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A small pilot principal reduction program Fannie Mae killed in 2010 was not performing well enough for executives to expand, the mortgage giant claims. Reps. Elijah Cummings, D-Md., and John Tierney, D-Mass., sent a letter to Federal Housing Finance Agency Acting Director Edward DeMarco on Feb. 8, raising concerns about analysis on principal reductions used to keep the GSEs from implementing such programs. They also cited an unnamed former executive at Fannie who said a pilot program was actually developed, tentatively approved, then stopped before the analysis was given to […]

The loss-severity rate on 1998 vintage commercial mortgage-backed securities loans outpaced other vintage classes of CMBS, with the 1998 class recording $289 million in realized losses on an initial loan balance of $474 million, Treppsaid Friday. The CMBS analytics firm released its January loss-liquidation report for fixed-rate, U.S. conduit loans Friday. The report puts the vintage 1998 CMBS class at a loss-severity rate of 60.94%, making it the segment with the highest distressed loan level. It is followed by the 2008 vintage class of 46 loans, which have a loan […]

Three Northern California real estate investors agreed to plead guilty to forming a conspiracy to rig bids at foreclosure auctions, the Department of Justice Financial Fraud Enforcement Division said Thursday. Charges were filed in the U.S. District Court for the Northern District of California against Barry Heisner of Brentwood, Calif.; Dominic Leung of Alameda, Calif.; and Hilton Wong of San Ramon, Calif. The investigation into auction bid-rigging in North California has resulted in 20 plea agreements thus far. The Department of Justice says the three defendants conspired with others to […]

Fannie Mae has announced that it is rolling out a pilot program nationwide that will allow real estate agents to now submit and track their offers online for Fannie Mae-owned properties. Once an offer is submitted, you’ll receive confirmation and be able to track its status through Fannie’s HomePath web site. Fannie first began piloting the program for online offers in 2010 in San Diego, Orlando, Fla., and Detroit. It now be accepting online offers for properties nationwide. “Collecting offers online through HomePath.com will provide greater transparency for home buyers […]

DocX, one of the largest companies in the nation to provide foreclosure services to lenders nationwide, has been indicted by a Missouri grand jury on forgery charges stemming from foreclosures against home owners in the state. The indictment marks one of the “few criminal actions to follow reports of widespread improprieties against home owners” nationwide, The New York Times reports. According to the indictment, DocX is accused of making “mass-produced fraudulent signatures on notarized real estate documents” and could face up to 136 counts of forgery in the preparation of […]

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In the course of a real estate transaction, customers may come at you with a lot of objections. So how do you deal with the multitude of concerns that may come your way? Prospects, for example, may say “no” an average five times before they agree to buy, according to a recent article by sales trainer John Boe at RISMedia. “If your prospect was not interested in your product or service, they wouldn’t be asking questions,” Boe points out. “Simply put, an objection is nothing more than a request for […]

Changes made to the Home Affordable Refinance Program could open the initiative up to almost twice the number of borrowers eligible under previous criteria, according to a DataQuick study. Researchers found that 6.7 million more households may qualify under HARP 2.0, which has been tweaked to now include borrowers with an 80 percent or more loan-to-value ratio on their homes.   The author of this article is: realtormag.realtor.org  See the original post at: http://realtormag.realtor.org/daily-news/2012/02/07/harp-20-could-help-67-m-more-borrowers At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate […]

Changes made to the Home Affordable Refinance Program could open the platform up to nearly double the number of homeowners eligible per previous requirements. A study from San Diego-based DataQuick found an additional 6.7 million households may qualify under HARP 2.0, according to new loan-to-value ratio requirements. Those changes remove a 125% LTV upper limit, altering it to include borrowers with 80% or more LTV on their homes. In total, DataQuick said 13.8 million mortgages meet HARP requirements based on LTV ratios, with the 6.7 million accounting for loans with […]

Real estate investment firm Post Properties ($44.95 0.21%) saw its funds from operations fall slightly in the fourth quarter to $20.9 million from $21.1 million a year earlier on reduced incremental gains from condo sales. That breaks down to 40 cents a share for the Atlanta-based REIT, down from 43 cents a share in the fourth quarter 2010. FFO per share met analyst expectations, according to Yahoo Finance. FFO represents an operating measure of a REIT’s performance, according to the National Association of Real Estate Investment Trusts. Net income, another […]