Foreclosures | Mortgages | Financing
Goldman Sachs sees so many of its executives transition into roles within the federal government that the company is often derisively referred to as “Government Sachs.” But Goldman Sachs CEO Lloyd Blankfein doesn’t see the “revolving door” between the government and Goldman Sachs as a problem. In fact, he fully supports it and expects it to continue. …read more
From:: Real Estate Wire
During the past month, the country’s mortgage bankers have grown more optimistic about the level of residential loan originations during the first half of this year.
Home-lending volume, including refinances and loans to finance home purchases, is expected to total $361 billion during the first-three months of this year.
Production is then expected to jump to $450 billion in the second quarter before retreating to $437 billion during the following three-month period.
From:: Financing
President Donald Trump released his budget, which includes several cuts such as HUD’s 13.2% decrease. But other agencies, such as Neighborworks America, the budget proposal defunds entirely. The agency responded by pointing out its achievements for the 2016 fiscal year. …read more
From:: Real Estate Wire
President Donald Trump released his budget, which includes several cuts such as HUD’s 13.2% decrease. But other agencies, such as Neighborworks America, the budget proposal defunds entirely. The agency responded by pointing out its achievements for the 2016 fiscal year. …read more
From:: Real Estate Wire
The Trump Administration on Thursday released a budget outline for the 2018 fiscal year, proposing $6.2 billion in cuts to the Department of Housing and Urban Development (HUD), or a 13.2 percent reduction. Funding for the agency would total $40.7 billion, with $35 billion allocated to rental assistance programs, $130 million to lead-based paint mitigation in low-income housing, and $4.5 million to low-income housing assistance.
“This budget reflects the President’s commitment to fiscal responsibility while supporting critical functions that provide rental assistance to low-income and vulnerable households and help work-eligible families achieve self-sufficiency,” the outline states. “The budget also recognizes a greater role for state and local governments and the private sector to address community and economic development needs.”
The budget eliminates funding for Community Development Block Grants, a long-running program providing resources to communities in need of aid in areas such as affordable housing, disaster recovery and foreclosure rehabilitation. The elimination of the program would save $3 billion.
“The program is not well-targeted to the poorest populations and has not demonstrated results,” the outline states. “The Budget devolves community and economic development activities to the state and local level, and redirects federal resources to other activities.”
The budget also eliminates funding for the Choice Neighborhoods program, which replaces distressed public housing with mixed-income housing, among other initiatives; the HOME Investment Partnerships Program, which assists communities with affordable housing development; and the Self-Help Homeownership Opportunity Program (SHOP), which awards grants to nonprofits for low-income housing development. The elimination of the programs would save $1.1 billion.
“State and local governments are better positioned to serve their communities based on local needs and priorities,” the outline states.
The budget, in addition, eliminates funding for Section 4 Capacity Building for Community Development and Affordable Housing, saving $35 billion.
The outline briefly addresses insurance premiums for Federal Housing Administration-backed mortgages, stating it “supports homeownership through provision of Federal Housing Administration mortgage insurance programs.” The Trump Administration suspended a reduction to premiums issued in January.
HUD elaborated on that provision, stating “The spending plan supports the longstanding homeownership mission of the Federal Housing Administration (FHA) to provide mortgage insurance credit to qualified households. A more detailed program-by-program budget proposal will be announced in May.”
“If enacted, Trump’s proposed budget would result in the most severe cut to HUD since President Reagan dramatically reduced funding in the early 1980s,” said Diane Yentel, president and CEO of the National Low Income Housing Coalition (NLIHC), in a statement.
“These budget cuts would have a devastating impact on millions of the lowest income people across the country,” Yentel said. “More than 200,000 seniors, families, and people with disabilities will be at immediate risk of evictions and homelessness, and local communities will be starved of the funding they need to build and repair affordable homes and revitalize distressed communities.”
The budget, if approved, would take effect October 1.
Stay tuned to RISMedia for more developments.
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From:: Real Estate News
The Trump Administration on Thursday released a budget outline for the 2018 fiscal year, proposing $6.2 billion in cuts to the Department of Housing and Urban Development (HUD), or a 13.2 percent reduction. Funding for the agency would total $40.7 billion, with $35 billion allocated to rental assistance programs, $130 million to lead-based paint mitigation in low-income housing, and $4.5 million to low-income housing assistance.
“This budget reflects the President’s commitment to fiscal responsibility while supporting critical functions that provide rental assistance to low-income and vulnerable households and help work-eligible families achieve self-sufficiency,” the outline states. “The budget also recognizes a greater role for state and local governments and the private sector to address community and economic development needs.”
The budget eliminates funding for Community Development Block Grants, a long-running program providing resources to communities in need of aid in areas such as affordable housing, disaster recovery and foreclosure rehabilitation. The elimination of the program would save $3 billion.
“The program is not well-targeted to the poorest populations and has not demonstrated results,” the outline states. “The Budget devolves community and economic development activities to the state and local level, and redirects federal resources to other activities.”
The budget also eliminates funding for the Choice Neighborhoods program, which replaces distressed public housing with mixed-income housing, among other initiatives; the HOME Investment Partnerships Program, which assists communities with affordable housing development; and the Self-Help Homeownership Opportunity Program (SHOP), which awards grants to nonprofits for low-income housing development. The elimination of the programs would save $1.1 billion.
“State and local governments are better positioned to serve their communities based on local needs and priorities,” the outline states.
The budget, in addition, eliminates funding for Section 4 Capacity Building for Community Development and Affordable Housing, saving $35 billion.
