Preparing for Another Economic Downturn


first_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Downturn Economy Forbearance Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: White Paper: Self-Governance Critical for PLS Industry Next: The Industry Pulse: Mortgage Leaders Donate for COVID-19 Assistance The Best Markets For Residential Property Investors 2 days ago fcd1aa2d-5b26-4754-ab6b-8342360620f8The economy is set to bounce back, according to Bloomberg, however, as key pillars of economic support are set to go away we could have another downturn toward the end of the summer.The big test for the economy will come at the end of June, according to Bloomberg. Much of the support for the recent recovery has come from programs put in place by the Federal Reserve, Congress, state governments and banks to provide relief for consumers, homeowners, and businesses. Some, however, are scheduled to phase out soon.This includes some regulations aimed at protecting homeowners, including forbearance requests. States such as California worked out deals with banks in late March to provide 90-day grace periods to homeowners when it comes to paying their mortgages. If not extended, those too will expire at the end of June. Those grace periods are providing support not just to households struggling to pay bills, but also to the housing market by keeping borrowers who can’t pay their mortgage from having to sell their homes or face foreclosure. If mortgages come due in July and borrowers can’t pay, that could lead to the kind of plunge in the housing market that so far has been averted, Bloomberg notes.Forbearance requests have begun to slow, according to data from Black Knight, but there is a risk of May-related forbearance activity changing that trajectory.As Black Knight Data & Analytics President Ben Graboske explained, the rate at which American homeowners have been seeking mortgage forbearances began to slow from the middle of April forward, and Black Knight will monitor this trend to see if it continues.“After surging at the beginning of April and then rising again near the April 15—when most mortgages become past due and late fees are charged—the number of new forbearance requests has declined in recent weeks,” said Graboske. “While total forbearance volumes continue to mount, daily inflow has begun to taper off. Between 53,000 and 102,000 new plans have been put into place over each of the last nine days, and even the largest single-day volume was less than a quarter of what we saw at the start of April—and may see again next week. What remains an open question at this point is to what degree forbearance requests will look like at the beginning of May—when the next round of mortgage payments become due, and with nearly 30 million Americans newly unemployed in the last month.” Downturn Economy Forbearance 2020-05-07 Seth Welborn About Author: Seth Welborn May 7, 2020 1,547 Views Home / Daily Dose / Preparing for Another Economic Downturn Demand Propels Home Prices Upward 2 days ago  Print This Post Related Articles 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. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Preparing for Another Economic Downturn Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

Ford recalls more than 250,000 vehicles due to door latch issues


first_img Google+ Google+ WhatsApp Ford recalls more than 250,000 vehicles due to door latch issues TAGSdoor latchFiestafordFusionLincoln MKZMexicorecall Previous articleIndiana not detailing ICU capacity as coronavirus cases growNext articleNotre Dame researchers study spread, effects of COVID-19 Brooklyne Beatty WhatsApp IndianaLocalMichiganNationalNews Do you drive a Ford Fusion, Fiesta or Lincoln MKZ? If so, your vehicle may be under recall.Ford is recalling more than 250,000 cars in the U.S., and another 20,000 in Mexico, due to a door latch issue. The company says doors could open unexpectedly, or may not close, as a lever in the door latch can crack and fail.The recall covers 2014 through 2016 Ford Fusions and Lincoln MKZs, and 2014 and 2015 Ford Fiestas.Currently, Ford has not received any reports of crashes or injuries caused by the issue.Owners with vehicles under this recall will be notified starting May 4, and dealers will replace the side door latches.center_img Pinterest Twitter Facebook Pinterest By Brooklyne Beatty – March 26, 2020 0 369 Twitter Facebooklast_img read more

Just a friendly reminder that bribery is still illegal


first_img 21SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Credit union bribery is illegal.Perhaps this is news to no one, but I was reminded of this recently when asked by a NAFCU-member whether a credit union employee could accept a monetary gift of thanks from a member.  While gifts of appreciation and other gratuities from members to credit union employees are, in most cases, innocent and well-intentioned, an employee’s receipt of such gifts can raise bribery concerns.Code of ConductNCUA has an old, but still effective, Interpretive Ruling and Policy Statement (IRPS) from 1987 (See, IRPS 87-1) that provides guidance to federally insured credit unions with respect to the Bank Bribery Act. See, 18 U.S.C. §215.  Among other things, IRPS 87-1 “encourages federally-insured credit unions to adopt codes of conduct that describe the prohibitions of the bank bribery law” and recommends procedures to ensure compliance with the law.By way of brief background, the Bank Bribery Act generally prohibits a credit union “officer, director, employee, agent, or attorney ” from seeking or accepting anything of value, with the corrupt intent to be influenced or rewarded in connection with any business or transaction of the credit union. The law also prohibits anyone from offering or giving anything of value to a credit union officer, director, employee, agent, or attorney in connection with any business or transaction of the credit union, with the intent to corruptly influence or reward that person. continue reading »last_img read more

