Fudge, Calabria Discuss Housing Affordability, Equity, and More

first_img Fudge, Calabria Discuss Housing Affordability, Equity, and More About Author: Christina Hughes Babb  Print This Post 2021-04-20 Christina Hughes Babb April 20, 2021 997 Views Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News 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 Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Home / Daily Dose / Fudge, Calabria Discuss Housing Affordability, Equity, and More Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Examining the Racial Divide in Home Sales Next: FHFA Extends COVID-Related Loan Flexibilities Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Two U.S. government agency members who hold positions vital to the housing finance world Tuesday addressed mortgage bankers attending a virtual conference. Back-to-back, U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge and Mark Calabria, Federal Housing Finance Administration (FHFA) Director who oversees government-sponsored agencies (GSEs) Fannie Mae and Freddie Mac, took the stage at the Mortgage Bankers Association’s (MBA) 2021 Spring Conference and Expo.  Fudge says that during recent months millions of households have fallen behind on mortgage payments. She says she is happy to report that help is on the way in the form of the Biden-Harris administration’s American Rescue Plan Act of 2021, which addresses several housing-related issues including expanding housing opportunities and reducing the racial wealth gap. “[The plan] will deliver nearly $10 million to help homeowners avoid foreclosure, and nearly four and a half-billion dollars to help struggling households afford electricity, heat, and other utilities,” Fudge said.  Being new to the role, Fudge is just getting started, but she has announced ambitious plans for ensuing years. She says creating more housing opportunities is imperative, especially for those who historically have been treated unfairly. “Owning a home is still the best way to build wealth, yet the reality is that for too many people that dream of buying a home is becoming more and more difficult to attain,” she said. “This is especially true for African Americans. In fact, the homeownership gap between black and white families is wider today than it was in 1960, which banks could still legally discriminate against borrowers based on the color of their skin.” She goes on to say that the President’s infrastructure plan, which calls for major new investments into our housing sector, is evidence of the administration’s commitment to providing a path to homeownership for more Americans.  It is long past the time for our country to fully realize the promise of fair housing, Fudge said. “Our department is committed to enacting an agenda rooted in fairness and equity. That means we must have an effective disparate impact to combat housing discrimination.”  Fudge expressed gratitude to the mortgage banking industry, acknowledging that its members “play a vital role in making homeownership possible for millions of Americans.” Calabria followed Fudge on the virtual stage where he too applauded the industry and government-agency response to COVID-19 and its fallout. Referring to loan flexibilities, extensions, and other efforts to support borrowers, Calabria said he believes joint actions to keep people in their homes saved lives.  “I hope that’s something that we all, not lose sight of in the broader scheme of things,” he added. Still, he said, COVID is not over. “The full impact on our economy financial system and labor market still remains uncertain. This of course is why we at FHFA are hard at work making sure that our policies continue to respond to these challenges as they evolve.” He too acknowledged the racial homeownership gap and Fannie and Freddie’s role in creating housing opportunities. “I was very proud and delighted earlier this year to authorize Fannie and Freddie to contribute $1 billion dollars to the affordable housing trust funds, which is a record amount,” Calabria said.  The FHFA Director touched on the Preferred Stock Purchase Agreement (PSPA), an integral part of Fannie Mae and Freddie Mac’s government conservatorship. (By way of the PSPA, Treasury promised to invest in Fannie and Freddie’s equity up to very large amounts to minimize the likelihood of the GSEs ever having negative net worth, which effectively has restored market confidence in the enterprises). He advised listeners to see the PSPA as a line of credit, with accompanying restrictions. “I think it’s also worth remembering that the PSPS themselves are not meant to be permanent, these are temporary bridges to getting Fannie and Freddie fully capitalized.” As for Fannie and Freddie’s government-conservatorship status, Calabria said the FHFA is constantly considering input from the industry as it makes decisions.  “FHFA is continuing to put in place key regulations that support the enterprise’s safety and soundness and ability to fulfill their mission, across the economic cycle,” he said. “I encourage [mortgage bankers] to continue to engage with FHFA, provide your market insights to help us inform our work. Through all the changes and continuing challenges of 2021, I remain optimistic about what we can accomplish working together.”  Share 1Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Subscribelast_img read more

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Why isn’t financial education taught in school?

