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first_imgFootball is the most widely followed sport in Spain and through initiatives such as these, LaLiga World hopes to mobilise support for other sports. The Spanish chess team is in India to prepare for the 43rd Chess Olympiad in September 2018 by practicing with and playing against the Indian team. Girona FC Coach, Eusebio Sacristán also played a friendly match against the Chess Team Coach, David Martinez.It has been a highly memorable trip to India for the LaLiga side, who on the pitch beat Melbourne City FC 6-0 in their opening fixture of the Toyota Yaris LaLiga World tournament. The final fixture of the three team tournament will see hosts Kerala Blasters face Girona FC at the Jawaharlal Nehru Stadium in Kochi. However, the Spanish side are looking to leave their mark off the pitch as well as on it, as they become the first LaLiga side to make the trip to India.Bernardo Espinosa, Girona FC player, said, “It was a wonderful experience to get to meet professional chess players and experience the sport with them. I was thrilled to see how well prepared these players were and people also got see us in other ways apart from football.”David Anton, Spanish chess player, said, “It was a good experience to mix football and chess. We had the opportunity to meet some of the best players of Girona FC and I think they enjoyed the experience of playing chess and learning more about the sport can also help them to make decisions on the pitch.”S.L. Narayanan, Indian chess player said, “When such popular teams come to India and promote a niche sport like chess, it really boosts the chess culture in India and the world. It was great interacting with the players and we hope to see more LaLiga teams come to India and interact with us.”Advertisement AdvertisementLaLiga side Girona FC currently in India for the Toyota Yaris LaLiga World Tournament have swapped a ball for chess pieces as they played a friendly chess tournament against the Spanish and the Indian national chess teams as a part of LaLiga World’s initiatives to promote other sports through football.last_img read more

Report For Servicers a Sea Change

first_imgReport: For Servicers, a Sea Change in Daily Dose, Featured, News, Servicing In a press release issued by Fitch Ratings, the company comments that the past year has seen a “sea change” in who is servicing severely delinquent U.S. mortgage loans—and how they are being serviced. Fitch found that 2013 saw many portfolios of non-agency residential mortgage-backed securities (RMBS) mortgage servicing rights (MSR) move from banks to non-bank servicers.Fitch’s analysis is supported by increased investigations by government agencies into possible concerns associated with non-bank servicer’s rapid growth.Fitch found, “In fact, non-banks now service nearly three-quarters (72 percent) of non-agency deals. Large non-bank servicers such as Ocwen and Nationstar have absorbed much of this product, with their total servicing portfolios growing by 250% and 100%, respectively, over the past 12 months.”The shift in servicing portfolios has had a large impact on existing RMBS. According to managing director Roelof Slump, servicing transfers from banks to non-banks reveal key strategic goals between the two types.”Non-bank servicers are proving to be more aggressive in their monitoring of principal and interest advances,” Slump said. “Non-bank servicers are also showing themselves to be more proactive in their use of loan modifications and are seeing shorter overall timelines.”These differences in strategy affect both monthly cash flow and ultimate loss severities, according to Fitch.In light of the recent completion of the National Mortgage Settlement Agreement, new rules went into effect that impact all mortgage servicers. The previous settlement left out non-bank servicers, who now have to abide by the Consumer Financial Protection Bureau’s (CFPB) new regulations.”This in turn placed non-banks under greater scrutiny than what they had seen previously,” Fitch said.Fitch notes that new oversight will yield higher fixed costs, as technology and process enhancements are made in order to comply with the new guidelines. This increase in cost will push non-bank servicers to grow their portfolios, and Fitch suggests “strong forces are still in place to further incent both outright MSR sales and subservicing arrangements, thus heightening scrutiny of such transactions.”Conversely, commercial banks remain incentivized to control the overall size of their portfolios, and reduce their servicing of underperforming loans. Compliance Fitch Ratings Mortgage Servicing Rights Nationstar Ocwen RMBS 2014-03-31 Colin Robinscenter_img March 31, 2014 433 Views Sharelast_img read more