A Call for a Government Liquidity Facility

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post A Call for a Government Liquidity Facility The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 20, 2020 1,733 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / A Call for a Government Liquidity Facility 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. Demand Propels Home Prices Upward 2 days ago About Author: Krista F. Brockcenter_img Subscribe Tagged with: Federal Reserve liquidity facility US Department of the Treasury Servicers Navigate the Post-Pandemic World 2 days ago Share Save With the rise in confirmed COVID-19 cases this summer and the uncertainty surrounding the extension of temporary unemployment benefits after the end of this month, housing experts from the Urban Institute suggest we may be on the brink of another “liquidity panic” similar to what we experienced in March.While loan servicers have weathered the pandemic-induced recession and all that came with it fairly well so far, further pressure would disproportionately impact the government loan market, according to the researchers.“We recommend the Federal Reserve and the Treasury begin developing a liquidity facility that could be activated quickly to minimize any potential market disruption,” wrote Karan Kaul and Ted Tozer in a brief, “The Need for a Federal Liquidity Facility for Government Loan Servicing.”While the CARES Act put servicers in a precarious position with its generous mortgage loan forbearance program, servicers have weathered the storm well for several reasons.Record-low interest rates caused a burst of refinancing activity that bolstered servicers’ liquidity. Also, while millions of borrowers entered forbearance plans, some continued to submit payments regardless. The researchers also suggest that early confusion about how and when borrowers would have to repay the forborne payments perhaps dissuaded some from entering forbearance.Most importantly, though the GSEs helped servicers by capping their obligation to advance principal, interest, taxes, and insurance on loans in forbearance at four months.The GSEs are able to do this because they can leverage their corporate resources or issue debt in order to advance funds to their Common Securitization Platform.On the other hand, Ginnie Mae does not have the flexibility to support its issuers in this manner and to complicate matters further, the loans Ginnie Mae backs are higher risk than GSE loans.As of the end of June, 6.2% of GSE loans were in forbearance, while 11.2% of Ginnie Mae loans were in forbearance, according to data from the Mortgage Bankers Association.Ginnie Mae’s role is to serve as a backstop if an issuer becomes insolvent. Its issuers are on the hook for more than the servicers of GSE loans are. Ginnie Mae issuers “are responsible for performing many of the same functions in the government lending space that the GSEs perform in the conventional space,” according to the Urban Institute.Ginnie Mae created the Pass-Through Assistance Program to cover principal and interest advances in order to help its issuers. However, the issuers are still responsible for taxes, FHA insurance premiums, homeowners’ insurance, and Ginnie Mae’s 6 basis point guarantee fee. Together, these account for about 30% of the average monthly payment, according to the Urban Institute.Thus, the rise in confirmed COVID-19 cases, financial uncertainty, and the potential for further income loss or restrictions are a particular threat to the government loan sector.“Ultimately, we conclude that a federal liquidity facility is the only practical solution for mitigating forbearance-related liquidity risks for government loans,” the researchers wrote. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Foreclosing Filings Fall During First Half of 2020 Next: HUD, OCC Tout Opportunity Zone Potential Sign up for DS News Daily Federal Reserve liquidity facility US Department of the Treasury 2020-07-20 Mike Albaneselast_img read more

