CFPB Fines Nonbank Lender $2 Million For Deceptive Mortgage Advertising, Kickbacks

first_img Tagged with: CFPB Dodd-Frank Act NewDay Financial Nonbank Lenders Veterans Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago February 10, 2015 1,210 Views The Consumer Financial Protection Bureau (CFPB) announced on Tuesday it has levied a $2 million civil penalty against Maryland-based nonbank mortgage lender NewDay Financial for deceptive mortgage advertising and kickbacks.According to CFPB, NewDay deceived consumers by failing to disclose its financial relationship with a veterans’ organization in direct mail advertising materials.”We are pleased to resolve these technical legal issues with the CFPB,” NewDay said in a statement. “As the consent order makes clear, there has never been any allegation or suggestion that the company’s actions ever directly harmed our borrowers. We will continue our tireless efforts to serve veterans in the dignified manner they deserve. We are proud that our loans are among the best performing in the industry and remain committed to providing financial solutions that improve the lives of the men and women who have sacrificed so much for our nation.”The primary business of NewDay, which is owned by a private company, Chrysalis Holdings, is originating refinance mortgage loans guaranteed by the Veterans’ Administration (VA) made available exclusively to service members, veterans, and their surviving spouses.NewDay advertises primarily through direct mail campaigns, having solicited approximately 50 million consumers through the mail in a three-year period from 2011 to 2014. According to CFPB, NewDay entered into a marketing agreement with a veterans’ association facilitated by a broker company and agreed to pay “lead generation fees” to both organizations, as well as a licensing fee to the broker company.This marketing agreement earned NewDay the title of “exclusive lender” for that particular veterans’ association, but NewDay stated in its advertising materials that the title was based on high service standards and excellent value without disclosing its financial relationship with the veterans’ organization. According to CFPB, NewDay’s failure to disclose this financial relationship constituted a deceptive act or practice, which is a violation of the Dodd-Frank Wall Street Reform Act of 2010.”NewDay profited from the trust that veterans place in their veteran service organization,” CFPB Director Richard Cordray said. “Veterans, and any consumers getting a mortgage, deserve honest information about lender endorsements.”Also according to CFPB, NewDay’s direct mail advertisements contained recommendations from the veterans’ organization urging its members to use NewDay’s products. These recommendations by the veterans’ organization as well as referral activities through the telephone and the Web constituted a referral of settlement business, according to CFBP. The payments NewDay made to the veterans’ organization and the broker company for these activities constituted illegal kickbacks, a violation of the Real Estate Settlement Procedures Act (RESPA).As a result of the violations of the Dodd-Frank Act, NewDay will terminate its relationships with both the broker company and the veterans’ organization. In addition to paying a $2 million civil penalty to the CFPB’s Civil Penalty Fund, NewDay will also end deceptive marketing practices, end deceptive endorsement relationships, and cease making payments for referrals. CFPB Fines Nonbank Lender $2 Million For Deceptive Mortgage Advertising, Kickbacks Sign up for DS News Daily Previous: Wayne County, Michigan, Officials Help More Than 4,000 Avoid Foreclosure Next: Republican Lawmakers Seek to Halt Government Bank Rescues About Author: Brian Honea CFPB Dodd-Frank Act NewDay Financial Nonbank Lenders Veterans 2015-02-10 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. center_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / CFPB Fines Nonbank Lender $2 Million For Deceptive Mortgage Advertising, Kickbacks Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribelast_img read more

