Despite Economic Headwinds, Housing Market is a Bright Spot for Economy

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles October 16, 2015 1,330 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The housing market is somewhat of a bright spot for the economy despite the U.S.’s continuous struggle with weaker exports and slowing global growth, the Fannie Mae Economic & Strategic Research Group reported Friday.The macroeconomic picture in the U.S. continues to battle economic headwinds—namely a September jobs report that came in below expectations and an appreciating dollar which will pressure the already growing U.S. trade deficit, Fannie Mae said. Yet, housing remains in a fairly positive zone, considering all of the factors weighing it down.The GSE research group noted that single-family and multifamily starts—as well as existing home sales—may have dropped in August, but new home sales reached a high during the same month and builder confidence rose in September.The National Association of Home Builders/Wells Fargo Housing Market Index saw confidence in the new single-family home construction index rise one point to a level of 62 on a scale of 100, the highest reading since October of 2005, NAHB said in September. The same month, the association estimated that 1.1 million total housing starts will be recorded in the U.S. this year.Fannie Mae’s economic update noted that expectations for future activity in housing remain unchanged, with home sales expected to rise nearly 8 percent in 2015 and another 4 percent in 2016.In addition, projected mortgage originations for 2015 were raised higher in this month’s forecast.“Despite recent headwinds, which likely will slow economic growth compared to the first half of 2015, we see positive trends for consumer spending and housing heading into the fourth quarter.”“Despite recent headwinds, which likely will slow economic growth compared to the first half of 2015, we see positive trends for consumer spending and housing heading into the fourth quarter,” said Fannie Mae Chief Economist Doug Duncan. “Strong home price gains should help drive an increase in household net worth again in the third quarter, and, combined with low gasoline prices and mortgage rates, should support strong consumer spending throughout the rest of the year.”The mortgage market itself continues to battle regulatory changes—including the implementation of the TILA-RESPA Integrated Disclosure Rule—which caused wide swings in mortgage application activity in the week before and after its launch.As MReport reported earlier this week, mortgage applications fell 27.6 percent from the previous period, according to Mortgage Bankers Association data.The sudden drop is attributed to the roll-out of TRID on Oct. 3. Fannie Mae Housing Market U.S. Economy 2015-10-16 Brian Honea Tagged with: Fannie Mae Housing Market U.S. Economy Servicers Navigate the Post-Pandemic World 2 days ago Kerri Panchuk is an attorney and financial writer with more than a decade of experience covering real estate, default servicing, residential mortgage-backed securities, retail, macroeconomics, and commercial real estate. Panchuk graduated from the Southern Methodist University Dedman School of Law and texas Tech University, Panchuk previously served DSNews.com as online managing editor/producer and webcast anchor. In April, she rejoined the Fiver Star Institute as executive director of member groups, overseeing the development and growth of the National Appraisal Congress and Title and Closing Coalition. Panchuk is a member of the State Bar of Texas.  Print This Post in Daily Dose, Featured, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Despite Economic Headwinds, Housing Market is a Bright Spot for Economy Home / Daily Dose / Despite Economic Headwinds, Housing Market is a Bright Spot for Economy Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Kerri Panchuk Share Save Previous: Chris Christie Wants Parties to Find Common Ground on Housing Policy Next: DS News Webcast: Monday 10/19/2015 Subscribelast_img read more

