Bank of America to Cut More Mortgage Jobs

first_img Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. The Best Markets For Residential Property Investors 2 days ago February 14, 2014 865 Views in Daily Dose, Featured, Headlines, Loss Mitigation, News Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Bank of America Jobs origination Data Provider Black Knight to Acquire Top of Mind 2 days ago Bank of America Jobs origination 2014-02-14 Colin Robins Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Bank of America, the second-largest U.S. lender, is cutting 450 mortgage jobs from its West Coast offices. The lending giant is reducing staff after new loan production fell short of internal forecasts.In a report by Bloomberg, affected employees were told Wednesday that workers involved in processing home loans would be let go. California locations that will lose workers include an office in Concord; an office in Pasadena will be shutdown entirely.Terminations are effective immediately, and employees will receive salaries for 2 months and be eligible for severance pay, said sources familiar with the proceedings.”These notifications have been ongoing and reflect our previously announced efforts to reduce our size, resolve legacy issues and simplify our company,” said Dan Frahm, a spokesman for Bank of America. The lender is still hiring in non-mortgage areas, and some employees will find jobs in other parts of the firm, he said.This is the fourth time in a year that Bank of America has reduced personnel amid reduced demand for home loans. The firm cut 3,000 employees involved in making home loans in the last quarter of 2013. Other offices closed this year include Las Vegas, Nevada and St. Charles, Missouri.Retail originations sank 49 percent to $11.6 billion in the fourth quarter, said CFO Bruce Thompson on January, 15.Bank of America employed about 242,000 people as of December 31, 2013. Previous: Fannie Mae Increases Incentives to Purchase REO Properties Next: Caliber Home Loans Welcomes New Regional VP Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Bank of America to Cut More Mortgage Jobs Demand Propels Home Prices Upward 2 days ago Bank of America to Cut More Mortgage Jobs Related Articles Share Save About Author: Colin Robins Subscribe Servicers Navigate the Post-Pandemic World 2 days ago last_img read more

Fed Determines More Labor Market Growth Is Needed In Order to Raise Rates

first_img About Author: Xhevrije West  Print This Post Previous: Senate Subcommittee Examines Strategies for Ending ‘Too Big to Fail’ Next: Vacancy Rates Among SFR Transactions Are Trending Higher in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Xhevrije West is a talented writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University. Share Save July 29, 2015 1,679 Views Tagged with: Federal Funds Rate Federal Open Market Committee Federal Reserve U.S. Economy Although Federal Reserve officials determined that economic activity is expanding moderately, the housing sector has shown additional improvement, and job gains have been solid with declining unemployment, the federal funds rate will remain the same at a target range of 0 to 1/4 percent, according to the Federal Open Market Committee (FOMC) July meeting.”To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate,” a FOMC statement said.No specific timeline of when the federal funds rate would be raised was provided at the meeting.The Committee also determined that labor market indicators found that underutilization of labor resources have diminished slightly, and growth in household spending has been moderate, while the housing sector showed some improvement. However, business fixed investment and net export remained soft. More importantly, inflation is still running below the Committee’s objective of 2 percent, reflecting earlier drops in energy prices and falling prices of non-energy imports. Looking ahead, the Committee still expects a moderate pace of GDP growth, with continuing job gains and lower energy prices supporting household spending.The Committee noted that it will assess both realized and expected progress in determining how long to maintain the near zero target range toward its maximum employment and 2 percent inflation objectives. The assessment will consider labor market conditions, inflation indicators, and financial and international developments.”The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term,” the FOMC said.The FOMC also mentioned that it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. They believe this policy should help maintain accommodative financial condition by keeping the Committee’s holdings of longer-term securities at sizable levels.Janet Yellen, FOMC chair revealed at a mid-July House Financial Services Committee hearing that rates would be raised upon improving economic conditions at no particular time.“At our meeting that ended today, the Committee concluded that these conditions have not yet been achieved. It remains the case that the Committee will determine the timing of the initial increase in the federal funds rate on a meeting-by-meeting basis, depending on its assessment of incoming economic information and its implications for the economic outlook.”However, Yellen did allude to the rate increase possibly occurring before the end of the year in a Senate Banking Committee hearing also held in mid-July .”If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy,” Yellen said. “Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end. But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise the rates at any particular time.”The committee has three more meetings this year in September, October, and December to still raise rates. Home / Daily Dose / Fed Determines More Labor Market Growth Is Needed In Order to Raise Rates Data Provider Black Knight to Acquire Top of Mind 2 days ago Fed Determines More Labor Market Growth Is Needed In Order to Raise Rates Related Articlescenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Federal Funds Rate Federal Open Market Committee Federal Reserve U.S. Economy 2015-07-29 Brian Honea Sign up for DS News Daily Subscribelast_img read more

