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[ad_1] Lyft's weak rider numbers, Omicron hit outweigh first full-year profit [ad_2] Source link

[ad_1] As the Telecom Regulatory Authority of India (Trai) on Tuesday conducted an open house discussion on the upcoming spectrum auction, the clear divide between telecom operators and satellite players came to the fore around the millimetre wave band, particularly allocation of 27.5 GHz to 28.5 GHz. While Reliance Jio and Vodafone Idea reiterated that all the spectrum should be auctioned, Bharti Airtel sided with satellite players in reserving 27.5 GHz to 28.5 GHz for satellite services. Apart from this, there was division in the telecom industry around E band spectrum. Bharti Airtel supported E band bundling with access spectrum for auction, a move which was opposed by Reliance Jio as it may affect valuation of spectrum. The open house discussion, which continued for the whole day, deliberated on the comprehensive list of 74 questions around the upcoming 5G spectrum auction for 526-698 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300-3670 MHz and 24.25-28.5 GHz bands. Apart from the difference of opinion between satellite players, broadcasters also highlighted their concerns around the 3300-3670 MHz spectrum bands. A representative from Zee talked about interference with broadcasters if all the spectrum in the 3300-3670 MHz band is auctioned for 5G. He questioned that there was no national frequency allocation plan regarding utilising this spectrum for 5G, so how come it is being auctioned. The representative stressed that cable and TV services should not be disrupted due to 5G. Trai asked the representative to submit supporting documents regarding interference with broadcasters in the band. Further, there was immense debate around allocation of 27.5-28.5 GHz band spectrum. While various satellite players as well as their associations stressed that the spectrum should be allocated administratively, Reliance Jio and Vodafone Idea called for auction. Satellite players said that 5G in millimetre wave is too costly and its not good for coverage also. But Reliance Jio countered that many countries have already auctioned millimetre wave spectrum for 5G and India should also do so. Internet service providers requested Trai to allow them participate in the upcoming auction. On the pricing front, all the operators were unanimous in their demand to cut reserve prices. Telecom operators are seeking a cut of more than 90% in the reserve price for the upcoming auction, with no upfront payment and a moratorium of 5-6 years. The amount of spectrum can be recovered in 24 years after the moratorium period. The authority on its part asked the telcos to submit clear proposals regarding reserve price and how international practices can be applied for arriving at the reserve price per circle. [ad_2] Source link

[ad_1] Fannie Mae this week unveiled its 24th sale of reperforming loans since its first offering in 2016. The current deal is composed of more than 8,000 mortgages with an aggregate unpaid principal balance of $1.3 billion. The sale of reperforming loans (RPLs) is being marketed in collaboration with Citigroup Global Markets, with bids due by March 1, 2022. The transaction involves three loan pools — with pool 1 composed of loans with about $421.2 million in unpaid principal balance; pool 2 is at $622.6 million; and pool 3, $277.2 million. “Loans in Pools 1 thru 3 are being serviced by Mr. Cooper or Bayview Loan Servicing,” Fannie’s fact sheet on the deal states. Reperforming loans are defined by Fannie Mae as mortgages that were previously delinquent but are performing again because payments have become current — with or without the use of a modification plan. Fannie Mae began selling RPL loans in October 2016 “to reduce the size of its retained mortgage portfolio,” according to the agency. “There’s always an appetite for distressed packages on the secondary market,” Rick Sharga, executive vice president of marketing for real-estate research firm RealtyTrac, said in a prior interview with HousingWire. “People are looking for securities where they believe the risk-reward ratio is appropriate for their taste.” Fannie Mae last year put on the market some 100,000 reperforming loans across five offerings with an aggregate unpaid principal balance of $14.5 billion, according to an analysis of the agency’s records. By comparison, over the same period in 2020, as the pandemic raged and government protections kicked in, a total of 57,235 RPLs were put on the sales block by Fannie Mae through four pool offerings that had a total unpaid principal balance of $8.7 billion — or a bit more than half of the RPL sales by loan count and $5.7 billion shy of the 2021 aggregate value mark. In 2019, prior to the pandemic, Fannie sold nearly 104,000 reperforming loans valued in total at $17.1 billion. Fannie’s fellow government-sponsored enterprise, Freddie Mac, favors securitizing RPL pools as opposed to selling the loans off its books.  “To date, Freddie Mac has … securitized more than $73 billion of RPLs,” states an October 5, 2021, press release announcing the pricing of Freddie’s final RPL deal of the year — a $564 million offering backed by a pool of reperforming loans. To date, Freddie has not announced any new RPL transactions for 2022. Over the past three years, Freddie’s securitizations have trended downward, from a total of seven offerings in 2019 backed by RPL pools with an aggregate value of nearly $13 billion to some six offerings in 2020 backed by reperforming loan pools with a total value of $8.2 billion, Freddie Mac’s records show. Last year, the agency sponsored five securitization deals backed by RPL pools with a combined value of some $4.3 billion.  The post Fannie Mae cues up a $1.3B reperforming loan sale  appeared first on HousingWire. [ad_2] Source link