The outline briefly addresses insurance premiums for Federal Housing Administration-backed mortgages, stating it “supports homeownership through provision of Federal Housing Administration mortgage insurance programs.” The Trump Administration suspended a reduction to premiums issued in January.
HUD elaborated on that provision, stating “The spending plan supports the longstanding homeownership mission of the Federal Housing Administration (FHA) to provide mortgage insurance credit to qualified households. A more detailed program-by-program budget proposal will be announced in May.”
“If enacted, Trump’s proposed budget would result in the most severe cut to HUD since President Reagan dramatically reduced funding in the early 1980s,” said Diane Yentel, president and CEO of the National Low Income Housing Coalition (NLIHC), in a statement.
“These budget cuts would have a devastating impact on millions of the lowest income people across the country,” Yentel said. “More than 200,000 seniors, families, and people with disabilities will be at immediate risk of evictions and homelessness, and local communities will be starved of the funding they need to build and repair affordable homes and revitalize distressed communities.”
The budget, if approved, would take effect October 1.
Stay tuned to RISMedia for more developments.
For the latest real estate news and trends, bookmark RISMedia.com.
The post Trump Budget Cuts HUD Funding 13.2 Percent appeared first on RISMedia.
From:: Finance and Economy
As chief executive officer of Howard Hanna Real Estate Services, Helen Hanna Casey is doing the family name proud, continuing the great organization started by her parents, Howard and Anne Freyvogel Hanna, in 1957.
“We’ve always been committed to building a culture where people want to work and feel secure, a company that’s built to last from generation to generation,” says Casey. “The company’s vision is that everyone is successful together, and we want our agents to accomplish great things.”
She has a lot of help from family, as her siblings—Hoddy and Annie—are also part of the firm, in addition to a third generation consisting of Annie Hanna Engel, Hoby Hanna, Kelly Hanna Riley, Duffy Hanna and Dennis Cestra, Jr.
“We strive every day, in every transaction, to reflect pride in our company, ourselves and each other, and in the people and communities we serve,” says Casey. “Through our knowledge, integrity and innovation, we’re able to participate in our customers’ realization of the American Dream.”
Since the mid-1980s, the firm has expanded by mergers and acquisitions within its footprint and into contiguous areas, as well. Over the last several years, these acquisitions have taken the firm into Michigan, Virginia, North Carolina and New York. Last year, the ninth-largest company in the country—RealtyUSA—chose to join the firm, making Howard Hanna the largest real estate company in New York.
“The firm’s growth comes from several sources each year. First and foremost, continued organic growth comes from strengthening and providing the training and tools needed to assure our associates can grow their business,” says Casey. “We’re always looking for opportunities to enhance the presence of Howard Hanna, as well as to add to the services we provide our clients. Opportunities within our footprint assure the future of the company.”
2016 was a record year for Howard Hanna Real Estate Services. Closed sales volume was up 38 percent over the year prior at $17.5 billion with 95,152 closed sales units, representing a 43 percent increase.
“By entering new markets, we’ve been able to increase our service area and our sales. This also offers our associates more opportunities to expand their knowledge and connect with agents in other areas,” says Casey. “The internal network of referrals is an asset to everyone.”
Throughout its markets, Casey sees the need to develop new housing opportunities for baby boomers in order to help them achieve their goal of rightsizing for the future, which will free up more opportunities for move-up and first-time buyers, expanding the market for consumers, agents and developers and giving brokers the ability to expand their businesses.
“The new rental properties that have been built don’t fit their needs. They still want homeownership, but with less responsibility,” says Casey. “The need for condos, carriage homes and zero-lot-line homes has never been greater.”
The firm is also working with builders and developers to help design housing for the huge 65-year-old population.
Hanna Financial Services recently created the My First Home program to help first-time buyers make their dream of homeownership become a reality. Training throughout the company …read more
From:: Real Estate News
Mortgage rates again averaged higher this week in wait of the Federal Reserve’s decision on the key interest rate, with the 30-year fixed mortgage rate rising nine points to 4.30 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The new average exceeds the year-to-date high hit the previous week.
The 15-year fixed mortgage rate, meanwhile, averaged 3.50 percent, and the 5-year Treasury-indexed hybrid adjustable mortgage rate averaged 3.28 percent, according to the survey.
The Fed voted to raise the key rate on Wednesday, indicating there would be at least two more hikes before year-end. Mortgage rates are expected to continue to rise if the Fed’s intentions bear out.
Source: Freddie Mac
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The post Mortgage Rates Again Average Higher appeared first on RISMedia.
From:: Finance and Economy
Changes to Radian Guaranty Inc.’s guidelines include insuring a non-agency jumbo product offered by a unit of United Guaranty Corp.’s former parent.
The Philadelphia-based organization is expanding its guidelines on jumbo mortgages as high as $1 million that are secured by primary residences.
The expansion includes increased loan-to-value ratios, according to the mortgage insurance company. It also includes more easing in required FICO scores.
From:: Financing
The major stock market indexes may be falling, but the broader market of stocks is actually rising. The number of advancing stocks is outnumbering decliners by a 1,615-to-1,325 score on the NYSE, and by a 1,541-to-1,143 margin on the Nasdaq exchange. In addition, the volume of advancing stocks represents 51% of total volume on the NYSE and 56% of the total on the Nasdaq. Meanwhile, the Dow Jones Industrial Average is down 34 points, with 21 of 30 components trading lower. The S&P 500 is losing 0.2% and the Nasdaq Composite is slipping 0.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News