From HousingWire:
Black Knight: Consumers aren’t getting Fannie, Freddie 3% down mortgages
For all the uproar that surrounded Fannie Mae and Freddie Mac introducing loan programs that allowed buyers to put down as little as 3% around this time last year, not many buyers are actually taking advantage of the low down payment loans, according to a new report from Black Knight Financial Services (BKFS).
In Dec. 2014, Fannie and Freddie officially rolled out 97% loan-to-value products. At the time, officials from the Federal Housing Finance Agency said that they expected the low down payment loans to represent a small portion of the government-sponsored enterprises’ business moving forward.
Black Knight’s latest Mortgage Monitor report, released Monday, shows just how small that portion actually is.
According to Black Knight’s report, high-LTV loans (loans with LTV’s above 95%) from the GSEs have accounted for less than 3% of the total number of high-LTV loans originated in 2015.
…
According to Black Knight’s report, loans insured by the FHA or the VA still account for more than 90% of the total number of high-LTV loan originations – a figure that has held steady above 90% since 2009.And high-LTV loans account for 77% of the total number of FHA or VA loan originations as well.
According to Black Knight Data & Analytics Senior Vice President Ben Graboske, those figures were far different before the housing crisis.
“Back in 2007, the GSEs made up over 45% of high-LTV purchase originations, while FHA/VA lending made up roughly one-third,” Graboske said.
Frist
Evil right wing organization says the “no fly” list denies due process and is therefore unconstitutional.
https://www.aclu.org/cases/latif-et-al-v-holder-et-al-aclu-challenge-government-no-fly-list
Piss off someone in the government, and be put on a list.
Same as it ever was.
Piss off someone in the government, and be put on a list.
The “no fly” list has over 47,000 people on it.
The “terrorist watch list” is estimated to have over 1 million names.
https://www.aclu.org/terror-watch-list-counter-million-plus
[4] DFENS
“The “terrorist watch list” is estimated to have over 1 million names.”
I’m sure that Splat and I are on it by now.
I wonder how to get Fabian on the list? Should make for some fun.
@danshipper
Fidelity found that common trait of successful investors is that they had totally forgotten about their portfolio…
The worst thing that unskilled retail investors can do is overmanage their portfolios. Of course if you ask them, 90% have above average skill.
By Bruce A. Scruton New Jersey Herald
Posted: Dec. 7, 2015 12:01 am
ANDOVER TOWNSHIP — Another December construction season with no work on the Lackawanna Cutoff and another delay for the extension of commuter rail service to Andover.
Officials now say commuters won’t be able to board a NJ Transit train in Andover Township until 2018.
The delay is being caused by the requirement that NJ Transit purchase wetlands — somewhere in New Jersey — to offset the wetlands that will be eliminated when the tracks are finished.
“It’s interesting that much of that offset is on the right-of-way itself,” said Thomas Drabik, who oversees transportation planning for the Sussex County planning department. “And a lot of those ‘wetlands,’ are because the tracks have been abandoned for almost 40 years and nobody kept up with the drainage.”
snip
Drabic, who was in the early part of his career with Sussex County when the original feasibility study of the Lackawanna Cutoff was completed in 1989, said the process to this point is very ironic.
“Imagine, they built the entire cutoff, all 28 miles of it, with all the concrete work, the fills of polished stone and a less-than 1 percent grade in less time that it’s taken to secure the wetlands permits,” he said.
8
Is the feasibility study from 1989 still valid? or should i say are the assumptions/calculations/etc still valid?
re #8 – Once complete you can commute to your job at Dunder Mifflin in Scranton…
10 – the line only goes to Andover.
They are supposed to go all the way to Scranton. We will have self driving cars before that happens.
I had an interview with Dunder Mifflin years ago but decided to take a job with Kruger Industrial Smoothing.
12 – They only budgeted for the Andover station. Nothing’s been authorized beyond that.
[12] trapper dan
“They are supposed to go all the way to Scranton. We will have self driving cars before that happens.”
