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Dodd-Frank Reform and Tenant Protections in Foreclosure

Dodd-Frank Reform and Tenant Protections in Foreclosure

first_img May 24, 2018 10,158 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Dodd-Frank Reform and Tenant Protections in Foreclosure Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Share Save Tagged with: Dodd-Frank Act Dodd-Frank reform Economic Growth Economic Growth Regulatory Relief and Consumer Protection Act Eviction Foreclosure Protecting Tenants at Foreclosure Act PTFA Regulatory Relief s. 2155 in Daily Dose, Featured, Foreclosure, Government, Journal, News About Author: David Wharton David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Dodd-Frank Act Dodd-Frank reform Economic Growth Economic Growth Regulatory Relief and Consumer Protection Act Eviction Foreclosure Protecting Tenants at Foreclosure Act PTFA Regulatory Relief s. 2155 2018-05-24 David Wharton Dodd-Frank Reform and Tenant Protections in Foreclosurecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Previous: Existing Home Sales vs. Housing Supply Next: A Look Ahead at the 2018/2019 Housing Market Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago On Thursday, President Trump signed Senate Bill 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, into law. The bill, designed evolve and streamline regulations put in place by the 2010 Dodd-Frank Act, was passed by the House of Representatives earlier this week. The reform bill has many implications for the industry, most of which have been dissected at length over the past few months. One that has flown under the radar, however, is the resurrection of regulations related to the Protecting Tenants at Foreclosure Act (PTFA).Originally introduced in 2009, the PTFA “contained protections intended to ensure that tenants facing eviction from a foreclosed property would have adequate time to find alternative housing.” The PTFA expired on December 31, 2014. In the years since, some states have implemented their own versions of the law to continue those protections for tenants. However, the Economic Growth, Regulatory Relief, and Consumer Protection Act resurrects the PTFA, something that will have implications for many servicers and financial services law firms.On Thursday, Legal League 100 member firm Reimer Law Co. sent out a news alert calling attention to the return of the PTFA provisions.“Title III, Section 304 of the new law repeals the sunset provisions of the Protecting Tenants at Foreclosure Act,” reads the statement. “This repeal restores the notification requirements and other protections related to the eviction of renters in foreclosure properties. The Act provides that the law and any regulations promulgated pursuant to the PTFA that were in effect on December 30, 2014, are restored and revived 30 days after the enactment of the Act.”“In a nutshell, the resurrection of the Protecting Tenants at Foreclosure Act will give certain tenants in foreclosed properties significant additional rights beyond those they may have been provided by state laws,” Richard M. Nielson, Managing Shareholder, Reimer Law Co. told DS News.Nielson cited Kentucky, one of the states in which Reimer Law operates, as an example. Unlike some other states, Kentucky has not introduced their own version of the PTFA in the intervening years since it expired at the Federal level. As such, Nielson explained that the return of the PTFA could significantly increase the amount of time it takes to complete a post-foreclosure eviction. If that range was between 10-30 days before, for example, the reintroduced law could now require as much as 90 days’ notice to “bona fide” tenants before they can be evicted.“Moreover, if there was a bona fide lease was created prior to the creation of foreclosure, it’s likely the mortgage servicer will have to abide by the terms of that lease, for whatever time is remaining on the lease,” Nielson continued. “It substantially increases the burden on mortgage servicers to comply with all the rules.”There are also questions surrounding exactly what constitutes the legal definition of “bona fide,” Nielson explained.“From a practical standpoint, the issue of ‘what is bona fide’ has always been very nebulous,” Nielson said. “As a result, there’s a lot of room for fraud in this area.”Nielson added that If servicers cannot prove tenants are not “bona fide,” mortgage servicers could wind up with tenants who are locked into substantially lower rents or a substantially longer period of time left on their lease before evictions could be undertaken.To read the full text of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, click here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribelast_img read more

