Texas Loans – Alexandra and Austin http://alexandraandaustin.com/ Fri, 11 Jun 2021 20:29:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://alexandraandaustin.com/wp-content/uploads/2021/05/default1.png Texas Loans – Alexandra and Austin http://alexandraandaustin.com/ 32 32 Federal judge suspends loan forgiveness program for farmers of color https://alexandraandaustin.com/federal-judge-suspends-loan-forgiveness-program-for-farmers-of-color/ https://alexandraandaustin.com/federal-judge-suspends-loan-forgiveness-program-for-farmers-of-color/#respond Fri, 11 Jun 2021 20:20:25 +0000 https://alexandraandaustin.com/federal-judge-suspends-loan-forgiveness-program-for-farmers-of-color/ A federal judge suspended a loan license program for farmers of color in response to a lawsuit alleging the program discriminated against white farmers. Milwaukee U.S. District Court Judge William Griesbach on Thursday issued a temporary restraining order to suspend programs for socially disadvantaged farmers and ranchers, the Milwaukee Journal Sentinel reported. .. The program […]]]>


A federal judge suspended a loan license program for farmers of color in response to a lawsuit alleging the program discriminated against white farmers.

Milwaukee U.S. District Court Judge William Griesbach on Thursday issued a temporary restraining order to suspend programs for socially disadvantaged farmers and ranchers, the Milwaukee Journal Sentinel reported. ..

The program provides up to 120% of direct or guaranteed farm loan balances to Black, Native American, Hispanic, Asian American, or Pacific Islander farmers. Covid-19 pandemic Backup plan.

“It’s a big deal for us,” said John Boyd, Jr., president. National Association of Black Farmers, CBS MoneyWatch told CBS in March when the federal spending program was approved. “I think this is a great opportunity to help thousands of people.”

Black-owned farms in decline in the United States

08:26

White farmers ‘can’t even apply’

Conservative Wisconsin Method and Independent Study Procedure In April, white farmers claimed they were not eligible for the program and violated their constitutional rights. The company has filed lawsuits on behalf of 12 farmers in Wisconsin, Minnesota, South Dakota, Missouri, Iowa, Arkansas, Oregon and Kentucky.

“If plaintiffs are eligible for loan exemption, they will make additional investments in their property, expand their farms, purchase equipment and supplies, or otherwise support their families and communities. You will have the opportunity to do so, ”said the instance. “Complainants are not even eligible to apply to the program purely on the basis of race, so they have been denied equal protection of the law and therefore suffered prejudice.”

The request seeks a court order prohibiting the USDA from applying a racial classification to determine loan changes and payment eligibility under the stimulus. We also seek unspecified damages.

History of injustice

Minority farmers have claimed for decades that they have been unfairly denied agricultural loans and other government assistance. Federal farm authorities in 1999 and 2010 settled cases against black farmers and accused them of discriminating against them.

According to Modern Farmer, the history of discrimination against black farmers in the United States dates back to 1920. In that year, there were nearly one million black farmers in the United States, but now there are 45,000. The publication also states that black farmers tend to earn less and own less land than white farmers. Government reports have long made it more difficult for black farmers to obtain loans and grants than for whites.

Almost all of the $ 9.2 billion bailout the Trump administration provided to farmers last year, according to the Environmental Working Group, went to white farmers. White farmers received $ 6.7 billion in payments for the Coronavirus Food Assistance Program, black farmers received $ 15 million, and Latin farmers received $ 100 million, according to EWG calculations based on the USDA data. It was.

Stimulus Fund to Support Black Farmers

05:57

Shine a light on USDA lending practices

Meanwhile, some lawmakers are calling for greater transparency from the USDA as a way to root out discriminatory practices.

Illinois Senator Bobby Rush and New Jersey Senator Cory Booker are asking the USDA this week to track and release information on the race and sex of all recipients of Department of Agriculture Aid. Agriculture. Introduced the law. The bill, called the Farm Subsidies Transparency Act, also requires disclosure of farm subsidies, farm loans, crop insurance, disaster relief, funding for the Food Aid Program against coronavirus and help provided through conservation and forestry programs. ..

“It is very important to stop the discriminatory lending behavior remaining at the USDA,” said Rush, who was born on the farm, in a press release. “To do this, we need to shed light on USDA lending practices so that we can clearly see, understand and address existing inequalities.”



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Former CFTC chairman demands new regulation of fasteners and stablecoins https://alexandraandaustin.com/former-cftc-chairman-demands-new-regulation-of-fasteners-and-stablecoins/ https://alexandraandaustin.com/former-cftc-chairman-demands-new-regulation-of-fasteners-and-stablecoins/#respond Thu, 10 Jun 2021 00:23:39 +0000 https://alexandraandaustin.com/former-cftc-chairman-demands-new-regulation-of-fasteners-and-stablecoins/ A former chairman of the Commodity Futures Trading Commission called for tighter regulation of stablecoins, cryptocurrencies created to peg other assets such as fiat currencies. Timothy Massad, who chaired the committee for most of the second phase of the Obama administration, told CNBC’s Jim Cramer that Tether Limited struck a deal with the New York […]]]>


A former chairman of the Commodity Futures Trading Commission called for tighter regulation of stablecoins, cryptocurrencies created to peg other assets such as fiat currencies.