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[ad_1] Even as the complete insolvency resolution of all IL&FS entities may take a ‘significant amount of time’, the government has moved the National Company Law Appellate Tribunal’s Delhi bench, seeking approval for interim distribution of group assets worth Rs 16,200 crore to the creditors, including public funds, by March 31. The government-appointed board of IL&FS had earlier approved the interim plan. The assets identified for interim distribution include Rs 10,950 crore in cash and Rs 5,250 crore worth of InvIT units held by a section of group firms. NCLAT will consider the plea on February 24. “By March 2022, it is estimated 249 IL&FS group entities would have been resolved by way of sale, liquidation/closure or transfer to the InvIT in exchange for InvIT units and approx. Rs 21,300 crore of assets (cash and/or InvIT units) will be available with various IL&FS group entities,” the government said in an affidavit filed before NCLAT on behalf of IL&FS. Arguing for the interim distribution of assets available, the government said while the resolution process is at an advanced stage, a majority of the creditors are yet to be settled. “It is also estimated that a significant part of the overall resolution of the IL&FS group will be completed by March 31, 2022 i.e debt having resolution value of approximately Rs 55,000 crore (which is more than 90% of the overall estimated resolution value of Rs 61,000 crore) would be resolved,” it added. But the final resolution of the remaining IL&FS group entities (resolution value Rs 6,000 crore) is likely to take a significant amount of time due to the complexities involved in the process. Though a large number of IL&FS group entities have already been resolved, distribution of proceeds to creditors has largely taken place in respect of companies where the financial bid amount offered by the successful bidder was less than the liabilities of the entity. As of December-end, around Rs 7,000 crore has been received by creditors. In addition, debt amounting to approximately Rs 8,500 crore has been taken over by purchasers as part of entity monetisation for some entities. Certain firms are undertaking regular debt servicing too. [ad_2] Source link

