OCC Addresses Liquidity and Forbearance Issues

first_img Servicers Navigate the Post-Pandemic World 2 days ago Blake Paulson, the new Chief National Bank examiner with the Office of the Comptroller of the Currency (OCC) and senior deputy comptroller for midsize and community bank supervision, recently spoke with Law360 on the OCC’s plan beyond the coronavirus, detailing the steps the agency and banks can take to prepare for the next financial downturn.According to Paulson, one of the most significant priorities of the OCC has been strengthening the Community Reinvestment Act regulation.“We’ve done a tremendous amount of work to first put out an advanced notice of proposed rulemaking to request, which was a series of questions on the CRA and then a proposed rule. Now we’ve gotten all those comments back, and we’re working on drafting the final rule. We expect that, working in conjunction with the FDIC [Federal Deposit Insurance Corporation], we will release a final rule this year.”Paulson also notes that with increased forbearances may come increased risks.“We’re seeing a lot of forbearance activity relative to mortgage loans, auto loans, consumer loans and commercial loans,” Paulson notes. “Banks are providing various types of forbearance, such as loan restructurings.”Beyond the technical and legal requirements, Paulson notes, banks need to assess risk as it’s building in their loan portfolios, accurately risk-rate loans and ensure they have appropriate loan-loss reserves. Those are the primary areas where banks and examiners will be focused as we move into challenging economic times.According to Paulson, the OCC is addressing liquidity in a number of ways.“To start with, we want to understand how the bank views this,” Paulson states. “What’s their analysis? What’s their risk assessment in a stress-type scenario? What have they done to think about how much liquidity they should have on hand?”“We would challenge that analysis and likely come to some type of an agreement for what the bank should have for liquidity and, if the bank agrees to that, we might include what we refer to as a matter requiring attention in the reported examination explaining our concerns, including what the bank committed to do about it and a time frame for that commitment,” he continues. About Author: Seth Welborn in Daily Dose, Featured, Government, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Ginnie Mae Issues $63.81B in MBS Next: More Americans Expect to Miss Mortgage Payments The Best Markets For Residential Property Investors 2 days ago  Print This Post Share Save Comptroller Forbearance OCC 2020-05-12 Seth Welborn Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / OCC Addresses Liquidity and Forbearance Issues May 12, 2020 1,906 Views Demand Propels Home Prices Upward 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago OCC Addresses Liquidity and Forbearance Issues Demand Propels Home Prices Upward 2 days ago Tagged with: Comptroller Forbearance OCC Subscribelast_img read more

Uncertainty Presents Risk to Mortgage Investors

first_img Tagged with: Bloomberg MBS Risk The uncertainty of the presidential election—however long that lasts—is bound to incite interest rate volatility, something that presents a peril to the mortgage-backed securities (MBS) market, according to Christopher Maloney, a market strategist and former portfolio manager who writes for Bloomberg.In October, volatility surged 76%. Last Friday it closed higher than it has since April 23, and experts say it could keep rising. Morgan Stanley analysts called the election “a 2.5 times vol multiplier,” he noted, adding that, “This may hurt MBS investors, as the chance of a borrower having an incentive to refinance is in part a function of interest rate volatility over the life of the loan. Homeowners refinancing mortgages give money back earlier than expected and at par, which would trigger a loss for those who purchased the securities at a premium.”In October, mortgages recorded a positive excess return of 12%, even though they were on a path halfway through the month to produce a loss.Writes Maloney, “The Federal Reserve’s support of the mortgage sector … undoubtedly played a role in helping it to end the month with a gain.”While the index overall ended with an excess-return gain of 12%, “the Fed’s most favored coupon, the UMBS 30-year 2%, saw an excess return of 38%. Of the central bank’s $113 billion MBS purchases last month, that coupon alone made up 46% of the total,” he wrote.Maloney goes on to explain why the current indecision could impact MBS risk in the period to come.”Despite the Fed’s continued support, this presidential election brings with it more uncertainty than any seen in decades. Investors like uncertainty least of all.”MBS analysts at NOMURA warned on Friday that an interest rate volatility hike, post election, is a key near-term risk, according to Maloney, whose article can be read in full on Bloomberg | Quint. 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. Home / Daily Dose / Uncertainty Presents Risk to Mortgage Investors Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Uncertainty Presents Risk to Mortgage Investors Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily center_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: ‘Shaky’ Economy Hasn’t Slowed Rise in Home Equity Next: Nonprofit Calls on Policymakers to ‘Act Now for Housing’ Servicers Navigate the Post-Pandemic World 2 days ago Bloomberg MBS Risk 2020-11-05 Christina Hughes Babb in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago November 5, 2020 15,376 Views  Print This Post Related Articles Subscribelast_img read more

