Deutsche Bank AG is supposed to give relief to subprime mortgage borrowers as part of a $7.2 billion settlement with the U.S. government. It is considering an unusual approach to meeting that requirement: lending money to private equity firms and hedge funds.
Erin Persons is Vice President of Program Operations for NCST.
December 1st marked the one-year anniversary of the expanded Neighborhood Stabilization Initiative (NSI) program, in which NCST partners with FHFA, Fannie Mae and Freddie Mac (the GSEs) to provide local community buyers early access to REO properties in 18 key market areas. The GSEs avoid some of the costs associated with holding and marketing these properties and pass those savings on to our buyers.
December 2016 marks the one-year anniversary of the expanded Neighborhood Stabilization Initiative (NSI) program, through which the National Community Stabilization Trust (NCST) provides organizations working to stabilize neighborhoods with access to REO properties from Fannie Mae and Freddie Mac. Because the program enables Fannie Mae and Freddie Mac to avoid some of the costs associated with holding and marketing REO properties, they can pass those savings on to the community buyers.
Julia Gordon, Executive Vice President, NCST
With the 2016 election now behind us, we face a very different federal government landscape. With both the White House and Congress controlled by the Republicans, executive and regulatory agency leadership will also see a significant shift. Because the Trump campaign never put forward a housing or community development platform, it's difficult - in fact, close to impossible - to make predictions about housing policy.
Over 1,000 people gathered in Baltimore to learn strategies from each other to combat the blight of vacant, abandoned properties and revitalize their neighborhoods. The Center for Community Progress (CCP) has sponsored this event for many years. Staff from land banks, nonprofit housing developers, municipal and state agencies, financial institutions, and other experts cametogether to hear about and learn from local efforts to restore communities hard hit by real estate abandonment. NCST assisted CCP at this year's conference by developing workshops on national, state and local policy as it affects vacant properties and revitalization efforts.
As many of you may know, the Department of Housing and Urban Development conducts bulk auctions of delinquent mortgages through a program called Distressed Asset Stabilization Program (DASP). Some DASP sales are large, national auctions, generally dominated by large, private bidders, and some are smaller pools, either pools requiring the winning bidder to achieve certain neighborhood-friendly outcomes or pools that are reserved for nonprofit bidders only.
Robert Finn, Public Policy Associate, NCST
Is your community in the fight against blight? Do you want to learn more about how to combat vacant and abandoned properties? Our friends at the Center For Community Progress are bringing the seventh national Reclaiming Vacant Properties Conference to Baltimore, Maryland on September 28-30, 2016, where approximately 1,000 urban change-makers will gather. The 2016 RVP will consist of more than 50 engaging sessions and other learning opportunities over the course of three days.
Annie Carvalho, Vice President, Strategy and Development
In early June, a few of us from NCST joined representatives from the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac on a jam-packed two day visit to the Tampa Bay and South Florida metro areas. We engaged with more than 15 community buyer organizations in roundtable sessions and on property tours across Pinellas, Hillsborough, Palm Beach, and Broward Counties.
WASHINGTON — Buyers of nonperforming Federal Housing Administration loans will have to evaluate borrowers for principal reductions and abide by new restrictions issued by the Department of Housing and Development on Thursday. "Certain families with distressed mortgages insured by FHA may soon be eligible for a reduction of their outstanding loan amounts should their mortgages be sold through the Distressed Asset Stabilization Program," HUD said in a press release.
Hogar Hispano, Inc. purchased this Maryland single-family home and transformed it with more than $21,000 in rehabilitation to a family-ready home for a buyer who was at 67% of AMI. The family wanted to have their own place with a yard to call home for their children.