Sign up for DS News Daily Tagged with: default Great Recession GSEs HAMP Housing Bubble JPMorgan Chase mortgage mortgage modification Default Data After the Great Recession Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The collapse of the housing bubble and the Great Recession that followed left many mortgage borrowers deep “underwater,” owing more on their mortgage than it was actually worth. With many losing their jobs and struggling to keep their homes, it’s no surprise that delinquency rates on residential mortgages increased sharply during the years after the collapse. Now a new JPMorgan Chase report analyzes the various mortgage modification programs that were instituted to help mitigate the damages of the financial crisis, and what they meant for the borrowers who made use of them.JPMorgan Chase’s report sampled from 1 million Chase mortgage customers who received a modification, creating a data asset of 450,000 de-identified modification recipients. Those spotlighted borrowers all fit three criteria: 1) they received a modification from the Federal Government’s Home Affordable Modification Program (HAMP), one of the GSEs, or a Chase proprietary modification program; 2) the modification happened between July 2009 and June 2015; and 3) it was their first mortgage modification.Chase found that “borrowers with similar payment burdens (as measured by pre-modification mortgage payment-to-income ratio, or PTI) received considerably different payment reductions depending on the modification they received.” Borrowers with a mortgage PTI above 50 percent doubled the amount of payment reduction they received from HAMP as opposed to the GSE program—a -55 percent HAMP reduction versus -27 percent under the GSEs. On the other end of the spectrum, borrowers with a low mortgage PTI benefited much less from HAMP. The GSE program granted a -25 percent payment reduction for these borrowers, compared to only -8 percent for HAMP.According to Chase’s report, a little can go a long way: the report found that a mortgage payment deduction of only 10 percent could decrease the default rate by 22 percent. The report also discovered that most defaults by “underwater” borrowers were likely not “strategic defaults”—in other words, the borrowers weren’t realizing they were underwater and deciding simply to try and cut their losses. “There was no difference between the post-modification default rates of borrowers who received principal plus payment reduction and borrowers who received only payment reduction,” according to Chase.Instead, by far the driving factor for defaults was found to be sudden income loss. Chase report found a pattern of drops in income being followed closely by a default. That’s not surprising, but it does further clarify why many borrowers wind up defaulting. Chase’s report says, “This pattern held regardless of pre-modification mortgage PTI or loan-to-value (LTV) ratio, suggesting that it was an income shock rather than a high payment burden or negative home equity that triggered default.Chase also found that underwater borrowers didn’t change their consumption habits whether they received a mortgage principal reduction or not. “There was no difference in the post-modification credit card spending of borrowers who received principal plus payment reduction and borrowers who received only payment reduction relative to their spending 12 months before modification,” said Chase.You can read the full JPMorgan Chase report by clicking here. Share Save Home / Daily Dose / Default Data After the Great Recession Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago December 6, 2017 2,435 Views Related Articles in Daily Dose, Featured, Foreclosure, Government, Journal, News Previous: LGBT and Mortgage Leaders Collaborate to Better Diversity and Inclusion Next: Breaking Down Non-Performing Loan Sales Servicers Navigate the Post-Pandemic World 2 days ago default Great Recession GSEs HAMP Housing Bubble JPMorgan Chase mortgage mortgage modification 2017-12-06 David Wharton
Topics : Britain on Monday ordered a three-week lockdown to tackle the spread of coronavirus, shutting “non-essential” shops and services, and banning gatherings of more than two people. “Stay at home,” Prime Minister Boris Johnson said in a televised address to the nation, as he unveiled unprecedented peacetime measures after the country’s death toll climbed to 335.The announcement came after outrage in government that recommendations about reducing social contact to minimize close-contact transmission of the virus were being ignored. Crowds of people were seen enjoying weekend spring sunshine in parks and countryside across the country, prompting calls for tougher action to be imposed. “From this evening [Monday] I must give the British people a very simple instruction — you must stay at home,” Johnson said. “Because the critical thing we must do is stop the disease spreading between households.”Under the new measures, Johnson said going out to shop for basic necessities was still allowed, as was exercise, medical needs, and travel to and from work. ‘War-footing’Britain recorded its first death in the outbreak on March 5 but has been criticized for its light-touch approach to containing the spread compared to more stringent measures