Category Archives: Servicing

Waters, Hensarling put forth massive bipartisan economic growth bill

Chairman of the House Committee on Financial Services Jeb Hensarling, R-Texas, and the committee’s Ranking Member Maxine Waters, D-Calif., announced they reached an agreement on a package of bipartisan legislation to push economic growth.

The enormous bipartisan push for the legislative package, known as the JOBS and Investor Confidence Act of 2018, is made up of 32 individual pieces of legislation that have passed the committee or House this congressional session with broad bipartisan and sometimes even unanimous support.

“Over the last several months, our committee has been working hard to put forth a number of capital-formation bills that are designed to breathe new life into markets that are suffocating under aging regulations,” Hensarling said. “Thanks to the efforts of the ranking member and members of the committee on both sides of the aisle, we have a strong bipartisan package that will play an important role in sustaining long-term economic growth and global competitiveness.”

Waters explained that the legislation would provide a stronger economy, more jobs and strong investor protections.

“A stronger economy, more jobs for America’s families, and strong investor protections are top priorities for Committee Democrats,” she said. “I want to thank the chairman and the staff of the committee on both sides of the aisle for the work that they have been doing, working together to live up to what we always say—that we all support small businesses, their access to capital and protecting investors. This is true bipartisanship we are witnessing today.”

Some of the legislation includes clearing up rules, reducing regulation for smaller companies such as making different small banks exempt from federal stress tests or even orders for federal agencies to look further into the benefits of certain rules.

See the 32 individual pieces of legislation the bill includes, and when they passed either the House or the committee by clicking to page two below.

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Monday Morning Cup of Coffee: LA celebrity real estate blogger identity revealed

Monday Morning Cup of Coffee takes a look at news coming across the HousingWire weekend desk, with more coverage on bigger issues.

For years, an anonymous blogger has written about nonpublic details surrounding celebrity home sales, their identity a mystery that has plagued Los Angeles real estate circles.

But now, the author of the blog, previously known only as Yolanda’s Little Black Book, has been revealed.

From a Los Angeles Times article:

By gleefully revealing tightly guarded details of the latest multimillion-dollar celebrity housing transactions, the gossipy anonymous blog has wreaked havoc among the city’s elite real estate agents and their wealthy clients. But who is behind the website, whose writer goes by such aliases as Yolanda Yakketyyak, the Real Estate Yenta and Donald Frump?

As it turns out, a record search by the LA Times found that the registrant and administrator of the blog is a recent finance manager for brokerage firm Compass, Jim McClain.

From the article:

“This evening we discovered evidence suggesting that we were the victim of a malicious former employee, James McClain,” [Compass] spokeswoman Julie Binder said. “We will prosecute this individual to the fullest extent of the law.”

Two of President Donald Trump’s departments are going head-to-head in a legal battle over who is responsible for overseeing student loan companies.

Last year, the Consumer Financial Protection Bureau began a case against student loan company Navient, claiming the company caused borrowers to struggle unnecessarily by steering them to repayment plans that weren’t in their best interest, according to an article by Jillian Berman for MarketWatch.

But as it turns out, not all government agencies are on the same side. Earlier this week, the CFPB submitted a letter to the judge saying Navient isn’t producing essential documents because the company doesn’t have permission from the Department of Education.

From the article:

Though it seems like a wonky regulatory battle, the letter is the latest sign of the tussle between the Department of Education, state lawmakers and the CFPB over whether student loan companies’ relationship with the Department of Education shields them from other legal challenges.

Friday, Navient filed its own letter, asking the judge to hold an in-person conference to give the Department of Education a chance to be heard.

TBD what happens next, and who wins this latest power struggle.

The World Cup is over (Congratulations France, first win since 1998!) so several key events happening in Congress this week should have less competition for viewership.

First off, Federal Reserve Chair Jerome Powell is set to give his semi-annual congressional testimony. He will testify before the Senate on Tuesday, then before the House on Wednesday.

This will be Powell’s first semi-annual testimony since taking over for former Fed Chair Janet Yellen earlier this year.

He is expected to touch on topics such as the impact of tariffs, rising inflation, and the flattening yield curve, according to Capital Economics Chief Economist Paul Ashworth.

“The politically-savvy Powell will temper his criticism of Trump and his tariffs,” Ashworth said. “As he noted in an interview this week, ‘when we don’t make policy, we don’t praise it; we don’t criticize it.’ But Powell went on to warn that, ‘you can imagine situations which would be very challenging, where inflation is going up and the economy is weakening.’”

Currently, Trump’s trade war continues to progress. Earlier this week, the president announced his next step –  tariffs on $200 billion in Chinese imports.

One expert previously explained that trade war uncertainties could continue to keep mortgage rates lower, but a recent report from Capital Economics showed the tariffs could actually push the Federal Reserve to continue raising rates.

Powell’s testimony could provide more answers on how the Fed views the trade war, current economic conditions, and what it means for interest rates.

But Powell isn’t the only one appearing before Congress this week. On Thursday, Trump’s pick for CFPB director, Kathy Kraninger will make her first appearance before the Senate as they consider her nomination. 

Already the Senate has been gearing up to question Kraninger. Sen. Elizabeth Warren, D-Mass., announced in June that she will freeze out Kraninger until she has more answers on the potential director’s role in the current border immigration policy.

However, there’s a major catch to Warren’s hold up of the nomination: It might be just what the administration wants.

