FHFA should ensure consistency during COVID recovery

first_imgFHFA ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Federal Housing Finance Administration (FHFA) should ensure there is consistency between the policies within their regulatory purview and the directives of Congress during the COVID-19 recovery, CUNA wrote Tuesday to the House Financial Services Committee. The committee is scheduled to hear testimony Wednesday from FHFA Director Mark Calabria on the agency’s response to the pandemic.“Credit unions have encountered an increased number of distressed borrowers seeking forbearances or other assistance. As forbearance requests increase, so too do the questions surrounding the process and procedures,” the letter reads. “We call on Congress to urge the FHFA, Fannie and Freddie to issue clarifying guidance and additional resources regarding the treatment of escrow, private mortgage insurance (PMI), credit life, credit disability, and interest during the period of loan deferment and after the deferment concludes, FHFA and the GSEs could provide clarity on the timing of any required escrow analysis and the options for repayment of unpaid escrow.”Additional highlights of the letter include:While CUNA supports initiatives to aid distressed borrowers, is it increasingly concerned with the impact of many forbearances on the liquidity of mortgage servicers. CUNA recommends policymakers act to provide a funding source accessible to mortgage servicers as the financial disruption becomes prolonged;center_img continue reading »last_img read more

Atlantis and GE to Build World’s Largest Tidal Turbine

first_imgSIMEC Atlantis Energy (Atlantis), Turbine and Engineering Services Division (ATES) will enter into a technology partnership and preferred supplier agreement with GE’s Power Conversion business (GE).Under the terms of the partnership agreement, both parties will work together and share resources for the ongoing development of utility scale tidal energy generation and associated energy storage solutions. They will also engage in joint marketing activities to promote their innovative new subsea connection technologies and the wider benefits of cleaner, predictable tidal energy.Atlantis and GE have already been working in partnership since September 2018 on the development and performance validation of Atlantis’ AR2000 tidal generation system, which is expected to be the world’s largest and most powerful single axis turbine available. This record-breaking system is expected to be deployed on future phases of Atlantis’ iconic MeyGen Project in Scotland and will also be available for sale to commercial developers.The two parties will work jointly to help achieve efficient, sustainable solutions for the delivery of low-cost tidal power, Atlantis said.The partnership will play a key role in the delivery of equipment and services to the second phase of the MeyGen Project, known as Project Stroma, which will see two additional Atlantis AR2000 turbines connected via a new subsea hub to a single power export cable which will then be connected via the MeyGen substation to the National Grid.Drew Blaxland, Director of ATES, said:”GE is a world leader in power conversion equipment development and supply. The AR2000 is expected to be the world’s largest single axis tidal turbine and it will be deployed on the world’s largest tidal power project. We want to partner with the world’s best companies; leaders in technology and innovation. This agreement with GE is a clear demonstration of our commitment to working with industry leading companies to deliver utility scale tidal power. As the sole supplier of turbine generation equipment to the second phase of the MeyGen Project in Scotland, partnering with GE unlocks enormous opportunities to build on 10 years of R&D to now deliver more cost-effective, cleaner tidal power solutions for developers around the world.“We expect that the AR2000 will become the system of choice for developers of tidal power projects around the world. Developed and built in Britain and then exported around the world.”Peter Oram, Commercial Director of GE’s Power Conversion business, stated: “We are delighted to be working together towards cleaner energy solutions – harnessing natural resources, like tidal energy, and applying GE’s efficient MV power conversion technologies allows us to turn this abundant source of energy into reliable, predictable power, for the UK and the world.”last_img read more