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first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago March 24, 2014 799 Views Servicers Navigate the Post-Pandemic World 2 days ago Previous: First Mortgage Balances See Largest Increase in Six Years Next: Shapiro and Ingle Law Firm Announces New Attorney Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Mortgage Default Risk Falls in February Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: American Enterprise Institute Fannie Mae FHA Mortgage Risk Subprime in Daily Dose, Featured, Headlines, Loss Mitigation, Newscenter_img Share Save Mortgage risk as measured by the American Enterprise Institute’s (AEI) International Center on Housing Risk fell slightly from January to February, though certain market segments continue to see a rise in potential problem loans.AEI’s National Mortgage Risk Index (NMRI), a measure of loans’ default risk under stressful conditions, retreated to 11.6 percent last month from January’s reading of 11.8 percent. To gauge where February’s index lies historically, 1990 vintage loans would have an estimated index value of 6 percent, while riskier 2007 loans would be up at 19 percent.Both of the component indices measuring risk ticked up, indicating an increase in default risk; the index gauging risk conditions at Fannie Mae and Freddie Mac inched up one-tenth of a percentage point to 5.9 percent, while the Federal Housing Administration’s (FHA) risk index moved up the same amount to 24.5 percent.An index value of less than 6 is “indicative of conditions conducive to a stable market,” AEI says.While both components were up, the overall composite still benefited from a decline in the share of high-risk loans last month and a slight improvement in the share of low-risk loans. Still, at 42.8 percent, low-risk lending remained down more than 4 percentage points compared to six months prior.Even with the overall decline, February’s index illustrates the lack of impact the qualified mortgage (QM) rule has had on lending, AEI says—due in part to selective enforcement of the 43 percent debt-to-income ratio (DTI) requirement. According to the group, about a quarter of home purchase loans tracked in the index that are classified as QM exceed that threshold.“Since all of the government agencies are exempt from that, we see a continuing rise in loans with debt ratios above 43 percent,” said Edward Pinto, resident fellow for AEI and co-director of the International Center on Housing Risk.At the local level, all states registered index values above the 6 percent line, with only Hawaii coming in below 7 percent. Most states have a composite index between 9.5 and 13 percent, AEI reports, though a few at the high end of the spectrum—such as Mississippi—remain in the mid-teens.“Most of this variation is really a result of whether a state has a high or a low concentration of FHA loans,” said Stephen Oliner, resident scholar for AEI and also co-director of the Center on Housing Risk. Oliner offers as an example California and Texas, the two states with the largest FHA markets and which each have risk indices above 10 percent.“It’s clear the FHA is not doing any active risk management with regards to the loans that they’re guaranteeing” in vulnerable states, he added.Monday’s release from AEI is timely as more lenders discuss their options to expand offerings and guidelines for borrowers with credit scores below 640—loans that, according to AEI scholars, have a greater than one in three chance of defaulting. The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago American Enterprise Institute Fannie Mae FHA Mortgage Risk Subprime 2014-03-24 Tory Barringer Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Mortgage Default Risk Falls in February The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily last_img read more

first_img Authorities View post tag: US Navy New details of the extent of one of the biggest bribery cases the US Navy has ever been involved in revealed that a corruption and fraud scheme cost the navy in excess of $34.8 million.Two former executives of the foreign defense contractor responsible for the fraud Glenn Defense Marine Asia (GDMA) were sentenced on August 12 in a US federal court for conspiring to submit bogus claims and invoices to the U.S. Navy.Neil Peterson, 39, and Linda Raja, 44, both of Singapore, were sentenced to 70 and 46 months, respectively, by U.S. District Judge Janis L. Sammartino of the Southern District of California. Both worked as chief deputies for GDMA, which was owned by Leonard Glenn Francis. Peterson served as the vice president for global operations for GDMA and Raja served as GDMA’s general manager for Singapore, Australia and the Pacific Isles.Peterson and Raja admitted that losses to the U.S. Navy exceeded $34,800,000 as a result of this scheme.Both defendants were arrested by authorities in Singapore at the request of the U.S. government and were extradited on Oct. 28, 2016. They each pleaded guilty in May 2017 to one count of conspiracy to defraud the United States with respect to claims.According to admissions made as part of Peterson’s and Raja’s plea agreements, they and other members of GDMA’s management team created and submitted fraudulent bids that were either entirely fictitious, contained falsified prices supposedly from actual businesses, or fraudulently stated that the business shown on the letterhead could not provide the items or services requested.In this manner, Peterson, Raja and other members of GDMA’s core management team could ensure that GDMA’s quote would be selected by the U.S. Navy as the supposed low bidder. GDMA could thus control and inflate the prices charged to the U.S. Navy without any true, competitive bidding, as required, they admitted.Peterson and Raja admitted that they and other members of the GDMA management team knowingly created and approved fictitious port authorities with fraudulently inflated port tariff rates, and approved the presentation of such fraudulent documents to the U.S. Navy. GDMA thus charged inflated prices to the U.S. Navy, rather than what GDMA actually paid to the bona fide port authorities.For example, Peterson and Raja admitted that for the visit of the U.S.S. Bonhomme Richard to Kota Kinabalu, Malaysia, in or about October 2012, under the direction of Peterson and other members of GDMA’s core management team, false documents and inflated invoices were presented to the U.S. Navy. The full amount billed to the U.S. Navy for this visit was $1,232,858, of which approximately $877,413 was fraudulently inflated, Peterson and Raja admitted.So far, 17 of 27 defendants charged in the U.S. Navy bribery and fraud scandal have pleaded guilty. Of those, 21 are current and former navy officials with 10 pleading guilty. August 14, 2017 Company executives sentenced in US Navy bribery casecenter_img View post tag: Fat Leonard Share this article Back to overview,Home naval-today Company executives sentenced in US Navy bribery case last_img read more

