COVID Relief’s ‘Unanticipated Side Effect’ in the MBS Market

first_imgBoth the government and the mortgage industry have faced an uphill battle when adapting to the practical and economic realities of the COVID-19 pandemic. With so many X factors, it’s the unexpected is almost all that can be expected A new report from Bloomberg delves into a new change related to coronavirus relief that could benefit banks but negatively impact investors in mortgage-backed securities.The COVID-19 health crisis has put millions of impacted homeowners at risk of delinquency and foreclosure, fueling an “upheaval” in the mortgage market. Now, Bloomberg reports, banks and other lenders are beginning to act on the understanding that this allows them to buy home loans at below-market prices. According to Bloomberg, “The earnings would come from an unanticipated side-effect of Congress’ decision in March to allow homeowners affected by the pandemic to delay loan payments for as long as a year, combined with arcane regulations governing mortgage-backed securities.”Banks such as Wells Fargo & Co. and U.S. Bancorp are already buying, Bloomberg reports, frustrating bond holders who say the purchases are causing them losses.This so-called ‘loophole’ is possible, in part, due to Ginnie Mae regulations, Bloomberg reports. Ginnie rules allow banks and other lenders to buy loans out of mortgage securities at their par value when a borrower hasn’t made payments for 90 days, Bloomberg explained.  Investors value most of those loans at 5% to 10% above par, reportedly, “meaning the purchases result in an immediate writedown for the bond holders and a potential profit for the lender when they’re able to resell the loan.” Former Ginnie Mae President Ted Tozer, now a senior fellow at the Milken Institute, told Bloomberg, “The banks are setting themselves up for a huge windfall. It’s almost pure profit.”According to Bloomberg, sources from the lending and banking industry argue that the process is often risky and that it “has more to do with accounting issues than trying to score a quick profit.” Bank of America mortgage security strategist Michael Khankin, for one, expounded on the “risk” idea, noting that lenders that engage in extensive buyouts do face a potential downside. “This is not a riskless transaction,” said Khankin, who noted borrowers might default while a lender holds the loan or government agencies could change the rules again for when mortgages can be re-securitized. How accounting factors in: Rules force lenders to put loans on their balance sheets if they have an option to buy the mortgages “in the money,” meaning that exercising it would turn a profit, explained Bloomberg. On Wells Fargo’s Q2 earnings call last month, CFO John Shrewsberry said that accounting requirements influenced its loan purchases. Wells Fargo spokesman Tom Goyda said the bank regularly buys delinquent loans out of Ginnie pools to manage balance sheet impacts and to reduce expenses. Why the pandemic-prompted buyouts are different than in other situations: Loan buyouts aren’t new but now it’s about the uniquely large number of homeowners who’ve opted to delay their monthly payments because lawmakers have protected them from foreclosures. In general, those borrowers are expected to start paying their mortgages again. That means that, unlike during the 2008 financial crisis, lenders that buy delinquent loans might be able to easily resell them at premium prices as the mortgages become current. The outlet goes on to report that “Wells Fargo in July and August bought $19 billion of loans out of Ginnie securities for $1.5 billion less than the loans’ market price, according to Dhivya Krishna, head of research for hedge fund Metacapital Management LP, which invests in Ginnie mortgage bonds.” As for U.S. Bancorp, it bought $5 billion of such loans for $380 million less.  Other lenders have made smaller purchases, but some bond investors say that increasingly high delinquencies and nonpayments due to COVID-19 will cause these buying opportunities to blossom in coming months.  Now, if the economy rapidly improves in coming months, and homeowners, in large numbers, exit forbearance, said opportunities will dwindle. Home / Daily Dose / COVID Relief’s ‘Unanticipated Side Effect’ in the MBS Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: ‘Online Buyers’ Contribute to Growing Home Sales Next: The Changing Face of Distressed Property Auctions COVID Relief’s ‘Unanticipated Side Effect’ in the MBS Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly,, Dallas Observer, Edible, and the Dallas Morning News, among others. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago 2020-08-20 Christina Hughes Babb Demand Propels Home Prices Upward 2 days ago About Author: Christina Hughes Babb August 20, 2020 1,779 Views Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Subscribelast_img read more

