Housing Recovery Moving Slowly Despite Moderate Gains in Sales

first_img Related Articles Share Save Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago While home sales prices posted moderate gains in September, the housing market recovery as a whole is moving slowly, according to the Wells Fargo Economics Group Housing Wrap Up for October 2014.New home sales increased by only 0.2 percent month-over-month in September after shooting up by more than 15 percent in August. And while new home sales have increased by 22.6 percent since September last year, that percentage is perhaps more a reflection on the exceptionally weak sales numbers posted in September 2013, according to Wells Fargo. Existing home sales climbed by 2.4 percent from August to September, the highest percentage in 11 months. Year-over-year, existing home sales were 1.9 percent higher in September.The median price of new homes dropped sharply in September, according to Wells Fargo, declining by 9.7 percent month-over-month and 4.0 percent year-over-year, indicating that more discounts are being offered by builders to move inventory. September declines in the median and average sales prices for existing homes were reported by the National Association of Realtors, indicating that more sellers are offering homes at a discount.Homeownership rates tumbled to 64.4 percent in Q3, hitting their lowest point since 1995, according to Wells Fargo. The report attributes the low homeownership rate to a decline in market discipline that was a longtime hallmark of the housing industry – first-time homebuyers made sacrifices to save for a down payment and therefore had a greater stake in home buying. The market shifted and disciple relaxed, resulting in the sales of many homes with little or no down payment, which resulted in poor outcomes for buyers who purchased a home without consider factors such as builders, neighborhoods, or school districts. The report said that many would-be buyers “now remain chagrined to the point that they are unlikely to buy a home anytime soon.”Among individuals under age 35, homeownership rates stood at just 36 percent in Q3, down 7.6 percentage points since peaking 10 years ago. But While many point to the low homeownership rates among millennials as the reason for slow housing recovery, Wells Fargo does not believe the younger generation is completely to blame.”We believe the missing link in the housing recovery is the lack of strong job growth,” the report said. “While overall employment has surpassed its pre-recession level, much of the rebound in employment has been in part-time jobs.”Wells Fargo found in the report that there are 1.1 million more people working in the U.S. than there were prior to the recession, but the gains have come strictly in part-time jobs, where 3.7 million more people are working. The report said there were actually 2.6 million fewer people working in full-time jobs than prior to the recession, and “the 2.6 million worker gap from pre-recession employment levels likely explains a great deal of the slow motion recovery in the housing market” since people working full-time are more likely to buy a house than those working part-time. November 6, 2014 1,165 Views Tagged with: Home Ownership Rate Home Prices Home Sales Housing Market Recovery Wells Fargo Sign up for DS News Daily 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 Home Ownership Rate Home Prices Home Sales Housing Market Recovery Wells Fargo 2014-11-06 Brian Honeacenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Housing Recovery Moving Slowly Despite Moderate Gains in Sales The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Housing Recovery Moving Slowly Despite Moderate Gains in Sales Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: With Recent Republican Victories, Is GSE Reform Possible? Next: Progress Made on Ending Veteran Homelessness, More to be Done  Print This Post Subscribelast_img read more