Monmouth Park Racing to the Top as a Destination Venue


first_imgDennis Drazin is the CEO of Darby Development, the operator of Monmouth Park Racetrack in Oceanport. Photo By Bill Denver/EQUI-PHOTO The battle to overturn PASPA took six years of litigation that ultimately succeeded when the U.S. Supreme Court declared it unconstitutional in May 2018, allowing individual states to set their own rules. When racing begins at the track in May, the roster of additional events will include food truck festivals, concerts and other opportunities for on-site fun. Darby is partnering with Legends Hospitality, LLC for food and beverage services for racetrack venues with the exception of the Blue Grotto, a popular beer garden and live music venue already drawing a crowd at the racetrack. “That will be a prime part of the activity this summer,” Drazin said. The transformation has come about through the efforts of Red Bank attorney Dennis Drazin, chairman and CEO of Darby Development, LLC, operator of Monmouth Park; the support of the state; and the backing of the Thoroughbred Horsemen’s Association, a nonprofit organization dedicated to the thoroughbred industry. “I didn’t sit idle,” Drazin said. Former state Sen. Raymond Lesniak (D-20) strongly supported the proposal, Drazin said. Several years ago, the future of Monmouth Park was precarious.  After hearing the arguments before the Supreme Court in December 2017, Drazin felt confident in the outcome.  The future of Monmouth Park has implications far beyond its boundaries. The racetrack is the largest employer and the largest taxpayer in its hometown of Oceanport. “With sports betting comes new opportunities to market to your customer in different ways,” Drazin said. “You want to try to establish a crossover.” Drazin, who had served as counsel and advisor to the Thoroughbred Horsemen’s Association for many years and as president of the group for two terms, led the organization in leasing the facility from the state. In 2012, the group entered into a long-term lease with the New Jersey Sports and Exposition Authority. Drazin’s company partnered with William Hill, the oldest bookmaker business in the world, to create the first sports book at Monmouth Park. The racing industry is also benefiting from $100 million in state funding to be paid out over a five-year period based on the industry demonstrating significant progress in generating revenues; 2019 was the first year the subsidy was in effect. “The higher purses we were able to create as a result of the added revenue made a significant difference,” Drazin said. “The breeding industry got a shot in the arm with 30 or 40 more brood mares coming in to New Jersey.” By Eileen Moon “Monmouth Park was the one (racing facility) in New Jersey that was willing to take on this battle,” Drazin said.  But a formidable hurdle remained. In order to operate a sports betting facility, proponents needed to overturn a federal law, the Professional and Amateur Sports Betting Protection Act (PASPA) of 1992, which outlawed sports betting in all but a few states. In a budget-cutting measure, then-Gov. Chris Christie ended subsidies to the racetrack, announcing that he wanted New Jersey’s racing venues to privatize or close. Knowing it was unlikely they’d succeed in bringing a casino to Monmouth Park, Drazin approached the governor and legislature with the idea of instituting sports betting. To bolster the state’s struggling casinos and racetracks, the legislature adopted a constitutional amendment that legalized sports betting.  At its official opening June 14, 2018, Drazin said, “There were thousands of people that showed up at Monmouth Park, and Gov. Murphy made the first bet. We were the first sports book to open in the state and for the first time in many years, I saw a solution to the problem (of maintaining the racetrack). Sports betting produced enough of a profit that I felt we could at least break even.” Vast, with Joe Bravo riding, left, won the Hollywood Wildcat Stakes for Two-Year-Old Fillies at Monmouth Park Racetrack in Oceanport, on Sept. 22, 2019. Photo By Bill Denver/EQUI-PHOTO. Wagering and gaming opportunities continue to evolve with technology and Monmouth Park plans to stay ahead of the curve with innovative ideas that include bets that combine racing and sports, fixed odds wagering and exchange wagering, which allows people to bet after the horses are out of the gate and before they cross the finish line. “I began plans to renovate the racetrack for what I anticipated to be larger crowds than the first venue could handle,” he said.  Citing a study by the Rutgers Equine Science Center, the horse industry in New Jersey is responsible for 13,000 jobs and the preservation of some 222,000 acres of open space that might otherwise fall to development. “Even though it was illegal, sports betting was a $400 billion a year business in the U.S.,” Drazin said. “It’s not like people weren’t doing it.” Once at risk of closure and potential development, the historic home of the sport of kings is successfully reinventing itself as a destination for sports wagering and entertainment while it maintains its status as a premier venue for thoroughbred racing. OCEANPORT – Now in its second year, sports betting at Monmouth Park appears to be paying off in a big way.  “Without that, the industry would not have survived,” said Drazin, who traces his lifelong interest in horse racing back to his childhood years accompanying his father to Monmouth Park. Plans are now in the works to add another state-of-the-art sports book facility on the valet parking side of the racetrack. Scheduled to open in 2021, it will be an “upscale, Las Vegas-style, sports book,” Drazin said. While it won’t feature casino-style table games or slots, he said, “it will be almost like a typical sports book you would have in a casino in Las Vegas.” It’s critical for Monmouth Park to succeed in attracting a younger demographic who will help the facility endure for many years to come, Drazin noted. “We want to create a fun environment where customers want to spend time.” “They were losing money,” Drazin said. “They were struggling to survive.” As the litigation made its way through the courts, Drazin’s development company embarked on enhancing the offerings at Monmouth Park, renovating a former cafeteria to serve as a sports bar where customers could watch games and engage in some limited, legal forms of sports wagering.last_img read more

