Lending-cap lift will help market

first_imgThe mortgage market continues its slide, with no sign that we’ve hit bottom or that more homeowners won’t be swept up in the tide of foreclosures. According to the San Fernando Valley Economic Research Center at California State University, Northridge, 289 families lost their homes in August, when local foreclosures jumped an annual 398 percent. There were 632 foreclosures in the second quarter of 2007, and we’ll likely pass that number in the third quarter after September’s tally is counted, said Daniel Blake, director of the CSUN center. The quarterly record is 1,854 foreclosures, recorded from July through September 1996, in the fallout from the 1994 Northridge Earthquake and a deep economic recession. “Temporarily lifting Fannie Mae and Freddie Mac’s portfolio caps will inject necessary liquidity into a distressed market and help make financing more available and affordable for countless homeowners, especially those living in high-cost areas,” NAMB past President Harry Dinham said in testimony before the House Financial Services Committee. Increasing the limits for these conforming loans in high-cost areas, coupled with elimination of the Federal Housing Administration down payment requirement, could expand the opportunities for these entities to reach the first-time, minority, and low- to moderate-income borrowers their respective programs are intended to serve, Dinham reasoned. To that end, and to help try to stabilize the market, the association suggests: Requiring all loan originators to meet minimum education levels, pass criminal background checks and creating a national registry of originators governed by a federal agency. Requiring mandatory escrow accounts for taxes and insurance on all subprime loans. Strengthening enforcement of prohibitions against deceptive marketing and advertising of mortgage products. Clearly disclosing the role of the originator in mortgage transactions. Creating simplified, modernized, and consumer-tested mortgage disclosures including a revised good faith estimate and a loan-specific payment disclosure. Encouraging consumer financial literacy. The only problem with this is that it won’t unwind the past. And that’s where the problems are. [email protected] (818) 713-3743 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! It’s obvious that people remain concerned about the ongoing problem. When the Daily News put a searchable database on our Web site (www.dailynews.com) allowing users to find out the foreclosure situation in their neighborhood or ZIP code, the link got about 6,000 hits in just 24 hours. Each fall for the past several years I’ve lamented the fact that the loan-guarantee limits set by Fannie Mae and Freddie Mac – currently $417,000 – don’t help Los Angeles that much. And now the National Association of Mortgage Brokers is climbing aboard. It issued a press release last week urging Congress to take steps to enable Fannie and Freddie to provide help to homeowners facing foreclosure. last_img read more

Department of Education says schools will remain open unless weather deteriorates

first_imgThe Department of Education says that unless the Met Éireann weather warning is upgraded to Status Red, schools will remain open. It is up to each individual school to decide whether or not to open this morning.A spokesperson for the Department says: “It’s entirely up to the board of management whether a school opens or closes due to snow.“Only in a red weather alert situation would there be a nationwide closure of schools.” A Status Yellow weather advisory is currently in effect for Donegal, as Met Éireann forecast high seas which may lead to an increased risk of coastal flooding. This warning is valid until 9am this morning. Heavy seas are also forecast off the coast of Galway, Leitrim, Mayo, Sligo, Clare, Cork, Kerry and Limerick.A wind warning is also in place for Donegal, and is valid until the early hours of tomorrow morning.Currently, Donegal Daily has received no reports of school closures this morning.  If you would like to send us your closure notices/road reports, please email [email protected] Fionn: Morning travel delays expected following overnight snowfallDepartment of Education says schools will remain open unless weather deteriorates was last modified: January 17th, 2018 by Elaine McCalligShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Department of EducationdonegalSCHOOLstorm fionnlast_img read more