Chart of the Week: How Europe’s pension funds performed in H1

Chart of the Week: How Europe’s pension funds performed in H1

first_imgKPASweden€17.8bn7.7Assets as of 31/3/19 How European pension funds performed in the first half of 2019Chart Maker The first half of 2019 proved a fruitful one for many of Europe’s biggest pension funds, despite ongoing market turmoil and political uncertainty.The Netherlands’ giant healthcare scheme PFZW and metal industry fund PMT led the way with gains of 12.7% each – although the strong returns have done little to improve the schemes’ funding levels and they both remain at risk of having to cut member benefits .Investors in Icelandic pension fund Frjalsi’s main risk profile had an even better first six months of 2019, however, with a return of 13.6%.Dutch construction fund BpfBouw and civil service scheme ABP also posted double-digit returns. Customers of Denmark’s Danica Pension experienced strong growth too, with those invested in the Danica Balance Mix fund with a medium risk profile and 20 years to retirement having gained 12.1%. PMTNetherlands€80.5bn12.7 FrjalsiIceland€1.7bn13.6Return is from main risk profile. Assets as of 31/12/18 PFZWNetherlands€225bn12.7 “The central bank is like a shark in the water, ready to attack any negative news, and it is difficult – and maybe stupid – to fight against it”Tine Choi Danielsen, PFA Pension“Returns offered by different asset classes and the compensation gained from additional risks are at an historically low level,” the fund said. “A low interest rate environment pushes investments towards riskier and less liquid investment objects, favouring [for example] the equity and real estate markets. The development of the equity markets is strongly conditional on the central banks’ expansionary monetary policies and on companies’ earnings growth remaining high.”Denmark’s PFA – which posted a 10% gain for investors in its “recommended” ‘C’ investment option – also highlighted the importance of central bank policy. On the eve of the US Federal Reserve’s decision this week to cut its key policy rate by 25bps to 2-2.25%, PFA chief strategist Tine Choi Danielsen said a safety net had been placed under the stock market.“The Fed has kicked the door wide open for interest rate cuts and has also left us investors with every reason to believe that if there is gravel in the machinery, whether it is from the US economy or something global, then they are ready to stimulate,” she said.“The central bank is like a shark in the water, ready to attack any negative news, and it is difficult – and maybe stupid – to fight against it.” Danica PensionDenmark€60.4bn12.1Return refers to Danica Balance Mix, medium risk, 20 years to retirement BpfBouwNetherlands€63.5bn12.5 ABPNetherlands€442bn10.9 Johan Sidenmark, chief executive of Sweden’s AMF, said his fund’s 8.1% return for the first half was aided by strong equity markets in particular.The S&P 500 gained 18.6% in euro terms in the first six months of 2019, while the MSCI Emerging Markets index rose by 11% and the MSCI Europe index gained 16.2%.Fixed income benchmarks also rose during the period, with the Bloomberg Barclays Global Aggregate index gaining 6%. IlmarinenFinland€47.8bn6 AMFSweden€13.1bn8.1 Alecta DBSweden€83.9bn8.5Assets include both DB and DC sections  Johan Sidenmark, AMFHowever, Sidenmark warned that “it should be borne in mind that the upturn is partly due to signs of a weaker global economy leading to expectations of a less tight monetary policy”.“Dark clouds in the form of an escalating trade war, Brexit and other turmoil continue to rise on the horizon,” he added. “That is why it feels good and important that during the spring we have taken important steps to be able to achieve a competitive return even in a tougher economic situation.”Finland’s Ilmarinen also highlighted “the state of Italy’s public finances and the development of the political situation between the US and Iran” as creating uncertainty for investors and the global economic growth outlook.In its interim report – which revealed a 6% investment return for the first half – the €47.8bn pension insurance company said monetary policy also remained a key influence on performance. FundCountryAssetsH1 return (%)Notes AP1Sweden€32.8bn9.7 IndustriensDenmark€24.1bn7.6 Alecta DCSweden€83.9bn11.8Assets include both DB and DC sectionslast_img read more