Economists Doubt Fed Will Act Before Election

first_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Economists Doubt Fed Will Act Before Election Home / Daily Dose / Economists Doubt Fed Will Act Before Election Demand Propels Home Prices Upward 2 days ago Tagged with: Federal Funds Target Rate Federal Reserve U.S. Economy Share Save Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Previous: Freddie Mac Resumes Whole Loan Securities Risk-Sharing Next: Clearing Foreclosure Backlog Shrinks Distressed Sales  Print This Post July 21, 2016 1,198 Views About Author: Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Federal Funds Target Rate Federal Reserve U.S. Economy 2016-07-21 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Against the backdrop of rising global risk following Britain’s exit from the European Union in June, it is unlikely that the Federal Reserve will raise the federal funds target rate until after November’s presidential election, according to Reuters poll of 100 economists.Fed policymakers had originally forecasted four rate hikes for 2016 at the start of the year following December’s historic liftoff, but volatility in overseas markets, an up-and-down labor market in the U.S., and inflation well below the Fed’s target rate of 2 percent has kept policymakers from enacting a rate hike in 2016.The Federal Open Market Committee, the monetary policymaking arm of the Fed, has four more meetings scheduled for 2016: July 26-27, September 21-22, November 1-2, and December 13-14. The December meeting will be the first one after the presidential election.Slightly more than half of the economists polled by Reuters said they believe the Fed will raise interest rates in the fourth quarter from their current level of 0-25-0.50 annually up to between 0.50 and 0.75 annually. It is unlikely the rate hike will come in the FOMC’s November meeting, since it wraps less than a week before the November 8 presidential election, according to the economists polled.The remaining economists surveyed by Reuters were divided on when they think the next rate hike will come—whether it will be in September, since the Fed has given no indication that a rate hike will come in the July meeting, or whether it will come next year.A Reuters poll in January indicated that economists widely believed a Fed rate hike would come no later than March. In the last six months since that poll, predictions for another rate hike have already been pushed back three times, according to Reuters. It was widely expected that the Fed would raise rates in June, but a dismal jobs report in May was largely responsible for preventing that from happening.The latest Reuters poll forecasted two more rate hikes in 2017, which will put the federal funds target rate at 1.00-1.25 percent by the end of next year.“All Fed commentary to date has suggested they will proceed very patiently and very gradually in normalizing policy. Our sense is the Fed might be extra cautious moving on rates close to the election since they’ll have to be seen as politically neutral,” said Sal Guatieri, economist at BMO Capital Markets. “Based on our view of how the economy will perform over the next six months and (considering) the U.S. is pretty close to full employment now … December is probably as good a time as any to move next.” in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

$6 Billion in Cuts for HUD Met with Opposition

first_img The Trump administration promised to cut domestic spending as recently underscored in preliminary budget documents obtained by The Washington Post. The plan would cut more than $6 billion in funding for the Department of Housing and Urban Development (HUD).  This directive would shrink HUD’s budget by about 14 percent to $40.5 billion in fiscal 2018, which begins in October. It’s the latest evidence that the President is serious about cutting domestic spending by $54 billion in order to bolster the defense budget. Marc Morial, president of the National Urban League, said such cuts would be “devastating and hard­hearted,” potentially leading to rent increases for those in subsidized housing.“These sorts of cuts could . . . increase the number of families and people that are homeless because housing is less affordable,” he said. “It’s a slap in the face of working Americans and urban communities, to suggest that you should make all these cuts to buy more tankers, aircraft carriers, and missile systems.”The plan would squeeze public housing support and end most federally funded community development grants, which provide services such as meal assistance and cleaning up abandoned properties in low-income neighborhoods.HUD Secretary Ben Carson has defended this action by saying that dependency on HUD programs could become “a way of life” for recipients. According to the Huffington Post, an email to the HUD staff on Thursday by Carson assured that the numbers were not final and that budget negotiations are in place. “Today you may have read preliminary HUD FY18 budget negotiations in national media reports. Please understand that budget negotiations currently underway are very similar to those that have occurred in previous years,” the email read. “This budget process is a lengthy, back and forth process that will continue. It’s unfortunate that preliminary numbers were published but, please take some comfort in knowing that starting numbers are rarely final numbers. Rest assured, we are working hard to support those programs that help so many Americans, focus on our core mission, and ensure that every tax dollar is spent wisely and effectively.”This proposed cut of HUD’s budget has brought many protests throughout the nation.  On Twitter. Former HUD Deputy Assistant Secretary for Public Affairs Brandon Friedman, said, “With a capital needs backlog among 1.2 million public housing units, totaling tens of *billions* of dollars, they want to cut funding.” Rep. Maxine Waters, D-California, said, “Inflationary cost increases are needed just to keep roofs over heads of millions of seniors, disabled, and kids. These cuts will cause homelessness.” About $1.3 billion would be cut from the public housing capital fund, under the preliminary plan, when compared to funding in 2016, and an additional $600 million would be cut from the public housing operating fund.Budgets for public housing authorities, city and state agencies that provide subsidized housing and vouchers to local residents, would be among the hardest hit. Under the preliminary budget, those operational funds would be reduced by $600 million, or 13 percent. Funds for big-ticket repairs at public housing facilities would be cut by an additional $1.3 billion, about 32 percent. That could have a major quality-of-life effect on low-income families who rely on public housing. According to a 2010 HUD report, tens of billions of dollars in backlogged repairs already plague the country’s 1.2 million public housing units.  Barbara Sard, Vice President for housing policy at the Center on Budget and Policy Priorities, said that even flat funding for HUD’s core programs ultimately could affect the number of subsidized housing vouchers available to families because of inflation. As a result, she said, hundreds of thousands of vouchers could be eliminated in the coming years if the department’s funding allocations for subsidized housing stay the same.HUD salaries and administrative expenses will also be cut by 5 percent, down from $1.36 billion in 2016 to $1.28 billion in 2018. It is not yet clear how that reduction in staff or wages would be achieved.In the process of developing the federal budget, agencies submit an initial funding request to OMB, which makes adjustments and returns the budget markup. The budget document obtained by The Washington Post details OMB’s budget priorities, program by program. Brown, the HUD spokesman, said the preliminary document is likely a HUD working draft as part of the budgeting process and might not have been reviewed by OMB, which is responsible for finalizing the president’s budget proposal before it is sent to Congress. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Budget Cuts Government HUD March 9, 2017 1,650 Views Subscribe The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Share Save Previous: Home Sales Increase as Buyers Avoid Rising Rents Next: Shaping Tomorrow’s Mortgage Leaders Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago $6 Billion in Cuts for HUD Met with Opposition in Featured, Government, News Home / Featured / $6 Billion in Cuts for HUD Met with Opposition Budget Cuts Government HUD 2017-03-09 Sandra Lane About Author: Sandra Lane Is Rise in Forbearance Volume Cause for Concern? 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sandra Lane has extensive experience covering the default servicing industry. She contributed regularly to DS News’ predecessor, REO Magazine, from 2004 to 2006, covering local market trends, the effects of macroeconomic shifts on market conditions, and “big-picture” analyses of industry-driving indicators. But her understanding of the mortgage and real estate business extends even beyond those pre-crisis days. She is a former real estate broker and grew up in what she calls “a real estate family.” A journalism graduate of the University of North Texas, she has written articles for various newspapers and trade journals, as well as company communications for several major corporations. Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days agolast_img read more

