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Monthly Archives: June 2010
Freddie Mac Says: Rejecting a Short Sale Could Cost the Bank $50K Per Home
Freddie Mac CEO Ed Haldeman said Monday that last-ditch tactics to prevent foreclosure, such as short sales, have risen drastically as the government scrambles to fix the housing mess. Foreclosure alternatives like short sales and deeds-in-lieu help borrowers to avoid … Continue reading
Federal Reserve: Negative Equity and Job Loss Cause 80% of Defaults
A central question in the literature on mortgage default is at what point underwater homeowners walk away from their homes even if they can afford to pay. We study borrowers from Arizona, California, Florida, and Nevada who purchased homes in … Continue reading
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Fannie Mae lashes out at strategic defaulters
Fannie Mae is sifting through borrower data to determine who is strategically defaulting and who is not after announcing more efforts this week to crack down on those who walk away from their homes. And if the GSE determines someone … Continue reading
Vegas Housing Prices to Stay for a While
NICE The Nevada housing market faces more challenges, and prices should stay at their existing level for about three more years, according to UNLV economists. In its analysis of the Las Vegas housing market, the Center for Business and Economic … Continue reading
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Deutsche Bank ranks mortgage servicers on short sale timelines
For prime mortgage servicers, GMAC conducted short sales the fastest, averaging roughly six months per transaction. Also, 53% of their dispositions were short sales. It had a recovery score of 59.3. The next fastest servicer was Citigroup’s servicing arm CitiMortgage, … Continue reading
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Life Without Debt Will Be Stern
DEBT is as powerful a drug as alcohol and nicotine. In boom times Western consumers used it to enhance their lifestyles, companies borrowed to expand their businesses and investors employed debt to enhance their returns. For as long as the … Continue reading
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Federal Mortgage Help and a Double Dip Recession
Home prices have now fallen for the past six months, according to the Case-Shiller home-price index, after rising from their nadir for the five months before that. (Another index, from the Federal Housing Finance Agency, has, however, shown a slight … Continue reading
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Nevada to Receive $102 million for More Loan Mods from Feds
THIS HAS GOTTA HELP, RIGHT?The Obama Administration signed off on state plans to use $1.5bn in foreclosure-prevention funding for states hardest-hit by home price declines. Nevada, which receives $102.8m, will create a modification program using a combination of principal forgiveness … Continue reading
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Obama’s Report on Helping Homeowners
The Obama Administration released the first edition of its monthly housing scorecard that tracks housing market indicators as well as efforts by the Federal Housing Administration (FHA) and the Making Home Affordable programs to prevent foreclosures. The monthly report (download … Continue reading
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Short Sales Still Surreal
iPSYCHEDELIC!How bad is it? These banks are getting killed; taking huge write downs and not seeing the new mortgages coming in at the extent to which the loss is adding up. Who wins in all of this mess? In my … Continue reading
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