Spanish Navy Holds Submarine Rescue Drills

first_imgBack to overview,Home naval-today Spanish Navy Holds Submarine Rescue Drills September 9, 2015 View post tag: submarine View post tag: europe The Spanish Navy is participating in exercise Cartago 2015, September 7 – 11, off the coast of Murcia, oriented towards the implementation of submarine rescue procedures.The exercise is should improve coordination at sea between Spanish Navy ships and Public Administration agencies with responsibilities in the maritime domain.In the five-day exercise, a supposedly damaged submarine will have to be located and her crew rescued by naval and air units.The Spanish Navy contributes with the submarine Galerna, the rescue ship Neptuno, the minehunter Turia, the OPV Vencedora and a Special Naval Warfare detachment from the Marine Corps. Other participating organizations include: the Fleet, Submarine and Central Naval Staffs, and the ISMERLO (International Submarine Escape and Rescue Liaison Office). The State Maritime Security Agency will participate with the rescue ship Clara Campoamor and an aircraft.[mappress mapid=”16880″]Image: Spanish Navy View post tag: rescue Spanish Navy Holds Submarine Rescue Drillscenter_img View post tag: Spanish Navy View post tag: Cartago View post tag: Drills Authorities Share this articlelast_img read more

Wedding Cake Masterclass

first_imgWe asked Elizabeth Solaru, who runs the successful Elizabeth’s Cake Emporium in London, to create a wedding cake that looked a million dollars but was relatively straightforward to make. Her answer was this stunning wedding cake: a three-tier stack of cushions, which is decorated with pearls, lace and sugar flowers.%%ImageNewsTicker_23887%%About Elizabeth’s Cake EmporiumElizabeth’s Cake Emporium was founded by Elizabeth Solaru in 2006 and has a prestigious list of clients, including royalty, celebrities, five-star hotels and glamorous West End stores.Its cakes and cupcakes have been featured in numerous blogs and national and international publications, including Condé Nast Brides, OK!, Hello, Wedding Cakes – A Design Source, Cake Design Cuccina Chic, Magie de Zuckers and Wedding Venues and Services.Elizabeth has appeared on the BBC Good Food Channel and BBC Radio as a cake expert. She is also a regular on Sky TV, being the only three times winner of The Great Cake Bake, a show that featured the best wedding cake-makers in the country. The company is ranked as one of the top five wedding cake- makers, according to the guide Great Cake Places, and Elizabeth is also on the international panel of Wedding Industry Experts.She is also a speaker, competition judge and host at The Cake and Bake Show, alongside Mary Berry, Paul Hollywood and Eric Lanlard. Elizabeth believes that a cake should delight both taste-wise and visually. All of her cakes are made from scratch (strictly no mixes) using the finest organic ingredients where possible.Elizabeth’s Cake Credit Photos by Cristina read more

Magnificent Eleven: the 2017 Baking Industry Awards winners revealed!

