Foreclosures | Mortgages | Financing
More than $18 billion was originated in 2016 by Finance of America Holdings LLC. The mortgage servicing portfolio exceeded $4 billion as of year end.
At the conclusion of last year, 18,402 residential loans with an aggregate principal balance of $4.011 billion were serviced by Finance of America.
The total was revealed by the Horsham, Pennsylvania-based firm as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
From:: Financing
The city of Los Angeles just started to get the ball rolling on its efforts to solve its homelessness crisis. However, due to President Donald Trump’s new budget proposal that would severely cut costs for the Department of Housing and Urban Development, the city’s homeless efforts might not go according to the original plan. …read more
From:: Real Estate Wire
Ocwen Financial announced Monday that it is increasing the size of its board of directors from eight members to nine members – for a few months. According to a SEC filing, Ocwen’s board is adding Robert Lipstein to serve as an independent member. Lipstein will be the ninth member of Ocwen’s board, until May 22, 2017, when Ronald Korn steps down from the board. …read more
From:: Real Estate Wire
Wal-Mart Stores Inc. said Monday it was launching a Silicon Valley-based innovation center to identify future trends in retail and commerce. The standalone incubator, known as Store No. 8, will invest in and work with venture capitalists, entrepreneurs, early-stage startups and academics, focusing on fields including robotics, augmented reality, machine learning and artificial intelligence, according a Wal-Mart spokesman. The project was announced by Marc Lore, chief executive of Wal-Mart’s e-commerce operations, at the ShopTalk conference in Las Vegas. The new investment business is part of a broader effort to capture a larger share of the e-commerce market, which began with last year’s acquisition of Jet.com, which Lore founded. Wal-Mart has been on an e-commerce shopping spree so far in 2017, acquiring ShoeBuy in January, Moosejaw in February and Modcloth last week.
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From:: Stock Market News
Aiming to make the mortgage process easier for lenders and consumers alike, Experian announced that it is partnering with Finicity to digitize the mortgage underwriting process. According to Experian, the partnership will allow loan approvals in as little as 10 days, and open up the credit box to roughly 64 million consumers that have limited or no traditional credit history. …read more
From:: Real Estate Wire
By cbasile@housingwire.com Haralson will oversee Auction.com’s growing market share while assisting the company’s clients better mitigate the risks associated with distressed assets, leading to improved financial outcomes and a reduction in the neighborhood blight. …read more
From:: Real Estate Wire
After President Donald Trump announced his budget proposal which would slash funding for the U.S. Department of Housing and Urban Development by $6.2 billion, HUD Secretary Ben Carson voiced his support of the action. However, Carson promised in an interview with Fox News this new funding cut would not hinder the department’s purpose, and that the most vulnerable will be taken care of. …read more
From:: Real Estate Wire
A new round of layoffs disclosed by PHH Mortgage Corp. brings to 240 the number of layoffs recently announced for the Empire State.
Last September, the Mount Laurel, New Jersey-based company reported to the New York Department of Labor it would cut 91 jobs.
The layoffs took place in Williamsville on Dec. 31, 2016, according to the Worker Adjustment and Retraining Notification Act filing.
From:: Financing
One of the major casualties of President Trump’s proposed budget cuts to the Department of Housing and Urban Development (HUD) is Section 8 rental assistance, which stands to lose $3 billion. According to data recently analyzed by Trulia, that reduction would hit home—literally—for African-American, urban and young households.
Drawing on data from the Census Bureau’s Current Population Survey (CPS), the analysis reveals that the share of African-American households benefitting from Section 8 housing vouchers is misleading. Why? African-Americans comprise a fraction of the overall population compared to whites (13 percent versus 75 percent)—so even though more whites have vouchers (49 percent versus 41 percent), both groups are not truly represented.
“Though nearly half of voucher holders are white, they make up about 75 percent of the U.S. population, which means they are underrepresented as voucher holders,” writes Ralph McLaughlin, chief economist at Trulia. “On the other hand, African-Americans make up just 13 percent of the U.S. population, so they are vastly overrepresented as a share of those receiving rental assistance.”
The analysis shows urban households are similarly overrepresented. Forty-four percent of those who benefit from vouchers live in urban areas, but urban households comprise only 28 percent of the population. The ratio flips for suburban households: 31 percent of those with vouchers live in suburban areas, but suburban households comprise 45 percent of the population—an underrepresentation.
Young households, or those under age 35, are also overrepresented, though to a lesser degree. Sixty percent of those who benefit from vouchers are under age 35, but those under age 35 comprise 48 percent of the population.
The overrepresentations suggest that African-American, urban and young households are among the most dependent on Section 8 assistance, as well as among the most vulnerable—and less funding, if approved, would have considerable impact on them.
Source: Trulia
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From:: Finance and Economy
One of the major casualties of President Trump’s proposed budget cuts to the Department of Housing and Urban Development (HUD) is Section 8 rental assistance, which stands to lose $3 billion. According to data recently analyzed by Trulia, that reduction would hit home—literally—for African-American, urban and young households.
Drawing on data from the Census Bureau’s Current Population Survey (CPS), the analysis reveals that the share of African-American households benefitting from Section 8 housing vouchers is misleading. Why? African-Americans comprise a fraction of the overall population compared to whites (13 percent versus 75 percent)—so even though more whites have vouchers (49 percent versus 41 percent), both groups are not truly represented.
“Though nearly half of voucher holders are white, they make up about 75 percent of the U.S. population, which means they are underrepresented as voucher holders,” writes Ralph McLaughlin, chief economist at Trulia. “On the other hand, African-Americans make up just 13 percent of the U.S. population, so they are vastly overrepresented as a share of those receiving rental assistance.”
The analysis shows urban households are similarly overrepresented. Forty-four percent of those who benefit from vouchers live in urban areas, but urban households comprise only 28 percent of the population. The ratio flips for suburban households: 31 percent of those with vouchers live in suburban areas, but suburban households comprise 45 percent of the population—an underrepresentation.
Young households, or those under age 35, are also overrepresented, though to a lesser degree. Sixty percent of those who benefit from vouchers are under age 35, but those under age 35 comprise 48 percent of the population.
The overrepresentations suggest that African-American, urban and young households are among the most dependent on Section 8 assistance, as well as among the most vulnerable—and less funding, if approved, would have considerable impact on them.
Source: Trulia
For the latest real estate news and trends, bookmark RISMedia.com.
The post Who Will Be Most Impacted by Trump’s Proposed HUD Cut? appeared first on RISMedia.
From:: Real Estate News