Washington

Washington Seems Eager To Create Another Housing Crisis

Published

1 year ago

June 5, 2023

Press Room

Washington Seems Eager To Create Another Housing Crisis

(Photo by Justin Sullivan/Getty Images)

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Washington seems to be setting up the nation to relive the housing and financial crisis of 2008-2009. That last crisis, of course, had lots of moving parts and reflected many bad decisions, but behind it all was Washington’s long insistence prior to the collapse that banks and other lenders extend more and more mortgage credit to lower-income people, the so-called sub-prime borrower. As the government for years laid on this pressure, the proportion of risky, sub-prime loans in the system grew making the system increasingly vulnerable. In the end, when many of these precarious borrowers failed to meet their obligations, all these lenders and those financial players who were vulnerable to them – in other words all in the financial system – collapsed. Now, 15 years on, the Biden administration is again pushing for more lending to lower-income borrowers and accordingly inviting another such disaster.

On the surface, the new effort looks very different from what existed earlier in this century. The essentials, however, and the effect will be the same. Leading up to the last crisis, Washington used regulatory powers to guide lenders toward sub-prime borrowers, rewarding lenders that followed the government’s lead and punishing those who resisted. The new approach relies on what is called the Loan Level Price Adjustment (LLPA) rule. It would subsidize mortgage fees for lower-income borrowers, those with low credit scores who are unable to offer substantial down payments. Those subsidies would extend to the cost of mortgage insurance, which is typically required when a buyer puts relatively little cash down. The rule would raise the funds to offer this support by charging higher fees to those with better credit scores and who are willing to make higher down payments on properties.

The aim is indisputably a worthy one – to bring more lower-income people into home ownership and thereby give them more of a stake in their community and an important leg up on the path to wealth creation. Worthy as the goal is, however, the new LLPA rule would fail to serve its intentions and bring other ills with it as well.

Fairness, or, to use a word much more common these days, equity, is one such consideration. It seems fundamentally unfair to press higher fees on borrowers who are more likely to repay their loan than on those who are less likely to repay it. It would further seem ill advised to effectively penalize (at least relatively) those who may have postponed their purchase for years in order to amass a larger down payment and who also imposed on themselves the financial discipline necessary to earn a high credit score.

There is a more important economic problem. The new rule, by increasing the proportion of borrowers that are more prone to default, would expose the country’s financial system to an ever-greater probability of widespread losses, in other words, the very same risks that led to the 2008-09 crisis.

To be sure, reduced fees will offer low-income borrowers some relief on their costs and to that extent, make it easier for them to meet their financial obligations. But these fees are only a small part of the cost of home ownership. The size of the mortgage and the interest rate on it constitute a greater portion of the burden. And then, of course, there are also the incidental repairs, a leaky roof, for instance, the failure of home appliances, accidents, and a long list of other expenses with which all home owners are familiar. These costs fall on all, but a low-income person, already only just able to meet even a subsidized payment structure, will, when faced with such expenses, more likely fail to meet the terms of the mortgage. If enough of these borrowers fail, the lenders will find themselves in the same kind of precarious financial position that developed in 2008.

It will take time to develop the full amount of risk involved. Right now, there are relatively few such sub-prime loans on the books for mortgage lenders or elsewhere in the financial system. The bankers seem to have longer memories than the people in Washington. The problem may never develop. It seems that recently the Federal Housing finance Agency (FHFA) has put the effort on pause. If the rule change does go ahead, it will take time to develop a critical mass of risky loans. The risk, however, will growth with each passing week, and then the slightest economic setback, much less the recession that is highly likely to develop soon, could bring on the loan failures and a return to the mess that all, save Washington it sees, remember all too well.

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Washington

UCLA Bruins Insider Podcast: Complete Recap of Bruins’ Road Loss to Washington

Published

5 hours ago

November 16, 2024

Press Room

UCLA Bruins Insider Podcast: Complete Recap of Bruins’ Road Loss to Washington

The UCLA Bruins (4-6) were handled by the Washington Huskies (6-5) on Friday night, losing by a score of 31-19. The Bruins will need to win their final two games of the year against USC (4-5) and Fresno State (5-5) to become bowl-eligible.

Our latest episode of the UCLA Bruins Insider Podcast recaps the Bruins’ tough loss on the road to the Huskies that snapped their three-game losing streak. There were multiple problems that arose for the Bruins as they were unable to stay in the game in the fourth quarter.

The Bruins never led in the ballgame and were unable to ever climb back and create the clutch score to take the lead. Red zone execution was a massive issue as the Bruins settled for multiple field goals when they needed touchdowns.

Senior quarterback Ethan Garbers had a solid game, throwing for 267 yards and two touchdowns, but he was sacked six times, which led to the low-scoring total. Garbers was scrambling and rushing throws on every drive, specifically inside enemy territory.

Another game of several penalties killed the offensive success for the Bruins. Nine flags for a total of 47 yards, including several false starts, made a comeback much more difficult by their own doing. They also rushed for just 52 yards, negatively responding after last week’s 211-rushing-yard game.

The Bruins will regroup and look to the Crosstown Showdown against the Trojans at the Rose Bowl. A massive win over a struggling Trojans team would give the Bruins a legitimate chance to play extra football during the holidays.

Ensure you follow on X (Twitter) @UCLAInsideronSI and @tcav30 and never miss another breaking news story again.

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Washington

Police seek info on driver following deadly hit-and-run in Washington Twp.

Published

15 hours ago

November 15, 2024

Press Room

Friday, November 15, 2024 10:00PM

Police seek info on driver following deadly hit-and-run in Washington Twp.