first_imgThe great and the good of the UK bakery world gathered at the London Hilton on Park Lane last night (6 September) for the biggest hoedown this ol’ industry has to offer.The 2017 Baking Industry Awards brought together hundreds of the biggest guns in British bakery, in a glittering Wild West-themed ceremony, to recognise and applaud the people, products and businesses that have helped make the industry so great.West End and TV star Denise van Outen hosted the event and, with a little help from representatives of our category sponsors, presented the winners with their awards across 11 categories.The event was the culmination of months of judging, with tastings, store visits and interviews taking place across the country to determine the worthy winners.“The Baking Industry Awards is a truly inspiring event and highlights the passion, creativity and care that shapes this fantastic industry,” said British Baker editor Vince Bamford.“I would like to thank everyone involved in making the awards possible: our sponsors, our expert judges and, of course, the brilliant bakers and businesses we are delighted to be able to honour with this event.”See below for a list of the 11 category winners – click on each one to see a profile of the winner and the finalists in each category.Baker of the Year – David Wright, The Cake Shop BakeryBakery Manufacturer of the Year – MacphieCelebration Cake Business of the Year – Terry Tang Designer CakesFree-From Bakery Product of the Year – Too Good To Be Gluten Free Pork Pie, Addo Food GroupOutstanding Contribution to the Baking Industry – Dawn GemmellSpeciality Bread Product of the Year – Church Street Sour, Cinnamon SquareSupermarket Bakery Business of the Year – TescoThe Bakery Innovation Award – M&S Ultimate Five Grain Crumpets, Village BakeryThe Craft Business Award – BachmannsThe Customer Focus Award – Campden BRI, Katie-Joy WoodsThe Rising Star Award – Jessica DaltonClick on each category to read a profile of every winner and finalist.last_img read more

Softball loses second series, men’s track wins two relays

first_imgNo. 22 Nebraska takes series from Wisconsin softball in LincolnIn a critical road series against perennial powerhouse program Nebraska, Wisconsin found a way to fight back from defeat but lost the rubber match Sunday against the Cornhuskers, 11-2.The loss drops the Badgers to 29-8 overall and 7-5 in the Big Ten. UW now sits at fifth in the Big Ten while Nebraska moves up to third (30-9, 8-3).After falling 4-0 on Friday to open up the series, Wisconsin struck back with a 5-2 win on Saturday thanks to a four run sixth inning highlighted by a Shannel Blackshear two-run home run.The series wrapped up a 37-game streak of road games for the Badgers, the longest such streak in the program’s history. Wisconsin will play its first game of the season Tuesday in a doubleheader against Green Bay, marking the latest home opener in Badger softball history.Women’s tennis drops road matches to Purdue, IndianaThe state of Indiana wasn’t kind to the Wisconsin women’s tennis team this past weekend, as West Lafayette and Bloomington served as sites of losses.Falling 5-2 to Purdue on Saturday, the only victories for Wisconsin on the day came from the No. 1 and No. 2 singles players. In No. 1 singles, the Badgers’ Hannah Berner defeated the Boilermakers’ Mara Schmidt in three sets, 6-4, 1-6, 6-1. In No. 2 singles, Wisconsin’s Lauren Chypyha defeated Purdue’s Lynda Xepoleas in two sets, 6-1 and 6-2.No. 34 Indiana made quick work of Wisconsin Sunday, handing the Badgers their ninth-straight road loss 7-0. The only player on UW to win a single set against IU was Katie Hoch.The team heads back home this Friday for a home match against Iowa at Nielsen Tennis Stadium.No. 9 Wisconsin men’s track posts strong performance at Sea Ray RelaysWisconsin senior Maverick Darling claimed a win in the 1500 meters and the Badgers’ captured two relay victories to cap off a successful weekend at the Sea Ray Relays in Knoxville, Tenn.The relay titles for UW came in the 4×1500 and the distance medley. The win in the 4×1500 was the Badgers first at the Sea Ray Relays since 2004. Junior Reed Connor put in perhaps the finest performance of any relay runner, participating for both of the Badgers winning relays.Connor contributed the opening 1200-meter leg of the distance medley relay, with sophomore Austin Mudd running the 400-meter leg, senior Zach Mellon the 800-meter and junior Alex Hatz anchoring the race with the 1600-meter leg.Women’s track team claims 4×1500 relay at Sea Ray RelaysWith a time of 18 minutes, 35.73 seconds, the Wisconsin women’s track team claimed the 4×1500 relay at the Sea Ray Relays in Knoxville, Tenn., helping the program sweep the event on both the men’s and women’s side.The time posted by Wisconsin was almost eight seconds better than the second place time posted by Eastern Michigan.Men’s golf finishes eighth in Hawkeye-Great River InvitationalImproving from their 11th place standing after the conclusion of the first day of action, the Wisconsin men’s golf team mustered a strong final day of play to finish eighth in the Hawkeye-Great River Invitational in Iowa City, Iowa.Thomas O’Bryan led the Badgers with a finish of 17th overall with a final score of five over par after three rounds. Teammate John Gullberg finished tied for 18th after posting a six over par.Kansas won the tournament thanks to the winning overall performance of golfer Chris Gilbert, who posted an invitational best five under par.last_img read more

