Ocwen CEO Expects Company’s Earnings To Take Q4 Hit After Ratings Downgrade

first_img February 5, 2015 1,213 Views  Print This Post Ocwen CEO Expects Company’s Earnings To Take Q4 Hit After Ratings Downgrade The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Ocwen CEO Expects Company’s Earnings To Take Q4 Hit After Ratings Downgrade Share Save 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 Subscribe Tagged with: Fitch Ratings Owen Financial Profits Quarterly Earnings Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Secondary Marketcenter_img Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Fitch Ratings Owen Financial Profits Quarterly Earnings 2015-02-05 Tory Barringer Previous: DS News Webcast: Thursday 2/5/2015 Next: Index Reports Modest Gains for Housing Markets in Q4 Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago About Author: Tory Barringer Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Weeks ahead of the anticipated release of Ocwen’s fourth-quarter earnings report, CEO Ron Faris has issued a notice that the company expects to see a loss based on mounting regulatory pressures, expenses, and a recent ratings downgrade by a major credit ratings agency.In a note to stakeholders released Thursday, Faris reviewed a handful of the regulatory hurdles Ocwen has had to deal with in the past year, including a long-running investigation from New York’s top financial regulator that eventually resulted in a $150 million settlement. The company plans to take an additional $50 million charge to its Q4 expenses as a result of that agreement after already setting aside $100 million in Q3.Aside from that (and the firm’s recent agreement that allowed it to continue operating in California), he said Ocwen closed 25 exams from state regulators in the past year, leaving 21 pending investigations still open. Based on current dealings with regulators, the company doesn’t expect any major fines, penalties, or settlements ahead, though management does anticipate resolving two legacy matters for a total of less than $1 million, he added.Also expected to take a toll on Q4 earnings is an expected increase in servicing expenses and uncollectable receivables and a $13 million expense for third-party monitoring costs.”As a result of the items just discussed and other fourth quarter events, we expect to record a loss in the fourth quarter of 2014 and for the total year,” Faris wrote.Looking ahead, Faris anticipates “the level of these types of expenses will decrease significantly” this year as Ocwen clears out some of its remaining legacy issues. As of February 3, he said the company had $249 million in cash, and its cash forecast indicates it should have sufficient liquidity going forward.Faris’ letter came one day after Fitch Ratings announced a downgrade to Ocwen’s primary, master, and special servicer ratings, citing “weaknesses in Ocwen’s corporate governance and operational control framework” and pointing specifically to some of the last year’s regulatory issues.Including that announcement, Ocwen says its servicer ratings have fallen below the minimum criteria established in 482 private-label securities agreements. However, the company is currently not aware of plans from any securities trustee to move their servicing as a result of those changes.Responding to the Fitch announcement, Faris said recent actions have been based largely on public information and “have not pointed to actual servicing performance deficiencies.””Objective data on PLS performance continues to show that Ocwen excels in managing loss mitigation timelines, bringing borrowers current on their payments and keeping them current,” he said. “For these reasons, we believe it is in the best interests of all stakeholders to continue to keep Ocwen on the job.” Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

Homeownership Rate Drops, But Not For Everyone

first_img Just when the homeownership rate seemed to be on its way back after falling to a 48-year low in the second quarter of 2015, it took another step backward on Thursday.One particular demographic, however, is experiencing a dramatic increase homeownership despite the reversal of the nationwide homeownership rate for Q1.According to the Census Bureau’s Housing Vacancy Survey (HVS) for April 2016 released on Thursday, the U.S. homeownership rate for the first quarter of 2016 declined by 20 basis points over-the-year and by 30 basis points over-the-quarter down to 63.5 percent. The Q1 homeownership rate is only 10 basis points higher than Q2 2015’s 48-year low of 63.4 percent.For Generation X, however, the homeownership rate is on the way up. About 58.9 percent of Gen Xers owned homes in Q1, which is an over-the-year increase of 50 basis points.“Of particular note was the continued increase in the homeownership rate for Gen X. Households aged 35-44 increased their homeownership rate a full 0.5 points, moving to 58.9 percent from 58.4 percent,” Trulia Chief Economist Ralph McLaughlin said. “This is the second straight quarter of year-over-year increases. This is important as many Gen Xers lost their homes during the recession, so this is a cautiously optimistic sign that we may be seeing boomerang buyers coming back into homeownership. This also represents a glimmer of hope the homeownership rate for Gen Xers may continue on an upward trend in the remainder of the year. Although this year-over-year change is not statistically significant, the 0.5 point increase is at the upper bound of an error rate of 0.5 percent.”While the homeownership rate has jumped for Gen X, it has declined among other age groups. The rate for household heads over 65 years of age declined by 20 basis points over-the year in Q1 (down to 78.8 percent) and by 90 basis points for those aged 45 to 54 down to 69.2 percent.Click here to view the complete HVS. Previous: Ocwen Receives Mixed Review from Monitor Next: CFPB is Considering Lightening the TRID Load Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post April 28, 2016 1,642 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save About Author: Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Census Bureau Generation X Homeownership Rate Home / Daily Dose / Homeownership Rate Drops, But Not For Everyonecenter_img Related Articles Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. in Daily Dose, Featured, Market Studies, News Census Bureau Generation X Homeownership Rate 2016-04-28 Brian Honea Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Homeownership Rate Drops, But Not For Everyone Subscribelast_img read more

