Cook County, Illinois, Sues Lender Over Alleged Predatory Practices

first_img Cook County Illinois Equity Stripping Fair Housing Act Lawsuits Wells Fargo 2014-12-03 Brian Honea Subscribe Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Cook County, Illinois, Sues Lender Over Alleged Predatory Practices December 3, 2014 698 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Cook County, Illinois, Sues Lender Over Alleged Predatory Practices Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Cook County, Illinois, home of the third most populated city in the U.S., has filed a lawsuit against Wells Fargo, accusing the nation’s largest residential mortgage lender of predatory lending practices.The complaint filed by Cook County, which is home to Chicago and has a population of about five million, accuses Wells Fargo of violating the Fair Housing Act by engaging in a practice known as “equity stripping.” The county alleges that Wells Fargo targeted minorities, particularly Latinos and African-Americans, for high-cost mortgage loans in order to maximize the bank’s profits and assets without regard to the borrower’s ability to repay the loan.The county alleges in the complaint that this practice led to a large number of foreclosures in the area, which in turn contributed to the spreading of blight. The complaint says that as many as 26,000 loans may have been affected. The county is believed to be seeking more than $300 million in damages in addition to a court order that requires Wells Fargo to stop the alleged predatory lending practice.”The county’s accusations are baseless and it’s disappointing they chose to pursue a lawsuit against Wells Fargo rather than collaborate together to help borrowers and home owners in the county,” Wells Fargo spokesman Tom Goyda said in an email. “Wells Fargo’s team members live and work in the Chicago area and we stand behind our record as a fair and responsible lender, which includes an $8.2 million down payment assistance grant program that helped create 547 new homeowners in Chicago and the Cook County suburbs over the past two years. We will vigorously defend ourselves and continue to focus on helping customers succeed financially and expanding homeownership in Illinois and across the United States.”Similar lawsuits have been filed against Wells Fargo in the last year by Los Angeles and Miami in regards to the bank’s mortgage lending practices. The Miami suit was dismissed in July and is being appealed, while Wells Fargo lost a bid for the dismissal of the Los Angeles suit. 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 Data Provider Black Knight to Acquire Top of Mind 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. About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Cook County Illinois Equity Stripping Fair Housing Act Lawsuits Wells Fargo The Best Markets For Residential Property Investors 2 days ago Previous: Shapiro & Zielke Raises $10K for Local Charity 360 Communities Next: Fed Reports Continued Growth In Final Beige Book of 2014 in Daily Dose, Featured, Foreclosure, News  Print This Postlast_img read more

Strong Finish to 2014 For Texas Housing Market Caps State’s Second-Best Year Ever

first_img Servicers Navigate the Post-Pandemic World 2 days ago About Author: Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News Housing in Texas heated up in the final quarter of 2014, capping off the second-best year for the market in the state’s history, according to data released by a local Realtor group.Using data from multiple listing services in markets throughout the Lone Star State, the Texas Association of Realtors reported Monday that single-family home sales statewide totaled 66,664 last quarter, an 8.46 percent increase from the same period in 2013.”While many local Texas markets saw dips in home sales volume throughout 2014, the statewide housing market continue to grow year-over-year,” said Scott Kesner, association chairman. “The fourth quarter of 2014 marked three-and-a-half years of continual home sales growth for the Lone Star State and the highest annual home sales volume since 2006—a testament to the strong and enduring demand of Texas real estate.”The increase marks a sharp turn from 2014’s other three quarters, which generally saw 0–2 percent increases on an annual basis.”A dip in mortgage interest rates below four percent in the last half of 2014 created an ideal climate for this year-end surge in home sales growth,” said Jim Gaines, Ph.D., economist with Texas A&M University’s Real Estate Center. “However, fewer homes on the market and strong demand maintained rising home prices and shrinking months inventory.”The group says the median price for a home in the state last quarter was $185,900, a 7.76 percent increase from the prior three months. The average price was up 6.99 percent, meanwhile, to $240,976.At the same time, the statewide stock of for-sale homes continued to fall, dragging months’ supply to an all-time low of 3.3 months, about half the supply that Texas A&M’s Real Estate Center says is a balanced market of supply and demand.Still, inventory trends are looking better than they were just a few short years ago, when quarterly drops were in the double digits.Looking ahead, Gaines said he expects home sales in the first half of this year will be similar to what the market saw last year, while prices and inventory are projected to continue moving along their current trend lines.”Continued housing demand, especially in Texas’ metro areas, will be critical to sustaining our market’s strong housing development in 2015,” he added. Tagged with: Home Prices Home Sales Housing Inventory Housing Market Texas Texas Association of Realtors Share Save The Best Markets For Residential Property Investors 2 days ago  Print This Post Demand Propels Home Prices Upward 2 days ago 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. Home / Daily Dose / Strong Finish to 2014 For Texas Housing Market Caps State’s Second-Best Year Ever Servicers Navigate the Post-Pandemic World 2 days ago Previous: Servicers Name Property Preservation as Biggest Challenge With FHA Loans Next: Treasury Lowers Q1 Borrowing Estimate by $54 Billion Home Prices Home Sales Housing Inventory Housing Market Texas Texas Association of Realtors 2015-02-02 Tory Barringer Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago February 2, 2015 1,025 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Strong Finish to 2014 For Texas Housing Market Caps State’s Second-Best Year Ever Related Articles Subscribelast_img read more

