Report: GSEs Purchased Risky Loans Despite Red Flags

first_imgHome / 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 Subscribecenter_img 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.last_img read more

Tuesday Beach Update: Work Continues at 55th and 56th

first_imgCheck OCNJ Daily for updates and photos of the Ocean City beach replenishment project for 2015 in the south end between 37th and 59th Streets.DATE: Tuesday, Sept. 1PROGRESS: As of Tuesday at dusk, the beaches at 55th Street and 56th Street remain closed as the south end beach replenishment project moves into its final phase.Beaches between 37th Street and 54th Street are now complete, and the pipeline feeding that part of the project has been removed.The main pipeline feeding sand to the beaches is split into three, so a wider area of the beach can be covered.WHAT’S NEXT: Work will continue in the area between 55th Street and 59th Street in the final phase of the project. Sand-pumping is expected to be complete within three weeks. Dune crossover work will follow. And the planting of dune grass is scheduled for November.READ MORE: Ocean City NJ Beach Replenishment 2015 Daily UpdateFOR DAILY UPDATES by E-MAIL: Sign up for free The Coastal Research Amphibious Buggy (CRAB) drives into the surf on Tuesday evening (Sept. 1) to survey the height and slope of the rebuilt beach at 56th Street.last_img read more

Kobe Bryant dies at 41

first_imgBryant was a five-time NBA champion in a career that began in 1996 straight out of a high school and lasted until his retirement in 2016.He also was a two-time Olympic gold medalist, helping spark the US squad of NBA stars to titles in 2008 at Beijing and 2012 at London.Bryant bowed out of the NBA in 2016, scoring 60 points in his final appearance before his adoring fans at the Staples Center.It was a fairytale farewell to a sporting career which had begun two decades earlier.The son of former NBA player Joe “Jellybean” Bryant, the Lakers legend was born in Philadelphia in 1978 while his father played for the 76ers.The elder Bryant played from 1984 to 1991 in Italy, giving young Kobe a global worldview as he grew up dreaming of following his dad into the NBA.When his father retired as a player, the family moved back to the Philadelphia area and Kobe began his star turn at Lower Merion High School, where his jersey number 33 was retired.He decided at age 17 to jump directly from the prep ranks to the NBA, only the sixth player and first guard to make such a leap.Bryant was selected 13th overall by the Charlotte Hornets in the 1996 NBA Draft but they were picking for the Lakers in a deal made before the draft.At 18, Bryant became, at the time, the youngest player or starter in an NBA game and the youngest winner of the NBA Slam Dunk Contest.In 1998, he became the youngest NBA All-Star starter. In a 1999 campaign shortened by a labor dispute, Bryant started every game for the Lakers and signed a six-year deal worth $70 million.As the Michael Jordan era ended in Chicago, Bulls coach Phil Jackson wound up joining the Lakers and with sharpshooter Bryant joining dominating inside force Shaquille O’Neal, the Lakers captured three NBA crowns in a row from 2000-2002, returning the team to glory days unseen since 1988.He remained with the franchise for the remainder of his career, successfully branching out into the entertainment industry following his retirement.In 2018, he won an Oscar for his animated short film “Dear Basketball”, a love letter to the sport which brought him fame and fortune.Share on: WhatsApp Pages: 1 2 5x NBA Champion2x Finals MVP1x NBA Most Valuable Player 18x NBA All-Star4x NBA All-Star Game MVP11x All-NBA First Team2x All-NBA Second Team2x All-NBA Third Team9x NBA All-Defensive First Team2x NBA Scoring Champion2x Olympic Gold MedalistLos Angeles, United States | AFP |  NBA legend Kobe Bryant died Sunday when a helicopter crashed and burst into flames in foggy conditions in suburban Los Angeles, leaving five people dead, US media reported on Sunday.Los Angeles County Sheriff’s officials said there were no survivors from the morning crash on a rugged hillside in Calabasas, west of Los Angeles.The helicopter was described as a Sikorsky S-76, Federal Aviation Administration spokesman Allen Kenitzer said.TMZ was the first US outlet to report that Bryant was among the fatalities. The NBA icon’s death was later confirmed by ESPN, CNN and the Los Angeles Times citing unidentified sources.TMZ reported that Bryant’s wife, Vanessa was not among those on board the helicopter.Early reports of Bryant’s death sent shockwaves throughout the world, with fellow stars and celebrities expressing disbelief at the news.“I’m stunned,” wrote Hall-of-Fame NBA star Scottie Pippen. “Words can’t even come close to describing it. Just an incredibly sad and tragic day.”“This can’t be true,” Dallas Mavericks star Luka Doncic wrote on Twitter. “No please.”Tennis great Martina Navratilova added: “Gone much too soon, how devastating to hear of his passing, he gave joy to so many for so long – deep condolences to his family, his friends, his Laker family. RIP Kobe.”At the Staples Center in downtown Los Angeles, dozens of shocked fans gathered to pay tribute to the star.The crash came only hours after the 41-year-old former Los Angeles Lakers icon was passed by current Lakers star LeBron James for third on the all-time NBA scoring list in a Saturday game at Philadelphia.Bryant’s final post on social media had been a tweet congratulating James on surpassing him.“Continuing to move the game forward @KingJames,” Bryant wrote. “Much respect my brother #33644”.– Five-time champion –last_img read more

England pair win Major Champions titles

first_img Tags: elite golf, England squads, performance England teenage internationals Conor Gough and Annabell Fuller pulled off a national double when they won the individual titles at the Major Champions Invitational at Bella Collina in Florida.Gough was 15-under in the boys’ event, while Fuller was 11-under in the girls’ championship.The event, in its second year, was created by six-time major champion Sir Nick Faldo to give opportunities to young golfers. It was supported by 18 major winners including England’s Georgia Hall, the Women’s British Open champion.Hall was represented by a team of four: Gough (Stoke Park, BB&O), Fuller (Roehampton, Surrey) and fellow England player Lily May Humphreys (Stoke by Nayland, Essex), alongside Switzerland’s Alexis Valenzuela. Together they were runners-up in the team event, on 26-under, three behind Annika’s team.Gough, the British Boys’ Champion, shot scores of 68 65 68, playing the final five holes in two-under par to finish three clear of the USA’s Andrew Goodman. Defending champion Tom McKibbin was third on 11-under.Fuller, a Curtis Cup player, snatched a one-shot victory over Korea’s Jung-Min Hong when she birdied the last hole and her opponent bogeyed it. The 16-year-old had rounds of 68 69 68.Gough, Fuller and Humphreys are all members of England Golf national squads.Click here for more informationCaption: Annabell Fuller and Conor Gough (copyright Leaderboard Photography). 11 Mar 2019 England pair win Major Champions titles last_img read more