Treasury Official Decries Push to ‘Recap and Release’ Fannie Mae and Freddie Mac

first_img October 19, 2015 8,331 Views  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Subscribe Home / Daily Dose / Treasury Official Decries Push to ‘Recap and Release’ Fannie Mae and Freddie Mac Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Antonio Weiss Conservatorships Fannie Mae Freddie Mac U.S. Department of Treasury Previous: Straight-Through Processing Drives Efficiencies, Cuts Costs Next: Jumbo RMBS Issuance in 2015 Has Already Surpassed Last Year’s Total Sign up for DS News Daily Antonio Weiss Conservatorships Fannie Mae Freddie Mac U.S. Department of Treasury 2015-10-19 Brian Honea The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, Newscenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Treasury Official Decries Push to ‘Recap and Release’ Fannie Mae and Freddie Mac Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Antonio WeissA top U.S. Department of Treasury official effectively ended any speculation that the government’s 7-year-old conservatorship of Fannie Mae and Freddie Mac would end before the 2016 presidential election in an editorial on Bloomberg View on Monday.In an editorial titled “How Not to Fix Fannie and Freddie,” Antonio Weiss, Counselor to the Treasury Secretary, called the push to recapitalize the GSEs and release them from the FHFA’s conservatorship “misguided.” Weiss claims that such a “recap and release” proposal, if executed, could raise the cost of mortgages and potentially expose American taxpayers to another bailout.Fannie Mae and Freddie Mac operated for decades as GSEs but began to chase market share with riskier mortgage products in the years immediately prior to the financial crisis, Weiss said. When the housing bubble burst, Fannie Mae and Freddie Mac were left holding trillions of dollars of mortgage risk, and their failure would have had “devastating consequences for homeowners and for the broader economy,” according to Weiss. With Fannie Mae and Freddie Mac on the brink of insolvency, the government bailed out the GSEs for a combined $187.5 billion in 2008, at which time they were placed in conservatorship of FHFA.With the conservatorship passing its 7-year anniversary in September, much talk among lawmakers has centered on GSE reform and on privatizing Fannie Mae and Freddie Mac. But Weiss contends that the recap and release proposal that is being bantered around is not an effective way to do it.“We learned the hard way that the old business model of privatizing gains while socializing losses doesn’t work,” Weiss said in the editorial. “The Obama administration wants to transition to a better system, one that provides broad access to housing supported by a sound and robust mortgage market, without exposing taxpayers to another rescue.”“We learned the hard way that the old business model of privatizing gains while socializing losses doesn’t work.” — Antonio WeissWeiss contends that recap and release would not work for three reasons:Access to the housing market would not increase for creditworthy borrowers who are shut out of the housing market or for renters who cannot afford a homeTaxpayers have not been fully “repaid” for the 2008 bailout, contrary to the claims of some private investors; while the GSEs have received more in total dividends than the $187.5 billion they injected into the GSEs back in 2008, Weiss contends that dividends alone “aren’t adequate compensation for the extraordinary risk taxpayers took on and continue to bear.”Some have suggested that allowing Fannie Mae and Freddie Mac to retain their earnings would allow the government to stop supporting the GSEs in the near term, which overlooks the high level of capital that is required to cover the $5 trillion worth of assets currently held by the GSEs. Weiss cites analysis from Moody’s and the Urban Institute which found that recap and release would drive up the cost of mortgages, since it would take decades for Fannie Mae and Freddie Mac to build safe and sound levels of capital to operate.Weiss said the one point everyone can agree on is that seven years after the crisis, “the housing finance system remains the great unfinished business of financial reform,” and that the country needs “a housing finance system that ensures sustainable, fair, and affordable access to housing and limits the risk of taxpayer-funded bailout.” The only way to achieve such a system, Weiss, contends, would be for private capital to take on most of the risk. He contends that only comprehensive legislation can achieve the goals of ending the conservatorship and creating and affordable, sustainable housing finance system.“The default must not be a return to a model that failed,” Weiss concluded. “We owe it to the American people to create the housing finance system they deserve.” Demand Propels Home Prices Upward 2 days ago Share Savelast_img read more