Timothy Massad, who chaired the committee for most of the second phase of the Obama administration, told CNBC’s Jim Cramer that Tether Limited struck a deal with the New York attorney general in February, making investors transparent . He said he could improve his sex.

Tether Limited is the company that issues Tether, the most valuable stable coin and the third most valuable cryptocurrency after Bitcoin and Ethereum.

“We need a better regulatory framework for fasteners and other stablecoins,” Masad, senior researcher at the Harvard Kennedy School of Government, told Mad Money Wednesday. “We need a better framework to make sure we can’t do something like this.”

Tether and its subsidiary Bitfinex worked with prosecutors for $ 18.5 million to end an investigation into allegations that a company owned by Ifinex transferred funds to cover a loss of $ 850 million. Accepted to settle.

The New York attorney general claimed that in 2018 and 2019, the company misrepresented the status of its reserves. The two companies did not admit the fraud, but Tether was ordered to submit a quarterly statement of reservations. I created my first report in March.

The March report revealed some opaque uses of money invested in coins. According to the report, Tether held 13% of its assets in the form of secured loans and 15% in the form of commercial paper or unsecured short-term loans, Masad said.

“I don’t know what kind of loan it is and who they are,” and “I don’t know what kind of paper they’re buying,” he said. “Everything is a concern, so we need to disclose more here. I think there is. “

Source link Former CFTC chairman demands further regulation of tether and stablecoins



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Local veterans struggle to find homes in central Texas https://alexandraandaustin.com/local-veterans-struggle-to-find-homes-in-central-texas/ https://alexandraandaustin.com/local-veterans-struggle-to-find-homes-in-central-texas/#respond Wed, 09 Jun 2021 04:09:04 +0000 https://alexandraandaustin.com/local-veterans-struggle-to-find-homes-in-central-texas/ CENTRAL TEXAS – Eric Mojica sold his house last year in California with ease, but buying a house for his family in central Texas seemed impossible. “I searched with my agents for months in Texas. Every offer continued to be rejected, ”said Mojica. Normally, veterans like Mojica can use VA loans, but that was not […]]]>


CENTRAL TEXAS – Eric Mojica sold his house last year in California with ease, but buying a house for his family in central Texas seemed impossible.

“I searched with my agents for months in Texas. Every offer continued to be rejected, ”said Mojica.

Normally, veterans like Mojica can use VA loans, but that was not an option this time around.

“In this market right now people are giving up their reviews, I’m putting $ 50 to $ 100,000 above asking price, which I can do,” Mojica said.

Killeen Mayor Jose Segarra, who is also a local real estate agent at HomeVet Realty, said the VA does not allow vets to buy a home for more than the home’s value and without the loan, many veterans are at an impasse.

“They are looking at buying a house with 100% financing, no down payment and the seller paying all the closing costs, but when you have such a competitive market, they can’t do it anymore,” Segarra said.

Mojica said he has filed 60 bids in central Texas and is competing with other homebuyers and investors.

“It was around the same time that all of the big tech companies announced their move to Texas. Everyone from California was moving to Texas. So it was super tough for about four months of active research, ”Mojica said.

Eventually, Mojica found a home in Belton.

“It’s military, it’s the actual distance from the base itself. It’s green. I lived in the desert before being surrounded by so much greenery and trees that I love it, ”said Mojica.

Mojica said he paid more than expected, but was happy to have a place he and his family call home. Mojica said if you are looking for a home locally, wait at least 9 months.



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CoreLogic Reports Sharp Improvement in US Mortgage Default Rates in March https://alexandraandaustin.com/corelogic-reports-sharp-improvement-in-us-mortgage-default-rates-in-march/ https://alexandraandaustin.com/corelogic-reports-sharp-improvement-in-us-mortgage-default-rates-in-march/#respond Tue, 08 Jun 2021 12:00:00 +0000 https://alexandraandaustin.com/corelogic-reports-sharp-improvement-in-us-mortgage-default-rates-in-march/ IRVINE, Calif .– (COMMERCIAL THREAD) – CoreLogic®, a leading global provider of real estate information, analytics and data-driven solutions, today released its monthly loan performance report for March 2021. For the month of March, 4.9% of all mortgages in the United States were at some stage of delinquency (30 days or more past due, including […]]]>


IRVINE, Calif .– (COMMERCIAL THREAD) – CoreLogic®, a leading global provider of real estate information, analytics and data-driven solutions, today released its monthly loan performance report for March 2021.

For the month of March, 4.9% of all mortgages in the United States were at some stage of delinquency (30 days or more past due, including those in foreclosure), which is an increase of 1.3 percentage point of the overall delinquency rate compared to March 2020. This month’s overall delinquency marks the lowest rate since last March, when it was 3.6%.

