Senators Implore Mortgage Industry to Ease Vegas Victims’ Burdens

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save in Daily Dose, Featured, Foreclosure, Government, Journal, Magazine Demand Propels Home Prices Upward 2 days ago Previous: Black Knight Announces Servicing Analytics Suite Next: Freddie Mac: Providing New Solutions to Financial Health? Related Articles The Best Markets For Residential Property Investors 2 days ago Tagged with: financial aid Las Vegas letter relief Sen Catherine Cortez Masto Sen Dean Heller shooting The Best Markets For Residential Property Investors 2 days ago October 16, 2017 1,554 Views Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Subscribe financial aid Las Vegas letter relief Sen Catherine Cortez Masto Sen Dean Heller shooting 2017-10-16 Nicole Caspersoncenter_img About Author: Nicole Casperson Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Senators Implore Mortgage Industry to Ease Vegas Victims’ Burdens Demand Propels Home Prices Upward 2 days ago This story has been updated to include comments from Fannie Mae and Chase. A letter from U.S. Sens Dean Heller (R-NV) and Catherine Cortez Masto (D-NV) was sent to mortgage industry leaders recently, requesting they assist victims of the deadliest mass shooting on record occurring earlier this month, with financial aid and relief.Heller cited “funeral costs, medical bills, and emotional trauma” in a recent press release as well as “legal foreclosure proceedings that would lead to a victim or their family’s eviction during their recovery.” The letter was sent to numerous banks and loan servicing companies, including Wells Fargo, Bank of America, Ocwen Financial Corporation, Citi, and others. Additionally, the letter was sent to the Federal Housing Finance Agency, the Federal Housing Administration, Fannie Mae and Freddie Mac.Furthermore, Heller requested that future mortgage and loan payments be tailored to the victims, providing forbearance programs and loan modifications to ensure all families are cared for. “We ask that you streamline documentation requests and paperwork burdens for any impacted borrowers and dedicate additional staff to process any requests from victims and their families” Heller wrote.Upon request from DS News, Fannie Mae has issued the followed statement to the letter: “Our thoughts are with those affected by this heartbreaking tragedy. Mortgage assistance is available for families in need. We urge homeowners to contact their mortgage servicer, the company where you send your monthly mortgage payments, for information on mortgage assistance options.”Chase also responded to DS News: “Our thoughts are with the victims and their families. We work with our customers whenever they face difficult situations. We ask any customers affected by this tragedy that are in need of help to contact us on the Chase special care line: 1-888-356-0023.”It is not unheard of for government owned companies to provide relief to individuals experiencing inflated costs due to disaster- or tragedy-related events, as seen in events as recent as last month. Ginnie Mae provided expanded loan buyout authority, which included late fee waivers, loan modifications, and foreclosure moratoriums for those affected by Hurricane Irma. GSEs Freddie Mac and Fannie Mae also issued a 90-day moratorium on foreclosure proceedings and eviction activities after the disaster. Senators Implore Mortgage Industry to Ease Vegas Victims’ Burdens  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img read more

Which Amazon HQ2 City Offers the Best Housing Opportunities?

first_img The Best Markets For Residential Property Investors 2 days ago As Amazon closes in on its second headquarters—called “Amazon HQ2,” for short—CoreLogic’s economists sat down to offer the best potential housing opportunities that each of the finalist cities has to offer. From Washington D.C., which provides all the infrastructure needed for a retail to technology giant, to Atlanta, with its lower home and rent prices compared to the national average, the CoreLogic team looked at various housing opportunities that each city provides.For instance, Pittsburgh is a favorite because of its affordable housing stock and low increases in home prices. On the other hand, Los Angeles, which is the only West Coast city on the list and also among the priciest housing markets, makes up for its shortcomings by meeting some key Amazon HQ2 requirements such as a large labor force as well as great infrastructure in terms of universities, airports and a growing public transport network.Click through to hear which is their favorite city to win the Amazon HQ2 sweepstakes. Is it Dallas, with its affordable housing and strong labor force, or Pittsburgh, with its multiple building sites and financial packages, or could bigger metros like Chicago or Los Angeles have the edge?<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span><span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span> Which Amazon HQ2 City Offers the Best Housing Opportunities? Related Articles Home / Daily Dose / Which Amazon HQ2 City Offers the Best Housing Opportunities? Demand Propels Home Prices Upward 2 days ago amazon Amazon HQ2 CoreLogic Homes HOUSING markets 2018-07-16 Radhika Ojha Share Save  Print This Post Previous: Top Cities for First-time Homebuyers Next: Ginnie Mae’s MBS Balance Continues to Climb in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily center_img Tagged with: amazon Amazon HQ2 CoreLogic Homes HOUSING markets Servicers Navigate the Post-Pandemic World 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago July 16, 2018 2,551 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Rent Increases Spur Regulation

