Industry Update
March 25, 2022
Source: Calculated Risk
Freddie Mac reported that the Single-Family serious delinquency rate in February was 0.99%, down from 1.06% in January. Freddie’s rate is down year-over-year from 2.52% in January 2021.
For full report, please click the source link above.
Industry Update
March 17, 2022
Source: Detroit Free Press
The Detroit Land Bank Authority, an entity responsible for selling vacant homes and lots in the city, expects to sell most of its structures by the end of 2023.
Spokeswoman Alyssa Strickland told the Free Press in an email “people doubted the DLBA could do this, but over the last eight years, we’ve proven not only that we can sell houses and target residential blight, but that we’re able to successfully do it at a speed that’s unprecedented anywhere in the country.”
For full report, please click the source link above.
Industry Update
March 21, 2022
Source: Freddie Mac
Freddie Mac announced that Wendell Chambliss, a 20-year veteran of the company, has been appointed senior vice president and chief diversity and inclusion officer (CDIO). In this newly created role, Chambliss will be responsible for programs and initiatives to bring greater diversity, equity and inclusion (DEI) to the company and to the housing industry.
For full report, please click the source link above.
Industry Update
March 21, 2022
Source: The Baltimore Sun
Baltimore City Council introduced five bills Monday aimed at combating the city’s problem with vacant properties.
The legislation, which includes three bills sponsored by City Council President Nick Mosby and two from Odette Ramos, calls for increasing several fees associated with owning a vacant property in Baltimore. Another bill would streamline the city’s newly approved in rem foreclosure process to make sure it’s aligned with state law.
For full report, please click the source link above.
FEMA Alert
March 24, 2022
FEMA has issued a Major Disaster Declaration for the state of Alaska to supplement state, tribal and local recovery efforts in the areas affected by a severe winter storm and straight-line winds from December 25-27, 2021. The following counties have been approved for assistance:
Public Assistance:
Alaska Severe Winter Storm and Straight-line Winds (DR-4648-AK)
President Joseph R. Biden, Jr. Approves Disaster Declaration for the State of Alaska
Additional Resources
FEMA’s web site
FEMA’s Disaster Declaration Process
Safeguard Properties Industry Alerts
VA’s Policy Regarding Natural Disasters
Industry Update
March 22, 2022
Source: ABC News
At least three southern states were under a tornado watch Tuesday following an outbreak of twisters Monday night in Texas and Oklahoma that cut a path of destruction, killed one person and injured at least 10 others.
Twenty tornadoes were reported Monday night, 19 of those in central and northern Texas, where multiple homes and businesses were damaged, according to the National Weather Service. Heavy damage occurred from funnel clouds touching down in Round Rock, Texas, where roofs were ripped off homes, according to the local fire and police departments.
For full report, please click the source link above.
Industry Update
March 23, 2022
Source: AP News
A tornado that menaced the New Orleans area flipped a schoolbus, ripped off rooftops and deposited a house with a family inside it onto the middle of their street. Two people were killed as the storm front blew across the South.
Other tornadoes spawned by the same system caused so much damage in Texas that the governor declared a disaster in 16 counties. Buildings were shredded in Alabama, where torrential rainfall was recorded.
Multiple people were injured. The dead included a woman north of Dallas, Texas, and a person in St. Bernard Parish, next to New Orleans. Authorities didn’t immediately describe how they were killed.
For full report, please click the source link above.
Industry Update
March 21, 2022
Source: consumerfinancemonitor.com
Last week, the CFPB published a blog post, stating that it “strongly encourages” mortgage servicers to participate in Homeowner Assistance Fund (HAF) programs. The Bureau asserts that it “remains focused on preventing avoidable foreclosures to the maximum extent possible and expects mortgage servicers to do the same.”
For full report, please click the source link above.
Industry Update
March 21, 2022
Source: MBA.org
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 12 basis points from 1.30% of servicers’ portfolio volume in the prior month to 1.18% as of February 28, 2022. According to MBA’s estimate, 590,000 homeowners are in forbearance plans.
For full report, please click the source link above.
Industry Update
March 16, 2022
Source: AP News
The Federal Reserve launched a high-risk effort last Wednesday to tame the worst inflation since the early 1980s, raising its benchmark short-term interest rate and signaling up to six additional rate hikes this year.
The Fed’s quarter-point hike in its key rate, which it had pinned near zero since the pandemic recession struck two years ago, marks the start of its effort to curb the high inflation that followed the recovery from the recession. The rate hikes will eventually mean higher loan rates for many consumers and businesses.
For full report, please click the source link above.