first_imgRandy Kohr, the primary school’s technology teacher, talks with students about the robot on the floor By Donald WittkowskiRandy Kohr had eight very small and odd-looking assistants to help him teach a class of first-graders Friday at the Ocean City Primary School.The squat robots at Kohr’s feet resembled four oversized billiards balls that had been patched together to create a bizarre prop for a sci-fi movie. They whirled around on the floor, flashed different colored lights and made funny sounds.Whimsically named after Santa’s reindeers, the robots may seem goofy at first glance, but they are actually an innovative teaching tool to introduce primary school students to emerging technologies that will be shaping the world by the time these same children enter the workforce as adults.Kohr, the primary school’s technology teacher, said the robots are helping students to learn the basics of computer programming, engineering and mathematics as they prepare to advance to higher grades and tackle high-tech courses.“They’re going to be light years ahead of other students who don’t have exposure to these types of programs,” he said.On Friday afternoon, about 25 first-grade students marched into the school’s technology lab supervised by Kohr to learn the fundamentals of computer coding. Computer terminology such as algorithms, de-bugging and programming were thrown around like it was second nature to the kids.“What are algorithms?” Kohr asked the class.“A set of rules,” the children replied in unison.Teacher Carrie Merritt helps her first-grade students learn robot coding using an iPad.The students separated into groups to learn how to “train” the eight tiny robots, using an iPad to control their movements, sounds and lights. At one point, the children squealed in laughter when they had the robots make neighing sounds like a horse.“Playing with the iPad was fun,” said 6-year-old student Taylor Beckmann. “I really liked doing the iPad so I could control the robot.”Scarlett Garrett, another 6-year-old, also enjoyed programming the robots.“My favorite thing was making him dance and neigh like a horse,” she said.Students attend classes every week in the primary school’s technology lab.While playing with robots is entertaining for the kids, the programming class also helps to stimulate the students in other subjects, including their writing course, said Carrie Merritt, their first-grade teacher.“It really connects the technology with our writing program,” Merritt said. “I also see it connect across-the-board with our other areas of study.”Kohr, a self-described “technology geek” who is in his first year of teaching in Ocean City, said all of the primary school’s students, from kindergarten to third grade, come to the technology lab each week for classes. It is part of the STEM curriculum – science, technology, engineering and math.“I think it’s our goal to get them as early as possible,” Kohr said of introducing very young students to the STEM courses.The lab is stocked with computers, tiny robots, a 3D printer and an “interactive floor” that serves as another high-tech teaching tool. The eight robots used Friday by the first-graders were donated by the Ocean City Parent-Teacher Association, said Cathleen Smith, the primary school principal.Students in the second and third grades are using the technology lab to design rockets as part of NASA’s “Journey to Mars” mission. They have made miniature rockets on the 3D printer and will test their designs during a launch competition in the spring using a compressed-air system. The students will also talk to a NASA engineer during a live video conference scheduled in January, Kohr said.One of eight tiny robots that help introduce students to emerging technologies.last_img read more

first_imgThree men have been arrested following the attempted theft of a safe from a Greggs in Kingston, Surrey.Police were called to Greggs Bakery in Central Road, Worcester Park, at 11pm on 26 January, to find men attempting to load the safe into a Ford transit-type vehicle. They were tracked by a police helicopter.Two of the men, both aged 21, have been bailed  and no further action is being taken against the third man.last_img