UPL: Onduparaka tames Wakiso Giants

first_imgAction between Onduparaka FC and Wakiso Giants FC on Wednesday. (PHOTO/Wakiso Giants)Uganda Premier League Onduparaka FC 1-0 Wakiso Giants FC Green Light Stadium, Arua Wednesday, 02-10-2019Onduparaka FC defeated Wakiso Giants FC 1-0 in one of the three Uganda Premier league matches played on Wednesday.Fazil Ibrahim scored the only goal of the game inside the opening 6 minutes.The midfielder ensured his team takes all three points, seeing his deflected effort go past Derrick Emukule in the Wakiso goal.Earlier-at the other end, Karim Ndugwa had rattled the cross bar in the 3rd minute of the game.Krizestom Ntambi had an effort saved by the Onduparaka custodian after the Uganda Cranes international had gotten the better of Rashid Okocha.Ntambi also headed wide a Tom Matsiko corner while in acres of space in the area.With thw visitors struggling to get to grips in the game, they made an early change, sending on Hassan Ssenyonjo in place of Lawrence Bukenya on 32 minutes.With desperation setting in, Matsiko tried his luck from distance but his effort went wide of the mark.Substitute Geoffrey Sserunkuma had to efforts fail to hit the back of the net in quick succession but it was just not to be Wakiso’s day as Onduparaka held on to register thw victory.The Caterpillars have now won four games this season and move top of the pile, level on points with second placed Bul but with a superior goal difference.For Wakiso, they have now lost three of their first six games and remain on 7 points for the season.In their next fixtures, Wakiso Giants are at home to Mbarara City on Saturday while Onduparaka travels to Luzira to face Maroons FC on the same day.The other games played on Wednesday-Tooro United 1-0 KCCA FC-SC Villa 0-0 Vipers SCComments Tags: Fazil IbrahimGeoffrey sserunkumaHassan SsenyonjoKarim NdugwaLawrance Bukenyaonduparaka fctopUganda Premier LeagueWakiso Giantslast_img read more

Helping hand for mothers, newborns

first_img17 July 2013 Watching your sick child lying helplessly in a hospital is not easy for any mother – let alone having to spend nights on a hard, unsympathetic hospital bench. This has been the life of 28-year-old mother Zanele Mkhize from Kingsway in Benoni, east of Johannesburg, since her arrival at the Far East Rand Hospital after her nine-year-old daughter was admitted for burn injuries. Since the paediatric ward only accommodates sick children admitted at the hospital, Mkhize and other mothers are forced to sleep on the hospital benches as they are unable to travel to and from the hospital on a daily basis due to financial constraints. Some of the mothers are breastfeeding and have to be close to their babies most of the time. “I’ve brought my blanket, but sleeping on the bench is very painful, not to mention the cold at night, but I have to because I don’t have money to come to the hospital [daily]”, Mkhize told SAnews. On Tuesday, Mkhize shed tears of joy as she and other mothers entered the hospital’s new Mother’s Lodge and Paediatric Step-down Facility, opened by Gauteng Health MEC Hope Papo. The facility is a collaborative effort by the government, mining company Lonmin, the local community and the hospital. Lonmin invested R800 000 for the 18 beds at the Mother’s Lodge, where breastfeeding mothers as well as mothers like Mkhize will now be able to sleep over. The lodge includes a kitchen and a lounge area. The Divhani Rasanova Paediatric Step-down Facility has a doctor’s room, store room, bathroom, medical area, changing area, play area as well as a reading area. The facility will at any time accommodate an average of 450 mothers on a rotational basis. The facility is a place for newborn babies admitted at the hospital for long periods whose mothers cannot afford to commute to and from the hospital daily, as well as those without family support. It will assist in strengthening the quality of paediatric services in the province. Handing over the facility on Tuesday, Papo commended Lonmin for identifying the area of need and entering into a partnership with the department to meet the need. Hospital CEO Dr Lekopane Mogaladi recalled that when he arrived at the hospital in February, there were no mattresses and mothers were sleeping on the floor. “The look on their faces touched me and made me wonder if I was in their situation, how would I have survived,” Mogaladi said. “The facility is a challenge for me and the management to further ensure that services across the entire institution do not bedevil the confidence shown by our partners. We can only turn for the better from here.” Mogaladi added that he hoped the promises made by his colleagues including the social workers to engage mothers in activities would be kept. Dr Marie Vermaak, Lonmin’s senior manager for health, said her company “acknowledges and supports the role of mothers and women in our company and our society, and we are happy to be able to assist the women of the communities served by the hospital.” The hospital was established in 1900 and forms part of the Ekurhuleni Sedibeng region, where new and informal settlements alone account for one-million people, many of whom rely on the hospital for their healthcare. Source: read more