elsewhere. Latest figures show Britain now has 6,650 confirmed cases of COVID-19, with warnings the virus is taking hold quicker than in Italy at the same point.Italy has suffered the most coronavirus deaths worldwide, with 6,077 fatalities out of 63,927 declared infections.Johnson had previously resisted mounting public concern that hand-washing was not enough to reduce the impact of COVID-19. As the numbers of cases and deaths climbed, employees were laid off, and sporting and other events cancelled, he moved to try to limit the social and economic fall-out. The Bank of England slashed interest rates to record lows, while finance minister Rishi Sunak unveiled a series of multi-billion-pound packages to help those affected. Notably, the government has stepped in to back up employee wages up to 80 percent, give tax holidays to businesses and boost welfare payments.But Johnson was forced to go further, and put the government on what he said was a war footing, after dire warnings from scientists that its social distancing strategy was not working. The government’s chief scientific adviser has said it was a “reasonable” estimate that 55,000 people now have the virus in Britain. ‘Turn the tide’ The prime minister has promised to “turn the tide” of the outbreak within 12 weeks, urging individuals displaying symptoms to stay at home for seven days. Schools have been closed, as have pubs, bars, nightclubs, theatres, cafes, and leisure centers, and mass gatherings have been banned. Foreign minister Dominic Raab on Monday told British travellers overseas to return home “while you still can”.Last week, the elderly and people with underlying serious health conditions were told to self-isolate for 12 weeks.Meanwhile, continued stockpiling that has stripped supermarket shelves prompted a fresh warning about panic-buying. But shops selling items such as clothes or electronics as well as libraries, playgrounds and places of worship would be shut, with the ban also extending to weddings and baptisms but not funerals.Parks will remain open but Johnson warned: “If you don’t follow the rules the police will have the powers to enforce them, including through fines and dispersing gatherings.” He called the pandemic “the biggest threat this country has faced for decades” and said the already overstretched state-run National Health Service (NHS) would be unable to cope if the pace of transmission continues. “I urge you at this moment of national emergency to stay at home, protect our NHS and save lives,” he said. The restrictions will be “under constant review”, he added. “We will look again in three weeks, and relax them if the evidence shows we are able to,” he said. “But at present there are just no easy options. The way ahead is hard, and it is still true that many lives will sadly be lost.”
24 October 2012 The ability of mobile technology to solve major social problems in Africa is unprecedented, says Communications Minister Dina Pule. “From health to education, mobile technology is changing the way all sectors of society do business,” Pule said at the Second e-Skills Summit 2012 and Global ICT Forum on Human Capital Development in Cape Town this week. Pule said a recent PricewaterhouseCoopers survey indicated that South Africa and Kenya were leading in mobile health deployments on the continent. While the applications in South Africa focused on improving the efficiency of healthcare workers, Kenya had witnessed a large number of awareness and prevention solutions, especially around HIV/Aids. ‘Supporting under-resourced teachers’ Locally, mobile technology was also changing the way learning took place. The M-Ubuntu project uses mobile devices to support under-resourced teachers and assist matriculants, Pule said. The challenge facing South Africa and many parts of the developing world revolved around equity. This included equity in opportunity, capacity building, socio-economic equity, human equity and gender equity. It was clear that success in addressing equity in the 21st century would involve the social appropriation of information and communication technologies (ICTs) for local benefit, she added. The “absolute hunger” of people to socially appropriate ICTs for local benefit was evident in the adoption of cellphone technology in Africa. Africa has over 695-million mobile subscriptions and a penetration rate of 65%. In many African countries, including South Africa, the mobile penetration rate is close to 100%. Mobile as more than a communications tool “We are indeed the mobile generation. Nowhere is change more evident than in the unprecedented escalation of the capacity, mobility, affordability and accessibility of new forms of ICT,” Pule said. The biggest potential for useful impact of this technology was in dealing with inequity in developmental states which represent more than 50% of the global population, she added. Africa’s young population helped to account for its willingness to embrace mobile technology. “This mobile mania is also being spread because the cellphone is not just a tool for communication but also a vehicle to access information, education, entertainment, banking services and health information,” Pule said. “Mobile technology is empowering our continent and people like never before.” In the South African context, she said it was important to respond to the challenges and opportunities that arose with new technology, with new approaches that recognise the importance of social and cultural aspects in dealing with inequity and prosperity; new forms of developing a creative economy; and building a more self-reliant and resilient socio-economic base. Source: SANews.gov.za