HUD Addresses Concerns About Reverse Mortgage Foreclosures

first_img Previous: U.S. Homeownership Rates Lose Ground to Other Developed Countries Next: What Will Dodd-Frank Modification Bill Mean for Housing? Sign up for DS News Daily in Daily Dose, Featured, Foreclosure, Government, Journal, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 14, 2018 7,073 Views Tagged with: Department of Housing and Urban Development Federal Housing Finance Administration FHFA HECMs Home Equity Conversion Mortgages HUD Reverse Mortgages Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Reverse mortgages have become a popular—and sometimes controversial—way for Americans to make use of the accrued equity in their homes, especially for older homeowners. The latest controversy surrounds HUD foreclosures on homes participating in the home equity conversion mortgage (HECM) program, and more specifically foreclosures that involve the spouses of deceased borrowers. Now a pair of advocacy groups have raised concerns about the program, and HUD has responded.According to the California Reinvestment Coalition and Jacksonville Area Legal Aid, of the nearly 600 non-borrowing spouses who requested aid from HUD to avoid foreclosure on their homes, 317 received assistance and 132 were denied. The two advocacy groups arrived at those figures via HUD data retrieved through a Freedom of Information Act request. Another 142 requests were still shown as pending. (This is only a small portion of those non-borrowers who could theoretically request assistance after the death of their spouse—the Washington Post estimates there may be as many as 12,000 non-borrowing spouses under the HECM program.)Based on the HUD data, the top three reasons applicants were denied assistance under the program included requests for assistance that were submitted more than 120 days after the borrower’s death, instances where the loan balance and net principal limit did not meet FHA’s tolerance levels, and cases of “deficient documentation.”“We can all agree that we should do everything we can to keep widowed seniors in their homes and to prevent all unnecessary foreclosures,” said Kevin Stein of the California Reinvestment Coalition. “It is not acceptable that any senior should fall through the cracks into homelessness due to inadequate public policy. We must fix this problem.”The advocacy groups have recommended HUD immediately begin sending notice letters to all borrowers and non-borrowing spouses, explaining what is needed for non-borrowing spouses to remain in the home in the event of the death of their spouse.However, HUD representatives say that the problem is overstated, largely due to a misinterpretation of the data. HUD public affairs specialist Brian Sullivan told Reverse Mortgage Daily, “Based upon data we gave them, they put two and two together and get something other than four.” According to Sullivan, the HUD stats quoted by the advocacy groups only represent “applications for loan assignments under the ‘mortgagee optional election’ (MOE), a program in which HUD pays the insurance claim but qualified non-borrowing spouses are allowed to remain in the home.”Sullivan explained that the data is only used “to signify the number of the assignments or requests for these assignments, as opposed to the number of borrowers being kicked to the curb.”Sullivan also referenced HUD mortgagee letters which explain the subject and requirements in detail.“That is why counseling is so critical in the origination of these mortgages,” Sullivan told Reverse Mortgage Daily. “People have got to understand what a reverse mortgage is.” About Author: David Wharton Department of Housing and Urban Development Federal Housing Finance Administration FHFA HECMs Home Equity Conversion Mortgages HUD Reverse Mortgages 2018-03-14 David Wharton Related Articles Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / HUD Addresses Concerns About Reverse Mortgage Foreclosures Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago HUD Addresses Concerns About Reverse Mortgage Foreclosures  Print This Post Subscribelast_img read more