Miami East-MVCTC FFA Chapter member receives FFA jacket from sponsor


first_imgShare Facebook Twitter Google + LinkedIn Pinterest Recently, Beck’s Superior Hybrids of Atlanta, Indiana donated an FFA jacket to a member of the Miami East-MVCTC FFA Chapter. The jacket was made available through a special project of the Ohio FFA Foundation. The Blue Jackets Program was founded to help new FFA members earn their first FFA jacket. Participating FFA members pledge to meet the Blue Jacket Program requirements and the jackets will be awarded to them.Requirements of the Blue Jacket Program include attending two FFA events, completion of 10 hours of community service, submission of satisfactory plans for a Supervised Agricultural Experience Program, service on an FFA Program of Activities committee, completion of a high school agricultural education course, and attendance at 80% of the FFA chapter meetings. Additionally, the members selected agree to maintain a positive and cooperative attitude. This year there were 600 applicants statewide and 179 FFA jackets awarded.Selected from Miami East-MVCTC FFA was Sumsaar Thapa. Sumsaar is a first year FFA member at Miami East High School. She has attended numerous FFA activities including FFA Meetings, the National FFA Convention and is preparing for the Novice Parliamentary Procedures Career Development Event. Sumsaar is the daughter of Nisha Panday and Sanjeev Thapa of Troy.last_img read more

Women at OSCON: Did You Notice?


first_imgaudrey watters Well, of course people care. Lots of people care. Lots of people are working hard to address the issue and to better support girls and women in technology (NCWIT, Astia, Women 2.0, for example). The OSCON conference organizers did do an awesome job of recruiting women speakers and panelists. I think that’s a key step in making women feel as though their voices are recognized and contributions valued — making women feel like the (open source) technology community is something they want to be a part of.And then there are lots of people, who when you question why there aren’t more women in tech, respond by unleashing the “hatorade.” Point out that the tech industry may be exclusionary, and you will hear an old and stale argument (or, you’ll hear name-calling. Or both): the tech industry is a meritocracy. Anyone can succeed if they have the brains, the skills, and the drive. There are no obstacles to anyone’s participation or success in the field, barring they have the skills, smarts, and drive. No women coders? No women founders? You women must not want it bad enough. Design programs to help foster girls in computing, help support women entrepreneurs, help retain women in IT and you are called sexist, your programs “affirmative action” (something, I take it, that’s a “bad thing.”) You are accused of re-inscribing the very exclusions and divisions you are trying to combat.The hostility of some of the responses, I’d argue, belies any argument that the tech industry is truly open and egalitarian. Someone tweeted and several people retweeted — all with the OSCON hashtag — the following: “At Ruby conferences they put porn in the slides, this is a Scala conference so we have math.” It was a just a passing remark, and yes, I get it. It was just a joke. Ha ha ha. But it’s the sort of joke you don’t make in “mixed company,” I’d wager, and it reveals that plenty of folks still don’t see tech events as such. Image credit: eljustino Tags:#Op-Ed#web Related Posts Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai… Why Tech Companies Need Simpler Terms of Servic… I spent much of the week at OSCON, which served in part as a very visual reminder for something that is always on the back of my mind: the absence of women in tech. While women make up 25% of those who work in the tech industry, they comprise only 1% of those in open source. And wandering around the halls of the Portland Convention Center with thousands of men and a handful of women, I was both frustrated and depressed by the statistic and its reality.Doubly frustrating, I think, isn’t just that there weren’t a lot of women there; it’s that I really do wonder if many of the men even notice. Oh sure, when it comes to handing out the party invitations in the exhibit hall. Then they see you. But I am not so sure if lots of men necessarily see or feel women’s absence. I’m not sure everyone recognizes the appalling lack of diversity, or if they do, that they even care. 8 Best WordPress Hosting Solutions on the Marketlast_img read more