first_img Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Rent Increases Spur Regulation Related Articles June 12, 2019 743 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: FHFA Talks Conservatorship and Regulation Next: Fannie Mae Surveys Market Sentiment Home / Daily Dose / Rent Increases Spur Regulation Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Affordability Investment Rent 2019-06-12 Seth Welborn The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Affordability Investment Rent The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago New York state lawmakers have reached an agreement intended to strengthen New York’s rent laws and tenant protections. The New York Times reports that the deal may be a “significant blow to the real estate industry,” who have noted that these measures can lead to to the deterioration of the condition of New York City’s housing. NYT reports that the regulation would abolish rules that let building owners deregulate apartments, close a series of loopholes that permit them to raise rents and allow some tenant protections to expand.Trade groups have stated that the proposed regulations could harm smaller landlords, stating that they may not be able to raise rents due to escalating costs without going out of business.“This legislation fails to address the city’s housing crisis and will lead to disinvestment in the city’s private sector rental stock consigning hundreds of thousands of rent-regulated tenants to living in buildings that are likely to fall into disrepair,” Taxpayers for an Affordable New York, a coalition of four real estate groups said in a statement. “This legislation will not create a single new affordable housing unit, improve the vacancy rate or improve enforcement against the few dishonest landlords who tend to dominate the headlines,” the statement added. “It is now up to the governor to reject this deal in favor of responsible rent reform that protects tenants, property owners, building contractors and our communities.”Nationwide, the rental market price and demand increases, and with the additional demand, landlords are beginning to cut back on many “perks” originally intended to entice potential renters. According to Zillow, just 1 in 100 rental listings currently show any kind of move-in special, CNBC’s Diana Olick reports.Additionally, rent prices are up 3.1% year over year, to a median rent of $1,530 nationally, the highest level since August 2017.“This potentially signals more rent growth is to come, as landlords not only reduce incentives to move but also increase prices,” said Joshua Clark, economist at Zillow’s HotPads on CNBC. “Of course, all real estate is local and deals are becoming more common in some places.”  Print This Post The Best Markets For Residential Property Investors 2 days ago About Author: Seth Welborn Subscribe Sign up for DS News Daily last_img read more

