July 28, 2017
- This past week, the nation celebrated the National Housing Week of Action. Congressmen and housing activists gathered on Capitol Hill to shed light on the nation’s current housing issues. The gatherers specifically sought funds for additional investments in housing for low-income families.
- The Affordable Care Act has yet to be repealed. Members of Congress presented yet another iteration to repeal the act; however, their efforts failed to persuade the members of the Senate. The proposed repeal, if approved, would end the mandate that most Americans pay for their medical coverage. Further, individuals purchasing their own insurance would see a 20% increase in the price of their premiums.
July 27, 2017
- First Financial bought MainSource for $1 billion. This merger will make First Financial the sixth largest bank in Indiana. The deal incorporates a stock-for-stock transaction estimated to the value of 1 billion. Due to the merger, First Financial now has “$13.3 billion in assets, $8.9 billion in loans, $10 billion in deposits and $4 billion in assets.“
- In 2013, Denver made a five-year affordable housing goal; however, they met the goal one year before its end date. Further, the city plans to create over 1,600 affordable units within the next year. 97% of the new affordable homes are or will be within .25 of a mile from a frequent bus line. As a result, the city also created the Office of Housing & Opportunities for People Everywhere.
July 26, 2017
- Does Loan Officer Race Affect Mortgage Prices? Evidence from the Subprime Mortgage Market, Ambrose, Conklin, and Lopez
- Mortgage Insurance Deductibles: An Idea Whose Time Hasn’t Come, Kieppl and MacGee
- Invisible Student Loan Debt and the Mortgage Interest Deduction, Haneman
- House Price Beliefs and Mortgage Leverage Choice, Bailey, Davila, Kuchler, and Stroebel
July 25, 2017
- New York City’s Department of Housing Preservation and Development secured approximately 1.5 million to expand community land trusts. These funds stem from bank settlements throughout the state. New York negotiated with banks across the state regarding their past policies and procedures which have contributed to New York’s housing crisis.
- The U.S. Appropriations Committee recently passed a bill proposing new legislation. The proposed legislation will shift the practices of the United States Department of Housing and Urban Development (HUD). For instance, HUD would then have to report on all areas in which it uses “flawed income data.” If passed into law, the federal agency will have to create a new criteria for determining how it issues out it’s community block grants. Seemingly, this legislation was authored to shift a few of HUD’s practices.
July 24, 2017
- A Miami-Dade court halted David Beckham’s plan to create a new soccer stadium in Miami, which may potentially persuade Major League Soccer to expand to Miami. Miami-Dade County recently approved Beckham’s 9 million dollar bid to purchase a parcel of land. A local landowner believes the county violated state law when they allegedly did not choose the highest and best bidder.
- The developers and managers of The Millennium Towers in San Francisco pleaded with a local judge to dismiss claims brought against them regarding their homes in the “now sinking” tower. The homeowners allege the marketing materials defrauded and/or misled them regarding issues surrounding the tower’s tilt. Millennium’s attorney explained to the court that the homeowners failed to allege a harm done by the developers and managers of the tower.
- Kohl’s Corp. is relieved. A Wisconsin federal judge determined the corporation’s accounting practices were not corporate misconduct. The plaintiff failed to explain how the company’s oversight of their accounting errors were in deed careless.
July 21, 2017
- The Consumer Financial Protection Bureau (CFPB) battled with the Office of the Comptroller of the Currency over the public release of the CFPB’s new arbitration rule. Companies can no longer mandate arbitration clauses. As a result, consumers will be able to file class action lawsuits. This new rule mostly impacts credit card companies and banks.
- The National Mortgage Servicing Association (NMSA) wants to revamp how municipalities treat vacant and abandoned properties. The goal is to lessen the burden of servicing such properties. Another goal of the NMSA is to help reduce the number of occurrences of “vandalism, squatting, and violent crimes.”
July 20, 2017
- Three California residents attempted to defraud borrowers in a mortgage modification scheme. The trio garnished at least 11 million dollars from homeowners across the nation. The author of the scheme used some of the funds to produce a reality t.v. show and live lavishly. Together, all three participants will serve a combined 39 years in prison.
- The pool of homes for potential homeowners is expanding. For months, reports mentioned the lack of homes available to potential buyers. As a result, investors are building new homes to correct the existing homes and newly constructed homes imbalance. The Midwest and Northeast will see this growth the most.
- California is in a housing crisis. Many are living below the poverty line and cannot afford California’s expensive rent. State and local legislators are grappling with solutions to resolve the issue. Some California residents resorted to living in vans while others whom make more than $180,000 a year commute over 150 miles per day to travel to work.