Weak Loan Performance Offsets Countrywide Settlement

first_img in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Increasing pool losses and riding shares of delinquent loans muted the positive credit effects of recent settlements, according to a release sent by Moody’s analysts on Tuesday.The influx of $7.35 billion of settlement proceeds to deals involving outstanding Countrywide residential mortgage-backed securities (RMBS) was not large enough to significantly affect the transactions’ credit profile going forward, according to the statement.“The $7.35 billion of settlement proceeds distributed thus far to the “settling trusts” we rate accounted for only 9.6% of our current projection of those trusts’ lifetime losses, and the majority of the transactions have delinquency pipelines greater than 10% of current balance,” Moody’s said.Distributions were credit positive for only a limited number of bonds, with 7 percent of bonds recording more than a 10 percent increase in credit enhancement with 19 percent of bonds upgraded.Bond from deals with low settlement shares still benefited because of waterfall features, while the credit profile of bonds from deals with large settlement shares but weak pool performance remain unchanged.“Ultimately, the underlying pool performance, in conjunction with transaction specific waterfall features, and not just the settlement amount factored into the impact of the recoveries,” Moody’s said.On average, the distribution of $7.35 billion from $8.5 billion of the Countrywide settlement funds to Countrywide RMBS bonds Moody’s rates covered 9.5% of the lifetime net loss they project on Alt-A, 9.9% of subprime, 9.9% of prime jumbo and only 9.5% of option ARM product lines.“In addition, the majority of transactions have delinquency pipelines greater than 10 percent,” Moody’s said.The distributions were credit positive for a small number of bonds, as it resulted in partial recoveries of bond losses and minimal to-no write-ups of subordinated bonds that had sustained losses. Of bonds in the major asset classes, 68 percent displayed no positive growth in credit enhancement and 7 percent of bonds displayed an increase in credit enhancement of more than 10 percent. As nearly 61 percent of Countrywide deals had no subordinate bonds prior to the settlement and only 14 deals had subordinate tranches written up from zero, the recoveries, even those as large as 30 percent of the May pool balance, did not offset the depletion of credit enhancement and or losses already incurred on these bonds. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Phil Banker Tagged with: Countrywide Moody’s Settlements Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Weak Loan Performance Offsets Countrywide Settlementcenter_img Previous: Cordray Shares Expectations for New Administration Next: ServiceLink Fined by Regulators for ‘Improper Actions’  Print This Post Countrywide Moody’s Settlements 2017-01-24 Brian Honea January 24, 2017 1,397 Views The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Weak Loan Performance Offsets Countrywide Settlement Phil Banker began his career in journalism after graduating from the University of North Texas. He has covered a number of communities across Texas and southern Oklahoma, writing news and sports for publications including the Ardmoreite, Ennis Daily News and the Plano Star-Courier. He is currently a contributor to DS News and The MReport. Share Save Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more

Fugro wins 3-year IRM ROV support contract with Seamec for ONGC project

first_imgFugro has provided Seamec with IRM, positioning and construction support solutions for the past 8 years The Seamec project involves inspection, repair and maintenance of ONGC Mumbai’s offshore assets. (Credit: Fugro) Fugro has won a 3-year inspection, repair and maintenance (IRM) contract with SEAMEC LIMITED (Seamec) to support their asset management project for ONGC off the west coast of India.Fugro will provide Seamec with work class remotely operated vehicle (ROV) services for 3 years from mid-June, with the option of a 2-year extension.The Seamec project involves inspection, repair and maintenance of ONGC Mumbai’s offshore assets, which comprise processing and wellhead platforms, risers, subsea pipelines, pipeline end manifolds, single buoy moorings and single point moorings. Fugro’s ROV services will support critical IRM activities including marine growth removal, cathodic potential, and thickness measurements of jacket structures and subsea pipelines. Fugro’s work class ROV is equipped with specialist tools effective in water depths from 10 m to 150 m and it will be operated by experienced local personnel.Fugro has provided Seamec with IRM, positioning and construction support solutions for the past 8 years. Naveen Mohta, President of Operations and Commercial at Seamec, said: “Fugro has been our trusted partner for a long time and we are confident that they will deliver on this contract with the expertise and reliability that we have come to expect.” Source: Company Press Releaselast_img read more