Government-Sponsored Rental-Prise?

first_imgSubscribe FHFA Freddie Mac SFR Single Family Rental 2017-07-21 Joey Pizzolato Joey Pizzolato is the Online Editor of DS News and MReport. He is a graduate of Spalding University, where he holds a holds an MFA in Writing as well as DePaul University, where he received a B.A. in English. His fiction and nonfiction have been published in a variety of print and online journals and magazines. To contact Pizzolato, email [email protected] Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: FHFA Freddie Mac SFR Single Family Rental 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  Print This Post Related Articles Sign up for DS News Daily About Author: Joey Pizzolato Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago July 21, 2017 1,328 Views in Daily Dose, Featured, Headlines, News, Secondary Market Freddie Mac might be following in Fannie Mae’s footsteps, according to a recently published New York Times article, and get a hand in the single-family home-rental market, now that the Federal Housing Finance Agency (FHFA) has given the Enterprise the go-ahead to shop around.According to the piece, the bank wants to supply up to $1 billion for affordable housing rentals to mid-sized landlords, with the possibility of bringing in nonprofits as well. Affordability is the Enterprise’s main goal, Freddie Mac VP David D. Leopold said in a statement.Freddie’s proposed deal would be much different than Fannie Mae’s, which reached a $1 billion financing deal with Invitation Homes, one of the largest private-equity-backed landlords in the country. The firm holds 50,000 single-family rental-homes in 13 major markets, and had an initial public offering netting $1.7 billion around the time of signing.There’s still plenty of rental homes to go around, though. The New York Times reports that there are 17 million homes rented, a figure that has grown from 11 million in 2007. Freddie Mac would like to find itself somewhere in the middle. From the article:The vast majority of rentals are still managed by mom-and-pop operators who own a small number of homes. And Fannie Mae and Freddie Mac have long provided financing to small investors. But financing has been hard to come by for nonprofit housing groups and midsize investor landlords who have had to rely mainly on private-equity-backed firms for financing.The goal of the move would be to add some stability to mid-sized landlords by guaranteeing loans, thereby encouraging more traditional lenders to get into this underrepresented portion of the single-family rental market. The Senate Committee on Banking, Housing, and Urban Affairs has recently been calling for reforms to the government-sponsored Enterprises, and the move to single-family rental homes could be a step in that direction when considering the future.The FHFA will still have to approve of any financing deal Freddie Mac comes up with, though, and has only approved of Freddie and Fannie’s move to the rental market in limited quantities. The agency had previously denied Freddie Mac in 2012, when the Enterprise wanted to finance buyers of foreclosed homes, citing concerns that low cost loans would hurt the banks and encourage home flipping.Freddie Mac did not return DS News’ request for comment on the matter. Servicers Navigate the Post-Pandemic World 2 days ago Government-Sponsored Rental-Prise? Previous: Fraud Watch Next: The Week Ahead: Yellen, Yellen, Yellen Home / Daily Dose / Government-Sponsored Rental-Prise? Share Savelast_img read more

