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USA Today, Tuesday, April 15, 2014
(RECAP: Federal Reserve Chair Janet Yellen said Tuesday that the largest U.S. banks might need to hold additional capital to withstand periods of financial stress. Yellen told a banking conference in Atlanta that current rules on how much capital banks must hold to protect against losses don't address all threats. She said the Fed's staff is considering what further measures might be needed. Banks and their advocates have warned that further tightening bank regulation would lead to reduced lending to businesses and financial institutions and could slow economic growth.)
RealEstateRama , Monday, April 14, 2014
(RECAP: The Arlington County Board today approved a $16.5 million Affordable Housing Investment Fund (AHIF) loan to help AHC Inc. purchase Serrano Apartments. Current rents for 239 of the 280 units are considered affordable. But as the Pike continues to redevelop, there’s no guarantee those market-rate units will remain affordable. As a condition of their loan, AHC has agreed that 196 of the units will become Committed Affordable Units, contractually obligated to remain affordable for 60 years. Fifty-six will be affordable at 60 percent of AMI and 140 will be affordable at 80 percent of AMI. Ten will become supportive housing units for Department of Human Services clients. The remaining 84 units will continue to be rented at market rates.)
The Hill , Monday, April 14, 2014
(RECAP: Interested parties are gearing up the message machine as the Senate Banking Committee prepares to consider a comprehensive housing finance reform bill. A group of smaller financial institutions sent a letter airing concerns about what the Johnson-Crapo housing overhaul would mean for the littler guys. The joint letter from the Credit Union National Association, the National Association of Federal Credit Unions and the Independent Community Bankers of America comes as senators prepare to consider a bill many see as the best chance for a housing reform bill this Congress.)
The New York Times , Monday, April 14, 2014
(RECAP: For rent and utilities to be considered affordable, they are supposed to take up no more than 30 percent of a household’s income. But that goal is increasingly unattainable for middle-income families as a tightening market pushes up rents ever faster, outrunning modest rises in pay. Nationally, half of all renters are now spending more than 30 percent of their income on housing, according to a comprehensive Harvard study, up from 38 percent of renters in 2000. In December, Housing Secretary Shaun Donovan declared “the worst rental affordability crisis that this country has ever known.”)
HousingWire, Monday, April 14, 2014
(RECAP: The reality is that mortgage lending is a tough, miserable business with shrinking spreads and rising costs. Without the opportunity for outsized gains on sale into a vibrant securitization market, there are really few incentives for many lenders to stay in the game. Indeed, most large lenders are targeting significant net reductions in loan servicing portfolios over the next several years. The mortgage market is in a sustained decline in terms of retained portfolios, loan sales and new origination volumes from the unsustainable levels of 2001-2007. And no one entity can be held responsible.)
The Washington Post, Saturday, April 12, 2014
(RECAP: The thousands of people seeking affordable housing in Northern Virginia got a bit of good news Saturday when two local governments approved plans for projects that will add more than 200 moderately priced apartments to the region. The Arlington County Board agreed to lend AHC, a housing nonprofit group, $16.5 million to help it buy the Serrano Apartments, a 285-unit complex on the west end of Columbia Pike. Two-thirds of the apartments, about 196, will be made affordable to people who earn less than the region’s median income.)
Daily Press , Saturday, April 12, 2014
(RECAP: Warmer temperatures are melting memories of a harsh winter, but officials with LINK of Hampton Roads are already worried about our next bout with bone-chilling cold. The emergency shelter was recently ruled ineligible to receive federal funding, a move which could eliminate beds needed for our area's homeless citizens. The missteps which created this situation were avoidable and shelter officials should be embarrassed. But the denial of these funds could inflict needless harm on vulnerable residents and is not a responsible course of action.)
Grassley News Release , Friday, April 11, 2014
(RECAP: Sen. Chuck Grassley of Iowa today said HUD has agreed to his request to release public housing authority salary data, prompting him to release his hold on an agency nominee. Late Thursday, Grassley talked with HUD Secretary Shaun Donovan, who then sent Grassley a letter confirming that HUD will publish calendar year 2013 housing authority salary data on HUD’s website by May 16. Grassley’s understanding is HUD will release salary information for the top two paid employees at each housing authority. Grassley has long pressed HUD to release salary data and require housing authorities to abide by a federal salary cap.)
DSNews, Friday, April 11, 2014
(RECAP: As the housing market inches further toward recovery, a curious dichotomy has arisen between urban and suburban growth. According to Jed Kolko, chief economist at Trulia, while cities are outpacing the suburbs in price gains, the suburbs are leading the way in population growth. “Suburbs can have faster household growth but smaller price gains because it’s easier to build new housing in suburbs than in dense urban neighborhoods,” Kolko said. “New construction accommodates population growth while taking pressure off rising prices.”)
Forbes, Friday, April 11, 2014
(RECAP: FHA mortgage financing is the single biggest and in many cases, the only opportunity for “marginal” buyers to secure mortgage financing. HUD’s MIP pricing strategy is thwarting that opportunity and stalling the recovery in our housing markets. The solution to subsidizing the 2% reserve requirement for the MMI fund is to reduce FHA MIP premiums across the board. By reducing or lowering the costs associated with FHA mortgage financing, affordability increases for low-to-moderate income buyers and loan volume actually accelerates. More people buy houses because more people can afford to buy houses! The premiums may be smaller but there will be lots more of them!)
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