Housing Forecasts Stay Calm Through Economic Storm

first_imgHome / Daily Dose / Housing Forecasts Stay Calm Through Economic Storm About Author: Brian Honea Housing Forecasts Stay Calm Through Economic Storm in Daily Dose, Featured, Market Studies, News Related Articles The recent economic slowdowns, which include April job growth of only 160,000 and 0.5 percent Q1 GDP growth, seem to have darkened everyone’s view of the economy for the remainder of the year. Despite this, both Fannie Mae and Freddie Mac have stood their ground on their positive outlook for housing for the remainder of 2016.The Fannie Mae Economic & Strategic Research (ESR) Group this week further downgraded its forecast for the full year of 2016 down to a 1.7 percent growth rate—from last month’s forecast of 1.9 percent and the 2.2 percent at the beginning of 2016.While the ESR group believes that the economy will bounce back somewhat during the remainder of the year, with consumer spending as an engine for growth, they don’t think it will be enough to make up for the weak first quarter.“Consumers and businesses showed caution at the end of the first quarter,” said Fannie Mae Chief Economist Doug Duncan. “Job creation slowed in April and participation in the labor force gave back some of the recent gains. Nevertheless, the uptick in both hours worked and average hourly earnings should boost labor income and help support consumer spending in the current quarter.”Likewise, in the May 2016 Monthly Outlook released Wednesday, Freddie Mac downwardly revised its forecast for economic growth for the remainder of the year from 2.0 percent down to 1.8 percent. Freddie Mac did say, however, they expect a “strong rebound” in subsequent quarters.Despite the more pessimistic views about the economy for the rest of 2016, both Fannie Mae and Freddie Mac kept positive on the outlook for housing. Freddie Mac stuck to its prediction that 2016 will be the best year for home sales in a decade as near-historically low mortgage rates—averaging 3.7 percent for a 30-year fixed rate at the end of the first quarter and floating between 3.57 and 3.66 percent in April and May—work to offset rapid home price appreciation and tight inventory.Source: Freddie Mac“Even with tight inventories and rising house prices, we still forecast 2016 to be the best year for home sales in a decade,” Freddie Mac Chief Economist Sean Becketti said. “The first quarter of 2016 had the second-fastest first-quarter pace of home sales in the past decade, narrowly edging 2015. Home sales typically rise in the spring and summer months so we’re anticipating an acceleration in home sales, which will allow us to surpass 2007’s pace by late summer.”According to Fannie Mae, pending home sales and low mortgage rates are likely to result in a rise in home sales in the near-term.“Home sales are expected to pick up heading into the spring season amid the backdrop of declining mortgage rates, rising pending home sales and purchase mortgage applications, and continued easing of lending standards on residential mortgage loans,” Duncan said. “Meanwhile, the homeownership rate showed signs of stabilizing during the first quarter of this year, as the relatively high homeownership rates among baby boomers have helped offset low homeownership rates among millennials, many of whom remain on the sidelines due to ongoing affordability issues.” Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Tagged with: Economic Forecast Fannie Mae Freddie Mac Housing Market May 18, 2016 1,559 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Share Save Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Trump Planning Dodd-Frank Overhaul Next: FHA Proposes Enhancements to HECM Program Economic Forecast Fannie Mae Freddie Mac Housing Market 2016-05-18 Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Foreclosure Rates: Back to the Future

