South Pasadena City Council Promotes Intergovernmental Collaboration via Regional Boards

first_img 4 recommended0 commentsShareShareTweetSharePin it Make a comment Subscribe Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy First Heatwave Expected Next Week EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Business News Name (required)  Mail (required) (not be published)  Website  Top of the News center_img Your email address will not be published. Required fields are marked * Government South Pasadena City Council Promotes Intergovernmental Collaboration via Regional Boards Published on Tuesday, September 22, 2015 | 12:34 pm Herbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeautyHerbeauty10 Secrets That Eastern Women Swear By To Stay Young LongerHerbeautyHerbeautyHerbeauty18 Ways To Get Rid Of HiccupsHerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeautyWhat’s Your Zodiac Flower Sign?HerbeautyHerbeautyHerbeautyNutritional Strategies To Ease AnxietyHerbeautyHerbeauty More Cool Stuff Community News Seeing the benefits of collaborating across city lines with community partners, the South Pasadena City Council is taking an active role in regional issues via Regional Governmental Boards. This is highlighted by two recent appointments: Mayor Robert S. Joe’s appointment to Chairperson of the Foothill Employment and Training Consortium (FETC) Policy Board, and Councilmember Marina Khubesrian’s appointment to Chairperson of the Arroyo Verdugo Subregion Board.The FETC implements workforce investment programs on behalf of the Cities of South Pasadena, Arcadia, Duarte, Monrovia, Pasadena, and Sierra Madre including vocational and pre-vocational training, customized employer training, and skills assessments to the unemployed and other job seekers. As elected officials overseeing the FETC, the Policy Board provides direction on the delivery of services utilizing Federal employment and training funds. The Arroyo Verdugo Subregion Board provides long-term planning direction for the Cities of South Pasadena, Burbank, Glendale, La Canada Flintridge, Pasadena, and adjacent unincorporated communities.The City Council has a long tradition of using regional boards to partner with other cities and local governments on issues of regional concern. Councilmember Michael Cacciotti has advocated for improved environmental conditions throughout southern California as a member of the South Coast Air Quality Management District Board since February 2008. Councilmember Diana Mahmud advocates for improved environmental conditions throughout San Gabriel Valley as a member of the San Gabriel Valley Council of Governments Energy, Environment, and Natural Resources Committee. Councilmember Richard Schneider regularly attends meetings of the Technical Advisory Committee for the SR-710 North Study, and previously participated on committees for the San Gabriel Council of Governments. faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPasadena Water and PowerPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Community News Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Settlement Monitor: All Servicers Made the Grade

first_img Servicers Navigate the Post-Pandemic World 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Tagged with: Big Banks Compliance Independent Monitor Joseph Smith National Mortgage Settlement Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Big Banks Compliance Independent Monitor Joseph Smith National Mortgage Settlement 2015-12-17 Brian Honea Home / Daily Dose / Settlement Monitor: All Servicers Made the Grade Demand Propels Home Prices Upward 2 days ago Share Save Previous: DS News Webcast: Thursday 12/17/2015 Next: Director Watt: GSEs Must Focus on Liquidity, Credit Access and Common Securitization in 2016 The Best Markets For Residential Property Investors 2 days ago Settlement Monitor: All Servicers Made the Grade Sign up for DS News Daily  Print This Post in Daily Dose, Featured, Foreclosure, Newscenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago December 17, 2015 1,366 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles In his summary of six reports filed with the U.S. District Court for the District of Columbia released on Thursday, Independent Settlement Monitor Joseph A. Smith, Jr. and his team revealed no failed metrics among the servicers that were party to the National Mortgage Settlement in 2012.Smith’s summary, titled Update on Compliance, includes results for Bank of America, Chase, Citi, Ditech, SunTrust, and Wells Fargo. The compliance test includes a total of 33 metrics—29 originally set forth by the NMS and four more set forth by the Monitor in 2013. Thursday’s report covers the first half of 2015.“My tests show that servicers are adhering to the NMS’s servicing rules, which aim to give borrowers better experiences,” Smith said. “Among six servicers and over six months, my professionals and I uncovered no fails.”Thursday’s report does not include the results of compliance tests for Ocwen Financial for the first half of 2015. Smith said he was still currently testing Ocwen and he would release the results to the public when he is confident they are complete. Smith released his last update on Ocwen’s compliance with the terms of the NMS in October, at which time he revealed that the Atlanta-based servicer failed four metrics during the second half of 2014.Click here to see Smith’s complete summary released Thursday, Update on Compliance. Thursday’s report was the sixth for Bank of America, Chase, Citi, and Wells Fargo. It was the fourth for Ditech and the first for SunTrust.The NMS was originally finalized in April 2012 between 49 states and the District of Columbia, the federal government, and five banks and/or mortgage servicers (Bank of America, Citi, JPMorgan Chase, Ally/GMAC, and Wells Fargo). As part of the agreement, the five servicers were required to provide $20 billion in consumer relief and $5 billion in other payments. Ocwen falls under Smith’s supervision due to the servicer’s acquisition of mortgage servicing rights from a unit of Ally Financial, one of the original banks included in the settlement.SunTrust became party to the NMS in June 2014 when it settled with the DOJ for $968 million to resolve claims that the Atlanta-based bank engaged in improper mortgage origination practices as well as servicing and foreclosure abuses.Ocwen entered into a new consent judgment with the Consumer Financial Protection Bureau (CFPB) in February 2014 that requires the servicer to provide $2.1 billion in consumer relief and to comply with the servicing standards set forth by the NMS. Subscribelast_img read more

