California Governor Arnold Schwarzenegger’s latest movie, The Expendables, is a summer hit and Californians are now waiting for him to morph into the homeowners’ hero by signing SB 1178, the bill extending anti-deficiency protection for consumers facing foreclosure who refinanced their original mortgage loans that was approved by the California Sate Assembly earlier this month…. CONTINUE
July Worse Than Forecast
You know it can’t be good news when an article about home sales starts out like this: Analysts’ estimates for July home sales aren’t even close. And it wasn’t good news. According to HousingWire.com, the sale of new single family homes hit an all-time low of 276,000 units for the month of July, down over… CONTINUE
U.S. to Stay in the Mortgage Business
At a conference held last week to discuss the overhaul of housing finance, Treasury Secretary Timothy Geithner said that the Obama administration was not looking to perform “radical surgery” on the system, but was focused instead on creating a “new and improved” version of the current system where the government would subsidize mortgage loans made… CONTINUE
LPS: Foreclosure Problem Here to Stay
An analyst from Lender Processing Services, a default services analytics group, is predicting that foreclosure and REO issues could continue to plague the housing market recovery until late 2013. During the LPS annual conference in Denver last week, LPS Applied Analytics managing director Kyle Lundstedt said that well-intended programs designed to keep borrowers in their… CONTINUE
BofA Launches Short Sale Program
Bank of America has announced a co-op short sale program, targeted at homeowners who have failed to qualify for mortgage modifications under HAMP or HAFA. BofA is launching the new program with 2,000 homeowners who have already been pre-screened because they applied for mortgage modifications under HAMP or HAFA. The bank is offering them the… CONTINUE
Home Affordability Problems Persist
New research from The Urban Institute’s MetroTrends, which reports on social and economic trends in urban America, shows that despite a drop in home prices, affordability continues to be a problem for many Americans, especially in coastal metro areas. According to the MetroTrends data, the share of American households spending more than 30 percent of… CONTINUE
California Foreclosures Up and Down
ForeclosureRadar reports that California foreclosure activity was “mixed” in July, with foreclosure filings and cancellations dropping from June and foreclosure sales rising. California foreclosures moving to REO status were up 13.46 percent in July from the previous month, but down over 18 percent from July of 2009. Notice of default filings were down 4.8 percent… CONTINUE
REOs Reach New High
July foreclosure data from RealtyTrac shows that REO levels in July were at the second highest level since the company started reporting in April of 2005. The highest point ever recorded by the company was just two months ago, in May, when there were 93,777 properties that went back to banks as REO. In July,… CONTINUE
Looking for a Reason to Believe
Things are gonna get better, or things are gonna get worse. Take your pick. Two top economists, the kind that institutional investors rely heavily upon, have weighed in on which way the economy is going to go. And they disagree! (No surprise there, really.) Richard Berner of Morgan Stanley is the more optimistic of the… CONTINUE
Feds Hold Conference Today on Repairing Fannie and Freddie
The Obama administration is holding a conference today to discuss ways to overhaul Fannie Mae and Freddie Mac, saying that doing so will be important to fixing the country’s broken housing finance system. The conference will focus on a review of Fannie Mae, Freddie Mac, the FHA, Ginnie Mae, the Federal Home Loan Banks and… CONTINUE
New Website Launched to Educate Borrowers About Foreclosure
KnowYourOptions.com is the new Fannie Mae website launched last week to help distressed borrowers understand more about mortgage financing and prepare them for dealing with lenders in the foreclosure process. Available in both English and Spanish, the new site aims to help struggling homeowners find alternatives to foreclosure. According to a Fannie Mae press release,… CONTINUE
Fannie Mae Relaxes Broker REO Limit
Fannie Mae has relaxed the limit of 30 REO listings per broker from any one Fannie Mae source, according to a report from REO Insider. In June, Fannie imposed a strict limit of 30 REO listings per broker at any one time, and imposed a 25-mile restriction as well. The new rules elicited an immediate… CONTINUE
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