first_img Demand Propels Home Prices Upward 2 days ago Previous: Unlocking Loss Mitigation Next: Fitch: Servicers Prepared for Economic Downturn Tagged with: Ben Graboske. Black Knight Delinquency Rate foreclosure completions foreclosure rate Foreclosure Starts Mortgage Loan Delinquencies mortgage loan originations Mortgage Loan Performance Mortgage Market Monitor Mortgage Refinances Serious Delinquency Rate The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Foreclosure Rates: Back to the Future Ben Graboske. Black Knight Delinquency Rate foreclosure completions foreclosure rate Foreclosure Starts Mortgage Loan Delinquencies mortgage loan originations Mortgage Loan Performance Mortgage Market Monitor Mortgage Refinances Serious Delinquency Rate 2019-02-04 Krista Franks Brock Governmental Measures Target Expanded Access to Affordable Housing 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. Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago For the first time since the financial crisis of 2008, several mortgage loan metrics are returning to pre-recession averages, according to the latest Mortgage Monitor Report, released Monday by the Data and Analytics division of Black Knight, Inc. Loan delinquencies, serious loan delinquencies, active foreclosures, and non-current inventory—both foreclosures and delinquencies—all ended the year at lows not seen since before the recession.“Across the board, 2018 year-end numbers are good news from a mortgage performance perspective,” said Black Knight’s Data and Analytics Division President Ben Graboske.He went on to say, “These year-end numbers are further proof of what we’ve been observing for some time now. The high credit quality and corresponding lower risk we’ve seen in the post-crisis origination market for the better part of a decade continue to pay dividends in terms of mortgage performance.”Overall, 3.88 percent of mortgage loans across the nation are delinquent as of the end of 2018. This is down 18 percent from a year earlier. Black Knight acknowledged that this number is inflated by the effects of hurricanes over the past year and a half, but it found that even in areas not impacted by hurricanes and hurricane-related moratoria, delinquencies were down 11 percent from a year earlier.Black Knight anticipates delinquencies could fall even further and could even hit new post-recession lows by spring.The share of loans across the nation that are seriously delinquent at the end of 2018 was 0.99 percent, the lowest rate since 2004 and down 16 percent from a year earlier. When excluding hurricane-impacted markets, serious delinquencies are down 14 percent over the year.Colorado had the lowest serious delinquency rate in the nation at just 0.37 percent. Mississippi had the highest rate at 3.06 percent. Not only was Mississippi’s rate three times the national average, but also it is 50 percent higher than the rate recorded in any other state.Foreclosure starts and foreclosure sales both hit an 18-year low, according to Black Knight’s data. Just 576,000 homes began the foreclosure process in 2018, accounting for 1.12 percent of all active loans, and 175,000 foreclosure sales were completed over the year, down 25 percent from a year ago.Colorado posted not only the lowest foreclosure start rate in the nation at the end of the year but also the “lowest annual foreclosure start rate of any state since Black Knight began reporting the data in 2000,” according to Black Knight. Colorado’s foreclosure start rate was 0.38 percent.Overall, the foreclosure rate is down 19 percent over the year in 2018, falling to 0.52 percent, which is below long-term norms, according to Black Knight. A handful of states experienced greater than 30 percent declines in their foreclosure rates in 2018, including New Jersey, Oregon, Nevada, Washington D.C., and Utah.The states with the highest percentage of non-current loans were Mississippi, Louisiana, Alabama, West Virginia, and Arkansas. The states with the lowest share of non-current loans were North Dakota, Idaho, Washington, Oregon, and Colorado. Black Knight pointed out that while recent loan originations have fared well, “a large number of aged foreclosures remain as fallout from the financial crisis.”There are about 60,000 loans in foreclosure for which the borrower hasn’t made a payment in more than two years, and there are about 40,000 loans for which a borrower has not made a payment in at least five years. However, the rate of aged foreclosure inventory is dropping. The number of foreclosures that have been in the pipeline five or more years declined by 35 percent over the year. Aged foreclosures are clustered in New York and Florida, which claim 40 percent and 20 percent of aged foreclosure loans, respectively.Black Knight also noted that drops in mortgage rates over the past two months have led to a more than 50 percent increase in the number of borrowers who may have an incentive to refinance—an additional 1 million borrowers. However, many of these borrowers had a perceived incentive to refinance over the past few years when rates were even lower and did not. “This suggests the impact of incentive gains may be more limited than the numbers suggest.”center_img February 4, 2019 4,146 Views Home / Daily Dose / Foreclosure Rates: Back to the Future The Best Markets For Residential Property Investors 2 days ago About Author: Krista Franks Brock in Daily Dose, Featured, Foreclosure, Market Studies Servicers Navigate the Post-Pandemic World 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 Related Articles Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily last_img read more

