Buyer Beware!
Mary Sanchez from the Kansas City Star brings us a story that all of you would be REO buyers should pay attention to. In my travels, I frequently hear how hot the REO market is. When a property goes on the market it oftentimes has multiple offers. Frenzied buying similar to the mid 2000’s. The […]
“No Bottom In Sight”
Douglas Hanks from the Miami Herald brings us an article that discusses the free fall that the South Florida Real Estate market is experiencing. A recent Case Shiller report shows that values in 2011 were down by 5% when compared to 2011 (51% off the peak in 2006). Houses would have to double in value […]
It doesn’t apply to Fannie and Freddie!
Michael Hiltzik from the LA Times brings us an article that discusses why the recent $25B “settlement” doesn’t apply to mortgages owned by Fannie Mae or Freddie Mac. So there is a settlement that was sponsored by the government but the government refuses to participate in it? It’s not that simple. It appears that the […]
Loose Credit Standards
Krista Franks Brock from DSNEWS brings us an article that will brighten the day for real estate professionals. She reports that banks are loosening their credit standards which will open up money for people to purchase homes. My only question is, “How loose?” Will these standards come back to haunt us the way the lenders […]
Foreclosures Hit Rich and Famous
Craig Karmin and James Hagerty from the Wall Street Journal report on a trend that is spreading across the countryside. Houses with mortgages of $5M or more have seen a dramatic rise in mortgage defaults. People used to make money and could afford these gargantuan money pits but, with job cuts and a struggling economy […]
Auditors Strike!
Clea Benson brings us an article that discusses the results on an audit that was done on FHA’s 5 largest servicers. The results aren’t pretty! The article states, “According to reports released today by the inspector general of the Department of Housing and Urban Development, banks including Bank of America Corp. and Wells Fargo & […]
Principal Reductions
Peter Goodman brings us an article that describes what the government’s position is on principal reductions for distressed properties. The bottom line is that they don’t like the idea when they own the note! In fairness, the article doesn’t deal with a mortgage write down in the traditional sense. What it deals with is Freddie […]
It’s Not Just Florida!
It’s not just in Florida where law firms (that represent lenders) are getting blasted by the government. Thom Weidlich from Bloomberg reports on a law firm in New York that has been banned by Fannie Mae and Freddie Mac. The article points out that, “Last month, Steven J. Baum PC, one of the largest foreclosure […]
Fannie Mae Gets Tough With Walk-Away Mortgage Defaulters
Alex Finkelstein from the Real Estate Channel brings us an article that may impact quite a few people. The subject of “strategic defaults” or “Walk Aways” has been the topic of conversation at cocktail parties or around water coolers for sometime. Simply put, a strategic default involves an individual who has no hardship and can […]
SUICIDE….There Are Other Alternatives
Coppell Mayor bought clothes, groceries with city-issued credit card Brandon Formby and Erinn Connor bring us a very sad story from the State of Texas. The mayor of an affluent town decided to take the life of her 19 year daughter and then take her own life. According to the article, a contributing factor may […]
Habitat for Humanity volunteers breathe new life into foreclosed homes
Tom Perkins from AnnArbor.com brings us a great story regarding an effective use of foreclosed homes. Habitat for Humanity is giving many deserving families the gift of home ownership. They are taking foreclosed homes and renovating them after which time they are placing deserving families in them. Habitat purchases the foreclosed properties and then uses […]
Bank reform brings mortgage aid for the unemployed
Amy Hoak from Market Watch reports on a new program that is designed to help the unemployed avoid foreclosure. $1B has been earmarked to help homeowners make payments after they have lost their jobs. Ms. Hoak reports, “The loss or reduction of income was the primary reason that 58% of homeowners in the National Foreclosure […]