Year In Review: Government News

first_imgHome / Featured / Year In Review: Government News The Best Markets For Residential Property Investors 2 days ago Year In Review: Government News Sign up for DS News Daily 2014-12-31 Brian Honea As the new year rolls in, DS News is taking a look back at some of the biggest government headlines and stories of 2014:1. Mel Watt Sworn in as FHFA Director – After months of contentious debate, the Federal Housing Finance Agency (FHFA) finally has a new director. Mel Watt, the former North Carolina congressman, was sworn in Monday to a five-year term as the first Senate-confirmed director of the FHFA. Watt, 68, represented the 12th congressional district of North Carolina as a member of the U.S. House of Representatives for more than 21 years prior to accepting his new post.2. Bank of America Settles Claims for Record $16 Billion – Bank of America agreed to pay a record $16.65 billion to resolve claims related to the sale of toxic mortgage-backed securities during the years leading up the financial crisis.3. Ocwen Reaches Settlement With New York Regulator – Ocwen’s year-long difficulties with New York’s Department of Financial Services (DFS) ended with a $150 million settlement and the departure of its executive chairman.4. Castro Sworn in, Faces New Challenges at HUD – As the newly sworn-in Secretary of the U.S. Department of Housing and Urban Development (HUD), Julian Castro will need to perform a complicated balancing act to move the agency forward during the current unsteady recovery.5. Fed, SEC Approve Risk Retention Rule – The residential mortgage loan risk retention rule, known as the “qualified residential mortgage” (QRM) rule, was approved by the U.S. Federal Reserve Board and the Securities and Exchange Commission (SEC), the last two of six federal agencies to approve the rule, according to the Fed. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Previous: Consumer Confidence Rebounds Following November Downturn Next: Forward to the Future: Industry Leaders Speak Out On Housing in 2015 December 31, 2014 780 Views Share Save  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Featured, Government, News Subscribe 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days agolast_img read more

Majority of Americans Unconcerned Over Fed’s Rate Increase

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Tagged with: Federal Reserve U.S. Economy Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago In a recent survey which asked consumers how they felt about the effect of the Federal Reserve’s recent rate hike on the economy, more than half of respondents (56 percent) were not concerned—Any worries expressed over the Federal Reserve’s recent rate hike are based largely on the respondent’s economic position.The results of Bankrate’s latest Financial Security Index survey, in which 1,003 people were surveyed by telephone, found that 41 percent of Americans believe rate increases could have dire effects on their personal finances and on the U.S. economy in general. However, these concerns are not spread evenly across the population. According to Bankrate, age, economic status, and education level play major roles in how high someone’s anxiety might be.Those between 30 and 49 were most worried, the report found. A full 44 percent in this age range expressed concern over where the economy is headed. Twenty percent of Millennials, the largest generational group to voice concerns, said they worried about their personal economic futures. Millennials were, however, the least likely (12 percent) to be concerned about the effects of rate hikes on the economy overall.On the other side, those 65 and older were far less concerned‒‒37 percent in this age group said they worried about their own finances or the economy in general.Most surveyed did not see much cause for alarm about rate increases. A full 56 percent were not concerned about rate hikes and 15 percent felt rates are getting back to normal after being artificially low for years.”The impact of rising interest rates will take some time to show a cumulative effect,” said Greg McBride, Bankrate’s chief financial analyst.  He added that now is the time for consumers to insulate themselves from rising rates by refinancing from an adjustable-rate to fixed-rate mortgage or by snagging zero-percent balance transfer credit cards.It should be noted, however, that Americans’ financial security is actually better now than it was in December. The January Financial Security Index clocked in at 101.5, compared to December’s 101.1, and Bankrate found that greater feelings of job security and higher overall net worth among Americans of all age groups led the list of reasons. Majority of Americans Unconcerned Over Fed’s Rate Increase  Print This Post Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. About Author: Scott Morgan The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Private Investors Taking on More of the Risk With Credit Risk Transfer Programs Next: SEC Approves Ocwen Settlement Over Financial Misstatements Federal Reserve U.S. Economy 2016-01-20 Scott Morgan Related Articles Home / Daily Dose / Majority of Americans Unconcerned Over Fed’s Rate Increase January 20, 2016 1,056 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Deutsche Bank to Pay Billions Over Pre-Crisis RMBS