Home Prices in Opportunity Zones Rising Quickly

first_img 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. Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Home / Daily Dose / Home Prices in Opportunity Zones Rising Quickly Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Krista F. Brock Tagged with: Affordability Housing Market Opportunity Zones Home Prices in Opportunity Zones Rising Quickly Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 20, 2020 1,019 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily  Print This Post In about half of the nation’s designated Opportunity Zones, home prices are rising at a faster pace than the national average, according to an analysis of Opportunity Zones released Thursday by ATTOM Data Solutions. Median home prices in 47% of Opportunity Zones studied rose at a faster pace than the 9.4% price gain for the nation overall between Q4 2018 and Q4 2019. At the same time, 66% of zones analyzed charted a price gain of any amount, both slower and faster than the national pace. An Opportunity Zone is an “economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment,” according to the IRS. While home price growth in these areas is a positive sign, there’s no guarantee they will last, said Todd Teta, Chief Product Officer at ATTOM Data Solutions.“These areas are among the most vulnerable to economic downturns,” he said. “As a result, the recent upswing could change on a dime if the broader housing market flattens out or sags.” He added, “But for now, the price gains are a crucial measure that neighborhoods designated as Opportunity Zone tax breaks hold significant allure for potential residents.” Despite many Opportunity Zones reporting faster home price appreciation than the nation overall, many still report home prices are well below the national average. In fact, 78% of Opportunity Zones have median home prices below the national average. While the national median home price for Q4 2019 stood at $257,000, the median home price in nearly half of Opportunity Zones was less than $150,000. About 22% recorded median home prices above the national median. The region with the highest percentage of Opportunity Zones having median home prices below $150,000 was the Midwest. Nearly three-quarters—about 73%—of Opportunity Zones reported median prices below this threshold in the Midwest. The Midwest was followed by the South with 58% of zones reporting such prices, the Northeast with 51%, and the West with just 12%. Eighty-four percent of Opportunity Zones had lower median home prices than their surrounding Metropolitan Statistical Areas. The report released Thursday is the third special report on Opportunity Zone home prices released by ATTOM Data Solutions. ATTOM analyzed home prices based on sales deeds in census tracts that qualify as Opportunity Zones under the Tax Cuts and Jobs act of 2017. Opportunity Zones were included in the report analysis if they had at least five home sales between 2005 and Q4 2019. The states with the highest numbers of Opportunity Zones that provided sufficient data for the report—at least five home sales from 2005 through 2019—are California (465), Florida (332), Texas (234), Pennsylvania (166), and North Carolina (165).  The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Presidential Nom. Buttigieg Releases Housing Reform Plan Next: Southern States Lead Delinquency Drops Affordability Housing Market Opportunity Zones 2020-02-20 Mike Albanese Subscribelast_img read more

