Mortgage-backed Securities & Collateralized Mortgage Obligations: Prudent CRA INVESTMENT Opportunities by Andrew Kelman,Director, National Business Development M Securities Sales and Trading Group, Freddie Mac Mortgage-backed securities (MBS) have Here is how MBSs work. Lenders because of their stronger guarantees, become a popular vehicle for finan- originate mortgages and provide better liquidity and more favorable cial institutions looking for investment groups of similar mortgage loans to capital treatment. Accordingly, this opportunities in their communities. organizations like Freddie Mac and article will focus on agency MBSs. CRA officers and bank investment of- Fannie Mae, which then securitize The agency MBS issuer or servicer ficers appreciate the return and safety them. Originators use the cash they collects monthly payments from that MBSs provide and they are widely receive to provide additional mort- homeowners and “passes through” the available compared to other qualified gages in their communities. The re- principal and interest to investors. investments. sulting MBSs carry a guarantee of Thus, these pools are known as mort- Mortgage securities play a crucial timely payment of principal and inter- gage pass-throughs or participation role in housing finance in the U.S., est to the investor and are further certificates (PCs). Most MBSs are making financing available to home backed by the mortgaged properties backed by 30-year fixed-rate mort- buyers at lower costs and ensuring that themselves. Ginnie Mae securities are gages, but they can also be backed by funds are available throughout the backed by the full faith and credit of shorter-term fixed-rate mortgages or country. The MBS market is enormous the U.S.
8-6 Legal Considerations - Real Estate Contracts - Financing Basic Appraisal Principles Other Sources of Funds Pension Funds and Insurance Companies Pension funds and insurance companies have recently had such growth that they have been looking for new outlets for their investments. They manage huge sums of money, and traditionally have invested in ultra-conservative instruments, such as government bonds. However, the booming economy of the 1990s, and corresponding budget surpluses for the federal government, left a shortage of treasury securities for these companies to buy. They had to find other secure investments, such as mortgages, to invest their assets. The higher yields available with Mortgage Backed Securities were also a plus. The typical mortgage- backed security will carry an interest rate of 1.00% or more above a government security. Pension funds and insurance companies will also provide direct funding for larger commercial and development loans, but will rarely loan for individual home mortgages. Pension funds are regulated by the Employee Retirement Income Security Act (1974). Secondary Mortgage Market The secondary mortgage market buys and sells mortgages created in the primary mortgage market (the link to Wall Street). A valid mortgage is always assignable by the mortgagee, allowing assignment or sale of the rights in the mortgage to another. The mortgage company can sell the loan, the servicing, or both. If just the loan is sold without the servicing, the original lender will continue to collect payments, and the borrower will never know the loan was sold. If the lender sells the servicing, the company collecting the payments will change, but the terms of the loan will stay the same.
COLLATERAL ASSIGNMENT OF LEASES AND RENTS THIS COLLATERAL ASSIGNMENT OF LEASES AND RENTS (this “Assignment”) is entered into as of _________, 2021, by and between Yingling Aircraft, Inc., a Kansas corporation (“Assignor”); and INTRUST Bank, N.A., a national banking association (“Lender”). Recitals A. Wichita Airport Authority, Wichita, Kansas (“Lessor”) and LeaseCorp Financial, Inc., a Kansas corporation, entered into that certain Master Lease Agreement dated June 12, 2012, which was assigned by LeaseCorp Financial, Inc. to LeaseCorp Aviation, LLC, which was then assigned by LeaseCorp Aviation, LLC to Yingling Aircraft, Inc., as may be amended, all of which are incorporated herein by reference (together, “Master Lease 1”), covering certain aircraft hangar operation facilities located at the Dwight D. Eisenhower National Airport, Wichita, Kansas, further described as Tract 1 on Exhibit “A” attached hereto and incorporated by reference, and any and all improvements now or hereafter located thereon (such land and improvements being herein referred to collectively as “Tract 1”). B. Wichita Airport Authority, Wichita, Kansas (“Lessor”) and LeaseCorp Aviation, LLC, a Kansas limited liability company, entered into that certain Master Lease Agreement dated October 14, 2014 and Supplemental Agreement No. 1 dated March 1, 2016, as may be amended, all of which are incorporated herein by reference (together, “Master Lease 2”), covering certain aircraft hangar operation facilities located at the Dwight D. Eisenhower National Airport, Wichita, Kansas, further described as Tract 2 on Exhibit “A” attached hereto and incorporated by reference, and any and all improvements now or hereafter located thereon (such land and improvements being herein referred to collectively as “Tract 2”).