Ulster too good for Blues

Ulster too good for Blues

first_img Fly-half Paddy Jackson outkicked Blues full-back Rhys Patchell to give the visitors a half-time lead, before tries by second row Dan Tuohy – his third in as many games – and replacement fly-half Ian Humphreys confirmed their superiority. The Irish province came into the game as the league’s top try and points scorers and soon added to their overall tally when Jackson, making his first PRO12 appearance of the season, kicked a straighforward penalty. A series of misdirected passes by the Blues allowed Ulster to gain territory and it needed a fine tackle by Patchell to deny replacement Craig Gilroy. The visitors then spread the ball left and Tommy Bowe trotted over, only to be called back when Scottish referee Neil Patterson ruled Humphreys’ looped pass had gone forward. Tremendous Irish defence held the increasingly desperate Blues at bay and eventually drove the home side back into their own 22, where a flat pass by Gareth Davies was spotted and intercepted by Humphreys, who strolled over and converted his own touchdown. A supremely efficient Ulster performance saw them claim a 26-9 victory at Cardiff Arms Park and condemn the Blues to a second home Guinness PRO12 defeat in six days. Ulster were grateful to new South African full-back Louis Ludik for a vital tackle on Alex Cuthbert after the Wales winger picked up a loose ball with an open field in front of him. It needed further good defence from an attack initiated by lively home scrum-half Lewis Jones to restrict the Blues to a Patchell penalty. Jones’ speed in harassing opposite number Paul Marshall at a scrum earned another penalty, which Patchell landed from wide out to put the Blues ahead. However, Italy number eight Manoa Vosawai was a little too keen to get involved minutes later, giving Jackson the opportunity to bring Ulster level – and Jackson was able to restore his side’s lead when Blues centre Gavin Evans was guilty of obstruction. Despite commendable attempts by both teams to keep the ball moving, there were far too many errors and another soft penalty allowed Patchell three more points before Jackson kicked his fourth to ensure Ulster were ahead at the interval. Patchell was wide from the halfway line and then spilled a quick line-out with an overlap outside him. The resultant scrum provided Ulster with another penalty, but Jackson, too, proved fallible from long distance. The visitors then spurned an easier kick to go to touch and their gamble paid off when Marshall put lock Tuohy through a gap and under the posts for the game’s first try, improved by Jackson. The Blues had an immediate opportunity to grab a try of their own, but Patchell’s final pass was slightly behind Richard Smith and the winger was unable to hold on with the line just five yards away. Press Associationlast_img read more

Syracuse holds last practice on Christmas Day in Houston

Syracuse holds last practice on Christmas Day in Houston

first_img Facebook Twitter Google+ Published on December 26, 2013 at 9:45 am Contact Stephen: [email protected] | @Stephen_Bailey1 While many bowl teams are spending their Christmases at home with family, Syracuse is down in Houston preparing for Friday’s Texas Bowl.Some players, like linebacker Cameron Lynch, quarterback Drew Allen and running back Prince-Tyson Gulley, have relatives in the Longhorn State. But for most, this Yule-tide holiday experience was a new one.“Really different,” quarterback Terrel Hunt said. “I’m used to staying home, waking up, opening presents and going to my grandma’s house.“But being with these guys isn’t that bad.”The Orange spent Christmas in Houston this year, holding its last practice of the season at Rice University on Wednesday, two days before taking on Minnesota in Reliant Stadium on Friday. SU head coach Scott Shafer called it a business holiday.AdvertisementThis is placeholder textIt was slow toward the end, Hunt said, but a strong final preparation to complete a near month-long layoff from live action.“It kind of feels like just yesterday I left home for camp and now it’s over, basically, on Friday,” left tackle Sean Hickey said. “A good year. A lot of good experiences and a fun time. The only thing we need to do is cap it off on Friday with this win.”But before the Orange started its practice, head coach Scott Shafer delivered a gift. He brought in SU-turned-Houston Texans wide receiver Alec Lemon to speak to the team.“I’m 0-2 against Minnesota,” Lemon said with a big smile, “so it would be nice to see y’all give Minnesota hell out here so I can finally get a win.”Hunt said the offense keyed in on prepping for the Gophers’ aggressive defensive front in practice while cornerback Brandon Reddish talked about Minnesota’s power run game, headed by junior David Cobb.There were no new surprises or significant adjustments to make. Just the last batch of repetitions before a day off Thursday as a team manager’s Santa hat was one of the only signs of Christmas on the practice field.“It actually was going a little slow toward the end,” Hunt said, “but it’s crazy that it’s here. Now we have to just go out here and win that trophy.” Commentslast_img read more

Barcelona “tracking” Roma’s Miralem Pjanić

Barcelona “tracking” Roma’s Miralem Pjanić

first_imgRoma midfielder Miralem Pjanic has revealed that Barcelona is interested in signing him this month.The 22-year-old claims that Tito Vilanova’s side have already made an enquiry about his “situation” in Rome.“It’s true, Barcelona is tracking me and enquired about my situation with my club,” he told Spanish news agency EFE.“They were watching me during the game with Fiorentina. It is Roma who has to decide as the clubs deal with these matters.“In any case, it is clear that Barcelona is a team everyone would like to play for and it is an honour that they are interested in me.”Pjanic joined Roma from Lyon in the summer of 2011 and his contract runs until June 2015.last_img