Treasury defends HAMP as mortgage modifications dip in January

Mortgage servicers participating in the Home Affordable Modification Program converted 27,957 trials into permanent modifications in February, down slightly from the month before. The Treasury Department launched HAMP in March 2009 to provide incentives to servicers for the modification of mortgages on the verge of foreclosure. Through January 2011, servicers started 607,607 permanent modifications. The … Continue reading

Fannie, Freddie REO continues to rise in 4Q

The amount of repossessed homes held by Fannie Mae and Freddie Mac rose considerably in the fourth quarter from a year earlier, according to financial supplements. Fannie reports its real estate owned inventory by volume of properties. In the fourth quarter, it reported 162,489 in REO that needed to be resold, up 88% from the … Continue reading

MBA warns to tread carefully when going after strategic defaulters

While it is no easy feat to determine if a homeowner defaulting on a mortgage is a strategic defaulter, it’s also no simple decision for servicers to decide whether to pursue a deficiency judgment against the homeowner. Panelists on a strategic default session at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo warned … Continue reading

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Interested in a Real Estate Career? Schedule an interview today! Call Us (818)859-7800 Ask our front desk for our HR manager or email a copy of your resume to us @ **We are here to inspire your motivation and trigger your hidden talents to become a successful Realtor. You will be part of the … Continue reading

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