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Monthly Archive: May 2021

Supreme Court: Secondary Markets Not Subject to FDCPA Regulations

first_img in Daily Dose, Featured, Foreclosure, Government, Headlines, News, Secondary Market  Print This Post About Author: Joey Pizzolato Servicers Navigate the Post-Pandemic World 2 days ago June 12, 2017 5,551 Views Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Tagged with: Delinquency Gorsuch Originations Secondary Market Supreme Court Home / Daily Dose / Supreme Court: Secondary Markets Not Subject to FDCPA Regulations The Best Markets For Residential Property Investors 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 The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Supreme Court: Secondary Markets Not Subject to FDCPA Regulations Previous: Estimated $17 Billion April Credit Gain Only $8.2 Billion Next: Subprime Mortgages Moving From Rearview Data Provider Black Knight to Acquire Top of Mind 2 days ago Delinquency Gorsuch Originations Secondary Market Supreme Court 2017-06-12 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] A recent unanimous Supreme Court decision on Monday could have vast implications for the mortgage and loan industry, particularly the secondary market, unless the Fair Debt Collection Practices Act (FDCPA) is amended by Congress.In the case Henson et al. v. Santander Consumer USA Inc., the petitioners claimed that Santander, who had bought a number of defaulted car loans from CitiFinancial Auto, had to abide by the rules and regulations set out by the FDCPA as debt collectors, not loan originators who were trying to collect a debt for themselves. The petitioners brought their case in front of the Supreme Court in an appeal of the 4th Circuit Court ruling that, ultimately, the Act defines debt collectors as a person or entity that “regularly seek[s] to collect debts ‘owed … to another.’” The court found that, since Santander was seeking to collect the debt they themselves were owed, they were not collecting on behalf of another person or entity. The petitioners continued this same line of semantic argument in front of the Supreme Court. The word “owed” they said, is a past participle of the verb “to owe,” which would encompass the attempted collection of any debt previously owed to another. The Supreme Court, however, thought this to be too much a stretch. They are of the opinion that Congress has, in the past, been very specific as to their definitions, and that while they may not have envisioned a time when the secondary market would be such a large industry, that still did not change the fact it was not within the purview of the court to extend the reach of the a law. In the report, Justice Neil Gorsuch writes, “And while it is of course our job to apply faithfully the law Congress has written, it is never our job to rewrite a constitutionally valid statutory text under the banner of speculation about what Congress might have done had it faced a question that, one everyone’s account, it never faced.” So what does this mean for the mortgage industry? Any entity, bank, or credit union that purchases a defaulted loan is not, under the letter of the law, considered a debt collector, and thereby not subject to the rules and regulations set in place by FDCPA. It is worth noting, though, that the petitioners believed Congress excluded loan originators from the Act because Congress believed they already had legal and economic incentives for good behavior. Given that many organizations that participate in the secondary market also have business dealings in originations, there is reason to believe the good behavior could continue without congressional intervention, although it may be necessary. “Many wondered what impact U.S. Supreme Court Justice Neil Gorsuch would have on the court, and now we know: author of a 9-0 decision “limiting” the definition of a debt collector, meaning someone buying debt to collect it for themselves does not fall under the FDCPA,” said Michelle Gilbert, Managing Partner of Gilbert Garcia Group P.A. “Given the expansion of the reach of the FDCPA by courts and judges since its enactment in 1977, this decision should propel our industry to work harder to lobby Congress for changes in the law.”   Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Subscribelast_img read more