WASHINGTON TWP., N.J. (WPVI) — Police in Washington Township are asking for the public’s help in connection with a deadly hit-and-run investigation.

The crash happened around 8 p.m. on November 4 on Fries Mill Road, just south of the intersection with Hurffville-CrossKeys Road.

Police say 58-year-old John DeMarco was struck and killed while walking on the roadway.

On Friday, authorities released photos of a vehicle. Investigators believe the driver has valuable information related to the deadly crash.

The vehicle was observed traveling in Washington Township on Town Center Blvd, Hurffville-Cross Keys Road and Fries Mill Road between 8 p.m. and 8:05 p.m.

Anyone with information is asked to call Washington Township Detective Matthew Laudenslager 856-589-0330.

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Washington

What channel is Washington football vs UCLA on today? Time, TV schedule to watch Week 12 game

Published

1 day ago

November 15, 2024

Press Room

What channel is Washington football vs UCLA on today? Time, TV schedule to watch Week 12 game

Washington football has not met expectations in Year 1 in the Big Ten and the first year under coach Jedd Fisch.

The Huskies (5-5, 3-4 Big Ten) are coming off a national championship runner-up finish in 2023 but saw coach Kalen DeBoer depart for Alabama following Nick Saban’s retirement. Washington hopes facing a familiar foe in former Pac-12 rival UCLA (4-5, 3-4) can rejuvenate its season. The Huskies lost 35-6 to No. 7 Penn State last week.

Similarly, the Bruins enter this game seeking to continue finding their footing under first-year coach DeShaun Foster. After a 1-5 start, the Bruins have won three straight, including a 20-17 win over Iowa last week. UCLA also has wins over Nebraska and Rutgers in the stretch.

Washington has won 19 consecutive home games. The Bruins lead the all-time series 42-32-2 over the Huskies, with UCLA winning 15 of the last 20 matchups. UCLA won the previous meeting 40-32 over Washington in Pasadena, California, on Sept. 30, 2022.

Fisch served as UCLA’s offensive coordinator in 2017 and was named the interim head coach after Jim Mora was fired at the end of the season.

Watch Washington football vs. UCLA live with Fubo (free trial)

Here’s how to watch the Washington football vs. UCLA game today, including time, TV schedule and streaming information:

What channel is Washington vs UCLA on today?

The Huskies vs. Bruins Big Ten game will be broadcast nationally on FOX during Week 12 of the 2024 college football season. Connor Onion (play-by-play) and Mark Helfrich (analyst) will have the call from the booth.

The game can also be streamed on Fubo, which carries the FOX and offers new subscribers a free trial and on Sling TV.

Washington vs UCLA time today

Date: Friday, Nov. 15
Start time: 9 p.m. ET | 6 p.m. PT

Washington hosts UCLA at Husky Stadium on Friday in Seattle at 9 p.m. ET (6 p.m. PT).

Washington vs UCLA predictions, picks, odds

Odds courtesy of BetMGM as of Tuesday, Nov. 12

ODDS: Washington -3.5
O/U: 46.5
Moneyline: Washington (-175) | UCLA (+145)

Washington 20, UCLA 17: The Huskies escape with the close home victory behind a strong performance from running back Jonah Coleman, who breaks 1,000 rushing yards for the season.

Washington football schedule 2024

Here’s a look at the Huskies’ schedule in 2024, including available start times and TV channel information:

All times ET

Saturday, Aug. 31: vs. Weber State (W, 35-3)
Saturday, Sept. 7: vs. Eastern Michigan (W, 30-9)
Saturday, Sept. 14: vs. Washington State (L, 24-19)
Saturday, Sept 21: vs. Northwestern* (W, 24-5)
Friday, Sept. 27: at Rutgers* (L, 21-18)
Saturday, Oct. 5: vs. No. 10 Michigan* (W, 27-17)
Saturday, Oct. 12: at Iowa* (L, 40-16)
Saturday, Oct. 19: BYE
Saturday, Oct. 26: at No. 13 Indiana* (L, 31-17)
Saturday, Nov. 2: vs. USC* (W, 26-21)
Saturday, Nov. 9: at No. 6 Penn State* (L, 35-6)
Friday, Nov. 15: vs. UCLA* | 9 p.m. FOX (Fubo)
Saturday, Nov. 23: BYE
Saturday, Nov. 30: at No. 1 Oregon
Record: 5-5, 3-4 Big Ten

* Denotes Big Ten game

UCLA football schedule 2024

Here’s a look at the Bruins’ schedule in 2024, including available start times and TV channel information:

All times ET

Saturday, Aug. 31: at Hawaii (W, 16-13)
Saturday, Sept. 7: BYE
Saturday, Sept. 14: vs. Indiana* (L, 42-13)
Saturday, Sept. 21: at No. 16 LSU (L, 34-17)
Saturday, Sept. 28: vs. No. 8 Oregon* (L, 34-13)
Saturday, Oct. 5: at No. 7 Penn State* (L, 27-11)
Saturday, Oct. 12: vs. Minnesota* (L, 21-17)
Saturday, Oct. 19: at Rutgers* (W, 35-32)
Saturday, Oct. 26: BYE
Saturday, Nov. 2: at Nebraska* (W, 27-20)
Friday, Nov. 8: vs. Iowa* (W, 20-17)
Friday, Nov. 15: at Washington* | 9 p.m. | FOX (Fubo)
Saturday, Nov. 23: vs. USC*
Saturday, Nov. 30: vs. Fresno State
Record: 4-5, 3-4 Big Ten

* Denotes Big Ten game

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