Stabilizing the Mortgage Market

first_img With more than 40 years experience in the financial services industry, Don Layton was most recently the CEO of Freddie Mac from 2012 to 2019. Prior to joining Freddie Mac, he was the Vice Chairman of JP Morgan Chase and also the chairman and CEO of E-Trade Financial. Layton now serves as a senior industry fellow at the Harvard Joint Center for Housing Studies.What are some of the biggest concerns you have for the mortgage market?In watching the mortgage market, I’ve divided my concerns up into three categories. First is the trading liquidity, which was really stressed for a while. Second more of a month’s timeframe is the issue of non-bank mortgage servicers having enough cash to advance funds under all the forbearance programs. And third is several years long probably, is the credit quality of all the mortgage lenders, along with what might happen to house prices. We could have very high credit losses, which would have impacts on all the banks that own mortgages and the GSEs and FHA and the mortgage insurers.What are your thoughts on the Fed’s efforts to try and stabilize the mortgage securities market?First, I think you have to understand what the Fed’s objectives are. There seems to be some confusion on that. They want to try to reestablish trading liquidity, sp you can do reasonable buys and sells at a price that is generally reflective of some kind of reasonable economics. It is not going to return to the exact liquidity and the exact prices before this all started.I tend to focus on agency MBS, which is the highest quality, and even that was heavily stressed for trading liquidity back a few weeks ago. Purchase interventions have helped that market. There were rumors some REITs were within days of maybe going under. That market has quieted down. The Fed’s still supporting it although they’re off their peaks of how much they purchase.How is the government handling the liquidity shortfalls brought on by mortgage forbearance programs?This is about policy and it’s also about politics, and there’s a lot of public relations and lobbying going on. Basically the mortgage servicing industry has forecast a 25% forbearance rate, which is a relatively high estimate. If that comes true, then servicers, especially non-bank servicers, will be under tremendous stress to have the liquidity to fund P&I advances. Based on that, the industry went and tried to construct a solution.They wanted a giant Fed line that would cover not just the forbearance P&I, but many other types of liquidity drains on the servicers.The government, meanwhile, didn’t do a great job articulating a strategy and communicating about it all. They had some missteps, but at this point they havecome into a plan that basically has three components.Number one, the mortgage servicers should try to get their own sources for private capital. They should really work hard at this and they should be willing to pay up for expensive liquidity if necessary. As a government backstop, there are two programs. Ginnie Mae put one in, and it’s considered an extraordinary program. It will finance the P&I advances associated with their loans.It does have what I’ll call “bailout conditions.” The most important of these being that anyone takes those funds, they cannot withdraw dividends or other profits from the businesses until the government’s paid off. The government wants cash flow to go to them first, owners second. Then the GSEs came in and the FHFA announced a program that they’ve capped their principal interest payments at four months, which at least gives them a limit of modest size.The belief by the government in all this is that throw all three components in and things should work out okay. There won’t be some broad collapse in mortgage servicing. But the nature of this program is that you’re not sure how it’s all going to work out because you don’t know how big forbearances are, but it moves slowly enough, a month or two at a time that they’ll come in and adjust if necessary is the tone you get. Related Articles in Daily Dose, Featured, Government, News, Print Features 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. Previous: Mortgage Servicers on the Wrong End of CARES Act Next: How Lockdowns are Hurting the Banking System Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Stabilizing the Mortgage Market The Best Markets For Residential Property Investors 2 days ago Subscribe About Author: Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago June 3, 2020 1,914 Views Stabilizing the Mortgage Market Don Layton Liquidity 2020-06-03 Seth Welborn Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Tagged with: Don Layton Liquidity Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Five men arrested in Donegal dissident probe

first_img LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Five men arrested in Donegal dissident probe Calls for maternity restrictions to be lifted at LUH Google+ Pinterest WhatsApp Five men have been arrested in Donegal as part of what gardai say is an ongoing operation to counter the activities of dissident republicans.Four were arrested in the Letterkenny area shortly after midnight, they are being held at garda stations in Letterkenny and Milford.A fifth person was arrested in Buncrana this morning, he’s being detained in Buncrana.Gardai say the men are aged between 40 and 60. By News Highland – February 22, 2010 Twitter Facebookcenter_img WhatsApp Twitter Pinterest Google+ Almost 10,000 appointments cancelled in Saolta Hospital Group this week RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published Need for issues with Mica redress scheme to be addressed raised in Seanad also Previous articleBlaney claims councillors didn’t prioritise Fanad RoadNext articleKilmacrennan crash victim named News Highland Newslast_img read more

