. Now, however, the Trojans are back on a slide, and doing whatever they can to change things up, including practice at 5 a.m. Wednesday.Slump· In USC’s recent slide, the Trojans have hit just .242. Junior first baseman Ricky Oropesa, however, had five RBIs Sunday against UCLA. – Mannat Saini | Daily Trojan “It wasn’t about making them get up early and run,” coach Frank Cruz said. “It wasn’t about punishment. It was just about changing things up at practice.”Added Cruz, “They needed a little kick, a little extra [motivation].”The Trojans will need their kick in Berkeley, Calif. today when they face off against No. 13 California, the fifth team the Trojans (9-16, 1-2) have faced this year that was either ranked when they played or is ranked currently. That’s 11 games against top-25 teams, with three more coming up this weekend against the Golden Bears (17-5).It’s a bad time for the Trojans to be struggling, as they enter the thick of Pac-10 play.“We might be pushing a bit,” conceded sophomore outfielder J.R. Aguirre.USC comes into this weekend series having lost five of six and has been shut out in two of its last three games. In the Trojans’ last six games, the Trojans are hitting .242 and have scored just 23 runs, less than four-per-game. Take away a nine run outburst against Louisville, and that’s 2.8 runs-per-game.Add that to Cal’s pitching, which hasn’t allowed an earned run in six of its last seven games and posted a 0.42 ERA over that stretch, and it doesn’t look good for the Trojans.The Bears have a lot to play for. The Cal Athletic Department announced in September plans to cut the baseball program, among others, as a cost-cutting measure. Although there is a large-scale fundraising movement to save the program in progress, there is a chance this is the final year of Cal baseball, and it seems the team is determined to make it a memorable one.The Bears started out the season ranked No. 17, and after a 6-4 start have won 11 of their last 12. Three of their losses have come at the hands of No. 3 Oklahoma, No. 8 Stanford and No. 22 Connecticut by a combined total of five runs. They beat a No. 18 Rice team that swept the Trojans earlier in the year, and currently sit atop the Pac-10 after sweeping Washington State last weekend.And being on top of the Pac-10 is no easy feat.“This is just about as strong as I’ve ever seen the conference, top to bottom,” Cruz said. “There are no weekends off.”Eight Pac-10 teams have been ranked at some point this year. Six are currently ranked, with No. 5 Arizona State leading the pack. Stanford, Cal, Arizona, Oregon State and UCLA also sit in the top-25, and Oregon and Washington have each been ranked at some point as well.The Trojans will face all those teams this year. Up next, it’s the Bears.Just another weekend in the Pac-10.last_img read more

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Dragon Boats Glide On Budd Inlet

first_imgBy Kathryn MillhornNot many sports require dotting I’s before you can begin.  Or ‘eyes’, in the case of Dragon Boat races.  Legend has it that a dragon was carved in ancient China which was so realistic the artist refused to dot its eyes, for fear it would fly away.  When he did, at the urging of the people, away it soared, as do the magically carved and painted boats in each race hosted at the annual Saint Martin’s University’s Dragon Boat Festival.This year’s festival, to be held at Port Plaza on Budd Inlet Saturday, April 27, will be no different.  32 teams will compete:  12 competitive, 8 intermediate, and 12 community teams (with little or no experience).  Each team contains up to 20 rowers, with a drummer and steerperson, using boats provided by the Washington Dragon Boat Association.  Teams come from Seattle and Portland, as well as around Puget Sound and Olympia, and are comprised of high school teams, cancer survivors, retirees, businesses, a school district, and Tumwater city employees.  No formal training is required but community teams are required to attend 1-2 practices sessions (1 ½ hour each) while intermediate and competitive teams practice independently.  Participants in this free festival receive t-shirts and medals as well as a day filled with spectators, booths, and community.Josephine Yung, Saint Martin’s Vice President of the Office of International Programs and Development, facilitated the first such festival in 2005.  She has become a fan of the sport, acknowledging that “The more I learned about dragon boat racing, the more fascinated I was of the sport that traces back to two thousand years ago in China.  The event promotes cultural diversity, team-spirit and community togetherness.  I felt offering a fun, free, family-oriented cultural festival was a good way for Saint Martin’s University to give back to the community – a community that we have been a part of since 1895.”Anyone interested in dragon boating can try out practices for free courtesy of the Washington Dragon Boat Association.  In Olympia, volunteers meet at the Swantown Marina (1102 Marine Drive NE, Dock A) on Wednesday evenings or Sunday afternoons.  Questions can be directed to Shiela Marsh at 253-302-0316.  Life jackets and paddles are provided, dress to get splashed and bring a love of the water!But beware, paddling in the great Northwest has its crazy moments.  According to one practice log for the Sea Otters Dragon Boat Team:  “great practice today…. sun, when we left the dock, wind when we were out in the open, drenching rain as we were coasting into the dock and piercing hail as we were tying up… all on a Sunday afternoon!!…but it feels so good to be on the water!”Photos courtesy of Steven Herppich Photography Facebook101Tweet0Pin7last_img read more

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