[ad_1] Desktop appraisals arrived in March of 2020, allowing the housing market to keep humming while many stayed indoors to prevent the spread of COVID-19. Allowing appraisals without a walk-through was one of several flexibilities the Federal Housing Finance Agency allowed in light of the pandemic. Use of desktop or exterior-only appraisals peaked in April 2020, reaching a share as high as 17% in some places. By the end of 2020, FHFA signaled publicly it was considering hybrid appraisals on a permanent basis, following proposals from both Fannie Mae and Freddie Mac. In a December 2020 request for information, FHFA highlighted potential benefits of desktop appraisals, including assisting training of new appraiser trainees, and alleviating appraiser shortages in rural and high-volume areas. It also pointed out potential pitfalls of a non-traditional approach. There were risks, FHFA wrote, because a ”uniform regulatory framework does not exist at both the state and federal levels that holds non-appraisers accountable for their work on appraisals.” A recent federally commissioned report further detailed the appraisal industry’s dysfunctional regulatory regime. But any risks appear to have been resolved. In October 2021, FHFA Acting Director Sandra Thompson announced to a crowd of mortgage industry professionals that desktop appraisals would become permanent, starting early in 2022. In January, Fannie Mae said it would start accepting desktop appraisals, where an appraiser need not perform a walk-through, for some agency-backed loans after March 19. The option is limited to purchase transactions, secured by a one-unit principal residence with a loan-to-value ratio of no more than 90%. Loans for second homes, investment properties, cash-out refinances, construction loans, multi-unit properties, renovation loans, condos, co-ops or manufactured homes are not eligible. Any loan application flagged as ineligible by Fannie Mae’s automated underwriting system will have to use a traditional appraisal. A Fannie Mae spokesperson said that appraisal modernization and digitization, and specifically the launch of desktop appraisals, can offer different career opportunities for a new generation of appraisers. Appraisers could earn more by doing more appraisal reports, the spokesperson said, spend less time and money traveling to appointments, and could more easily work from home, assisted by remote data collection. The new policy is welcomed by lenders, who often view appraisals as a “pain point” and have sought to reduce turn-times. But there is at least some skepticism of desktop appraisals from appraisers themselves. D. Scott Murphy, CEO of D.S. Murphy and Associates Real Estate Appraisers and Consultants, raised concerns about bearing the liability for an appraisal, but relying on second-hand information. Desktop appraisals, he said, still hold the appraiser responsible for getting the correct information. “The only difference is that the appraiser is not required to visit the property,” Murphy said. “That is completely different from doing a traditional desktop appraisal which is done on an abbreviated form with all kinds of exceptions and clauses to protect the appraiser when he has to make certain assumptions.” Although appraisers can do desktop appraisals from a remote location, they must have accurate floor plan data. Where they get a reliable floor plan sketch is somewhat of a gray area, however. Few listings — only about one in 10, according to Ken Dicks, director of appraisal compliance and initiatives at Reggora — include that data. The need for accurate floor plan data could indirectly spur the appraisal industry to replenish its dwindling ranks, by giving something for appraiser trainees to do. Trainees could collect the data, and be paid for providing a useful service. Since trainees are not allowed to do appraisals without the supervision of a licensed appraiser, appraisers have little incentive to take them on. But relying on other sources for the data needed to conduct a desktop appraisal, the listing agent, for example, could be risky. Listing agents have a clear motivation to provide information that might pad an appraisal. “If the Realtor says there are hardwood floors throughout, and the appraiser puts that in the appraisal report and it’s not the case, that’s a problem,” Dicks said. Some have also touted he cost benefits that desktop appraisals could bring. A Fannie Mae spokesperson said desktop appraisals “could help make the appraisal process more efficient in a safe and sound manner and have the potential to reduce costs and time for homebuyers, homeowners, and appraisers.” Lenders, the spokesperson added, are keen to “understand how to operationalize desktop appraisals because they appreciate the process efficiencies and potential cost savings for borrowers.” But Sean Pyle, president of appraisal management company Valutrust Solutions, says he’s already dealing with pressure from lenders who are expecting desktop appraisals to reduce their costs, too. “My counsel to clients I speak with is, ‘Don’t think about this in any other terms than potential time savings,’” Pyle said. “Don’t try to wrap cost savings into this.” There’s an assumption, he said, that because appraisers could produce an appraisal more quickly, it should be cheaper. But appraisers, not lenders, assume the liability for producing a complete report. “There’s still some battle scars from 2006 to 2009 where appraisers were made to be the scapegoats,” Pyle said. “But it wasn’t an appraiser deciding to loan 125% of a home’s value for a 3/1 adjustable rate mortgage. The lenders may not like the appraisal process, but they aren’t the ones taking on the risk.” Appraisers are also likely to balk at another pay cut. In the years after the great recession, appraisal management companies proliferated, which ate into appraisers’ compensation. Lisa Rice, CEO of the National Fair Housing Alliance, has observed in many sectors of the mortgage industry that cutting costs can also come at the expense of quality. Oversight, in those cases, becomes extremely important. “Every time you’re paying someone on the ground less, what does that mean about the quality? That lets you know that you really have to be on your p’s and q’s to make sure the quality is there,” said Rice. For now, however, industry observers are taking a wait-and-see approach with desktop appraisals. Kroll Bond Ratings

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[ad_1] Exclusive-EQT readies $3.4 billion sale of French water services firm Saur – sources [ad_2] Source link

[ad_1] The Supreme Court Tuesday did not allow Amazon to file written submission in a case related to Future Retail’s plea for a nod to proceed with the National Company Law Tribunal (NCLT) permission of going ahead with Rs 24,731 crore merger deal with Reliance Retail, saying it appeared to be a “luxurious litigation”. A bench headed by Chief Justice N V Ramana, which had reserved its order on February 3, was irked over the alleged delayed request of the US-based e-commerce major to file the written note in the case. “You want to complicate the matters. It is fine. You want to drag on, continue these hearings… If I allow you, then I will have to allow them (FRL) also. I do not understand what this practice is. If that day (February 3) you would have asked then it would have been a different story,” said the CJI. “It is just to assist the court,” the lawyer said. The bench rejected the submissions saying that the argument seemed to be that the oral submissions have to be given in writing as well. “It seems you think we don’t have the ability to understand the oral submissions. After reserving the order, now after five days you again started reopening… I think it’s better to not list these matters at all. It is luxurious litigation it appears,” the CJI said. The apex court on February 3 reserved its order on the plea of Future Retail Ltd (FRL) seeking to go ahead with the merger deal. Besides this, a consortium of 27 banks had told the Supreme Court that the money lent to FRL belonged to the depositors and to safeguard the “public interest”, the entire assets of FRL can be subjected to open bids by Amazon and Reliance with a reserve price of Rs 17,000 crore. FRL has filed a separate plea against the consortium seeking a direction that no coercive action be taken against it for a certain time period due to non-payment of debt. Prior to this, the apex court, in a verdict on February 1, had set aside three Delhi High Court orders including attachment of properties of FRL and its directors and the refusal to grant a stay on the final arbitral award which had restrained FRL from going ahead with its Rs 24,731 crore merger deal with Reliance Retail and had ordered fresh adjudication. Amazon and the Future group are engaged in the legal battle for over a year as the US major is opposing the merger of FRL with Reliance Retail. [ad_2] Source link