To get an accurate view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. As of March 2021, the delinquency and transition rates in the United States, as well as their year-to-year variations, were as follows:

  • Early delinquency (30 to 59 days late): 1%, compared to 1.9% in March 2020.
  • Unwanted delinquency (60 to 89 days late): 0.4%, compared to 0.6% in March 2020.
  • Serious delinquency (90 days or more past due, including foreclosed loans): 3.5%, up from 1.2% in March 2020.
  • Foreclosure inventory rate (the share of mortgages at a certain stage of the foreclosure process): 0.3%, compared to 0.4% in March 2020.
  • Transition rate (the share of mortgages that went from current maturities to 30 days): 0.4%, down from 1% in March 2020.

March 2021 marked a critical moment in the United States – the first anniversary of the start of the pandemic, the third cycle and the disbursement of government stimulus checks and the extension of forbearance programs. Taken together, some of these factors helped mortgage holders stay up to date on their loans and led to the lowest national default rate in one year in March 2021. Moreover, the convergence of these financial cushionings allowed to many homeowners to reduce other debts. A recent CoreLogic survey of current mortgage holders shows that in addition to 89% of respondents saying they are up to date with their mortgage payments, almost 70% said they also have credit card debt. – of which only 15% said they were behind on payments last year.

“Overall mortgage delinquency in the United States declined significantly from February to March, and rates for almost all other stages of delinquency have declined from a year ago,” said Frank Martell, president and chief executive officer. management of CoreLogic. “Homeowners are catching up on their debt as the economic effects of the pandemic begin to wear off, which is another sign of progress on the road to a global recovery. ”

“A lot of forces came together in March to generate the biggest month-over-month improvement in the overall delinquency rate since the start of the pandemic,” said Dr Frank Nothaft, chief economist at CoreLogic. “In addition to continued government support, including stimulus payments and mortgage forbearance programs, the US economy created 770,000 jobs in March, the largest increase since August 2020.”

State and metro to take away:

  • All U.S. states and nearly all metropolitan areas recorded increases in overall annual delinquency rates in March.

  • Hawaii and Nevada (up 3.2 and 3 percentage points, respectively) again recorded the largest annual increase in overall delinquency rates in March.

  • Among subways, Odessa, Texas, which is still recovering from job losses in the oil industry, recorded the largest overall annual increase in delinquency with 7.9 percentage points.

  • Other metropolitan areas with significant overall increases in delinquency include Midland, Texas (up 6.1 percentage points); Kahului, Hawaii (up 5.2 percentage points) and Lake Charles, Louisiana (up 4 percentage points).

The next CoreLogic Loan Performance Insights report will be released on July 13, 2021, with data for April 2021. For current housing trends and data, visit the CoreLogic Insights blog: www.corelogic.com/insights.

Methodology

Data in the CoreLogic LPI report represents foreclosure and delinquency activity reported through March 2021. The data in this report only takes into account first liens on a property and does not include secondary liens. Delinquency, transition, and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage privileges are not subject to foreclosure and are therefore excluded from the analysis. CoreLogic has approximately 75% lockdown data coverage in the United States.

About the CoreLogic Consumer Sentiment Survey on Housing

Over 3,000 consumers have been surveyed by CoreLogic via Qualtrics. The study is an annual boost in US real estate market dynamics focused on consumers looking to buy a home, consumers not looking to buy a home, and current mortgage holders. The survey was conducted in April 2021 and hosted on Qualtrics.

The survey has a sampling error of approximately 3% at the total respondent level with a confidence level of 95%.

Source: CoreLogic

The data provided is intended for use only by the primary recipient or the publication or distribution of the primary recipient. This data may not be resold, republished, or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without the prior written permission of CoreLogic. All CoreLogic data used for publication or distribution, in whole or in part, must come from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany the first reference of the data. If the data is illustrated by maps, tables, graphs or other visual elements, the CoreLogic logo should be included on the screen or on the website. For any questions, analysis or interpretation of the data, contact Amy Brennan at newsmedia@corelogic.com. The data provided cannot be modified without the prior written consent of CoreLogic. Do not use the data illegally. This data is compiled from public records, contributory databases and proprietary analyzes, and its accuracy depends on these sources.

About CoreLogic

CoreLogic, the leading provider of real estate information and solutions, promotes a healthy housing market and thriving communities. Through its enhanced real estate data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance companies, government agencies and other housing market players to help millions of people to find, buy and protect their homes. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and / or its subsidiaries. All other trademarks are the property of their respective owners.