Positive Job Report to Lead to Supply, Rate Increases

first_img Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post in Daily Dose, Featured, Headlines, News Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. The new year is off to a strong start—at least as far as the labor market is concerned. According to the latest Employment Situation Summary released by the U.S. Bureau of Labor Statistics today, jobs are on the incline, particularly in the construction, retail trade, and financial services industries. U.S. nonfarm jobs increased by a total of 227,000 in January alone.The unemployment rate remained fairly unchanged, increasing from 4.7 to 4.8 percent since December. A total of 7.6 million Americans were unemployed in January. The numbers were largely better than expected, according to economists.“January’s employment report showed stronger than expected job creation—stronger than last year, and much stronger than the fourth quarter gains,” said Jonathan Smoke, Chief Economist for Realtor.com. “We have now seen a record 76 months of job growth.” The gains should give the Federal Reserve something to consider when its next rate hike is on the agenda later this year.”The fastest pace of job creation in four months should be enough to buoy market optimism and put the Fed on notice,” said Lindsey Piegza, Chief Economist at Stifel Fixed Income. “But from a monetary policy standpoint, Fed officials are increasingly focused on wage growth as opposed to the headline payroll number as an indication of the health of the U.S. labor market.”Though only in office a few weeks, the numbers are positive for President Trump, who in his campaign promised job growth, improved infrastructure, fewer business regulations, and better trade deals for the country.In a September 2016 speech at the New York Economic Club, Trump said, “If we lower our taxes, remove destructive regulations, unleash the vast treasure of American energy, and negotiate trade deals that put America First, then there is no limit to the number of jobs we can create and the amount of prosperity we can unleash.”Though Trump has had little time to enact policy change as of yet, his win in November likely plays a large role in the recent growth.“We view the strength in hiring as consistent with increased optimism from the private sector following the presidential election, with businesses saying they expect to expand and plan to hire more workers” said Doug Duncan, Fannie Mae’s Chief Economist. “More people joining the labor force suggests that there is more slack in the labor market than implied by the low unemployment rate.”The construction industry saw the second-highest jump in employment in January, gaining 46,000 jobs for the month and 229,000 over the last year. According to experts, these gains should have a big impact on housing in 2017, improving construction efforts and supply. “We are also encouraged by another solid increase in residential construction employment of more than 20,000 for the month,” Duncan said, “which marks a third consecutive gain of at least 15,000. More housing supply amid a gradual rise in mortgage rates should help the continuation of the housing expansion.” The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Aly J. Yale Home / Daily Dose / Positive Job Report to Lead to Supply, Rate Increases Servicers Navigate the Post-Pandemic World 2 days ago February 3, 2017 1,875 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Positive Job Report to Lead to Supply, Rate Increases Servicers Navigate the Post-Pandemic World 2 days ago Previous: What Gorsuch Means for Business, Regulators Next: EXCLUSIVE: Barney Frank Responds to Trump Order Share Save Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago 2017-02-03 Phil Banker The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribelast_img read more