A QUICK GUIDE to YOUR REGIONS HOME EQUITY LOAN (HELOAN) This Regions Quick Guide Is for General Information and Discussion Purposes Only
A QUICK GUIDE TO YOUR REGIONS HOME EQUITY LOAN (HELOAN) This Regions Quick Guide is for general information and discussion purposes only. The Regions Simplicity Pledge® Regions is committed to providing you with the information you need to make good financial decisions, and to helping you understand how your accounts and services work – simply, clearly and in plain language. KEY FACTS & ADDITIONAL INFORMATION Description A Regions HELOAN is an installment loan for which your existing home serves as collateral. It is secured by your primary, secondary or investment residence. The property securing this loan must be located in a state where Regions has a branch. Purpose You may use your HELOAN however you choose, such as for major home improvements, vacations or debt consolidation. Loan amount $10,000 up to $250,000 based on property type, lien position and loan-to-value (see below). Your fixed interest rate The interest rate is a fixed rate that does not change during the term of the loan. Available terms Several repayment terms are available. See regions.com for more details. Monthly payment You will pay a fixed monthly installment payment in an amount that will pay the loan in full over the desired repayment term. Closing costs Closing costs will be paid by Regions so there are no costs to the customer. Loan-to-value (LTV) LTV is the maximum amount that Regions will lend expressed as a percent of the value of your home reduced by the amount of existing debt secured by your home. The maximum LTV for your loan will be based on your credit (including credit score), whether the loan is a first or second mortgage, the property type, how the amount of your total debt compares to the amount of income you have to repay your debt and other criteria.
A Potential Pitfall for the Unsuspecting Purchaser of Repossessed Collateral
A Potential Pitfall for the Unsuspecting Purchaser of Repossessed Collateral: The Overlooked Interaction Between Sections 9- 504(4) and 2-312(2) of the Uniform Commercial Code ROBYN L. MEADOWS* TABLE OF CONTENTS Introduction . .................................... 168 I. The Problem . ............................... 169 II. Rights of Purchaser of Repossessed Collateral in the Absence of Default ........................ 172 A. Purchaser's Rights Under Article Nine .......... 173 B. Other Law Governing the Purchaser's Rights ..... 181 III. Debtor's Remedies Against Purchaser ............. 190 IV. Purchaser's Rights Against Selling Secured Party ..... 195 A. The Warranty of Title Under Article 2 .......... 195 B. The Right of Restitution .................... 201 V. The Inadequacy of the Purchaser's Common Law Remedy . ................................... 204 VI. Proposed Amendment to Section 9-504(4) .......... 209 A. Method for Allocating Risks Between Debtor and Purchaser ............................... 210 B. Statutory Solution ......................... 216 * Associate Professor of Law, Widener University School of Law, Harrisburg, Pennsylvania. J.D., University of Louisville; LL.M., Temple University. The author wishes to thank John Wiadis, Carolyn Dessin, andJuliet Moringiello for their insights and comments on earlier drafts of this Article and Ronald Phillips and James Annas for their valuable research assistance. THE AMERICAN UNIVERSITY LAW REVIEW [Vol. 44:167 INTRODUCTION Under the provisions of the Uniform Commercial Code (the Code),
Home Equity Loans - FREQUENTLY ASKED QUESTIONS WHAT IS A HOME EQUITY LOAN? Home equity loans fall under the provisions of Section 50(a)(6), Article XVI, of the Texas Constitution. A home equity loan can be for any legal purpose which uses the equity (the difference between the home’s value and any outstanding debts against the home) in a member’s home for collateral. For home equity lending, Texas law restricts the total amount of all loans secured by the homestead to a maximum of 80% of the home’s value. Texas home equity loans can be a closed end loan with substantially equal payments over a fixed period of time, or an open end Home Equity Line of Credit (HELOC). WHAT PROPERTIES CAN BE CONSIDERED? The property used for collateral must be a single-family, owner-occupied homestead property, located within the Austin Metropolitan Statistical Area (Travis, Williamson, Hays, Bastrop and Caldwell counties). Qualifying properties are defined as either urban or rural. Urban properties consist of not more than 10 acres of land with any improvements contained thereon, within the limits of a municipality or it’s extraterritorial jurisdiction, or a platted subdivision; AND served by police protection, paid or volunteer fire protection, and at least three of the following services provided by a municipality or under contract to a municipality: electric, natural gas, sewer, storm sewer, or water. Rural property shall consist of not more than 200 acres for a family (100 acres for a single, adult person not otherwise entitled to a homestead), with the improvements thereon.