Challenges and perspectives of sustainable development of Croatian tourism

first_imgThe Network for Sustainable Development of Croatia, co-organized by the Plitvice Lakes National Park and the Lika Destination Cluster, is organizing a conference “Challenges and perspectives of sustainable development of Croatian tourism”.The scientific community, representatives of the Government of the Republic of Croatia and people from practice will exchange experiences and present their views on tourism in Croatia and propose guidelines that, in their opinion, could best determine the path of sustainable tourism development. The model of development of accommodation capacities as well as accompanying infrastructure in the coastal area revealed the pitfalls of tourism development and reminded us many times that only professional, planned thinking and dialogue can establish a system for sustainable tourism development in our country.The fact is that Croatia is a popular destination for tourists who come to our coast in increasing numbers every year. Continental tourism is also recording better results as well as visits to our hitherto lesser known destinations. However, to what extent Croatian agricultural products participate in tourist consumption, whose furniture is used to equip tourist facilities, and how many Croatian products participate in the tourist market in general, are questions we have been asking ourselves for years. “In recent years, we have witnessed a shortage of manpower in tourism, and the question justifiably arises as to whether we will be able to meet the growing tourism development with such capacities in the future, if we do not pay enough attention to sustainability. Tourism development necessarily interferes with the environment and spatial planning, the consequences of which, if not enough attention is paid to sustainability, can have unforeseeable consequences. When we talk about sustainable tourism development, all eyes are always on the Ministry of Tourism, but we should often ask ourselves how much each stakeholder in the tourism sector can contribute to sustainability. points out Tomislav Kovačević, head of the Lika LAG and president of the Croatian Sustainable Development Network.Therefore, participation in the conference is extremely important for all tourist boards, municipalities, cities and counties, and especially LAGs as relatively new, but extremely important factors in community development. “There are also farmers as direct food producers, traders as intermediaries in the chain, carriers and the local population that lives in the destination and feels the consequences of development the most. Cooperation at the micro and macro level has no alternative. Croatia is a beautiful and still largely preserved country for quality tourism development. “Concludes KovacevicThese topics will be discussed at a conference held at the Plitvice Lakes National Park, September 27.09.2017, 11. at the Lake Hotel starting at XNUMX p.m. There is no conference fee. A large number of tourist boards from Croatia, hoteliers, representatives of cities, municipalities and counties and LAGs have already reserved their place at the conference, the Ministry of Defense points out and invites you to send your applications for participation to e-mail: [email protected] program on sustainable tourism development in Croatia: Challenges and perspectives of sustainable development of Croatian tourismRelated news:  LAG LIKA AS AN EXCELLENT EXAMPLE OF STRATEGIC DEVELOPMENT AND BRANDING OF LIKA AS AN INDIGENOUS TOURIST DESTINATIONlast_img read more

8-year-old brings loaded gun to school to show off to classmates

first_imgThe Pasco County Sheriff’s Office is reporting that officials disarmed an 8-year-old who brought a loaded gun to school to show off to fellow students.The incident was reported at Hudson Elementary School earlier this week.According to the report, a security guard noticed a group of students gathered inside of a restroom while classes were in session and went to break up the group. One of the students stayed behind and told the guard that the group was gathered to see a gun that another student in the group brought in his bookbag.The 3rd grade student then identified the student and told the guard which bookbag to look for.That student who was identified was then removed from the classroom and brought into the principal’s office where it was discovered that the child in fact, was in possession of a loaded gun.The child has not been arrested nor have charges been placed at this time, however, authorities reported that they are still investigating the incident.last_img read more

Blizzard, Psyonix to expand Tespa collegiate esports offerings

first_imgTespa, in conjunction with game developers Blizzard and Psyonix, will be massively expanding its breadth of collegiate esports work. The organisation will offer more prizes, broadcasts, competitions and membership options than ever for university-level players and fans.Tespa will run its usual fare of Overwatch, Hearthstone, and Heroes of the Storm (including flagship tournament Heroes of the Dorm). This season, Blizzard will begin to emphasise Starcraft 2 and World of Warcraft more than ever. Plus, for the school year, Tespa will focus on its Rocket League competitions, which began with the Summer League 2017, with the help of Psyonix. They promise at least six live broadcasts per week and expanded content, highlighting the top moments of their collegiate leagues each week.It will also offer over $1 million (£777,700.00) in scholarship money to participants. This is a sharp increase from its approximate $150,000 (£116670.00 GBP) prize pool last year in Overwatch’s Collegiate Series and the Hearthstone Training Grounds.Players wishing to get more involved with the scene have more options, as now Blizzard is offering rewards for both financial and participatory investment. Colleges can upgrade to a “Premium Membership,” offering in-game rewards and loot, plus physical merchandise. Plus, players playing on a regular basis can earn Blizzard rewards for registering through Tespa and playing in its events regularly.Tespa will also launch Tespa University, which it describes as “a central online hub to help students learn about all of Tespa’s programs and how to get involved.” Here, players and fans can join the organisation, find chapters and sign up for a number of amateur on- and off-season competitive leagues, dubbed the “Training Grounds.”Already, Tespa, founded in 2010 at the University of Texas in Austen, has over 65,000 members registered over 220 chapters across the USA and Canada. The company has worked in conjunction with Blizzard in past years, and after recent partnership initiatives, Tespa has become the sole provider of Blizzard esports in collegiate environments. Students are encouraged to create their own club, and Tespa provides financial and tournament support from the parent organisation.Esports Insider Says: The prominence of Tespa as a force in collegiate esports could never be ignored, but their future work gives an impression that they do mean business. Specifically, their increased outreach, scholarship and amateur leagues show their honest and true dedication to making competitive gaming an accessible and entertaining part of university life. Based purely off of their initial announcements here, things are looking up where relations between students and Blizzard, Psyonix and Tespa are concerned.last_img read more