Great Southern, Springfield, Mo., has announced the formation of the Great Southern Community Development Corp., a for-profit affiliate of Great Southern Bank that will focus chiefly on the redevelopment of economically underserved areas by investing in real estate and affordable housing.Great Southern said its community development director, Brian Fogle, is serving as executive director of the CDC. "The Great Southern CDC will act as a contact and catalyst between various neighborhood groups, financial institutions, developers, and government entities to stimulate economic revitalization and community growth," the company said. "Unlike conventional bank financing, the CDC will provide greater flexibility in that it can participate in equity investments and real estate development, which are not normally permitted by bank regulators." Great Southern Bank operates 29 branches in southwest and central Missouri. It can be found online at http://www.greatsouthernbank.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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