Sand Capital on fast track to acquire $1 billion in REO, distressed assets

A Scottsdale, Ariz.-based investment company has acquired more than $100 million in distressed debt and REO properties. Sand Capital, a division of Sandor Development Co., said its goal is to acquire $1 billion of distressed assets before the commercial real estate markets stabilize. Jay Stein, president and CEO of Sand Capital, told REO Insiderthe firm has been … Continue reading

GSE foreclosures and short sales rising, despite loss mit efforts

Fannie Mae and Freddie Mac continue an aggressive push to modify mortgages and refinance loans in their respective portfolios, boosting the volume of Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) workout plans. But completed and initiated foreclosures and third-party sales are back on the rise in the second quarter of 2010 … Continue reading

Celebrating hard labor, one abandoned property at a time

by Kerry Curry The Sarasota Herald-Tribune ran a Labor Day story that caught our eye about a fellow cutting the lawns of abandoned properties. These aren’t ordinary lawns that a professional lawn-care firm can easily dispense with in 20 minutes. No, Rob Ellis and his work partner, Mike Herbert, spent more than two hours cutting … Continue reading

South Florida’s Broward Co. bucks trend: Pending home sales up 17%

Pending home sales in Broward County, the county seat of Fort Lauderdale, rose 17% in August compared to August 2009, but were flat with July 2010 figures. Sales rose from 6,705 to 7,845 when compared to the year-ago figure, according to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS). The … Continue reading

Excessively delaying Fannie Mae foreclosures to cost servicers

Fannie Mae will now review the compensatory fees due to servicers in cases where the government sponsored entity feel servicers are unnecessarily delaying foreclosure. In a letter sent to servicers, Fannie Mae said it plans to review compensation when it deems it applicable, stating that loans “must not be put on hold on a blanket … Continue reading

Fannie REO VP: 70% of sales in 2009 went to key owner-occupants

Roughly 70% of the 123,000 Fannie Mae REO sales in 2009 went to owner-occupants, a group of buyers key to a housing recovery, according to Jay Ryan, Jr., Fannie Mae’s vice president for REO alternative disposition. The government-sponsored enterprise’s (GSEs) First Look program, which gives owner-occupants and Neighborhood Stabilization Program (NSP) grantees a 15-day head … Continue reading

Private mortgage modifications more than triple HAMP in July

There were 120,351 permanent mortgage modifications done through proprietary programs in July, more than triple the 36,695 completed through the Home Affordable Modification Program (HAMP) in the same month. Servicers completed 1.13 million modifications through both private programs and HAMP so far in 2010, according to Hope Now, a private sector alliance of those servicers, … Continue reading