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[ad_1] Fannie Mae is off to steady start on its path toward issuing $15 billion in notes this year through its Connecticut Avenue Securities (CAS) real estate mortgage investment conduit, or REMIC. The agency is about to unveil its third deal this year through its CAS credit-risk transfer vehicle. The March offering, CAS Series 2022-R03, involves transferring a portion of the agency’s loan-portfolio risk through a $1.24 billion note offering backed by a reference loan pool of 150,395 primarily single-family mortgages valued at $44.4 billion. Private investors, through a credit-risk transfer (CRT) transaction, participate with government-sponsored enterprise (GSE) Fannie Mae in sharing a portion of the mortgage credit risk in the reference loan pools retained by the GSE. Principal and interest payments are paid to investors on the CRT notes they acquire, but if credit losses on the reference pool exceed a predefined threshold, then investors are responsible for absorbing the losses exceeding that level.  The details of the current CAS offering, not yet officially announced by Fannie Mae, are revealed in a pre-sale ratings report issued by Kroll Bond Rating Agency (KBRA). The report indicates that the average remaining loan balance for the loans in the reference pool is $295,109, with a weighted average interest rate of 2.95% and an average original loan-to-value ratio of 73.7%.  The states with the largest concentrations of mortgages in the loan pool are California, 21%; Florida, 7.1%; Texas, 6.5%; and New York, 4.5%. Rocket Mortgage originated 11.6% of the loan-pool balance while United Wholesale Mortgage was the second-largest originator, at 8.3%; followed by Wells Fargo, 6.1% and loanDepot, 4.3%, according to the KBRA report. “When considering the average California percentage in KBRA-rated prime jumbo pools (approximately 45%-50%), the California concentration of this [current CAS] transaction is relatively low at 21%,” the KBRA report states.  The KBRA report, however, did indicate that 41.5% of the 150,000-plus mortgages in the $44.4 billion reference pool received appraisal wavers, resulting in the bond-rating agency applying “a broad valuation haircut to such loans.”  Appraisal-waiver offers are issued through Fannie Mae’s Desktop Underwriter platform and make use of the agency’s robust database of some 50 million appraisal reports, along with data from Fannie’s Collateral Underwriter platform. “Fannie Mae allows lenders to underwrite certain loans without a traditional appraisal, subject to certain eligibility requirements,” the KBRA report notes. “…Loans with appraisal waivers have comprised an increasing percentage of agency loans, including those in CRT reference pools. “It should be noted that while the acceptability of a property value or sales price based on the use of proprietary models and market data is assessed, it does so without Fannie Me Mae having performed a property review or having obtained a valuation of the property.”  With the completion of its third CRT transaction this year, Fannie Mae will have brought 47 CAS deals to market, issued over $53 billion in notes since its initial offering in 2013, and transferred a portion of the credit risk to private investors on some $1.7 trillion in single-family mortgage loans, measured at the time of the transaction.  Earlier this year, a Fannie executive said the agency expects to issue $15 billion in notes through CAS transactions in 2022. This latest deal brings the agency, after less than three months into the year, to nearly the $4 billion mark — or at slightly more than a quarter of its annual goal. The initial Fannie CRT deal of 2022, CAS 2022-R01, involved a $1.5 billion note issued against a reference loan pool of 180,002 residential mortgages with an outstanding principle balance of $53.7 billion. CAS Series 2022-R02, the second offering this year, involved transferring loan-portfolio risk to private investors via a $1.2 billion note offering backed by a reference pool of 149,393 residential mortgage loans valued at $44.3 billion. In the final CRT deal of 2021, CAS 2021-R03, Fannie Mae issued a $909 million note against a reference pool of 117,000 single-family mortgages valued at about $35 billion. The prior two deals in 2021 involved CRT notes with a combined value of nearly $2.2 billion.  Prior to restarting CRT offerings in 2021, Fannie Mae had backed away from the CRT market for a time — with its prior transaction closing in March 2020. In a related transaction, Fannie Mae earlier in March also completed its first credit insurance risk transfer (CIRT) deal of 2022 as part of its ongoing efforts to share mortgage risk with the private sector. The deal transferred up to $770.7 million of credit risk to a group of 22 private insurers and reinsurers. That credit risk is tied to a $26.1 billion reference pool of 87,600 single-family mortgages.  As part of that deal, Fannie Mae retains the risk on the first 25 basis points of any loss on the loan pool. If that $65.3 million retention layer is tapped, then the 22 insurers and reinsurers will cover the next 295 basis point of loss, up to $770.7 million. The coverage is based on actual losses over a 12.5-year term.  The post Fannie Mae rolling out its third CRT offering of 2022 appeared first on HousingWire. [ad_2] Source link

