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House Subcommittee to Hold Second Hearing on FHA’s Financial State

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first_img Demand Propels Home Prices Upward 2 days ago The second in a series of hearings to examine the financial health of the Federal Housing Administration (FHA) will take place next week in Washington, D.C., according to an announcement on Friday from the chairman of the House Committee on Financial Services, Representative Jeb Hensarling (R-Texas).The Housing and Insurance Subcommittee of the House Committee on Financial Services will hold the second hearing in the series, entitled The Future of Housing in America: Oversight of the Federal Housing Administration, Part II, on Thursday, February 26, beginning at 10 a.m. Eastern time. Witnesses for the hearing will be announced next week.The first hearing in the series took place on February 11 in the House Committee on Financial Services, where U.S. Housing and Urban Development (HUD) Secretary Julián Castro testified before Congress for the first time since being appointed to that position in July 2014.Republicans on the HFS Committee grilled Castro in that hearing on the FHA’s financial state, and in particular the Mutual Mortgage Insurance (MMI) Fund, which reported a capital reserve ratio of 0.41 percent in November – less than a quarter of its required 2 percent level. Castro repeatedly praised the fund’s recent growth, predicted that the MMI fund would reach that 2 percent level within two years, and defended FHA’s recent lowering of the mortgage insurance premiums by 50 basis points down to 0.85 percent.Representative Blaine Luetkemeyer (R-Missouri), the chairman of the Housing and Insurance Subcommittee, was one of the most vocal critics of FHA’s policies during last week’s hearing.”Today’s testimony from Secretary Castro was disconcerting to say the least,” Luetkemeyer said in a statement following Castro’s testimony to the Committee. “The Secretary’s answers were as inconsistent and alarming as FHA’s policies. It is clear to me that this agency suffers from not only misguided policy but also mismanagement. FHA continues to try to grow its way out of a problem, and it is putting the American taxpayers at risk. FHA today holds less than one quarter of the capital it is statutorily required to hold in the Mutual Mortgage Insurance Fund. When you remove the 2013 taxpayer bailout of $1.7 billion and billions of dollars more in Justice Department settlements, the capitalization of the fund falls to .08 percent. If a private company operated the way FHA operates, it would be shut down.”Also next week, according to Hensarling’s announcement on Friday, there will be a full Committee hearing to receive the semi-annual report on Monetary Policy and State of the Economy from Janet Yellen, chair of the Federal Reserve. That hearing will take place Wednesday, February 25, starting at 10 a.m. Eastern time. House Subcommittee to Hold Second Hearing on FHA’s Financial State About Author: Brian Honea Federal Housing Administration FHA House Committee on Financial Services Housing and Insurance Subcommittee 2015-02-20 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 20, 2015 973 Views Related Articles Share Save 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. Previous: Default Risk Index For Agency Purchase Loans Hits Series High Next: Leading Economic Indicators Grow at Moderate Pace The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / House Subcommittee to Hold Second Hearing on FHA’s Financial State  Print This Post Tagged with: Federal Housing Administration FHA House Committee on Financial Services Housing and Insurance Subcommittee The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

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Diehard Car Buffs Brave Rains For Ocean City Corvette Show