Freddie Mac Settles $22M Non-Performing Loan Sale

first_img Freddie Mac NPL 2019-11-21 Seth Welborn in Daily Dose, Featured, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Freddie Mac Settles $22M Non-Performing Loan Sale Related Articles Previous: Industry Impact: Fed Identifies Economic Threats Next: Gateway First Bank Appoints New CCO Share Save November 21, 2019 1,803 Views The Best Markets For Residential Property Investors 2 days ago 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. Tagged with: Freddie Mac NPL Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Freddie Mac Settles $22M Non-Performing Loan Sale Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Freddie Mac has announced it sold via auction 87 non-performing residential first-lien loans (NPLs) serviced by Specialized Loan Servicing LLC to VRMTG ACQ, LLC, a minority and woman-owned business. The sold pool included $22.0 million in UPB and an average loan balance of $253,100. The sale is part of Freddie Mac’s Extended Timeline Pool Offering (EXPO) and the transaction is expected to settle in February 2020. Freddie Mac, through its advisors, began marketing the transaction on October 8, 2019 to potential bidders, including non-profit organizations and Minority, Women, Disabled, LGBT, Veteran or Service-Disabled Veteran-Owned Businesses (MWDOBs), neighborhood advocacy organizations and private investors active in the NPL market.Given the delinquency status of the loans, the borrowers have likely been previously evaluated for or are already in various stages of loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 69% of the pool balance.To date, Freddie Mac has sold over $8 billion of NPLs and securitized more than $59 billion of RPLs consisting of $29 billion in fully guaranteed PCs, $25 billion in Seasoned Credit Risk Transfer (SCRT) senior/sub securitizations, and $6 billion in Seasoned Loan Structured Transaction offerings.Earlier this month, Freddie Mac announced pricing of the fourth Seasoned Credit Risk Transfer Trust (SCRT) offering of 2019—a rated securitization of approximately $2.3 billion including both guaranteed senior and unguaranteed subordinate securities backed by a pool of seasoned re-performing loans (RPLs).Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4 includes approximately $2.1 billion in guaranteed senior certificates and approximately $229 million in unguaranteed mezzanine and subordinate certificates. The transaction is expected to settle on November 14, 2019. The underlying collateral consists of 12,347 fixed- and step-rate, seasoned RPLs which were modified to assist borrowers who were at risk of foreclosure to help them keep their homes. As of the cutoff date, all of the mortgage loans have been performing for at least 12 months. Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Home Equity Increases Signal Positive Investment Future

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home Equity Increases Signal Positive Investment Future in Daily Dose, Featured, Market Studies, News Tagged with: Home Equity Servicers Navigate the Post-Pandemic World 2 days ago Home Equity 2019-12-12 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Mike Albanese Previous: Working Toward a More Diverse Mortgage Industry Next: Fannie Mae Prepping Future Housing Leaders The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles CoreLogic’s report on home equity sheds new light on the current state of affairs in the mortgage real estate market. The report reveals borrower equity increased by $457 billion from the previous year during Q3 2019.This amount accounts for an increase of 5.1% within the span of a single year.Borrower equity climaxed during Q3 2019, with borrowers accumulating more than $6 trillion in equity since 2011. This trend could be explained by the fact that homeowners have remained relatively stationary, living within their respective homes as they age—choosing to renovate and upgrade versus moving and purchasing new homes. CoreLogic points to the positive fact that this rise in home equity will usher in an influx of funds that these homeowners may utilize to further finance more of their desired home improvements and upgrades. The report also revealed the nationwide negative equity share for the third quarter of 2019, which showed 3.7% of all homes with a mortgage. This statistic reveals that this quarter posed the lowest share of homes with negative equity since 2009.  Another positive statistic was revealed regarding the number of underwater properties this quarter, which fell by 210,000 during the year.Among the states that posed the largest negative equity share in Q3, Louisiana tops the list with 10.1% of mortgages with negative equity, a staggering statistic that stands at more than twice the national average. Fast on Louisiana’s heels were Connecticut at 7.4% and Illinois at 7%.center_img Share Save 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. Demand Propels Home Prices Upward 2 days ago  Print This Post December 12, 2019 1,498 Views Subscribe Home / Daily Dose / Home Equity Increases Signal Positive Investment Future Demand Propels Home Prices Upward 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 Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily last_img read more

A hatchet is being examined as part of investigation into the deaths of Carndonagh…

first_img A hatchet is being examined as part of investigation into the deaths of Carndonagh couple WhatsApp Almost 10,000 appointments cancelled in Saolta Hospital Group this week Need for issues with Mica redress scheme to be addressed raised in Seanad also Google+ Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey WhatsApp Pinterest Guidelines for reopening of hospitality sector published By News Highland – October 23, 2014 Pinterestcenter_img Gardai in Donegal are questioning a 42 year old man over the deaths of a couple in their 70s.The bodies of the pensioners were found at their home in Carndonagh shortly after 9 o’clock this morning.Shortly after, a man in his 40s was arrested, and is being questioned at Buncrana Garda Station.The scene remains sealed off and the State Pathologist has been notified.A hatchet found at the house is also to be examined as part of the investigation.Local Cllr Martin Mc Dermott says the couple were very well known:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/10/mcdermnt.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. News Previous articleSeagate announces 35 new jobs for DerryNext articleWhelan & Hoolahan to miss Scotland game News Highland Facebook Facebook Calls for maternity restrictions to be lifted at LUH LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter RELATED ARTICLESMORE FROM AUTHOR Twitterlast_img read more

