Page 28 – Safeguard Properties

Sam Valverde in Seat as Acting President of Ginnie Mae

Posted on May 15, 2024 by Safeguard

Industry Update
May 9, 2024

Effective May 6th, Sam Valverde entered the role of Acting President of Ginnie Mae. Mr. Valverde previously served as the organization’s Principal Executive Vice President since January 2023.

He began his tenure at Ginnie Mae in March 2022 to serve as the Executive Vice President and Chief Operating Officer. As Acting President, Mr. Valverde leads Ginnie Mae’s mission to link the United States housing market to the global capital markets, thus providing low-cost financing for federal housing programs and making affordable housing a reality for millions of Americans. He brings more than 15 years of housing finance, policy, and legal experience to Ginnie Mae. Across his career in public service, he has worked to develop market-based solutions to improve economic outcomes for all Americans.

Prior to joining Ginnie Mae, Mr. Valverde was most recently Supervisory Attorney Advisor at the Federal Housing Finance Agency (FHFA) in the Division of Conservatorship Oversight and Readiness. In that role, he led agency-wide projects intended to support greater access to mortgage credit and affordable rental opportunities for working families.

Prior to joining public service, Mr. Valverde began his career as a securities lawyer at Davis Polk & Wardell LLP. Mr. Valverde received his J.D. from Yale Law School and an A.B. from Dartmouth College.

Additional information about Ginnie Mae is available at www.ginniemae.gov and on X (formerly Twitter), YouTube, Facebook, and LinkedIn.

For full report, please click the source link above.

Foreclosure Activity Nationwide Shows Slight Decline in April 2024

Posted on May 15, 2024 by Safeguard

Industry Update
May 15, 2024

Source: ATTOM

ATTOM, a leading curator of land, property, and real estate data, today released its April 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,649 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 4 percent from a month ago and down 4 percent from a year ago.

“April’s foreclosure numbers highlight a mixed landscape in the U.S. housing market,” said Rob Barber, CEO at ATTOM. “While there is a general downtrend in foreclosure starts and filings, we have also seen an increase in completed foreclosures. This mixed activity underscores the importance of closely monitoring these developments to understand the ongoing dynamics in the real estate market.”

Maryland, Illinois, and Nevada post highest foreclosure rates

Nationwide one in every 4,453 housing units had a foreclosure filing in April 2024. States with the highest foreclosure rates were Maryland (one in every 2,214 housing units with a foreclosure filing); Illinois (one in every 2,517 housing units); Nevada (one in every 2,546 housing units); South Carolina (one in every 2,573 housing units); and Florida (one in every 2,854 housing units).

Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2024 were Elkhart, IN (one in every 1,565 housing units with a foreclosure filing); Columbia, SC (one in every 1,689 housing units); Cleveland, OH (one in every 1,859 housing units); Lakeland, FL (one in every 1,861 housing units); and Flint, MI (one in every 1,998 housing units).

Among those metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in April 2024, aside from Cleveland, OH, included: Baltimore, MD (one in every 2,096 housing units); Chicago, IL (one in every 2,189 housing units); Orlando, FL (one in every 2,199 housing units); and Jacksonville, FL (one in every 2,237 housing units).

For full report, please click the source link above.

FEMA Major Disaster Declaration – Iowa Severe Storms and Tornadoes

Posted on May 15, 2024 by Safeguard

FEMA Alert
May 14, 2024

FEMA has issued a Major Disaster Declaration for the state of Iowa to supplement state, tribal, and local recovery efforts in areas affected by severe storms and tornadoes from April 26-27, 2024. The following counties have been approved for assistance:

Individual Assistance:

Clarke
Harrison
Mills
Polk
Pottawattamie
Ringgold
Shelby
Union

Iowa Severe Storms and Tornadoes (DR-4779-IA)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Iowa

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

HUD Issues Fair Housing Act Guidance on Applications of Artificial Intelligence

Posted on May 8, 2024 by Safeguard

Industry Update
May 2, 2024

Source: US Department of Housing and Urban Development

The U.S. Department of Housing and Urban Development (HUD) released two guidance documents addressing the application of the Fair Housing Act to two areas in which the use of artificial intelligence poses particular concerns: the tenant screening process and its application to the advertising of housing opportunities through online platforms that use targeted ads. Today’s announcement is in accordance with President Joe Biden’s Executive Order, which called on HUD to provide guidance to combat discrimination enabled by automated or algorithmic tools used to make decisions about access to housing and in other real estate-related transactions.

