Home / Daily Dose / Goldman Sachs Moves Forward on Consumer Relief Obligation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago August 5, 2018 1,595 Views Goldman Sachs has reached 62 percent of its $1.8-billion consumer relief obligation, which was enacted under its two April 11, 2016, mortgage-related settlement agreements with the U.S. Department of Justice and three states. Eric D. Green, the independent Monitor of the consumer-relief portions of the agreements, has announced that the forgiveness of balances due on 1,127 mortgages has moved the bank $127.1 million closer to its agreement sum. Professor Green is a professional mediator and retired Boston University law professor, who was named by the settling parties as independent Monitor with responsibility for determining the fulfillment of Goldman Sachs’ consumer-relief obligations. Green has assembled a team of finance, accounting, and legal professionals to assist in the task.Since the last report, produced on May 15 of this year, Professor Green reports that “Goldman Sachs forgave the balances due on 1,024 first-lien mortgages, for a total principal forgiveness of $113,504,343, an average of $110,844 per borrower.”The bank also forgave amounts due and previously deferred on 103 first-lien mortgages, for total forgiveness of $5,139,100, an average of $49,894 per borrower. These two reports resulted in the total reportable consumer-relief credit of $127,109,482 after the application of crediting calculations and multipliers specified in the settlement agreements.”Approximately 28 months after the settlement agreements were signed, the total amount of credit claimed and conditionally validated in my reports under both settlement agreements comes to $1,120,530,304, or 62 percent of the $1.8 billion target,” Professor Green said.The two agreements settled “potential and filed legal claims” regarding the marketing, structuring, arrangement, underwriting, issuance, and sale of mortgage-based securities. Goldman Sachs reached settlements with the Department of Justice, California, Illinois and New York, as well as the National Credit Union Administration Board and the Federal Home Loan Banks of Chicago and Des Moines. The bank agreed to provide a total of $5.06 billion under the settlements, including consumer relief valued at $1.8 billion to be distributed by the end of January 2021.According to the statement, the modified mortgages were spread across 45 states and the District of Columbia, “with 36 percent of the credit located in the settling states of New York, Illinois, and California, and 46 percent of the credit located in Hardest Hit Areas, or census tracts identified by the U.S. Department of Housing and Urban Development as containing large concentrations of distressed properties and foreclosure activities.”You can read the full Monitor’s report here, containing a detailed explanation of how the credit is calculated, as well as a description of the protocols that Professor Green and his legal and financial advisers developed with Goldman Sachs to help determine when credit is properly approved or denied for loan modifications in which principal forgiveness is earned in stages as the homeowner makes loan payments on time. The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Previous: Women in Housing Leadership Awards Finalists Announced Next: The Favored Option for Vacant Property Security Is … 2018-08-05 Kristina Brewer Share Save Demand Propels Home Prices Upward 2 days ago Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. 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“But he’s definitely in a better place in terms of his form and how he looks. He’s smiling and seems happy, which is fantastic for everyone connected with Rangers.” Image:Morelos has scored 84 goals in just 154 games for Rangers Steven Gerrard says Alfredo Morelos is gunning for the Champions League after the Rangers record-breaker rediscovered his hunger for goals.The Colombian has had a lean start to the campaign but two strikes in his last two Europa League outings have seen him move past Ibrox great Ally McCoist to become the club’s all-time top scorer in continental competition with 22 goals.- Advertisement – – Advertisement – – Advertisement – All those goals have come in UEFA’s second-tier tournament but Gerrard knows the 24-year-old has ambitions to go even higher.He said: “Yes, he was very happy after the game about his record-breaking (achievement). I think he’s got his hunger back and you can see it in his eyes, he wants to go and score more goals in the competition.“I know he’s got dreams and aspirations of playing in the Champions League one day, which is good for him.” Morelos became the first player to reach double figures in the Europa League for Rangers with his goal against Benfica, and he has now netted 84 times in just 154 games for the club.Gerrard added: “In terms of where he’s at, the goals are back, the hunger is back, the sharpness is back.“I don’t really like comparing him to (the Alfredo) of old because it’s about the now and what he is offering moving forward.- Advertisement –
In addition to natural beauty and immense cultural heritage, all visitors looking for an active stay in nature are ready for 47 kilometers of educational hiking trails and 470 kilometers of cycling routes, which will surely be one of the main attractions. Krka National Park is reopened to visitors from Monday, May 11, at a promotional ticket price of 50 kuna for adults and 25 kuna for children and youth. “Visitors have at their disposal all presentation centers and facilities, souvenir shops as well as catering facilities at Roški slap and Lozovac, with the necessary respect for all epidemiological measures in force. Entry into the closed premises is allowed to a certain number of visitors at the same time, with prior disinfection of hands and soles with disinfectant that will be available at the very entrances to the closed premises of the Park.”Point out from the Krka National Park and add that the catering facilities will be opened in accordance with the recommendations of the Croatian Institute of Public Health. In order to make the Park more accessible primarily to domestic visitors, the ticket price in the promotional period is 50 kuna for adults and 25 kuna for children and youth from 7 to 18 years. The working hours of Skradinski Buk are from 9 am to 19 pm, and the locations on the middle and upper course are from 10 am to 18 pm. “When visiting the Krka National Park, visitors are invited to adhere to the recommendations of the Croatian Institute of Public Health as well as the use of protective gloves and masks and, if possible, contactless payment when buying tickets. conclude from NP Krka. After a break of almost two months, the Krka National Park on Monday, May 11, reopens its doors to individual visitors, who with promotional ticket prices in the period until June 18, 2020 will have the opportunity to discover the charms of Croatian natural and cultural heritage. NP “Krka”.
Source: Mercer, JLT Employee Benefits, PPF “Holding cashflow generative assets, such as government bonds, credit and private market debt, can help protect pension schemes during an equity shock like the one experienced in January,” he added. “We find that for cashflow-negative schemes with funding gaps to close, equity shocks can be very problematic if the scheme is relying on disinvestment to fund cash outflows.”Tunningley highlighted that hedging opportunities were available for some pension funds regardless of the future path of equity markets.“For those looking at reducing funding level risk, market conditions today look particularly favourable,” he said. “Linker dealing spreads are tight, repo can be accessed readily and cost effectively, meanwhile 10-year swap rates are back to pre-Brexit levels. Whether or not volatility persists in global markets, these are attractive opportunities for UK pension schemes.” DB funding estimates from consultants were less emphatic.JLT Employee Benefits estimated that the combined DB deficit across the private sector fell by 17% during January, from £150bn to £124bn.According to Mercer, the DB schemes attached to FTSE 350 companies were only marginally better funded at the end of January than they were at the start, as the combined deficit shrank from £76bn to £73bn.The FTSE All Share index fell 1.9% in sterling terms in January, and lost 4.1% this month up until 12 February.The yield on UK 10-year gilts rose from 1.19% on 1 January to 1.51% at the end of the month. It has since risen to 1.6%, its highest level since April 2016.How UK DB pension deficits have changed since 2015 The aggregate funding position of UK defined benefit (DB) pension schemes improved in January despite the equity market volatility that hit investors towards the end of the month.Data from the Pension Protection Fund showed the aggregate shortfall across 5,588 schemes halved during the first month of 2018 to £51bn (€57.5bn). Schemes were on aggregate 97% funded, compared to 94% at the end of December.Combined assets fell by 0.9%, but rising government bond yields pushed down liabilities by 3.9%.Andy Tunningley, head of UK strategic clients at BlackRock, said schemes had on aggregate 10% less in equities than five years ago, meaning they were better protected from stock market volatility.