Federal Reserve Issues FOMC Statement

Industry Update
May 3, 2023

Source: The Federal Reserve

Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.

The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Austan D. Goolsbee; Patrick Harker; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; and Christopher J. Waller.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Florida Severe Storms, Tornadoes and Flooding

FEMA Alert
April 27, 2023

FEMA has issued a Major Disaster Declaration for the state of Florida to supplement state, tribal and local recovery efforts in areas affected by severe storms, tornadoes and flooding from April 12 – April 14, 2023.  The following areas have been approved for assistance:

Individual Assistance:

  • Broward

Public Assistance: 

  • Broward

 

Florida Severe Storms, Tornadoes and Flooding (DR-4709-FL)

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

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 – Nevada Severe Winter Storms, Flooding, Landslides, and Mudslides

FEMA Alert
April 27, 2023

FEMA has issued a Major Disaster Declaration for the state of Nevada to supplement state, tribal and local recovery efforts in areas affected by severe winter storms, flooding, landslides, and mudslides from March 8 – March 19, 2023.  The following areas have been approved for assistance:

Public Assistance: 

  • Douglas
  • Eureka
  • Lincoln
  • Lyon
  • Mineral
  • Storey

 

Nevada Severe Winter Storms, Flooding, Landslides and Mudslides (DR-4708-NV)

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

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

Delaware County Land Bank Policies Up for Review

Industry Update
April 25, 2023

Source: www.mychesco.com

The Delaware County Redevelopment Authority (DCRDA) announced it is soliciting feedback on the proposed policies and procedures for the Delaware County Land Bank. The Delaware County Redevelopment Authority became the appointed authority for the Delaware County Land Bank in 2022.

Land Banks are intended to reduce blight and spur economic development by transferring properties that are vacant, abandoned, and tax delinquent back to productive use in alignment with community goals and through creative leadership that engages key partners to leverage resources. The Delaware County Land Bank will prioritize strategic development for vacant and abandoned properties in the county. DCRDA has priority bidding at real estate tax sales, a streamlined process for lien discharge, and the ability to expedite quiet title proceedings.

“The County’s new land bank program gives us one more tool for improving our local communities by acquiring, redeveloping and returning blighted property to productive residential, recreational, commercial and industrial uses for our residents,” said Delaware County Council Vice Chair Elaine Paul Schaefer. “That return to a productive end use also returns properties to the tax rolls and reduces the tax burden shared by the residents of the community.”

The proposed policies and procedures will govern the administration and activity of the Land Bank in Delaware County. The policies cover the acquisition, disposition, and conveyance of properties and public input and communication. They will be reviewed at least every other year by the DCRDA Board of Directors.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

Detroit Demo Week: Demolition Department Making Progress in Eliminating Blight

Industry Update
April 21, 2023

Source: www.clickondetroit.com

The Detroit Demolition Department has been working to eliminate blight in the city ahead of Detroit Demo Week.

Homeowners on Northlawn Street near West Chicago and Wyoming Avenue have been waiting for a demolition crew for years to take down an abandoned house that has been an “eyesore.” “We want to maintain the beautification of our neighborhood, and the stability, and the quality of life for our neighbors,” one homeowner said

The Detroit Demolition Department is working to demolish 8,000 homes and stabilize 6,000 homes for resale by 2025.

“Mayor Duggan has been very focused on ensuring a blight to beauty concept across the city, and this is another continued effort to address that,” said Detroit Demolition Department Director LaJuan Counts.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

New Brunswick Addresses Vacant and Abandoned Properties

Industry Update
April 22, 2023

Source:  www.tapinto.net

Redevelopment is a key part of neighborhood revitalization throughout the city, as is evident in the number of properties that have been greatly improved over the past few years.

The strategy includes a concentrated effort to address abandoned and vacant properties that can quickly become eyesores and dissuade neighbors from investing in their own homes.

