Calabria: “FHFA Is Absolutely Necessary”

About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Home / Daily Dose / Calabria: “FHFA Is Absolutely Necessary” On Thursday, the Senate Banking Committee conducted a hearing on the nomination of Dr. Mark Calabria as Director of the Federal Housing Finance Agency(FHFA) along with the nominations of Bimal Patel, of Georgia, to be an Assistant Secretary of the Treasury; Todd M. Harper, of Virginia, to be a Member of the National Credit Union Administration Board; and Rodney Hood, of North Carolina, to be a Member of the National Credit Union Administration Board.The Trump administration announced Calabria’s nomination to head the FHFA in December. He is currently the Chief Economist to Vice President Mike Pence. If confirmed, Calabria would have significant influence over the housing finance market at the FHFA.Opening the proceedings for the hearing, Sen. Mike Crapo, Chairman of the Banking Committee said, “FHFA can also play an important role in helping us move toward a more sustainable housing finance system facilitated by an engaged and strongly capitalized private sector.””All the nominees today, if confirmed, have the opportunity to improve American lives, they can make it easier for families to buy homes with mortgages,” said Ranking Member Sen. Sherrod Brown during his opening remarks.While his prepared remarks didn’t mention the current administration’s goal of the privatization of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, Calabria addressed these issues during his discussions with the Committee. Calabria said that if he was confirmed as Director of the FHFA his role would be to “carry out the clear intent of Congress, not impose my own vision.”Giving an outline of what his priorities would be if confirmed, Calabria said that a number of critical elements were needed in reform such as a “greater need for competition.” He said the current FHFA mandate was clearly where “the regulator cannot make such changes.” As a result, he said, “The very broad changes that have to happen in the mortgage finance system have to be done by Congress.”Calabria said that if he was confirmed as the FHFA Director his objective would be to ensure the GSEs were, “well capitalized, well managed, and well regulated.”He also clarified the reports on FHFA Acting Director Joseph Otting’s remarks on the privatization of the GSEs, saying that the remarks were made more to raise the morale of the staff at FHFA than anything else. “My read of what I believe he said was to convey a sense of urgency to the FHFA staff. What he referred to in the terms of me signing off was my longstanding loud support for housing finance reforms. I believe he was conveying to the staff through a pep talk that we will move forward,” Calabria said.Before his nomination for this post, Calabria told the committee that he was involved in conversations around December 2017 that allowed a $3 billion cushion for the GSEs and had supported the amendment of allowing a “modest capital buffer so that we would not have to force a draw, partly because of the impact of the tax reform or the deferred tax losses being held by the GSEs.”Addressing his views on the affordable housing goals Calabria said that his past concerns with affordable housing goals were in the context of “two large institutions with zero capital.” However, he added, “I do believe we can get to a spot where we can have risk-taking via affordable housing goals if we can have an appropriate regulatory structure that has capital backing those goals. I’m very concerned about any large financial institution where we push it to take an additional risk without the appropriate regulatory structure in place.”Clarifying his comments on getting rid of the GSEs in the past, he said that they were essentially pointed towards getting rid of the model of privatize gains and socialize losses. “I believe all large financial institutions need to be well capitalized more managed, more regulated, and I believe the GSEs were “none of the above” before the crisis. My concern is the fundamental model of the heads of Fannie and Freddie walk out with a lot of money while the rest of us get holding the bag. I want these entities to be good corporate citizens, I want them to be the model of how other corporation should want to behave.”Answering a question on the role of the FHFA if the housing market faced another crisis, Calabria said, that it was appropriate for the FHFA to offer assistance to affected borrowers and that “we should recognize and applaud the efforts of Ed DeMarco for the wide-based forbearance that was done by FHFA during the past crisis.” However, he stressed that the agency needed to “approach different borrowers differently” and that the mortgage market should set an expectation for those who can pay, should pay and “focus our efforts on those who can’t pay and need assistance.””FHFA is absolutely necessary,” Calabria said while answering a question on why he wanted to take up this job, despite his past remarks. “In fact, I want to raise the stature of FHFA. I remember how the employees at its predecessor felt and their inability to stand up and be able to do effective financial regulation. I’m committed to seeing turning FHFA into a world-class regulator.”He also gave his views on the 30-year fixed-rate mortgage saying that it was important to have the 30-year rate and that he intended to keep it that way.Click here to view the full testimony. Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Tagged with: Banking Senate Committee Fannie Mae FHFA Freddie Mac GSEs Homes HOUSING Mark Calabria The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago February 14, 2019 1,484 Views Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save in Daily Dose, Featured, Government, News Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Banking Senate Committee Fannie Mae FHFA Freddie Mac GSEs Homes HOUSING Mark Calabria 2019-02-14 Radhika Ojha Previous: What Amazon’s NY Farewell Means for the Housing Market Next: Ask the Economist with Mark Boud  Print This Post Calabria: “FHFA Is Absolutely Necessary” read more