[ad_1] I recently bought some bitcoin. I know that it’s volatile and that it will go up and down. But to better understand what’s happening, can you explain what affects the price of crypto? What makes it go down (and so dramatically)? What would make it go back up or at least bounce back? Any insights you have would be appreciated. Thanks. —Jordan  So, there are several factors at play here. First, remember that cryptocurrencies like bitcoin (BTC) are decentralized. Unlike stock prices, crypto values aren’t affected by how companies perform or which commodities are in demand. With bitcoin and other digital coins, pricing is mostly about general public sentiment.  In fact, one of the most infamous price swings happened last year courtesy of tech billionaire Elon Musk, CEO of electric car manufacturer Tesla. On Feb. 8, 2021, the company announced that not only had it acquired $1.5 billion worth of BTC (all figures in U.S. dollars), but it had started accepting the cryptocurrency from customers. This was major news because a trillion-dollar company was endorsing BTC as a store of value and a means of payment. As such, the price of BTC jumped from $38,685 on Feb. 8 to $57,600 on Feb. 21. However, a couple of months later on May 12, 2021, Musk announced that Tesla would stop accepting bitcoin payments, citing concerns about crypto-mining’s energy usage. BTC’s price crashed, falling from $56,865 on May 12 to $34,560 on May 29. As you can see, public sentiment changed considerably during these two periods, as a direct result of Tesla’s announcements. Canadians can buy and sell crypto on CoinSmart* Go to Site How do upgrades and hacks affect crypto prices? Cryptocurrency prices are also affected by protocol upgrades and hacks. Let’s look at an example. Bitcoin’s protocol goes through an upgrade called “halving” every four years. Each time, the block reward for each mined block gets slashed in half. This reduces the number of bitcoins entering the ecosystem and increases demand, so halving generally has a positive effect on BTC’s price. First halving: This halving happened on Nov. 28, 2012, when BTC was worth $12. A year later, the price had increased to $1,217.  Second halving: This happened on July 9, 2016, when BTC was worth $647. By Dec. 17, 2017, it was worth about $20,000. Third halving: This happened on May 11, 2020, when BTC was worth $8,787. By April 16, 2021, the price had risen to about $61,500. As you can see, halving has had a tremendous effect on bitcoin’s price action. Now, let’s look at an example of a significant price drop.  On June 17, 2016, one of the most promising applications on Ethereum, called “The DAO,” got hacked for $50 million of ether (ETH). As a result, not only did the price of ETH plummet from $20 to $13, but the entire Ethereum community got split up into Ethereum and Ethereum Classic, due to a disagreement on how to move forward with the protocol. To answer your question: What would make crypto prices go up: protocol upgrades and mainstream adoption. What would make crypto prices go down: negative sentiment and hacks. Steven Kraft is a cryptocurrency and blockchain expert who leads operations at CoinSmart, a Canadian cryptocurrency trading platform. Sign up for an account* with the code money30 and receive C$30 in bitcoin when you deposit a minimum of C$100.  Have a question? Ask a crypto expert Go to Site Read more on crypto: Shiba inu vs. dogecoin: Are memecoins a good investment? Best cryptocurrencies to invest in for 2022 How to buy Solana (SOL) in Canada How to buy USDC in Canada What does the * mean? If a link has an asterisk (*) at the end of it, that means it’s an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. It’s important to note that our editorial content will never be impacted by these links. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it’s included in the first place is never driven by compensation. For more details read our MoneySense Monetization policy . The post What affects the price of bitcoin? appeared first on MoneySense. [ad_2] Source link

[ad_1] The post Socially Responsible Investing: Make a Difference With Your Money appeared first on Millennial Money. When it comes to making a positive difference in the world, investing might not be the first thing that comes to mind. But socially responsible investing is easier and more effective than ever.  A growing number of investors are embracing socially responsible investing, also known as sustainable investing or impact investing. It’s a way to make a change for the better while still making profits. Table of contents What Is Socially Responsible Investing? Why Does Investing In Social Responsibility Matter? Defining Socially Responsible Terms Sustainability Corporate responsibility What Is an ESG Scorecard? Where Can I Find an SRI Fund? Alternatives to SRI Investments Making an Impact on Local, State, and Federal Levels Crowdfunding How I Invest In Corporate Responsibility Without Realizing It Changing Consumption Habits Buying From B Corporations What Is a Certified B Corporation?  