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Maxine Waters Voices Concerns With Community Reinvestment Act

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Maxine Waters Voices Concerns With Community Reinvestment Act About Author: Mike Albanese The Best Markets For Residential Property Investors 2 days ago January 16, 2020 2,287 Views 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. Community Reinvestment Act House Financial Services Committee Opportunity Zones 2020-01-16 Mike Albanese Demand Propels Home Prices Upward 2 days ago Congresswoman Maxine Waters, Chairwoman of the House Financial Services Committee, sent letters to the Comptroller of the Currency and the Chairman of the Federal Deposit Insurance Corporation, requesting information on the systems and policies for the Community Reinvestment Act rulemaking process. “The Committee is concerned by reports alleging that certain special interest groups have submitted comments in other rulemakings while posing as consumers, small business owners, and other stakeholders,” Water wrote. “These fraudulent comments undermine legitimate debate on proposed rules by creating the false appearance that a position has widespread, grassroot support. …Given the critical importance of CRA to low- and moderate-income communities, the Committee is interested in ensuring any amendments to the CRA are made with full and accurate input from all interested parties.”The House Financial Services Committee said as the OCC and the FDIC have advanced proposals has the Community Reinvestment Act is implemented. The release states Waters and Committee Democrats have worked to ensure that the implementation of the law is not weakened. The Committee is concerned by reports alleging that certain special interest groups have submitted comments in other rulemakings while posing as consumers, small business owners, and other stakeholders,” Waters said in her letter. “These fraudulent comments undermine legitimate debate on proposed rules by creating the false appearance that a position has widespread, grassroots support. Such misrepresentations have been increasing in frequency and complexity in recent years.” Waters said in late 2019 that the Securities and Exchange Commission Chairman Jay Clayton quoted comments that were submitted under “suspicious circumstances” in a recent rulemaking. “In 2016, the Consumer Financial Protection Bureau’s efforts to receive comments regarding its payday lending rule were frustrated by an influx of over a million comments, many of which were allegedly created by trade groups to appear as if they came from concerned consumers,” she said. The Financial Services Committee will hold a hearing on January 29 titled, “The Community Reinvestment Act: Is the OCC Undermining the Law’s Purpose and Intent?”On December 19, 2019, the IRS published final regulations on Opportunity Zones. In a commentary on Bloomberg Tax, Forest David Milder partner in the law firm Nixon Peabody, LLP, discusses the highlights of the 544-page regulation publication.Key details Milder notes include the 180-day investing period, the “100% Substantial Improvement Rule,” and tax consequences of sales after 10 years, which Milder notes is the “biggest challenge of all.” Previous: FHFA: PACE Loans a Threat to GSEs? Next: HUD Releases $8.2B in Aid to Puerto Rico Maxine Waters Voices Concerns With Community Reinvestment Act The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Related Articles Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Tagged with: Community Reinvestment Act House Financial Services Committee Opportunity Zoneslast_img read more

‘Disproportionately Affected’: The Economic Impacts of COVID-19

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago July 2, 2020 1,180 Views 2020-07-02 Mike Albanese About Author: Krista F. Brock Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily in Daily Dose, Featured, News Previous: Tracking Foreclosures and Distressed Properties Next: DS5: Forecasting the Future of Housing The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago ‘Disproportionately Affected’: The Economic Impacts of COVID-19 Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Home / Daily Dose / ‘Disproportionately Affected’: The Economic Impacts of COVID-19 Minority and low-income households are more likely to have lost income due to the COVID-19 pandemic, as are households without a college education, according to Census data analyzed by Harvard’s Joint Center for Housing Studies (JCHS).In total 44% of households had lost employment as of the end of May. At the time, 7% of homeowners and 15% of renters reported they had not made their prior month’s house/rent payment, according to the latest data from the Household Pulse Survey conducted by the Census Bureau.JCHS found that the impacts of the pandemic are “incredibly broad” but that “some groups have been disproportionately affected.”“Minority, renter, lower-income households, and households without a college degree were more likely to suffer a decline in income and struggle to pay for their housing,” the JCHS reported.More than half of both Hispanic and African American households have lost income during the pandemic compared to 39% of white households. Among Hispanic households, 58% have lost income, while 53% of African American households reported a loss of income. Meanwhile, 44% of Asian/other households reported lost income.About half of households with an income of less than $25,000 and about half of households without a college degree have also reported income loss during the pandemic.High-income households have been less likely to experience income loss but are not exempt. More than one-third of households with an income of at least $100,000 has also experienced some amount of income loss. Also, one-third of households with a college degree have experienced some amount of income lost during the pandemic.Both renters and homeowners who were unable to make housing payments in the month prior to the survey were more likely to struggle to pay for essentials such as food. About 26% of homeowners who missed their mortgage payment and 42% of renters who missed their rent reported not having enough food.The good news is that among those who have experienced some income loss, the share who reported working sometime in the week prior to the survey has been on the rise. In the first and second week since mid-March 43% of those reporting income loss reported working within the past week. By week six, about 50% reported working within the past week.For these findings, the JCHS used data from the Household Pulse Survey but adjusted them so that they represented households rather than individuals. The JCHS suggested that the original Census data overestimates the impact of COVID-19 and that JCHS’s adjustments give a more accurate depiction. The Best Markets For Residential Property Investors 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe 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. last_img read more

Wind Shift Set to Bring Weather Changes to South Florida

first_imgIf you’re tired of the scorching hot temperatures, relief is on the way.Meteorologists say the general flow of air over South Florida is going to be off the ocean for the foreseeable future, finally breaking that intense heat.The water around Florida and through the Bahamas remains warmer than normal, but a breeze in the ocean will help to moderate temperatures.However, the wind flow, which goes across the Atlantic from Africa to Florida, carries moisture with it.Our first rush of wind is expected to be here late Friday into Saturday, followed by another one early next week. Both will increase our cloudiness and the chance of thunderstorms as they pass by.Additionally, forecasters do not anticipate much, if any, tropical development next week.Courtesy: WPTV NewsChannel 5Thursday night will see our low temperatures in the 70s, with partly cloudy skies and some coastal showers possible, along with a light breeze out of the east.As we head into the weekend, Friday will both start out partly sunny, with scattered showers and a few thunderstorms possible moving quickly from east to west. High temperatures will remain around 90 degrees on both days.We can expect to see that same weather pattern and temperatures on Saturday and Sunday.Moving into next week, Monday through Wednesday will offer partly sunny skies, with east/southeasterly winds and highs around 90 degrees.Fast moving isolated to scattered rainfall is also possible each of those days, with higher rain chances along the coast in the morning and then inland during the afternoon.last_img read more