first_imgSign up for DS News Daily Deutsche Bank has announced that it has reached a settlement with the United States Department of Justice in regard to an investigation regarding residential mortgage-backed securities (RMBS) and securitization activities between 2005 and 2007.Terms of the settlement agreement state that Germany’s largest bank will pay a total of $7.2 billion: a civil monetary penalty of $3.1 billion and $4.1 billion to provide consumer relief in the United States. Consumer relief will be compensated and delivered in the form of loan modifications and other assistance to homeowners and borrowers over a five-year period.Deutsche Bank is expected to record pre-tax charges of approximately $1.17 billion in the financial results for Q4 as a result of the civil monetary penalty. The financial consequences, if any, of the consumer relief are subject to the final terms of the settlement, and are not expected to have an impact on the bank’s 2016 financial results. The preliminary results for the 2016 financial year are slated to publish on February 2, 2017.The bank has faced multiple settlements over the years relating to violations of U.S. sanctions, rigging of interest-rate benchmarks, and allegations that it defrauded mortgage issuers Fannie Mae and Freddie Mac. According to a Bloomberg article, the bank has paid over $9.3 billion in fines and legal settlements since 2008.In July, DS News reported that U.S. District Judge Deborah Batts rejected Deutsche Bank AG’s bid to dismiss claims with respect to roughly $2.55 billion of securities sold in November 2007 and February 2008, saying the German bank must face part of a lawsuit claiming it deceived investors who bought more than $5.4 billion of preferred securities by concealing its exposure to the fast-deteriorating subprime mortgage market, according to a report from Reuters.Deutsche Bank Co-CEO John Cryan assured to employees that the bank plans to cover all legal costs in a note to the bank’s employees back in February. “I am personally investing time to resolve successfully and speedily open regulatory and legal cases. A small group of senior people, led by me, will focus on this,” he said.Deutsche Bank declined to comment about the settlement. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Deutsche Bank to Pay Billions Over Pre-Crisis RMBS in Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago Department of Justice Deutsche Bank RMBS Settlements 2016-12-23 Kendall Baer Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Department of Justice Deutsche Bank RMBS Settlements About Author: Mirasha Brown Mirasha Brown is a graduate of Florida A&M University and is pursuing a masters degree at Syracuse University. Born and raised in Florida, she has contributed to public relations and marketing campaigns for Rent The Runway and Billboard. She is a communications specialist with The Five Star and a contributing writer to DS News and the MReport. Is Rise in Forbearance Volume Cause for Concern? 2 days ago Related Articlescenter_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago December 23, 2016 1,146 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: A New Standard for Property Preservation? Next: Marijuana Law for California Residential Landlords Home / Featured / Deutsche Bank to Pay Billions Over Pre-Crisis RMBS Share Save  Print This Post Subscribelast_img read more

Studying Homebuying Trends of the LGB Community

first_img Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Studying Homebuying Trends of the LGB Community Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Diversity 2019-06-10 Mike Albanese Previous: Gathering Storm: Preparing Homeowners for Natural Disasters Next: How Best to “Age in Place” Sign up for DS News Daily 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. Tagged with: Diversity June 10, 2019 1,179 Views center_img The National Association of Realtors (NAR) for the first time released its profile of Lesbian, Gay, and Bisexual Buyers and Sellers, and found that bisexual individuals were the most likely to indicate they were first-time homebuyers at 58%.Lesbian and gay buyers followed at 36% and 32% of heterosexuals indicated they were first-time homebuyers. Bisexuals were also the youngest buyers with an average age of 36 years old, but also had the lowest income of $62,400.Gay and lesbian buyers were the oldest at 45-years-old and heterosexuals reported an average age of 44 with a median income of $91,200, which is similar to the $92,900 median income for lesbian and gay buyers.Bisexuals were also the most likely to identify themselves as first-time sellers at 50%, with both 36% of heterosexuals and lesbian/gay identifying as first-time sellers.“The American Dream of homeownership traverses across the spectrum of our society—including sexual orientation—and Realtors always have and will continue to advocate so that anyone who wants to, and is capable of purchasing a home, is able to do so,” said NAR President John Smaby, a second-generation Realtor from Edina, Minnesota and broker at Edina Realty. “Realtors have always embraced the significance of the protections secured by the Fair Housing Act, and have encouraged efforts to extend them by amending our Code of Ethics in 2009 to prohibit discriminations based on sexual orientation and gender identity.”Eighty-six percent of bisexual buyers were most likely to purchase single-family homes, with lesbian/gay buyers the least likely at 79%. Heterosexual buyers were the most likely to purchase multi-generational homes at 13%. Lesbian/gay buyers were most likely live in an urban center at 28%.Freddie Mac reported in April that the LGBTQ homeownership rate remains 16% below the national average, according to a report by the National Association of Gay & Lesbian Real Estate Professionals (NAGLREP).According to this report, one of the biggest barriers to homeownership for the LGBT renter is not unlike that faced by most homebuyers—saving up for a down payment. Seventy percent of LGBT individuals surveyed by Freddie Mac listed this as a top challenge, whereas 81% of NAGLREP members cited lack of funds for a down payment and waiting for the right time to buy as the top hurdles keeping this demographic from owning a home.  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Studying Homebuying Trends of the LGB Community About Author: Mike Albanese Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles 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 agolast_img read more