Investing In Social Responsibility and Financial Independence Limited Access In Different Accounts Reviewing Alternatives Research and Due Diligence What Is Socially Responsible Investing? Socially responsible investing (SRI) is an investing strategy that supports making a positive impact, as well as earning a financial return on your investment.  The definition of what makes an investment socially responsible varies by each individual investor.  Some socially responsible investors choose to invest in companies that focus on sustainable energy sources. Others may look for companies that are engaged in social justice initiatives.  And some investors consider themselves socially responsible simply because they don’t invest in businesses that go against their ethics — such as alcohol, firearms, or tobacco stocks. Today, investing in companies that focus on things like social impact, sustainability, corporate responsibility, and other ESG (environmental, social, and governance) factors is a growing trend.  As with any type of investment, social investing comes with potential risks and returns.  Why Does Investing In Social Responsibility Matter? Corporate social responsibility matters for many reasons beneficial to business. Besides adding shareholder value, corporate responsibility can improve morale and productivity. Corporate responsibility adds to the bottom line, which is — of course — profit.  However, corporate responsibility also means making a more positive impact while making greater profits.  A socially responsible investment strategy is starting to matter more to current generations. The phrase “voting with your dollars” is becoming more common. Companies are often losing business when there is a negative social impact. In many cases, being socially responsible is simply a good business practice. Betterment Varies Betterment can help grow your money by making saving and investing easy. Invest in a tailored portfolio, set buckets for your goals, and earn rewards. Get Started Defining Socially Responsible Terms What is sustainability? It seems to have become a recent buzzword surrounding corporate responsibility. So what is corporate responsibility, then? Learning about financial independence comes with its own vocabulary, and now SRI comes with its own set of terms.  Sustainability Dictionary.com defines sustainability as the “quality of not being harmful to the environment or depleting natural resources. and thereby supporting long-term ecological balance.” You will often see companies in the agricultural and retail industries talking about sustainability.  Corporate responsibility Per Wikipedia, corporate social responsibility is “a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering.”  The Library of Congress contains a resource guide to company profiles and their corporate social responsibility rankings. You may already be familiar with some of these resources. The Better Business Bureau, the EPA, and Fortune Magazine are just a few the Library of Congress Resource Guide mentions.  The Wall Street Journal also ranked the Top 250 Companies for Social Responsibility. In the list were technology giants such as Microsoft, HP Inc., Intel Corp., and Cisco Systems Inc.  ESG and SRI Similarities and Differences Environmental, social & governance (ESG) differs from social responsibility in that the companies in an SRI fund are screened and given an ESG scorecard. As ESG spells out by name, the categories in which companies are scored are based on each focus: Environmental pertains to environmental factors such as the impact on natural resources.  Social pertains to community aspects such as local community, employment, labor, healthcare, etc.  Governance pertains to how the companies are run. The ethics of their business practice, diversity, wages, and voting rights encompass this focus.  What Is an ESG Scorecard? There isn’t a standardized ESG scorecard, but several agencies do have their own. Different brokers may use a different agency to give their SRI funds an ESG scorecard. Each investment broker will either give their ESG scorecards to different corporations or use an outside agency, due to there not being a standard ESG scorecard.  Where Can I Find an SRI Fund? You can find an SRI fund at a few of the most common brokerages that many in the financial independence community invest in. Betterment is one of the most popular options among beginning investors. Aside from direct investments in single stocks, there are mutual funds and index funds that encompass SRI. There are even some index funds that encompass SRI. The financial independence community loves index funds for their low fees.  FinancialMechanic.com gives six specific examples of different focuses in SRI funds: 1. Corporate governance 2. Environmental Impact 3. Workplace practices 4. Product safety and impact 5. Human rights 6. Community impact If you’re looking at a specific focus or value, finding the right fund may be easier thanks to this list.  Alternatives to SRI Investments There are other ways to practice ethical investing outside an SRI fund. On the other hand, other extremes go against SRI investing. Investing in the blockchain and cryptocurrency can have negative effects on climate change and use a large number of fossil fuels. Making an Impact on Local, State, and Federal Levels Financial expert Tanja Hester suggests a more direct approach to investing in socially responsible companies. One suggestion is to change where you bank. Tanja suggests looking into smaller local