Residential Mortgages Get Special Treatment With Bankruptcy Provisions

first_img About Author: Mark Baker The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Strength in Housing Causes Decline in Financial Stress Next: The Industry Pulse: Updates on New Hires and Partnerships in Daily Dose, Featured, News, Print Features The Best Markets For Residential Property Investors 2 days ago 2020-01-22 Mike Albanese Mark Baker is the Managing Attorney in Alabama & Tennessee for McMichael Taylor Gray, LLC (MTG). He has spent over 30 years representing lenders and servicers in default services, including foreclosure, bankruptcy, evictions, and debt collection. Prior to joining MTG, Baker was the Owner of Mark A. Baker Law, LLC, ( Tallahassee, Florida) and the Managing Partner at Johnson & Freedman, LLC (Atlanta, Georgia). Mark received his B.A., University of Alabama and received his J.D. from the Cumberland School of Law. January 22, 2020 2,009 Views Anne Marie Throne is an Associate Attorney at McMichael Taylor Gray, LLC. Her focus is on Tennessee Bankruptcy. Prior to joining MTG, she worked at Podis & Podis as Debtor’s Counsel for Bankruptcy cases. Throne is a graduate of East Tennessee State University, where she received her Bachelor’s Degree in business administration. She received her Juris Doctor degree from Belmont University College of Law. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Anne Marie Throne Editor’s note: This feature originally appeared in the January issue of DS NewsResidential mortgages receive preferred treatment in Chapter 13 cases—the “anti-modification” provisions of the Bankruptcy Code generally prevent a debtor from modifying claims secured only by the debtor’s residence, even when the property is “underwater.” But what if the residential mortgage obligation matures prior to or during the pendency of the case and the value of the property is less than the debt? The Fourth Circuit Court of Appeals (Maryland, Virginia, West Virginia, North Carolina, and South Carolina) has recently aligned itself with the Eleventh (Alabama, Georgia, and Florida) and Sixth (Kentucky, Michigan, Ohio, and Tennessee) Circuits to clearly establish that these unfortunate lienholders have drawn the short end of the stick. Indeed, all circuit courts that have considered the issue are in agreement.The anti-modification prohibition of Chapter 13 in Section 1322(b)(2) of the Code provides that “subject to subsections (a) and (c) of this section, the plan may modify the rights of holders of secured claims, other than a claim secured only by a security interest in real property that is the debtor’s principal residence. This Code section seems to be a straightforward prohibition against residential mortgage modification. Thus, for “long-term” mortgage debt—a secured obligation which by its terms extends beyond the duration of the case—the debtor may not modify the loan and must continue making ongoing mortgage payment and cure any pre-petition arrearage owed on the loan during the pendency of the case. In addition, undersecured long-term junior liens secured only the debtor’s principal residence must be cured and paid through the bankruptcy, provided there is any equity above the first lien.However, there is an anti-modification exception found in Section 1322(c)(2): “notwithstanding subsection (b)(2) in a case in which the last payment on the original payment schedule for a claim secured only by a security interest in real property that is the debtor’s principal residence is due before the date on which the final payment under the plan is due, the plan may provide for the payment of the claim as modified pursuant to section 1325(a) (5) of this title.” Section 1325(a)(5) then provides that “the court shall confirm a plan if (5) with respect to each allowed secured claim provided for by the plan (ii) the value, as of the effective date of the plan, of property to be distributed under the plan on account of such claim is not less than the allowed amount of such claim.”Courts have struggled with the apparent inconsistency between these two interrelated Code sections. Can the debtor only modify the payment terms, as suggested by Section 1322(c)(2)? Or can the debt be crammed down to value, as provided in Section 1325(a)(5)? The Fourth Circuit Court of Appeals has joined the Sixth and Eleventh Circuits to hold that a lien secured only by the debtor’s principal residence that matures before the final payment under the plan, no matter the lien position, may be crammed down and bifurcated into secured and unsecured claims.nd unsecured claims. In Hulbert v. Black, decided May 24, 2019, the Fourth Circuit Court of Appeals considered whether only the monthly payment amount could be modified, or whether the debt could be crammed down. When the debtor filed Chapter 13 in April 2016, the residential mortgage loan had already matured with a total balance due of about $181,000; however, the debtor valued the property at only $40,000. The plan proposed to bifurcate the lien into secured and unsecured portions. The Fourth Circuit held that Section 1322(c)(2) is best read to authorize modification of claims, not just payments, and concluded that a chapter 13 plan may bifurcate a short-term claim based on an undersecured homestead mortgage into secured and unsecured components and cram down the undersecured component to the value of the property. Hulbert v. Black, 925 F.3d 154 (4th Cir. 2019).The Eleventh Circuit has also concluded that the plain language of Section 1322(c) (2) permits the modification of claims (through bifurcation and cramdown) secured by those short-term home mortgages that mature prior to the completion of a Chapter 13 plan. Am. Gen. Fin., Inc. v. Paschen (In re Paschen), 296 F.3d 1203 (11th Cir. 2002). Similarly, the Sixth Circuit has held that Section 1322(c)(2) creates a narrow exception to the protection from modification in §1322(b)(2) that includes the power to bifurcate undersecured claims that matured or will mature, consistent with Section 1325(a)(5). First Union Mortg. Corp. v. Eubanks (In re Eubanks), 219 B.R. 468 (6th Cir. BAP 1998).Thus, in the Fourth Circuit, as in the Sixth and Eleventh, a short-term undersecured lien secured only by the debtor’s principal residence may be bifurcated into secured and unsecured claims. Effective property valuation, perhaps by expert testimony, then becomes the key to maximizing the creditor’s recovery. Related Articles Demand Propels Home Prices Upward 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Residential Mortgages Get Special Treatment With Bankruptcy Provisions Home / Daily Dose / Residential Mortgages Get Special Treatment With Bankruptcy Provisions  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