Letterkenny re-enters IBAL Litter League for 2013

first_imgNews WhatsApp RELATED ARTICLESMORE FROM AUTHOR Previous articleBishop Eamon Martin ordained as the new Coadjutor Archbishop of ArmaghNext articleConnacht Gold says price increases will be necessary to ensure milk supplies News Highland WhatsApp Facebook Letterkenny will be included in this year’s Irish Business Against Litter league which is being launched this morning.Buncrana, which clean to European norms in 2012, is not included this year, with IBAL saying towns which are in least need of examination are being omitted for funding reasons, and after coming 8th overall last year, Buncrana falls into this category. Pinterest Twitter Google+ Letterkenny re-enters IBAL Litter League for 2013 By News Highland – April 22, 2013 center_img Facebook Google+ Twitter PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Pinterest Man arrested in Derry on suspicion of drugs and criminal property offences released HSE warns of ‘widespread cancellations’ of appointments next week 365 additional cases of Covid-19 in Republic Man arrested on suspicion of drugs and criminal property offences in Derry Dail to vote later on extending emergency Covid powers last_img read more

Enda Kenny re-elected as Taoiseach by 59 votes to 49

first_img Google+ Pinterest Google+ Man arrested on suspicion of drugs and criminal property offences in Derry RELATED ARTICLESMORE FROM AUTHOR Main Evening News, Sport and Obituaries Tuesday May 25th Gardai continue to investigate Kilmacrennan fire By News Highland – May 6, 2016 Enda Kenny re-elected as Taoiseach by 59 votes to 49 Facebook Twitter 365 additional cases of Covid-19 in Republic center_img Further drop in people receiving PUP in Donegal 75 positive cases of Covid confirmed in North Enda Kenny has been re-elected Taoiseach.It follows a vote in the Dail this afternoon – which saw the Fine Gael leader secure the support of 59 deputies.He is the first Fine Gael Taoiseach to be returned to office.Speaking in the Dail this afternoon, Enda Kenny says he commits himself and the incoming government to work in partnership with the elected members of the house to devise solutions to the problems facing the people:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/05/14.30kenny-government-clip-ag.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Homepage BannerNews Previous articleRecord numbers expected to attend Darkness into Light walks in the North WestNext articleRaphoe Senior Ladies promoted to Ulster Premier Division News Highland WhatsApp Facebook WhatsApp Twitter Pinterestlast_img read more

O’Domhnaill seeks updated guidelines on National Road access

first_img Further drop in people receiving PUP in Donegal O’Domhnaill seeks updated guidelines on National Road access Minister John Gormley is promising that draft guidelines governing access onto National Primary and Secondary Roads will be published shortly.The issue was raised in Leinster House last night by Seanator Brian O’Domhnaill, who said that many young people were unable to build on family land, because the NRA is routinely objecting to any plans that involve an access onto the N56.He says the key problem is the current guidelines are outdated, and do not differentiate between national primary and national secondary roads……..[podcast]http://www.highlandradio.com/wp-content/uploads/2010/06/0000brian3pm.mp3[/podcast] Facebook Man arrested on suspicion of drugs and criminal property offences in Derry Newsx Adverts Pinterest Facebook Main Evening News, Sport and Obituaries Tuesday May 25th Google+ WhatsApp Twittercenter_img Previous articleLeading specialist says government cancer policy is ‘crazy’Next article4,000 effected by broadband outage News Highland By News Highland – June 2, 2010 RELATED ARTICLESMORE FROM AUTHOR 365 additional cases of Covid-19 in Republic Twitter Gardai continue to investigate Kilmacrennan fire 75 positive cases of Covid confirmed in North WhatsApp Pinterest Google+last_img read more