Truer words have yet to be spoken. The very last thing NJ governments want is for people to have an easy way to effectively bypass the state.
This won’t get traction but will almost certainly happen through executive order:
http://www.govexec.com/pay-benefits/2015/12/feds-petition-president-paid-holiday-christmas-eve/124090/
Chicago will be the next city to experience an extended police laydown.
http://www.cnn.com/2015/12/07/us/chicago-police-justice-department-laquan-mcdonald-investigation/index.html
We need a name for that, like going Ferguson or going Baltimore.
[17] redux
It’s called the Ferguson Effect, and I expect that it will hit Chicago as it has hit NYC and Baltimore.
Wonder if we can look forward to a study on the correlation of the Ferguson Effect and property values?
Every city needs a good riot or two once in a while to get people to move out to the suburbs.
[19] DFENS
This year, my older daughter decided to quit competitive cheer. I was elated, not just because it is a time-intensive and expensive sport, but a lot of competitions were held in Baltimore. I hated going to those; I would have preferred Trenton because there, its only a 1 day thing, in and out, but Baltimore usually required a hotel and always expensive parking. Then there was the lousy food and surly service.
Now add in a spike in crime and a government that clearly sided with the rioters and not the cops.
Yeah, I won’t miss Charm City. Not one iota.
[18] redux
Did some googling. Ferguson Effect most pronounced in Ferguson where residential RE fell by 50% by some accounts.
Leftists blogs decry the term and say it doesn’t exist (more proof that they are concerned it actually does), but numbers don’t lie. Areas hit by riots in the 60’s and 70s took decades to recover, something that was well-documented. Ferguson property owners got slammed and that is a fact. Will be interested to see stats for Baltimore for the past year, and Chicago next year.
Just as companies and investors now have to consider “policy risk” in investment decisions, property shoppers have to consider whether their choice of location will wind up getting gutted because of civil unrest. Call it the new “redlining”.
totally off topic alert (Hey, the earlier stuff was property related)
In response to a point someone raised about the Colo Springs shooter, I found this:
https://www.documentcloud.org/documents/2626438-fixed-dear-voter-registration.html
Seems that he wasn’t a Republican as some (anon, otto, Fabian) undoubtedly theorized. He was an independent.
Sorry to ruin your day, guys.
“government that clearly sided with the rioters and not the cops.”
why side with either?
Leftists blogs decry the term and say it doesn’t exist (more proof that they are concerned it actually does), but numbers don’t lie. Areas hit by riots in the 60′s and 70s took decades to recover, something that was well-documented.
To be clear, most never recovered post white-flight. Even worse, most are now dealing with 50 years of accumulated deterioration, which means the potential for recovery is even more challenging, as the costs are astronomic.
I Googled the Green Mountain deal with Peet’s Coffee and Tea today and I am now getting slammed with George Clooney and Danny Devito ads for Nespresso.
http://www.marketwatch.com/investing/stock/GMCR
NYC seemingly recovered from the riots during the ’77 blackout. Why can’t that formula be replicated?
re # 24 – White Flight ended? Think not.
NYC seemingly recovered from the riots during the ’77 blackout. Why can’t that formula be replicated?
What part of NYC?
[23] joyce,
One of these days, you are gonna have to tell me what happened to you at the hands of the police.
28 –
I wasn’t there Eddie. I was only one year old. All I know about it is what I’ve read. I recall reading it affected every borough.
77 NYC blackout
https://m.youtube.com/watch?v=Ts85TH-jaD4
Compare to today’s hipster heaven.
Re #30
The 77 NYC Blackout had widespread looting in certain neighborhoods. It wasn’t citywide. And I was more (much more) than a year old when it happened.
The Empire State Building was built in just over a year (1930-31).
Drabic, who was in the early part of his career with Sussex County when the original feasibility study of the Lackawanna Cutoff was completed in 1989, said the process to this point is very ironic.
“Imagine, they built the entire cutoff, all 28 miles of it, with all the concrete work, the fills of polished stone and a less-than 1 percent grade in less time that it’s taken to secure the wetlands permits,” he said.
