Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago January 19, 2016 1,298 Views Share Save Tagged with: Federal Home Loan Bank Membership Fitch Ratings Mortgage REITs About Author: Brian Honea Sign up for DS News Daily Mortgage real estate investment trusts (mREITS) that currently receive funding from the Federal Home Loan Banks (FHLBanks) will see their funding phased out after five years from the effective date of the FHFA’s final rule for FHLB membership, which was announced on January 12.The new rule cuts off the possibility of FHLBank membership for non-bank financial institutions such as hedge funds, investment banks, and equity REITs, keeping in line with the FHLBanks’ mandate of serving the housing finance market by extending credit to commercial banks, credit unions, and savings/loan institutions.FHLB system’s traditional mandate is to serve the US housing finance market by extending credit to commercial banks, credit unions, and savings/loan institutionsThose mREITs which received captive insurance subsidies from FHLBanks prior to September 2014, when the FHFA originally published the membership rule, will be eligible to receive funding for another five years from the date the rule becomes effective, which will be 30 days after it is published in the Federal Register. With ample time left to find replacement funding, mREITs are faced with a key decision, according to Fitch Ratings: Go with either low-cost, short-term repo funding with a shorter duration and increased liquidity risk, or long-term borrowings that include increased funding costs and affect profitability.“From a credit risk perspective, we would view the latter more favorably because of the benefit to asset-liability duration matching,” Fitch stated.Fitch Ratings believes that an mREIT such as Ladder Capital used the FHLBank system for approximately 42 percent of its funding as of September 30, 2015, will benefit from the five-year phase out provision of FHFA’s final rule. While many REITs have used the FHLBank system for a significant portion of its funding, the total FHLBank advances for the 10 largest mREITS were just 10.6 percent of their overall debt funding. The phasing out of borrowing from the FHLBank system “incrementally weakens the diversification of (mREIT) funding sources,” according to Fitch.The establishment of captive insurance subsidies gave nonbank financial institutions greater access to FHLBank membership starting in 2012, and 2015 saw a significant ramp-up, according to Fitch. At least 23 insurers (out of 7,255 institutions that were members of the FHLBank system, 346 of which were insurance companies) were captive insurance subsidiaries of mREITs, while FHLBank advances increased from 11.6 percent of par value at year-end 2011 up to 15.6 percent of par value by September 30, 2015, according to Fitch. Servicers Navigate the Post-Pandemic World 2 days ago Federal Home Loan Bank Membership Fitch Ratings Mortgage REITs 2016-01-19 Brian Honea Fitch: FHLB-Funded mREIT Borrowers are Facing a Key Decision Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fitch: FHLB-Funded mREIT Borrowers are Facing a Key Decision Related Articles Previous: Economist: TRID is Not Affecting Housing Market Potential Next: RMBS Settlement Cuts Into Goldman Sachs’ Profits Demand Propels Home Prices Upward 2 days ago Print This Post Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago
ABC News(FAYETTEVILLE, N.C.) — Stephon Ferguson, 49, discovered his “gift” by chance in the late 90s.While mixing a vinyl recording of Martin Luther King Jr.’s famous “I Have a Dream” speech with a music beat, he started to mimic King’s voice.“A friend of mine heard me and came into the room asking if that was me,” Ferguson told ABC News. “I told him that it was and he said, ‘You should really learn King’s work. Imagine the people that you can bless by being able to reinvigorate Dr. King’s dream.’”Since then, Ferguson has made it his life’s work to impersonate the civil rights leader and study King’s words.Using one’s voice came naturally to Ferguson. Growing up in a large family with minister parents in Fayetteville, North Carolina, he was steeped him in the spoken word. But after graduating from high school he followed in his siblings’ footsteps and joined the military.“All of my brothers were in the military and three of my sisters. Seven of us served in every branch of the service except for the Navy,” Ferguson said. After completing his service in 1993, he pursued a passion for broadcasting. He landed an on-air gig at 107.7 “The Flava” in Fayetteville. In his spare time, Ferguson was performing in an aspiring rap group called Peace 2 U.“My friend was the leader of the group and I wrote a lot of rhymes and produced tracks for other rappers,” Ferguson said. However, after realizing his ability to emulate King, Ferguson went to work committing King’s well-known speeches to memory. Starting with “I Have a Dream,” he continued to memorize King’s “Letter From a Birmingham Jail” and has also perfected King’s final public speech “I’ve Been to the Mountaintop.” According to Ferguson, “this talent is directly from God. There’s no way in the world I could do this myself. I would have never been able to memorize 30 minute speeches.” During his study of King, Ferguson broke down the powerful speeches word by word. He’d note the crescendos and listen for nuances in tone. He also researched the circumstances surrounding the speeches. Before performing “I Have a Dream,” Ferguson imagines himself as King in the early morning of Aug. 28, 1963, as the final touches were made to the historic speech.Throughout the months of January and February, Ferguson’s schedule is packed crisscrossing the country. He gets booked to speak at churches, universities, business conferences and military bases. By 2005, he secured a license from the King Estate to perform the speeches legally. Speaking as King has had a surprise impact on Ferguson’s life. It reminded him of a calling that he heard years ago. “I’ve actually been running from the call to the ministry for a while, but King has led me back,” he said.He added, “People will always want to hear Dr. King’s words because they’re so prophetic. You can pull things that can help us today and it’s significant.”Ferguson is enrolled at the Morehouse School of Religion and is an associate minister at the Greater Piney Grove Baptist Church in Atlanta, Georgia. “It has built my faith just studying King. You can build your faith off of what other people have been through,” Ferguson said.When Ferguson is not traveling, he volunteers regularly at the Historic Ebenezer Baptist Church in Atlanta. The site, which is operated by the National Park Service, is hallowed ground to those familiar with King’s life. King was baptized in 1934 at the church and his funeral was held there in 1968.Ferguson intends to speak as King for as long as possible. For him, it’s a divine mission to carry on King’s spirit and message to inspire new generations just like he was years ago.Copyright © 2018, ABC Radio. All rights reserved.
The HR team at Bupa were stars for the night after becoming the overallwinners of the Personnel Today Awards 2002. They collected the accolade after winning The Work Foundation Award forOrganisational Change. Bupa won for implementing an impressive change programmethat has helped double profits and increase customer and staff satisfaction. The HR party of the year kicked off as Ricky Gervais, star of BBC’s TheOffice, entertained the audience at our biggest-ever awards. Known for his ‘unique style’ of handling people, as bungling manager DavidBrent, he announced the 11 category winners, and overall winner. The eventrecognised the profession’s outstanding achievers. Comments are closed. Previous Article Next Article David Brent hands out the HR OscarsOn 5 Nov 2002 in Personnel Today Related posts:No related photos.