Mortgage Brokerage Responds to CFPB’s Claims

first_imgSign up for DS News Daily Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Tagged with: CFPB Lawsuit Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Community Development Found to be Largest Value of CRA Next: Mortgage Connect Taps Gabe Minton as CIO CFPB Lawsuit 2020-07-15 Mike Albanese Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. Home / Daily Dose / Mortgage Brokerage Responds to CFPB’s Claims Updated July 17, 2020The Chicago-based mortgage brokerage Townstone Financial Inc. is accusing the Consumer Financial Protection Bureau (CFPB) of political motivations in filing a lawsuit that alleged the company conducted redlining practices against African Americans between 2014 and 2017.The CFPB charged Townstone with violating the Equal Credit Opportunity Act (ECOA) and Regulation B, its implementing regulation, and with the Consumer Financial Protection Act for allegedly drawing almost no mortgage applications in the predominantly African American neighborhoods in the Chicago-Naperville-Elgin metro area and few applications from African Americans throughout the wider Chicago metro market. In its complaint, the CFPB claimed Townstone used its weekly radio shows and podcasts intentionally discouraged African Americans from making mortgage applications and from both living and seeking properties in predominantly African American communities.James Bopp Jr., co-counsel for Townstone and founder of The Bopp Law Firm of Terre Haute, Indiana, issued a statement on behalf of the company that defined the CFPB as “the controversial brainchild of Senator Elizabeth Warren” and argued the agency was targeted because of its broadcasting on an AM radio station that featured conservative talk shows.“The CFPB is using this case to drive all banking and mortgage companies away from advertising on conservative talk radio and to punish mainstream conservative political speech and social commentary,” Bopp said. “The CFPB has long been controversial and just lost a case in the United States Supreme Court for being improperly structured. They have been waiting years to file a case on the eve of a Presidential election to damage conservative voices. This is another federal agency weaponized to attack conservatives that needs to be stopped.”Bopp stated the CFPB began its investigation of Townstone in June 2017 and referred the matter to the Housing & Civil Enforcement Section of the U.S. Department of Justice, which opted not to pursue it. He noted the CFPB’s allegation that Townstone did not reach out to minority communities in the Chicago metro was illogical because the company “decided to advertise on AM radio specifically to reach as broad a geographic area as possible,” adding that Townstone had also advertised in the past on FM radio station that played hip-hop music.“Townstone has been in business since July 2002 and has not received any fair lending complaints in its entire history 18-year history,” Bopp continued. “And despite the hundreds of thousands of Townstone’s emails and other documents, the CFPB has not cited one with any racial slurs and other potentially offensive terminology in its Complaint.”Bopp also pointed to Townstone’s one-hour show on AM radio and its podcast that included a mix of real estate discussions and observations on local politics, stressing that different political viewpoints were always part of the program. He accused the CFPB of taking the contents of shows regarding Chicago’s crime-heavy neighborhoods out of context.“The comments are fact-based, citing facts about societal problems in the South Side of Chicago area with violence and the lack of adequate grocery stores,” Bopp said, adding that the CFPB also found fault in a remark made by a former Townstone co-owner in a June 2015 program related to the removal of a Confederate flag. “The CFPB is struggling so hard to find evidence of discrimination that they have reached back over five years to quote two statements made by a former-owner, and not by anyone currently at Townstone.”The (CFPB) filed a lawsuit against Townstone Financial Inc. for alleged discriminatory lending practices in the years between 2014 and 2017.The CFPB charged Townstone with violating the Equal Credit Opportunity Act (ECOA) and Regulation B, its implementing regulation, for allegedly drawing almost no mortgage applications in the predominantly African American neighborhoods in the Chicago-Naperville-Elgin metro area and few applications from African Americans throughout the wider Chicago metro market. In its complaint, the CFPB claimed Townstone used its weekly radio shows and podcasts intentionally discouraged African Americans from making mortgage applications and from both living and seeking properties in predominantly African American communities.Townstone is also accused by the CFPB of violating the Consumer Financial Protection Act as a result of its allegedly discriminatory lending practices.The CFPB’s complaint seeks an injunction against Townstone, as well as damages, redress to consumers, and the imposition of a civil money penalty. In announcing its lawsuit, the CFPB stated that its complaint is not a finding or ruling that Townstone has violated the law.center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Mortgage Brokerage Responds to CFPB’s Claims  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 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 About Author: Phil Hall July 15, 2020 1,705 Views Related Articleslast_img read more

Injuries board pays over half a million euro to Donegal claimants

first_img Pinterest NPHET ‘positive’ on easing restrictions – Donnelly Guidelines for reopening of hospitality sector published Twitter InjuriesBoard.ie has published figures showing that in 2009, 22 Public Liability awards were made to claimants in County Donegal resulting in the awarding of compensation of just over €527,000.Nationally, 51% of injuries covered happened in privately owned establishments, while 24% in areas administered by local authorities. Twitter Injuries board pays over half a million euro to Donegal claimants Google+ Calls for maternity restrictions to be lifted at LUH Previous articleMc Ginley to chair Oireachtas Climate Change CommitteeNext articleTrial begins in London of man accused of killing Inishowen native News Highland RELATED ARTICLESMORE FROM AUTHOR Google+center_img Facebook WhatsApp News Pinterest Help sought in search for missing 27 year old in Letterkenny 448 new cases of Covid 19 reported today WhatsApp Three factors driving Donegal housing market – Robinson Facebook By News Highland – July 8, 2010 last_img read more

