Smaller Loans Could Address Housing Shortages

first_img April 28, 2018 2,000 Views Smaller Loans Could Address Housing Shortages in Daily Dose, Featured, Market Studies, News Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Affordability Borrowers FHA Homes HOUSING Lenders loans Low-cost Homes mortgage Originations Single-Family Homes Urban Institute VA  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Affordability Borrowers FHA Homes HOUSING Lenders loans Low-cost Homes mortgage Originations Single-Family Homes Urban Institute VA 2018-04-28 Krista Franks Brock The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Low housing inventory and climbing home prices have been the source of numerous studies and headlines, and they are prominent issues impacting housing markets across the nation. However, while many homes in competitive markets are priced out of reach for most Americans, in other areas there quietly sit affordable homes that, despite their low prices, remain out of reach for low- and middle-income Americans. Despite finding “a substantial number of low-cost property sales taking place across many diverse housing markets,” researchers at the Urban Institute’s Housing Finance Policy Center say, “low-cost properties remain largely inaccessible to LMI [low- and middle-income] households because traditional mortgage financing is too difficult to obtain on these properties.” “Low-cost properties could be a larger source of affordable housing if credit access for purchasing and rehabilitating these properties were expanded and improved,” state researchers from the Urban Institute in their report, “Small-Dollar Mortgages for Single-Family Residential Properties.”Low-cost homes, priced at or under $70,000, are present in urban, suburban, and rural markets and “in many counties, small-dollar sales make up most home sales,” according to the Urban Institute. However, only about one in four homes sold for $70,000 or less were financed with a traditional mortgage as of 2015, and that number fluctuated between 25 and 29 percent between 2010 and 2015. On the other hand, close to 80 percent of homes sold for between $70,000 and $150,000 were financed with a traditional mortgage in 2015. The research also found the share of first-lien, single-family, owner-occupied home loan originations for low-priced homes between $10,000 and $70,000 was on the decline, falling from 8 percent of all home loan originations in 2009 to 5 percent of all originations in 2016. Over the same time period, the share of originations for homes sold for between $70,000 and $150,000 declined less than 1 percent, and loans for homes sold at higher prices increased in market share. Observing the channels that contribute to the small-dollar loan sector, the research found gaps between small-dollar market share and overall loan origination market share at the GSEs, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA). The GSEs contribute to 53 percent of all home loan originations but just 45 percent of small-dollar mortgage loans. The FHA takes 24 percent market share overall but contributes just to 19 percent of small-dollar mortgages, and the VA holds a 10 percent market share overall but just a 3 percent share of the small-dollar market. Twenty-eight percent of small-dollar loans are held in portfolios at small community banks, credit unions, and large lenders, despite the fact that just 9 percent of small-dollar loans are originated there. The researchers pointed out a few reasons for the lack of financing available for low-priced homes. First, potential homeowners hoping to purchase a low-cost home with financing were less attractive than investor buyers ready to purchase with cash. Second, the researchers point out that loan origination costs are largely fixed, making small-dollar loans less attractive to lenders, who can profit more from the larger spreads available in high-dollar loans. “The limited access to mortgage credit for low-cost properties has led to a growing imbalance in America’s housing that affects both demand and supply,” state the researchers at the Urban Institute. The impact is particularly acute among potential first-time buyers. The Urban Institute offers several recommendations to enhance the small-dollar loan market, including growing the role of the federal government, the secondary market, and community organizations in the small-dollar loan sector; creating “consumer-friendly, fairly priced small-dollar mortgage alternatives to traditional mortgages for home purchase, renovation, and refinance;” expanding “first look” programs that offer preference to first-time homeowners, low-income buyers, and minorities; and expanding finance options for manufactured housing. Previous: OpenClose Implements LOS Platform for Federal Credit Union Next: The Week Ahead: Forecasting Home Price Trends Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily About Author: Krista Franks Brock Home / Daily Dose / Smaller Loans Could Address Housing Shortageslast_img read more