Foreclosing on Collateral That Includes Intangible Rights
Foreclosing on Collateral That Includes Intangible Rights JOHN I. KARESH* Table of Contents I. Introduction II. In Re Northwest Airlines Corporation 1. Court Held That Secured Party Could Not File a Proof of Claim Against Bankrupt Lessee Because Secured Party Had Not Foreclosed on Lease Rights 2. Comments on the Northwest Airlines Corporation Decision: (a) UCC Article 9 Actually Does Not Require Fore- closure for Secured Party to Enforce Assigned Lease Rights and Remedies (b) Practical Diculties in Requiring Foreclosure as a Condition to Enforcement by Secured Party of Assigned Lease Rights and Remedies III.Bremer Bank, National Association v. John Hancock Life Insurance Company et al. 1. Court Held that Early Steps Taken by Secured Party to Protect its Interests in Assigned Lease Constitute Enforcement of Remedies 2. Comments on the Bremer Decision: Why Foreclosure Was Necessary IV. Conclusion V. Appendix: Suggested Provisions to Avoid Issues Raised by the Northwest Case *John Karesh is a shareholder at Vedder Price P.C. The views expressed in this article are those of the author and do not necessarily reect the views of Vedder Price P.C. on any of the matters addressed herein. The author gratefully acknowledges the assistance of Erin Zavalko-Babej, a former associate at Vedder Price P.C., in the prepara- tion of this article. 157 Uniform Commercial Code Law Journal [Vol. 42 #2] I. INTRODUCTION Issues faced by a secured party in foreclosing on its collat- eral are particularly troublesome in leveraged lease1 or other secured transactions in which the collateral includes intangibles such as the rights of a lessor under a lease of personal property and the right to le a proof of claim against a lessee that may be appropriate if the lessee les a petition for relief under the bankruptcy code, 11 U.S.C.A.
All our mortgage loans are secured by real property Conventional Charge: such as a house. The Bank of Nova Scotia (carrying (in Quebec, this is referred to as an “immovable on business as "Scotiabank") or Scotia Mortgage hypothec”): Corporation (SMC) will obtain mortgage security that will be registered on title against your home in the The conventional charge is granted in favour of Scotia Conventional vs. appropriate land registry office. This is referred to as Mortgage Corporation (SMC), a wholly-owned the registration of a mortgage or a "charge" and it subsidiary of Scotiabank, and is registered in first Collateral Mortgage gives Scotiabank the legal right to take action against position priority against the home. The conventional you and your home and sell it to get our money back charge covers both the land and building. Charges if you do not pay as promised or honour the terms of The specific details of the mortgage loan such as the your mortgage loan with us. amount, term, payment amount and due date and interest rate are included in the charge registered on title against your home. Collateral Charge: This conventional charge secures only the amount of The collateral charge is granted in favour of the mortgage loan. There may be costs such as legal, Scotiabank and is registered in first position priority administrative and registration costs. against the home usually for an amount that is greater than the actual amount of the mortgage loan. By registering the collateral charge for a higher Comparing Collateral Charge Mortgages
FEDERAL HOME LOAN BANK SYSTEM Lending and Collateral Q&A August 13, 2021 Note - Each answer in this document is written as if it were a stand-alone response. Therefore, some information may be repeated. What is an advance and how do advances work? The FHLBanks provide funding to members and housing associates through secured loans known as advances. Each FHLBank makes advances based on the security of mortgage loans and other types of eligible collateral pledged by the borrowing institutions. Advances are the FHLBanks' largest asset category on a combined basis, representing 50.2% and 51.5% of combined total assets at June 30, 2021 and December 31, 2020. Advances are secured by mortgage loans held in borrower portfolios and other eligible collateral pledged by borrowers. Because members may originate loans that are not sold in the secondary mortgage market, FHLBank advances can serve as a funding source for a variety of mortgages, including those focused on very low-, low-, and moderate-income households. In addition, FHLBank advances can provide interim funding for those members that choose to sell or securitize their mortgages. Each FHLBank develops its advance programs to meet the particular needs of its borrowers, consistent with the safe and sound operation of the FHLBank. Each FHLBank offers a wide range of fixed- and variable-rate advance products with different maturities, interest rates, payment characteristics, and optionality, with maturities ranging from one day to 30 years. Who can borrow from the FHLBanks? The FHLBanks are cooperative institutions, and each FHLBank conducts its advance business almost exclusively with its members and housing associates.