Home Purchase Sentiment Down After Hitting ‘Peak’

first_img Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Christina Hughes Babb December 7, 2020 849 Views Fannie Mae’s Home Purchase Sentiment Index (HPSI) this month reported a 1.7 point decline in home-purchase sentiment following three consecutive months of increases, the researchers said. The HPSI stands at 80 points for November. Since last year at this time, the HPSI has dropped 11.5 points.The decline in the HPSI can be attributed to net decreases in three components this month: mortgage rate outlook,job loss concern, and buying conditions. Three components saw net increases: home price outlook, change inhousehold income, and selling conditions.”The HPSI appears to have peaked for now as consumers continue to consider how COVID-19 impacts their ability to buy or sell a home,” said Doug Duncan, Fannie Mae’s Senior Vice President and Chief Economist. “This follows the HPSI’s recovery of slightly more than half of the loss experienced during the first few months of the pandemic.””Drilling down a bit, home purchase confidence has recovered more for homeowners than for renters, in part because homeowners have been less likely than renters to have had their jobs and finances impacted by the pandemic,” Duncan continued. “Interestingly, the gap between the HPSI broken out by the homeowner and renter subgroups hit a survey high in August but, despite narrowing slightly, remains elevated and well above the survey average.”Some other highlights related to HPSI indicators for the month of November 2020 (access more info on the HPSI as well as the full research report on Fanniemae.com).The net share of Americans who say it is a good time to buy decreased 3 percentage points—The percentage of respondents who say it is a good time to buy a home decreased from 60% to 57%, while the percentage who say it is a bad time to buy remained the same at 35%.  The net share of those who say it is a good time to sell increased 2 percentage points—The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. The net share of Americans who say home prices will go up increased 8 percentage points month over month—The percentage of respondents who say home prices will go up in the next 12 months increased this month from 40% to 41%, while the percentage who say home prices will go down decreased from 20% to 13%. The share who think home prices will stay the same increased from 31% to 35%. As a result, The net share of Americans who say mortgage rates will go down over the next 12 months decreased 14 percentage points month over month—The percentage of respondents who say mortgage rates will go down in the next 12 months decreased from 11% to 8%, while the percentage who expect mortgage rates to go up increased from 32% to 43%. The share who think mortgage rates will stay the same decreased from 49% to 40%. The net share of Americans who say they are not concerned about losing their job decreased 6 percentage points month over month—The percentage of respondents who say they are not concerned about losing their job in the next 12 months decreased from 79% to 76%, while the percentage who say they are concerned increased from 21% to 24%. The net share of those who say their household income is significantly higher than it was 12 months ago increased 3 percentage points month over month—The percentage of respondents who say their household income is significantly higher than it was 12 months ago increased from 23% to 24%, while the percentage who say their household income is significantly lower decreased from 20% to 18%. The percentage who say their household income is about the same increased from 55% to 57%. Share Save in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: The Week Ahead: The Impact of the 2020 Wildfires Next: DS5: Industry Leaders and Policymakers Confront Housing Challenges Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Home Purchase Sentiment Down After Hitting ‘Peak’ The Best Markets For Residential Property Investors 2 days ago 2020-12-07 Christina Hughes Babb Home Purchase Sentiment Down After Hitting ‘Peak’ Subscribelast_img read more