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Investigation Briefing: Justice Department Continues Aggressively Prosecuting COVID-19 Fraud | Arent Renard https://alexandraandaustin.com/investigation-briefing-justice-department-continues-aggressively-prosecuting-covid-19-fraud-arent-renard/ https://alexandraandaustin.com/investigation-briefing-justice-department-continues-aggressively-prosecuting-covid-19-fraud-arent-renard/#respond Mon, 07 Jun 2021 19:01:12 +0000 https://alexandraandaustin.com/investigation-briefing-justice-department-continues-aggressively-prosecuting-covid-19-fraud-arent-renard/ In addition to the ever-increasing number of fraud charges brought under the SBA’s PPP program, recent indictments issued across the country in connection with Covid-19 unemployment benefits and loans in case of economic catastrophe further testify to the DOJ’s continued priority to prosecute Covid-19 related fraud. Covid-19 unemployment benefit fraud charges The Justice Department has […]]]>


In addition to the ever-increasing number of fraud charges brought under the SBA’s PPP program, recent indictments issued across the country in connection with Covid-19 unemployment benefits and loans in case of economic catastrophe further testify to the DOJ’s continued priority to prosecute Covid-19 related fraud.

Covid-19 unemployment benefit fraud charges

The Justice Department has charged a Texan woman with wire fraud over her alleged involvement in a fraudulent scheme to obtain Covid-19 unemployment assistance. The CARES Act, previously described here, created a federal temporary unemployment insurance program, in this case administered by the Massachusetts Department of Unemployment Assistance, called Pandemic Unemployment Assistance (PUA). The PUA provides unemployment insurance benefits to people who are not eligible for other types of employment benefits. According to the Department of Justice press release, the defendant, a resident of Texas, wrongly claimed Massachusetts unemployment benefits, which she received through the Texas Workplace Commission, and she allegedly granted other claims unemployment by using stolen identities to obtain benefits to which she was not entitled. get.

Another woman in California recently pleaded guilty to conspiracy and aggravated identity theft for submitting fraudulent unemployment insurance claims to the California Employment Development Department using the identities of current inmates at the Central California Women’s Facility (CCWF) . The defendant, who was on parole, received personal identification information of CCWF inmates from a current CCWF inmate (who was also indicted) and then submitted unemployment insurance claims that falsely represented that detainees held various jobs, although detainees were incarcerated and not eligible for unemployment benefits.

Read DOJ press releases here and here

SBA Economic Disaster Loan Guilty Plea

A North Carolina woman recently pleaded guilty to wire fraud for fraudulently obtaining an Economic Disaster Loan (EIDL) – intended for existing businesses affected by the Covid-19 pandemic – based on false information. Specifically, the defendant submitted a fraudulent loan application to the SBA for a disbanded online clothing retail business that contained false income information and included a fraudulent tax document. As a result, the defendant obtained a disaster relief loan of $ 149,900 which it then used in retail stores and several diamond stores.

Read the DOJ press release here.

Pharmacy owner sentenced to 36 months for healthcare fraud

The owner of a pharmacy in Queens, New York was sentenced to 36 months in prison for participating in a healthcare fraud conspiracy, distributing oxycodone and engaging in financial transactions illegal after pleading guilty to these charges in September 2020.

According to the DOJ press release, for more than three years, the pharmacy owner falsely claimed to be a pharmacist and dispensed drugs, including controlled substances and over 10,000 Oxycodone pills, without medical supervision. , and billed Medicare and Medicaid for these drugs. His pharmacy was reimbursed about $ 3 million by Medicare and Medicaid. In addition, he paid a licensed pharmacist to introduce herself as the full-time pharmacist at the pharmacy, even though she only visited the pharmacy sporadically. The licensed pharmacist also pleaded guilty, in September 2020, to her role in the scheme, specifically conspiring to defraud Medicare and Medicaid and making a false income statement.

Read the DOJ press release here.



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Texas State Senators Highlight Key Issues in 87th Legislative Session https://alexandraandaustin.com/texas-state-senators-highlight-key-issues-in-87th-legislative-session/ https://alexandraandaustin.com/texas-state-senators-highlight-key-issues-in-87th-legislative-session/#respond Sun, 06 Jun 2021 18:34:18 +0000 https://alexandraandaustin.com/texas-state-senators-highlight-key-issues-in-87th-legislative-session/ SAN ANTONIO – The final hammer blow has sounded in Texas’ 87th Legislature, marking both the end of a hectic session and the start of many laws to be enacted in Lone Star State. The session resulted in a dramatic walkout from Democrats to avoid the passage of a bill. Texas State Senators Donna Campbell […]]]>


SAN ANTONIO – The final hammer blow has sounded in Texas’ 87th Legislature, marking both the end of a hectic session and the start of many laws to be enacted in Lone Star State.

The session resulted in a dramatic walkout from Democrats to avoid the passage of a bill.

Texas State Senators Donna Campbell and Roland Gutierrez joined Leading SA on Sunday to share their views on the session and what’s to come.

“We most definitely started with a different session, more masks, testing, social distancing and plexiglass all over the place and we were greeted by the winter storm,” Campbell said.

Overall, Campbell said the session was a success.