Already, several groups have begun to comment that Kraninger’s nomination is simply a ploy to keep current Acting Director Mick Mulvaney at the helm for a while longer.

But while Kraninger’s nomination is uncertain, what is sure is Thursday’s hearing is set to hold no small amount of controversy. Don’t worry if you don’t have time to watch it, you can check HousingWire’s coverage for all the important bits.

And with that, have a good week!

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HUD grants $43 million in effort to end youth homelessness

In an effort to end youth homelessness, the U.S. Department of Housing and Urban Development announced it is awarding $43 million to 11 local communities.

These communities include five rural areas, and the funds will be dispersed through HUD’s Youth Homelessness Demonstration Program. This program supports a range of housing interventions such as rapid rehousing, permanent supportive housing, transitional housing and host homes.

“Young people who are victims of abuse, family conflict, or aging out of foster care are especially vulnerable to homelessness,” HUD Secretary Ben Carson said. “We’re working with our local partners to support innovative new approaches to help young people find stable housing, break the cycle of homelessness and lead them on a path to self-sufficiency.”

To ensure the funds went to communities that would truly meet the needs of youth, HUD invited many youth from the YHDP to participate in reviewing the applications from the communities. HUD explained their input helped ensure the selected communities understand the needs and preferences of the youth they will serve.

HUD also worked with partners such as the Department of Health and Human Services, the Department of Education and the U.S. Interagency Council on Homelessness to develop the program and review applications.

The 11 selected communities will now work with partners including a youth action board and the local or state public child welfare agency. The communities have four months to develop and submit a coordinated community plan to HUD to prevent and end youth homelessness.

The communities will also participate in a program evaluation to inform the federal effort to end youth homelessness going forward, and will serve as leaders in HUD’s work to end homelessness among young people.

The communities can begin requesting funding for specific projects as soon as they are ready, HUD announced.

Here is how much HUD will be awarding each community, and each community’s vision for how to end youth homelessness:

San Diego, California: $7.94 million

The Regional Task Force on the Homeless and its members demonstrated success addressing homelessness through specific initiatives targeting specific homeless subpopulations. For example, San Diego and San Diego County are implementing a Youth Coordinated Entry System to match housing and services to the needs of young people, specifically those experiencing unsheltered homelessness.

Louisville, Kentucky: $3.45 million

This Continuum of Care has a history of coordinating stakeholders to create systemic change in the homeless service system resulting in cutting the chronically homeless population in half. It worked to effectively end veteran homelessness and has been working to make systemic change in addressing homelessness among youth since 2016 through the Homeless Youth Committee of the Louisville CoC.

Boston, Massachusetts: $4.92 million

Boston is seeking to transition from a city where multiple programs individually serve Youth and Young Adults at-risk of and experiencing homelessness, to a city with a coordinated, resourced and data-informed system with common vision and goals.

NW Minnesota (Rural): $1.41 million

Given the significant system changes involved and the specific challenges associated with the rural nature of its region and desire to assure the participation and respect the sovereignty of three tribes, this Continuum of Care employs a single prioritization list and participation of nearly all homeless-dedicated beds.

Nebraska (Rural): $3.28 million

The mission of the Connected Youth Initiative is to bring young people together with service providers, funders and decision-makers to create supportive communities committed to improving outcomes for youth ages 14 to 24 with foster care, juvenile justice or homelessness experiences. It is designed to build strong collaborations and infrastructure necessary for community ownership of youth well-being and the realization of improved youth outcomes.

Northern New Mexico (Rural): $3.37 million

Many local communities and towns in New Mexico have demonstrated a philosophical, political and financial commitment to confronting social inequities, particularly as they affect underserved populations and children. Youth Services and Family Services, along with its partners, are proposing to extend this commitment through tested methodologies and novel approaches to a web of communities in a 14-county region.  This rural outreach aims to join a national effort of like-minded individuals, groups and municipalities to end youth homelessness.

Columbus, Ohio: $6.07 million

The Youth Action Board and Youth Committee vision is for all youth to have a safe place to call home. Successful achievement of this vision in this community means all youth will have immediate and easy access to the support they need to prevent homelessness or, if needed, will have immediate and easy access to crisis housing and services to ensure that homeless episodes are rare, brief and one-time.

Nashville, Tennessee: $3.54 million

The creation of the Key Action Plan represents a clear shift in Nashville and Davidson County, where the problem of youth homelessness is more broadly recognized and embraced beyond a small number of Youth and Young Adult providers. With the direct support of more than 20 diverse stakeholders, including a wide range of community-based organizations, systems and Young Adult, Nashville’s Continuum of Care has increasingly tested new strategies and methodologies as it works to expand housing options for at-risk young people and to build momentum toward ending youth homelessness.

Vermont (Rural): $2 million

The Youth Homelessness Prevention Plan Committee engaged youth and youth providers in planning, conducted a youth baseline needs assessment and incorporated youth perspectives into the Continuum of Care’s coordinated entry policies and procedures.

Washington (Rural): $4.63 million

Washington State’s ongoing strategic efforts include: preventing youth from exiting public systems of care, such as child welfare and juvenile justice, into homelessness, developing a crisis response system for families and youth in conflict and closing educational equity gaps for homeless students.

Snohomish, Washington: $2.39 million

The Snohomish County Human Services Department will build on successful innovative practices that have transformed the Everett/Snohomish County Continuum of Care homeless response system, to further transform the homeless youth response under the Youth Homeless Demonstration Program.

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