MEP concerned for the future of the LEADER model of funding

first_img MEP concerned for the future of the LEADER model of funding Pinterest WhatsApp Facebook LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Google+ RELATED ARTICLESMORE FROM AUTHOR Almost 10,000 appointments cancelled in Saolta Hospital Group this week It’s being claimed this week by a North West MEP that current proposals from Minister Phil Hogan and his department will totally undermine the LEADER model of local development and will wipe out meaningful community and voluntary involvement in the sector.Marian Harkin was speaking after meeting this week with LEADER groups in Brussels.She claims what the minister and his department call a realignment amounts to nothing less than a power grab to further centralise and control decision-making.The new model would see County Managers take a central role, with Ms Harkin fearful this would be used by the minister as an excuse to cut local authority funding.She says the essence of LEADER has always been the distribution of funds directly to local communities, and that’s the way it should stay………[podcast]http://www.highlandradio.com/wp-content/uploads/2013/01/xxxmhark1pm.mp3[/podcast] Twitter Google+ Three factors driving Donegal housing market – Robinson center_img Guidelines for reopening of hospitality sector published Twitter Pinterest WhatsApp By News Highland – January 10, 2013 Previous articleDonegal native loses High Court challenge to ban on assisted suicideNext articleInishowen can’t afford to lose gardai – Crossan News Highland News NPHET ‘positive’ on easing restrictions – Donnelly Calls for maternity restrictions to be lifted at LUH Facebooklast_img read more

Couple forced to flee their home in Derry after racist attack

first_img Facebook Couple forced to flee their home in Derry after racist attack Google+ By News Highland – January 17, 2012 News Calls for maternity restrictions to be lifted at LUH Pinterest Previous articleSF Cllr claims he was verbally attacked at ‘Cant Pay Wont Pay’ meetingNext articleGAA – Jim McGuinness’ Reaction From Sundays Dr.McKenna Cup Defeat News Highland Need for issues with Mica redress scheme to be addressed raised in Seanad also Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey RELATED ARTICLESMORE FROM AUTHOR Guidelines for reopening of hospitality sector published center_img Facebook WhatsApp Police in Derry are treating an attack at a home in the city as a hate crime.Two men broke into a house in the Kilfennan estate just before 6 o clock yesterday evening in what has been described as racist attack.A 35-year-old woman was alone in the house at the time of the attack. She was not injured.The men damaged the front door of the house during the incident.SDLP MLA Mark H Durkan has spoken to the woman and said that she and her husband are too frightened to return to the house………..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/01/markh1pm.mp3[/podcast] Twitter Twitter Pinterest Google+ Almost 10,000 appointments cancelled in Saolta Hospital Group this week LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton WhatsApplast_img read more

Gallagher still in the hunt for the final Midlands North West EU seat

first_imgNews Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Counting in the European Elections Midlands Northwest constituency will resume at 9 o’clock this morning.Independent Luke Ming Flanagan was the first MEP for the region elected yesterday – meaning there’s now three seats left to be filled.Speaking in Castlebar after his election last night, Luke Ming Flanagan said his campaign was about people power……Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/05/mingelection.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Sinn Fein’s Matt Carthy Fine Gaels Mairead Mc Guinness will take the next two seats, and It looks as though the fight for the last seat in that count will be between outgoing MEPs Pat the Cope Gallagher and Marian Harkin.After the third count in Castlebar last night, Marian Harkin was on 77,798, Pat the Cope Gallagher was on 62,071 votes and his party colleague Senator Thomas Byrne on 58,505.The quota is 129,290. LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Previous article22-year-old man who died in St Johnston tragedy named locally as Oisin CrawfordNext articleMc Brearty says Gilmore’s resignation is “too little, too late” News Highland Facebook By News Highland – May 27, 2014 Guidelines for reopening of hospitality sector published Twitter Facebook WhatsApp Calls for maternity restrictions to be lifted at LUH center_img Pinterest RELATED ARTICLESMORE FROM AUTHOR Gallagher still in the hunt for the final Midlands North West EU seat WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week Pinterest Need for issues with Mica redress scheme to be addressed raised in Seanad also Twitter Google+ Google+last_img read more