“We have passed bills that will help winterize production generators. So if it happened again, we have it all figured out. We are changing the composition of the PUC in their board of directors. We securitize the electricity market and stabilize both the grid and the market, allowing electricity providers to access cheaper loans. And that helps us all. We have extended broadband access, protected the elderly so that in the event of a new state of emergency, families can still see their loved ones. We passed a conservative balanced budget to maintain funding for schools and even extended Medicaid for postpartum women, ”Campbell said.

A d

However, Campbell said the session was not perfect and pointed out a few bills that did not pass in the House.

“I was disappointed that some bills were passed by the Senate, but not by the House, and that was the integrity of the elections, the bond reform and the Small Business Protection Act,” he said. Campbell said.

Across the aisle, Gutierrez said the session posed various challenges due to Republican power – specifically pointing to the voting bill.

“Senate Bill 7 was nothing more than an attack on measures taken in Houston, which were essentially voter expansion. What’s wrong with that? And give more opportunities to people to vote overtime on Sundays? Said Gutiérrez. “It was nothing more than eliminating our ability to get more people out. And so, I hope people are listening and I hope they understand what’s going on in Austin. It’s devastating coming from the Republican side for sure. “

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Campbell said the issues presented and adopted at the session were not new and highlighted issues affecting the country and the state.

” VSconservative issues have never changed. We passed a law this session that broadened police reform, broadened your ability to defend yourself, protect religious freedom, protect the sanctity of life. And that has always been our values, ”said Campbell. “This session, we honored those rights – the right to life, liberty and the pursuit of happiness.”

Guttierez said lawmakers were waiting for the possibility of a special session following the fallout from the walkout on the voting bill.

“There were other bills they wanted to do that weren’t done,” Gutierrez said. “And so I’m sure we’re going to be facing a special session with some red meat issues, including Senate Bill 7, which was the Elections Bill.”

You can watch the full interview with Leading SA in the video player above.

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Copyright 2021 by KSAT – All rights reserved.



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USDA Provides Assistance to Drought Affected Texas Growers https://alexandraandaustin.com/usda-provides-assistance-to-drought-affected-texas-growers/ https://alexandraandaustin.com/usda-provides-assistance-to-drought-affected-texas-growers/#respond Sun, 06 Jun 2021 00:06:27 +0000 https://alexandraandaustin.com/usda-provides-assistance-to-drought-affected-texas-growers/ College Station, Texas – The United States Department of Agriculture (USDA) reminds ranchers and cattle ranchers in Texas that they may be eligible for financial assistance through the Livestock Forage Disaster Program (LFP) for 2021 pasture losses due to drought. The deadline for applying for 2021 help is January 31, 2022. In addition to recovering […]]]>


College Station, Texas – The United States Department of Agriculture (USDA) reminds ranchers and cattle ranchers in Texas that they may be eligible for financial assistance through the Livestock Forage Disaster Program (LFP) for 2021 pasture losses due to drought. The deadline for applying for 2021 help is January 31, 2022.

In addition to recovering from recent winter storms, pastoralists and ranchers continue to be affected by severe droughts. said Eddie Trevino, interim state executive director for USDA’s Texas Agricultural Services Agency (FSA). “The FSA remains ready to respond and help producers recover from this ongoing disaster. ”

For the LFP program year 2021, 144 counties in Texas reached drought rates that trigger eligibility for livestock disaster assistance. For drought losses, allowable drought ratings are determined using the United States Drought Monitor. Visit the FSA Texas webpage for a list of eligible counties and pasture crops.

LFP makes payments to livestock owners and contract producers who also produce forage crops for grazing and have suffered losses due to an allowable drought during the normal grazing period for the county. Eligible livestock include alpacas, beef cattle, buffalo / bison, oxen, dairy cattle, deer, elk, emus, equines, goats, llamas, reindeer or sheep that have grazed or would have grazed on eligible pastures or pastures during the normal period. grazing period.

To speed up the application process, producers are encouraged to collect and submit records documenting losses for 2021. Supporting documents may include information relating to pasture leases, contractual producer agreements, etc.

Additional USDA Drought Assistance

USDA encourages growers to contact FSA county office at local level USDA Service Center to apply for eligible programs and to find out what documents, such as farm records, herd inventory, receipts and photos of damage or loss, should be provided to help expedite assistance.

Meanwhile, the Emergency assistance program for livestock, bees and farmed fish provides eligible producers with compensation for food losses not covered by the LFP as well as assistance with water transport costs. For ELAP, producers will have to file a notice of loss within 30 days and loss of bees within 15 days.

In addition, eligible orchards and nurserymen may be eligible for shared-cost assistance through the Tree assistance program (TAP) to replant or rehabilitate eligible trees, shrubs or vines lost during drought. This completes Uninsured Agricultural Disaster Assistance Program (NAP) or crop insurance coverage, which covers the crop but not plants or trees in all cases. For TAP, a program request must be submitted within 90 days.