NYC recovered because of “Giuliani Time”………but now, due to the “Ferguson Effect”…..all bets are off…..in the new environment, once you go off the rails, you are toast…..even NYC is struggling with the new rules….the city feels “scummier” than it has in quite a while……
D-FENS says:
December 7, 2015 at 12:24 pm
NYC seemingly recovered from the riots during the ’77 blackout. Why can’t that formula be replicated?
I’m glad all the well-heeled NYC area families send their college kids up here to Boston with bags of money to keep us safe.
The 67 riots in Newark and the 77 riots in NYC? Totally different situations.
I guess we can either have a scummier nyc or police officers beating and torturing people.
Grim [24];
To be clear, most never recovered post white-flight. Even worse, most are now dealing with 50 years of accumulated deterioration, which means the potential for recovery is even more challenging, as the costs are astronomic.
More expensive than bulldozer rental?
I am just stating facts, not critiquing anything…..if you use intimidating policing tactics (legal/ethical, or not) you will have quieter streets with less loitering…..
joyce says:
December 7, 2015 at 2:44 pm
I guess we can either have a scummier nyc or police officers beating and torturing people.
[37] Joyce
I vote the latter.
Wake me up when Robin Byrd and ShowWorld are back in biz in Times Square.
Trains to/from the Poconos and NYC: See Jeff Tittle (Psycho NJ Sierra Club ‘leader’).
*Worked with the guy once. NEVER again. – We did win but it had nothing to do with
him (or his org.). Bradley Campbell (anyone remember him – not his real name BTW)
sealed the deal.
*PA has intact track to Scranton. NJ…
Saw that voters in Venezuela kicked out the soc1alists.
Tough day for anon and Otto. Their Econ system of choice, repudiated yet again.
‘The problem with soc1alism is that you eventually run out of other people’s money.’
– Margaret Thatcher
#19 as they say in Baltimore, “Let them destroy alittle.”
43 HEHE!! Your so funny. I love your sense of humor. You make me laugh everyday.
And I still say that Brown dude, the Super intendant of Randolph Schools was wacking off at work. I mean what else do Super intendants do all day?
I know I know come on Phoenix!! Im so harsh, im so blunt, im so crude. Yes and the truth is I think its funny.
Politics and Central Banks make strange bedfellows:
“Former Federal Reserve Chairman Ben Bernanke, ex-U.K. Prime Minister Gordon Brown, and former European Central Bank President Jean-Claude Trichet will help lead a new Global Advisory Board for Pacific Investment Management Co.”
http://www.bloomberg.com/news/articles/2015-12-07/pimco-wins-bernanke-brown-trichet-for-global-advisory-board
Starting to get the feeling I might’ve ground up an 8-ball or two with Marilyn back in the day…
#44 Clot
The problem with Thatcherism is that it ran out of Family Silver to sell. Now her offspring is running out of North Sea Oil Revenue.
#49 ExPat
Gordon Browns Legacy.
http://tinyurl.com/crbar9u
gluteus (51)-
But all the appurtenances of the failed welfare state remain in place.
Marilyn [47];
He wasn’t very popular with the peoples here this year — he screwed with the start/end times of K-12 to follow the latest fad of teens not getting enough sleep. Grammar school kids are now getting off the bus as the sun goes down, before they do any homework or after-school activities, and it isn’t even winter solstice yet. PS, he never even showed up to work this year, tool various forms of leave beginning Sept, eventually being found smoldering in front of his garage.
Most here figure his wife set the garage on fire with him in it.
moose (54)-
Stop judging him.
“…eventually being found smoldering in front of his garage.”
#53 Clot
And after 35 years of a constant onslaught from the right, its still standing!
This should scare the sh1t out of everyone!
http://tinyurl.com/jd27j45
#50 haha!!
54, wow anon is being nice to me. I guess he feels sorry for me. I was prepared for a rash on insults that I insults hard working educators. Well Anon, im proud of you. If you can have restraint I certainly can start today. thanks Anon!!