How Homeownership Has Changed Since the 1960s

first_imgHome / Daily Dose / How Homeownership Has Changed Since the 1960s Data Provider Black Knight to Acquire Top of Mind 1 day ago How Homeownership Has Changed Since the 1960s Racial disparity has widened since 1960 — Citing a report from the U.S. Department of Housing and Urban Development (HUD), The Zebra reported that, while both white and Black Americans now have higher homeownership rates than they did in 1960, the gap between these two groups has widened.In 1960, 64.4% of white Americans and 38.4% of Black Americans owned homes, a difference of 26 percentage points. In 2020, 75.8% of white Americans and 46.4% of Black Americans owned homes, a difference of 29.4 percentage points.More single women own homes —  Less than 0.1% of women ages 18–34 lived alone in their own homes 60 years ago, but that same group now represents 1% of all homeowners in the United States.Living alone is more common among all Americans — just 6.4% of Americans lived alone in 1960, whereas 28.3% of Americans now live alone.Fewer Americans live with spouses — more than 70% of Americans lived with a spouse in 1960, but today that group comprises only 51.5% of adults. By contrast, many more Americans now live as unmarried partners — 7.3% in 2020 compared to only 0.4% 60 years ago.More than half of all young Americans now live with their parents — Among 18 to 34 year olds, nearly twice as many people live at home with their parents in 2020 than in 1960. 22% of 18-34 year old men live at home now as opposed to just 10.9% in 1960.Older Americans live alone rather than with family — in 1960, 20% of men and 40% of women over age 75 lived with their families. In 2020, just 6% of men and 19% of women over 75 live with their families. Today, one of every two older American women live alone, and 4.5% of all Americans over 65 live in nursing homes or other similar facilities.The authors of the report surmise that 2021 presents its share of obstacles for Americans who hope to achieve and maintain homeownership and those who represent them.”With growing housing issues related to affordability, foreclosure, eviction, racial disparity and homelessness, the coming years represent a formidable challenge for politicians and community leaders hoping to provide stable lives for Americans,” the researchers conclude. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 1 day ago About Author: Christina Hughes Babb in Daily Dose, Featured, Market Studies, News Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. The Best Markets For Residential Property Investors 2 days ago Previous: Recognizing the Top Women of Law Next: Biden to Release Billions in Puerto Rico Disaster Relief While rural areas of the United States have maintained the same approximate population (54 million in 1960 and 57 million in 2020), urban areas have gained nearly 150 million inhabitants in the last six decades, according to a study by The Zebra, a home insurance comparison site. Analysts for The Zebra dove deep into today’s most pressing housing matters to understand how they compare to the same issues some 60 years ago.”We wanted to dig deeper into the ways that housing has affected the lives of Americans both historically and in the present,” The Zebra’s researchers said. “Using U.S. Census Bureau data, we explored how housing has changed for Americans since 1960.”And here are some of the main things The Zebra’s analysts discovered:An increasingly unaffordable dream of homeownership — 3 million homeowners will have delinquent mortgages in 2021; 5% of homeowners are in serious danger of losing their homes; communities of color are disproportionately affected by issues of housing security, with Black and Latinx individuals making up 80% of those facing eviction.One common measure of housing affordability is the relationship between the median cost of a home and the median income (price-to-income ratio). The Zebra used Census intel to calculate the price-to-income ratio for Americans in 1960 as well as 2019 and found that in 1960, the median home cost $11,900, while the median income was $5,600, indicating a price-to-income ratio of 2.1. By contrast, in 2019 the median home cost $240,500 with an estimated median income of $68,703, a price-to-income ratio of 3.5.Housing costs have far exceeded growth in wages — the median house of 1960 would cost just $104,619 in 2020 dollars, far below the actual cost of $240,500, meaning housing costs have increased by 229%. Median household income has only grown by 140% in that same time period, from $49,232 (2020 dollars) in 1960 to $68,703 today.Black Americans face an even greater challenge when it comes to housing affordability, as Black families earn an average of $29,000 less annually than white families, which would represent a price-to-income ratio of 6.1. The Zebra 2021-02-02 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Demand Propels Home Prices Upward 1 day ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 1 day ago February 2, 2021 1,222 Views Tagged with: The Zebra The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribelast_img read more

More funding announced to tackle coastal erosion in Donegal

first_img More funding announced to tackle coastal erosion in Donegal Twitter Pinterest Pinterest Guidelines for reopening of hospitality sector published Three factors driving Donegal housing market – Robinson By admin – October 8, 2015 Previous articleIreland not afraid of facing GermanyNext articleMc Gowan calls on Irish Water to address raw sewage in Convoy admin GAA decision not sitting well with Donegal – Mick McGrath Homepage BannerNews Google+ Facebookcenter_img WhatsApp RELATED ARTICLESMORE FROM AUTHOR WhatsApp Google+ Calls for maternity restrictions to be lifted at LUH Twitter Nine Til Noon Show – Listen back to Wednesday’s Programme A further 109 thousand euro has been allocated to Donegal County Council to address coastal erosion and storm damage.Donegal County Council have already been allocated 666,000 thousand euro last year with some of that amount to be paid on request.This further funding, combined with money already allocated brings the total to 769 thousand euro.Donegal Deputy Dinny McGinley says the money will go some way to address what is a very serious problem in Donegal…………..Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/10/dinnerosion.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. NPHET ‘positive’ on easing restrictions – Donnelly Facebooklast_img read more

Vizag Gas Leak: ‘Strict Liability’ Or ‘Absolute Liability’?

