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 … Continue reading California AG Requests “Good-Faith Pause” on GSE Foreclosures
Month: February 2012
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 … Continue reading 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 … Continue reading Housing Fix: Minority Group Unveils $1.2 Billion Industry-Led Program
How NOT To Bid and Buy At Auction
With the increasing popularity of real estate auctions, we encourage potential buyers to do their homework prior to getting in the game. Auctions can be a fantastic way to get great deal if you know what you’re doing. Whether you are a Realtor®, an investor who has bought zillion of dollars in real estate or a first time home … Continue reading How NOT To Bid and Buy At Auction
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 … Continue reading Freddie to adopt new way of valuing foreclosed properties
Overdue Mortgages Number 6,082,000
New data from Lender Processing Services (LPS) shows that as of the end of January, there were 6,082,000 mortgages in the U.S. going unpaid. That tally includes loans that are 30 or more days delinquent and loans in foreclosure. LPS’ mortgage performance statistics are derived from its loan-level database of nearly 40 million mortgage loans. … Continue reading Overdue Mortgages Number 6,082,000
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 … Continue reading 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 … Continue reading 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 … Continue reading Bill to Speed Up Short Sale Process and Avoid Foreclosure
College town’s rental cap fails logic test
During what is now the most challenging housing economy of our time, one college town is making it harder for homeowners to keep their homes, and for renters to find reasonable rates.Winona, Minn., recently passed a “30% rule” that restricts the amount of homes on each block that can legally be rented out to 30%. … Continue reading College town’s rental cap fails logic test
The Law Office of Beth Mann, P.C. 