Fannie Mae’s Earnings Rise Even Higher for Q2

first_img Share Save Subscribe Fannie Mae’s Earnings Rise Even Higher for Q2 Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Fannie Mae’s Earnings Rise Even Higher for Q2 in Daily Dose, Featured, News Earnings Fannie Mae profit 2016-08-04 Kendall Baer Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The big news for Fannie Mae’s fellow GSE,Freddie Mac, in its Q2 earnings report released earlier this week was that it didn’t take a loss for the second quarter. Fannie Mae’s profitability in Q2 was 37 percent less than the same quarter a year ago, but the GSE still reported a net income of $2.9 billion during the quarter (compared with $4.6 billion in Q2 2015) in its Q2 earnings report released Thursday.Still, Fannie Mae’s net income in Q2 nearly tripled over-the-quarter from a $1.1 billion showing in Q1 this year, largely due to lower fair value losses driven by smaller decreases in longer-term interest rates; higher credit-related income attributable primarily to an increase in home prices and a decrease in actual and projected mortgage interest rates, as well as a decrease in foreclosed property expense; and higher net revenues driven primarily by an increase in mortgage prepayments.Fannie Mae’s net worth as of June 30, 2016, was $4.1 billion; the GSE will return $2.9 billion to Treasury in September as part of the preferred purchase stock agreement, bringing the total dividend paid to Treasury up to $151.4 billion through the third quarter of this year. This amount is about $35 billion more than the $116 billion bailout Fannie Mae received from taxpayers in 2008, at which time along with Freddie Mac it was taken into conservatorship by the federal government.“I’m pleased with the underlying fundamentals of our business including revenues and the credit quality of our book remained strong,” said Timothy J. Mayopoulos, president and CEO of Fannie Mae. “Because of these strong fundamentals, we expect to remain profitable on an annual basis for the foreseeable future. As we’ve said in the past, there are factors that we do not control such as changes in interest rates and home prices, and each factors can cause significant volatility in our financial results, and can have a positive or negative effect in any given quarter. Once again, we saw some of that volatility this past quarter. Decreases in longer term interest rates caused us to experience fair value losses on the derivatives that we use to manage risk from interest rate changes. These losses however, were left in the fair value losses we experienced in the first quarter.”Despite the substantial over-the-year decline in net income, Fannie Mae’s Q2 earnings report focused on positives such as the amount of liquidity provided to the mortgage market and Fannie Mae provided approximately $145 billion in mortgage financing enabling families to buy, refinance, or rent homes. Also during Q2, Fannie Mae continued to lay off risk to private capital and reduce taxpayer risk through various credit risk transfer initiatives; through June 30, 2016, transferred a significant portion of the mortgage credit risk on more than $660 billion in unpaid principal balance of mortgage loans.“We had another quarter of solid financial performance,” Mayopoulos  said. “We are carrying through on actions to strengthen our company, support the housing market, and bring innovation to the market for the benefit of consumers, lenders, and taxpayers. We remain a steady, continuous source of mortgage financing to ensure broad access to quality rental housing and predictable long-term mortgages, including the 30-year fixed-rate mortgage.”Click here to view Fannie Mae’s Q2 2016 earnings report. About Author: Brian Honea Tagged with: Earnings Fannie Mae profit Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articlescenter_img The Best Markets For Residential Property Investors 2 days ago Previous: On the Right Track: Scorecard Paints a Picture of Housing Health Next: Delgado Appointed to Operation Homefront Board of Directors The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago August 4, 2016 1,061 Views Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Hon. Brian D. Montgomery Discusses the State of Housing