‘Serious failings’ at Rio Olympics – WADA

first_img(BBC) – A Wada report on the anti-doping methods employed at Rio 2016 has highlighted “serious failings”.The World Anti-Doping Agency said many athletes who had been targeted for testing “simply could not be found”.It added that, on some days, “up to 50% of tests were aborted”.Its Independent Observers report said there was a “lack of coordination or unified approach among the management team in the Rio 2016 anti-doping department during the Olympic Games”.Wada’s report did praise improvements made to Rio’s anti-doping laboratory, however.The organisation had suspended the lab just six weeks before the Games opened, because it failed to comply with international standards.But Wada said it had been “superbly equipped”, and was “operated very securely and generally very efficiently”.It said it now represents an “outstanding legacy from the Games for the anti-doping movement in South America”.However, other “failings” highlighted in the report include inadequate support for the chaperones employed to notify athletes of testing.Wada said that on several occasions more than half of these failed to turn up, or turned up very late. It said they were “disincentivised” because of a lack of training, poor travel arrangements, and the fact many could not speak English.In one of its recommendations, it said: “Untrained and inexperienced chaperones should not be working at the Games.“It undermines respect and trust among athletes in the anti-doping program, and provides opportunities for experienced and unscrupulous athletes who would want to abuse the system to manipulate the doping control process.”The report also highlighted:an apparent breakdown in the transfer of knowledge from previous Games to Rio 2016, in terms of training materials and guidelines,little or no in-competition blood testing in many high-risk sports and disciplines, including weightlifting,no out-of-competition testing conducted in football, which Wada found “surprising”last_img read more

Barton comes out swinging after 18 month betting ban

first_img StumbleUpon English football suspension extended until 30 April  March 19, 2020 Submit Related Articles Share Share UEFA confirms indefinite Finals postponement March 24, 2020 Burnley midfielder Joey Barton has returned fire on the FA after it banned him from all professional football activity for a period of 18 months with immediate effect for breaching Rule 8 of its code of conduct, by placing wagers on a number of football matches.Writing on his website, Barton commented: “I think if the FA is truly serious about tackling the culture of gambling in football, it needs to look at its own dependence on the gambling companies, their role in football and in sports broadcasting, rather than just blaming the players who place a bet.”This afternoon FA governance published a statement detailing that its investigation had found the 34-year old footballer to have placed 1260 bets on a number of “football matches and competitions” over a period of 10-years.Barton’s betting activity was in clear breach of ‘FA Rule E8’ which prohibits any professional footballer, referee, coach or club official to bet on ‘the result, progress, conduct or any other aspect of, or occurrence in, football matches or competitions (FA ‘Rules of the Association’)Following a review by an Independent Regulatory Commission, Barton was issued his suspension sentence and further fined £30,000 for misconduct.Barton said that the decision effectively forces him to call an early retirement to his career.  The footballer accepts the decision but is ‘disappointed at the harshness of the sanction’.“I accept that I broke the rules governing professional footballers, but I do feel the penalty is heavier than it might be for other less controversial players. I have fought addiction to gambling and provided the FA with a medical report about my problem. I’m disappointed it wasn’t taken into proper consideration.”Barton further states that none of the wagers placed were influenced or had any attachment/connection to match fixing of football. Barton would publish the thirty ‘most pertinent bets’ as determined by the FA – with five bets involving matches he actually played in.He added in a searching statement: “A ban of 18 months is longer than several bans handed to players who played in matches where they bet for their team to lose and – unlike me – were found to have had an ability to influence the games. The only players to be banned for 12 months or longer bet against their own teams and played in the matches in which they placed those bets. Players who did not play in the matches they placed the bets in have never been banned for longer than 6 months. I feel the ban is excessive in this context.“Throughout my career I am someone who has made mistakes and owned up to those mistakes and tried to learn from them. I intend to do that here. I accept that this is one more mess I got into because of my own behaviour. This episode has brought home to me that just as I had to face up to the need to get help to deal with alcohol abuse, and with anger, so now I need to get help for my issues with gambling, and I will do so.”Football integrity will be discussed at next week’s Betting on Football Conference – 3-5 May at Stamford Bridge – with one session entitled Keeping it clean – preventing match fixing. Pick up your tickets here. Premier League looks to broadcast every behind-closed-door fixture August 28, 2020last_img read more

Svitzer Scoops Moroccan Bounty

first_imgzoom Svitzer, part of the Maersk Group, has been awarded a 20-year concession to provide terminal towage services to the Tanger Med 2 Port in Morocco.The new contract carries a value of ”several hundred million USD” and calls for a total of 9 vessels by the end of the concession, the company said.The new container transshipment terminal will be operated by APM Terminals and is scheduled to open in 2019 under the terms of a 30-year concession agreement with the Tanger Med Special Agency (TMSA).The Tanger Med port complex is located on Africa’s northwest coast near the mouth of the Mediterranean Sea on the Strait of Gibraltar and is the second-busiest container port on the African continent.The project is said to hold a significant importance for Maersk’s Transport & Logistics division, as Svitzer, APM Terminals and Maersk Line will work in an integrated approach to further improve efficiencies in this location.“Svitzer and the larger Maersk Group has been an active investor in the Kingdom of Morocco for decades and we are honoured to be availed the opportunity to further serve the resilient and fast growing Moroccan economy, and in particular its world class maritime developments,” said Mohammed Ahmed, Svitzer MD of AMEA region.last_img read more