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Dave Feldman is building a new house near Boston, Massachusetts, that will have a walkout basement with a tile floor. His goal is to have the floor comfortably warm in this Climate Zone 5 locale even in the dead of winter. Feldman plans to insulate the basement walls with closed-cell spray polyurethane foam. For insulation below the slab, Feldman is considering two types of rigid foam insulation—expanded polystyrene (EPS) and extruded polystyrene (XPS)—as well as closed-cell spray polyurethane foam. He’s uncertain whether to insulate the slab with 2 inches of foam (which he estimates at R-10 to R-14) or invest in 4 inches of foam and double the R-value.RELATED ARTICLESDetermining Sub-Slab Rigid Foam ThicknessSub-Slab Mineral WoolHow to Finish Exterior Foundation InsulationPlacing a Concrete Foundation on Rigid Foam InsulationSuperinsulated Slab “I don’t want to waste materials if there’s not a useful impact,” he writes in a post in the Q&A forum, “but [I] also don’t want to skimp on something that’s pretty much impossible to change once the house is up.” His request for feedback is where we begin this Q&A Spotlight. Please, skip the spray foam The spray foam that Feldman has in mind is Demilec’s Heatlok HFO High Lift, which uses a hydrofluoro-olefin (HFO) blowing agent developed by Honeywell. HFOs have a much lower global warming potential than conventional blowing agents, but in Dana Dorsett’s view, spray foam is still a poor insulation choice. “Why?” he asks. “That is some of the lousiest bang/buck going, and one of the least green methods of insulating a framed wall possible, despite using HFO blowing agents. Expensive (financially & environmentally) closed cell foam between framing is a waste.” Dorsett directs Feldman to this article from Fine Homebuilding magazine explaining the basis for his conclusions while suggesting that dense-packed cellulose is the best choice for cavity insulation. “Save the foam budget for continuous exterior insulating sheathing where its performance isn’t being robbed by the low-R wood,” he says. As for the best type of insulation below the slab, Dorsett recommends EPS. Although it has a lower R-value than XPS, its blowing agent is more environmentally benign. “XPS is the least green insulation in common use today, and pound for pound, inch for inch eventually falls to the performance of EPS of equal density, as the HFC blowing agents that give it its first-decade’s performance boost dissipates,” Dorsett writes. “EPS is blown with a low impact pentane variant, most of which escapes the foam and is recaptured at the manufacturing plant. “Not all closed cell spray polyurethane does well under slabs,” Dorsett says, “and it’s the most expensive $/R going.” Two inches of EPS (Type II, Type IX or Type VIII) should be enough, Dorsett says. Citing Building Science Corporation research, Dorsett adds that if Feldman uses reclaimed Type VIII roofing EPS, it may make sense to jump to 4 inches. Other considerations for sub-slab insulation Another consideration is how well spray polyurethane foam would perform under a concrete basement slab. Here, Dorsett isn’t sure it’s the best idea. “Spraying foam directly onto soil or compacted gravel has a somewhat imperfect history,” he writes. “Moisture in the soil can affect the expansion rate/volume, and the temperature of the surface can be quite a bit different from the ambient air temperature, leading to errors in mixture settings, etc.” The quality of spray foam is always subject to site conditions, but these added variables make the result even more difficult to predict. By contrast, rigid foam insulation is produced in a factory where conditions can be controlled precisely. Type II EPS (with a density of 1.5 pounds per cubic foot) is “the single most common material” used to insulate concrete forms, Dorsett says, and has long been used for this purpose under airport runways and roads. Why to avoid spray foam Matt F suggests that Feldman consider polyisocyanurate, possibly reclaimed or seconds, which would make a lot more sense than spray polyurethane foam for basement walls. “You can frame right against the foam board,” Matt F says. “Framing against a spray foam wall makes it challenging not to leave air channels as it is not flat.” Further, Feldman’s stated concerns about indoor air quality suggests that spray foam is a product he should avoid. “The foam tested may pass, but the crew at your house will be running a complex, highly temperature dependent manufacturing process in likely very different conditions than the lab samples were produced,” Matt F says. In new construction, he adds, there is no compelling reason to use spray foam at all. Air-sealing is easier, more effective and cheaper when it’s done at the sheathing, he says, so use rigid foam on the outside. Insulation detail at