Beck’s expands into eastern Ohio

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Beck’s, the largest family-owned, retail seed company in the United States, is pleased to announce a territory expansion into new regions, including eastern Ohio. This expansion adds roughly 12 million acres of corn and soybeans to Beck’s former marketing area to bring their total reach to half of the corn and soybean acres in the U.S. The continued growth will provide more Midwest farmers access to the world’s most diverse genetics and traits in corn and soybeans.“Over the last few years, more and more farmers have seen the value in working with a seed company that is family-owned, farmer-focused, and committed to providing high yielding products,” said Scott Beck, president of Beck’s. “With a world class breeding program, a lineup of high-performing products, innovative technologies, and a culture rooted in family heritage, we are dedicated to helping farmers succeed.”With the expansion, Beck’s territory now encompasses the full state of Iowa, two-thirds of Missouri, Kentucky and Tennessee, additional counties in southern Michigan, all of Ohio and Illinois, southern Wisconsin, as well as Indiana. Currently, there are a number of dedicated Beck’s dealers and seed advisors in the expanded territory. As Beck’s continues to grow, they are committed to adding more employees and dealers to continue providing farmers with localized service.“At Beck’s, our growth strategy is methodical, ensuring the necessary infrastructure is in place to serve every farmer with the best in seed quality, field performance, and service,” said Sonny Beck, CEO of Beck’s. “With new facility locations and a growing family of employees, we are equipped to serve an increasing number of farmers and are excited to introduce them to the Beck’s culture.”Beck’s offers a lineup of high yielding corn, soybeans, wheat, and alfalfa all backed by a 100% Free Replant Policy. Farmers also have access to an extensive lineup of cover crops and forages. In addition, Beck’s industry-leading Practical Farm Research (PFR) program brings farmer-focused research to the farm management process.last_img read more

Planter attachments aiding in better fertilizer placement

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Fertilizer placement has been a big topic of conversation for farmers across the Midwest. Dale Minyo visited with Gary Fennig of Fennig Equipment about some new tools that are being added to planters to help producers utilize fertilizer better.last_img

