Newsflash Jan. 23, 2013

CDBANewsflash - Low Rez For Email 2

January 23, 2013

Member News

Southern Bancorp Community Partners Names New Community Development Officer
The Helena Arkansas Daily World

Kimberly Hall Clement recently joined the staff of Southern Bancorp Community Partners in Helena as community development officer. Clement will be responsible for supporting and promoting community development initiatives in the areas of health, education, housing, leadership, economic development, and other priorities the Strategic Community Plan defines. Southern Bancorp Community Partners works directly with its affiliate Southern Bancorp, a U.S. Treasury-certified community development bank, to revitalize underserved communities in the Mid-South. Together, they seek to reduce poverty by improving education and economic opportunities for individuals and families. 

Of Interest

Affordability for Renters Worsens "Across Board" in Philadelphia Area
Federal Reserve Bank of Philadelphia
While housing affordability challenges were greatest for extremely low-income renters, affordability indicators worsened across the board for renters in the Third Federal Reserve District between 2005 and 2010, according to a study by the Federal Reserve Bank of Philadelphia’s Community Development Studies Education Department. Of the 1.4 million renter households in the Third District in 2010, half spent more than 30 percent of their income on gross rent (including utilities), a level typically referred to as a housing cost burden. This share drifted up gradually from 44 percent in 2005. The level was highest for extremely low-income renters earning no more than 30 percent of the local median family income. However, the rates for very low-income and low-income renters grew by 5 and 10 percentage points, respectively, during the period. In total, 29 percent of renter households in the Third District had a severe housing cost burden in 2010, an increase of 5 percentage points in five years.
American Banker
"Force-placed insurance" appears 478 times in the Consumer Financial Protection Bureau's mortgage servicing rules released last Thursday. But the agency's proscriptions do not touch on many of the most controversial aspects about how banks buy the product. That's the broad opinion of consumer advocates, insurance market observers, and Assurant, the largest insurer in the market for the specialty product. The force-placed insurance rule generally sticks to a proposal that the CFPB floated last year and the terms of the national mortgage servicing settlement, neither of which has had a significant effect on industry practices. This may reflect at least in part the bureau's jurisdictional limits; under Dodd-Frank it is authorized to regulate mortgage servicing but not insurance — an industry that largely comes under the purview of state regulators.

CFPB Servicing Rules Could Force Institutions Out of the Business
American Banker 

The Consumer Financial Protection Bureau's new mortgage servicing rules may force some servicers to exit the business altogether or simply outsource servicing of defaulted loans to third-parties, experts said last Thursday. In many ways, the sweeping rules were as industry players expected, cracking down on everything from how servicers communicate with delinquent borrowers to when they can initiate a foreclosure proceeding. But some servicers said the rules, which were released Thursday and go into effect in a year, might still upend the current business model, with many lenders deciding the cost to comply with the regulations is too prohibitive.


Albina Community Bank - Senior Credit Administrator (Portland, OR)
This position is responsible for administering and overseeing the Bank’s loan portfolio, including consumer, commercial, and commercial real estate loans.  Responsible for loan approvals, portfolio status, collections, and overall monitoring of loan files.  Develops and recommends loan portfolio objectives, loan policies, and lending procedures. Provides guidance and direction to officers engaged in lending activities. Plans for, coordinates, and manages directly the Bank’s loan decisioning software and oversees all incoming participations. Full details available here

The CDBA Newsflash is a service of the Community Development Bankers Association (CDBA). For more information on other members and the work of CDBA please visit Or write to us at: 1444 I. Street NW, Suite 201, Washington D.C., 20005 or

Contact Name: Dana Weinstein;; 202-689-8935 x32

Wednesday, January 23, 2013