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Author Archives: Heather Cernoch

Cantor Fitzgerald & Co. Expands Its High Yield and Distressed Team

As part of its expansion into the fixed income, high yield, and leveraged finance market, New York-based global financial services firm Cantor Fitzgerald & Co. announced several new hires last week. Matthew Zolin, Lori Samuels, and Erin Andrews all joined the firm from Chapdelaine Credit Partners. Zolin was named managing director of high yield trading, Samuels was hired as managing director of credit product, and Andrews joined the firm as a senior loan trader.

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North Carolina Firm Launches Distressed Commercial Real Estate Site

North Carolina real estate firm Jewell Realty, which specializes in bank-owned REO, foreclosed, and distressed properties in the commercial real estate sector, has launched a new Web site, which the company says is primarily a one-stop resource for quality commercial REO properties and other choice commercial bank foreclosures. Buyers can search for a private residence, a community development, a warehouse, an office building, and even open land.

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Vegas Sales at Five-Year High as Investors Seek Out Distressed Homes

Las Vegas region home sales held at a five-year high in March amid strong activity from investors and cash buyers focusing on foreclosures. Due to the large number of discounted, foreclosure properties on the resale market, the median sales price fell in the area. According to figures from DataQuick, the median price paid for all new and resale houses and condos sold in the Las Vegas metro area in March was $117,000, it's lowest mark since January 1996.

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South & Associates Expands Services to Iowa

Kansas-headquartered South & Associates, P.C. announced this week the opening of its full-service law office in West Des Moines, Iowa. This is the firm's fifth law office. South & Associates specializes in foreclosure, eviction, bankruptcy, litigation, title resolution, and loss mitigation, as well as commercial and special assets.

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LPS Unveils Solution for Single Point-of-Contact Compliance

In an effort to help mortgage servicers respond to the consent orders issued by regulators last month, Lender Processing Services (LPS) has announced enhancements to its mortgage loan servicing platform (MSP). The consent orders require servicers to provide borrowers with a dedicated single point-of-contact for specific loss mitigation and servicing functions. Via LPS's MSP, clients can assign, view, and obtain detailed information on the single point-of-contact assigned to each specific loan throughout the life of the loan.

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First American Data Tree Announces New Data Services Portal

First American Data Tree, LLC, the nation's largest provider of digital land records, released its newest portal, ParcelIQ.com, this week. The new browser-based platform allows lenders to order and receive data elements used in the loan decision-making process, including documentation to validate ownership, determine a property's current equity status, and evaluate risk.

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Landlords Undeterred by Foreclosures, Survey Reveals

More than 80 percent of independent landlords surveyed said they would rent to someone who lost a home in foreclosure, according to the National Association of Independent Landlords. However, landlords stipulated that applicants must otherwise have good credit. The association says because of the high volumes of defaults, there is a greater need for rental property, and landlords recognize that applicants with foreclosures are often good risks because they once owned their own homes.

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Companies Launch Online-Offer Venture for Distressed Sales

Realty Pilot, a real estate technology company, and RealtyBargains.com, an online distressed property listings directory, announced a joint venture this week aimed at bringing together distressed homeowners and potential property buyers. The partnership will provide homeowners facing foreclosure with a new, free service to expedite the offer-making process from prospective buyers for pre-foreclosure transactions.

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Foreclosure Supply Numbers Point to Recovery in Texas

Texas continues to perform noticeably better than other states in the real estate market, local Realtors say, by avoiding an excess supply of foreclosures and other distressed properties. Economists say the state has managed to maintain balance between home inventory and demand, and this, combined with the fact that Texas has maintained strong property values, indicates the market is absorbing foreclosed and other distressed properties.

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Fannie Mae Opens New Philly Mortgage Help Center

Fannie Mae sponsored a special open house event Wednesday in Philadelphia to mark the opening of its latest Mortgage Help Center. The Philly location is the ninth in a series of planned nationwide centers to provide assistance to homeowners in default or at risk of foreclosure. Fannie Mae president and CEO, Mike Williams, joined representatives from the Philadelphia area public and private sectors to mark the occasion.

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