A proposal in San Bernardino, Calif., that would use eminent domain to seize mortgages to help reduce the area’s massive negative equity does not adequately protect investors, analysts at Amherst Securities Group says. In late 2011, San Francisco investment group Mortgage Resolution Partners proposed a program in which the local government would seize underwater mortgages … Continue reading Seizing mortgages by eminent domain unfair to investors
Month: June 2012
California Homeowners’ Rights Bills Pass Committee
California Attorney General Kamala Harris announced Wednesday the passage of two bills from the California Homeowner Bill Rights through a special two-house conference committee. The Foreclosure Reduction Act and the Due Process Rights Act were approved by the Joint Conference Committee in a 4-1 vote, sending them up to an expected vote in both the … Continue reading California Homeowners’ Rights Bills Pass Committee
2nd Wave of Foreclosures in San Diego
San Diego County is in for a second wave of foreclosures, and this time, it will be even bigger than before, according to Blue Sky Capital, a San Diego-based real estate investment firm. Blue Sky Capital tracked area properties and found that loans funded with Option Arm, which is a type of adjustable rate mortgage, … Continue reading 2nd Wave of Foreclosures in San Diego
New Jersey passes bill to reuse vacant foreclosures
The New Jersey state Senate narrowly passed a bill Monday giving the state the ability to buy vacant, previously foreclosed homes and resell or rent them out. State Sen. Raymond Lesniak, D-Union, introduced the New Jersey Residential Foreclosure Termination Act in February. The bill forms the New Jersey Foreclosure Relief Corp., a new state government … Continue reading New Jersey passes bill to reuse vacant foreclosures
New Guideline Will Make Short Sales Easier for Military Homeowners
Under a new guideline, military members with Fannie Mae or Freddie Mac loans will now have an easier time with short sales. Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco announced in a release Thursday that military homeowners who receive Permanent Change of Station (PCS) orders can sell their homes via short sale … Continue reading New Guideline Will Make Short Sales Easier for Military Homeowners
Fed considers ‘funding for lending’ program
The Federal Reserve and the Treasury Department are considering a program that would lend to banks at very low rates so long as those firms will re-lend the money in the form of consumer loans such as mortgages. "We're very interested in it," said Fed Chairman Ben Bernanke during a press conference Wednesday. The Bank … Continue reading Fed considers ‘funding for lending’ program
Short Sale Timelines
New timelines for Short Sales - but no penalties if time lines not met fyi 1. Evaluation of Borrower Short Sale Packet 3 days – notify client that their request has been received 5 days – determine what documents are missing 30 days – determine if they will allow short sale 60 days – prepare … Continue reading Short Sale Timelines
REO Shrinkage
June 15, 2012 By Daren Blomquist, RealtyTrac Vice President This is the first in a series of posts highlighting some of the findings from an in-depth report on REO trends and outlook that RealtyTrac released at the REO Expo conference on June 13, 2012. To download the full report for free, go to http://www.realtytrac.com/rebound. … Continue reading REO Shrinkage
FHFA Introduces Initiative to Protect Against Fraud
As an additional measure against fraud, the FHFA announced an initiative requiring Fannie Mae, Freddie Mac, and the Federal Home Loan (FHL) Banks to notify the agency when an act of fraud is committed by an individual or company the regulated entities conduct business with. The initiative is called the Suspended Counterparty Program and will … Continue reading FHFA Introduces Initiative to Protect Against Fraud
UPDATE 1-U.S. foreclosures up for 1st time in 27 months
(Reuters) - U.S. foreclosure starts rose year-over-year in May for the first time in more than two years as banks resumed dealing with distressed properties after a mortgage abuse settlement earlier this year, data firm RealtyTrac said on Thursday. The $25 billion settlement between major banks and states, formally approved in April, had been expected … Continue reading UPDATE 1-U.S. foreclosures up for 1st time in 27 months
The Law Office of Beth Mann, P.C. 