Winner at last as UE picks up first victory, sends UST to 0-7


first_imgTyphoon Kammuri accelerates, gains strength en route to PH Hornets’ Batum says some French fans celebrating his injury Nonong Araneta re-elected as PFF president Pasaol tallied a game-high 32 points to go along 10 rebounds, two blocks, and two steals to lead the Red Warriors while Manalang added 20 points.Mark Olayon, who made a crucial late-game block on Marvin Lee before Pasaol’s clutch basket, and Jason Varilla also came up big for UE finishing with 15 points apiece.Marvin Lee scored a team-high 20 points for UST while Steve Akomo came shy of a 20-20 game putting up 19 points and 18 rebounds.UST, which went a respectable 34-of-68 from the field, was pathetic from the free throw line missing 21 charities and made just 17 of its 38 attempts.ADVERTISEMENT Brace for potentially devastating typhoon approaching PH – NDRRMC Read Next Frontrow holds fun run to raise funds for young cancer patients  MOST READ LATEST STORIES BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight Fire hits houses in Mandaluyong City Photo by Tristan Tamayo/INQUIRER.netUniversity of the East finally joined the winners’ table and sent University of Santo Tomas to a winless first round after a 96-91 victory in the UAAP Season 80 men’s basketball tournament Saturday at Mall of Asia Arena.The Red Warriors improved to 1-6  at the end of the first round while the Growling Tigers were left to languish at the last spot with a 0-7 card.ADVERTISEMENT Fire hits houses in Mandaluyong City LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary Don’t miss out on the latest news and information. For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. Alvin Pasaol, fresh from scoring 49 points last Wednesday, dealt the final blow on the hapless UST with a rebound putback in transition giving UE a 94-91 lead with 22.7 seconds left.UST then effectively dug its own grave when it turned the ball over in the ensuing inbounds play allowing Philip Manalang to ice the match from the free throw line.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutUE head coach Derrick Pumaren lauded his team’s effort against the Growling Tigers after showing glimpses of greatness in their close 106-100 loss to defending champion La Salle on Wednesday.“We played hard and they knew that it was not going to be easy,” said Pumaren. “We did not fold up, we were able to handle to comeback of UST and I am proud with the way they played.” Filipino athletes get grand send-off ahead of SEA Games PLAY LIST 01:27Filipino athletes get grand send-off ahead of SEA Games01:00Chief Justice Peralta on upcoming UAAP game: UP has no match against UST00:59Sports venues to be ready in time for SEA Games01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games View commentslast_img read more

Nabong guarantees GlobalPort will make playoffs


first_img“No, no, it’s not an if ever, we’re making to the playoffs. We’re making to the playoffs,” he stressed after posting 21 points, 13 rebounds and five blocks.“I mean, we have a young, good team. We just gotta keep believing in the system, keep playing defense, and everybody has to come to play 100 percent.”FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutoutBut it’s not as if Nabong is making a bold prediction with GlobalPort poised to make the playoffs after improving its record at 5-5 to climb to seventh place.And though, the Batang Pier aren’t assured of a quarterfinals slot yet, they have a relatively good quotient against potential teams that they could end up tied with at the end of the elimination round in the event of a tie. Don’t miss out on the latest news and information. MOST READ NEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers LATEST STORIES Read Next La Salle finds strength after NU loss Typhoon Kammuri accelerates, gains strength en route to PH Kelly Nabong. Photo by Tristan Tamayo/INQUIRER.netGlobalPort hasn’t formally entered the 2018 PBA Philippine Cup playoffs yet but big man Kelly Nabong believes it’s only a matter of when than if.Nabong guaranteed that the Batang Pier will make the quarterfinals this conference after helping his team beat Kia, 108-91, on Wednesday.ADVERTISEMENT To avoid complications, however, GlobalPort has now set its sight on its crucial tiff against Phoenix on March 2 in the final day of the eliminations.A win over the Fuel Masters coupled with a Barangay Ginebra loss to Rain or Shine also on March 2 will assure the Batang Pier a spot in the top six.“We took care of business tonight but it doesn’t stop, eliminations are not over yet so we have one more game to get that spot in the best-of-3,” Nabong said. “We just have to lock down on defense, we have to move the ball, make our open shots. Phoenix is coming up and they’re a tough team, they’re very aggressive so we gotta be locked in.”“We’re focused on our game against Phoenix then, let’s see what the scenario will be. We’re hoping to beat Phoenix and get that number six spot to avoid playing the number one or two in the quarters because they’ll have twice-to-beat,” said GlobalPort coach Pido Jarencio.ADVERTISEMENTcenter_img Brace for potentially devastating typhoon approaching PH – NDRRMC Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Slow and steady hope for near-extinct Bangladesh tortoises 2 ‘newbie’ drug pushers fall in Lucena sting AFP official booed out of forum Police teams find crossbows, bows in HK university PLAY LIST 01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City View commentslast_img read more