Fannie Mae Hires Financial Advisor

first_imgHome / Daily Dose / Fannie Mae Hires Financial Advisor Demand Propels Home Prices Upward 2 days ago Fannie Mae Hires Financial Advisor  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles About Author: Mike Albanese Previous: How Lockdowns are Impacting Minority Homeowners Next: A Lookback on Combined Loan-to-Value Ratios Demand Propels Home Prices Upward 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago June 15, 2020 1,639 Views Tagged with: Fannie Mae FHFAcenter_img Fannie Mae announced Monday it hired Morgan Stanley & Co. as its financial advisor to assist in developing and implementing a plan for recapitalization and “responsibly” ending conservatorship.A statement from the GSE said while Morgan Stanley will work closely with Fannie Mae, the Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury to consider business and capital structures, market impacts, timing, and capital raising alternatives.“Today’s announcement marks another important step toward a responsible exit from conservatorship, and we look forward to working with FHFA, Treasury, and Morgan Stanley to chart a strong course forward for Fannie Mae,” said Hugh R. Frater, CEO, Fannie Mae. “As we continue to stand behind our partners and support homeowners and renters through today’s challenges, we remain focused on ensuring our company is best prepared to serve the market’s future needs.”Fannie Mae added that selecting a financial advisor is an “important milestone” to meeting Fannie Mae’s 2020 FHFA scorecard objective to prepare a transition plan to exit conservatorship.The GSE said that J.P. Morgan will provide strategic counsel and perform a range of tasks to “help facilitate Freddie Mac’s exit” from conservatorship.“J.P. Morgan is pleased to be selected as Freddie Mac’s underwriting advisor,” said Jamie Dimon, Chairman and CEO of JPMorgan Chase. “We look forward to working side-by-side with Freddie Mac on this historic assignment in the months ahead.”The GSE announced last month that it would begin the process of selecting a financial advisor.“While we are fulfilling our mission and helping to keep people in their homes during this national emergency, we also remain committed to ensuring a responsible exit from conservatorship,” said Frater. “Today’s announcement is a significant step on that path, and we look forward to making a timely selection in the competitive process.”Engaging a financial advisor is an important milestone in meeting Fannie Mae’s 2020 FHFA scorecard objective to prepare a responsible transition plan for a potential exit from conservatorship. The support of private capital will contribute to increasing the resiliency of the housing finance system.FHFA Director Dr. Mark Calabria told FOX Business late last year that Fannie Mae and Freddie Mac are building the capital necessary to get out of conservatorship, but there is still a little way to go.”I believe that under the statute I am required to fix [Fannie and Freddie],” Calabria said.”Fannie and Freddie are less leveraged than when I started,” Calabria added. “We’re going in the right direction.” Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fannie Mae FHFA 2020-06-15 Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Share Save The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days agolast_img read more

Labour survey highlights problems for Donegal schools

first_img NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp Google+ WhatsApp Help sought in search for missing 27 year old in Letterkenny Labour survey highlights problems for Donegal schools 448 new cases of Covid 19 reported today Google+ A Labour party survey has found one in every four primary schools in Donegal have problems meeting demand for spaces.A rise in enrolment figures and a lack of progress on school building projects are being blamed for the reason why increasing numbers of schools are having to turn pupils away or operate at over-capacity.A survey identified that local primary schools still face ongoing battles in terms of parking, prefabs, office space, IT, and support for children with learning difficulties.Donegal North East candidate, Jimmy Harte, who carried out the survey:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/02/har1schoolspm.mp3[/podcast] Facebook Twitter Pinterestcenter_img RELATED ARTICLESMORE FROM AUTHOR Twitter Previous articleStrabane man ‘terrified’ after attempted abductionNext articleMary Coughlan calls for a review of student nurse pay plans News Highland Facebook Calls for maternity restrictions to be lifted at LUH Three factors driving Donegal housing market – Robinson Newsx Adverts By News Highland – February 11, 2011 Guidelines for reopening of hospitality sector published Pinterestlast_img read more

Council finances in ‘crisis’

first_img PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Twitter Google+ Facebook By News Highland – April 12, 2010 HSE warns of ‘widespread cancellations’ of appointments next week WhatsApp Dail hears questions over design, funding and operation of Mica redress scheme The Donegal County Council’s finances have been described as in crisiswith fears that many major projects in the county will not beproceeding due to a lack of funds.Councillors today agreed the council’s Capital Programme for the nextthree years, however concern has been expressed that the council is toadd to its current loan commitments and significant overdaraft byborrowing a further 30 million euro.A number of key projects across the county have been allocated littleor now funding for the next three years.Councillor Padraig MacLochlainn says the people of Donegal are nowpaying the price for the banking crisis:[podcast]http://www.highlandradio.com/wp-content/uploads/2010/04/padraw1.mp3[/podcast] RELATED ARTICLESMORE FROM AUTHOR Facebook WhatsAppcenter_img Pinterest News Google+ Man arrested in Derry on suspicion of drugs and criminal property offences released 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Pinterest Council finances in ‘crisis’ Dail to vote later on extending emergency Covid powers Twitter Previous articleCouncil anger at HSE over community hospital concernsNext articleHiggins anger at Oireachtas Transport Committee “snub” to bereaved families News Highland last_img read more

