Home / Daily Dose / Report: GSEs Purchased Risky Loans Despite Red Flags Appraisals Fannie Mae FHFA Freddie Mac 2014-02-06 Krista Franks Brock Report: GSEs Purchased Risky Loans Despite Red Flags Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Appraisals Fannie Mae FHFA Freddie Mac The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, Government, Headlines, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Share Save Servicers Navigate the Post-Pandemic World 2 days ago Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago February 6, 2014 976 Views About Author: Krista Franks Brock Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Law Firm Barrett Daffin Frappier Turner & Engel Recruits New Partners Next: Expired Tax Relief Could Increase Pressure on Troubled Borrowers About four years after the Federal Housing Finance Agency (FHFA) directed the GSEs to develop a uniform collateral data portal, the Office of the Inspector General of the Federal Housing Finance Agency (FHFA OIG) finds the portal is not being used to its potential, and the GSEs continue to purchase loans with red flags.After “extensive” development and testing, the OIG concluded in a recent audit, “more remains to be done to use the portal’s data to minimize the risk of loss.”Both enterprises continue to purchase loans despite warning messages from the portal, according to a report the OIG released Thursday.Fannie Mae purchased 56,000 loans for a total of $13 billion from January through June of last year despite warnings from the portal indicating the loans might not meet the GSE’s underwriting requirements, according to the OIG.Meanwhile, Freddie Mac purchased 29,000 loans for a total of $6.7 billion from June through September despite warnings regarding the properties’ valuations, according to the OIG.Each of the 56,000 loans purchased by Fannie Mae came with between one and nine caution messages regarding the loan’s quality.The messages dealt with such issues as confirmation of repairs and “unauthorized use of single-family loan funds,” according to the OIG, and in each case the warning message was disregarded using an automatic override.Fannie Mae purchased the loans and “focused its efforts on reviewing the loans for conformance with its requirements after it bought them,” according to the OIG.Fannie Mae reportedly “did not require lenders to explain or resolve potential problems ranging from formatting issues to violations of its underwriting requirements,” according to the OIG.Similarly, Freddie Mac purchased more than 29,000 loans despite the portal’s warning that “either no property value could be provided or the value of the property was in question,” according to the OIG. In fact, in some cases the portal could not even verify that the address existed.Like Fannie Mae, Freddie Mac’s approach was to override the warnings and review the loans for issues after purchasing them.In fact, Fannie Mae and Freddie Mac both claimed they did not want to “burden lenders with having to respond to messages,” according to the OIG.The OIG audit also detected 414,000 instances in which the portal found that an appraiser’s license could not be verified.The “uniform collateral data portal is intended to improve appraisal data quality and risk management for the Enterprises by collecting appraisal data to help them make informed decisions about the loans they buy,” the OIG reported.“However, as demonstrated by the results of this audit, these goals are at risk of not being achieved,” the OIG stated.On the bright side, the audit did cause the GSEs to consider 23 loans totaling $3.4 million for repurchase.
