The Best Markets For Residential Property Investors 2 days ago Print This Post Home / Daily Dose / Coronavirus Could Halt Mortgage Payments Servicers Navigate the Post-Pandemic World 2 days ago Coronavirus Could Halt Mortgage Payments The Chief Economist at Moody’s Analytics estimates that as many as 30% of Americans with home loans—nearly 15 million households—could stop paying their loans if the economy is closed through the summer. “This is an unprecedented event,” said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania, in an article by the Los Angeles Times. “The great financial crisis happened over a number of years. This is happening in a matter of months—a matter of weeks.”Andrew Jakabovics, a former senior advisor for the U.S. Department of Housing and Urban Development and who is now at Enterprise Community Partners, a nonprofit affordable housing group, said of the virus, “nobody has any sense of how long this might last.”“The forbearance program allows everybody to press pause on their current circumstances and take a deep breath. Then we can look at what the world might look like in six or 12 months from now and plan for that,” Jakabovics told the Los Angeles Times. CNBC reported Monday that a coalition of mortgage leaders sent a request to Federal regulators over the weekend for “desperately needed cash.” The report from CNBC said the number for mortgage forbearance requests have been coming in at an “alarming rate,” but servicers still need to pay bondholders. The report cited Jay Bray, CEO of Mr. Cooper, who said his company has already granted 80,000 forbearances. Mr. Cooper services nearly 4 million loans across the nation. CNBC quoted Bray as saying, “there is going to be complete chaos” without federal help. According to CNN, analysts believe the Fed will step in soon, as after granting homeowners forbearance, servicers are still on the hook with investors to continue paying principal and interest on the mortgages, leading to servicers lacking the cash necessary to cover missed payments.To address these concerns, and to introduce ways to mitigate the unintended consequences of moratoriums, the National Mortgage Servicing Association (NMSA), a nonpartisan organization driven by senior executive representation from the nation’s leading mortgage servicing organizations, announced a proposal to ensure that the up to $100 billion in liquidity necessary to provide payment relief for up to 12 million Ginnie Mae homeowners is secured.The NMSA released a proposal outlining their recommended steps in the light of some of these announced governmental programs.NMSA’s proposal outlines how Ginnie Mae programs, which include residential mortgage loans guaranteed by FHA, VA, and USDA, play a crucial role in the housing market by serving low-to-moderate income, communities of color, first-time homebuyers, and rural and veteran mortgage borrowers who typically do not qualify for conforming or bank loans and may be especially vulnerable during periods of economic stress, including the present COVID-19 pandemic. Demand Propels Home Prices Upward 2 days ago housing market 2020 Mortgage Payments 2020-04-06 Mike Albanese Share Save Previous: Ocwen Financial Addresses COVID-19 Concerns Next: DS5: FHFA Director Discusses Forbearance Related Articles About Author: Mike Albanese in Daily Dose, Featured, Foreclosure, Market Studies, News April 6, 2020 2,185 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: housing market 2020 Mortgage Payments Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago 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. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Subscribe
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Authorities have apprehended a suspect wanted for allegedly killing a Jericho gas station attendant and robbing at least a dozen other gas stations in a crime spree that sparked a massive manhunt, Nassau County police said.U.S. Marshals helped investigators track down Joshua Golson-Orelus, who pleaded not guilty Thursday to charges of first-degree murder, robbery, attempted robbery and criminal possession of a weapon. Additional charges are anticipated in the ongoing investigation.“It has been the top priority for the past six months,” Acting Nassau County Police Commissioner Thomas Krumpter told reporters during a news conference at police headquarters in Mineola.Homicide Squad detectives alleged that the 23-year-old construction worker from Westbury gunned down Hany Awad, 56, of Levittown, at a BP Gas Station on Jericho Turnpike shortly after 9 p.m. Wednesday, Jan. 28. A customer found the victim lying on the floor behind the counter, police said, and he was pronounced dead at the scene.Authorities suspect that Golson-Orelus also is responsible for 12 armed robberies between December 2013 and March, police said. Investigators caught a break when a K-9 Unit officer spotted him allegedly fleeing the robbery of a Citco gas station in Westbury last weekend, police said.“This event led to his apprehension,” Chief of Detectives Kevin Smith said.Detectives tracked the license plate number on the getaway car to the Hempstead home of the suspect’s friend, police said. Then investigators believe he fled upstate. He was found at a relative’s home in Utica.Police did not disclose a motive for the robberies or the murder.“This arrest has taken a menace to public safety off of the streets, and we will prosecute this case aggressively to ensure that he’ll never threaten our communities again,” Acting Nassau County District Attorney Madeline Singas said.Judge Paul Meli ordered Golson-Orelus, who was previously tried for felony assault, held without bail. He is due back in court Monday. If convicted, he faces up to life in prison without the possibility of parole.