Big Four U.S. Banks Report Widespread Loan Deferral

first_img Bank of America Borrowers Chase Citigroup Forebearance Wells Fargo 2020-08-06 Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Christina Hughes Babb Share Save 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, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: How to Streamline Mortgage Servicing Next: Demographic Impacts on Housing, Economic Security Sign up for DS News Daily in Daily Dose, Featured, News Home / Daily Dose / Big Four U.S. Banks Report Widespread Loan Deferralcenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Big Four U.S. Banks Report Widespread Loan Deferral As homeowners and other borrowers seek debt relief during the coronavirus pandemic, America’s four largest banks report at least $151.5 billion in loans with payments in deferral at midyear, Bloomberg L.P. reported.JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., and Wells Fargo & Co. disclosed deferral details within their second-quarter filings with the U.S. Securities Exchange Commission.“Uncertainty over the length of the pandemic and resulting economic crisis have made it difficult for banks to determine how many loans are likely to sour,” noted Stephen Lubbers for Bloomberg L.P. “JPMorgan, Bank of America, Citigroup, and Wells Fargo set aside more than $32 billion for loan losses in the second quarter, close to a record, signaling that relief programs may not be enough to stave off a flood of bad debt.”Deferral programs differ among account types and banks. JPMorgan Chase & Co., for example, has offered clients rolling, three-month deferrals for up to a year on residential mortgages.The four biggest U.S. banks vary on how they report payment deferrals and loan modifications, and the total balance of financing with deferred payments is likely higher than the aforementioned $151.5 billion.Deferrals on residential mortgages and home-equity loans were a common theme for all four banks. The majority of Wells Fargo’s consumer deferrals were on a combined $35 billion of first and second mortgages, representing 12% and 10% of each loan type, respectively. Almost 9% of JPMorgan’s residential real estate portfolio was subject to payment deferrals, representing nearly three-quarters of the total $28.3 billion of consumer loans in deferral.Wells Fargo reported $44.2 billion of consumer loans in deferral at midyear. The bank reported only that it modified $38.2 billion of commercial loans without disclosing the amount remaining in deferral by June 30.Citigroup modified about $20 billion of consumer loans globally as of June 30. Bank of America, which provided figures as of July 23, was deferring payments on $7.7 billion in commercial loans and $28.5 billion in consumer and small-business debt.Last spring, reportedly, millions of households narrowly avoided financial devastation thanks to the banks’ rapidly rolled-out forbearance programs, part of an effort to avert a massive wave of defaults by borrowers who began losing income when states locked down commerce to slow the virus. August 6, 2020 1,862 Views Related Articles Tagged with: Bank of America Borrowers Chase Citigroup Forebearance Wells Fargolast_img read more