first_img 113SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Tyler Atwell Web: www.cuinsight.com Details It is a national consensus that financial education is good not only for individuals, but also the economy as a whole. So why is it still not required for students to take a class on personal finance while receiving a formal education? Many of them are on their way to accruing tens of thousands of dollars in debt while seeking higher education, so they should know how it will impact them, right?With over 99% of adults surveyed by Harris Interactive agreeing that high schoolers should be taught personal finance in school, it seems like we are all in agreement. However, implementing these lessons into school systems has a few rather large road blocks.Firstly, you have to find a teacher who is confident enough to lead a class on personal finance. According to a University of Wisconsin study, only one in five teachers feels that they are qualified for this type of work. Perhaps if these lessons were taught back when the teachers were in school that number would be much different. But, without instructors the classes don’t get taught.Another road block comes from how our schools are setup. Education in our nation is run at the state level, so there cannot be a federal mandate to add a personal finance course into the required curriculum. That doesn’t mean that states haven’t taken it upon themselves to make sure these lessons get taught. As of this year, 17 states require high school students to take a course in personal finance. But only 5 of those states require a standalone semester course in personal finance.The next reason most states don’t offer these courses is that there are no good ways to test for these principles. When these concepts are not part of standardized tests that means that the schools have to come up with a way to measure understanding. Creating testing materials on personal finance is a hurdle, so these tests don’t get made. Unfortunately, there is a saying among educators that says, “If it’s not tested, it’s not taught.”So while some schools do offer personal finance classes to students, they are not a required course to graduate. They exist as perhaps the most important and beneficial elective not taken. Until these lessons are nationally implemented into the school systems, the responsibility of teaching the next generation about personal finance falls on those of us who know the benefits of knowing how to manage money.last_img read more

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Ineos plans to complete Forties repairs around Christmas

first_imgIneos is planning to complete the repair works on the Forties pipeline system around Christmas, following recent controlled shutdown over a hairline crack. The Forties pipeline, which carries the UK North Sea oil to the shore for processing, has been closed since Monday, December 11.As previously reported, Ineos continues to make steady progress towards the repair of the Forties Pipeline.Ineos said on Thursday, December 21 that, based on current estimates, the repair works will be completed around Christmas.As work on the pipeline continues, Ineos has initiated the planning phase necessary to begin recommissioning the system, including the Kinneil facility, as soon as the pipeline repair is complete.Initially a small number of customers will send oil and gas through the pipeline at low rates as part of a coordinated plan that allows Ineos to carefully control the flow into the system.The company also added that, based on current estimates, it expects to bring the pipeline progressively back to normal rates early in the new year.last_img read more

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Virat Kohli looks back on 11 years of chasing his dreams – and wishes…

first_imgAdvertisement fpsNBA Finals | Brooklyn Vs091m6Wingsuit rodeo📽Sindre E5pqy( IG: @_aubreyfisher @imraino ) ijcWould you ever consider trying this?😱1h2n9Can your students do this? 🌚2abbRoller skating! Powered by Firework It’s been 11 years since Virat Kohli first stepped into international cricket and the Indian skipper celebrated his journey by sharing a heartfelt post in social media. The once chubby, bold youngster who made his debut against Sri Lanka back in August 2008, is now the captain of the number 1 Test side and is one of the greatest batsman of his generation. The Indian skipper has so far played 239 ODIs, 77 Tests and 70 T20Is for his country scoring 11,520 ODI runs, 6613 Test runs and 2369 T20I runs.Advertisement On Sunday, Kohli posted a throwback image of himself and penned down about the journey, thanking everyone involved in it. The post was filled with gratitude and he thanked all the blessings showered on him.Advertisement “From starting as a teenager on the same day in 2008 to reflecting on the journey 11 years after on this present day in 2019, I couldn’t have dreamt of the blessings god has showered me with. May you all get the strength and power to follow your dreams and always follow the right path. #forevergrateful,” Kohli wrote on social media.Following his success in U-19 cricket, Kohli was handed a debut against Sri Lanka in an ODI. But the start wasn’t that great as he only managed to score 12 in that innings, his first century though came in 2009 at Kolkata and the rest is history. Breaking numerous records on the way, he now has the second-most tons in ODI cricket and has sustained the number 1 rank among batsmen in both Tests and ODI formats for quite a while. Recently he became the first batsman to score 20,000 international runs in a decade. Take a bow you legend!  Advertisementlast_img read more

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