December 7, 2011
Program will help tenants achieve home ownership and relieve banks of “toxic” assets.
The American Tenants Association (ATA) (http://www.americantenants.org), the country’s only nationwide residential tenants’ advocacy group, offered solutions today to the nation’s financial crisis that are designed to dovetail with the Obama Administration’s plan to rid banks of “toxic” mortgage assets.
The ATA’s initiative, entitled Performance Based Financing, uses long-term residential leases with purchase options that will have the effect of changing financial institutions’ classification of troubled assets to “performing” from “non-performing” while allowing millions of residential renters the opportunity to achieve home ownership.
Performance Based Financing, a concept created by Stan Dale, a graduate level adjunct professor at Pennsylvania’s Arcadia University and the ATA’s Director of Public Policy, is at its core a “rent-to-own” strategy. Mr. Dale indicated that the plan incorporates Black-Scholes financial options modeling to establish net present value and real options modeling to create a “bid/ask” marketplace for residential properties.
“Banks and financial institutions are being crushed by short sales, foreclosures and deeds in lieu of foreclosure,” Mr. Dale said. “In addition, because of the Financial Accounting Standard Board’s ‘mark-to-market’ accounting principles, paper losses become real losses. This causes bank reserves to be more difficult to maintain and as a consequence credit more difficult to obtain,” Mr. Dale added.
Mr. Dale went on to say that “higher losses mean tighter credit which leads to failures resulting in more losses. It’s a never ending cycle.”
William M. Deegan, the ATA’s Executive Director, said that “Performance Based Financing requires no outlay of federal or private capital” other than the expense of administering the plan. “The Obama Administration’s Public-Private Investment Program, designed to clear banks of toxic assets, will require billions in public and private financings. Our plan, once established and implemented, will allow banks to switch currently non-performing mortgage assets to performing assets in the form of performance valued purchase contracts without requiring a dime in taxpayer funding.”
Mr. Deegan added that “tenants who might not otherwise qualify for mortgage financing will be able to achieve the dream of home ownership” under the plan.
The group indicated that they would present their proposal to Congressional leaders and the Obama Administration in the weeks ahead.
“The beauty of Performance Based Financing is that everyone benefits; tenants, the banks and the taxpayer,” Mr. Dale concluded.
The American Tenants Association serves as the voice for the more than 95 million Americans who rent their homes. Membership is free to all tenants and advocates of tenant rights. Its web and blog address is http://www.americantenants.org
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Posted On: Scottsdale, AZ April 1, 2009
Filed under deed in lieu of foreclosure, foreclosed homes by 
November 27, 2011
Nomis Solutions releases Price Sensitivity Score for US and Canadian banking customers enabling banks to make better marketing and pricing decisions. Use of the Nomis Score results in more competitive pricing and 10 to 20 percent increased profit per customer for early adopters.
Nomis Solutions, the leading provider of Pricing and Profitability Management solutions for financial services companies, announced mainstream availability of its Nomis Score for Price Sensitivity Estimation today. The Nomis Score accurately assesses how much individual consumers evaluate the interest rate or fee components of a financial product when seeking or using those products. It is applicable to mortgage, home equity lending, credit cards, auto loans, personal loans/lines, savings, and deposit accounts. Consumers with high scores are more price sensitive while consumers with lower scores focus on product features, brand, convenience, and service offerings rather than price alone.
“We are very excited to bring this innovation to market as banks struggle to find profitable ways to set interest rates and fees on products while maintaining fair lending practices,” said Frank Rohde, CEO of Nomis Solutions. “Industry feedback and consumer focused regulation mandate that banks understand empirically what consumers really value and how much they are willing to pay for different products and services in order to avoid unfair, deceptive, and abusive lending practices. The Nomis Score provides lenders with a consistent and unbiased analytic approach for understanding how consumers value price amongst other features of the credit offering.”
“As banks are changing the way they price following the Card Act, Regulation E, and the Durbin Amendment, an empirical understanding of price sensitivity is critical at the point of origination and throughout the customer lifecycle. Applying the Nomis Score to marketing and pricing decisions has improved our customers’ profits by 10-20% in a tough credit market.”
Derived from years of research on consumer behavior and validated across key retail banking products, the Nomis Score is currently in use by several large banks, including 3 of the top 10 North American banks. For a detailed whitepaper on applicability and use cases of the Nomis Score, as well as a heat map of price sensitivity for US regional markets contact Nomis Solutions.
For more information about the Nomis Score, please contact jennifer(dot)horn(at)nomissolutions(dot)com.
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Posted On: San Bruno, CA July 15, 2011
Filed under Forecast by
December 29, 2008
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