the footing With excavation in the near future, Feldman also wonders about where the sub-slab insulation should stop at the perimeter—at the edge of the footing, or go over the top of the footing and stop at the foundation wall. Jon R’s replies with a link to an article from the Center for Sustainable Building Research at the University of Minnesota. It includes an illustration showing a layer of rigid foam beneath a basement slab that laps up over the footing and ends where the foundation wall begins. Jon R suggests the polyethylene vapor barrier be brought up a little higher so it can be taped to the wall covering. Also, he adds, put a strip of foam between the wall and the edge of the slab. “We designed our slab/insulation footing detail exactly as Jon R shared,” says Rick Evans. “You may get some funny looks from contractors but it is fine.” He adds that this “seemingly minor detail” is a requirement for Energy Star certification. After he took photos of the installation at his own home Evans got nearly $6,000 in Energy Star rebates. Our expert’s opinion Peter Yost, GBA’s technical director, added these thoughts: I pulled out three questions from this great Q&A exchange that I’d like to address. How much rigid insulation should be placed below the concrete basement slab? The key points from the Building Science Corp. resource—High R-Value Enclosures for High Performance Residential Buildings in All Climate Zones (see the link above)—are these: Even though some field research and new modeling does a better job with predicting heat loss from slabs to soil, quantifying savings with different levels of insulation is still very difficult and uncertain. Modeling ground-coupled heat loss to an infinite sink (the earth) is as much art as it is science. While we may not be able to identify the financial “sweet spot” for sub-slab R-value (energy savings), some level of insulation is required for moisture control and thermal comfort. R-7.5 makes sense for slab temperature addressing moisture and comfort, even if there is uncertainty on quantifying energy savings associated with different levels of sub-slab insulation. What type of rigid insulation to use under the basement concrete slab? Dana Dorsett and others covered this topic well, with the correct type of EPS leading the pack, but I do want to emphasize this from the BSC drawing at the top of this column: Moisture barrier (polyethylene) location, between the concrete slab and rigid insulation, is key. Free-draining gravel between the soil and all layers above is also imperative. These components are critical in protecting both the rigid insulation and the concrete slab from taking up soil moisture. And, of course, rigid polyiso insulation is not an option because it can absorb much more water than either EPS or XPS. What is the best approach at the intersection of the slab, the footing, and the below-grade foundation wall? We always want to pull highly conductive elements such as concrete walls, footings, and slabs either completely in or completely out. The BSC illustration with the turned-up slab insulation pushes out the basement wall and footing completely relative to the insulation layer. The entire slab is pulled in relative to the insulation. -Scott Gibson is a contributing writer at Green Building Advisor and Fine Homebuilding magazine.
Every 18 seconds someone is diagnosed with HIV View comments Palace: Duterte to hear out security execs on alleged China control of NGCP Pagasa: Storm intensifies as it nears PAR BSP survey: PH banks see bright horizon amid dark global recession clouds Turkish NBA Player Enes Kanter, seen through a video camera, speaks to the media during a news conference about his detention at a Romanian airport on May 22, 2017 in New York City. Kanter returned to the U.S. after being detained for several hours at a Romanian airport following statements he made criticizing Turkey’s president Recep Tayyip Erdogan. Eduardo Munoz Alvarez/Getty Images/AFPTurkey issued an arrest warrant on Friday for Turkish NBA star Enes Kanter, accusing him of being a member of a “terror group”, a pro-government newspaper reported.A judge issued the arrest warrant after an Istanbul prosecutor opened an investigation into Kanter’s alleged “membership of an armed terrorist organization”, Sabah daily reported.ADVERTISEMENT BREAKING: Cop killed, 11 hurt in Misamis Oriental grenade blast Kanter, 25, a centre for Oklahoma City Thunder, previously backed Muslim cleric Fethullah Gulen in Twitter postings after an attempted putsch last July aimed at ousting President Recep Tayyip Erdogan.Turkey accuses US-based Gulen of ordering the failed coup and refers to the movement as the “Fethullah Terrorist Organization” (FETO). Gulen denies the claims.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSMalditas save PH from shutoutSPORTSPrivate companies step in to help SEA Games hostingThe arrest warrant refers to Kanter’s alleged use of an encrypted messaging application called Bylock, Sabah said, which Turkey claims was especially created for Gulen supporters.It also referred to Kanter’s “praise for a terror organization” in messages via his social media accounts, the daily reported. MOST READ Panelo suggests discounted SEA Games tickets for students PLAY LIST 01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes Lacson: SEA Games fund put in foundation like ‘Napoles case’ The Swiss-born star hit back at the Sabah story on Twitter, sharing a screenshot of the article, adding: “You cannot catch me. Hahaha. Don’t waste your energy.