About Author: Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Demand Propels Home Prices Upward 2 days ago default Delinquency Disaster 2020-01-29 Seth Welborn 2019 was not the most devastating year in the decade, but it continued a trend of high losses from natural disasters, according to a year-end lookback from CoreLogic. According to data from the National Oceanic and Atmospheric Administration (NOAA), there have been at least 14 events with losses exceeding $1 billion in the United States alone. CoreLogic’s report analyzed the economic impact of these conditions, including the rise of defaults in the years following major storms.According to CoreLogic, after 2017’s trio of hurricanes—Harvey, Irma, and Maria—serious delinquency rates on home mortgages tripled in the Houston and Cape Coral, Florida, metro areas and quadrupled in San Juan, Puerto Rico.Likewise, after experiencing the effects of the Mount Kilauea eruption, serious delinquency rates on the Big Island of Hawaii rose 0.3 percentage points (10%) between June and September 2018 while falling by 0.1 percentage points (5%) in the rest of the state.More recently, the Tubbs and Camp wildfires, after destroying 20% of the single-family housing stock in Butte County 6% of the single-family homes in Santa Rosa, caused an increase in demand, accelerating price growth.“Based on CoreLogic research, communities affected by wildfires, hurricanes, floods, tornadoes, earthquakes and other natural disasters in 2019 will likely experience an increase in mortgage delinquencies and shelter costs, and it can take more than 12 months for mortgage delinquency rates to normalize—and even longer for homes to be repaired or rebuilt,” the report said.One storm, in particular, stands out in the last decade: Hurricane Harvey. According to CoreLogic, delinquency rates tripled in the Houston area following Harvey, but it served as an example of how a properly prepared economy can withstand such an impact.Improvements to our current regulatory systems and safeguards, including the National Flood Insurance Program, will be key in the new decade.“The cumulative effect of high-loss events like Hurricane Harvey and those of the 2010s penetrate deeply into our connected world of finance–personal equity, insurance, and our mortgage finance economies. Improving the data and analytics surrounding natural catastrophes helps us all by making our society more resilient,” CoreLogic said. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Previous: The Mortgage Patch and Default Risk Next: Fed Keeps Interest Rates Steady in Daily Dose, Featured, Loss Mitigation, News Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Disasters and Defaults: A Retrospective Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Print This Post Disasters and Defaults: A Retrospective Demand Propels Home Prices Upward 2 days ago Tagged with: default Delinquency Disaster Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save January 29, 2020 1,611 Views The Best Markets For Residential Property Investors 2 days ago
INVL Asset Management is taking over the management of Swedbank Investicijų Valdymas’s only Lithuanian third-pillar pension fund.According to INVL Asset Management’s website, the transaction has been cleared by the Bank of Lithuania, the pension sector’s regulator, and is expected to be completed in three months’ time.Swedbank acquired the since-renamed Swedbank Supplementary Pension Fund from Danske Bank last year, along with the Danish bank’s three second-pillar funds.It sold the supplementary fund business to concentrate on the second pillar, where it is currently the market leader. Swedbank accounts for more than 40% of the system’s 1.27m members and 37% of the total net assets of €2.7bn as of end-June. INVL provides asset management and pension services to Lithuanian and Latvian clients. It entered the Lithuanian pension fund management market in 2014 when it acquired the funds previously run by MP Pension Funds Baltic. It also bought funds run by Finasta, which have since been merged and rebranded.It currently manages four second-pillar funds with €278.8m of assets and four third-pillar funds with €18.4m assets at the end of June.Earlier this month two of its second-pillar funds, the high-equity INVL Extremo II 16+ and the medium-equity INVL Medio II 47+, acquired 10% of the Lithuanian SME Fund, making INVL Asset Management its second biggest investor after the European Investment Fund (EIF). It also acquired 4.9% of BaltCap Latvia Venture Capital Fund.Both fund acquisitions were established by the private equity and venture capital firm BaltCap as part of the European Commission and EIF’s Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative.On INVL Asset Management’s website, CIO Vaidotas Rūkas explained: “Our strategy is to steadily increase our pension funds’ investments in Lithuania and the other Baltic states, thereby contributing to these countries’ economic growth and seeking to earn an attractive return for the clients of the pension funds.”High-equity funds top performance chartsLithuanian pension fund results, the higher-risk vehicles have continued to generate the best returns.As of the end of June, according to the Bank of Lithuania, the highest average year-to-date return came from the high-equity funds (3.27%).Medium-equity funds gained an average 1.78%, low-equity funds gained 0.55%, and conservative funds lost 0.49% on average.In the case of third-pillar funds, equity vehicles returned 3.4%, followed by bond funds (1.29%) and mixed investment (1.25%).
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