Police appeal for info on Motorbike involved in Creggan Heights ‘hit and run’

first_img Facebook Pinterest By News Highland – June 11, 2013 Twitter 75 positive cases of Covid confirmed in North Google+ Google+ Facebook Further drop in people receiving PUP in Donegal Police in Foyle have issued a further appeal for information in relation to a hit and run incident in the Creggan Heights area on Friday, June 7th when a 7 year old girl was badly injured.Yesterday a 23 year-old local man appeared in court in connection with the incident.A 23-year-old  David Gerard McCloskey of 138 Creggan Heights in Derry appeared on five counts in relation to the incident on June 7.McCloskey was charged with causing injury by dangerous driving, failing to remain at the scene of an accident, failing to report an accident and failing to stop.McCloskey was also charged with having no insurance or driving licence on the same date and carrying an unauthorised person on a motorcycle.He was remanded in custody to appear again on July 4.Officers continue to investigating the incident and are keen to trace the blue motorcycle involved in the collision.Anyone with information about its current whereabouts is asked to contact police at Strand Road. Twitter RELATED ARTICLESMORE FROM AUTHORcenter_img Pinterest WhatsApp WhatsApp Main Evening News, Sport and Obituaries Tuesday May 25th Man arrested on suspicion of drugs and criminal property offences in Derry News Previous articleTDs promise to fight for the retention of Donegal’s specialist pre-schoolsNext articleJill Meagher was her killer’s 22nd rape victim News Highland Police appeal for info on Motorbike involved in Creggan Heights ‘hit and run’ 365 additional cases of Covid-19 in Republic Gardai continue to investigate Kilmacrennan firelast_img read more

“Into the West” seeks clarity on Kennedy’s transport hub proposal

first_img Man arrested on suspicion of drugs and criminal property offences in Derry The lobby group Into the West is calling on the North’s Regional Development Minister to clarify his intentions for the old Waterside Railway Station in Derry.Yesterday, it was confirmed that the outcome of a public consultation on the future of rail services showed a clear majority in favour of refurbishing and reopening the facility. Minister Danny Kennedy subsequently issued a statement saying he wants to see the old station developed as a transport hub.Martin Melaugh of Into the West says this is a welcome statement, but he says the minister needs to elaborate on his vision, particularly as his statement did not mention trains……..[podcast]http://www.highlandradio.com/wp-content/uploads/2014/03/melaughintothewest1.mp3[/podcast] Google+ Further drop in people receiving PUP in Donegal By News Highland – March 20, 2014 News Facebook Pinterest Google+ Previous articleHarley’s injuries not as serious as first fearedNext articleOne man dies following Lough Ree rescue News Highland Twitter 75 positive cases of Covid confirmed in North center_img Main Evening News, Sport and Obituaries Tuesday May 25th WhatsApp 365 additional cases of Covid-19 in Republic RELATED ARTICLESMORE FROM AUTHOR Gardai continue to investigate Kilmacrennan fire WhatsApp Pinterest Twitter Facebook “Into the West” seeks clarity on Kennedy’s transport hub proposallast_img read more

Salmon fishing ban reversal would see Donegal islands repopulated

first_img Twitter Google+ RELATED ARTICLESMORE FROM AUTHOR Facebook Twitter WhatsApp Previous articleSafety concerns over ‘beat the clock’ driving gameNext articleCouncillors at it again with claims of threats in the chamber News Highland Man arrested on suspicion of drugs and criminal property offences in Derry Pinterest Further drop in people receiving PUP in Donegal Newsx Adverts Salmon fishing ban reversal would see Donegal islands repopulatedcenter_img A spokesperson for Donegal’s Islands has welcomed Deputy Dinny McGinley’s reaction to a report that sets out a three year survival plan for the islands.The report, which was launched yesterday on Arranmore Island, has called for a ban on salmon fishing to be reconsidered.It claims scientists agree there is a surplus of wild salmon in the Atlantic and that island fishermen should have access to 10 per cent of that surplus.It also calls for an easing of regulations that would allow island fishermen to fish other species within a 12-mile limit using traditional methods.  Since 2006 they have only been able to fish lobster and brown crab.Donegal islands spokesperson, Jerry Early, says if the ban on salmon fishing was lifted, then the islands populations would increase:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/03/ear830islands.mp3[/podcast] Main Evening News, Sport and Obituaries Tuesday May 25th Google+ Pinterest By News Highland – March 27, 2012 365 additional cases of Covid-19 in Republic WhatsApp Facebook 75 positive cases of Covid confirmed in North Gardai continue to investigate Kilmacrennan firelast_img read more