“I am already going to come to (Turkey) to spit on all of your ugly, hate-filled faces.”Sabah daily added that the prosecutor would apply for an Interpol red notice — to inform Interpol’s 190 members that someone’s arrest is sought and thus ensure their deportation — to the justice ministry.Kanter, who has compared Erdogan to Adolf Hitler, was detained in Romania at the weekend after being informed that his Turkish passport had been cancelled.He claimed the cancellation was linked to his criticism of Erdogan’s government and told reporters on Monday he would seek American citizenship.ADVERTISEMENT PH’s Bull Squad headed to DC for Red Bull Reign 3×3 World Finals Cayetano dares Lacson, Drilon to take lie-detector test: Wala akong kinita sa SEA Games BREAKING: Cop killed, 11 hurt in Misamis Oriental grenade blast Sports Related Videospowered by AdSparcRead Next Don’t miss out on the latest news and information. LATEST STORIES
New Delhi: The Reserve Bank is expected to come out with a report next month on facilitating development of secondary market for corporate loans.The central bank had set up a task force to suggest policy and regulatory interventions required for development of secondary market in corporate loans, including loan transaction platform for stressed assets.The secondary loan market in India is largely restricted to sale to asset reconstruction companies and ad hoc sale to other lenders including banks, but there is no formalised mechanism to deepen the market. Also Read – Thermal coal import may surpass 200 MT this fiscalAs part of efforts to further deepen the capital market, the central bank is also likely to release another report on housing finance securitisation by August-end.Sources said both these reports are expected by the end of the next month. India’s mortgage securitisation market is primarily dominated by direct assignments among a limited set of participants on account of various structural factors, impacting both the demand and the supply side, as well as certain prudential, legal, tax and accounting issues. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostIn terms of size, all the major segments of the capital market — G-Securities, State Development Loans (SDL), corporate bond and equities have experienced consistent growth during the past few decades.In May, the RBI had constituted two committees, one on the development of housing finance securitisation market and the other on development of secondary market for corporate loans.The panel on corporate loans issue has been asked to suggested policies required for facilitating the development of a secondary market in corporate loans, including loan transaction platform for stressed assets. It will suggest steps for creation of a loan contract registry, its ownership structure and related protocols such as the standardisation of loan information, independent validation and data access.The committee has been asked to assess the state of housing finance securitisation markets in India.It was also asked to study the best international practices as well as lessons learnt from the global financial crisis and propose measures to further develop these markets in India by identifying critical steps required.This report too is expected to be released by the central bank next month.As part of initiatives to develop Indian capital markets further, the RBI released a draft report of internal working group on review of the timings of various markets the central bank regulates and the associated payment and settlement infrastructure.Stakeholders comments have been sought on the report by August 1.The RBI regulates various markets like money, government securities (G-Sec), foreign exchange (Forex) and derivatives on interest rate, currency and credit.
Categories: Howell News State Rep. Gary Howell today encouraged residents of Lapeer County to take advantage of Free Fishing Weekend on June 10 and 11. Rep. Howell of North Branch said the Michigan Department of Natural Resources invites residents and out-of-state visitors to fish without a license during the weekend, giving parents and grandparents an opportunity to introduce youngsters to a new and fun summer activity. “As chair of the House Natural Resources Committee and an avid fisherman, I enjoy the many lakes and streams in Lapeer County, not to mention the excellent fishing opportunities in the entire Great Lakes Bay Region,” Rep. Howell said. “Free Fishing Weekend is a chance to take advantage of the natural beauty that surrounds our great state.”All fishing license fees will be waived for two days. Residents and out-of-state visitors may fish on both inland and Great Lakes’ waters for all species of fish. All fishing regulations will still apply.For more information about Free Fishing Weekend, visit www.michigan.gov/freefishing, or contact Rep. Howell by calling 517-373-1800 or via email at [email protected] 01Jun Rep. Howell encourages residents to take advantage of Free Fishing Weekend