DEME Tries to Take Possession of Unfinished Living Stone from LaNaval Shipyard

first_imgBelgium’s DEME Group has attempted to take possession of the advanced cable lay vessel Living Stone, currently under construction at the financially troubled LaNaval shipyard in Bilbao, Spain, and tow the vessel to another location where the delayed construction could be completed.On the night of Wednesday, 20 September, DEME sent a team of people and two tugboats to the shipyard to unmoor the vessel and tow it to another location.The shipyard’s security guards notified the local police who prevented the vessel, built for DEME’s subsidiary Tideway, from being towed from the shipyard.No arrests have been made and representatives from DEME/Tideway are currently negotiating with the shipyard to come to a solution to continue the construction of the vessel as soon as possible, DEME’s spokesperson said.DEME, through Tideway, signed a contract for the vessel with La Naval in January 2015. The vessel was scheduled to be delivered in the second quarter of 2017.However, LaNaval shipyard failed to complete the vessel in time and has missed several contractual deadlines due to financial restructuring and the start of the bankruptcy proceedings.”We are considering taking legal action against LaNaval because they missed a lot of contractual deadlines,” the spokesperson said.Following the delivery, the Living Stone was scheduled to install the inter-array cables on the Merkur offshore wind farm in the German North Sea, expected to commence shortly. The vessel is also to be deployed on the world’s largest offshore wind farm, Hornsea Project One in the UK.DEME declined to comment on the effect of the delayed construction and delivery of the vessel on the agreed contracts.last_img read more

Montgomery Addresses FHAs Protection PlanInspector Regs Updates

first_img Share The U.S. Department of Housing and Urban Development (HUD) released a pair of new mortgagee letters earlier this week, and now FHA Commissioner Brian D. Montgomery has spoken of how these latest changes reflect his commitment to further streamlining and improving FHA’s processes and providing fewer hindrances to lenders and servicers interacting with FHA.In a statement about the upgrades, Montgomery said, “Shortly after arriving back at FHA in June 2018, I indicated one of our goals was to streamline and update our program guidelines and procedures. In parallel with the Administration’s objectives of reducing regulatory barriers.” Montgomery added that these latest letters eliminate “two unnecessary and outdated regulations that have been barriers for lenders.”The first letter “eliminates the 10-year protection plan requirements, allowing borrowers to qualify for FHA mortgage insurance on high loan-to-value mortgages.” This applies to when the property was not approved for guaranty, insurance, or a direct loan before the beginning of construction if the property is less than one year old. According to the letter, this change applies to the origination of all FHA Title II forward mortgage programs and streamlines home warranty requirements for FHA single-family mortgage insurance by removing the policy guidance that requires borrowers to purchase 10-year protection plans in order to qualify for certain mortgages on newly constructed single-family homes.The second letter addresses the elimination of the regulations for the FHA Inspector Roster, deregulating the roster requirements. In order to streamline inspection requirements for FHA Single-Family Mortgage Insurance, they will no longer keep a roster of inspectors. HUD originally established the Roster to standardize the inspection process for properties with FHA-insured mortgages. Before the Roster, cities, and states developed their own building codes, which had little uniformity or consistency with each other.See the full report here. Montgomery Addresses FHA’s Protection Plan/Inspector Regs Updates in Daily Dose, Featured, Government, journal, News, Servicingcenter_img March 14, 2019 1,515 Views Brian Montgomery FHA HUD Mortgagee Letters 2019-03-14 David Whartonlast_img read more