Reward for Culmore Post Office robbery earlier this year

first_img RELATED ARTICLESMORE FROM AUTHOR Previous articleDerry desperately needs funding for social housing – Cllr HassanNext articleTwo men on trial for racially aggravated murder of Malin Head labourer in Scotland News Highland Google+ Pinterest WhatsApp Facebook Twitter WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry A reward of up to £5,000 is being offered for information on an armed robbery at a post office in Co Derry earlier this year.Two armed robbers escaped with money from the Culmore Post Office earlier this summer.Two armed robbers entered the branch in the village of Culmore on 9 July, threatening the postmaster with a gun, before escaping with what is believed to have been a substantial amount of cash.The robbers then abandoned a stolen taxi vehicle and made their way across the border on foot to Muff in Co Donegal.Crimestoppers UK and the Post Office is offering the £5,000 reward for any information that leads to the arrest and conviction of the persons responsible for this crime. Reward for Culmore Post Office robbery earlier this year 75 positive cases of Covid confirmed in North center_img 365 additional cases of Covid-19 in Republic News Twitter Pinterest Further drop in people receiving PUP in Donegal Google+ Main Evening News, Sport and Obituaries Tuesday May 25th Facebook By News Highland – October 4, 2012 Gardai continue to investigate Kilmacrennan firelast_img read more

Spread-F ionospheric irregularities and their relationship to stable auroral red arcs at magnetic mid-latitudes

The signature of the stable auroral red arc (SAR arc) as it appears on ionograms is described. The key features are a very significant increase in the amount of spread-F and a reduction in the maximum plasma density compared with regions just equatorward and poleward of the SAR arc Identification of the SAR arc signature is made by using complementary data from the global auroral imaging instrument on board the Dynamics Explorer-1 satellite. At sunspot minimum there is a positive correlation between the occurrence of spread-F on ionograms from Argentine Islands, Antarctica (65°S, 64°W; L = 2.3) and magnetic activity. In contrast, at sunspot maximum there is a weak negative correlation when the K magnetic index is less than 6. but a significant increase in spread-F occurrence at K ⩾ 6. Detailed study of ionograms shows that there are two distinct regions where considerable spread-F is observed. These are the region where SAR arcs occur and the poleward edge of the mid-latitude ionospheric trough. They are separated by a region associated with the trough minimum, where comparatively little spread-F is seen. It is suggested that the movement of these features to lower latitudes with increasing magnetic and solar activity can explain the lack of correspondence between variations of spread-F occurrence as a function of magnetic activity at sunspot maximum compared with that at sunspot minimum at Argentine Islands. read more