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[ad_1] Reserve Bank of India will ensure abundant liquidity in the market for the credit system to function normally, Governor Shaktikanta Das said on Monday. He emphasised that even as RBI is pulling out liquidity given over the last two years to support various sectors, there will be enough liquidity to meet the productive requirements of the economy. “I would like to make it very clear with a lot of emphasis that even going forward, we will ensure there is abundant liquidity in the market for the credit system to function normally and we will ensure there is no scarcity of liquidity,” he said while addressing the CII National Council meeting. He said most of the liquidity that RBI injected, had a sunset date and a lot of it has, in fact, come back. Over the last two years, RBI had given a total liquidity support of about Rs 17 lakh crore. Of that, banks and small finance banks availed about Rs 12 lakh crore, he said. “As I speak today, Rs 5 lakh crore has already come back and the rest will mature at the end of the third year and some of it will also come back in the intervening period,” he said. “When you inject liquidity you are entering into what people describe as a Chakravyuh – a lot of people know how to enter but few know how to come out. It is therefore necessary to have sunset dates. At RBI, the day we announced that we enter that Chakravyuh, we planned for an exit route also and we would come out smoothly,” he said. Das said RBI’s effort has been that the whole process of injection and withdrawal of liquidity take place in a non-disruptive manner. On the banking sector, he said public and private lenders have raised additional capital over the last few quarters. At the system level, the capital adequacy of banks is at 16 per cent. The Governor said the gross non-performing assets of all banks put together are at an all-time low of 6.5 per cent. The provision coverage ratio also stands at 69 per cent which is a robust figure. Das noted that for the last two years, RBI has remained supportive of growth. “We have resisted all temptations and expectations of reversing our monetary policy and moving away from our accommodative stance and moving away from our support to growth into a type of tightening regime,” he added. [ad_2] Source link

[ad_1] During the Great Recession, “zombie foreclosures” were a thorn in the side of servicers. With no money to pay their mortgages, some underwater borrowers simply abandoned their homes. When the Covid-19 pandemic began in March 2020, zombie foreclosures were one of the housing industry’s greatest fears.  In August 2021, the Consumer Financial Protection Bureau (CFPB) stipulated in its servicing guidelines that it was “fair game” for servicers to foreclosure a vacant property because it was better for the local community’s safety. Other properties, however, were protected by a foreclosure moratorium during the pandemic, which expired in January. Despite that green light, the zombie foreclosure has yet to happen.  “I would be very surprised if the rate of zombie properties doesn’t continue to go down,” Rick Sharga, executive vice president at RealtyTrac, said in an interview with HousingWire. “There is so much demand for housing and so little inventory available that I expect most of the properties to be sold, rather than abandoned.” Data provider ATTOM estimates 7,363 residential properties facing possible foreclosure have been left vacant by their owners nationwide in the first quarter of 2022, down from 7,432 in the fourth quarter of 2021 but up from 6,677 in Q1 2021.  According to Sharga, zombie foreclosures are a byproduct of the complexity of foreclosure laws across the country, mainly in states where foreclosure occurs via a judicial process. The process can drag on for over 1,000 days in some cases.  “Zombie foreclosures typically happen in states where legislators have put in extraordinarily long foreclosure timelines to protect consumers, but they made the process so long that the consumer often gives up and leaves the property before the foreclosure has been finalized.” The ATTOM report shows that six of the seven states with the most zombie foreclosures are in the Northeast and Midwest. New York has the highest number of zombie properties, with 2,074 in the first quarter of 2022, followed by Ohio (942), Florida (916), Illinois (676), and Pennsylvania (356).  