Richard Corday On CFPB’s Relief Response

first_img Share Save In a new white paper, Richard Cordray, the former Director of the Consumer Financial Protection Bureau (CFPB), outlined the steps he alleges the CFPB needs to be taking right now in the face of an economic crisis caused by COVID-19.“[The Bureau] is relaxing various duties for financial companies and continuing to push the industry to comment on regulatory initiatives at a time when the focus needs to be placed on the grave economic hardship now confronting millions of Americans,” Cordray says in a whitepaper published on Medium. “The CFPB has the legal authority needed to take urgent steps to prevent many consumers from sliding off the financial cliff.”First, Cordray encourages the CFPB to assemble a detailed picture of what is going on in the consumer marketplace. According to Cordray, the CFPB should use its consumer complaint response system to learn from consumers what exactly is happening and make the answers publicly available.Cordray also notes that the CFPB should be doing what it can to help people avoid foreclosure and eviction. This means keeping Americans informed of the state and federal relief options available to them.“In the CARES Act, Congress has provided a much simpler mechanism for many consumers to seek and obtain relief from foreclosure if they miss mortgage payments during the crisis,” Cordray said. “The CFPB must use its supervision authority to monitor the banks and financial companies, making sure they follow through in making such relief available to consumers.”Additionally, the former Director states that the CFPB should be helping lenders and officials “fashion ways to reduce loan delinquencies and defaults,” specifying the need for simplicity.“The CFPB should be in the lead in pressing the companies to help, such as by waiving overdraft fees, NSF fees, or late fees and by providing forbearance on loan payments,” Cordray said. “These initiatives must be simple and, if not automatic, must be easy to access; complexity was the Achilles heel of many such programs a decade ago.”Editor’s note: As of press time, the CFPB has not responded to a request for comment. Richard Corday On CFPB’s Relief Response Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago Previous: DS5: FHFA Director Discusses Forbearance Next: The Most At-Risk Housing Markets Subscribe Tagged with: CFPB Coronavirus Related Articles CFPB Coronavirus 2020-04-07 Seth Welborn April 7, 2020 1,440 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img 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 Home / Daily Dose / Richard Corday On CFPB’s Relief Response Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Postlast_img read more