Neymar rape accuser charged with extortion in Brazil

first_imgFILE PHOTO: NeymarSao Paulo, Brazil | AFP | Police in Sao Paulo said Tuesday they will bring extortion and slander charges against a Brazilian model who accused football star Neymar of rape.Najila Trindade filed a rape complaint with Sao Paulo police upon her return from a trip to Paris in May in which she said she was assaulted by Neymar following a pre-arranged meeting.A judge dismissed the case in August, citing insufficient evidence.Instead, Sao Paulo prosecutors said in a statement that investigators had found “indications of slanderous denunciation and extortion” in the woman’s accusation.A final decision on whether to prosecute Trindade will be left to a judge. Neymar, the world’s most expensive footballer, has always protested his innocence, saying their relations were consensual.The case complicated an already tumultuous year for the 27-year-old Brazil star, who has yet to play for his club Paris Saint-Germain this season following injury and reports of an aborted return to previous club Barcelona.On Friday, Neymar played his first game since suffering an ankle injury in June, grabbing a second-half equalizer for Brazil in a 2-2 friendly draw with Colombia.Share on: WhatsApplast_img read more

Joseph, Rickaby pace Team 1999-2003 to top prize at Bomber Alumni Basketball Tournament

first_imgMike Vance, Matthew Fuhr, Jeremy Phelan, Brody Blair and Leo Grypma paced Team 1999-2003.Team 2006-08, consisting of Florian Joseph, Chase and Clay Rickaby, Ben Irving, Joel DeVito and Ryan Moore, advanced to the final by stopping Team 2013-18 72-63 and Team 2010-11 64-52.Team 1999-2003 opened by outlasting Team 2004-05 73-57 before edging the West Kootenay Men’s Basketball League All-Stars 62-58.All proceeds from the Bomber Alumni Basketball Tournament benefit the Blair D’Andrea Alumni Scholarship Society.The scholarship fund supports development of local grassroots basketball and student-athletes with post-secondary pursuits.D’Andrea, who was instrumental in the development of high school basketball while teaching at L.V. Rogers in Nelson, Salmo Secondary and Mount Sentinel High School in South Slocan, died suddenly in 2013. Florian Joseph and Chase Rickaby were too hot to handle in sparking Team 2006-08 to a 72-63 victory over Team 1999-2003 in the final of the 2016 Bomber Alumni Basketball Tournament Boxing Day at the Trafalgar Middle School Gymnasium.The dynamic duo of former Bomber point guards led the victors to the early lead then snuffed out any rallies by Team 1999-2003 with shots from downtown.Joel DeVito and Ben Irving also chipped in on the scoresheet for Team 2006-08.last_img read more


first_imgARCADIA, Calif. (May 13, 2016)–Lightly raced Atascadero sat close to the pace throughout and fought off all challengers the final quarter mile en route to an impressive three quarter length win in Friday’s $58,000 allowance for California-bred or sired horses three and up. Ridden by Martin Garcia and trained by Jerry Hollendorfer, Atascadero, a 4-year-old gelding by Eskendereya, got 1 1/16 miles in 1:43.34.The 7-2 second choice in a field of eight, Atascadero paid $9.20, $4.40 and $3.20. Owned by his breeders, Al Graziani and Joe Russell, Atascadero, who was trying two turns for the first time in his fourth career start, improved his record to 4-2-1-1 and with the winner’s share of $34,800, increased his earnings to $82,720.Breaking from post position six, Atascadero sat second to longshot pacesetter Start a Runnin to the five sixteenths pole, took command and repelled a stubborn challenge from runner-up Matriculate while securing the victory.Ridden by Tyler Baze, Matriculate appeared to be in the garden spot turning for home, but had to settle for second, as he finished 1 ½ lengths in front of Ultimate Luck. Off at 5-1, Matriculate paid $4.80 and $3.80.Ultimate Luck, who was next to last turning for home, saved ground throughout and easily out-finished heavily favored Prime Issue for third by a length and a quarter. Ridden by Edwin Maldonado, Ultimate Luck was off at 8-1 and paid $3.60 to show.Fractions on the race were 23.17, 46 flat, 1:10.06 and 1:36.53.First post time for an 11-race card on Saturday at Santa Anita is at 2 p.m. Admission gates open at 11:30 a.m.last_img read more