PM Holness Reassures the Diaspora in New York on Crime Reduction Strategies


first_img Prime Minister Andrew Holness last night (Tuesday, September 25) engaged Jamaicans living in New York City in the United States of America. Prime Minister Andrew Holness last night (Tuesday, September 25) engaged Jamaicans living in New York City in the United States of America.Prime Minister Holness is in New York to attend and participate in the 73rd Session of the United Nations General Assembly (UNGA).The Prime Minister used the opportunity to meet with the Diaspora in keeping with his mission to update Jamaicans overseas and discuss matters involving Jamaica. He reassured those present that the strategies in place to deal with the issue of crime are bearing fruit.“I want to assure you that the government has put in place several crime-fighting strategies but more than that we have put in place several national security strategies that are all working to improve the safety and security of Jamaicans. It is not something that is going to change overnight; it will not change by the snap of a finger or the flip of a switch. It will take some time to return Jamaica to the point where our murder rate was below 500 murders per year,” explained Prime Minister Holness.The Prime Minister further explained that the State of Public Emergency in sections of Jamaica is not a “panic” reaction but a strategic measure to restore confidence in the state.“Normally when people hear SOE (State of Emergency), immediately there is a state of panic but in utilizing the state of emergency we’ve also done something to restore trust and confidence and faith in the Jamaican state because for the first time people see that the Jamaican state can use force without abuse,” said Prime Minister Holness.In the meantime, Prime Minister Holness noted that the government is committed to ensuring that Jamaica remains attractive for investment opportunities.In that regard, the Prime Minister said the “government is committed to first of all breaking the eco-system of crime that has taken over many of our communities in Jamaica.””As Jamaicans thinking about your country, you can feel proud to know that the security forces that come from the people are acting in the defence of the people and it will take some time for the citizens to acknowledge this point but once the acknowledgement is done, then you have a greater level of information sharing, a greater level of trust and once that happens the state becomes stronger and the dons become illegitimate,” stated Prime Minister Holness.Senator Kamina Johnson Smith, Minister of Foreign Affairs and Foreign Trade, Dr Christopher Tufton, Minister of Health and Senator Matthew Samuda, as well as Trudy Deans, Consul General to New York were also in attendance at the meeting. Prime Minister Holness is in New York to attend and participate in the 73rd Session of the United Nations General Assembly (UNGA).center_img Story Highlightslast_img read more

Most Albertans staying home for Boxing Day


first_imgCALGARY (660 NEWS) – Millions of Canadians are cramming shopping centres to find the best deals on Boxing Day while others are staying home.A new survey released by the website RetailMeNot.ca shows that a large majority of Canadians surveyed won’t be at the mall on Wednesday.The survey found that 74 per cent of Canadians will avoid shopping malls during Boxing Day and Boxing Week due to the crowds.That number is even higher for Albertans who took the survey as 79 per cent will likely stay home.Public Relations manager with Retail Me Not Katie Hammill, said online shopping is likely the reason for these numbers.“It’s definitely continuing to grow for Black Friday, Cyber Monday and now Boxing Day, we’re definitely seeing a shift in trend of more online shopping.”That part of the survey found that just over half of respondents (55 per cent) think there are better Boxing Day deals online than there are in bricks & mortar stores.Hammill said there was one aspect of the survey that really caught her attention.“Over 20 per cent of Millennial parents say that they’re willing to call in sick or skip work to go shopping so while as a whole, not as many people are going out to shop, those Millennials are willing to do anything at all costs to get out there.”The survey took in about 1000 respondents from across Canada.last_img read more