Barnes leads Clippers to fifth straight win

first_img Newsroom GuidelinesNews TipsContact UsReport an Error Blake Griffin added 22 points and Darren Collison had 18 for Los Angeles.DeAndre Jordan had 10 points and 17 rebounds and blocked Goran Dragic’s layup try with the Suns still in it with 41 seconds to go.P.J. Tucker scored 18 and Gerald Green 17 on 6-of-19 shooting for the Suns, who played without center Miles Plumlee (right knee sprain). They also lost guard Leandro Barbosa to a broken left hand in the first half. Suns coach Jeff Hornacek said Barbosa would be out four to six weeks.After Jordan’s block, his two free throws sealed it at 101-94 with 39.5 seconds left. Phoenix led by as many as 12 in the third quarter and trailed by as many as 15 in the fourth before cutting it to three late.Trailing 61-49, Los Angeles outscored the Suns 32-10 to take an 81-71 lead on Barnes’ layup after a Clippers offensive rebound with 38.9 seconds to go in the third quarter. Markieff Morris scored to cut Los Angeles’ lead to 81-73 entering the fourth.Barnes shot 7 of 7 for 18 points in the third quarter. Griffin added 12 in the period.The Clippers won despite a 4-for-14 shooting night from Chris Paul. Dragic, his Phoenix counterpart, was 5 for 14. They had nine assists apiece.“It is not going to be Blake and Chris every night,” Barnes said. “We have a deep team and you have to be accountable for everybody and we have been showing that lately.”Clippers coach Doc Rivers credited his team’s second-half defense.“The second quarter was horrendous,” he said. “But then I thought our defense, to hold them to 39 points in the second half — everybody was in the right spots. We were rotating, and we played with intensity.”Los Angeles built its biggest lead at 90-75 on Jared Dudley’s layup with 8:48 left. Phoenix got back in it with an 11-0 run. Morris scored on a baseline dunk, then followed with a 3-pointer that cut the Clippers’ lead to 90-86 with 6:31 left.Green was 3 for 16 before making two 3s and bouncing in a 16-footer to cut the lead to 97-94 with 2:37 to go. Griffin made a fadeaway 13-footer with 2:09 left.“The third quarter, they were more physical, especially on defense,” Dragic said. “We were catching the ball way out and we didn’t get open shots. They just played hard defense, like we should do.”Early on, Phoenix dominated.The Suns outscored the Clippers 16-2 over the final 31/2 minutes of the first quarter and the opening 1:45 of the second to lead 30-24 after newcomer Shavlik Randolph made one of two free throws with 10:15 left in the half.Dragic got his offense in gear in the final 1:19 of the half. He sank a 3-pointer, stole Barnes’ pass for a layup, then fed Alex Len for a layup as Phoenix used a 9-2 run to lead 55-44 at the break.center_img PHOENIX >> Matt Barnes knows shooting nights like this are rare moments to be savored.The 11-year NBA veteran scored 18 of his 28 points in the third quarter and the Clippers beat the Phoenix Suns 104-96 Tuesday to match their season best of five victories in a row.Barnes made 12 of his first 13 shots and scored 16 points in the first 5:09 of the third quarter. “I felt like I got good looks every time,” he said. “I found a little bit of space and was able to get the shot up. Every time it left my hands it felt good. One of those nights.”last_img read more

