Citigroup Passes New Bankruptcy Bill Via Congress

Months ago, when the foreclosure crisis was raging through a great deal of America, politicians had a brief moment of clarity when they proposed permitting bankruptcy judges to modify mortgages in Chapter 13 proceedings. The banks, naturally, fought against the proposal and it was defeated so that you can make room for trillions of dollars in free money transferred from homeowners as well as other Americans straight to the banks.


But now Citigroup, after becoming bailed out for tens of billions of dollars by the federal government, has noticed the light and decided that perhaps government intervention in bankruptcy loan modification is not such a poor factor, soon after all. Thus, the proposal has been reincarnated in both houses of Congress and is expected to pass. Though this may well be good news for borrowers, it signals some thing far much more significant for the rest of the country.


After all, exactly where does Citigroup get this massive influence to assist block a bill when it can be introduced the first time which would have helped it keep away from needing a bailout, but then turn about and support the bill, assisting in its broader support? It could not be any clearer that the politicians are absolutely nothing much more than entertainers keeping us all distracted with meaningless hearings and tv interviews while the financial energy centers make policy in this country.


Politicians are supposedly elected to represent all of us Americans — not giant corporations, believe tanks, and business associations. But how will be the truth that Citigroup dropped its opposition to the bankruptcy reform bill a sign that the proposal has cleared a “key hurdle?” How much could be the support of Citigroup worth compared to the suffering of millions of homeowners facing foreclosure and bankruptcy? Obviously to the politicians, it is worth a good deal more.


Although the bankruptcy strategy is almost certainly overhyped anyway as a meaningful solution to foreclosure, it may well do much more for homeowners than quite a few of the government’s ill-conceived and poorly administered programs so far. The Hope for Homeowners Act has been a total failure, and more and more families are filing for bankruptcy daily so that you can stop foreclosure for a few extra months.


Is it great news that Citigroup, one of the banks instrumental in creating the foreclosure crisis, has dropped its opposition to allowing bankruptcy judges to modify mortgages and that this acquiescence is observed as a major support for the bill? I do not feel so. This is absolutely nothing more than the bank attempting to save face when, in reality, it’s just showing how corrupt the political procedure has develop into and how much influence the financial giants have in generating, maintaining, and reducing the effects of these crises.


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What To Know About Real Estate Mobile Marketing

Realtors who still rely on print advertising have yet to realize the advantages, and cost savings, of going digital. Real estate mobile marketing prevents the hassle of taking out print ads, or printing up property fliers. As part of a digital strategy, digital marketing allows realtors to reach out to prospective buyers for a low cost, using no paper. Digital also gives realtors an environment in which to be proactive, rather than reactive, when assessing customer needs.


Mobile marketing is the process of engaging customers, using a mobile device. Realtors who have cellular phones already know that their accessibility helps them serve their clients at any time of the day or night. Taking that cellular phone, and then using it as a marketing tool, gives the realtor a competitive edge, with a clientele that is always growing more digitally savvy.


Realtors are set back in a reactive position with print ads, and even with websites. In both cases, realtors have to wait for clients to contact them about the property. Even fliers will never be picked up unless a client actually sets up a property showing. Ideally, realtors should be able to proactively market their listings to potential clients. Mobile capability will give realtors a platform in which to be more assertive, while, at the same time, saving money.


Digital advertising may be realized in a number of ways. When realtors list a new property, for instance, they may choose to send the information to clients, using text messaging. Or, when an open house is about to begin, realtors could sent a text message to interested clients in their database.


SMS offers clients the chance to acquire important information, right on their smart phone. Realtors could set up a service, which would allow clients to text a keyword to a certain number, in order to receive property information. This service would replace the fliers that are often left at property sites, generating instant information for the client at minimal cost to the realtor.


Advertising is only one aspect of an overall digital strategy. Many clients use their phones to look at property information online. For this reason, realtors should ensure that their websites are easily navigated with a smart phone, and that they do not publish too much Flash content. Additionally, good visuals on a website are important, and realtors may even consider adding a video element to their pages.


Digital strategy may include advertising on third-party websites. Websites, like Trulia or Zillow, offer realtors the opportunity to advertise their listings. Additionally, both sites have an excellent mobile interface, which has rich visual features. In addition to real estate sites, realtors should employ social media as another way to communicate with clients. Property updates, or other information, would appear directly in the user’s news feed.


Real estate mobile marketing completely changes the focus of advertising for a realtor. By taking advantage of smart phones and computers, realtors will bring their services up-to-date with the lifestyles of most of their clients. Also, technology provides convenient services to clients, for a fraction of the cost of paper.


Dave is a real estate professional who specializes in techniques for real estate marketing.

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Can I Take Money from my Roth IRA to Buy Investment Property?

Can I Take Money from my Roth IRA to Buy Investment Property?


YES! What’s more, that is exactly what you should be doing. You do want to make sure that it in a self directing IRA. You would not believe the opportunities there are in the market. The angle Investors we work with in many cases are investing out of there Roth IRS.

Buy Investment Property

With a normal IRA you can contribute about $4,000 per year, don’t quote me there but it’s not very much. When you invest out of your Roth IRA you can put back ALL the profits into your IRA, not just the paltry $4,000.


What I mean here is that if you bought a house for $100,000 and sold it for $150,000 you would be allowed to add the whole $50,000 profit to the balance of your Roth IRA. It goes in tax free. The money you would normally pay in taxes on that capital gain would be in your IRA earning interest.


This transaction, both the purchase and sale of your new property will be handled by your IRA facilitator much like you would have a 1031 facilitator handle that kind of transaction. They have to handle it in a third party fashion. You keep your hands of it.


With the real estate market at about record lows as far as values go, this is the perfect time. Not all people looking to buy investment property have the knowledge or time to look for the great buy’s, they have the money but need a company that searches for that perfect property for them. We have always been very successful at that as our contacts are second to none.


Can I take money from my Roth IRA to buy investment property?


That’s good thinking; join the rest of the investors making boatloads of cash by doing the same thing. Make sure you are ready for management if you are not going to hire it out. Figure out exactly how involved or passive you want to be in your investments.


Make sure that if you are working with a company like ours and that you are very clear on the role you would like to play and details of your investment criteria. We would love to help you build wealth. Actually our company’s business statement is “Crafting Real Estate Opportunities and Building Wealth Together”.


Another dynamic that favors the real estate investor now is the inability of the banks to fund deal like they did in the past. As a result of this we are seeing many deals fall out of escrow. This is costing banks a fortune thinking they have a property sold and then to find out there buyer can’t get financing.


What this has done is open the opportunity to get properties at 50% of there value from the banks. If you come to them with non refundable earnest money and a short close you can pretty much name your price. Even though they may not get all that they want they have confidence it will close.


All that is required on your part is to do more due diligence up front before the offer goes out the door. If you are not sure exactly sure what all needs researched find someone that you feel would have all the answers. Go into this very prepared and it turns out being very easy.


What is currently happening in the country is that Apartments, Mini Storage, Student Housing and Elderly care seem’s to be the favorite investment now for the smart investor. There is so much protecting in the multi family category.


Let me draw you a scenario of how 1M can buy a 5M dollar apartment complex and what it will be worth when done. Let’s say we find an apartment complex that is in need of repairs, occupancy is down and because of this the value of the apartments down. This investment is only worth how much NOI (net operating Income) it is making. If you are in a market where they are selling at a 10 cap and the NOI is less than $500,000 than it is not going to be worth 5M.


Let’s say because of poor management there expenses were high and there occupancy was low. That they only had a true $250,000 of NOI per year. With a 10 Cap you can purchase this for 2.5M. You put $500,000 in repairs to improve everything. It is so nice you are able to raise rents. It looks so nice it fills up to about 95% full. You have now created a new value on this apartment as it is now kicking off $500,000 in NOI per year.


If you sell it now you can get 5M for it. That would be a 2M dollar profit since you paid 2.5M and you put 500,000 into it. You have just made a 66% ROI on your money. The industry is full of this type of deal right now.


Now let’s look at it in a different view. You have the place all fixed up and full of tenants. The place is running perfectly. You go get new financing so you can cash out. You new financing is for $300,000 to pay yourself back on the investment. Let’s say you are paying 7.5% interest on the 3M.

Your interest payment is $18,750 per month. You completely rebuilt apartment is generating $41,666.00 per month or $500,000 per year.


You have just created passive income with none of your money involved of $22,916 per month for how ever long you own it. Not really, that will increase every year with inflation. What’s more you have an apartment complex that is worth 5M right now and more in the future. That is a 2M payday you could realize at any time.


What would you say; can I take money from my Roth IRA to buy Investment Property? YES



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Amp Up Your Limited Sale Promotion Through The Use Of Facebook And Twitter To Succeed In Distressed Sellers


Rocks Bottom Blueprint

Reaching distressed householders to help them having a brief sale necessitates a balanced method of advertising. You may only pique their interest which includes a very good profits letter. They could obtain some knowledge very helpful on your website and however not get to out to you personally. When your postcard lands within their mailbox they may consider time to find out way more or it could conclusion up during the trash can.

To assist push these prospective customers through the edge, especially when you have not been ready to receive them to the telephone, consider reaching them on them within the biggest of social networks. With 100′s of thousands and thousands of people concerned day-to-day on Twitter and Facebook you’ve a wealth of possible to achieve new prospects After you put the suitable marketing systems into action.

Quite a few real estate property industry experts and online business proprietors are carrying out very little to achieve their users by using social networking. Even with people spending hrs daily on these platforms couple of individuals have defined a strategy that may let new people to reach to them for help on the everyday foundation. To assist you get to new distressed sellers fairly quickly I invite you to consider the subsequent:

•   Curiosity Piquing Updates – Reaching many people does not materialize by incident. Both Facebook and Twitter want to see you participate with engaging and attention-grabbing important information. Create out a sequence of updates which you can use on the two platforms. Share things that range from tips on how to begin a hardship letter to preparing documentation for your hardship packet. For Twitter consider creating your updates centered on a specified hashtag (#).

•   Create an expert Presence – On Facebook put up an enterprise enthusiast page centered within the issues of short sales and profits. Make investments some bucks developing customized graphics developed for just a marketing landing tab and fill out important products such as your information tab. Don’t forget to collect testimonies to your reviews tab to ascertain validity. Along with your presence on Twitter you’re able to also customize your history and fill out crucial profile knowledge to help you end users see the value that you supply.

•   Appeal to Prospective customers – Interest piquing updates together with a pro presence are terrific, but not once you don’t have virtually anyone to share the information with. With your profile on Twitter give some thought to making use of resources like Social Oomph or Hootsuite to assist uncover everyday people inside your goal market. With Facebook think of launching a specific Facebook Advert campaign to find everyday people with your nearby market place. Although you cannot just put in “short sale prospect” it is possible to define primary demographics designed to enable you to achieve most people in your focus on sector.

Reaching new small sale prospects through social networking will permit new prospects to search for you everyday. Any time you can share fascination piquing advice along with a experienced presence distressed sellers shall be monitoring you right down to record their home.



Rock Bottom Blueprint ~ If you’re interested in learning more ways to drive targeted website traffic to your sites, then visit Rock Bottom Blueprint Dean

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Freddie asks for $146M in aid

BofA in side deal with US govt on mortgage foreclosures


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Bank of America will make deeper and broader cuts than other
banks, which will allow it to avoid as much as $850 million in
penalties and give more than 200,000 financially strapped
households the opportunity to sharply reduce their mortgage
balances. The side deal is unique to Bank of America, said the
Wall Street Journal, citing a senior administration official. It
added that many of the write-downs will be made on loans
originated by Countrywide Financial Corp, which Bank of America
bought in 2008, and then packaged into securities. Investors in
those securities could then be affected by the side deal. Bank of
America said on Feb. 9 that under the government settlement,
write-downs will be made on loans originated by Countrywide
Financial Corp prior to and for a period following the bank’s
acquisition of that lender. The other banks accused of abusive
mortgage practices that settled with the government were Wells
Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial

Restructuring bails out Greece

Greece’s private sector creditors agreed to a historic
restructuring of the government’s debt early Friday, setting the
stage for the nation to secure more bailout money and skirt a
messy default. Investors agreed to restructure €172 billion
worth of Greek bonds, which represents 85.5% of the total €206
billion held by the private sector, said the Greek finance
ministry. Another 69% of investors that own Greek bonds not
issued under Greek law agreed to restructure roughly €20
billion. Greek Finance Minister Evangelos Venizelos welcomed the
agreement, saying the restructuring will help Greece get out of
debt and revive its ailing economy. Greece is widely expected to
activate so-called collective action clauses, which the
government retroactively added to its bond contracts a few weeks
ago, to make the restructuring binding for all holders of Greek
bonds issued under domestic law. The use of the clauses should
bring the total participation rate in the restructuring to more
than 90%, the threshold Greece needs to cross in order to meet
all the conditions of its second €130 billion bailout from the
European Union and International Monetary Fund. Euro area finance
ministers are expected to discuss the restructuring during a
conference call later Friday, when they could approve the final
portion of the bailout.

Banks foreclosing on churches in record numbers

Banks are foreclosing on America’s churches in record numbers as
lenders increasingly lose patience with religious facilities that
have defaulted on their mortgages, according to new data. The
surge in church foreclosures represents a new wave of distressed
property seizures triggered by the 2008 financial crash, analysts
say, with many banks no longer willing to grant struggling
religious organizations forbearance. Since 2010, 270 churches
have been sold after defaulting on their loans, with 90 percent
of those sales coming after a lender-triggered foreclosure,
according to the real estate information company CoStar Group. In
2011, 138 churches were sold by banks, an annual record, with no
sign that these religious foreclosures are abating, according to
CoStar. That compares to just 24 sales in 2008 and only a handful
in the decade before. The church foreclosures have hit all
denominations across America, black and white, but with small to
medium size houses of worship the worst. Most of these
institutions have ended up being purchased by other churches. The
highest percentage have occurred in some of the states hardest
hit by the home foreclosure crisis: California, Georgia, Florida
and Michigan. “Churches are among the final institutions to get
foreclosed upon because banks have not wanted to look like they
are being heavy handed with the churches,” said Scott Rolfs,
managing director of Religious and Education finance at the
investment bank Ziegler. Church defaults differ from residential
foreclosures. Most of the loans in question are not 30-year
mortgages but rather commercial loans that typically mature after
just five years when the full balance becomes due immediately.

Unemployment holds in February

Hiring remained strong in February, but the overall job market is
not out of the woods yet. Employers added 227,000 jobs in
February, the Labor Department reported Friday, a pinch slower
than in January, when the economy added 284,000 jobs. Meanwhile,
the unemployment rate remained at 8.3%, in line with
expectations. Private businesses were the main driver of job
growth, and have been adding jobs consistently since March 2010.
In February, they added 233,000 jobs. But government job losses
have been offsetting some the private sector gains, with most of
the bleeding at the state and local level. Last month, 6,000 were
lost. The American economy lost 8.8 million jobs in the financial

Freddie asks for $146M in aid

Government-controlled mortgage giant Freddie Mac has requested
just $146 million in additional aid after posting a smaller loss
in the fourth quarter. That’s far less than in the third quarter,
when Freddie received $6 billion from the government. It received
$7.6 billion for all of 2011. Freddie Mac says it lost $1
billion, or 32 cents per share, in the October-December quarter.
That compares with a loss of $1.72 billion, or 53 cents a share,
in the same quarter of 2010.

Freddie’s losses are decreasing because of a drop in the number
of homeowners paying less interest as they refinance at lower
mortgage rates. The government rescued McLean, Va.-based Freddie
Mac and sibling company Fannie Mae in September 2008 after
massive losses on risky mortgages threatened to topple them.

Economy faces years of reforms – Timothy Geithner
At home and abroad, Treasury Secretary Timothy Geithner said the
economy is on the mend but faces years of painstaking reforms. He
pushed a new highway bill making its way through the Senate that
would invest in infrastructure and streamline the approval
process. Geithner called the bill “employment intensive.” One of
the major headwinds, Europe, seems to be gaining progressive and
positive momentum. A Greek debt-swap program made major progress
Thursday, which would grant the sovereign access to a second
bailout package. He praised foreign officials and the European
Central Bank for setting aside politics in favor of “preventing
the equivalent of lighting the continent on fire.” Averting
disaster will cost years of reform. Geithner said there is a need
to streamline regulatory changes in the U.S.

See you at the top!
Chris McLaughlin


Copyright Loss Mitigation Institute LLC 2011.
All Rights Reserved.

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Property Search Techniques

With this article I will attempt to explain all the different way to conduct a property search in your area. This will also be about locating single Family homes in particular.

Property Search Techniques

The biggest grouping of houses for sale will be on the Multiple Listing Service for your city. These are the properties that are listed, there representative is the listing agent or realtor. Conducting a property search with a realtor is very easy.


The MLS service is able to type in what is called a key word search. If you are looking for homes that are offering owner financing you simply type that in and it will give you all the listings with that wordage in there text. If you are looking for certain price or square footage do the same. The searches are conducted by the realtor; you simply receive the list, not to much work on your part.


This type of property search will put you in front of realtors; there is an art in how to talk with a realtor when buying a home. Don’t tell them anything you don’t want the seller to know because they will tell them. They work for them.


The second area you can do a property search for is all the different websites that help the owners sell there own house. Craig’s list might be a good place to start but there are 20 or 30 of them at least. Search all of them, you never know. The same philosophy as, I can’t show you 1 place to find 100 homes but I can show you 100 places to find 1 home.


Between the two types of property searches working directly with the owner will make you much more than working with a realtor because you have added at least one person to the daisy chain. If you have a realtor that is representing you than you have 2 people between you and the decision maker. The people in between are called the daisy chain. The shorted the chain the higher the chances of the deal closing.


The third way is to drive around your city and write down all the homes that have a for sale by owner sign in front of them. Also record the info for the people with signs wanting to rent there place. They may be sick and tired of being a landlord and a call to them is very smart on your part. Many times all these homes will no be listed anywhere.


There are two categories of homes, the ones where the owner knows he wants to sell and the ones that the owner doesn’t know he wants to sell but may be in a situation where he must sell or loose his home. The latter won’t be advertized anywhere.


This is where your property search takes a bit of a twist. Up until this point you had been doing all the contacting, now it is time for them to contact you. This can be best accomplished with direct mailing.


If you are looking to purchase wholesale deals with your property search then you must go after the people that are motivated. There has to be some type of motivation to get a good deal on a house. There are many groups that people fall into, these groups have obvious motivation.


Some of them would be Pre- foreclosure, bankruptcy, probate, behind on there taxes and out of state owners, this would be a good place to start. There are another 100 types of motivation but they don’t end up on a list.


There are books and courses you can take on direct mailing. It is one of the best ways to get response. If it didn’t work then you would get no junk mail.

Publishers clearing house has a hugely successful business model. They figure if they can get ½ of 1% they make good money. You get the idea.


Plan you direct mailing campaign to one or two categories. If you mail out 1000 post cards this will cost you about .38 cents each or 380.00. You will need to change your message a little every time you mail to these people. If you mail to them once a month for 7 months like you should you will no doubt be able to buy a house or two.


With the high return on one transaction this form of mailing has the same cost if a restaurant were to be doing it. When they make a sale it is for about 50.00. When you make a sale it is from 5,000 to 50,000, much more bang for the buck.


Your property search should be well thought out. The biggest key to success is making as many offers as possible. This is the same as asking; sometimes it’s hard to do thinking you may be turned down.

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Huge Spike in Repeat Foreclosures – Real Estate News

Mortgage Applications Fall 1.2%

Mortgage applications decreased 1.2 percent from one week
earlier, according to data from the Mortgage Bankers
Association’s (MBA) Weekly Mortgage Applications Survey for the
week ending March 2, 2012. The Market Composite Index, a measure
of mortgage loan application volume, decreased 1.2 percent on a
seasonally adjusted basis from one week earlier.  On an
unadjusted basis, the Index increased 10.2 percent compared with
the previous week.  The Refinance Index decreased 2.0 percent
from the previous week.  The seasonally adjusted Purchase Index
increased 2.1 percent from one week earlier. The unadjusted
Purchase Index increased 14.7 percent compared with the previous
week and was 7.8 percent lower than the same week one year ago.
Last week’s results included an adjustment for the Presidents
Day holiday. The four week moving average for the seasonally
adjusted Market Index is down 1.77 percent.  The four week moving
average is down 0.47 percent for the seasonally adjusted Purchase
Index, while this average is down 2.04 percent for the Refinance
Index. During the month of February, the investor share of
applications for home purchase was at 6.1 percent, a decrease
from 6.4 percent in January.  This change was led by a decline in
the New England region.  In addition, the share of purchase
mortgages for second homes decreased to 5.8 percent in February
from 5.9 percent in January.

Gas prices on a rise

Drivers are paying more at the pump than they were just a few
days ago. The U.S. government reported that the average price of
a gallon of regular gasoline rose more than seven cents to $3.79
during the past week. The price has climbed nearly 50 cents since
Jan. 2. Some analysts worry that rising energy prices could
undermine the economic recovery. Economists say if the price
stays high for a good part of the year, it could stall the
creation of jobs. And higher fuel prices could eventually start
to have an unwelcome side effect: spiraling inflation. “This rise
in fuel price is a negative for the economy,” says John Silvia,
chief economist at Wells Fargo Securities in Charlotte, N.C. “The
reality is transportation gets hit and the cost of goods goes
up.”  The hardest hit are the drivers who live in the poorest
states and those who travel the longest distances.  However, the
price of gasoline has probably risen fastest in California. Since
Jan. 1, the price of regular gasoline in the Golden State is up
61 cents a gallon. For the nation as a whole, some economists now
anticipate the price of gasoline at the pump will exceed $4 a
gallon by Memorial Day, the official start of the summer driving
season.  Mr. Mark Zandi, Chief Economist at Moody’s Analytics
says this could result in the loss of 500,000 jobs. “It basically
means we don’t make any progress on reducing unemployment this
year,” he says.

Housing Affordability Index Hits Record High

According to the National Association of Realtors, the housing
affordability conditions have reached the highest level since
recordkeeping began in 1970. NAR’s Housing Affordability Index
rose to a record high 206.1 in January, based on the relationship
between median home price, median family income and average
mortgage interest rate. An index of 100 is defined as the point
where a median-income household has exactly enough income to
qualify for the purchase of a median-priced existing
single-family home, assuming a 20 percent down payment and 25
percent of gross income devoted to mortgage principal and
interest payments. “This is the first time the housing
affordability index has broken the two hundred mark, meaning the
typical family has roughly double the income needed to purchase a
median-priced home,” he said. “For buyers who can qualify for
a mortgage, now is a very good time to become a homeowner,”
said NAR President Moe Veissi.

Olick: Huge Spike in Repeat Foreclosures

Thousands of foreclosures that were stuck in process due to
delays over the so-called “Robo-signing” paperwork scandal are
working their way through a revamped banking system and heading
toward final bank repossession. Foreclosure starts surged 28
percent in January from December, according to a new report from
Lender Processing Services. More than 230,000 loans began the
foreclosure process in January. Even more indicative of this new
surge in processing is that repeat foreclosures hit an all-time
high in January, representing 47 percent of all starts, according
to LPS. Repeat foreclosures are either failed loan modifications,
or loans that banks were attempting to modify but couldn’t. “This
large amount of foreclosures that have been sitting out there,
with borrowers not making payments for an extended period of
time, this may be coming to an end,” says LPS’ Herb Blecher.
“This is what the market is looking for.” That’s because while
painful to housing in the short term, moving the huge pipeline of
delinquent loans to their inevitable end will help the overall
market in the long term. There are nearly 4 million loans now in
some stage of delinquency which have not even entered the
foreclosure process. Banks are modifying loans more aggressively
now, but many of these mortgages simply cannot be saved, and the
sooner they are processed and new buyers are found for the
properties, the sooner overall home prices can recover.  The new
surge in foreclosure starts consequently created an equal surge
in foreclosure sales. Foreclosure sales rose 29 percent month to
month in January, indicating that there will be a new surge of
distressed properties coming to the housing market in the next
few months, as banks try to sell these homes. While new mortgage
delinquencies are falling, the backlog of distress is large. More
than 40 percent of loans in foreclosure are more than two years
past due, and judicial states have 63 months of foreclosure
inventory to work through.

FHFA, Freddie faulted for overlooking mortgage servicers

Freddie Mac and its conservator the Federal Housing Finance
Agency avoided implementing stronger oversight of mortgage
servicers when they had the chance, according to an FHFA Office
of Inspector General report. Freddie contracts with more than
1,400 servicers, but the largest banks handle the majority of its
$1.8 trillion portfolio. In 2010, evidence surfaced of mishandled
foreclosures, lost paperwork and improper signatures at the big
servicing firms. The top five servicers agreed to a $25 billion
settlement with the state attorneys general in February. Freddie
did not install its servicing scorecard program until July 2011
and rated the overall performance as below standard or
unacceptable, according to its most recent report. Documentation
the government-sponsored enterprise provided to the Inspector
General shows weak servicer oversight and risk management played
a significant role in the subpar performance. n a letter to the
inspector general, FHFA Deputy Director of Enterprise Regulation
Jon Greenlee wrote on the supervision of Freddie that “a
dedicated examination staff to monitor and coordinate oversight
activities would enhance the agency’s overall efficiency and

DSnews: Foreclosures spike in January

Data through the end of January shows significant movement in
both foreclosure starts and sales, and it has some market
watchers saying the lull in foreclosure activity seen over the
past year-and-a-half may very well be coming to an end. Lender
Processing Services’ (LPS) latest market report says
foreclosure starts jumped 28 percent between December and
January, and foreclosure sales soared 29 percent. “While one
month of data does not necessarily indicate a trend, this surge
could suggest the backlogged foreclosure pipeline is beginning to
move,” LPS said in its report. The January data also shows that
the percentage of repeat foreclosures hit a new all-time high,
with 47 percent of all foreclosure starts during the month
involving a mortgage that had been delinquent before, cured, and
then fell back into foreclosure again.

Home prices at levels of 10 years ago: CoreLogic

Home prices in January declined for the sixth consecutive month
in a row, according to the latest data from CoreLogic. The Santa
Ana, Calif.-based analytics firm says home prices, including
those on distressed sales, fell 3.1% in January from a year
earlier and dipped 1% from December. When excluding distressed
home sales, prices fell 0.9% in January compared to a year
earlier. “Home prices are down to nearly the same levels as 10
years ago,” said Mark Fleming, chief economist for CoreLogic. The
five states with the highest price appreciation in January
included South Dakota, where prices rose 5.7%, North Dakota (up
4%), West Virginia (up 4%), Montana (up 3.6%) and Michigan (up
3%). States with the deepest price depreciation included Illinois
with a drop of 8.7%, Nevada (down 8%), Delaware (7.9%), Alabama
(7.7%), and Georgia (7.5%). When evaluating home price
depreciation from peak levels of April 2006 to January 2012, the
drop is a steep 34% and 24.2% when excluding distressed assets.

See you at the top!
Chris McLaughlin


Copyright Loss Mitigation Institute LLC 2011.
All Rights Reserved.

Categories: Real Estate News | Tags: | Leave a comment