Lynch calls for new guidelines on suicide reporting

first_img HSE warns of ‘widespread cancellations’ of appointments next week Twitter RELATED ARTICLESMORE FROM AUTHOR Facebook Google+ Twitter The Minister for Mental Health has said the guidelines for reporting on suicide need to be strengthened.Kathleen Lynch made the comments at the launch of the Samaritans Ireland Impact Report for 2012, which reveals a 3 per cent increase in the number of calls to the helpline in the past year, to just over 412 thousand.1 in 6 of the calls related to the recession, up from 1 in 10 in 2011.The Samaritans say new guidelines on the coverage of copycat suicides will be published in the New Year.Louise Kelly reports……….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/12/louiseweb.mp3[/podcast] Man arrested on suspicion of drugs and criminal property offences in Derry Previous articleBudget discussions underway at County HouseNext article520 births in Donegal between April and June News Highland WhatsApp Dail hears questions over design, funding and operation of Mica redress scheme Facebookcenter_img WhatsApp Pinterest Lynch calls for new guidelines on suicide reporting Pinterest Google+ Man arrested in Derry on suspicion of drugs and criminal property offences released News PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Dail to vote later on extending emergency Covid powers By News Highland – December 19, 2012 last_img read more

Man dies in Derry collision

first_imgNewsx Adverts WhatsApp Twitter Pinterest 365 additional cases of Covid-19 in Republic Google+ RELATED ARTICLESMORE FROM AUTHOR WhatsApp Twitter Man arrested on suspicion of drugs and criminal property offences in Derry 75 positive cases of Covid confirmed in North Google+center_img Further drop in people receiving PUP in Donegal One person had died and two have been injured following a collision near Ballyarnett Village in Derry, close to the Donegal border.There were two cars involved in the crash on Alder Road at 12.20 this morning. The male driver of one of them lost his life.Investigations into the cause of the collision are continuing, and the scene is cordoned off with local diversions in place. Gardai continue to investigate Kilmacrennan fire Man dies in Derry collision By News Highland – May 3, 2012 Previous articleBallina drug dealer given suspended sentence at Donegal District CourtNext articleJudge seeks explanation after 27 fail to turn up for jury duty in Donegal News Highland Facebook Facebook Pinterest Main Evening News, Sport and Obituaries Tuesday May 25th last_img read more

Over 100 jobs to be relocated to Strabane

first_img Gardai continue to investigate Kilmacrennan fire Twitter WhatsApp Pinterest Over 100 jobs to be relocated to Strabane News RELATED ARTICLESMORE FROM AUTHOR 365 additional cases of Covid-19 in Republic Main Evening News, Sport and Obituaries Tuesday May 25th Google+ Google+ Over 100 jobs are to be relocated to Strabane with the creation of a new Government office offering benefits, skills and farming support services.The new offices will be built on the site of the current Social Security Office on Urney Road.Work is due to begin on the new build in autumn 2014, subject to planning permission and procurement, with completion expected by spring 2016.West Tyrone MLA, Michaela Boyle says it will be a welcome boost to the towns economy:[podcast]http://www.highlandradio.com/wp-content/uploads/2013/11/mboy.mp3[/podcast]center_img By News Highland – November 29, 2013 WhatsApp Facebook Twitter Man arrested on suspicion of drugs and criminal property offences in Derry Previous articleUlster Club Final – Gary Mc DaidNext articleArrest warrant issued for Donegal based actor Gerard McSorley News Highland Pinterest Further drop in people receiving PUP in Donegal 75 positive cases of Covid confirmed in North Facebooklast_img read more

76th anniversary of Aranmore tragedy today

first_imgNewsx Adverts 76th anniversary of Aranmore tragedy today Gardai continue to investigate Kilmacrennan fire Facebook Google+ WhatsApp Google+ WhatsApp 75 positive cases of Covid confirmed in North Today marks the 76th anniversary of the Aranmore Disaster in which 19 people lost their lives.Eighteen of the 19 victims of the tragedy came from the same part of Aranmore, and seven were from the same family.Today’s commemorations begin with the laying of a wreath at sea at the spot where the boat went down, and will end with mass at the time the boat went down.Local priest Fr John Joe Duffy says the horror of 1935 still resonates today:[podcast]http://www.highlandradio.com/wp-content/uploads/2011/11/frjj1pm.mp3[/podcast] By News Highland – November 9, 2011 RELATED ARTICLESMORE FROM AUTHORcenter_img Main Evening News, Sport and Obituaries Tuesday May 25th Further drop in people receiving PUP in Donegal Previous articleFuture looks brighter for Donegal’s Town CouncilsNext articleFury in Donegal as government shelves A5 funding News Highland Twitter Man arrested on suspicion of drugs and criminal property offences in Derry Facebook Twitter Pinterest Pinterest 365 additional cases of Covid-19 in Republic last_img read more