first_imgKnow the LawVizag Gas Leak: ‘Strict Liability’ Or ‘Absolute Liability’? Akshita Saxena9 May 2020 6:48 AMShare This – xOn Friday, the National Green Tribunal ordered LG Polymers to deposit Rs. 50 Crores with the District Magistrate, Vishakhapatnam, in connection to a major leak of Styrene gas from its polymer plant situated in RR Venkatapuram village.However, the NGT observed in the order that the situation attracted the principle of “strict liability”.”Leakage of hazardous gas at such a scale…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginOn Friday, the National Green Tribunal ordered LG Polymers to deposit Rs. 50 Crores with the District Magistrate, Vishakhapatnam, in connection to a major leak of Styrene gas from its polymer plant situated in RR Venkatapuram village.However, the NGT observed in the order that the situation attracted the principle of “strict liability”.”Leakage of hazardous gas at such a scale adversely affecting public health and environment, clearly attracts the principle of ‘Strict Liability’ against the enterprise engaged in hazardous or inherently dangerous industry”, the Tribunal observed. The principle of “strict liability”, evolved in the year 1868 in the case of Rylands v. Fletcher, [1868] UKHL 1, has become obsolete now with the evolution of “absolute liability” principle. As per this principle, any person who indulges in “non-natural” use of land and who keeps “hazardous substances” on his premises will be held “strictly liable” if such substances “escapes” the premises and causes any “damage”. The quoted words form the essentials for constituting strict liability of an industry. However, this principle allows for exception from liability if such damage has been caused by :(i) the Plaintiff’s own fault; (ii) an Act of God; (iii) act of a Third Party; or (iv) if the hazardous activity was being carried out with the consent of the Plaintiff (violenti non fit injuria). In principle, the concept of strict liability contemplates the accountability of a person/ industry carrying out hazardous activity in cases where some sort of “negligence” is attributable to them. Strikingly, this principle was overturned by the Indian Supreme Court in the celebrated decision of MC Mehta v. Union of India, 1987 SCR (1) 819, whereby the top Court evolved the concept of no-fault liability, formally known as the principle of “Absolute Liability”, to remedy the “undeserved suffering of thousands of innocent citizens”. Under this principle, “an enterprise, which is engaged in hazardous or inherently dangerous industry which poses a potential threat to the health and safety of the persons working in the factory and residing in the surrounding areas owes an Absolute and non-delegatable duty to the community to ensure that no harm results to anyone on account of hazardous or inherently dangerous activity which it has undertaken.” The principle of absolute liability offers no exception to the industries involved in hazardous activities and they are absolutely liable for the damage so caused, despite observance of due diligence. The decision was passed by a Constitution bench of the Supreme Court in the aftermath of the Oleum gas leak from one of the units of Shriram Foods and Fertilisers Industries, in Delhi in the year 1985, causing significant detrimental health effects to the local population. Finding the principle of strict liability “woefully inadequate” to protect citizens’ rights in an industrialized economy like India, the Apex Court formulated the principle of absolute liability. “This, rule ( Ryland v. Fletcher ) evolved in the 19th century at a time when all these developments of science and technology had not taken place cannot afford any guidance in evolving any standard of liability consistent with the constitutional norm and the needs of the present day economy and social structure. We do not feel inhibited by this rule which was evolved in the context of a totally different kind of economy. Law has to grow in order to satisfy the needs of the fast changing society and keep abreast with the economic developments, taking place in this country. As new situations arise the law has to be evolved in order to meet the challenge of such new situations. Law cannot allow our judicial thinking to be constrained by reference of the law as it prevails in England or for the matter of that in other foreign legal order. We in India cannot hold our hands back and I venture to evolve a new principle of liability which English courts have not done,” the constitution bench led by then Chief Justice PN Bhagwati had observed. Considerably, this decision was rendered when the country was still reeling under the shock of the 1984 Bhopal gas tragedy. The legal proceedings instituted in the upshot of this fatality came to be decided by the Supreme Court in the year 1989 applying the principle laid down in the MC Mehta case. The principle has thereafter been reaffirmed by the Supreme Court on various occasions, including in the case of Charan Lal Sahu v. Union of India, AIR 1990 SC 1480, whereby it was highlighted that this rule is “absolute and non-delegable” and the enterprise cannot escape liability by