Sony Product Announcement: 4 Full-Frame E-Mount Lenses for A-Series Cameras

first_imgThe latest Sony product announcement brings some much needed focal lengths to their full-frame lens line.In an effort to become more competitive in the lens market, Sony has announced a few new lenses and converters designed to make their cameras more functional for professional use. While this announcement is clearly more exciting for photographers, there are a few implications for filmmakers out there, especially if you are an A7S owner.Sony FE 28mm f/2 LensThe new Sony 28mm f/2 lens is fairly basic, with not a lot of frills attached. The lens has a manual focus ring, as well as internal autofocus built-in. Unfortunately for filmmakers, the focus ring isn’t grooved to work with a follow focus, but for casual productions it should work just fine. Like all Sony lenses, the 28mm f/2 is dust and water resistant.   Availability  April 14th (Pre-Order)   Autofocus  Direct Drive Super Sonic Wave AF   Mount  Sony E-Mount (Full Frame)   Thread Size  72mm   Price  $1,098 on B&H   Thread Size  49   Availability  March 17th (Pre-Order)   Autofocus  Linear Motor AF System   Stabilization  Optical SteadyShot   Minimum Focus Distance  11.5 inches   Autofocus  Direct Drive Super Sonic AF   Thread Size  62mm   Aperture  f/1.4 Physical Aperture Ring (Declickable)   Minimum Focus Distance  12 inches   Mount  Sony E-Mount (Full Frame)   Price  $448 on B&H   Minimum Focus Distance  11 inches   Minimum Focus Distance  19.7 inches   Price  $998 on B&H   Thread Size  72mm   Availability  May 5th (Pre-Order)   Mount  Sony E-Mount (Full Frame)   Aperture  f/2.8 Physical Aperture Ring   Autofocus  Linear Actuator Autofocus   Stabilization  None   Aperture  f/2 Internal Aperture Control   Aperture  f/3.5-6.3 Physical Aperture Ring Sony Distagon T* FE 35mm f/1.4 ZA LensIn terms of professional quality, the Distagon T* FE 35mm f/1.4 ZA Lens looks to be the most promising. The lens comes equipped with Sony’s patented super sonic autofocus technology making it incredibly fast and accurate.This video shows a quick product tour of the new 35mm lens:Sony also claims that the external aperture ring can be easily declicked, making this an extremely valuable tool for filmmakers looking for smooth aperture control. If paired with a camera like the A7S, the Distagon T* FE 35mm f/1.4 ZA lens will likely allow you to shoot in virtually any lighting situation.   Mount  Sony E-Mount (Full Frame)   Price  $1,598 on B&H   Availability  July 7th (Pre-Order) Sony FE 90m f/2.8 Macro G OSS LensThe Sony FE 90m f/2.8 Macro G OSS lens is a macro workhorse. The lens gives users the ability to quickly switch between autofocus and manual using a sliding focus ring, rather than a button. The lens also allows users to select focus ranges.For example, users of the lens can define focus ranges so that the lens doesn’t have to examine the entire focus range when finding sharp and accurate focus. The lens was also designed to produce extremely circular bokeh. Meaning the out of focus parts of your image will distort into smooth circles. Fisheye and Ultra-Wide ConvertersIn addition to releasing 4 lenses, Sony has also unveiled a few new wide-angle converters designed to take your existing wide-angle Sony lenses and make them even wider. The lens converters will work with the 28mm f/2 and the 16mm f/2.8. There are four separate teleconverters: a fisheye full-frame, an ultra-wide full frame, a fisheye cropped, and an ultra-wide cropped.By using the wide-angle converters with the respective lens, you can achieve up to 180 degrees of coverage. Prices range from $160 to $298 depending on the converter.  All four are expected to be released in May, but you can pre-order them immediately.Want to learn more about these new lenses and converters? Check out a few of the following resources:Sony Announces 4 ‘FE’ Full-Frame E-Mount Lenses – DIY PhotographySony Unleashes Four New FE Lenses – PetaPixelSony unveils four much-needed lenses for the full-frame A7-II camera – EngadgetWhat do you think about these new lenses? Share in the comments below.   Stabilization  Optical SteadyShot Sony FE 24-240mm F/3.5-6.3 OSS LensThe Sony FE 24-240mm F/3.5-6.3 OSS lens is a good entry-level lens for those looking to have a decent all-purpose lens. Equipped with an autofocus motor and physical aperture ring, this lens might be a good lens to recommend to newbie photographers.   Stabilization  Nonelast_img read more