Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

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

Home Affordable Foreclosure Alternative HAFA Changes

One thing is certain in the short sale and real estate arena – changes happen. Most of the time, lately, the changes are good. We are seeing the timelines for short sale approvals shorten to more appropriate lengths (30-60 days instead of 6-12 months.) On June 15, 2012 there are some changes that go into … Continue reading Home Affordable Foreclosure Alternative HAFA Changes

Timeline Requirements to Support Continued Short Sale Growth

With new deadline requirements set by the Federal Housing Finance Agency (FHFA) looming on the horizon, short sales are expected to increase after an already active first quarter. According to RealtyTrac’s Q1 2012 U.S. Foreclosure Sales Report, pre-foreclosure sales (most often short sales) reached their highest level in the first quarter of 2012 than they’ve … Continue reading Timeline Requirements to Support Continued Short Sale Growth

FHFA REO-to-rental bid deadline extended, sources say

Investors will have an extra month to bid on Fannie Mae REO properties as part of a pilot program to rent out these homes, according to sources familiar with the process. The pilot announced in February would sell 2,490 previously foreclosed homes held by Fannie Mae in Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and … Continue reading FHFA REO-to-rental bid deadline extended, sources say

Freddie clamps down on mortgage servicers with fee increases

Freddie Mac will charge mortgage servicers more for revising foreclosures or violating certain reporting timelines. The government-sponsored enterprise will issue a $5,000 fine (previoiusly $250) to servicers for failing to report on the status of at least 75% of their mortgages as part of a file review program updated last year. A second violation in … Continue reading Freddie clamps down on mortgage servicers with fee increases

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

FHFA will pre-qualify investors for bulk REO program

Investors who want to acquire and rent out real-estate owned properties from the Federal Housing Finance Agency can begin pre-qualifying for participation in the bulk REO rental program. The FHFA set off a firestorm of discussion in 2011 when it announced an REO-bulk sales initiative that aims to repair the hardest-hit housing markets by selling … Continue reading FHFA will pre-qualify investors for bulk REO program

Vacant property ordinance finds resistance

The Federal Housing Finance Agency (FHFA) filed a lawsuit in federal court Monday against the city of Chicago contesting a local ordinance that makes lenders liable for the upkeep of vacant homes before they take possession of the title. The local statute, which took effect September 18, requires mortgage holders to conduct monthly inspections of properties in … Continue reading Vacant property ordinance finds resistance

Foreclosure rental program in development

Bank of America (BAC: 5.56 -2.80%) is looking at a new program to rent a home back to the borrower after foreclosure. "There are programs that we are quite interested in," said Ron Sturzenegger, who leads the bank's legacy asset servicing division, in an interview with HousingWire. "We are talking with investors that would come in and … Continue reading Foreclosure rental program in development