first_imgAsda achieved a like-for-like sales increase of 0.1% (excluding fuel) in its fourth-quarter trading period.The financial figures, published as part of parent company Walmart’s trading update for the 14 weeks to 5 January 2013, showed a higher like-for-like sales rise over the full year, of 1%.Andy Clarke, chief executive officer, said he was pleased with the business’ performance, considering the tough climate.“But this is no time to be complacent. It’s likely to be a challenging and uncertain year ahead, so we will continue to focus on the customer and adapt the business to their needs. By doing this, I’m confident we have a strong business that can drive growth in a sustainable way,” he added.During a conference call with analysts yesterday (21 February), Doug McMillon, Walmart international president and chief executive officer, said that e-commerce had seen strong growth in the UK, with total online sales up 18.8% in the fourth quarter compared to the same period last year.He added: “As part of our investment in global e-commerce, we invested more in the UK, offering more convenient ways to shop through mobile apps and the expansion of click and collect for both grocery and general merchandise. More than half of our online general merchandise customer base now regularly shop Asda this way.”last_img read more

first_imgGrants are now available to support projects focused on Lake Champlain through the Lake Champlain and Tributaries Restoration Fund and the South Lake Champlain Fund, both housed at the Vermont Community Foundation.The Lake Champlain and Tributaries Restoration Fund was established by Central Vermont Public Service (CVPS) in 2009 as part of a comprehensive settlement agreement with the Agency of Natural Resources (ANR) for the Lamoille River, Carver Falls, and Silver Lake Hydroelectric Projects. CVPS contributed $500,000 to the fund.Matching funds are required, and grants will be awarded for new initiatives, one-time special projects, or continuing funding for outstanding, existing programs that address one or more of the following purposes:·         Protect, restore, and enhance the ecosystem integrity and ecological connectivity of the community of aquatic life in the Lake Champlain ecosystem and its tributaries.·         Protect, restore, and enhance lake sturgeon and their habitats in the Lake Champlain basin and its tributaries.·         Restore a self-sustaining land-locked Atlantic salmon population in Lake Champlain through habitat restoration and fish monitoring programs.·         Protect the riparian zones along Lake Champlain tributaries for the benefit of the ecological and recreational resources through the purchase of land easements.The Lake Champlain and Tributaries Restoration Fund will award grants totaling approximately $50,000 this year. Applications must be emailed or postmarked on or before December 2, 2011 and applicants will be notified of decisions by December 23, 2011.Established in 1989, the South Lake Champlain Fund makes grants that support research and education and help effect positive environmental impact on the southern portion of Lake Champlain, defined as that area of Lake Champlain south of Crown Point. The fund also has a goal of supporting projects that involve experts and other people who live in the southern Lake Champlain region. Typically, three to nine grants are awarded each year’one to three grants range from $5,000 to $10,000 and the remaining grants range from $1,000 to $3,000. Matching funds are encouraged, but not required. Applications must be postmarked by December 1, 2011 and grant decisions will be made by February 28, 2012.Please visit www.vermontcf.org/apply-grants(link is external) for detailed information and an application for these two grant programs. Those interested may also contact Ryan Torres at [email protected](link sends e-mail) or 802-388-3355 x289 for more information. The Vermont Community Foundation has been helping donors give to the causes and organizations they care about since 1986. It is Vermont’s largest homegrown grantmaker. Together, its family of over 600 funds provides more than $10 million in grants per year. In addition, it helps keep Vermont’s nonprofit community vital by offering endowment management and planned giving services, and providing leadership in charitable giving of all kinds. Visit www.vermontcf.org(link is external) or call 802-388-3355 for more information.last_img read more

first_imgAlliant to close one coal-fired power plant in Iowa, convert a second to gas FacebookTwitterLinkedInEmailPrint分享Des Moines Register:Alliant Energy will close its Lansing coal-fired power plant in northeast Iowa over the next two years as it shifts to more solar, wind and other renewable energy sources. Retiring the Lansing plant is part of a broader goal to eliminate all coal from Alliant’s power generation system by 2040, the company said Thursday.The Wisconsin-based investor-owned utility, which serves 490,000 customers in Iowa, including in Cedar Rapids, Dubuque, Iowa City and Ames, announced broader sustainability goals in July. They include a plan to cut in half carbon dioxide emissions over the next decade and to reach “net-zero carbon dioxide emissions” from electric generation by 2050.“We have some really good options to continue back-filling the fossil fuel plants that we close with a combination of storage, solar and wind,” said Terry Kouba, president of Alliant’s Iowa energy company, Interstate Power & Light. Adding more renewable energy generation in Iowa “benefits customers, the communities we serve and the environment,” Kouba said.Alliant said it’s operated the 275-megawatt coal-fired generation plant in Lansing for 72 years and employs 26 people there. Retiring the plant “allows the company to avoid significant investments that would otherwise be required to comply with changing environmental regulations,” Alliant said. A utility spokesman said the company faced capital investments and other costs that total $150 million.Alliant also said Thursday it will transition its Burlington plant to cleaner-burning natural gas next year. “Once complete, the facility will use less water and have significantly reduced carbon emissions,” the company said.Alliant plans to add up to 400 megawatts of solar energy-generation in Iowa over the next three years. With the added solar investment, nearly half of Alliant’s Iowa energy generation will come from renewable energy, the company said. Alliant has solar farms in Dubuque, Marshalltown and Cedar Rapids, along with its wind farms.[Donnelle Eller]More: Alliant plans to close coal-fired power plant in Lansing as it shifts to renewable generationlast_img read more