Lowest Unemployment Rate in Months, Continuing Gradual Recovery

first_imgHome / Daily Dose / Lowest Unemployment Rate in Months, Continuing Gradual Recovery Servicers Navigate the Post-Pandemic World 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Unemployment 2020-08-13 Christina Hughes Babb Though nowhere near pre-pandemic numbers, jobless claims are dropping. California leads states in largest decline in decreases.The total number of new weekly unemployment insurance claims fell below the 1 million mark for the first time since March, according to data released by the U.S. Department of Labor.Initial jobless claims for the week ending August 8 totaled 963,000, down from an upwardly revised 1.19 million one week earlier. Continuing claims for the week ending August 1 totaled 15.48 million, down from 16.1 million in the prior week.The largest increase in initial claims for the week ending August 1 was in Rhode Island with a relatively mild uptick of 87 new claims. The states that saw the largest decreases during that week were California (-22,610), Virginia (-19,048), Texas (-14,095), Florida (-13,176), and New Jersey (-11,489).The new report saw the end of a 20-week streak where more than 1 million new claims were being filed on a weekly basis. Before the pandemic, weekly jobless claims were routinely below the 250,000-mark. More than 56 million people filed new unemployment claims since March 20.The advance seasonally adjusted insured unemployment rate was 10.6% for the week ending Aug. 1. White House economic adviser Larry Kudlow greeted the news with a prediction that the unemployment rate could return to single-digit levels as early as this month, adding that third quarter growth could reach 20% or more.“The key point that I would make is the economy is rebounding, it looks like a V-shaped recovery and the recent news now is even better than it was a month ago,” Kudlow said in a virtual appearance during a conference sponsored by the Council of the Americas.However, Mark Hamrick, Senior Economic Analyst at Bankrate.com, told USA Today that it was still too soon to announce “mission accomplished” in regard to believing the economy was in a full-throttle recovery mode.“What we’re really doing is recovering some of the jobs lost,” Harmick said.A more cautiously optimistic vision came from Doug Duncan, SVP and Chief Economist at Fannie Mae.“This morning’s unemployment insurance claims report showed the labor market is continuing its gradual improvement,” Duncan said, who warned that although “the pace of decline in claims had paused briefly, it appears to be accelerating again, an encouraging sign for the labor market recovery. However, the initial claims figure still remains above the peak value seen during the previous recession, and we note the headline number does not include an additional 489,000 claims filed under the Pandemic Unemployment Assistance program.”Duncan added that while the level of continued claims was in decline, this figure “still remains at historically unprecedented levels and continues to indicate that while improving, the total extent of joblessness and income curtailment remains significantly elevated.” Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago About Author: Phil Hall Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Tagged with: Unemploymentcenter_img Lowest Unemployment Rate in Months, Continuing Gradual Recovery Demand Propels Home Prices Upward 2 days ago August 13, 2020 1,093 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post 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. Sign up for DS News Daily Previous: How COVID-19 Is Driving Migration Trends Next: HUD’s Carson Provides Opportunity Zone Updates The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Court Clarifies Evidentiary Requirements for Foreclosure Filings

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Court Clarifies Evidentiary Requirements for Foreclosure Filings iii Surprisingly, the Court failed to pick up on the impossibility of Parkin having personal knowledge of the fact the bank “never mailed” the letter. The only possible way he could have this knowledge is if he worked at the bank and monitored the mailing of all demand letters. The Florida Fifth DCA reversed a summary judgment of foreclosure finding, Eagle Home Mortgage, LLC (“the bank”), failed to proffer sufficient evidence that it satisfied conditions precedent. Parkin v. Eagle Home Mortgage, LLC, 5D20-160, 2021 WL 833298 (Fla. 5th DCA Mar. 5, 2021). In Parkin, the borrower responded to the bank’s foreclosure action by filing affirmative defenses which asserted in pertinent part that the bank “failed to fulfill all conditions precedent”— as required by paragraph 15 and 22 of the mortgage—so acceleration of the mortgage was improper.iThe complaint included a copy of the bank’s demand letter and the bank attached a two-page document entitled “Letter Log History File”ii to its motion for summary judgment. Ostensibly, the bank failed to authenticate the demand letter or the letter log via affidavit. Parkin opposed the bank’s summary judgment arguing factual issues prevented summary judgment. Specifically, in response to the bank’s summary judgment motion, Parkin swore in an affidavit that “he never received” the demand letter and that “it was never mailediii to him.” Notwithstanding Parkin’s opposition, the lower court entered a final summary judgment of foreclosure.Parkin appealed that judgment to the Fifth DCA which found the bank’s evidence was insufficient to demonstrate the bank mailed the demand letter.iv The Court explained that filing “the letter and the unauthenticated … letter log” without an affidavit “swearing that the letter was mailed” was insufficient evidence of compliance.v Alternatively, the Court elaborated, to prove it satisfied conditions precedent the bank could have proffered a return receipt card or evidence (based on personal knowledge) that the bank had and followed a regular business practice in mailing the demand letter to Parkin.vi The bank did none of this. The Court reversed the summary judgment and remanded the matter for further proceedings.Given the plethora of case law addressing this issue, the Fifth’s ruling does not come as a surprise. In the Court’s short opinion, it sites to six other cases which clearly establish the evidentiary requirements on summary judgment for demonstrating satisfaction of conditions precedent. This result could have easily been avoided.i Parkin, at *1. All future citations or quotations to this case are at this cite until indicated otherwise. ii The court did not discuss the contents of this document. Demand Propels Home Prices Upward 2 days ago Previous: Pandemic Forces Shifts in Migration Next: ‘Early Resolution’ Could Add Extra Complications Servicers Navigate the Post-Pandemic World 2 days ago vi Parkin, at *2. All future citations or quotations to this case are at this cite until indicated otherwise. Related Articles About Author: Nazish Shah Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Commentary / Court Clarifies Evidentiary Requirements for Foreclosure Filings in Commentary, Daily Dose, Featuredcenter_img Senior Litigation Associate at Diaz Anselmo & Associates, [email protected] Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago 2021-04-06 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago April 6, 2021 3,222 Views Sign up for DS News Daily Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago iv Parkin, at *2. Demand Propels Home Prices Upward 2 days ago v Parkin, at *1. Subscribelast_img read more

