In 1934, faced with a failed banking system and dramatic decreases in home ownership due to the economic depression, the U.S. government created the Federal Housing Administration (FHA) as part of the National Housing Act. The new government agency insured the loans made by mortgage servicers; it was also charged with the dual mission to improve housing conditions and provide stability for the mortgage market.
Prior to the creation of the FHA, most home loans featured three- to five-year repayment schedules culminating in a balloon payment, with loan-to-value ratios usually below 60 percent. With the restructuring of the federal banking system, new conditions for lending allowed for an increase in ownership of single-family homes.
In 1965, the U.S. Department of Housing and Urban Development became the umbrella organization for the FHA. In 2006, the FHA insured less than 3 percent of nationally originated loans. In 2012, it backs over 40 percent of all newly generated mortgages in the United States.
About Avi Naider: A software innovator and entrepreneur, Mr. Naider is CEO of ACES Risk Management Corp (ARMCO), found on the web at http://www.armco.us. He is a graduate of Princeton University’s Woodrow Wilson School of Public Policy and International Affairs.
Used at five-star hotels and restaurants worldwide, the Vero Water System uses proprietary technologies to produce high quality bottled water onsite, thus providing a convenient alternative to purchasing bottled water. The Vero+ purification process eliminates impurities, chemicals, and imperfections, leaving behind crisp, pure water every time. The system also includes reusable, durable glass bottles that can be branded with the customer’s logo. In all, the cost per bottle of Vero-purified water is less than half the cost of traditional, imported bottled water.
During the Vero+ purification process, water first passes through a nano cream pre-filter and a pre-carbon filter. The former uses an electro-adhesion technology to remove cysts, bacteria, viruses, and colloidal particles, while the latter pulls out any dirt, silt, rust, and chlorine. From there, the water undergoes ion resin exchange, which eliminates most hard solids to produce a softer, lighter taste. Following this, a post-carbon block filter further reduces chlorine and other chemicals in the water, while also removing any remaining color or odor. The water is then treated to ensure it has Vero’s signature crisp, pure taste before bottling. It can be served at ambient temperature, chilled, or carbonated.
About the Author
Entrepreneur and consultant Avi Naider sits on the board of Vero Water. Mr. Naider also serves as President and CEO of ACES Risk Management Corp (ARMCO), the producer of an online compliance and evaluation system for companies in the mortgage industry.
By Avi Naider
In 2008, the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) both experienced modification, with new regulations taking effect in 2009 and 2010. The changes to TILA included new instructions on how to determine and verify repayment ability for high-rate loans, expanded disclosure requirements, a mandatory seven-day waiting period between the date a buyer receives a truth-in-lending statement and the closing of the loan, and tighter restrictions on fees. The RESPA changes affected numerous types of disclosures, including the Good Faith Estimate and Department of Housing and Urban Development settlement statements. Together, the new changes have created a great deal of work for compliance teams at lenders small and large.
About the Author
In addition to serving as President and CEO of ACES Risk Management Corp (ARMCO), Avi Naider writes about changes in mortgage compliance and technology for several publications. Before joining ARMCO, Mr. Naider founded an Internet advertising company and worked for the Boston Consulting Group as a strategic consultant.