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first_imgAbout 240 Corvettes line the Ocean City Boardwalk for the car show Sunday in 2018. By Maddy VitaleConstant rains pelted the Ocean City Boardwalk. It left those who ogled Corvettes on display to don umbrellas.But the rains just beaded off the pristine, glossy, gleaming displays of cars that represent the best of American motors.Now in its 28th year, the event is organized and sponsored by Boardwalk Corvettes of Atlantic City. It is considered one of the top five Corvette shows in the country, organizers said.Corvette owner Ken Mattis, of Ocean City and Upper Gwynedd Townsip, Pa., checks out the engine in this late model Vette.Carrie Dickinson, co-chairwoman of the Boardwalk Corvettes, said there were 480 cars registered but the rains scared away some owners.“On a day like this, it is incredible we had this many people,” Dickinson said. “It is a huge event. It’s a lot of fun. We do it for people to have a great time with their cars and to raise money for charities.”Proceeds from registration fees benefit local charities, including the Ocean City Humane Society.This patriotic-themed Corvette really represents the All-American car.Jim Root, a Humane Society board member and volunteer, said no matter how much or how little money would be raised Sunday, the event is about bringing the community together to have a good time and donate to good causes.Corvettes lined the Boardwalk in an awesome display of America’s supercar between Sixth and 14th streets. There was a combination of new and vintage Vettes.Peggy and Ken Mattis, of Upper Gywnedd and Ocean City, stand by their 1999 C5 Corvette.Ken and Peggy Mattis, of Ocean City and Upper Gwynedd Township, Pa., drove their 1999 C5 Corvette to be in the show.“I grew up on Corvettes. They are fun to drive. The roof comes off your hair blows in the breeze,” Ken Mattis said.“It is fun to drive,” Peggy Mattis said with a smile.When asked if they had another Corvette, Ken Mattis said with a laugh, “One is enough for now.”Dean Ferraro, of Levittown Pa., admires this 2011 Corvette.But Dean Ferraro, of Levittown, Pa., enjoys the fact that he has two Vettes – a 1970 and a 2006.“My 1970 is one of the best years for Vettes,” Ferraro said. “They are just awesome cars.”Jeff Maher, of Linwood, and his daughter Charlie, 2, admired a 2006 Corvette. Maher said he and his family come to the show every year. He hopes he will be able to get his 1985 Corvette on the road and into the show by next year.Jeff Maher and his daughter, Charlie, 2, of Linwood, stop to admire this Corvette.Mike Boguszewski, of Washington Township, N.J., wore a Jeep hat. But it was no secret he loved the Corvettes that graced the Boardwalk.He and his daughter, Layla, 3, checked out some Vettes. “I like Vettes. I just wish it was a nicer day,” he said.And while the theme of this year’s show was “Endless Summer,” it seemed nothing of the sort, with temperatures in the 60s and continual rains.Despite the downpour, Deb Harris was happy to show off her bright red 2005 Vette.“We come every year,” Harris, of Lewes, Del., said of she and her husband, Rich. “This is an awful year because of the weather, but at least the proceeds go to a good cause.”Deb Harris, of Lewes, Del., with her 2005 Vette, is in the show every year.Mike Boguszewski, of Washington Township, N.J., with daughter, Layla, 3.This is a Corvette from the 1970s.last_img read more

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China offers farmers cash to give up wildlife trade

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first_imgA civet cat — the animal believed to have carried Severe Acute Respiratory Syndrome (SARS) to humans in another coronavirus outbreak nearly two decades ago — is worth 600 yuan.Neighboring Jiangxi province has also released documents on plans to help farmers dispose of animals and financial aid.The state-run Jiangxi Daily newspaper reported last week that the province has more than 2,300 licensed breeders, mostly rearing wild animals for food.Their animals are worth about 1.6 billion yuan ($225 million), the report said.Both Jiangxi and Hunan border Hubei, the province where the coronavirus first emerged in December.Animal rights group Humane Society International (HSI) said Hunan and Jiangxi are “major wildlife breeding provinces”, with Jiangxi seeing a rapid expansion of the trade over the last decade.Revenues from breeding reached 10 billion yuan in 2018, it said.HSI China policy specialist Peter Li told AFP that similar plans should be rolled out across the country.But he cautioned that Hunan’s proposals leave room for farmers to continue breeding exotic creatures as long as the animals are not sent to food markets.The province’s plan also does not include many wild animals bred for fur, traditional Chinese medicine or entertainment.Li said Chinese authorities are nevertheless moving in the right direction.”In the past 20 years, a lot of people have been telling the Chinese government to buy out certain wildlife breeding operations, for example bear farming,” he said.”This is the first time that the Chinese government actually decided to do it, which opens a precedent… [for when] other production needs to be phased out.” The deadly coronavirus — first reported in the central Chinese city of Wuhan — is widely believed to have passed from bats to people before spreading worldwide.Two central provinces have outlined details of a buyout program to help farmers transition to alternative livelihoods.Hunan on Friday set out a compensation scheme to persuade breeders to rear other livestock or produce tea and herbal medicines.Authorities are offering to pay 120 yuan ($16) per kilogram of cobra, king rattlesnake or rat snake, while a kilogram of bamboo rat will fetch 75 yuan. Topics :center_img Farmers in China are being offered cash to quit breeding exotic animals as pressure grows to crack down on the illegal wildlife trade that has been blamed for the coronavirus outbreak.Authorities have for the first time pledged to buy out breeders in an attempt to curb the practice, animal rights activists say.China has in recent months banned the sale of wild animals for food, citing the risk of diseases spreading to humans, but the trade remains legal for other purposes including research and traditional medicine.last_img read more