FSA also offers a variety of direct and guaranteed loans, including operational and emergency loans, to producers unable to obtain commercial financing. Producers in counties with a primary or contiguous disaster designation may be eligible for a low interest rate emergency loans to help them recover from production and physical losses. Loans can help producers replace essential goods, buy inputs such as livestock, equipment, feed and seeds, cover family living costs, or refinance farm and farm debts. other needs.

Risk management

Producers who benefit from risk protection Federal crop insurance or FSA NAP should report crop damage to their crop insurance agent or FSA office. If they have crop insurance, producers must report crop damage to their agent within 72 hours of discovery of damage and follow up in writing within 15 days. For crops covered by the PAN, a Notice of loss (CCC-576) must be filed within 15 days of onset of loss, except for hand-harvested crops, which must be reported within 72 hours.

Preservation

the Emergency conservation program and Emergency forest restoration program can help landowners and forest stewards with financial and technical assistance to restore damaged farmland or forests.

USDA’s Natural Resource Conservation Service (NRCS) also offers programs to aid recovery and build resilience to drought. the Environmental quality incentive program (EQIP) can help producers plan and implement conservation practices on farms, ranches and logged forests affected by natural disasters.

Community aid

AddNRCS national programs include the Emergency protection of watersheds (EWP) Program, which provides technical and financial assistance through local government sponsors to deal with the imminent threat to (human) life and / or property caused by severe erosion on riverbanks caused by drought. Sponsors must submit a formal request (by mail or email) to the state registrar and a declaration of emergency must be issued regarding the drought based on the merit of cases received within 60 days of the occurrence of the drought. natural disaster or 60 days from the date on which access to the sites is possible. For more information, please contact Mark Northcut, Landscape Engineer, at mark.northcut@usda.gov.

More information

On the farmers.gov, the Disaster Assistance Discovery Tool, Disaster at-a-glance fact sheet, and Agricultural Loan Discovery Tool can help producers and landowners determine program or loan options. For assistance with a crop insurance claim, growers and landowners should contact their crop insurance agent. For FSA and NRCS programs, they should contact their USDA Service Center.

The USDA touches the lives of all Americans every day in so many positive ways. In the Biden-Harris administration, the USDA is transforming the American food system with a greater emphasis on more resilient local and regional food production, fairer markets for all producers, ensuring access to healthy food and nutrients in all communities, creating new markets and income streams for farmers and producers using climate-smart food and forestry practices, making historic investments in clean energy infrastructure and capacity in rural areas America, and a commitment to fairness across the Department by removing systemic barriers and creating a workforce that is more representative of America. To learn more, visit www.usda.gov



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HomeLight Launches New Tools To Help Agents Win Auction Wars And Sell Homes https://alexandraandaustin.com/homelight-launches-new-tools-to-help-agents-win-auction-wars-and-sell-homes/ https://alexandraandaustin.com/homelight-launches-new-tools-to-help-agents-win-auction-wars-and-sell-homes/#respond Sat, 05 Jun 2021 00:21:53 +0000 https://alexandraandaustin.com/homelight-launches-new-tools-to-help-agents-win-auction-wars-and-sell-homes/ As new home inventories continue to decline, home prices skyrocket to record highs and buyer demand remains robust, agents find themselves in intense competition and bidding wars across the country. Real estate technology platform, HomeLight, is stepping in to help during this critical time in the industry, according to Lizzie Ryan, communications manager at HomeLight. […]]]>


As new home inventories continue to decline, home prices skyrocket to record highs and buyer demand remains robust, agents find themselves in intense competition and bidding wars across the country. Real estate technology platform, HomeLight, is stepping in to help during this critical time in the industry, according to Lizzie Ryan, communications manager at HomeLight.

HomeLight recently announced the extension of its financial offerings, HomeLight Trade-In and HomeLight Cash Offer, to top real estate agents, buyers and sellers across Texas. $ 100 million credit facility spurs expansion of Credit Suisse, a leading provider of financial services.

These new financial offerings allow the best agents to make real estate transactions possible for countless people who otherwise would not be able to compete using traditional financing in today’s competitive real estate market.

“We want to deliver better results to buyers and sellers every step of the way in the home buying process,” Ryan said. Houston Agents Magazine.

Jaymes willoughby is a seasoned Austin-based real estate agent who has used HomeLight’s tools and services for several years. With 37 years of real estate experience, Willoughby sells around 200-300 homes each year with the help of HomeLight.

“With this competitive market, cash is king. A cash offer is going to beat the better funded offers because sellers want a secure deal, ”Willoughby told Houston Agent Magazine. “I recently used HomeLight Cash Offer to beat 19 other offers on a house and win the deal.”

The HomeLight Cash Offer gives agents and their clients the ability to make a cash offer on their next home, even if they need a mortgage. HomeLight Home Loans checks the client’s income and assets to determine purchasing power. After the client and their agent find a home, HomeLight makes a cash offer on behalf of the client and holds the home until the client obtains financing. As soon as the customer’s loan ends, HomeLight sells the home to the customer at the purchase price, plus a nominal program fee.