Foreclosure Trends by the Numbers

first_img Demand Propels Home Prices Upward 2 days ago  Print This Post Foreclosure Trends by the Numbers Foreclosure propertyshark 2018-07-12 David Wharton Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 12, 2018 3,690 Views Servicers Navigate the Post-Pandemic World 2 days ago Share 1Save Home / Daily Dose / Foreclosure Trends by the Numbers Previous: The Headwinds Worrying Servicers Next: A Decade Unlike Any Other in Daily Dose, Featured, Foreclosure, Journal, Market Studies, Newscenter_img First-time foreclosures in New York’s Five Boroughs stagnated at it its too-high-for-comfort level, according to a recent report by PropertyShark. The city tallied 881 scheduled foreclosures in Q2, which is about where they were in Q1 and a year earlier.Foreclosure numbers have stayed near the 900 mark since the beginning of 2017 when they more than doubled compared to most of the previous three years. Most scheduled foreclosures were in the boroughs of Queens and Brooklyn, which made up about two-thirds of the cases. Queens’ 356 scheduled foreclosures amounted to a 17 percent uptick over Q1, but it was down from 388 properties a year earlier. Despite the high number of foreclosures, there was an 8 percent drop in foreclosure auctions in the borough in Q1, according to the report.Brooklyn saw 226 properties head to the auction block in the borough during the second quarter, but even with the second-most-foreclosed properties in New York City, the numbers were still down 14 percent year-over-year and down 18 percent from Q1.Foreclosure cases were up 39 percent year-over-year in Staten Island. However, fewer properties headed to the auction block compared to the first quarter of 2018. “In total, 146 homes were scheduled for auction in Q2 2018,” the report stated. That’s a 23 percent contraction quarter-over-quarter. There were 127 homes scheduled for action in Bronx in Q2, a year-over-year dip of 8 percent and a month-over-month drop of 9 percent. Meanwhile, Manhattan closed Q2 with 26 properties headed to the auction block, a 28 percent decrease both year-over-year and quarter-over-quarter.Homes entering pre-foreclosure dropped 13 percent from Q2 of 2017, the report found. There were 2,772 residential lis pendens cases, which, despite the yearly drop, was an 8 percent increase quarter-over-quarter. “In the first quarter of 2018, a total of 2,694 pre-foreclosures have been registered,” the report stated. “In Q2 2017, the city recorded 2,862 cases.”At the borough level, Queens had the most lis pendens cases in Q2, with 1,005. Brooklyn followed with 861 pre-foreclosures, then Staten Island with 378. “Year-over-year, pre-foreclosures decreased in most boroughs, the only exception being the Bronx,” the report stated. There was a 2 percent uptick there. Brooklyn recorded the largest year-over-year drop in lis pendens filings, 16 percent. Demand Propels Home Prices Upward 2 days ago About Author: Scott Morgan Tagged with: Foreclosure propertyshark Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

