HUD Reports on Health of Mutual Mortgage Insurance Fund

first_img Previous: How the Pandemic Has Changed Our View of Homes Next: Forbearance Plans Slide Below the 5% Mark Data Provider Black Knight to Acquire Top of Mind 2 days ago HUD Reports on Health of Mutual Mortgage Insurance Fund About Author: Christina Hughes Babb Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. in Daily Dose, Featured, Government, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago The Secretary of the U.S. Department of Housing and Urban Development (HUD), Marcia Fudge, on Tuesday released a statement on the quarterly report to Congress on FHA Single-Family Mutual Mortgage Insurance Fund Programs a year after the COVID-19 health and economic crisis.She says the health of FHA’s Mutual Mortgage Insurance Fund has remained resilient despite the financial challenges faced by homeowners with FHA-insured mortgages in 2020.”The fund stands at more than $80 billion and remains well above the 2% minimum capital reserve required,” Fudge said. “Through the pandemic, the FHA portfolio has experienced increased levels of seriously delinquent loans and a heightened level of loans in forbearance. We continue to monitor mortgage performance trends within our portfolio, particularly related to those homeowners who are struggling financially because of the pandemic.”She continued: “Tens of millions of families have been devastated by this pandemic, and housing has been a critical part of how we keep people safe. The FHA insurance program provides crucial access to credit and homeownership for first-time homebuyers, low-to-moderate income families, and households of color who have been historically underserved. We are committed to an equitable recovery and recognize the unprecedented moment and opportunity for HUD to lead the way.”Fudge says that in order to provide assistance to those struggling as a result of the pandemic, FHA took proactive policy steps in February to assist homeowners by extending foreclosure and eviction moratoria through June 30, streamlining COVID-19 loss mitigation options, and allowing longer forbearance for borrowers whose plans were expiring.”We are already starting to see the positive effects of the President’s immediate actions during the first weeks of his Administration to help the nation’s homeowners, but we have much more work to do,” she said. “The American Rescue Plan recently signed into law by President Biden includes crucial and unprecedented resources for housing, including nearly $10 Billion Homeowner Assistance Fund, to help homeowners behind on their mortgage and utility payments and avoid foreclosure and eviction.  The actions we are taking now will help position the FHA program to continue to fulfill its critical mission in the future.”She concluded: “Given the current FHA delinquency crisis and our duty to manage risks and the overall health of the fund, we have no near-term plans to change FHA’s mortgage insurance premium pricing. We will continue to rigorously evaluate our strategy and work transparently with Congress. Our number one priority is helping families keep their homes and remain safe as we work toward an equitable recovery.” Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share Save  Print This Post 2021-03-30 Christina Hughes Babb Home / Daily Dose / HUD Reports on Health of Mutual Mortgage Insurance Fund The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles March 30, 2021 7,475 Views Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

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Three years for school campus ‘best case scenario’

first_img Google+ By News Highland – November 4, 2020 Previous articleBusiness Matters Ep 18 – Malachi EastwoodNext articleMan arrested in Derry following search News Highland RELATED ARTICLESMORE FROM AUTHOR Twitter WhatsApp AudioHomepage BannerNews Journey home will be easier – Paul Hegarty Pinterest The Principal of Crana College has described the projected three year timeframe for the proposed Three School Campus as ‘best case scenario’. Principal Kevin Cooley says while he has no concerns merging into a three school campus along with Colaiste Cineal Eoghain and Gaelscoil Bun Chrannach, he is stressing the need for each school to continue to operate independently.Mr. Cooley also says that the size of the site needs to be large enough to be future proof to allow for further expansion .He was speaking on today’s Nine Till Noon Show:Audio Playerhttps://www.highlandradio.com/wp-content/uploads/2020/11/kevencrana1pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. DL Debate – 24/05/21 News, Sport and Obituaries on Monday May 24thcenter_img Google+ WhatsApp FT Report: Derry City 2 St Pats 2 Pinterest Harps come back to win in Waterford Twitter Derry draw with Pats: Higgins & Thomson Reaction Facebook Facebook Three years for school campus ‘best case scenario’last_img read more

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EIOPA responds as PensionsEurope echoes common framework fears

first_imgPensionsEurope has called for a “period of legislative calm” in a follow-up position paper on EIOPA’s proposal for a common framework for risk management, with the association saying it was “strongly opposed” to EIOPA’s call for national authorities to take regulatory action based on the common framework tool.The European Insurance and Occupational Pensions Authority (EIOPA) issued its proposal in April.Reactions from the industry in the immediate wake of the announcement were positive about EIOPA’s decision to drop its work on solvency but negative on the proposal for a common framework, to be used for risk assessment and transparency for defined benefit (DB) pension schemes.PensionsEurope issued a brief statement at the time, saying the common framework was “costly” and “unnecessary” and that it would comment in more detail at a later stage.  Since then, the German occupational pensions association, aba, has raised concerns about EIOPA’s proposal, in particular its fear that the supervisory authority could yet make a move that would effectively lead to solvency requirements for Institutions for Occupational Retirement Provision (IORPs) – the frequently made holistic-balance-sheet-through-the-back-door argument.This is based on EIOPA’s having called for national supervisors to be provided with “sufficient powers to act in response to the conclusions of the standardised risk assessment”.PensionsEurope’s latest reaction to EIOPA’s proposal appears to echo aba’s argument.Janwillem Bouma, chair of the European pension fund association, said IORP II, the new EU occupational pensions legislation, “contains a thorough framework for pension funds’ future risk management and assessment” and that IORPs regularly carry out “essential” risk management processes.“Now it is time for a period of legislative calm in order that pension funds can concentrate on delivering adequate, safe and affordable pensions and retirement provisions for their members and beneficiaries,” said Bouma.Matti Leppäla, secretary general of PensionsEurope, welcomed EIOPA’s decision to “refrain” from introducing EU-level harmonised funding or capital requirements, as this would have “significant negative impacts”.He added: “We are therefore strongly opposed to requiring national competent authorities to act upon the results derived from a risk management and transparency tool using the common framework because this would be introducing a holistic balance sheet through the back door.”Leppäla said the IORP II Directive “stresses that the further development at the EU level of solvency models, such as the HBS, is not realistic in practical terms and not effective in terms of costs and benefits, particularly given the diversity of IORPs within and across member states”.This means no quantitative capital requirements should be developed for IORPs at the EU level, he said, noting that they could make employers less willing to provide occupational pension schemes.“PensionsEurope calls for policymakers and EIOPA to respect this,” he said.EIOPA: ‘Further work can be done’Asked whether EIOPA planned to formulate guidelines or rules for Article 29 of IORP II that would bind national authorities to act on the results of a risk management using the common framework, a spokesperson at the authority told IPE it was “convinced” the recommendations it made in its April 2016 opinion paper would “ensure a consistent application of the principle of market-consistency”.“Guidance for establishing the common framework should, as far as possible, be provided at European level,” added the spokesperson.“However, further work can be done to develop additional simplifications and European-wide guidance that facilitate the proportionate application of the common framework.”last_img read more

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