Linking the Housing Affordability Crisis and Homelessness

first_img Related Articles Linking the Housing Affordability Crisis and Homelessness in Daily Dose, Featured, Government, Market Studies, News Servicers Navigate the Post-Pandemic World 2 days ago January 14, 2020 1,059 Views Previous: Cities Reporting Increased Serious Delinquencies Next: Are Recession Fears Overshadowing Actual Market Trends? Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Rep. Maxine Waters, Chairwoman of the House Financial Services Committee, said during its Tuesday hearing that the affordable housing crisis has come during a time when the homeless population rose 2.7% in 2019.“While more than half a million people have no place to call home, there are millions more who are on the brink of experiencing homelessness because they cannot afford to pay rent,” Waters said. Waters noted that 568,000 people experienced homelessness in 2019 and it rose 42% from 2010-2017. Los Angeles, California, reported a 16% increase in the homeless population over the past year. Water said, according to the National Low Income Housing Coalition, more than 10 million low-income households are severely cost burden and spend more than 50% of earning on housing. Waters added that “Congress has failed to prioritize this issue,” and continued to underfund programs that give people access to housing. “Not only are we failing to adequately invest in fed programs to meet the needs of people who are currently meeting the needs of homelessness, we are currently failing to adequately invest in the solutions that can prevent homelessness in the future,” she said. CoreLogic reported previously that home prices rose 3.7% annually in November 2019 and are expected to increase by 5.3% from November 2019 to November 2020.Waters’ proposed legislation—HR 1865—would give $13 billion for new programs, serve people experiencing homelessness, and increase the supply for affordable housing.Committee member Patrick McHenry said while the economy is performing well and wages are rising, “housing affordability challenges are real.” He added that high-cost cities and states, such as California and New York, are making matters worse by enacting “counterproductive, regulatory, and zoning laws” that decrease the amount of housing, cause housing costs to rise, and low-income families to be kicked out of their homes. Sourcing The Washington Post, McHenry said California is responsible for half of the nation’s homeless, unsheltered population. Additionally, homelessness more prevalent in states that voted for Hilary Clinton in 2016 while states that voted for Donald Trump have been seeing a decline in the homeless population. “If we want to fight inequality, lets build more housing so that low-income Americans have the chance to live in high-opportunity cities where they work,” McHenry said, adding that higher-density housing is needed so people can live closer to where they work. Several states and cities have enacted bills straying from single-family zoning, allowing for denser zoning options. Virginia is the most recent example of this, as HB 152 would allow duplex homes, townhouses, and cottages in any place currently zoned for single-family housing.A City Lab report states Virginia is struggling with affordability and shortages, with interest in the market growth with the pending arrival of Amazon’s HQ2. “This is obviously a good problem to have. We’ve attracted a lot of people to this area that people find to be desirable,” said House Delegate Ibraheem Samirah, the author of the bill. ATTOM’s latest Rental Affordability report found that buying a home is more affordable is just 53% of the 8556 counties surveyed. However, among the counties with populations of at least 500,000, the scales tip in favor of renting. For 69% of these more populated counties, renting is the better option.  Home Prices Homelessness Housing Affordability Renters 2020-01-14 Mike Albanese The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Share 1Save Demand Propels Home Prices Upward 2 days agocenter_img Tagged with: Home Prices Homelessness Housing Affordability Renters Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Linking the Housing Affordability Crisis and Homelessness About Author: Mike Albanese Subscribelast_img read more