Working Towards a Common Goal

first_imgSign up for DS News Daily Foreclosure Gilbert Group HMB Loss Mitigation PR18 Puerto Rico Stern Lavinthal and Frankenberg 2018-11-07 Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Foreclosure, Loss Mitigation, News, REO  Print This Post Working Towards a Common Goal Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles November 7, 2018 1,449 Views HMB Law Group, LLC, a law firm headquartered in the heart of San Juan’s financial district welcomed two new members to its team. Michelle Garcia Gilbert, of Gilbert Garcia Group and Janette Frankenberg of Stern, Lavinthal and Frankenberg are the latest addition to the team.HMB has been designed from the ground up to meet the dynamic legal challenges of both financial institutions and Puerto Rican community members as the island recovers from the devastating storms. Managing member Rose Marie Book believes “it is the right time to focus their combined strength on providing solutions as the industry comes together to help the island.”HMB is also a flagship sponsor of PR18, an upcoming industry conference that will gather industry and government leaders in Puerto Rico to help design the next phase of the rebuilding process. Read more about HMB’s role in serving the legal needs of Puerto Rico here.“We have the skills and capability Puerto Rico needs today. I was drawn to HMB not only for the immediate good we do today but we will do beyond the immediate needs,” said Gilbert of Gilbert Garcia Group. Gilbert handles a wide variety of legal matters for HMB, given her litigation experience in both default and non-default cases. She has managed the company’s expansion into probate, estate planning, business transactional and corporate law. Gilbert has practiced real estate and business law since 1989, specializing in default servicing legal work, including litigated foreclosures, real estate closings, evictions, and commercial litigation.“I am pleased to be part of such a forward-looking team. I look forward to accomplishing great things together,” said Frankenberg. Her areas of expertise include creditor’s rights, foreclosure law, commercial transactions, commercial law, and REO. As the Managing Member of the firm, she focuses on foreclosure, REO, and related work. Twenty years ago, Frankenberg served as the outside counsel to the FDIC.“With new members and new firm affiliations, HMB will be able to help that many more clients and homeowners recover in Puerto Rico. Our work makes a real impact in the recovery effort,” said Founding Member Miguel Maza. Tagged with: Foreclosure Gilbert Group HMB Loss Mitigation PR18 Puerto Rico Stern Lavinthal and Frankenberg About Author: Donna Joseph Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Uneven Road to Recovery Next: Transforming the Buyer-Seller Relationship Home / Daily Dose / Working Towards a Common Goal Subscribelast_img read more

Navigating Opportunity Zones Investment Regulation

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post On Dec. 19, 2019, the IRS published final regulations on Opportunity Zones. In a commentary on Bloomberg Tax, Forrest David Milder partner in the law firm Nixon Peabody, LLP, discusses the highlights of the 544 page regulation publication.Key details Milder notes include the 180-day investing period, the “100% Substantial Improvement Rule,” and tax consequences of sales after 10 years, which Milder notes is the “biggest change of all.”“The final regulations have adopted many of the post-10-year disposition changes requested by the investment community,” Milder states. “As a result, each of the following is eligible for favorable tax treatment after ten years: sale of a QOF interest held by an investor; sale of a directly owned property by a QOF; sale of an interest in a partnership, limited liability company, or stock held by a QOF; and sale of property held by a QOZB partnership, LLC, or corporation in which the QOF invests.”For residential investors, used property is generally not eligible for favorable treatment unless it is “substantially improved.” The final regulatons, Milder notes, have adopted a broader, “aggregate” rule, with have two sets of substantial improvement rules.This will require developers and their advisors to closely study the rules with each rehabilitation.One set of new rules allows for improvements to buildings on contiguous parcels, or buildings located on a single parcel and transferred in a single deed. To aggregate under this rule, all of the buildings must receive some rehabilitationIn November 2019, shortly before the final regulations, the U.S. Department of Housing and Urban Development (HUD) Secretary Dr. Ben Carson announced the Federal Housing Administration will offer new incentives to borrowers interested in rehabilitating homes in Opportunity Zones.The new incentives are part of the expansion of its Limited 203(k) Rehabilitation Mortgage Insurance Program for homes in Opportunity Zones.“In the end, I think that the IRS deserves a great deal of credit for working its way through so many comments and suggestions and applying an excellent measure of flexibility at many turns,” Milder concludes. “At the same time, I think we can expect to uncover many more investment opportunities and obligations as we spend more time with the regulations and working through investments with taxpayers, developers, fund organizers and managers.” Servicers Navigate the Post-Pandemic World 2 days ago Share Save About Author: Seth Welborn Navigating Opportunity Zones Investment Regulation Sign up for DS News Daily January 7, 2020 1,807 Views in Daily Dose, Featured, Government, Investment, News Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Related Articles Previous: Mortgage Relief Scam Defendants to Pay $18.5M Next: U.S. Supreme Court Weighs in on Ticking FDCPA Timercenter_img House HUD Investment IRS Opportunity Zones 2020-01-07 Seth Welborn The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Navigating Opportunity Zones Investment Regulation Demand Propels Home Prices Upward 2 days ago 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 Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: House HUD Investment IRS Opportunity Zones Subscribelast_img read more