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House masters appointed

first_imgHarvard College Dean Evelynn M. Hammonds, the Barbara Gutmann Rosenkrantz Professor of the History of Science and of African and African-American Studies, today (March 26) announced the appointment of three House masters. Rakesh and Stephanie Khurana will become master and co-master of Cabot House. Douglas Melton and Gail O’Keefe will assume those roles at Eliot House, while Christie McDonald and Michael David Rosengarten will oversee Mather House.Last month, James L. Cavallaro, clinical professor of law at Harvard Law School (HLS) and executive director of the HLS Human Rights Program, and his wife, Nadejda Marques, were appointed interim master and co-master of Harvard College’s Currier House for the 2010-11 academic year.“I’m tremendously pleased that such outstanding scholars — and talented, enthusiastic members of the Harvard community — will be taking on these important and influential roles,” Hammonds said. “Each of the new masters — Professors Rakesh Khurana, Doug Melton, and Christie McDonald — are leading scholars in their fields. But more important than their scholarly contributions, they are, alongside their spouses, wonderful, outgoing people who have a passion for working with and mentoring students.“Harvard’s House system is both unique and has been central to the College’s undergraduate experience since the 1930s,” Hammonds continued. “Rakesh, Doug, and Christie will live up to the traditions of their many predecessors, while bringing new life and ideas to Cabot, Eliot, and Mather Houses. Please join me in welcoming them to each of these House communities.”Professor Rakesh Khurana and Stephanie Khurana (Cabot House)Rakesh Khurana is the Marvin Bower Professor of Leadership Development at the Harvard Business School. He teaches a doctoral seminar on “Management and Markets and the Board of Directors and Corporate Governance” in the M.B.A. program.Khurana received his B.S. from Cornell University in Ithaca, N.Y., and his A.M. in sociology and his Ph.D. in organization behavior from Harvard. Prior to attending graduate school, he worked as a founding member of Cambridge Technology Partners.His research uses a sociological perspective to focus on the processes by which elites and leaders are selected and developed. He has written extensively about the CEO labor market and business education.His wife, Stephanie, is acting executive director for the Tobin Project, an alliance of the nation’s leading academics committed to pursuing transformative ideas that improve the lives of fellow citizens. She previously was co-founder, CEO, and director of Surebridge Inc.She received a B.S. in applied economics from Cornell University, an M.B.A. from the Harvard Business School, and an M.P.P. from the Harvard Kennedy School. She has served on the Cornell Advisory Board for Dean of Students and the President’s Council of Cornell Women. Her career includes receipt of a “Top 40 Under 40” award from the Boston Business Journal. She also serves on the board of Step Into Art, a nonprofit that provides art education for inner-city children.The couple have three children: Sonia (13), Nalini (11), and Jai (7).Professor Douglas Melton and Gail O’Keefe (Eliot House)Douglas Melton is the Thomas Dudley Cabot Professor of the Natural Sciences at Harvard and an investigator at the Howard Hughes Medical Institute. He is also a co-director of the Harvard Stem Cell Institute, and has become a leading researcher and public advocate in stem cell research.He earned a bachelor’s degree in biology from the University of Illinois and then went to Cambridge University in England as a Marshall Scholar, where he received a B.A. in history and philosophy of science and a Ph.D. in molecular biology at Trinity College, Cambridge, and the MRC Laboratory of Molecular Biology. He teaches undergraduates, graduate students, and medical students at Harvard in courses ranging from basic developmental biology to bioethics.As an educational consultant, Gail O’Keefe works with parents to help them gain an understanding of the learning issues that their children face, advocating for services, placement assistance, and working to improve parent-child relationships. She also works with EDCO, a voluntary collaborative of 21 urban and suburban school districts serving Greater Boston, to ensure that educational opportunities remain available for children in state custody.O’Keefe earned a B.S. in biology from the University of Connecticut, studied at Tufts University’s Department of Urban and Environmental Policy, and received an M.A. in applied developmental and educational psychology from Boston College.Professor Christie McDonald and Michael Rosengarten (Mather House)Christie McDonald, who grew up in New York City, received her B.A. from Mount Holyoke College (having previously studied for a year in Paris) and her Ph.D. from Yale University. She is the Smith Professor of French Language and Literature and professor of comparative literature in the Department of Romance Languages and Literatures, where she served as chair from 2000 to 2006. Her research and teaching focus on the dialogue of literature with the social sciences and the arts. Two of her most recent collaborative projects will be published this year, “Rousseau and Freedom” and “French Global: A New Approach to French Literary History.”A native of Montreal, Michael David Rosengarten is associate dean of the Center for Continuing Health Professional Education and associate professor of medicine at McGill University. He earned a bachelor of electrical engineering from McGill before moving to the University of Ottawa, where he received his M.D. degree. Since 1980, Rosengarten has held numerous appointments at McGill and the Montreal General Hospital. A longtime cardiologist specializing in electrophysiology, he combined his medical experience with his computer and Web skills to lead McGill’s continuing medical education in distance learning.The two have spent more than 15 years commuting between Montreal and Cambridge, often meeting at their home in northern Vermont near the Canadian border. They will reside together at Mather House. They have four grown children in Montreal, Seattle, Atlanta, and Lowell, Mass.last_img read more

