Foreclosure Nation

The Special Inspector General for TARP (SIGTARP) report expresses concern over voluntary portions of government programs, the fact that servicers may have interest not in line with investors and borrowers – in particular they can deny a work out even if it meets the NPV test -, the fact that simila...

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New CMBS defaults are up more than five times last year (1464 $1.75 billion), 34$ took place during 4th quarter. Large loans defaults also increased. 56 loans over $50 million verses only 5 in 2008, most from 2006 to 2008 vintages. 207 deals are 35.6% based on principal balance due to aggressive...

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In the recent second quarterly summary, a reported $10 billion in real estate assets gone bad have reportedly been purchased so far using the federal governments Legacy Securities Public-Private Investment Program (PPIP) unveiled last year to remove toxic mortgages from the system. That’s triple co...

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FNMA has changed the time homeowners who lose their homes will have to wait before qualifying for a FNAM loan to buy a new home again. Up until now a borrower had to wait 4 years following a DIL or 2 years following a pre-foreclosure (short sale). Now the timeline will be uniform regardless of ...

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A recent NAR survey tells us some fun things about single female home buyers; In 1995 they were 14% of the buyers. Now they are 21%, the second largest share of adult home buyers. They are 25% of all first time buyers and 17% of repeat buyers. Median home buyer age is 39 but for single fema...

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Default notices, scheduled auctions and bank repossessions are all measures related to mortgage foreclosures and market indicators. A total of 932,234 were properties fell into one of these buckets during the first quarter of 2010, 7% up from the quarter before and 16% up from the same quarter last...

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So far about 230,000 mortgages have been permanently modified. The median back end DTI is 61.3%, down from 77.5%. But that’s still too high, meaning many are still at risk of redefault. Hence the push for longer terms principal reductions and addressing firsts and seconds so homeowners can sustain...

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According to NAR existing home sales rose 6.8% across the country between February and March and are 16.1% more than March of last year. NAR says that means sales have been higher than last years levels for 20 months in a row now, but remember sales had no place to go but up since they had virtual...

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Either way nows a great time. There's plenty of selection and the price is right. Lenders are also tripping over themselves to find deals that can get approved by their underwriters and owner-occupied CRE is at the top of the list. If you own your own business and want to buy an owner - occupied pr...

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Include in the lease if possible, applicable and appropriate; Disclosure requirements for any financial defaults currently existing or expected. Notice of any future defaults. An opportunity to cure such defaults. Non disturbance. Subordination and Attornment language. ...

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The COP has noted 3 concerns; 1. The pattern of providing increasingly generous incentives may backfire as lenders and servicers delay inhopes of the Feds sweeting the deal even more. 2. That many borrowers will eventually redefault. 3. That the total of announced funding for Treasury prog...

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• All modifications should include the requirement for income verification. • Second liens and other loans should be aggressively modified. • Servicer conflicts must be addressed. • Debt to income ratios must be examined and adjusted for all borrowers. • AIM supports reducing principal for under...

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More than 1.1 million loans that were current at the beginning of 2010 are now delinquent. The number of non current first mortgages and REOs is now over 7.9 million. 10.2% of borrowers are delinquent and 3.3% are in foreclosure so non current loans are at 13.5%....

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Who doesn’t favor judges making sure bank’s foreclosures lawyers follow the rules? Especially where folks losing their homes who often can’t afford their own lawyers are concerned. The problem is, doing so is often detrimental to these homeowners in the long run. Having to withdraw and then re...

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More singles are buying homes in suburbia, reports Coldwell Banker, which conducted a nationwide survey of single home owners on the factors that motivated them to buy. Here are some figures that reflect the reasoning behind their choices: 52 percent chose the suburbs over urban or rural areas...

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The number of new reverse mortgages is 22% less than last year. Perhaps one reason is that these loans rely on the equity a homeowner has in his home (HECM stands for Home Equity Conversion Mortgage) and we all know how much equity has disappeared. In fact HUD recently cut the amount of equity that...

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Foreclosures are up 35% from last year and 19% from last month, the biggest increase ever. These latest numbers are said to indicate we're on pace for over 1 million in 2010. But, the really scary news will be about short sales and deeds in lieu of foreclosure under the Administration’s Home ...

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This weeks House Financial Services Committee hearing only reinforced what our guts already to us; principal write downs could have dire impacts on the future of housing finance and consumer access to credit. Even bringing underwtaer homeowners to 100% LTV would cost banks $700 to $900 billion an...

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Foreclosures are up 35% from last year. You'll recall the numbers had decreased 2% in February and 10% in January (not unlike a decrease we saw in January and February last year). But the big news is that March foreclosures numbers are now up 19% from February – the biggest increase ever. 25...

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A recent study by the Florida Association of Realtors reflects some facts about the real people behind the foreclosure statistics you may not always think about; The problem is not limited to low income homeowners. Over 20% have incomes in the $50,000 to $75,000 range. Another 20% have incomes ...

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The housing crisis has changed how Americans view homeownership, according to a survey of public attitudes by Fannie Mae. The number of people who view homeownership as a safe investment declined from 83 percent in 2003 to 70 percent in 2009. In addition: 48 percent of those surveyed said bank...

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Florida the board of Realtors; • 20 percent had incomes between $50,000 and $75,000; 20 percent had incomes greater than $100,000. • 55 percent had attended college or graduated. • 92 percent were married. • 35 percent had lived in their homes for 10 years or more. • 40 percent had lived in t...

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Estimates now are around $370 billion in losses through 2020. ...

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So far the estimated total is that there are about $1 trillion in second mortgages out there. About 10% of the entir emortgage nut. Many homeowners are defaulting on their first mortgage but paying the second because second payments are often owner, maybe they know second lenders ar emroe aggressi...

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Of course they can! The problems have been known for years. Way back in the 1980s – before many of us could even vote - HUD studied the notion of privatizing the FNMA and Freddie. In 1986 a Freddie Advisor Committee concluded in order to privatize the GSE they would also need to do the same wit...

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Short sales made up 8% of all sales in January, up from 7% in December and 5% a year ago. Once banks are geared up to process HAFA short sale requested, the numbers will increase significantly. That means home prices will go down. In January, the average non-distressed sale price was $247,700,...

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The continued oversupply of homes on the market still weighs on house prices. Some of this price decline may also be seasonal. But some of it is also due to advance purchases by people for the tax credit. Stronger sales and reduced inventory over the second half of the year should allow price...

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Fannie Mae recently released its survey of homeowners. Some of the mroe interesting opinions expressed; More than 1/2 of the homeowners surveyed said they are making personal sacrifices to own their home 24% saying they are “sacrificing a great deal.” 88%, including 70% who are delinquent...

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Nearly one in four mortgages are underwater, according to First American Core Logic. In February 2010, short sales accounted for 17% of all residential real estate sales....

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McLean, VA – Freddie Mac (NYSE:FRE) announces mezzanine financing arrangement where it will allow mezzanine debt on qualifying senior multifamily mortgages (first mortgages) it purchases. Freddie Mac is partnering with experienced multifamily players to help bridge the capital gap for borrowers who ...

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A good idea, but expect idiocyncratic challanges. 2/3 of distressed mortgages are serviced by Bank of America, Wells Fargo, Chase, and Citibank, who also happen to own almost $500 million in second mortgages, creating a potential conflict in their ability to do what's best for the investors of the ...

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INTRODUCTION The Florida Condominium market has been among the hardest hit by the current housing crisis. To increase the availability of financing for Condominium Units in Florida, we are announcing the Florida Condominium Effort in this Single-Family Seller/Servicer Guide (“Guide”) Bulletin. We ...

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Even Elizabeth Warren, head of the Congressional Oversight Panel overseeing TARP, is worried that about half of all commercial real estate mortgages will be underwater, and most are concentrated in regional banks. 2,988 banks are at risk over the next three years. Comptroller of the Currency ...

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Maybe you’re wondering if other people’s misfortune is an opportunity for you to get ahead? Together American homeowners have lost over $13 trillion dollars in personal wealth. More than 11.3 million, or 24% of all residential properties with mortgages were underwater (meaning the owners of...

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The Philosophy behind HAFA (Home Affordable Foreclosure Alternative under Making Home Affordable) is to provide financial incentives for borrowers, servicers and investors to do short sale/deed in lieu over foreclosure with the goal of saving time and money, preserving property condition and value, ...

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April 1, 2010 NPA updated based on new 110 local housing market data, REO and home price history, foreclosure and REO costs and time lines. ...

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March 25. 2010 HAMP Enhancements. Also FHA HAMP announcements (and Bank of America new principal write down program on 45k countrywide loans). 3 to 6 month help for unemployed. 2 year plan to help with negative equity (11 million u/w. 7 million behind on loans). Raised relocation ...

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March 24, 2010 FHFA HAMP report (for November to January) indicated HAMP and HARP increasing for GSES but still only 540k HAMP trial modifications and 73K permanent as of January 31, 2010. 12.7% of all refinance are HARP. ...

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March 1, 2010 HARP has been extended to June 30, 2011. ...

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2nd Lien Modification Program (2MP) Many homeowners may be struggling to make their monthly mortgage payments because they have a second lien. Even when a first mortgage payment is affordable, the addition of a second lien can sometimes increase monthly payments beyond affordable levels. Second l...

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