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Foreclosure

Treasury Eases HAFA Guidelines as Group Urges Action

Perhaps as a response to reports and complaints that the government-sponsored Home Affordable Foreclosure Alternative (HAFA) program was not working as efficiently as hoped, the Treasury Department has released updated guidelines for the program. The directive becomes effective February 1, although servicers are encouraged to implement the changes immediately, and follows a letter sent by California Realtors to Treasury officials outlining specific problems they've encountered in completing short sales under the program.

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Report Says Struggling Cities May Not Recover for Years

A report conducted by a professor at the Rockefeller Institute of Government paints a dire picture for the nearing future of struggling neighborhoods and cities. The study analyzes the recession's impact on real estate markets in cities in the midst of a severe economic decline. It includes statistical analysis of trends in U.S. metro areas over the past 40 years, and the conclusion is that it often takes many years for housing supply and demand to become balanced again and for property prices to return to levels seen prior to the negative economic event.

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Trepp: CMBS Delinquencies Hit Record High Despite Market Optimism

The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) rose again in December with the percentage of loans 30 or more days delinquent, in foreclosure, or REO climbing 27 basis points to 9.20 percent, according to data released this week by Trepp LLC. The tracking firm says it's the highest delinquency rate in history for U.S. commercial real estate loans in CMBS. The value of delinquent loans now exceeds $61.5 billion.

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Fannie Launches Interactive Video to Help Borrowers Avoid Foreclosure

The Air Force uses visual flight simulators to train its pilots for the actual experience. Virtual reality simulation models are used to help people overcome their fears or uneasiness about certain real-life situations. Fannie Mae is applying this same idea to foreclosure prevention. The GSE has unveiled an interactive multi-media tool called WaysHome that allows homeowners to put themselves in real-life situations they can identify with, make financial choices, and immediately see the outcomes of those actions.

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FHA Moves to Protect Reverse Mortgage Borrowers from Foreclosure

The Federal Housing Administration (FHA) aims to assist senior borrowers with its newly released guidance on reverse mortgages, or the Home Equity Conversion Mortgage (HECM) program. According to the federal agency, some elderly homeowners are struggling with outstanding property taxes and unpaid hazard insurance premiums. Those who neglect to pay these expenses may face foreclosure, even in instances where the homeowner's mortgage is paid in full.

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HOPE NOW Celebrates 4 Years, Releases November Data

The HOPE NOW industry alliance completed its fourth year in existence in 2010. The organization's latest market report estimates 1.65 million homeowners received permanent loan modifications from January to November 2010. The organization says it plans to be even more aggressive in its outreach efforts to distressed homeowners this year. Going forward, each of its members will participate in one major outreach event per month, in regions that have been most heavily affected by the mortgage and foreclosure crises.

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M&I Extends Foreclosure Moratorium to Assist Distressed Homeowners

Marshall & Ilsley Corporation (M&I) has extended its foreclosure moratorium for distressed homeowners through March 31 as part of its Homeowner Assistance Program. M&I originally instituted the foreclosure freeze in December 2008, as has been a typical practice for many lenders around the holiday season since the housing crisis set in. The company has been regularly extending its suspension on home repossessions ever since to afford customers who are struggling with their mortgage payments the opportunity to keep their homes.

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Attorneys General Close to Making Agreements with Top Five Servicers

There has been no shortage of reports of state attorneys general seeking accountability from servicers that they allege mishandled foreclosures. Now it's being reported that attorneys general in all 50 states are near to reaching settlements with the nation's top five mortgage servicers, including Bank of America and GMAC Mortgage. The states are looking to develop separate agreements, rather than one encompassing settlement; and they plan to pursue a civil investigation rather than a criminal one.

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LPS: Foreclosure Inventory Rises for Fifth Straight Month

Recent market data analyzed by Lender Processing Services (LPS) highlights delays in the resolution of unpaid mortgages after the robo-signing scandal, and reveals congestion in foreclosure pipelines where loans are languishing and further adding to the shadow inventory of properties that will ultimately become REO and could slow home price appreciation. At the end of November, nearly 2.2 million loans were 90 days or more past due but not yet referred to a foreclosure attorney. Of these, one-third have not made a mortgage payment in at least a year.

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Massachusetts Foreclosure Petitions, Deeds Drop in November

According to the Boston-based research firm the Warren Group, both year-over-year foreclosure petitions and deeds decreased in November by double-digit percentages in Massachusetts for the second consecutive month. Auction announcements tracked by the company also fell in November, as overall foreclosure activity in the state reached its lowest levels in 2010. The Warren Group attributes the steep decline to delays caused by servicers' robo-signing problems and temporary foreclosure suspensions by major lenders.

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