Calling all filmmakers! Create a film for GIFF 2019

first_imgThe Geocaching International Film Festival is returning for another year of epic geocaching moments captured on camera.If you’re a filmmaker, a geocacher, or something in between, GIFF 2019 is your chance to have your geocaching film viewed by thousands of people on movie screens all over the world. Start creating your geocaching film now! The submission form will open June 1, 2019.CALL FOR SUBMISSIONSWHAT IS THE GEOCACHING INTERNATIONAL FILM FESTIVAL (GIFF)? Part 1: Film Submission & JudgingGeocachers around the world – like you – create short films about geocaching and submit them to Geocaching HQ for judging. Films must be submitted by August 1, 2019. During the month of August, the films are reviewed by judges from Geocaching HQ. In September, finalist films are announced and the filmmakers are notified. Part 2: Finalist films shown at Geocaching EventsAfter announcing the finalists, Geocaching HQ creates a film reel with the finalist films. Any geocacher can host a geocaching Event to show the finalist films during the official Film Festival dates: November 7 – November 17, 2019. This year, we have extended the Film Festival of Events to eleven days! In 2018, there were 656 Events hosted in 58 countries, and 18,392 geocachers attended.HOW TO SUBMIT A FILM Read the rules. Seriously, read them!Read the tips for filming.Submission Form opens June 1, 2019After June 1, upload your geocaching film to Vimeo.Submit your film by August 1, 2019. SharePrint RelatedCalling all filmmakers! Submit your film to GIFF 2018April 17, 2018In “News”Calling all filmmakers! Submit your film to GIFF 2017.March 13, 2017In “Community”GIFF films due next week!July 24, 2018In “News”center_img Learn more about submitting to GIFF 2019Share with your Friends:Morelast_img read more

Parliament of Things

first_imgIn a resolution adopted Tuesday, the European Parliament officially endorsed the development of the Internet of Things. This resolution frankly encourages the development of an Internet of Things in the European Union. It even calls on the European IoT Commission to “secure co-financing for the implementation of these technologies” and “continue funding pilot projects.” The resolution also sets out instructions to factor in issues of privacy while building out the European IoT. “(The European Parliament) takes the view that the development of new applications and the actual functioning and business potential of the Internet of Things will be intrinsically linked to the trust European consumers have in the system, and points out that trust exists when doubts about potential threats to privacy and health are clarified”Resolution author Maria Badia i Cutchet, member of the European Parliament from Spain, said “information and communication technologies are important in that they promote social development and economic growth and encourage research, innovation and creativity among European public and private bodies.”However, the resolution also directs the Commission on IoT to make an exhaustive survey of the effects of this technology on “health, privacy and data protection.” It was further instructed to ensure that users have the option to use products that are not connected equipped for Internet connection.Fabrice Epelboin, the editor of ReadWriteWeb France and a European digital entrepreneur, sees the EUP move as a corrective to the more restrictive attitudes of the individual states. “The willingness of the EU parliament to help bring consumer awareness to the IoT is obviously a good thing. From a French POV, it stresses the gap between a local government which sees the Internet as a bad thing and is building a repressive digital regime and a European level political leadership who obviously has a clear vision on technologies.“‘Censorship, filtering and surveillance should not be practiced,’” he said, quoting the press release that accompanied the resolution. “This is precisely the opposite of what is taking place as we speak in France, showing how Europe is in its infancy and needs more power over the states if technology is to have a future here”Andrew Lyons, an American web developer and online media strategist in the U.K., warns that given people’s confusion about something as “simple” as Facebook privacy settings, IoT privacy needs to be simplified. “A real set of consumer-controlled standards needs to be established, so those opting into data-chip products have the ability to view exactly what is being shared about them from with outside sources and to choose how much of it actually goes out. A solution could be found in both the OpenID and microformat movements.” Tags:#international#Internet of Things#web curt hopkins 8 Best WordPress Hosting Solutions on the Market Why Tech Companies Need Simpler Terms of Servic… Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai… Related Posts last_img read more