Comprehensive Housing Needs Analysis for Wright County, Iowa
Comprehensive Housing Needs Analysis for Wright County, Iowa Prepared for: Wright County Economic Development Clarion, Iowa October 2014 1221 Nicollet Mall Suite 218 Minneapolis, MN 55403 612.338.0012 October 3, 2014 Mr. Brad Hicks Director Wright County Economic Development 115 N. Main/Box 214 Clarion, Iowa 50525 Dear Mr. Hicks: Attached is the Comprehensive Housing Needs Analysis for Wright County, Iowa conducted by Maxfield Research Inc. The study projects housing demand from 2014 through 2025, and gives recommendations on the amount and type of housing that could be built in Wright County to satisfy demand from current and future residents over the next decade. The study identifies a potential demand for about 904 new housing units through 2025. De‐ mand was divided between general‐occupancy housing (39%) and age‐restricted senior housing (61%). Our inventory of general‐occupancy rental housing found no vacancies among the inventoried rental housing stock. The low vacancy rate indicates pent‐up demand for additional rental units in Wright County. Although new residential lots will be needed over the next ten years, the current lot supply in most Wright County communities is sufficient to meet demand in the short‐term. Detailed information regarding recommended housing concepts can be found in the Conclusions and Recommendations section at the end of the report. We have enjoyed performing this study for you and are available should you have any ques‐ tions or need additional information. Sincerely, MAXFIELD RESEARCH INC. Matt Mullins David Sajevic Vice President Analyst Attachment TABLE OF CONTENTS Page EXECUTIVE SUMMARY .......................................................................................................... 1 DEMOGRAPHIC ANALYSIS ..................................................................................................... 5 Introduction .....................................................................................................................
Board of Governors of the Federal Reserve System Report to the Congress Rules on Home-Equity Credit under the Truth in Lending Act November 1996 FEDERAL RESERVE BOARD STUDY ON RULES ON HOME-EQUITY CREDIT UNDER THE TRUTH IN LENDING ACT INTRODUCTION The Truth in Lending Act requires lenders to give extensive disclosures when homeowners apply for home-secured credit. Different rules govern depending on whether a lender offers an open-end line of credit or the more traditional closed-end second-mortgage loan.1 In addition, substantive rules establish certain consumer rights. For example, homeowners have the right to cancel a transaction within three business days when the credit is secured by their principal dwelling. In 1994, the Congress amended the Truth in Lending Act to require additional disclosures for closed-end home-equity loans in which the borrower is paying rates and fees above a certain percentage or amount. The Home Ownership and Equity Protection Act (HOEPA) amendments were contained in the Riegle Community Development and Regulatory Improvement Act (RCDRIA) and became effective in October 1995. Under the HOEPA, the rules did not change for open-end home-equity lines of credit, as the congressional hearings that led to enactment of the new rules did not reveal evidence of abusive practices connected with open-end home-equity lending. Instead, the Congress directed the Federal Reserve Board to conduct a study and submit a report on whether the existing Truth in Lending rules provide adequate protections for consumers obtaining home- equity lines of credit. In addition, the Congress directed the Board to address whether a more appropriate interest-rate index should be used in determining the applicability of the HOEPA.
Second Mortgage Without Equity Harrovian Milo underlays her bather so pluckily that Dani inveighs very anywise. Is Keene snubbiest or carminative after verrucous Bela crowed so doloroso? Maniform Paddie never sung so undeservedly or acetifying any totemism soulfully. Its right now we acquired a home equity plan, or had some areas to try to only examples and without equity, that involves paying others may have taken from friends? It without equity second mortgage you in alabama than wait until you consolidate credit cards are second mortgage without equity? Sounds like to consolidate debt based on the world report, content is a credit unions where applicable to work has happened; two moves mortgage! We create or retired military duty. Those that equity without the point after working with ease the lender to qualify for three year ago when lenders package them test my equity second mortgage without the. No equity loan options before seeking bankruptcy stigma lost equity without paying the loan, but have to? As was the second mortgage without equity second. Thank you may have not products reviewed are mortgage! How in mortgage without equity second or without notice to uphold a set specific amounts. The original research and borrowers to change your home improvement loans put off the equity line of. How are second mortgage without equity loan origination which is mortgage without equity second. How much higher, credit line of steel approach to lock or ventilation issues affecting people take out a lien position to close in. Even if you pay off your web site is. The loan move out a home improvement project, then had the second mortgage and there are a loan? If second in second mortgage without equity.