CitiMortgage has launched a pilot program that will allow distressed mortgage holders to stay in their home an additional six months in return for turning the keys over to the mortgage lending giant at the end of that period. In a press release issued last week, CitiMortgage announced that the program will initially be offered… CONTINUE
947,000 HAMPy Campers
The Wall Street Journal reported this week on the HAMP ramp-up, noting that the number of households benefiting from the Home Affordable Modification Program (HAMP) was up 11% in January and that, overall, about 947,000 households have taken advantage of the government’s foreclosure prevention program. The article also noted the steps the Treasury is taking… CONTINUE
A Pony in the Pile
From the hallowed pages of the Washington Post came news this week that home equity is on the rise. Digging through the pile to find the pony, the Post reported on what it called “the least-publicized statistic” from Federal Reserve research on mortgage balances and home-value changes: According to the Fed’s most recent “flow of… CONTINUE
HUD Targets Lenders
HUD Commissioner David H. Stevens announced a new initiative this week that focuses on mortgage companies with significant claims against the FHA mortgage insurance program, issuing 15 subpoenas to mortgage lenders across the country demanding documentation on failed loans that resulted in claims paid by the FHA insurance fund. According to a press release posted… CONTINUE
Strip Tease
…or how to get rid of the underwater second mortgage, from a recent Ezine article by David Reinholtz, founder of LoanOfficerSchool.com, a speaker and an approved education provider for NMLS: One day Suzie homeowner reviews her personal finances and comes to a stomach-churning realization: the house that she has lived in and made payments on… CONTINUE
Thanks But No Thanks
The federal regulator for Freddie Mac and Fannie Mae told the mortgage finance giants “thanks, but no thanks” to generating new loan products – at least while they are under the control of the U.S. government. Too bad, when the past ones worked so well….(!?!) The Federal Housing Finance Agency’s acting director Edward DeMarco told… CONTINUE
Hotels: LOTS of Vacancies
Hotels are becoming one of the biggest bargains in the CRE industry right now, at least in northern California. This week, the Sheraton Pleasanton Hotel was purchased by a partnership of realty investment firms Sethi Enterprises and Kapoor Enterprises. According to an article in the Contra Costa Times, Sethi executive J.P. Sethi said the purchase… CONTINUE
DRE Audit Violations: Part 2
From the California Dept. of Real Estate website, here are the last five of 10 most common violations found in DRE Audits: Regulation 2832.1 – Trust Fund Handling for Multiple Beneficiaries (Trust Fund Shortage) Regulation 2832.1 requires the real estate broker to obtain written consent from every owner of the trust funds in the bank… CONTINUE
Walk-or Swim-Away?
A recent New York Times article reported succinctly on the growing trend of homeowners who are “underwater” on their mortgages simply packing it in and walking away. Called “a situation without precedent in the modern era,” abandoned homes are becoming more prevalent as “people’s emotional attachment to their property is melting into thin air.” An… CONTINUE
CRE Walkathon Continues
The walkathon in the commercial real estate market continues. A Wall Street Journal article last week reported on the Mortgage Bankers Association’s sale of its headquarters building in Washington, DC to CoStar Group for $41.3 million – about $38 million less than what it paid for the building three years ago, and also way below… CONTINUE
Tough (and Expensive) Talk
Real estate agents and talking on the phone while driving go together like milk and cookies. Just be sure California doesn’t turn it into sour milk! Look at these fines and think again about the cost of that hands-free cell phone headset: Drive using wireless phone not hands free, first offense: $148 Drive using wireless… CONTINUE
DRE Audit Violations: Part 1
From the California Dept. of Real Estate website, here are five of the 10 most common violations found in DRE Audits: B & P Code Section 10148 – Retention of Records Business and Professions Code Section 10148(a) states that a real estate broker shall retain for three years copies of all listings, deposit slips, canceled… CONTINUE
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