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Dell EMC Unity Midrange Storage Advances Data Reduction, Data Protection, and Management in Latest OS Update

first_imgI know what you may be thinking – that I’ve seen this Dell EMC Unity blog before. I assure you, it just looks that way as we provide you with latest updates to Dell EMC Midrange Storage. But this time, in addition to just product news, there’s an extra special message surrounding this blog post that I’d like to share with you.Customers, partners and industry voices have weighed in to name the Dell EMC Unity 650F All-Flash Array the CRN 2018 Product of the Year award as the Midrange Storage subcategory winner for Technology. This product award is testament to the best-in-breed technical innovation, reliability and quality Dell EMC continues to deliver across the Midrange storage portfolio and affirms our promise to continue to innovate and invest in our Midrange storage offerings. In short, we continue to make Dell EMC Unity better – and our channel partners and customers around the world are agreeing.And so today, we’re announcing that we’ve made Dell EMC Unity even better with the newest Operating Environment 4.5 release including expanded software features such as advanced data reduction, data protection, and management functions. And for our customers who are already invested in the cloud or those just starting out, Dell EMC Unity also expands its cloud presence with more cloud deployment options. Customers will also benefit from the quality advancements that come with every Dell EMC Unity release.“We continue to be impressed with the enhancements that Dell EMC has made with the Unity platform. The new OE 4.5 release that includes advanced data reduction technology has allowed Arrow ECS to more efficiently manage our data. Using the new File Level Retention and quota management software has enabled us to improve the management of storage allocation and regulatory compliance requirements while Metrosync Manager will help our business reduce unplanned downtime by allowing file synchronous storage resources to failover to our destination site in the event of a disaster”.Seife Teklu, Senior Solutions Architect, Arrow ECS                                                           Let’s look at what’s new with Dell EMC Unity OE 4.5:Advanced Inline Deduplication We’ve included Advanced In-line Dynamic Pattern Detection that considers all data patterns enabling you to see increased efficiency over OE 4.4 with up to 2.7:1 data reduction savings applicable to both file and block data. New software to prevent file data loss  New file-level retention capabilities will protect files from modification or deletion until a specified retention date. This is especially useful, for example, when companies are bound by new regulations and compliance requirements for data that has extended life cycles and require longer maintenance and retention periodsSoftware-defined storage with HAWith Dell EMC Unity OE 4.5, we’ve added native high availability (HA) for our software-defined Dell EMC UnityVSA Professional Edition with 2-node, 2-core, and Tie Breaker Node for 10, 25, and 50TB capacity offerings. The Dell EMC UnityVSA Tie Breaker Node or witness node is a lightweight third member of the cluster to arbitrate in the unlikely event all communication is lost between the two nodes to avoid data corruption. And don’t forget that you can always download and try Dell EMC UnityVSA Community Edition for free.But there’s more! Not directly associated with the OE 4.5 release, we’ve also invested in advancing the ability of Dell EMC Unity to participate in hybrid cloud environments – and it’s all available now.Dell EMC UnityVSA Cloud Edition runs in AWS cloudWith our new Dell EMC Unity Cloud Edition, you’ll be able to deploy fully-functional Dell EMC Unity storage as a VM in a VMware Cloud environment with initial qualification for VMware Cloud on AWS. In this version, you’ll be able to deploy: File management gets even betterMetrosync for Unity synchronous file replication that came with OE 4.4 is now enhanced with the addition of Metrosync Manager. Metrosync Manager will enhance orchestration, replication granularity and failover capabilities for your synchronous file replication.center_img Comprehensive UFS64 file services for VM CloudCloud-based DR capabilities with native asynchronous replication; andScalable test and development environments without additional Dell EMC Unity hardware.Dell EMC Unity validated with VMware Cloud FoundationDell EMC Unity and VMware Cloud Foundation NFS qualification allows you to implement “Do It Yourself” Cloud Building Blocks to design and build a custom cloud platform using best-of-breed cloud-enabled infrastructure such as Dell EMC Unity. Dell EMC Unity is the first NFS-based (i.e. File) external storage array family to be validated with VMware Cloud Foundation. It further demonstrates tangible benefits of buying the complete Dell Technologies stack and highlights our Dell EMC Unity engineering investments in VMware.Finally, we’re always enthusiastic when third parties seek us out to review our products. In this case, here’s a StorageReview paper on Dell EMC Unity that provides a 360 degree view of the innovation we deliver – management, performance, architecture and software. I encourage you to read the review – it’s compelling.As always, thank you for your business.last_img read more

