Farther apart. Closer together.
With all the fear and uncertainty happening around the globe, we thought we would focus this month’s newsletter on a truly inspiring story of human kindness. Coco Johnson is the daughter of a good friend of the CALCAP family. She is 15 and was diagnosed with a rare form of bone cancer known as Ewing sarcoma in June of 2019—the day after her 8
th
grade graduation.
Since that time, she has undergone two surgeries and more than a dozen chemotherapy treatments that required her to be hospitalized for days. Last week Coco received her last chemotherapy session and got to leave CHLA for the final time.
When she arrived home, about 70 friends and neighbors greeted her with surprise social distancing welcome home parade! The video has since gone viral after actor John Krasinski shared it on Twitter.
Coco said she hopes people watching the video amid the coronavirus pandemic and lockdowns remember that they, too, have a community.
"It's important to stick together and support each other in this hard time," she said.
Coco, we couldn’t agree more!
Stay safe everyone.
Edward M. Aloe
President and CEO
626-229-9057
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Non-QM lending has disappeared from the market
Two of the last holdouts have bowed out
“The pandemic has continued to cause turmoil in the worldwide economy,” Angel Oak said in its note to clients. “Due to the constant shifts and the inability to appropriately evaluate credit risk, we are pausing all loan activity for two weeks. This includes fundings and any new loan activity.”
It was also thought that Citadel Servicing, another big non-QM lender that was
purchased
by HPS Investment Partners in February, would be able to weather the storm as well since it now had the financial backing of HPS.
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Fed's Bullard says unemployment could reach 30%
About a quarter of the U.S. workforce is employed in industries hard-hit by stay-at-home orders
The
Federal Reserve
announced on Monday
that it will buy unlimited amounts of Treasuries and agency mortgages, including multifamily, to grease the wheels of the credit markets. The Fed also said it would set up programs to ensure credit flows to corporations and state and local governments. That includes buying municipal debt, which will provide cash to the communities who are on the front lines of the COVID-19 pandemic.
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Mortgage applications fall significantly as coronavirus continues to hit housing market
The conventional and government indices drop to the lowest level in March
According to the Mortgage Bankers Association, mortgage applications dropped 29.4% for the week ending on March 20, 2020. On an unadjusted basis, the Index sat 29% below the
previous week’s rate
.
Joel Kan, MBA’s vice president of economic and industry forecasting, said the retreat is likely attributed to an uptick in
mortgage rates
, which is now keeping many homeowners from refinancing their homes.
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About CALCAP
California Capital Real Estate Advisors, Inc., and its affiliate entities (CALCAP Asset Management I & II, CALCAP Properties, CALCAP Lending, and CALCAP Senior Healthcare I, collectively known as "CALCAP"), is a California based investment company founded and 2008 and headquartered in Pasadena, California. The Company sponsors alternative real estate investment opportunities focused on demographically driven housing. CALCAP has been able to consistently provide both individual and institutional investors with outstanding returns over the last 10 years. The Company's core strategies look to actively create alpha for investors while managing risk. CALCAP currently has over $300mm in Assets Under Management. To learn more visit
www.calcapadvisors.com.
Social Mission
CALCAP has created the CALCAP CARES program to encourage employees to find a way to give back to the neighborhoods where we invest. CALCAP has created "GiveTime4Autism" as its initial program which will allow employees the ability to donate unused vacation and sick days for a very worthy cause.
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LOS ANGELES
The Sanborn House
65 N. Catalina Avenue
Pasadena, CA 91106
SAN DIEGO
12626 High Bluff Drive, Suite 360
San Diego, CA 92130
PHOENIX
740 N. 52nd Suite 200
Phoenix,AZ 85008
SANTA BARBARA
1309 State Street Suite A
Santa Barbara, CA 93101
IRVINE
2603 Main Street, Suite 850
Irvine, CA 92614
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Edward M. Aloe, President & CEO
(626) 229-9057
Patrick A. Wakeman, Principal
(858) 764-4890
Drew Buccino, Principal and COO
(602) 419-3381
Greg Blix
Director of Investor Relations
(805) 896-8500
Len Israel
CEO, CALCAP Lending, LLC
949-439-1044
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Mark A. Mozilo, Principal
(626) 229-9056
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