first_img The Best Markets For Residential Property Investors 2 days ago Share Save Hon. Brian D. Montgomery Discusses the State of Housing Tagged with: Brian D.Montgomery Coronavirus FHA housing market 2020 HUD podcast Brian D.Montgomery Coronavirus FHA housing market 2020 HUD podcast 2020-04-23 Mike Albanese Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Mike Albanese in Daily Dose, Featured, Media, News, Podcasts The Hon. Brian MontgomeryCommissioner Brian D. Montgomery, Assistant Secretary for Housing–Federal Housing Commissioner for the Department of Housing and Urban Development (HUD) sat down with Five Star Global’s President and CEO Ed Delgado for a conversation on HUD’s response to COVID-19, changes to the CWCOT program, and what the department is doing to help homeowners. “The FHA is open for business,” Montgomery said. Commissioner Montgomery told Delgado that while the Administration faced challenges early on in regards to the remote-working environment, Montgomery said the FHA is processing loans and getting back to normal operations. One of the biggest steps taken by the FHA and the Department of Housing and Urban Development (HUD), was the announcement of a foreclosure and eviction moratorium of at least 60 days. HUD later announced that borrowers with FHA-insured loans, if impacted by COVID-19, can have their mortgage payments deferred or reduced for up to six months, and for servicers to provide an additional six months of forbearance is requested by the homeowners. “We wanted to make sure we gave homeowners some breathing room. They are going through a lot of the concerns about their employment situation, things of that nature, making their mortgage payments, other financial obligations,” Commissioner Montgomery said. “We wanted to be able to do something big that gave them some breathing room as they face the challenges ahead.”Commissioner Montgomery also shared keen insights on the changes to the CWCOT program announced by HUD in February. Changes to the program include: Providing for a second appraisal once a property becomes vacantExpanding the number of states for marketing services and auction services into the judicial statesModifying the “haircut” structure in a manner more specific to the value of that propertyChanges to reimbursement for property preservation and eviction expensesCommissioner Montgomery said HUD received great insight from its industry partners, including Five Star’s National Mortgage Servicers Association, on changes to CWCOT. He added that the share of professionals within the industry using alternative disposition strategies increased to more than 70% from around 25% several years ago, mostly due to the success of the CWCOT program. “We know to convey a property in FHA can be very expensive … we think increasing the take-up rate as the CWCOT as an alternative results in significant savings for us, as well as the servicer,” Commissioner Montgomery said. Listen to the full conversation in the embed below.  Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Sign up for DS News Daily center_img Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Home / Daily Dose / Hon. Brian D. Montgomery Discusses the State of Housing  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: Delinquencies See First Pandemic-Related Rise Next: VP Mike Pence Addresses Industry Stakeholders on COVID-19 Response The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago April 23, 2020 2,419 Views Subscribelast_img read more

Temporary path through Drumboe woods a concern for parents

first_img By News Highland – August 17, 2011 A difference of opinion has emerged between Stranorlar area councillors over how to deal with safety concerns for students attending Finn Valle College.It emerged this week that a new footpath will not now be in place for the new school term despite a commitment made earlier that it would.A temporary route through Drumboe Woods is being proposed but councillors disagree on the idea.Greg Hughes reports….[podcast]http://www.highlandradio.com/wp-content/uploads/2011/08/woods10.mp3[/podcast] Google+ Google+ Twitter Facebook Twitter Guidelines for reopening of hospitality sector published Temporary path through Drumboe woods a concern for parents Facebook WhatsApp Newscenter_img Previous article2,200 Donegal students recieve Leaving Cert results todayNext articleHope of resolution to Laghey Post Office closure News Highland Almost 10,000 appointments cancelled in Saolta Hospital Group this week LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Pinterest NPHET ‘positive’ on easing restrictions – Donnelly RELATED ARTICLESMORE FROM AUTHOR WhatsApp Three factors driving Donegal housing market – Robinson Pinterest Calls for maternity restrictions to be lifted at LUH last_img read more

