The number of distressed properties not currently listed for sale on multiple listing services stood at 1.6 million as of October 2011, according to CoreLogic. This shadow inventory is approximately half of the industry’s visible inventory of homes ava…
News
Mortgage Contracting Services Announces Key Promotions
Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance to the financial services industry, has announced the promotions of Judy Mroczka to SVP of finance and Laura Bast Nold to…
Existing-Home Sales Rise in November
Existing-home sales rose again last month, according to the National Association of Realtors (NAR). That assessment, however, is coming off of lower sales numbers than previously thought, reflecting revisions to NAR’s data going back to 2007. The trade…
REO Properties Are Moving Faster: Survey
Homebuyer demand appears to be intensifying, especially among lower-priced REO properties, according to an industry study released Tuesday. Time-on-market for move-in ready REO was just 10.1 weeks in November, the lowest in 15 months, according to the …
GSEs Held $2 Trillion in Subprime Loans at Height of Financial Crisis
At the height of the financial crisis in 2008, Fannie Mae and Freddie Mac held $2 trillion in high-risk subprime loans, amounting to 42 percent of their single-family portfolios, according to Edward Pinto of the American Enterprise Institute. Pinto, wh…
Politicians Allegedly Participated in Countrywide’s VIP Loan Program
Rep. Darrell Issa of California sent a letter to the chairman and ranking member of the Committee on Oversight and Government Reform to inform them that he has found evidence that four current members of the House of Representatives received loans thro…
Florida Supreme Court Terminates State Mediation Program
Florida’s mandatory foreclosure mediation program has come to an end. State Supreme Court Chief Justice Charles Canady issued an order this week stating that no new cases may be referred to mediators as part of the court-run initiative and citing the p…
StreetLinks Unveils Liquidation Valuation Solution for Distressed Assets
StreetLinks Lender Solutions has announced the launch of StreetLinks LVR, a new liquidation valuation report developed for mortgage servicers and asset management firms which is compliant with the Uniform Standards of Professional Appraisal Practice (U…
BestAssets Taps REO Veteran to Head Asset Management Services
BestAssets has named Melvin Siemer to the position of EVP and director of asset management services, responsible for the national strategic growth of the company’s operations and business development. Siemer leads a team of REO and default servicing pr…
Counseling Lowers Redefault Rate: Study
Homeowners who receive foreclosure prevention counseling are at least 67 percent more likely to be current on their loans nine months after a loan modification than those who do not, according to NeighborWorks America. Additionally, among homeowners wh…