Patrick Gildea’s Hairdressing team has received another accolade after being listed as one of the top salons in Ireland by High Fashion Tatler Magazine in their November glamour issue. A total of 21 Salons from around Ireland were chosen by Tatler magazine for their glamour feature on Ireland’s Top Salons- The hotspots and names to know in hair.The team at Patrick Gildea hairdressing are synonymous with quality so it was no surprise to see their name included in the top salon feature but not only were they the only Donegal Salon but they were also the only salon in Ulster chosen outside of Belfast! Commenting on this wonderful achievement Patrick said “We are so happy to be included in the Irish Tatler’s Top Salons Feature and to be the only Salon in Ulster outside of Belfast listed makes it even more special. The feature really does cover the crème de la crème of the hairdressing industry so it is an absolute privilege for us to be included alongside some of the most successful salons in the country.“Our team are constantly striving for Excellence at every opportunity and never stop training and upskilling to make sure that they are always one step ahead, so it is great when all the hard work pays off, thanks to everyone at the Irish Tatler Magazine for researching our salon and choosing it in their top listing”For more information on Patrick Gildea Hairdressing see www.patrickgildea.ie or contact the salon on 074-9125476.Patrick Gildea Hairdressing chosen as top salon by Tatler magazine was last modified: October 14th, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)
Big bang theory didn’t expect massive galaxies so early, but they’ve known about this problem for over a decade.Astronomers at the European Southern Observatory (ESO) reported an unexpectedly large number of massive galaxies in the early universe. An infrared survey using the VISTA telescope showed many galaxies that had escaped earlier scrutiny. The team led by Karina Caputi counted 574 massive galaxies estimated to have existed just one billion years after the big bang. The big bang is commonly dated at 13.7 billion years ago. Why is that a problem?In addition, the astronomers found that massive galaxies were more plentiful than had been thought. Galaxies that were previously hidden make up half of the total number of massive galaxies present when the Universe was between 1.1 and 1.5 billion years old. These new results, however, contradict current models of how galaxies evolved in the early Universe, which do not predict any monster galaxies at these early times.To complicate things further, if massive galaxies are unexpectedly dustier in the early Universe than astronomers predict then even UltraVISTA wouldn’t be able to detect them. If this is indeed the case, the currently-held picture of how galaxies formed in the early Universe may also require a complete overhaul.There was a dropoff in massive galaxy counts at earlier ages, but as the quote above explains, that may be because the telescope is unable to detect them.A footnote explains what is meant by massive galaxy: “In this context, ‘massive’ means more than 50 billion times the mass of the Sun. The total mass of the stars in the Milky Way is also close to this figure.”Update 11/19/15: Quotes on Space.com about this: “their existence so close to the time of the Big Bang calls into question scientists’ best understanding of how large galaxies form” and “There’s basically not enough time for these kinds of objects to form.” The Hubble team is making the excuse that galaxies were more efficient at making stars back then, PhysOrg says, but that sounds like special pleading to dodge the issue. The “unexpected result” of finding “a lot more bright, highly star-forming galaxies in the early universe than scientists previously thought” has “implications for galaxy formation at the earliest times,” the article says. What implications, exactly? That astronomers were totally wrong in their expectations?What? They were supposed to overhaul their theories years ago. In his video What You’re Not Being Told About Astronomy, Vol II: Our Created Stars and Galaxies, Spike Psarris cited reports from 2007 of mature galaxies 500 million years after the big bang, much earlier than these (see 7/25/07). He quotes Nature in 2009 after more discoveries of early galaxies were reported: “The findings could overturn existing models for the formation and evolution of galaxies… that was the reason for the surprise – that it disagrees so radically with what the predictions told us we should be seeing” (see 4/02/09). As for those “existing models” threatened with overturning, Psarris had earlier showed that astronomers are clueless about how galaxies form at all. This early in their big-bang scenario, there were barely supposed to be stars, let alone massive galaxies. (Incidentally, secular astronomers also consider star formation to be a major unsolved problem; see 2/22/11.)This article reinforces what we have been reporting since 1/08/2002: the “grand finale came