Former army bases in Lifford and Rockhill to be passed over to Council

first_img Facebook WhatsApp It’s been confirmed that Donegal County Council will be in possesion of the former army bases in Lifford and Rockhill within six to eight weeks.Agreement in principle has been reached on the handovers, and the final details are now being ironed out.County Manager Seamus Neely says he will be referring back to councillors and other interested parties before deciding what use the buildings should be put to.He says each building has its own potential and possibilities…..[podcast]http://www.highlandradio.com/wp-content/uploads/2011/06/neelyraw.mp3[/podcast] LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Twitter Guidelines for reopening of hospitality sector published RELATED ARTICLESMORE FROM AUTHOR Facebook Google+ Former army bases in Lifford and Rockhill to be passed over to Council News Calls for maternity restrictions to be lifted at LUH center_img WhatsApp Pinterest Previous articleHusband says wife has not been and never will be the same again after assaultNext articlePascal Blake officially co-opted onto Letterkenny Town Council News Highland Pinterest NPHET ‘positive’ on easing restrictions – Donnelly Three factors driving Donegal housing market – Robinson Twitter By News Highland – June 14, 2011 Google+ Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more

Two men due in court as man fights for his life following Letterkenny incident

first_img Facebook WhatsApp Google+ Newsx Adverts Guidelines for reopening of hospitality sector published Facebook Two men due in court as man fights for his life following Letterkenny incident Pinterest Twitter By News Highland – February 19, 2012 RELATED ARTICLESMORE FROM AUTHOR Twittercenter_img A 31 year old man is in a critical but stable condition at Letterkenny General Hospital following an incident on Friday night in the Long Lane area of Letterkenny.Gardai say they were called to a melee shortly after 11 o’clock in the Glenard Park area, and found the injured man on the ground. He had sustained a serious head injury, possibly from a slash hook.  Another man was also brought to hospital with less serious injuries, he later discharged himself.Two men were subsequenty arrested and charged under Section 4 of the Criminal Justice Act, 1984. The men, aged 37 and 31 are due in court in Letterkenny tomorrow.In a follow up operation, local gardai backed by armed members of the Regional Support Unit yesterday carried out a number of searches at three houses in the Long Lane area, and a number of weapons were recovered. Google+ Previous articleDerry rally will show revulsion at the killing of Andrew AllenNext articleWoman raped in Derry’s Shipquay Street News Highland LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Calls for maternity restrictions to be lifted at LUH Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Pinterest Almost 10,000 appointments cancelled in Saolta Hospital Group this week WhatsApp Need for issues with Mica redress scheme to be addressed raised in Seanad alsolast_img read more

Guildhall restoration work to begin in Derry

first_img Work on the restoration of the Guildhall is set to commence this month, with Mayor Cllr Colum Eastwood saying the £3 million project will help to sustain the building for future generations.The Guildhall will, he says, be the focus of the city’s celebrations in 2013 when it assumes the mantle of UK City of Culture.The project will see extensive external restoration work carried out the stonework, roof, windows and stained glass, with the clock also being restored. The work will also see the addition of new steps, and a ramp to the entrance off Guildhall Square.Derry City Council says the Guildhall is an iconic building and the political hub of the city, and was the focus of global attention in June when the report of the Saville Inquiry into the events of Bloody Sunday was published.The work is expected to cost in the region of £3m and continue until early 2012.The building will remain open, but access may be restricted at certain times. The council is promising to keep inconvenience to the public to a minimum. Pinterest Newsx Adverts Almost 10,000 appointments cancelled in Saolta Hospital Group this week Calls for maternity restrictions to be lifted at LUH Google+ Pinterest Need for issues with Mica redress scheme to be addressed raised in Seanad also By News Highland – August 12, 2010 Guidelines for reopening of hospitality sector published WhatsApp Twittercenter_img RELATED ARTICLESMORE FROM AUTHOR Guildhall restoration work to begin in Derry Google+ LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Facebook Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Previous articleWoman killed in Milford crash namedNext articleEPA running pilot complaints line in Donegal News Highland Twitter Facebook WhatsApplast_img read more