showing that it had taken reasonable care or there was no negligence on its part. In the said case, the Supreme Court had examined the constitutionality of the Bhopal Gas Leak Disaster (Processing of Claim) Act, 1985 which was enacted by the Central Government to ensure that the claims arising out of the disaster were dealt with effectively. “If the enterprise is permitted to carry on a hazardous or dangerous activity for its profit, the law must presume that such permission is conditional on the enterprise absorbing the cost of any accident arising on account of such activity as an appropriate item of its overheads. The enterprise alone has the resources to discover and guard against hazards or dangers and ‘to provide warning against potential hazards,” the court had held therein wile upholding the constitutional validity of the Act. To sum up, the principle of Absolute Liability was evolved by the Supreme Court to ensure that the profit-oriented industrial enterprises carrying on inherently hazardous activities do not escape their liability in terms of the exceptions available under the principle of strict liability. Therefore, the use of words “strict liability” under the NGT order opens up a convenient window for the company, LG polymers, to escape liability on showing that there was no negligence on their part. Difference between Absolute & Strict Liability Apart from availability of various exceptions under the principle of strict liability, the rule is also at variance from the principle of Absolute liability when it comes to the extent of damages to be paid. Whereas under strict liability, compensation is payable as per the nature and quantum of damages caused but in cases of absolute liability, damages to be paid are exemplary in nature, and depend upon the magnitude and financial capability of the enterprise. Further, the element of “escape” is not an essential under the doctrine of Absolute Liability. This means that even if any hazardous substance does not leak from the premises of the industry but causes harm to the workers inside, the enterprise may be held absolutely liable. Inter alia, Absolute Liability can be upheld by the courts even in those cases where a single death is reported and there is no mass destruction of property or pollution of the environment. In Klaus Mittelbachert v. East India Hotels Ltd., AIR 1997 Delhi 201, the Delhi High Court had applied the principle of Absolute Liability to compensate a German co-pilot who suffered grave injuries after diving into the swimming pool of the five-star restaurant. In the said case, evidence indicated that the pool was defectively designed and had insufficient amount of water. The pilot’s injuries left him paralyzed leading to death after 13 years of the accident. The court held that five-star hotels that charge hefty amounts owe a “high degree of care” to its guests. Public Liability Insurance Act, 1991 Over and above the compensation that may be awarded by the Courts, the victims are also entitled to compensation under the company’s Public Liability Insurance, available in terms of the Public Liability Insurance Act, 1991. The Act came into being in the aftermath of the Bhopal Gas Tragedy. This law requires all enterprises that own or have control over handling of any hazardous substance, to subscribe to a “public liability insurance policy cover” whereby they are insured against the claims from third parties for death or injury or property damage caused by hazardous substances handled in their enterprise. The compensation payable under this Act is also irrespective of the company’s neglect. The victims who are exposed to hazardous substance used by an industry may file a claim with the Collector within 5 years of the accident. On receipt of an application, the Collector, after giving notice to the owner and after giving the parties an opportunity of being heard, will hold an inquiry into the claim and may make an award determining the amount of relief which appears to him to be just. However, the amounts under this Act, as specified in the Schedule, were stipulated nearly two decades ago. Resultantly, the compensation under the Act is very meager and the families of victims’ who have died due to the gas leak or have suffered permanently disability, are entitled only to a maximum compensation of Rs 25,000, in addition to a maximum of Rs. 12,500, as reimbursement for medical expenses. In cases where a victim has suffered permanent partial disability or other injury or sickness, the relief available if (a) reimbursement of medical expenses incurred, if any, up to a maximum of Rs. 12,500 in each case and (b) cash relief on the basis of percentage of disablement as certified by an authorized physician. For loss of wages due to temporary partial disability which reduces the earning capacity of the victim, a fixed monthly relief not exceeding Rs. 1,000 per month has been stipulated, up to a maximum of 3 months, provided the victim has been hospitalized for a period exceeding 3 days and is above 16 years of age. For any damage to private property, an amount of up to Rs. 6,000 is payable, depending on the actual damage. Next Storylast_img read more