first” in the cosmic fireworks show (see also 1/02/04, 1/23/04, 3/31/06, 8/18/06, 8/11/07, 2/19/08, 1/09/14, etc.). It’s like the Cambrian Explosion in the fossil record. Instead of slow-and-gradual evolution, you have the nearly instantaneous appearance of complex structure. The early mature galaxy problem contradicts evolutionary predictions and models, just like the Cambrian Explosion contradicts Darwinism. Do these independent instances of falsification have something in common? Yes: secular materialism.Astronomers are like corporate cronies on the government dole who consider themselves too big to fail. They are bankrupt and have promised to overhaul their practices for a dozen years now. It’s time to call them to account. “Get ‘er done,” Larry the Cable Guy would say. We call on the secular astronomers to show us their action plan for a “complete overhaul” right away, or else do the honest thing and quit. Word has it truck companies are hiring.Recommended article and video: “It’s really not rocket science” by Granville Sewell on Evolution News & Views.(Visited 51 times, 1 visits today)FacebookTwitterPinterestSave分享0
The survey, carried out by Jonathan Kaplan and Peter Nilssen, showed various stone age sites and evidence of human habitation in the caves dating back thousands of years. Marean began working on the sites in 2000 and released the initial results of the SACP4 project in a paper called “Early human use of marine resources and pigment in South Africa during the Middle Pleistocene”, which he co-authored with Nilssen and 10 other people and which was published in international science journal Nature in October 2007. “We found that the people who lived in the Caves approximately 164 000 years ago were systematically harvesting shellfish from the coast; that they were using complex bladelet technology to produce complex tools; and that they regularly used ochre as pigments for symboling,” Marean said. It provided some of the earliest evidence of modern human behaviour, he said. “Much of the global climate was hostile to human habitation in that age, but the south coast of South Africa provided the conditions and vegetation that our earliest ancestors needed for their survival.”Measuring reactions to climate change The research is also expected to provide insight into how humans react to climate change by studying the local climate from 400 000 to about 30 000 years ago. “Isotopes embedded in dripstone formations and other mineral deposits in the caves – speleothems, raised beaches, fossil dunes, and other palaeontological assemblages – reveal information about the water which filtered into the caves in the past, and this in turn provides information about what kind of climate existed and what type of vegetation grew above the caves during periods of human habitation,” Marean said. “So by correlating our knowledge of the climate with what we’re learning about the habits of the people who lived in the Caves, we hope to learn how humans can be expected to adapt to climate change in the future.” The archaeological sites will also grow the local Mossel Bay economy, as Pinnacle Point is already attracting high numbers of scientists, students and volunteers and is expected to attract more in future. “With plans in place for a museum that will showcase and interpret what’s being found here, we believe that Mossel Bay will soon rank alongside places like the Cradle of Humankind and Olduvai Gorge as one of Africa’s most sought-after evo-tourism destinations,” said Mossel Bay mayor Marie Ferreira. SAinfo reporter 9 January 2013 Archaeological sites in Pinnacle Point, Mossel Bay in South Africa’s Western Cape province have been declared provincial heritage sites, bringing the area a step closer to being named a World Heritage Site, scientists working in the area announced on Monday. Scientists from the South African Coastal Palaeoclimate, Palaeoenvironment, Palaeoecology, and Palaeoanthropology (SACP4) Project are studying Pinnacle Point, which has yielded some of the earliest evidence for modern human behaviour. “Pinnacle Point is significant because it’s a uniquely dense concentration of well- preserved archaeological sites which contain a record of human occupation over a period of about 170 000 years – from the time when modern human behaviour first emerged to the pre-colonial period,” head of the project, Professor Curtis Marean, said in a statement. “This is a significant step towards having Pinnacle Point declared a World Heritage Site.” Marean is associate director of the Institute of Human Origins and professor at the School of Human Evolution and Social Change at Arizona State University in the United States. Pinnacle Point will be put forward for National Heritage Site status before an application can be made to have it declared a World Heritage Site, Marean said.‘Revealing archaeological remains’ An environmental impact assessment of land to be developed as the Pinnacle Point Beach and Golf Resort revealed the first archaeological remains in 1997.