a month agoRice praises West Ham character for Aston Villa draw

first_imgAbout the authorPaul VegasShare the loveHave your say Rice praises West Ham character for Aston Villa drawby Paul Vegasa month agoSend to a friendShare the loveDeclan Rice praised West Ham’s character for their 0-0 draw with Aston Villa.Rice says West Ham would have lost Monday’s goalless draw at Aston Villa last season, but instead the confidence and spirit in the squad enabled them to grind out a hard-earned point.He told “To be honest, I think we’re very happy with the point. We were a bit slow in the first half. We kept the ball well at times, but it was a bit too end-to-end and in the second half, when we went down to ten, we knew it was going to be tough because we know they’ve got some top players, but we dug in, defended really well and were still creating chances.“We weren’t just sat back. We were still trying to get the three points and I think we can be happy with our night’s work.”He added: “When we’re playing now, we’re playing with that confidence. We’re defending hard, we’re attacking hard and every player who puts on the shirt, we’re feeling confident to go out there and get the three points.” last_img read more

Video: Bill O’Reilly Asked Urban Meyer If He’d Have Cut Jameis Winston Following The Crab Legs Incident

first_imgA closeup of Urban Meyer on Ohio State's sideline.INDIANAPOLIS, IN – DECEMBER 02: Head coach Urban Meyer of the Ohio State Buckeyes looks on as they play the Wisconsin Badgers during the second half of the the Big Ten Championship game at Lucas Oil Stadium on December 2, 2017 in Indianapolis, Indiana. (Photo by Joe Robbins/Getty Images)Ohio State head coach Urban Meyer made the rounds yesterday, appearing on The Dan Patrick Show, CBS, ESPN and Fox to promote his new book, titled “Above the Line.” Bill O’Reilly, host of The O’Reilly Factor, made sure to ask some interesting questions.O’Reilly, alluding to Meyer’s strict policies, asked the Buckeyes head man what he’d have done if Jameis Winston, who infamously stole crab legs from a Publix ahead of the 2014 season, had been on his team. He said he “would have had a hard time letting it go.”Of course, it’s always easy to say what you’d have done when you aren’t in the exact situation. That being said, Meyer probably runs a tighter ship now than he did in the past.last_img read more

Meriaura Adds First EcoCoaster

first_imgzoom Finnish shipping company Meriaura has taken delivery of M/S Eeva VG, the first of two VG EcoCoaster general cargo vessels ordered from Dutch shipbuilder Royal Bodewes.The 5,000-ton vessel arrived for the first time in Finland on October 4, 2016. It was baptized in the port of Rauma on October 5, where it loaded its first cargo, 4,000 tons of oats, for Rotterdam.Featuring a length of 103 meters and a width of 13.6 meters, the Eeva VG is a dry cargo ship with Ice Class 1A.VG EcoCoaster is designed to cause less environmental impact than dry cargo vessels of same type and size, according to the company. The hull and machinery are optimized to the speed of 10,5 knots in open water conditions. Additional power required for fulfilling Ice Class 1A requirements is achieved by a diesel electric-driven booster unit.The vessels are equipped with a dual fuel system, where the main engine is suitable for both biofuel and marine gas oil (MGO).“Although the vessels are traditional dry cargo bulkers, they represent a new generation because of their environmental friendliness and energy efficiency,” Jussi Mälkiä, Chairman of Meriaura Group, said.The contract for the two newbuildings was signed in Turku in December 2014 when Meriaura revealed its plans to regenerate its fleet with vessels that have lower fuel consumption and GHG emissions.The Eeva VG is a supplement to Meriaura’s fleet of 17 vessels. Its sister ship, the Mirva VG, is expected to be completed by the end of November this year.last_img read more

Aboriginal Day Live unveils stellar lineup

first_imgAPTN National NewsAboriginal Day Live 2014 unveils its stellar lineup for this year’s celebrations. The eighth annual event will have stages in both Winnipeg and Halifax and will be broadcast across the country to celebrate National Aboriginal Day.APTN’s Shaneen Robinson reports.last_img