The Price of Keeping People in Their Homes

first_img Share 1Save  Print This Post Demand Propels Home Prices Upward 2 days ago April 7, 2020 1,328 Views Home / Daily Dose / The Price of Keeping People in Their Homes Servicers Navigate the Post-Pandemic World 2 days ago The Price of Keeping People in Their Homes Sign up for DS News Daily 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. Previous: HUD Announces Fair Housing Month Theme Next: Ginnie Mae Approves Facility to Aid in Servicer Liquidity in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Tagged with: Coronavirus housing market 2020 The Best Markets For Residential Property Investors 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Analysis from the Urban Institute found that the cost of housing assistance for both renters and homeowners could cost between $40.5 to $162 billion. “In the context of a $2 trillion legislative expenditure, this is a small amount that could go a long way toward stabilizing the housing market while allowing families to remain in their homes,” said the report. Agencies such as the Federal Housing Administration, Fannie Mae, Freddie Mac, the U.S. Department of Veterans Affairs, and the Department of Agriculture have announced foreclosure and evictions moratoriums due to the spread of COVID-19. The report said these agencies cover about 70% of all outstanding mortgage holders—33.4 million homeowners. The report adds that homeowners with private mortgages held by banks or private investors, roughly 14.6 million homeowners, are not covered. Urban Institute’s report said renters were more financially vulnerable than homeowners going into this economic downturn, as they have more of their monthly income going towards housing. Rent payment accounts for 30% of a typical rent’s household income, which is a steep increase from 19% for homeowners with a mortgage. The research ran calculations, assuming 20% of renters and 12% of homeowners will need assistance. In a worst-case scenario, they doubled the share to 40% and 24%. For their calculation, they used $912 as the median 2019 rent cost and $945 for the median 2019 mortgage payment.  In these scenarios, 8.8 million renters and 5.8 million homeowners would need payment assistance, which would cost $40.5 billion for three months of $81 billion for six months. Under a worst-case scenario, 17.6 million renters and 11.6 million homeowners would need assistance, with the price tag being $81 billion for three months and $162 billion for six months. The Chief Economist at Moody’s Analytics estimates that as many as 30% of Americans with home loans—nearly 15 million households—could stop paying their loans if the economy is closed through the summer.“This is an unprecedented event,” said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania, in an article by the Los Angeles Times. “The great financial crisis happened over a number of years. This is happening in a matter of months—a matter of weeks.” Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Coronavirus housing market 2020 2020-04-07 Mike Albanese Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Mike Albaneselast_img read more

BPU Renews Water Agreement With Town Of North Harmony, Busti

first_imgShare:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window) Max PixelJAMESTOWN – The Jamestown Board of Public Utilities has renewed its water agreement with the Towns of North Harmony and Busti.As part of the agreement, the BPU agrees to perform the normal operation, maintenance and repair of the existing water distribution mains located within the Town of North Harmony.The cost of any improvements or extensions of the water system in the Town, including replacement of damaged or deteriorated lines, shall be the responsibility of the Town of North Harmony.In the agreement, the Town of North Harmony pledges to pay transportation charges to the Town of Busti and the Village of Lakewood whose lines transport water to the Town of North Harmony. The contract includes agreements of revenue sharing, should new industrial or commercial development occur in the Town of North Harmony, requiring water to be provided by the BPU.The ten-year agreement extends through 2030 and replaces a 2005 contract that had expired in 2019.The new pact does not include an automatic renewal clause but stipulates that negotiations for a 2030 agreement must begin in the ninth year of the contract.last_img read more

Indonesian govt, NGOs condemn Israel’s annexation plan

first_imgSeveral governmental and non-governmental institutions in Indonesia have issued statements condemning Israel’s plan to annex a large part of the West Bank, which is set to be implemented on Wednesday.House of Representatives Commission I, which oversees foreign affairs, said it rejected the plan.“Commission I has taken an assertive stance to reject the annexation plan of the West Bank and to reject the efforts made by Israel to legalize its invasion of Palestine,” Commission I deputy chairman Abdul Kharis Almasyhari said on Tuesday as quoted by a statement on the House’s website. “In the name of the Indonesian government, we would like to convey support from the Indonesian people to always stand behind the struggle of all Palestinians to gain their rights as an independent nation,” Fachrul said, according to a statement from the ministry.“Our nation’s principle is to oppose any kind of colonialism – as stipulated in our Constitution,” he added.Read also: Indonesia urges other nations to reject Israel’s West Bank planYenny Wahid, the director of religious freedom watchdog Wahid Foundation, has also voiced her institution’s concern over the annexation plan, saying that “it was a true example of injustice, not only for Palestine but also for the world”.The annexation, she added, would lead to the deterioration of humanitarian conditions in Palestine. Furthermore, the plan would jeopardize the “two-state solution” mechanism that was vital to the peace process between the two parties, Yenny said in a statement on Tuesday.”Such an illegal decision could increase the radical-extremist sentiment and further ignite conflict within the region,” Yenny added.Israel’s plan to annex a large part of the West Bank emerged after United States President Donald Trump came up with the “deal of the century” in January, which sees Jerusalem as Israel’s undivided capital and recognizes Israel’s sovereignty over large parts of the West Bank.In this regard, Yenny urged the US government to participate in stopping the plan from happening, as well as asking international communities to implement real actions in stopping the annexation plan.  Earlier reports said that under the US plan, Israel would annex 30 to 40 percent of the West Bank.The plan has been rejected by many countries, including Indonesia. The Organization of Islamic Cooperation also urged all of its member states not to cooperate with Washington in implementing the idea in any form.Topics : Kharis added that the lawmakers viewed Israel’s annexation plan as a vehicle to “take away the Palestinians’ land and exterminate the nation”.Commission I chairwoman Meutya Hafid said the official statement would be handed over to the government through the Foreign Ministry and to foreign envoys seated in Jakarta as a courtesy.“We want the House and the government to be on the same page [regarding this issue],” she said.Meanwhile, Religious Affairs Minister Fachrul Razi said in a virtual international forum on Monday that Indonesia would consistently support Palestine’s struggle for independence.last_img read more