HUD announced today (6/30/16) that is making the most significant changes to date for its Distressed Asset Stabilization Program (DASP) that include requiring purchasers of the delinquent loans to offer principal reduction to qualified borrowers. Other changes include prohibiting investors from abandoning low-value properties and offering greater opportunities for non-profits and local governments to participate in DASP. READ MORE: http://www.dsnews.com/news/06-30-2016/fha-makes-enhancements-to-distressed-loan-sales-program
Author Kevin Kruse recently interviewed over 200 ultra-productive people including seven billionaires, 13 Olympians, 20 straight-A students and over 200 successful entrepreneurs. He asked a simple, open-ended question, “What is your number one secret to productivity?” After analyzing all of their responses, he coded their answers into 15 unique ideas.
Many traditional mortgage lenders have retreated from the business since new rules and higher standards were imposed after the financial crisis. Even with real-estate prices rebounding in California and other high-demand U.S. markets, cautious banks lean toward wealthier, lower-risk borrowers.
Private lenders and other upstarts are filling the vacuum. That means a small but growing slice of the mortgage market has shifted from mainstream banks to an informal, loosely regulated corner of property finance. These lenders can earn 8% and more on their money—the catch is they must stomach the risk of lending their savings to borrowers rejected by banks.
“The CFPB is truly something new in Washington: a powerful independent regulatory agency run by a single federal official who cannot be removed from office at the will of the President.
In its short, unhappy life, the Consumer Financial Protection Bureau has compiled a record of abuse rivaling that of Washington’s most entrenched bureaucracies. But there’s new reason to hope that this misanthropic creation of Dodd-Frank may not reach adulthood.”
Commercial real estate took it on the chin last time alongside residential real estate. Obviously with the economy contracting there is going to be some fallout with commercial real estate. Businesses need to make income so they can pay their leases. Business dries up and so does the rent payment.
We are seeing the price of commercial real estate soaring while household incomes are stagnant. Take a look at this chart: