December 2009

RESPA Revisions Take Effect Jan 1

Posted on Thursday, December 31, 2009

The Real Estate Settlement Procedures Act (RESPA) was enacted in 1974 primarily as a consumer protection measure to keep costs down including by avoiding kick backs and mandate the accurate disclosure of certain information. Though some benefits are acknowledged, RESPA has been long know in the i...

Bank Failures

Posted on Thursday, December 31, 2009

The sad truth is regional and small banks are the most exposed. Almost 3000 of them are sitting on 300 percent risk to capital. ...

Loan Maturity

Posted on Thursday, December 31, 2009

For anyone who questions whether or not there is a looming commercail real estate crisis... Just under $400 billion in CRE matured this year and we are already seeing issues...many are only in the beginning stages of the default and forelcosure process now. Many presumed workouts will fail. A...

Longer Leash for Fannie and Freddie...Announced Christmas Eve

Posted on Thursday, December 31, 2009

My best guess is there were not one but several reasons behind the recent move to write Fannie and Freddie a blank check. One reason was clearly to send a message to MBS investors that they can hold onto what they own without worry and keep on buying. This will obviously keep relatively cheap mo...

Judicial Role In Solving Problems

Posted on Tuesday, December 29, 2009

As a commercial real estate and foreclosure attorney, author, and occasional commentator on the subject, I must say that Amir Efrati’s observations of apparent tolerance for a vigilante judiciary in the face of our Nation’s massive foreclosure losses (“Foreclosure Challenges Raise Questions About ...

Florida Supreme Court Orders Mediations

Posted on Tuesday, December 29, 2009

A Homeowner’s Guide to Florida’s Foreclosure Mediation Process Now that the Florida Supreme Court has ordered that Banks foreclosing on homes in Florida try to resolve the mortgage loan default by mediating a loan modification, many of you may have some important questions. Here are some answers ...

Some New Numbers on Modifications...

Posted on Tuesday, December 29, 2009

An estimated $75 billion is in default. As of November 728K trial modifications had been proposed. Only 31K had been made permanent. The biggest problem is allegedly borrowwers not turning in the required paperwork. Some banks only require some documentation to decide on a modification and t...

Best Time of Year to Sell

Posted on Tuesday, December 29, 2009

Homes listed for sale have been highest during June, July and August for all years since 2000 with the exception of this past year. Sales typically plummet in the Fall. These nromal trends have been upset by government intervetnion such as the home buyer tax credit....

Shadow Inventory

Posted on Tuesday, December 29, 2009

An estimated 7 million housing units are said to be lurking in the shadows as lenders hold off on selling until prices increase, foreclosurees are delayed for a variety of reasons and investors buying distrseed properties with the intent of eventually reselling also wait to resell. All this as more...

Predictions for 2010

Posted on Wednesday, December 23, 2009

PREDICTIONS FOR 2010 The bad news is things will get worse before they get better. The good news is they WILL get better and we'll see the beginning of that turn around in. RESIDENTIAL Defaults and F...

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