Next year’s World Cup hosts Russia welcomes European champions Portugal to Moscow for the second round of group games in the Confederation Cup. The other game of the evening is between Mexico and New Zealand.Pay TV channel, StarTimes, has promised to beam the games live from the Otkrytiye Arena in Moscow to the watching pleasure of its Nigerian subscribers.The European champions will be hoping to add some extra silverware to their international trophy cabinet, whilst the Russians are chasing their first major trophy as a nation, whilst simultaneously preparing for next summerâ€™s World Cup.As expected, host nation Russia got off to a comfortable start in their Confederations Cup campaign, beating OFC Nations Cup holders New Zealand while European champions Portugal were held to a 2-2 draw against CONCACAF Cup champions Mexico. It goes without saying that all eyes will be on Cristiano Ronaldo in Moscow. Heâ€™s Portugalâ€™s talisman and everything flows through him on the pitch. As youâ€™d expect, the Portuguese often look to Ronaldo to carry them forwards and tend to give him the ball whenever heâ€™s in space.However, he was slightly abject against Mexico and given the speculation surrounding his future and the impending tax avoidance charges, heâ€™s got a lot on his plate at present. Will he be fully focussed on the Confederations Cup? A lack of focus could seep into his game and consequently hinder his national side.Russia have only ever qualified for three World Cups, given a free pass into 2018 since theyâ€™re the host nation, whilst reaching the semi-finals of Euro 2008 represents the only time theyâ€™ve progressed beyond the group stage of a major international tournament. Theyâ€™re not a nation steeped in footballing history and itâ€™s apparent in the quality of their current squad. Portugal has a better first team and depth, so the key for Russia is putting in a solid team performance. They need everyone to pull their own weight and to play as one collective against a strong Portugal side containing Ronaldo. Retaining shape and staying solid at the back will be important.Commenting on the match, FIFA Secretary General Fatma Samoura said tickets for the group game between Portugal and Russia have been sold.â€œIt is one of the most awaited games of the competition featuring hosts nation Russia and UEFA Euro 2016 Winners Portugal. Both teams are going to make debut in this edition of FIFA Confederations Cup. So naturally, fans are eager to see their team playing the competition for the first time.The FIFA Confederations Cup, in its tenth edition featuring Germany, Russia, Portugal, Mexico, Australia, New Zealand, Chile and Cameroon,StarTimes has promised its subscribers that they can enjoy the best of the Confederation matches and other thrilling sporting actions on its ST World Football Channels 244 and 254 and ST Sport Premium channel 246.Speaking on these coming Confederation Cup matches, Acting Brands and Marketing Director, StarTimes, Mr. Qasim Elegbede, said StarTimes remains committed to delivering quality sporting contents to its subscribers.â€œQuality sporting content was the reason behind the acquisitions of sporting rights such as the FIFA World Cup in over 48 territories in Africa and other sporting event like the Serie A, Bundesliga, French Ligue 1, Chinese Super League and Eredivisie.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram