California AG Requests “Good-Faith Pause” on GSE Foreclosures

Insistent that principal reductions are the best line of defense in loss mitigation, California Attorney General Kamala Harris is calling on Fannie Mae and Freddie Mac to halt foreclosures in her state while the Federal Housing Finance Agency (FHFA) considers whether principal reductions are an appropriate strategy for the GSEs. In a recent letter to … More California AG Requests “Good-Faith Pause” on GSE Foreclosures

Fannie Mae’s First Bulk Offering of REO-to-Rental Pilot Is Open for Bids

Fannie Mae has put a block of 2,490 REOs up for sale. It’s the first pilot transaction of the federal government’s Real-Estate Owned (REO) Initiative announced in August 2011, which aims to sell homes repossessed by government agencies to private investors for the purpose of turning the properties into rental units. The properties are concentrated … More Fannie Mae’s First Bulk Offering of REO-to-Rental Pilot Is Open for Bids

Housing Fix: Minority Group Unveils $1.2 Billion Industry-Led Program

The National Association of Real Estate Brokers, Inc. (NAREB) announced the launch of a 25-city, $1.2 billion REO and foreclosure mitigation initiative called the Homeowner’s Assurance Program (HAP). The program is designed to address the devastating effects of foreclosures on communities across America. HAP is a non-governmental, industry-led solution to the nation’s housing crisis. NAREB … More Housing Fix: Minority Group Unveils $1.2 Billion Industry-Led Program

Freddie to adopt new way of valuing foreclosed properties

Freddie Mac will use a new method of valuing REO acquired this year. The government-sponsored enterprise acquired 24,300 REO properties in the third quarter. It sold more than 25,000, and held an inventory of nearly 60,000 previously foreclosed homes. “We’ve struggled with REO valuation,” said Tracy Mooney, senior vice president of single-family servicing at Freddie … More Freddie to adopt new way of valuing foreclosed properties

Chase donates 100 homes to military, wounded warriors

Mortgage lender Chase and nonprofit Operation Homefront will partner to place 100 wounded warriors, military members and veterans into Chase-owned homes. Operation Homefront is a nonprofit that provides aid to active military, wounded warriors and veterans. The new program — Homes on the Homefront — will provide transitional services for veterans and families chosen to … More Chase donates 100 homes to military, wounded warriors

Treasury Increases Incentives for Principal Reductions

  A recently released Supplemental Directive from Treasury increases incentives for second lien investors when loans receive principal reductions. The increased incentives apply to permanent HAMP modifications with principal reductions through the government’s Principal Reduction Alternative (PRA) that have trial period plans starting March 1 or later. The incentives are also available when second liens … More Treasury Increases Incentives for Principal Reductions

Bill to Speed Up Short Sale Process and Avoid Foreclosure

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process. Senators Lisa Murkowski (R-Arkansas), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a … More Bill to Speed Up Short Sale Process and Avoid Foreclosure