Creation Uplifts the Church

first_imgNote: While the editor is out of town, we are bringing you readings of interest from creation writings associated with CEH.Creation Uplifts the Churchfrom “Why the Church Must Emphasize Creation,” by David CoppedgeBackground and justificationMost evangelical, Bible-believing churches believe in the doctrine of creation as presented in Genesis, but few spend much time teaching or preaching it. It is often treated as a side issue, something to hold a seminar on once every few years. This presentation aims to re-open discussion about the place of creation teaching in the church, and explain how much benefit the church stands to gain by bringing creation back up to its true Biblical emphasis–especially today.Theme and summaryCreation is a dominant doctrine and recurring theme in the Bible. It is not just about the past, but encompasses all of history and the eternal future. It is not just an intellectual doctrine, but has practical applications both to individuals and to the whole church. This series of essays provides five Biblical reasons why creation must be emphasized by evangelical churches today, how it will help the ministry, and what happens when the church neglects creation. Finally, it will provide practical steps the church can perform to harness the power of the doctrine of creation.IntroductionMany subjects are considered worthy of emphasis today in the church. Among common candidates:WorshipDiscipleshipFellowship and community; body lifeExpository preachingEvangelism and missionsThe familyBiblical counselingCultural and moral declineEnd times prophecyCreation is often treated as true, but only of special interest to eggheads and intellectual types. Some pastors tend to view those involved in creation ministries as a special interest group, like the proverbial man who only has a hammer and sees every problem as a nail. Here are some initial responses to these attitudes:(1)  Beware thinking “either-or”. Each of the above topics is extremely important and must also be emphasized. In this presentation, I will only seek to say what the Bible says. If I fail, please forgive and go with the Word. Certainly the Bible talks about many subjects besides creation; but is it possible that if we really restored it to many subjects besides creation; but is it possible that if we really restored it to its Biblical emphasis, it might seem like overemphasis? This List of Bible references shows that creation is not a minor topic in the Word of God.(2)  Creation is not just about the past. It encompasses the past, present and future:In the past, God created the heavens and the earth. (Gen. 1-2)In the present, God sustains the heavens and the earth. (Ps. 104)In the future, God will create new heavens and a new earth. (Rev. 21)This brings to mind three corollaries:We will always be God’s creatures. (We are not autonomous; we are not evolving into godhood.)We will always be surrounded by God’s creation.Get used to it! (By that I mean: enjoy it; rejoice in what God has done, is doing, and will do.) Creation is as eternal as love in I Cor. 13. (See Rev. 14:7.)(3)  Creation is a vast doctrine with a multitude of levels, ramifications and applications, as we shall see. It is not just about carbon-14, geological strata, and fossils. It is an essential part of the chief end of man– to glorify God and to enjoy Him forever. Standing in awe of God for his glory, wisdom and love expressed in His creation is part of our eternal calling. Our chief end is distracted in the present world because of sin and evil, but after those are done away, we will forever worship God and enjoy His new creations, no longer cursed or tainted by sin. Since that is what we will be doing for eternity, it makes good sense to start practicing it now.(4)  What floats your boat?  Each of the above subjects (worship, fellowship, etc.) is important and must also be emphasized; we are not saying pastors must choose between creation and these other things. On the contrary, we would like to show that each of these subjects will be enhanced, strengthened, and revitalized by an emphasis on creation. Creation is the “rising tide that lifts all ships.”Tomorrow we will look at some specific examples of how creation can uplift the church.Note: this series of essays continues with five Biblical reasons why the church must emphasize creation. The entire series will be posted on CreationSafaris.com under the Worship tab.(Visited 187 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

Congo-Brazzaville to chair AU

first_img25 January 2006Congo-Brazzaville has been elected chair of the African Union (AU) for 2006, after Sudan withdrew its bid for the post at the AU heads of state summit in Khartoum, Sudan on Monday.A special committee appointed by the summit – comprising Gabon, Botswana, Zimbabwe, Djibouti, Burkina Faso, Tanzania and Egypt – has recommended that Sudan take over the presidency in 2007.Traditionally, the host of the AU summit takes over the presidency. But concerns were raised that Sudan’s human rights record, particularly in the troubled Darfur region, might taint the AU’s reputation and stall the union’s peacekeeping initiatives in the region.An official statement declared that the union’s principle of rotating leadership among regions “shall be respected when electing the president of the African Union”.A task team is to be established to ensure that the geographical rotational principle for the coming years is adhered to, and that the election processes conform to the provisions of the AU’s Constitutive Act.Congolese President Denis Sassou-Nguesso is now the chair of the AU.Source: BuaNewslast_img read more