Delhi HC Directs Delhi Govt To Pass Order on Implementation Of Revised Wages Of Prisoners Within 3 Weeks [Read Order]

first_imgNews UpdatesDelhi HC Directs Delhi Govt To Pass Order on Implementation Of Revised Wages Of Prisoners Within 3 Weeks [Read Order] Karan Tripathi15 Jun 2020 10:29 PMShare This – xDelhi High Court has directed the Delhi Government to pass an order on implementation of revised wages of prisoners within a period of 3 weeks. The Bench of Justice Jyoti Singh has further directed the Delhi Government to submit a status report on this issue before the next date of hearing. The order has come in a writ petition filed by Nitin Verma, wherein it was…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginDelhi High Court has directed the Delhi Government to pass an order on implementation of revised wages of prisoners within a period of 3 weeks. The Bench of Justice Jyoti Singh has further directed the Delhi Government to submit a status report on this issue before the next date of hearing. The order has come in a writ petition filed by Nitin Verma, wherein it was claimed that the prisoners are still being paid wages at rates fixed in 2014 despite the revision of wages coming into effect from June 2019. The Petitioner was aggrieved by the the fact that on 20.06.2019, Delhi Government issued a communication revising the standardized rates of per day wages for skilled, semi-skilled and unskilled categories and despite the passage of one year, the order has not been implemented with respect to the Petitioner and the other under-trials and convicts housed in jails. Appearing for the Delhi Government, ASC Sanjoy Ghose submitted that the government has an Opinion from the Labour Department regarding the applicability of the minimum wages to the prisoners, both convicts and under-trials, under the existing Labour laws. Delhi Government further submitted that: ‘Based on the Opinion so received, on 01.06.2020, a Final Proposal for implementation of the Communication dated 20.06.2019, has been sent by the Prisons Department to the Home Department and the Respondents are hopeful that by mid-July, 2020, grievance of the Petitioner would be redressed and he and the others would start receiving the benefits of the revised wages.’ The court will next take up this matter on July 24Click Here To Download Order[Read Order] Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Bhima Koregaon: SC Adjourns State Of Maharashtra’s Appeal Seeking Setting Aside Of Gautam Navlakha’s Transit Remand Order

first_imgTop StoriesBhima Koregaon: SC Adjourns State Of Maharashtra’s Appeal Seeking Setting Aside Of Gautam Navlakha’s Transit Remand Order Sanya Talwar10 July 2020 8:41 AMShare This – xThe Supreme Court on Friday adjourned an appeal moved by State of Maharashtra against the Delhi High Court order setting aside Gautam Navlakha’s transit remand.A bench of Justices Arun Mishra, S. Abdul Nazeer & Indira Banerjee allowed the State Government to file a compilation earmarking list of dates along with a convenience in the appeal which has contended that the habeas corpus…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court on Friday adjourned an appeal moved by State of Maharashtra against the Delhi High Court order setting aside Gautam Navlakha’s transit remand.A bench of Justices Arun Mishra, S. Abdul Nazeer & Indira Banerjee allowed the State Government to file a compilation earmarking list of dates along with a convenience in the appeal which has contended that the habeas corpus petition filed by Navlakha before the High Court is not maintainable. For this purpose, the State Government has gone on to cite two Supreme Court judgements – State of Maharashtra v. Tanseem Rizwan Siddique and Saurabh Kumar v. Jailor, Koneil Jail.The case was heard for a brief period and the Government’s contention of non-application of Section 167(2) of the CrPC by the High Court of Delhi while setting aside Navlakha’s remand order for transit by the Trial Court. It has been contended by the State Government that the High Court had erred while holding that production of case diary was imperative while applying for transit remand.Solicitor General Tushar Mehta stated that the question here is whether the interpretation of section 167(2) could have been done (by the High Court).”High Court could not have gone into this issue” argued Mehta.Senior Advocate Dushyant Dave appeared for Navlakha and stated that the validity of the transit remand order has to be decided by the trial court itself. “It was a writ of habeas corpus. Nalvlakha had surrendered” argued Dave.At this juncture, Justice Mishra stated that the matter shall be taken up next week after the compilation is on record and is circulated.The Appeal filed by the state has contended that,”Section 167 (1) of the code of criminal procedure makes it clear that in case an accused is to be produced before the jurisdictional magistrate, then it is incumbent upon the police to produce the case diary. In case the police applies for transit remand before a Magistrate having no jurisdiction, then it is not necessary for the police to produce the case diary. In the case in hand, the Police arrested 5 persons from different places in the country. It was, therefore, not expected and not possible to produce the case diary before the concerned Courts.”The State of Maharashtra has also contended that the the Chief Metropolitan Magistrate passed the transit remand order “without application of mind” and that the manner of arrest by Navlakha was in fact due process and the High Court could not have gone into the issue.Gautam Navlakha had approached the Delhi High Court challenging the transit remand order granted to the Maharashtra Police after his arrest on August 28, 2018.The Court had noted that the transit remand order was passed in violation of Article 22 of the Constitution and Sections 41(1)(ba) and 167 of the CrPC.The HC bench of Justices S Muralidhar & Vinod Goel had held that the CMM had passed the order without “existence” of material proving necessity of arrest.The Court ended the house arrest of Navlakha stating,”In view of Section 56 and 57 of CrPC and absence of remand order by the CMM, detention of Petitioner has exceeded 24 hours, which is untenable in law.”Next Storylast_img read more