The program fees are typically around 1% of the price of the home, and there is a 3% fee charged if buyers choose to use a third-party lender.

HomeLight Trade-In helps agents and homeowners buy and sell at the same time while capturing the full market value of their home. HomeLight purchases the client’s home (typically for around 90% of the expected value of the home) in order to free up equity for the client before going through the full listing process. HomeLight then lists and sells the home on the market with the agent for more than the purchase price of HomeLight, but the company pays the difference to the customer (less a small program fee).

HomeLight Trade-In homes sold 5% above appraisal, closed five times faster, and helped customers save 3.5% on the purchase price of their new home compared to the previous day. traditional method of listing on the market.

Willoughby, an agent for Keller Williams Realty, added that the trade-in offer helps clients not to worry about day-to-day issues in life, such as how to get their kids and pets out of the house to show the house or do renovations.

“More savvy people in business understand the value of exchanging a home rather than waiting to buy your next home while your current home sells,” Willoughby said. “I had a client who sold his house to HomeLight. I did some renovations on the house which added value to the property and then the house sold for tens of thousands of dollars more than the owner had sold it to HomeLight. That money ended up coming back to the customer rather than HomeLight. It was a win-win for all of us.

The cost of the repossession program depends on the market, the lender and the number of days HomeLight owns the home. It can vary from 1.5 to 2% (3.5 to 4% if the customer uses a third-party lender) of the final sale price of the home during the first 60 days that HomeLight owns the home, plus 0.5 to 1% fee prorated per day every 30 days thereafter. All charges are calculated on the final sale price of the current home.

Willoughby added that no home has taken more than 60 days to sell after being purchased by HomeLight, even despite the historic winter storm that froze the state in February. Thus, no customer has yet been billed for these additional costs on a pro rata basis.

HomeLight started out as a tech company that tracked agent stats and referred the best agents to potential clients. To become a HomeLight agent, agents must go through a thorough screening process, typically requiring a five-star rating from past customers.

Willoughby is a HomeLight Elite Agent, a unique program within HomeLight that is only available to the best agents who do exceptional work in Texas. HomeLight Elite improves what agents do and is a strong selling point for buyers and sellers.



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Banks are waiting for a catalyst: loan growth https://alexandraandaustin.com/banks-are-waiting-for-a-catalyst-loan-growth/ https://alexandraandaustin.com/banks-are-waiting-for-a-catalyst-loan-growth/#respond Fri, 04 Jun 2021 19:14:00 +0000 https://alexandraandaustin.com/banks-are-waiting-for-a-catalyst-loan-growth/ Illustration by Ben Mounsey-Wood Text size Loan growth has been difficult for banks to achieve, but it could be the catalyst for their next surge. Banks were one of the hottest sectors in 2021, with the SPDR S&P Bank exchange-traded fund (ticker: KBE) up 31.7% year-to-date. The gain, 20 percentage points higher than the S&P […]]]>


Illustration by Ben Mounsey-Wood

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The flight from Capital to quality in student housing https://alexandraandaustin.com/the-flight-from-capital-to-quality-in-student-housing/ https://alexandraandaustin.com/the-flight-from-capital-to-quality-in-student-housing/#respond Thu, 03 Jun 2021 21:02:20 +0000 https://alexandraandaustin.com/the-flight-from-capital-to-quality-in-student-housing/ After the biggest disruption in recent memory, funding for the acquisition and development of student housing has made unmistakable, albeit uneven, strides forward. At the start of the 2020-21 school year, many commercial banks, life insurance companies and other lenders were hesitant to return to the market. READ THE DIGEST Since transactions hit their lowest […]]]>


After the biggest disruption in recent memory, funding for the acquisition and development of student housing has made unmistakable, albeit uneven, strides forward. At the start of the 2020-21 school year, many commercial banks, life insurance companies and other lenders were hesitant to return to the market.

READ THE DIGEST

Since transactions hit their lowest point in January 2021 following multiple corrections to occupancy, rent listings, accommodation and rent payments, investors and lenders have moved slowly. The reopening of schools, combined with real estate performance and the collection of rents, offer encouraging signs.

Chris Epp

“Student housing capital markets are very liquid again,” said Ben Roelke, Dallas-based executive vice president with CBRE’s debt and structured finance practice and student housing specialist. This applies to the permanent financing of existing properties as well as to the financing of construction, while the leverage increases a bit and the rates tend to fall slightly..

While government-sponsored businesses continue to be selective, strong, regular sponsors will find banks and life insurance companies competing for ongoing funding assignments on busy student housing properties in tier markets. 1.

In April, CBRE closed three acquisition financings representing a 50% increase over a typical April. Given the volume of transactions this spring driven by pent-up demand, Roelke speculated that the fall, typically the busiest season for student housing transactions, could be twice as active as usual. .

Stocks continue to show a slight pullback, especially foreign capital, which has been squeezed by travel restrictions. “This allows some of the national institutions that have been defeated by these groups to be able to acquire some of the deals that have been offered to date,” noted Chris Epp, general manager of Walker & Dunlop based in Austin, Texas.