Strabane Cllr says flashing signage needed to make people aware of new Melmount Road…

first_img Google+ Need for issues with Mica redress scheme to be addressed raised in Seanad also By News Highland – December 19, 2012 Twitter Almost 10,000 appointments cancelled in Saolta Hospital Group this week Facebook Google+ WhatsApp Previous articleEU Fisheries Committee accepts key CFP amendments – CopeNext articleBudget discussions underway at County House News Highland Twitter Facebook Strabane Cllr says flashing signage needed to make people aware of new Melmount Road layoutcenter_img A Strabane District Cllr has raised concerns about a new roundabout on the Melmount Road in the town, after there were two car accidents on the road since Friday.Cllr Patsy Kelly says that there could be a fatality on the road if roads service does not put in place proper signage to make people aware of the new road layout.The new roundabout, situated at a busy junction outside O’Neills Factory on the Melmount Road, has only been in place for over a week.Cllr Kelly says there will be a lot of people who will be home for the Christmas period who are not aware of the roundabout, and he says people need to be made aware, before there is another accident….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/12/pk1pm2.mp3[/podcast] Guidelines for reopening of hospitality sector published Pinterest LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Calls for maternity restrictions to be lifted at LUH Pinterest News WhatsApp RELATED ARTICLESMORE FROM AUTHOR Minister McConalogue says he is working to improve fishing quotalast_img read more

What can The Cloud do for your business?

first_img Dail to vote later on extending emergency Covid powers Google+ RELATED ARTICLESMORE FROM AUTHOR Twitter Twitter Facebook Man arrested in Derry on suspicion of drugs and criminal property offences released WhatsApp By admin – February 12, 2013 Facebook Pinterest PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal center_img Pinterest News What can The Cloud do for your business? Dail hears questions over design, funding and operation of Mica redress scheme HSE warns of ‘widespread cancellations’ of appointments next week Previous articleScientist: Lamb products may also contain horse meatNext articleOver 140 dogs recovered from Leitrim dog hoarder admin Google+ WhatsApp “Ah sure we have all that in the cloud these days…”, but what is it?The Cloud has been pegged as the way forward for some time now, but only in recent times have serious and affordable solutions become available for businesses. So how can it help you expand and grow your business while avoiding the capital costs of a typical IT infrastructure?Cloud computing is a really just an umbrella term for using off-site (internet-based) banks of computers to handle processing, applications, file storage, or anything else for that matter.To better understand cloud computing, imagine if you could have all the computing resources you need for your business applications at the same external place without worrying about the cost of purchasing machines, management of those machines, maintenance or even scalability implications due to the physical infrastructure required to handle the demands of your business.Cloud computing is simply a set of pooled computing resources and services (“cloud”) delivered over the internet. Cloud computing usually provides these computing resources as “a service” over the Internet in the form ofInfrastructure as a Service (IaaS)Platform as a Service (PaaS)Software as a Service (SaaS)In essence, Cloud computing should enable you to concentrate more on your core business ( sales, manufacturing etc ) and not have to worry about the time and money that would be eaten up by a typical IT infrastructure.The general idea of cloud storage is that a large bank of computers sitting in a data centre on the Internet. A site in New York, China (or even Ireland) handles the storage for all your files, just like having a large hard drive or network drive right at your fingertips.The obvious benefit to small business of keeping your files in the cloud is that you don’t have to buy new Hard Disks, PC’s , Servers etc for your office and you can grow your business without your storage needs requiring an IT department or in house expertise.With businesses starting and growing faster than ever, streamlining your business applications, workflow and data management so you don’t waste time on IT issues is certainly something to consider.Cloud solutions are very affordable and every business should at least look in to the benefits. We recommend talking to your IT advisor to see if the solution is a good fit for your organisation. (Maybe it is …maybe not).The web is full of information too, so don’t be afraid to do some research of your own. In our next blog we will be talking about “Thin Clients”…which has nothing to do with skinny customers!Guest blog post by Jonathan Browne, Managing Director of Gemini Technology, an IT Consultancy firm based in Dublin. Man arrested on suspicion of drugs and criminal property offences in Derrylast_img read more