“Under this Administration, HUD is committed to fully enforcing the Fair Housing Act and rooting out all forms of discrimination in housing,” said HUD Acting Secretary Adrianne Todman. “Today, we have released new guidance to ensure that our partners in the private sector who utilize artificial intelligence and algorithms are aware of how the Fair Housing Act applies to these practices.”

“The Fair Housing Act prohibits discrimination on the basis of race, color, national origin, religion, sex (including gender and sexual orientation), disability, and familial status,” said Demetria McCain, Principal Deputy Assistant Secretary Fair Housing and Equal Opportunity. “Housing providers, tenant screening companies, advertisers, and online platforms should be aware that the Fair Housing Act applies to tenant screening and the advertising of housing, including when artificial intelligence and algorithms are used to perform these functions.”

The tenant screening guidance describes fair housing issues created by tenant screening practices, including the increasing use of third-party screening companies to aid with tenant screening decisions and the emerging use of machine learning and artificial intelligence. The guidance also suggests best practices for fair, transparent, and non-discriminatory tenant screening policies, for both housing providers and companies that offer tenant screening services.

For full report, please click the source link above.

HUD Extends Additional Relief to Borrowers in Maui, HI

Posted on May 8, 2024 by Safeguard

Industry Update
May 6, 2024

Source: US Department of Housing and Urban Development

The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced it is extending its foreclosure moratorium for borrowers with FHA-insured mortgages in Maui County, HI, through August 4, 2024. FHA is taking this action due to the extent of the devastation from the wildfires, the reduced capacity for borrowers to access needed resources, and the unique challenges associated with the geographic location of Maui. The extension will provide affected borrowers more time to obtain federal, state, and local assistance, to work with a HUD-certified housing counselor, and/or to rebuild without the added burden of dealing with foreclosure actions. FHA’s foreclosure moratorium for Maui County has been in place for eight months and was set to expire on May 6, 2024.

“This past September, I visited Maui and saw the damage that wildfires inflicted on homes, communities, and families. I also met with local officials, ensuring them that HUD and the entire Biden-Harris Administration is with them for the long haul,” said HUD Acting Secretary Adrianne Todman. “Today, we are extending our foreclosure moratorium once again, assuring Maui homeowners that HUD continues to support their full recovery from this disaster.”

“We’ve extended the foreclosure moratorium in Maui County, a county that experienced extreme devastation,” said Federal Housing Commissioner Julia Gordon. “We remain committed to doing all that we can to help the residents of Maui County recover from this disaster.”

With this extension, FHA is instructing mortgage servicers that they must not initiate new, or continue with existing, foreclosure actions on FHA-insured single family forward mortgages and Home Equity Conversion Mortgages for properties located in Maui County.

For full report, please click the source link above.

Fannie “Real Estate Owned” Inventory Decreased in Q1 2024

Posted on May 8, 2024 by Safeguard

Industry Update
May 6, 2024

Source: Calculated Risk

Fannie reported results for Q1 2024. Here is some information on single-family Real Estate Owned (REOs).

Fannie Mae reported the number of REOs decreased to 7,791 at the end of Q1 2024, down 5% from 8,403 at the end of the previous quarter, and down 9% year-over-year from Q1 2023.

For Fannie, this is down 95% from the 166,787 peak number of REOs in Q3 2010.

This is well below the normal level of REOs for Fannie, and there will not be a huge wave of foreclosures.

For full report, please click the source link above.