“Housing isn’t about just building new; we have to maintain and improve what we already have,” New Brunswick Mayor James Cahill said. “Vibrant neighborhoods are key to a successful city. Dilapidated and vacant houses can lead to problems and take viable housing off the market.”

In mid-2017, city officials launched an aggressive effort to address vacant or abandoned homes. There were 201 properties identified, both vacant and abandoned.

There is an important distinction between an abandoned property and a vacant property. A vacant property is empty for a minimum of six months and has had no construction work for six consecutive months. An abandoned property is vacant, and is also a nuisance, tax delinquent, with stalled construction or deemed in need of rehabilitation.

Of the 201 homes identified in 2017, only about 10% remain vacant.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

FEMA Major Disaster Declaration – Hoopa Valley Severe Winter Storms and Mudslides

FEMA Alert
April 25, 2023

FEMA has issued a Major Disaster Declaration for the Hoopa Valley Indian Reservation to supplement tribal recovery efforts in areas affected by severe winter storms and mudslides from February 14 – March 5, 2023.  The following areas have been approved for assistance:

Public Assistance:

  • Hoopa Valley Indian Reservation

 

Hoopa Valley Severe Winter Storms and Mudslides (DR-4707)

President Joseph R. Biden, Jr. Approves Major Disaster Declaration for the Hoopa Valley Tribe

Map of Affected Area

List of Affected Zip Codes

Please note:  Only properties located in the Hoopa Valley Indian Reservation are approved for assistance under declaration DR-4707-CA.

 

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

Black Knight: US Mortgage Delinquency Rate Dropped Below 3% in March

Industry Update
April 24, 2023

Source: Mortgage Orb

The national mortgage delinquency rate dropped to 2.92% in March, a decrease of 15% compared with February and a decrease of 13.2% compared with March 2022, according to Black Knight’s First Look report.

It was the first time on record that the national delinquency rate dropped below 3%, Black Knight says.

What’s more, it was the second largest decline in 17 years.

As of the end of March there were roughly 1.539 million residential properties in some stage of delinquency (30 days or more past due but not in foreclosure). That’s down by about 272,000 compared with the previous month and down about 209,000 compared with a year ago.

Roughly 511,000 properties were in serious delinquency (90 days or more past due but not in foreclosure), down 51,000 compared with February and down 331,000 compared with March 2022. That’s the lowest level since March 2020, with volumes shrinking in every state, Black Knight says.

For full report, please click the source link above.

 

 

 

 

 

 

 

 

 

 

 

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

FEMA Alert
April 24, 2023

***UPDATED 5/11/23***

FEMA has issued a Major Disaster Declaration for the state of Oklahoma to supplement state, tribal and local recovery efforts in areas affected by severe storms, straight-line winds, and tornadoes from April 19-20, 2023.  The following areas have been approved for assistance:

Individual Assistance:

  • Cleveland
  • McClain
  • Pottawatomie

Public Assistance: 

  • McClain
  • Pottawatomie

 

Oklahoma Severe Storms, Straight-line Winds, and Tornadoes (DR-4706-OK)

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

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 – Texas Severe Winter Storm

FEMA Alert
April 21, 2023

***UPDATED 5/25/23***

FEMA has issued a Major Disaster Declaration for the state of Texas to supplement state, tribal and local recovery efforts in areas affected by a severe winter storm from January 30 to February 2, 2023.  The following areas have been approved for assistance:

Public Assistance:

  • Anderson
  • Bastrop
  • Blanco
  • Burleson
  • Burnet
  • Comal
  • Falls
  • Franklin
  • Gillespie
  • Hays
  • Henderson
  • Hopkins
  • Kendall
  • Kerr
  • Kimble
  • Lee
  • Leon
  • Limestone
  • Milam
  • Red River
  • Roberston
  • Travis
  • Williamson

 

Texas Severe Winter Storm (DR-4705-TX)

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

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

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties