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78 WASHINGTON, D.C. Ginnie Mae CEO Responds to Sen. Warren on VA Issues In a letter to Sen. Elizabeth Warren (D-Massachusetts), Ginnie Mae's CEO explained how the company is curbing too-fast refinancing and aggressive marketing by some VA-approved issuers. e letter was penned in response to Sen. Warren, who initially addressed the aggressive practices in a letter to Ginnie Mae on Sep- tember 6. Warren warned that the marketing practices were negatively impacting Ginnie Mae securities and failing to benefit veteran borrowers. After researching the unusually fast pre- payment speeds Ginnie Mae was noticing in its securities, as well as conducting conversa- tions with its VA partners, issuers, and the investor community, the organization changed a few program standards. "e APM put in place a limitation on the delivery of so-called 'streamline refinance' loans into standard Ginnie mortgage-backed- securities until six consecutive monthly payments were made on the initial mortgage loans," wrote Michael Bright, President and CEO of Ginnie Mae, in the letter. According to Bright, this means that an originator cannot do a quick refinance of a loan and deliver it into a standard Ginnie Mae security until the borrower has made six months of payments. is restriction went into effect in February of this year, but after a suc- cessful six months, Ginnie Mae noticed more streamlined refinancing appearing in their pools. Some VA loan issuers are now using other "evasive mechanisms." "Ginnie Mae's efforts, along with its partners in government, industry, Congress, and other stakeholders, seek to fully root out these questionable lending practices that harm veterans and harm the Ginnie Mae security, which also notably means harm to FHA and other government-backed loan program bor- rowers," Bright said. Chase Invests in D.C. Neighborhoods In late September, JPMorgan Chase revealed its third investment into a major U.S. city—this time Washington D.C.—in an effort to help the area's underserved neighbor- hoods, specifically those in Wards 7 and 8. e program will provide $10 million in funding over three years, concentrating on four key areas the bank has deemed vital to economic growth: minority-owned businesses, jobs and skills, overall financial health, and neighborhood revitalization. e company previously implemented the program in De- troit and Chicago. "Greater Washington is one of the world's most economically influential regions, yet not all residents benefit equally," said Jamie Dimon, Chairman and CEO of JPMorgan Chase. "We're investing in D.C. because we see local leaders working together and in- novating to make opportunity available to all Washingtonians no matter the neighborhood they live in." In order to craft these philanthropic programs, JPMorgan Chase combines its business expertise with data and a skills-based employee volunteer program to help bolster local nonprofits' success and the communities they serve. According to the bank's press release, Wards 7 and 8 have high poverty levels, high levels of unemployment, limited affordable housing, and overall economic stability, even though the Greater Washington region has the highest number of tech companies outside of Silicon Valley. e district is also home to Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin research organizations, nonprofits, and For- tune 1000 companies. "By making deliberate and intentional investments in historically underserved neigh- borhoods, we are able to get more District residents on pathways to the middle class," said Muriel Bowser, Mayor of the District of Columbia. "Today, we know that while D.C.'s economy is thriving, not enough residents are benefiting from our city's prosperity. JPMorgan Chase's commitment is a welcome addition to the civic and community partners working to ensure that residents in every corner of D.C. are able to participate in the inclusive prosperity of the city, not just witness it." Of the total investment, $5 million will go to the Ward 8 nonprofit Building Bridges Across the River and two Community De- velopment Financial Institution Funds—City First Enterprises and Washington Area Com- munity Investment Fund, Inc. e remaining $5 million will be used to promote residents in Ward 7 and Ward 8 through scaled consumer financial health ini- tiatives, workforce promotion, neighborhood revitalization, and small businesses. New Jersey Lisa G Lopez Broker of Record Home Alliance Realty 142 E. Bay Ave Manahawkin, NJ 08050 609-978-9009 (o) 609-384-5109 (c) lglopez@verizon.net www.HomeAllianceRealty.com www.LisaLopezProperties.com According to Zillow's Home Value Index data through August 31, 2017, Washington, D.C., has a median home value of $544,500 with home values increasing 4.4 percent in the last year. Zillow predicts values will rise an additional 2.3 percent within the next year. Breaking that price down per square foot, Washington square footage is going for $504, which is higher than the Washington Metro average of $218. KNOW THIS

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