Puplic consultation open on issue of stepback for windturbines

first_img Twitter Google+ Pinterest Facebook 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton By News Highland – April 9, 2014 Minister McConalogue says he is working to improve fishing quota Twitter Pinterest Google+ Puplic consultation open on issue of stepback for windturbinescenter_img Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Previous articleElection candidate claims apartment dwellers are missing outNext articleRetailers group suggests Killybegs could be seen as a soft touch by smugglers News Highland WhatsApp RELATED ARTICLESMORE FROM AUTHOR Need for issues with Mica redress scheme to be addressed raised in Seanad also News Facebook A public consultation on plans to ban windturbines from within ten times their tip height to residential property is open.The Draft Variation to the County Donegal Development Plan would also designate 6 Sub- Basin Management areas ‘Not Favoured’ for wind energy development.Other considerations are to protect Fresh Water Pearl Mussels and limit the visual impact of windturbines  on Glenveagh National Park.Ernan O’Donnell of the Glenties Windfarm Information Group is calling on people to have their say:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/04/wind1pmTUREB.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Documents relating to the draft Variation are available by selecting the following links:• Draft Variation (No. 2) to the County Donegal Development Plan 2012-2018 (as varied)• Map Viewer for the Draft Variation (No. 2) to the County Donegal Development Plan 2012-2018 (as varied)• Determination of the Need for Strategic Environmental Assessment• Determination of the Need for Appropriate Assessment. Dail hears questions over design, funding and operation of Mica redress schemelast_img read more

Councillor says drugs are “rampant” in Donegal since garda units were downgraded

first_img WhatsApp Pinterest Twitter WhatsApp Twitter Dail hears questions over design, funding and operation of Mica redress scheme Facebook There are calls for the return of the Garda dedicated drugs units with claims the use of illegal substances is rampant across Donegal.The units were either removed or down graded in Donegal over the last number of years.Councillor Rena Donaghey wants their return, she says they were very effective:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/02/renadrugs.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Man arrested in Derry on suspicion of drugs and criminal property offences released PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Pinterest Google+center_img Dail to vote later on extending emergency Covid powers RELATED ARTICLESMORE FROM AUTHOR Man arrested on suspicion of drugs and criminal property offences in Derry Homepage BannerNews Facebook Councillor says drugs are “rampant” in Donegal since garda units were downgraded Previous articleCouncil plans workshop to review gritting prioritiesNext articleMorrison expected to line out for Derry tonight News Highland HSE warns of ‘widespread cancellations’ of appointments next week By News Highland – February 10, 2015 Google+last_img read more

Commincation Minister promises to look at Doneagl’s poor mobile coverage

first_img PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Previous articleDonegal well represented in IMRO music awards shortlistNext articleDeputy McConalogue says government is misleading on school posts News Highland Google+ Dail hears questions over design, funding and operation of Mica redress scheme Pinterest Google+ Pinterest Newsx Adverts WhatsApp Communications Minister Pat Rabbitte has promised to look at how the Telecommunications Regulator Comreg assesses mobile and broadband coverage in rural areas.Speaking in the Dail last evening, Deputy Joe Mc Hugh says at present, performance and coverage is based solely on population considerations, and that’s putting some rural communities at a disadvantage, particularly in counties such as Donegal:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/01/jomch830mobile.mp3[/podcast]Responding Minister Pat Rabbitte agreed that the issue needs to be examined.Promising to look at the situation, Minister Rabbitte said a major problem is that while there is intense competition in urban areas, that’s not the case in more rural areas:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/01/prabb830mobile.mp3[/podcast] Dail to vote later on extending emergency Covid powers RELATED ARTICLESMORE FROM AUTHORcenter_img WhatsApp Commincation Minister promises to look at Doneagl’s poor mobile coverage Facebook Facebook Watch: The Nine Til Noon Show LIVE Twitter HSE warns of ‘widespread cancellations’ of appointments next week Twitter By News Highland – January 26, 2012 Man arrested in Derry on suspicion of drugs and criminal property offences released last_img read more