Although capital for student housing is more available than it was at the end of 2020, investors are finding that financing at attractive rates remains a challenge. Lenders are demanding higher debt service, according to the most recent Yardi Matrix student housing report. Rental growth remains positive at 1.3% but has steadily declined during the pandemic. Pre-rentals for fall 2021 were 37% in January, down 4% year-on-year, according to data from Yardi Matrix.

Berkadia’s student housing team has reported an increase in requests from lenders for detailed information about a college’s enrollment, occupancy, and financial health. The best and widest debt options tend to coincide with the best market locations. High-credit borrowers will benefit from greater flexibility and attractive interest rates, as well as the opportunity to explore potential additional agency loans. Class B communities with a strong operating history are also sought after by lenders. Debt funds are likely to be more expensive, but can also offer a higher loan-to-value ratio, while life insurance companies generally offer the lowest interest rates and the lowest LTV.

Update on investment

Overall, there has been a flight to quality among lenders to the Power 5 state-backed top schools as investors target assets on campus and those within a mile radius. “A lot of household names are the ones that are really sweeping up new products,” Epp said.

With the scarcity of offers in 2020 offset by the number of buyers, prices for class A student housing have increased and capitalization rates have fallen for the seventh year in a row. For mid-market properties, there have been few price discoveries as there have been few sales, Epp noted.

Source: Walker & Dunlop 2020 Year-End Student Housing Report
Source: Walker & Dunlop 2020 Year-End Student Housing Report

Cap rates on class A assets fell to a record high of 5.01% in 2020, while class B rates fell only slightly to 5.75%. Class A cap rates are expected to remain at historically low levels this year and could drop below 5.00%. Until campuses open in the fall and clarity improves around pre-letting, accommodation and collection restrictions, leverage will continue in the 65% range.

The South East and South West will continue to receive the lion’s share of buyer attention. Assets are generally cheaper in these regions, which will also be the strong points for deliveries. On the development side, the Southeast accounts for 38% of the pipeline beds on track for delivery in 2021, followed by the Southwest with 16%, reports Walker & Dunlop, which forecasts a drop in deliveries of nearly 30%. nationwide year-over-year.

Investors are cautious of the Pacific Northwest, California and the east. In those regions, the rise of e-learning and stricter guidelines for returning to campus are holding back rental growth and pre-rental, according to data from Yardi Matrix.

Stabilizing forces

Fannie Mae and Freddie Mac have become the primary lenders for the acquisition of student housing, although they continue to scrutinize performance and sponsorship. According to the Walker & Dunlop survey, 59% of respondents believe Fannie Mae and Freddie Mac will be the main source of debt for student housing acquisitions this year. Although GSEs forced student housing borrowers to set aside 12 months of operating costs in escrow, the reservations were largely unnecessary as operations remained consistent, Roelke noted.

Stephen klee
Stephen klee

When GSE funding is not available for a long-term loan, banks, life insurance companies and CMBSs step up to fill the void, noted Dave Borsos, vice president of capital markets at the National. Multifamily Housing Council. For development finance, the most likely source is a regional or local bank offering a loan-to-cost ratio as low as 55%, he added.

Assuming the project meets all targets and the lease progresses, borrowers can move directly to permanent financing from the original lender or identify an alternative source of capital, such as a debt fund. Borrowers are required to put more equity into their transactions because underwriting protocols will not allow them to overwhelm properties with debt, Borsos noted.

Where traditional lenders remain selective, more liquidity enters the market from alternative sources such as debt funds and mortgage REITs. These lenders are actively competing for acquisitions and refinancing of student housing, even those who may have experienced an operating problem or a comparable problem.

Amid a flight to quality and the focus on Tier 1 schools and recurring sponsors, there are opportunities in Tier 2 schools for borrowers with good relationships with lenders. Atlanta-based bSidePartners has been working to secure funding for Prox, a 486-room student housing complex across from the Gainesville campus of the University of North Georgia. The funding was almost in place by early 2020 when the pandemic struck and the bank loan that had been put in place failed.

In addition to stopping initial funding, the pandemic has increased the cost and availability of materials. “It required me to be creative in the way I buy my gear,” said Stephen Klee, director of bSidePartners. The company has three warehouses full of materials it bought in liquidation. “I’m going to build this project for less than anyone can build it, and it’s going to be fine,” he said.

By the spring, Klee’s team were back at the business table, ready to sign 50 percent LTV, pulling $ 3 million off their balance sheet and going to the market to syndicate the remaining $ 12 million. required.

Klee was able to secure bank financing amid the pandemic to purchase 14 acres of land next to the Prox for future development. “Banks hate mortgage loans,” he explains. He therefore created value by dezoning it, bringing 45% of equity capital to it and providing personal guarantees. He attributes his success to his 15-year relationship with the lender, Banque Synovus.

Read the June 2021 issue of MHN.



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