Real estate standout performer as Church of England returns 8.2%

first_imgWhile the fund has achieved an average 9.7% per annum growth over the past 30 years, Andreas Whittam Smith, first Church estates commissioner, warned that achieving such a satisfactory performance in future might be harder.He said investors were nervous because they felt governments had lost the power to reverse any slowdown in economic activity.In the past, governments would reduce interest rates, but now that rates hover around zero, that remedy is unavailable.“It’s hard to believe negative interest rates can provide the necessary boost, or governments would let the supply of money expand,” he added.“But doing that on a grand scale recently through so-called ‘quantitative easing’ has had more impact on the prices of assets, especially real estate, than it has had on business activity.“The risk is that economic activity slows down across the world and remains stuck at a low level.”The endowment fund helps finance the Church’s activities, as well as pensions arising from pre-1998 service.Over 2015, property – 28% of total assets – was a star performer, delivering a 14.4% return across all portfolios, although less spectacular than the 27% achieved the year before.The Commissioners attributed this return to active management of a high-quality set of properties.The best performing property class was strategic land, which returned 19.8%.The asset class, which makes up 3% of total assets, provides development opportunities and activity centred on housing developments in smaller towns and cities such as Carlisle, Peterborough and Chichester.  The largest allocation is to rural property, which makes up 9% of total assets and includes farmland, renewable energy and minerals rights.This allocation returned 9% over 2015.Residential property (6% of overall assets) returned 19.5% and commercial (4% of assets) 13.5%.Indirect property – minority investments in property partnerships – amounts to 3% of assets and returned 12.8%.The Commissioners focused on key sales, particularly of its global real estate investment trust (REIT exposure), and most of its student housing in the last three months of 2015.Timberland now makes up 4% of total assets, delivering 13% for 2015.The estate is invested in the UK, the US and Australia, and activity included further acquisitions of Indian sandalwood holdings in Australia.Meanwhile, global equities, which make up 23% of assets, returned 3.5% over the year, with UK equities (9% of assets) faring slightly better, with a 3.6% return.Tom Joy, director of investments, said: “Performance was again helped by our exposure to smaller companies, particularly in the UK, where our UK smaller companies portfolio returned 13.3% against
 its benchmark of 10.6%.”However, following this strong performance, the fund trimmed its UK allocation to smaller companies and exited completely from smaller company mandates in Continental Europe.Joy said exposure to emerging market equities had been a drag on the global portfolio performance.However, the 8% allocation to defensive equities generated a return of 8%.Private equity performed even better than in 2014, with a 20.2% return.The allocation was increased to 4% over the year and will be further expanded over the next few years.The fund’s fixed interest portfolio, which includes investments in global high-
yield bonds and emerging market
 debt, returned -1.6% during 2015, as credit markets sold off because of concerns over defaults from the collapse in commodity prices.The fund continues to maintain a low weighting to this asset class.However, it continued to increase its allocation to private credit, which returned 14.6% over the year. The Church Commissioners – the investment arm of the Church of England – has announced returns of 8.2% on its £7bn (€8.9bn) portfolio for 2015.Though lower than the 14.4% delivered in 2014, the return is still 2% above the fund’s target of inflation plus 5%.During 2015, the Commissioners focused on making selective sales from the property portfolio and on further diversification, to ensure the portfolio is more defensive in the face of expected market headwinds.This strategy has continued into 2016, when in March, the fund’s assets committee approved the sale of £250m of global equities, increasing cash holdings from 8% (as at end-2015) to just over 11% of total assets.last_img read more

European success for Taylor

first_img The Irish fighter – arguably the greatest female boxer of her time – saw off Estelle Mosseley to lift the 60kg crowd in Bucharest. Taylor, 28, won on the scorecard of all three judges. Press Association Katie Taylor recorded a sixth successive European title win on Saturday.center_img The victory is her 16th major title, which includes Olympic gold, four world titles and six European Union titles. “Thanks everyone for all your support and prayers,” she wrote on Twitter. “Six X European Champion!! To God be the glory….always!!!” There was no gold medal joy for English duo Natasha Jonas and Stacey Copeland, though. Jonas was beaten 3-0 by Anastasia Beliakova in the 64kg category, while Copeland was seen off by Elena Vystropova by the same scoreline in the 69kg section. “Though not at my preferred weight today I got a European silver,” Jonas tweeted. “I had a job to do, a point to prove.” last_img read more