Calls for UK anti-bullying campaign in Ireland

first_img WhatsApp By News Highland – April 22, 2013 Twitter Pinterest WhatsApp News Twitter Further drop in people receiving PUP in Donegal RELATED ARTICLESMORE FROM AUTHOR Facebook Facebook PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal center_img Pinterest The Fine Gael MEP Sean Kelly is recommending the introduction to Ireland of an anti-bullying campaign that is running in the UK.The Beat Bullying campaign engages young people in peer-to-peer support in daily life and in online activities.The idea is to encourage them to help one another to identify any bullying that might be taking place and then to tackle it.Mr. Kelly says Ireland would benefit enormously from such a scheme.He explains how it works in the UK.”They have actually 140 staff, and they train young people and then that’s the best probably way to deal with it” he said.”You’re educating those who are in a position and who are actually interacting with their colleagues and their peers everyday and are in a better position to see what’s happening and to deal with it” he added. Previous articleFodder situation in Donegal is “dire” – IFANext articleSurviving Boston bombing suspect is awake and responding to questions in writing News Highland 365 additional cases of Covid-19 in Republic Main Evening News, Sport and Obituaries Tuesday May 25th Man arrested on suspicion of drugs and criminal property offences in Derry Calls for UK anti-bullying campaign in Ireland Google+ 75 positive cases of Covid confirmed in North Google+last_img read more

Audio Update – Property Tax rate to remain unchanged in Donegal

first_imgHomepage BannerNews Twitter Previous articleRyder Cup: Day 1 FoursomesNext articleDerry death no longer being treated as suspicious News Highland Facebook 365 additional cases of Covid-19 in Republic Audio Update – Property Tax rate to remain unchanged in Donegal Gardai continue to investigate Kilmacrennan fire Donegal County Council have voted to keep the property tax valuation in the county as it is.Cllrs voted in favour of a freeze by 20-9. The FG and FF groupings voted in favour along with Independent Cllrs Tom Connaghan, Ian McGarvey, Nicholas Crossan and Niamh Kennedy.Sinn Fein and Cllr Frank McBrearty voted against. Three Cllrs abstained from the vote (Dessie Shiels, Michael Cholm Mac Giolla Easbuig and John Campbell).CEO of the Council, Semaus Neely has told members that any reduction in property tax would mean a reduction in services.He said that a 15% reduction would mean the local authority losing €1.65m.Speaking afterwards SF Cllr Mick Quinn said he was disappointed with the decision………..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/09/mickq.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.A short time ago, County Manager Seamus Neely spoke to Barry Whyte in Lifford…………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2014/09/neelyproptax.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. By News Highland – September 26, 2014 Facebook Pinterest RELATED ARTICLESMORE FROM AUTHORcenter_img Google+ WhatsApp Man arrested on suspicion of drugs and criminal property offences in Derry Pinterest Twitter 75 positive cases of Covid confirmed in North Main Evening News, Sport and Obituaries Tuesday May 25th Further drop in people receiving PUP in Donegal Google+ WhatsApplast_img read more

Referendum Count – Update

first_img Facebook Referendum Count – Update News 75 positive cases of Covid confirmed in North RELATED ARTICLESMORE FROM AUTHOR Twitter By News Highland – October 5, 2013 The counting of votes cast in yesterday’s two referendums is underway. One referendum was on the abolition of the Seanad, the other was on the establishment of a Court of Appeal.In Donegal North East, early indications are that it could be very close in both referendums.In the Inishowen area, two out of the three boxes opened showed a slight majority of No votes in the Senate referendum.However, in the Court of Appeal referendum two out of the three boxes showed a slight majority of Yes votes.There are only two people tallying votes at the count centre in Bonagee, Letterkenny. WhatsApp Further drop in people receiving PUP in Donegal Gardai continue to investigate Kilmacrennan fire Previous article‘Historic day’ for Buncrana as Amazing Grace viewing point is unveiledNext articleSlight fall in September Live Register figures News Highland center_img Facebook WhatsApp Google+ Google+ 365 additional cases of Covid-19 in Republic Pinterest Main Evening News, Sport and Obituaries Tuesday May 25th Pinterest Twitter Man arrested on suspicion of drugs and criminal property offences in Derry last_img read more