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Disasters and Defaults: A Retrospective

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first_img 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 agocenter_img 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 agolast_img read more

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Swedbank exits from Lithuanian third-pillar provision

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first_imgINVL 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%).last_img read more

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Kenyon Martin Jr. says he’ll skip college basketball at Vanderbilt to turn pro

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first_imgKenyon Martin Jr., the son of longtime NBA player and University of Cincinnati star Kenyon Martin, will skip playing college basketball at Vanderbilt to pursue options at the professional level, he told 247Sports on Wednesday. He becomes the second national recruit in as many weeks to opt for professional basketball over college. RJ Hampton last week signed a deal with a pro team based in New Zealand that plays in Australia’s National Basketball League rather than playing collegiately at his choice of top Division I programs. Hampton’s decision to skip college influenced Martin, unidentified sources told ESPN, though Hampton is rated a five-star prospect and projected first-round pick in the 2020 NBA Draft.In contrast, Martin, a 6-6, 195-pound power forward, is rated a three-star prospect and ranked 47th nationally at his position, according to 247Sports’ Composite Rankings, and far from being ready to play in the NBA, as his father did for 15 seasons. Kenyon Martin was the No. 1 overall pick in the 2000 NBA Draft after a stellar career at Cincinnati capped by being named national player of the year in 2000. Related News NCAA 3-point line moving back to international distance Martin committed on May 5 to Vanderbilt, where he was expected to join high school and Nike EYBL teammate Scotty Pippen, also a son of a former NBA player, Hall of Fame inductee Scottie Pippen.center_img Former USC basketball assistant avoids prison in recruiting corruption case Martin averaged 16.7 points and 9.8 rebounds his senior season for Sierra Canyon High School in Chatsworth, California.He was to arrive this week at Vanderbilt, along with Pippen, as part of new Commodores coach and former NBA player Jerry Stackhouse’s first recruiting class. Instead, Martin informed the Vandy staff of his decision, an unidentified source told 247Sports, which added that Martin said he had yet to sign a professional deal.last_img read more

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Warriors coach Steve Kerr says Stephen Curry is ‘at his peak’

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first_imgClick here if you’re unable to view the photo gallery on your mobile device.SAN FRANCISCO — On the heels of Stephen Curry scoring 40 points in 25 minutes in the Warriors preseason win against the Minnesota Timberwolves, Steve Kerr said Sunday that “everything is coming together” for the two-time MVP.“He’s had an incredible camp,” Kerr said. “To me, he’s at his peak.”With the losses of Kevin Durant and Andre Iguodala to free agency and Klay Thompson to injury, the Warriors may need more games …last_img

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Indaba examines outlook and opportunities in manufacturing sector

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first_imgEntrepreneurs, government and corporates attended the third annual 2016 Manufacturing Indaba held at the Emperors Palace in Ekurhuleni, Gauteng on 28 and 29 June.This year’s conference theme, “manufacturing the future”, was a challenge to attendees. The goal was to imagine an ideal industrial future that worked to the benefit of the globe. This year’s Indaba also focussed on small to medium and micro enterprises (SMMEs).About the conferenceThe Indaba’s emphasis is on key industrial sectors. For the governmental co- hosts (the Department of Trade and Industry [the DTI], the Department of Science and Technology, the host City of Ekurhuleni, and the Department of Public Enterprises) the Indaba offers an opportunity to boost the country’s industrial sector, especially those that hold the promise of sustainable growth and job creation.Julie Cunningham, marketing manager of the event, says visitors were able to take advantage of the opportunity to engage with powerhouses in the manufacturing sector at the interactive sessions. Panel discussions included the gas industrialisation strategy and what this means for manufacturers and pathways to African development: trade; regional, industrial and integration.Speakers across the various panels included Minister of Trade and Industry Dr Rob Davies, Gauteng Premier David Makhura, City of Ekurhuleni, councillor Mondli Gungubele and the Gautrain management agency CEO Jack van der Merwe.Here are key messages of Premier Makhura’s closing speech:If we are to move into Industry 4.0 it’s important to understand that cities are the drivers of economies – @David_Makhura #MFGIndaba— ManufacturingIndaba (@IndabaManufact) June 29, 2016We are exploring areas of the new economy: Green, Mineral beneficiation to mention some – @David_Makhura #MFGIndaba— ManufacturingIndaba (@IndabaManufact) June 29, 2016It’s not good enough for black people to be the importers of goods – that’s not empowerment – @David_Makhura #MFGIndaba— ManufacturingIndaba (@IndabaManufact) June 29, 2016Our approach to empowerment is that we want black producers – @David_Makhura #MFGIndaba— ManufacturingIndaba (@IndabaManufact) June 29, 2016We want to position Gauteng to lead the new industrial revolution in Africa – @David_Makhura #MFGIndaba— ManufacturingIndaba (@IndabaManufact) June 29, 2016We believe there are interventions we can do at sub national levels to revitalise the manufacturing sector – @David_Makhura #MFGIndaba— ManufacturingIndaba (@IndabaManufact) June 29, 2016Visiting various manufacturing sectors to see what the obstacles are and how we can help improve them – @David_Makhura #MFGIndaba— ManufacturingIndaba (@IndabaManufact) June 29, 2016We are building a proper automotive city around Rosslyn – @David_Makhura #MFGIndaba— ManufacturingIndaba (@IndabaManufact) June 29, 2016Boost for black business ownersEngineering News reported the DTI’s black industrialists’ programme will be boosted by R500-million. The department’s acting chief director Takalani Tambani explained the funds were approved for eight selected companies across key manufacturing sectors including plastics, pharmaceuticals, metal fabrication and electro-equipment.He encouraged black business owners to form partnerships and joint ventures with one another to be able to compete in the mainstream economy.SouthAfrica.info reporterlast_img read more

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FireIce working many return to Jubilee Gardens

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first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Related Items: Facebook Twitter Google+LinkedInPinterestWhatsApp, March 16, 2017, – Nassau – Over 80% of the hard to reach area of the Harold Road Dump fire is out now thanks to the airdrops of the FireIce gel.   Government is pleased with the decision to get Gel Tech Solutions and Fletcher Air, both out of Florida in on the fire- fighting effort after ground crews were halted by the dangerous conditions and intense heat in the ridge area of the landfill.A little rain on Tuesday did not aide in extinguishing of the fire which has been burning a week a half now, instead it created more smoke said Minister Kenred Dorsett who has been out daily, personally overseeing the progress.   The Bahamas invested some $80,000 in hiring Gel Tech and Fletcher Air.#MagneticMediaNews#JubileeGardensFire#GelTeckFireIcegellast_img read more

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Auto industry group tries to talk Colorado out of a ZEV mandate

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Gandii Baat 3 leaked sex scene Sheeva Rana and Lalit Bisht disturbed

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Texas Supports Federal Government In Denying Abortions To Two Undocumented Immigrants

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Tonight AFROs First Edition with Sean Yoes Monday March 16

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