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 Subscribe
About 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.
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