FEMA Major Disaster Declaration – Nebraska Severe Storms, Straight-line Winds, and Tornadoes

Posted on May 4, 2024 by Safeguard

FEMA Alert
May 3, 2024

***LAST UPDATED: 5/30/24***

FEMA has issued a Major Disaster Declaration for the state of Nebraska to supplement state, tribal, and local recovery efforts in areas affected by severe storms, straight-line winds, and tornadoes from April 25-27, 2024. The following counties have been approved for assistance:

Individual Assistance:

Douglas
Washington

Public Assistance:

Boone
Douglas
Greeley
Howard
Sherman
Washington

Nebraska Severe Storms, Straight-line Winds, and Tornadoes (DR-4778-NE)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for Nebraska

Map of Affected Areas

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

FEMA Major Disaster Declaration – Ohio Tornadoes

Posted on May 3, 2024 by Safeguard

FEMA Alert
May 2, 2024

FEMA has issued a Major Disaster Declaration for the state of Ohio to supplement state, tribal, and local recovery efforts in areas affected by tornadoes on March 14, 2024. The following counties have been approved for assistance:

Individual Assistance:

Auglaize
Crawford
Darke
Delaware
Hancock
Licking
Logan
Mercer
Miami
Richland
Union

Ohio Tornadoes (DR-4777-OH)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration in Ohio

Map of Affected Areas

List of Affected Zip Codes

Additional Resources

FEMA’s web site

FEMA’s Disaster Declaration Process

Safeguard Properties Industry Alerts

HUD Moratorium on Foreclosure

VA’s Policy Regarding Natural Disasters

Freddie Mac Disaster Relief Policies

Fannie Mae’s Natural Disaster Relief Policies

Casper Declares War on ‘Dangerous’ Run-Down and Neglected Properties

Posted on May 2, 2024 by Safeguard

One Community Update
April 26, 2024

Source: Cowboy State Daily

Drug houses, abandoned properties and eyesores the city has tagged as “dangerous” are in the crosshairs of the city for rehab or removal.

City Manager Carter Napier and Chief Building Official Justin Scott both informed the Casper City Council this week that progress is being made to remedy neighborhood concerns as “dangerous buildings” are identified.

“We have been anxiously aware of properties that have gone a long time without any attention and, as a result, have become public safety hazards,” Napier said. “With regard to that concern, as well as with respect to complaints we get from neighbors that are adjacent to these properties, I am real happy to say that we have made a lot of progress.”

Napier said public safety calls typically give police and fire agencies a heads up about the need to investigate structures as dangerous, but the city also receives calls from neighbors about “nefarious activities” that happen at those run-down and neglected properties.

“From my perspective, the opportunity to get these properties either removed, renovated or otherwise dealt with in a very proactive manner has been just a very welcome development,” he said.

For full report, please click the source link above.

Fitchburg Vacant Property Registration Requirement Now Live

Posted on May 2, 2024 by Safeguard

One Community Update
April 30, 2024

Source: Worcester Business Journal

Two years after members of the Fitchburg City Council voted to approve the creation of a Vacant Property Registry, the system is now live.

The registry, designed to help the City tackle the issue of blighted, disused, and abandoned properties, is the result of more than a decade worth of work from the City’s Problem Property Task Force, according to a press release issued by the City on April 22 posted to the website of the North Central Massachusetts Chamber of Commerce.

The City cited the potential hazards posed by abandoned properties and the impact they have on abutter property values as justification for the registry requirement.

“The City understands sometimes it is unavoidable for a property to be vacant for a period of time,” the City press release reads. “However, for those owners who have held vacant property in Fitchburg for many years, it’s time for them to either develop the property and get it occupied, or sell to someone who will develop the property. In this era of housing shortage and rising housing costs throughout the commonwealth, now is the time for action – and Fitchburg can be a part of the solution.”

The Fitchburg City Council approved the vacant property registration ordinance in April 2022 by a vote of 8-2, according to council meeting minutes. The ordinance requires the owners of any residential or commercial properties 100% vacant, abandoned, or foreclosed, to register their properties through the City’s website.

Owners will have to pay $100 to register their properties, with the annual renewal fee escalating to $250 for the first renewal, $2500 for the second, and $3,500 for the third year and every year after that. Failure to pay fees will result in a municipal lien being placed on the property.

Detached single-family homes actively being marketed for sale are exempt from the registration requirement, as are properties being developed for affordable housing under certain circumstances, such as buildings owned by a nonprofit community development corporation.

For full report, please click the source link above.