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2 of 3 officers at Blake shooting in Wisconsin back on duty

first_imgKENOSHA, Wis. (AP) — Authorities say two police officers who were on the scene when a white officer shot and partially paralyzed a Black man in Wisconsin have returned to duty. The update announced Wednesday comes as Officer Rusten Sheskey, who shot Jacob Blake seven times on Aug. 23 in Kenosha, remains on administrative leave while a police review board examines the case. Sheskey was placed on administrative leave following Blake’s shooting along with Officers Vincent Arenas and Brittany Meronek. Police said in a statement Wednesday that Arenas and Meronek returned to duty Jan. 20. Hundreds of people were arrested and multiple businesses were destroyed during protests following Blake’s shooting. Kenosha County District Attorney Michael Graveley this month declined to file charges against Sheskey.last_img read more

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Lošinj’s Jadranka group rewards employees with a Christmas bonus of 2.500 kuna

first_imgIn Jadranka Hotels, one of the subsidiaries of the Jadranka Group, the number of employees has doubled in the past 10 years. The consequence of this is an increasing number of domestic and foreign tourists who come to Lošinj every year, as well as extra-hotel facilities that try to extend the tourist season on Lošinj to the whole year. It is interesting to note that both permanent and permanent seasonal employees received Christmas bonuses, and all others in proportion to the duration of their employment. In addition to Christmas, Jadranka is once again providing her employees with a gift for children up to 15 years of age worth 600 kuna.  Jadranka Group, one of the largest tourist and trade companies in Croatia, this year again rewards the work and effort of its employees with a Christmas bonus in the amount of as much as 2.500 kuna. This salary supplement is the final confirmation of the quality work of all employees.  Jadranka Group currently employs almost 800 permanent employees, and during the tourist season this number rises to about 1.700 employees, which makes them the largest employer on Lošinj and Cres. In addition to benefits such as salary supplements, the Jadranka Group takes care of the training and education of its employees, so it invests at all levels. multimillion amounts for their development. Opportunities for additional education are numerous – from in-house workshops and internal Gastro Academy to external training programs for specialized occupations, such as concierge, sommelier, bartender and butler. center_img Photo: Jadranka group “We in the Jadranka Group firmly believe that only continuous effort and work can bring progress, but we also believe that they should be recognized and rewarded. We are extremely proud of our employees and the successes we have achieved together in the past year. We are guided by the idea that employee satisfaction is just as important as the satisfaction of our guests and customers.”, Said Sanjin Šolić, President of the Management Board of Jadranka Group.  One of the most significant moves of this tourist and trade company from Lošinj is arranging a facility to accommodate seasonal employees. Investment in a facility for the accommodation of employees, which monitors the quality level of the 4 * hotel, is the first such investment on the island of Lošinj, and is extremely important for ensuring quality accommodation. The working conditions offered by Jadranka are an excellent incentive for all those interested in working in tourism – especially during the summer months. last_img read more

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ATP Finals Review (Boris Becker Group): Federer Into Semis After Win Over Zverev

first_imgWorld number two Roger Federer is through to the last four at the ongoing season-ending ATP Finals in London after he saw off tournament debutant Alexander Zverev in three sets.Federer, 36, defeated his German opponent 7-6 (8-6) 5-7 6-1 at the O2 Arena to move into last four.Third seed Zverev can still qualify for the semis if he can beat American Jack Sock in his final group match on Thursday.The eighth seeded Sock had earlier beaten Croat fifth seed Marin Cilic 5-7 6-2 7-6 (7-4) to stay in contention for a slot in the next stage.Speaking afterwards, the American was very excited with his win. He said: “That was a tough one for sure.”“It’s been an interesting morning so far, the fire alarm went off at 4am and we had to exit the building. But I love playing here in London, it’s an amazing atmosphere, you make me feel like [I’m] home.“I’m just excited to win and keep myself alive.” he concluded.In the Pete Sampras Group on Wednesday, Grigor Dimitrov will face David Goffin before Dominic Thiem of Austria play against Pablo Carreno Busta, a replacement for the injured Rafael Nadal. RelatedATP Finals (Boris Becker Group): Jack Sock Joins Federer In The Last FourNovember 17, 2017In “Sports”ATP Finals: Nadal Win In Vain As Zverev Makes SemisNovember 16, 2019In “Tennis”Brad GuzanJune 30, 2017Similar postlast_img read more

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