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Field Asset Services Unveils Inspections Services for Banks

Field Asset Services (FAS) now provides inspections services. With this new offering, FAS is expanding Collateral Command, the company's single source solution for all services required to manage foreclosed and REO properties. The company has fine-tuned the sometimes subjective and uncertain process of inspections to provide lenders and servicers with a ""fool-proof"" service, employing a national network of more than 6,000 qualified, full-time inspectors trained and experienced in property collateral and foreclosures.

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Foreclosure Activity Sinks to Three-Year Low

New data from RealtyTrac shows that foreclosure filings nationwide dropped 14 percent between January and February, as overall activity last month sunk to its lowest level since February of 2008. RealtyTrac says total foreclosure filings - including default notices, scheduled auctions, and bank repossessions - were reported on 225,101 properties in February, a 27 percent decrease from a year earlier and the biggest year-over-year decline since the company began issuing its report in 2005.

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Committee Advances Bills to End Two More Foreclosure Aid Programs

The House Financial Services Committee voted Wednesday to send two bills to the full House that would terminate the Home Affordable Modification Program (HAMP) and HUD's Neighborhood Stabilization Program. The committee says the bills would prevent $30 billion in taxpayer funds from being spent on ""ineffective"" programs. Already, the House has cleared the way to begin deliberations this week on the two bills advanced by the committee last Thursday to end FHA's Short Refi Program and the Emergency Mortgage Relief Program.

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Green River Capital, Atlas REO to Support Sales of Freddie Mac’s REOs

Freddie Mac said Wednesday that it has selected Green River Capital and Atlas REO Services to provide sales and disposition support to HomeSteps. HomeSteps is the GSE's real estate sales unit. It markets Freddie Mac-owned REO homes nationwide through local real estate brokers. Freddie Mac says it has contracted the two firms to expand its capacity to handle expected increases in REO inflow volumes.

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BofA to Double Outreach Staff but Fixing Legacy Issues to Take 3 Years

Bank of America said Tuesday that it is stepping up efforts to help distressed homeowners before they fall into foreclosure, with plans to double its borrower outreach staff in 2011, open new regional homeowner assistance centers, and increase collaboration with nonprofit housing counselors. But company officials warned shareholders that same morning that BofA's $1 trillion portfolio of problem assets -- loans that are already delinquent and those risky home lending products that the company has taken off the shelf -- will take three years to work through.

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Details of Servicer Settlement Surface, Resolution Still A Long Way Away

The robo-signing settlement presented to servicers by government agencies and attorneys general last week features 27 pages of rules and regulations. Though the details of the settlement have been released to the public, they are in no way final and will go through many rounds of negotiations before government officials and servicers can come to an agreement. There is speculation that reaching a resolution will be a daunting task, but officials are hoping the process will be complete in the next two months.

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VRM Expands on Tenet of Putting Families Back into Homes

The REO disposition firm Vendor Resource Management (VRM) officially marked the opening of its new corporate headquarters in the Dallas suburb of Carrollton, Texas, with a ribbon cutting ceremony Tuesday morning. VRM started with the vision of president and CEO Keith Murray and just five employees in 2006. It's weathered one of the most severe housing downturns in a generation and has grown to more than 350 employees across the country, managing over 11,500 properties each month.

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Federal Foreclosure Programs to Cost Less than Expected

Members of the House Financial Services Committee are advocating for the termination of federal foreclosure relief programs largely based on the argument that their cost outweighs the benefits. Committee members are scheduled to vote on bills ending the Home Affordable Modification Program (HAMP) and HUD's Neighborhood Stabilization Program (NSP) on Wednesday. Information provided by the Congressional Research Service indicates that the price tag for the government's foreclosure mitigation programs will come in well below earlier estimates.

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Research Firm Says U.S. Housing Has Never Been This Undervalued

The continuing depreciation of residential property values at the end of last year has made housing look more undervalued relative to income than ever before, according to analysts at the research firm Capital Economics. Based on industry home price data, the company says in the fourth quarter, housing was 15-21 percent undervalued as measured against individuals' disposable income. That gap has widened from just three months earlier, and the analysts say more forced sales of foreclosed properties will push prices even lower.

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McCalla Raymer Opens Third Office Location in Florida

McCalla Raymer LLC, a Georgia-based provider of real estate and mortgage banking legal services, announced Monday that it has officially opened a new office in Panama City, Florida. The firm announced its expansion into the Florida market in early February. The new Panama City location is McCalla Raymer's third opening in the state. It also has offices in Orlando and Fort Lauderdale.

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