Councillor questions logic behind septic tank inspection priorities

first_img NPHET ‘positive’ on easing restrictions – Donnelly Facebook By News Highland – March 12, 2012 Facebook Previous articleMartin McGuinness calls on RAAD to disbandNext articleE-coli and high levels of aluminium found in Donegal drinking water News Highland Councillor questions logic behind septic tank inspection priorities 448 new cases of Covid 19 reported today WhatsApp A Donegal Councillor says flawed logic appears to be governing policy relating to septic tank inspections.It’s emerged that septic tanks in parts of Donegal will be among the first to be targetted when inspections begin next year.The Irish Independent has published figures this morning suggesting that tanks in the Swilly and Crana catchments will be high on the priority list.Cllr Paul Canning says these findings are based on samples which cannot differentiate between what is leaving an urban based treatment plant or a rural septic tank, and he believes septic tanks are not as dangerous as the government is claiming……[podcast]http://www.highlandradio.com/wp-content/uploads/2012/03/paulc.mp3[/podcast] Pinterest Google+ RELATED ARTICLESMORE FROM AUTHORcenter_img WhatsApp Twitter Pinterest Help sought in search for missing 27 year old in Letterkenny Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector published News Three factors driving Donegal housing market – Robinson Google+ Twitterlast_img read more

Concannon search now in its 38th day

first_imgHomepage BannerNews Google+ Twitter Facebook Previous articleMan due in Derry Magistrate’s Court on drug chargesNext articleLevel of recorded crime in Donegal shows general decrease admin It’s 38 days since Derry man John Concannon disappeared after apparently getting on the wrong bus at the Foyle Street Bus Station on November 10th.John, who is 71 and has dementia and hearing difficulties, was last seen on CCTV footage on the Leenamore Road, close to the Donegal border, where he got off the bus.On today’s Shaun Doherty Show, John’s brother Micheal said the search of that area has been extensive, and he now believes that John may have received a lift to somewhere else.He also said he’s been told an attempt to bring search dogs into Donegal from Derry has been put on hold pending garda clearance………..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/12/michaelweb.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Pinterest WhatsApp News, Sport and Obituaries on Wednesday May 26th Concannon search now in its 38th day WhatsApp Google+center_img Help sought in search for missing 27 year old in Letterkenny Pinterest Twitter Three factors driving Donegal housing market – Robinson Facebook RELATED ARTICLESMORE FROM AUTHOR GAA decision not sitting well with Donegal – Mick McGrath By admin – December 18, 2015 Nine Til Noon Show – Listen back to Wednesday’s Programme NPHET ‘positive’ on easing restrictions – Donnelly last_img read more

Derry police investigate hit and run crash

first_img Google+ Twitter Minister McConalogue says he is working to improve fishing quota Previous articleThird arrest in Omagh murder investigationNext articleDerry man claims daily harassment by the security services News Highland Twitter RELATED ARTICLESMORE FROM AUTHOR WhatsApp WhatsApp Facebook By News Highland – January 3, 2013 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Newscenter_img Facebook Google+ Pinterest Pinterest Need for issues with Mica redress scheme to be addressed raised in Seanad also Dail hears questions over design, funding and operation of Mica redress scheme Dail to vote later on extending emergency Covid powers Derry police investigate hit and run crash Police are appealing for information following a hit-and-run collision on Shipquay Street last night.At around 11.15pm, a collision occurred between a green Hyundi and a blue Toyota Avensis in The Diamond of the City Centre. Police are appealing for witnesses. No injuries have been reported.At around 11.40pm the green Toyota Hyundai was also involved in a collision on Shipquay Street with a police car. A 44 yr-old man was arrested for driving with excess alcohol. Man arrested in Derry on suspicion of drugs and criminal property offences released last_img read more