Fianna Fail launches scathing attack on new Mayor

first_img Guidelines for reopening of hospitality sector published Fianna Fail launches scathing attack on new Mayor Help sought in search for missing 27 year old in Letterkenny WhatsApp By News Highland – June 25, 2012 Fianna Fail has claimed that 32% of the voting public have been excluded after a power sharing pact saw Frank McBrearty elected Mayor in Lifford on Monday.Fianna Fail nominated Councillor Rena Donaghey for the position but Labour, Sinn Fein and the Independents stuck to an agreement which saw the Inishowen representative defeated by 17 votes to 11.Following that decision, Fianna Fail Councillor Ciaran Brogan said his party and its voters had been frozen out suggestion that his party might now not vote on key issues facing the council.And as family and friends of Mayor Frank McBrearty watched on, Councillor Brogan launched this scathing attack on the Raphoe representative:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/06/ciaran1.mp3[/podcast] Pinterest Facebook Newsx Adverts 448 new cases of Covid 19 reported today Twitter Google+center_img Google+ Calls for maternity restrictions to be lifted at LUH Previous articleGardai investigate Annagry incident which left man with serious injuriesNext articleVerdict in Donegal priest case today News Highland RELATED ARTICLESMORE FROM AUTHOR WhatsApp Facebook NPHET ‘positive’ on easing restrictions – Donnelly Pinterest Twitter Three factors driving Donegal housing market – Robinson last_img read more

38 year old man found guilty of sexually assaulting female housemate in 2010

first_img Three factors driving Donegal housing market – Robinson WhatsApp Newsx Adverts Facebook NPHET ‘positive’ on easing restrictions – Donnelly WhatsApp A man has been convicted of orally raping and sexually assaulting a female housemate in the house they shared in Donegal.The 38-year-old man had pleaded not guilty at the Central Criminal Court to the charges that were alleged to have taken place on October 30, 2010.The jury of five women and seven men returned its unanimous guilty verdict on day-ten of the trial following two and half hours of deliberations.Mr Justice Patrick McCarthy thanked the jury for its service and remanded the man in continuing custody to March next for sentence. By News Highland – January 24, 2012 Facebook Google+ RELATED ARTICLESMORE FROM AUTHOR Google+center_img 38 year old man found guilty of sexually assaulting female housemate in 2010 448 new cases of Covid 19 reported today Previous article52-year-old Derry taxi-driver appears in court on terrorism chargesNext articleGardai say investigation into Andrew Burns murder is continuing News Highland Calls for maternity restrictions to be lifted at LUH Twitter Help sought in search for missing 27 year old in Letterkenny Pinterest Pinterest Twitter Guidelines for reopening of hospitality sector publishedlast_img read more