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Magath erases Fulham fear factor

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first_img Press Association “We invited some fans here to join training and afterwards we sat together for lunch with the fans, they talked together. “We had a sports day for Sport Relief, with the players and the staff on the same teams.” Fulham are two points adrift of safety with four matches remaining and Magath has urged his squad to ensure survival for the club, not for him. “I don’t want the players to go for me, because I don’t pay them. The club is paying them, not me,” he said. “So I tell them every time: you have to go for your club through a wall or spring from a bridge. “Not for me, I don’t want that so I don’t ask for that.” Felix Magath insists his Fulham players have learnt he is not a “monster” despite the fearsome reputation that accompanied him to Craven Cottage. The Whites will climb out of the relegation zone if they win at Tottenham on Saturday, with Magath having masterminded successive victories over Aston Villa and Norwich. Magath was viewed as a disciplinarian unafraid to push his players to the limit during his long career as a manager in Germany’s Bundesliga, but he has also demonstrated a softer touch since arriving at Fulham two months ago. As a reward for their 1-0 victory over Norwich on Sunday, the players were given two days off. Magath insists his players now understand he is a reasonable man. “The players read a lot of stories before I came, and they are afraid: ‘What happens now?'” the Fulham manager said. “If the players work with us – not only me, but my athletic coach and my assistant coach – they realise that we are not monsters. Don’t worry about it, it’s not so bad! “Maybe at the beginning they were afraid about what they had read.” Magath explained that one of the most pressing matters when he joined relegation-threatened Fulham on February 14 was to ease the sense of fear that had gripped Craven Cottage. “You have to change the atmosphere to take out the fear,” he said. “We have done a lot of things, the whole club has done a lot of things to give them more confidence and give the players the feeling that all are behind them. “That was the most work, that the whole club supports the players and gives them confidence. last_img read more

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Men’s, women’s hockey bring 4 titles to Madison

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first_imgThe men\’s hockey team celebrates their 2006 NCAA National Championship.[/media-credit]Change and success were the themes for Wisconsin’s hockey programs this decade. Both the men’s and women’s teams introduced new head coaches for the 2002-03 seasons, and the teams won a combined four national titles.The 2000s saw the Wisconsin hockey family gain a new member, as the women’s program began with the 1999-2000 season and quickly became the school’s most successful team.The legacy Badger Bob Johnson started in the ’60s with the men’s team was continued after his son Mark took over behind the women’s bench. The UW women won national titles in 2006, 2007 and 2009, and lost in the championship game in 2008. Wisconsin’s four consecutive appearances in the national title game are an NCAA record.Since 2000, the women have lost just 57 games, and Johnson is the winningest active Division I coach by winning percentage (.815). Johnson’s teams are 210-39-22-3, with three WCHA regular season and playoff titles each.Johnson saw arguably two of the greatest women’s hockey players ever go through Wisconsin in Sara Bauer and Jessie Vetter. Bauer scored the 10th-most career points in D-I history, netting 72 (24-48-72) during the 2006-07 season. Vetter owns almost every NCAA goaltending mark, ranking first in save percentage (.941), wins (91) and shutouts (39). She finished her collegiate career second to only fellow Badger Christine Dufour in goals against average (1.19 to 1.09).Wisconsin’s all-time points leader, Mike Eaves, took over the men’s team from Jeff Seuer and wasted little time in replicating his predecessor’s success. Eaves is 154-116-36 as the team’s head coach with one national title and four NCAA appearances.The men’s program saw its share of quality players in the 2000s as well. Goaltender Bernd Bruckler was named a First-Team All-American in 2004 — UW’s first goaltender to make the first team since 1980. In Dany Heatley and Kyle Turris, the Badgers had their highest-drafted players ever, Heatley going second overall and Turris third. Defenseman Jamie McBain was the 2009 WCHA Player of the Year, and forward Joe Pavelski followed up a successful UW career by playing for the San Jose Sharks.A banner year for both programs, Wisconsin became the first school to win national titles in both men’s and women’s hockey in 2006. The women went 36-4-1, defeating rival Minnesota 3-0 in the title game. The men posted their seventh 30-win season, beating Boston College at the Bradley Center 2-1 en route to a 30-10-3 record.With the dominance of the women’s team and continued success of the men, Wisconsin established itself as one of — if not — the premiere hockey school of the 2000s. Who can argue with four combined NCAA championships in five appearances?last_img read more

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