Health In Action encourages active play, educates children on nutrition and provides them and their families access to fresh food. (Image: Wikipedia)The Mondelēz International Foundation launched a R37-million well-being programme at a celebratory event at Pudumo Primary School in Orange Farm earlier in October.Called Health in Action, the programme looks to extend the school’s existing vegetable garden so as to increase produce which is used to prepare daily meals for the learners.The programme encourages active play, educates children on nutrition and provides them and their families access to fresh food.Health in Action will reach up to 75 000 children in six disadvantaged areas in Johannesburg and Port Elizabeth, benefitting communities where the company’s operations are located. This is a multi-dimensional approach to create school environments that encourage children and families to adopt lifelong healthy habits.Early childhood development can mean closing the gaps between different classes and working to fight inequality in the long run by levelling the playing field. It can ensure that no class has an advantage over the next as a result of their upbringing.This resonates with the South Africa’s National Development Plan (NDP) in terms of improvement of healthcare, community development and skills development.Early childhood development is part of the NDP’s Vision 2030, and it believes the private sector will be in the forefront of this development.PARTNERSHIPS FOR HEALTHY LIFESTYLESHealth in Action partners with communities to promote healthy lifestyles, address obesity and reduce hunger. The program supports Mondelēz International’s Call For Well-being , which is focused on four key areas where the company can make the greatest impact: mindful snacking, sustainability, community and safety.Daniel Lombard, managing director for Mondelēz South Africa, said: “Medical studies have shown that South Africa has the highest obesity rate in sub-Saharan Africa so we are proud to bring the Mondelēz International Foundation’s well-being program here to help educate younger children.“We believe that this program will assist us in using global insights for a local impact and encouraging a future generation to embrace lifelong healthy habits.”Key elements of Health in Action include:Training selected lead teachers as “multipliers,” who can train their colleagues in the background and implementation of the program.Establishing school, home and community gardens and fish farms so as to provide fresh produce and fish protein to supplement school meals. This will help in improving nutrition and reducing hunger.Increasing participation in physical activities, including jobs for local unemployed youth as “recess buddies” who guide safe activity play during school breaks.ADAPTING IT TO SOUTH AFRICAMondelēz South Africa is working with Inmed Partnerships for Children to adapt their award-winning program from Brazil for South Africa.Lombard said: “We shall reach thousands of children aged between six and 12 years old in at least 100 primary schools, over a four-year period, with this program of hands-on, skills-based fun activities.“When they are better nourished and healthier, they will have the vitality to work and study to make their dreams come true.”Lombard added that non-communicable diseases, or lifestyle diseases, such as diabetes, high blood-pressure and cardiovascular problems, are increasing dramatically in South Africa.He said: “We see this program as offering a boost to the South African public health goals nationally as well as internationally. The program is aligned with United Nations’ Sustainable Development Goals of addressing malnutrition and promoting good health and well-being.“I am also delighted that this program will be rolled out in the communities close to our operations in South Africa. This will allow our employees to get involved in the program and provide support and expertise when needed.”Similar Inmed strategies in Brazil were considered successful after two-thirds of the children participating reduced their body mass index (BMI). About a third of these children achieved a normal BMI.Dr Linda Pfeiffer, Inmed President and CEO, said: “We’re proud to partner with the Mondelēz International Foundation and Mondelez South Africa to prioritise well-being in South African communities and schools.“We’re partnering with relevant local and provincial departments of education and look forward to working alongside them, as well as teachers, parents and communities, to establish nutrition basics, encourage active lifestyles and expand access to nutritious foods.”
Tags:#community#conferences#SXSW 2011#web Top Reasons to Go With Managed WordPress Hosting I spent much of my fourth consecutive year at the South by Southwest Interactive festival capturing tweets, photos and other moments from the thousands of people in attendance. To accomplish this, I used curation platform Storify, which incidentally won this year’s SXSWi Startup Accelerator competition for news technologies. Although still in private beta, Storify is getting a lot of well-deserved notice.Additionally, Storify launched a custom site that features many other curated stories from SXSWi keynotes, panels and parties. Why Tech Companies Need Simpler Terms of Servic… seamus condron Related Posts 8 Best WordPress Hosting Solutions on the Market Without further ado, here’s the scrapbook I created over my three day adventure. Admittedly my curatorial stamina began to wane a bit towards the end, but I pulled through! I’ll continue to fine-tune this story over the next few weeks. If you have something you’d like me to add, please drop me a line on Twitter. A Web Developer’s New Best Friend is the AI Wai…