Even though lenders and servicers may deal with reduced cases of zombie foreclosures, they face a more complicated and costly process, according to experts. Since the Great Recession, states and municipalities have approved laws to make servicers responsible for maintaining vacant properties.   “What happened particularly during the foreclosure crisis is that many servicers and lenders delayed for years and years to foreclosure because they wanted to see if the property values went up,” Geoff Walsh, staff attorney at the National Consumer Law Center, told HousingWire. According to Walsh, laws enacted by many states and municipalities require that foreclosing lenders register, inspect, and maintain properties during the foreclosure process, including before the lenders acquire title following a foreclosure sale.  “Servicers would like to believe the abandoned property is not their responsibility, but that’s not always true. Some municipalities will require that the servicer does at least some routine maintenance, such as cutting the grass, even though they don’t technically have the control of the property,” Sharga added. Pressure to accelerate the process comes from the fact that a property in foreclosure tends to make buyers reduce their offers. If the property is vacant, they will lower the offer further. Government agencies that provide guarantees and insurance – in the case of a zombie foreclosure, most likely the FHA – also worry about the home’s condition.  “They have formulas and schedules where they will penalize the lender for taking so long to get the property back to them. That’s the main source of leverage or regulation. They don’t want to get them back when they’re trashed or chunked. They want to get them back in as good shape as possible,” Walsh said.   Foreclosure of an abandoned property should be more straightforward, but sometimes it is not.  Lance Olsen, a managing partner for Pacific Northwest at McCarthy & Holthus, LLP, said that if the property is confirmed vacant, the notice period in Washington may be reduced from 120 days to 90 days in some cases. But state law does not provide specific guidance on when a property is vacant for foreclosure.  “There is some legislation in Washington that comments on occupied status for other purposes, such as property preservation, but not for foreclosure purposes,” Olsen said. “The servicer is better served to begin foreclosure based upon an observed default under the terms of the note and deed of trust and not solely on vacancy status.”  The post Will zombie foreclosures haunt servicers? appeared first on HousingWire. [ad_2] Source link

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[ad_1] The Government of Maharashtra’s School Education and Sports Department has partnered with Khan Academy India to improve outcomes of math learning for students across grades 1 to10 across government schools in Maharashtra. Under the partnership, Khan Academy’s team is working closely with the Maharashtra Government to educate over 2,000 teachers, 36 district nodal officers, and 488 principals. The first phase of the partneship will focus on successfully implementing a personalized math learning environment across 488 schools for over 1,00,000 learners in Maharashtra. This will further be expanded to more schools and independent learners who can benefit by accessing the entire library of content for free. Maharashtra Government and Khan Academy India have been working together, since 2021 to recreate Khan Academy’s quality math content comprising of more than 700 videos, articles, and practice exercises in Marathi. All of these will be available on SCERT Maharashtra website in addition to Khan Academy. This will help students to to build a solid foundational understanding in Math, at their own pace, using any device and free of cost. “It is our duty to offer the best quality education and facilities to our students who are the future of the society and the country. I am happy how organizations like Khan Academy are working together with the state government towards a common vision of creating better learning infrastructure,” Varsha Gaikwad, minister of School Education, Maharashtra said. This partnership will enable access to quality math learning content in Marathi to help students learn in their own language. Additionally, all teachers in these government schools will be given training to leverage online teaching resources and provide with personalized learning experience based on progress of each students. Teachers will have access to necessary online tools and real-time data to identify learning gaps and address them, at a classroom and individual-level. “Our partnership with Khan Academy is aimed at offering the best learning infrastructure to our learners aided by technology and world-class content in their own language. As schools are reopening, we are enabling a superior classroom experience that will help us address the learning gap in students by offering them personalized learning,” Vishal Solanki, commissioner, education added. Read also: Byju’s appoints Majid Yazdani as VP, Byju’s Lab [ad_2] Source link