Task team gets to work on cancer

first_imgBreast and cervical cancers, according to the Health Department, are a growing concern among women; men are mostly affected by lung cancer, followed by prostate and throat cancers.(Image: CANSA)MEDIA CONTACTS • Department of Health enquiries+27 12 395 9150RELATED ARTICLES• Finding strength through breast cancer• Embrace tattoos to fight cancer• World Cancer Day marked in SA• Revamped Aids council launches• Paddlers in the pink for cancerCadine PillayA cancer advisory committee, set up by Health Minister Aaron Motsoaledi, will tackle all matters relating to the prevention and control of cancer.The Department of Health explained that the primary function of the Ministerial Advisory Committee on the Prevention and Control of Cancer would be to benefit the state to plan all-inclusive, preventive services; it would also benefit patients and their families by meeting their needs for quality care. There are eight inaugural members.Updating cancer data to help educate publicCancer is a major killer, both in the developed and the developing worlds; South Africa is not spared. According to the Health Department spokesperson, Popo Maja, the decision taken to establish the committee was a result of the growing number of cancer cases in South Africa. Maja said while cancer accounted for 7% of all deaths in South Africa in 2012, the information available on it was inadequate.Although there are other organisations that educate people on cancer, such as the Cancer Association of South Africa (Cansa), Childhood Cancer Foundation (Choc) and People Living with Cancer (PLWC), there is a dire need for an assessment of all available cancer data. South Africa’s official cancer data is irregular at present as cases are only reported voluntarily.The health minister set up a National Cancer Registry in 1986 to facilitate the compulsory registration of all cancer cases. However, it proved ineffective and the registry was last updated in 2004. “Our information is quite outdated and that worries us,” Maja said.The team will educate the public about cancer and how to detect it early. Breast and cervical cancers, according to the Health Department, are a growing concern among women. Men are mostly affected by lung cancer, followed by prostate and throat cancers.Maja said one of the committee’s tasks would be to strengthen research to find ways to make a cervical cancer vaccine affordable to disadvantaged communities.‘Lifestyle changes prevent NCDs’Setting up the committee is in line with a UN campaign launched in late 2011 at a summit to combat non-communicable diseases, as the UN sees these as a global development crisis. A non-communicable disease (NCD) is a medical condition or disease that is non-infectious and non-transmissible among people.In a 2011 review on NCDs, the South African Medical Research Council (SAMRC) reported that NCDs caused a quarter of deaths in South Africa. Globally, deaths caused by NCDs were projected to increase by 17% over the next 10 years, but the greatest increase – of 24% – was expected in Africa. It was also estimated that NCDs would contribute to 75% of global deaths by 2030.“Inadequate knowledge about how environmental and behavioural factors are causing NCDs among much of the population also allows NCDs to grow at unprecedented rates,” Motsoaledi said.NCDs can often be prevented through lifestyle changes, but the minister said poverty contributed to an increase in such illnesses because in poorer communities there was limited access to information on lifestyle changes. “We cannot expect people to behave in healthy ways unless they know what is healthy and what is not,” he added.He explained that the committee would work with society and communities to try to look for the best ways to do that.Experts to tackle cancer issuesThe advisory committee comprises a diverse group of cancer experts. “Setting up the team was a real affirmation of the minister’s focus to make quality health care accessible to all South Africans,” said committee member Kwanele Asante-Shongwe, who runs an advocacy group for breast cancer called BreastSens.Another committee member, Raymond Abratt, the head of radiation oncology at Groote Schuur Hospital and the University of Cape Town, said that in the past there had been a great emphasis on infectious diseases such as HIV/Aids. Now, South Africa needed to give more attention to NCDs like cancer.The other six inaugural committee members are Professor Vikash Sewram, the head of the oncology research unit at the SAMRC; Dr Jennifer Moodley, the senior public health specialist in the Western Cape health department and a senior researcher in the University of Cape Town’s Women’s Health Research Unit in the School of Public Health and Family Medicine; Professor Paul Ruff, the head of medical oncology at Charlotte Maxeke Academic Hospital in Johannesburg; Dr Christina Stefan, a paediatric oncologist at Stellenbosch University; Sue Janse van Rensburg, the chief executive of Cansa; and Nontuthuzelo Somdyala, a scientist from the Burden of Disease Research Unit at the SAMRC.last_img read more

14 days agoAlexandre Lacazette on brink of Arsenal training return

first_imgAbout the authorPaul VegasShare the loveHave your say Alexandre Lacazette on brink of Arsenal training returnby Paul Vegas14 days agoSend to a friendShare the loveAlexandre Lacazette is on the brink of a training return at Arsenal next week.The 28-year-old has not featured in any of Arsenal’s previous seven matches due an ankle injury.Lacazette started the season in good form, scoring in the north London derby with rivals Tottenham to take his tally to two goals in three appearances.However the Frenchman also picked up a knock in that clash and has failed to prove his fitness since, but the Metro says he will join in with first-team duties after the international break.Boss Unai Emery will be keen for his frontman to return in time for their next Premier League match away at Sheffield United on October 21. last_img read more