first_img FacebookTwitterLinkedInEmailPrint分享ReNews.biz:ScottishPower Renewables has achieved what is believed to be a global first by using energy from an onshore wind farm to re-energise part of the power grid, known as “black start”.The successful project, at the 69MW Dersalloch windfarm in South Ayrshire, proves wind power can restore a blacked out section of the transmission network.The project brought together SPR and Siemens Gamesa to deploy the latest technology at the wind farm. SPR and SGRE worked in collaboration with SP Energy Networks on grid interactions and the project also received part-funding from the Scottish Government.“Black start” restoration is often reliant on traditional fossil fuels like coal and gas. It describes the procedure used to restore power in the event of a total or partial shutdown of the electricity transmission system.SPR said using renewables to do this was not just an “extraordinary achievement, but a pioneering world first that has the potential to transform how power could be restored to the network”.The company used “grid-forming” technology called virtual synchronous machines (VSM) to regulate the frequency and voltage of the power from the turbines – essentially forming a stable network island – to keep the electricity system stable and balanced. The technology was then used to integrate that supply with the grid and restore the part of the system that had been blacked out.More: SPR delivers ‘black start’ from onshore wind Scottish Power shows black start capability of wind power in world-first demonstrationlast_img read more

first_imgOverall, people are excited for the new outdoor opportunities while others voiced their concerns about its effects on the area. Eastern Carolina is expanding space for outdoor adventure! In a press release, Greenville City Council announced that they recently bought land that they say will give people more access to outdoor recreational activities. The city was able to buy the property for $89,000 less than what it was appraised at. Mayor P.J. Connelly posted to Facebook over the weekend to break down the city’s recent purchase of more than 160 acres of land near the Tar River. Over the past few years, more and more iconic outdoor heros have been highlighted for their “dirtbag” living, making the idea of “van life” and staple in outdoor culture. With word spreading, #vanlife has blown up in the past few years, causing certain states to feel overwhelmed and dirtbagging to become threatened. Not all dirtbags are the same though. Some do it for fun and adventure while others do it to save money while working jobs in pricey locations. Considering there are many different reasons for people to practice the van lifestyle, bigger cities are experimenting with creating safe lots and selling overnight parking passes to businesses. Marc Peruzzi said for Outside, “Those kinds of initiatives will help, but a lot more needs to be done because the interest in car camping is surging. “ Greenville Purchases Land to Bring More Access to Outdoor Recreational Activities Cities and towns across North America are responding to the rapidly increasing numbers of people sleeping in their vehicles in restricted areas without having to pay for the privilege. Now, enforcement on historically ignored restrictions of where you and your vehicle can sleep is in play. Many places have made laws that decrease the amount of land available for parking and sleeping while others are starting to charge people. According to Connelly’s post, the general location is on the north side of the river if you’re heading north on Greenville Boulevard toward the Pitt County Fairgrounds. Connelly said the first phase of the development is for outdoor activities, such as running, hiking, biking, or even camping. He said there are also plans for a canoe or kayak launch in the lake for direct access to the Tar River. center_img Many of us want to do the environment good but are unsure how to do so properly. For example, when you recycle plastic water bottles, you need to remove the cap and the plastic ring thats left behind. You’re also not supposed to recycle disposable coffee cups at all. There is a thing plastic coating that prevents leaks making it that the cups can’t be recycled as paper or plastic. People also tend to ignore the importance of washing things before you recycle them. Anything left in the containers can contaminate other recyclables and cause a pest outbreak in recycling facilities. One of the best things you can do is avoid purchasing plastic and disposable products. The National Waste and Recycling Association advises people to throw waste in the trash if they have any doubts about its recyclability. New Laws Targeting Vehicle Camping Could End Dirtbagging You’re Probably Recycling Wrong .last_img read more

first_img 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Voice technology has not hit the tipping point yet, but it soon will and credit unions need to be ready, says Elizabeth Robins, product director at Best Innovation Group, a CUNA consulting partner.“Voice technology is about to run you over like a freight train,” she says.The good news, however, is that there’s still time to prepare, Robins tells AXFI Conference attendees in Minneapolis.Three ways credit unions can prepare:1. Think through member adoption. Think about past adoptions of new technologies. Find ways to prepare your members and make them comfortable with the change.You’ll need to create continued good outcomes and experiences for members to continue to use the new technology. continue reading »last_img read more