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Talking in Codes

Continuing communication is key to navigating REO code compliance with suppliers, communities, and other related entities.

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Veros Forecast Bodes Well for California, Not for Florida

Veros Real Estate Solutions released an update to its U.S. real estate market forecast Wednesday. The company says it has good news for California, Texas, and Louisiana markets. It's a different story, though, for hard-hit Florida, which claimed three spots in Vero's list of the five weakest markets. Adding a note of optimism, Veros pointed out that its 24-month projections show many markets are indicating stronger recoveries two years from now.

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Homeownership Preservation Foundation Adds New Member to Board

Homeownership Preservation Foundation (HPF), a national nonprofit organization dedicated to foreclosure prevention counseling and preserving homeownership in the United States, has named Barrett Burns, president and CEO of VantageScore Solutions, to its board of directors. Burns joined VantageScore Solutions in 2005 and has more than 30 years' professional experience in risk and credit management.

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Financial Reform Legislation Calls for HVCC Replacement

The Home Valuation Code of Conduct (HVCC) instituted by Fannie Mae and Freddie Mac in May of last year has been a topic of heated debate and driven a wedge between industry players since it took form. The controversial HVCC is scheduled to sunset in November. But the sweeping financial reform legislation currently awaiting a final vote in Congress could terminate the GSEs' appraisal edict two months early and establish new industry-wide standards for property valuations.

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REDC to Auction More Than 100 Bank of America-Owned Homes

The words ""real estate auction"" and ""investor"" usually go hand in hand, but Bank of America and the auction company REDC recently announced plans for a foreclosure auction exclusively for owner-occupant homebuyers. The July 24 auction will include more than 100 homes located in the Inland Empire of Ontario, California. These Bank of America-owned homes have been removed from the market and are inspected, repaired, and ready for sale.

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Oil Spill May Cause Further Problems for Troubled Florida Homeowners

The BP oil spill may intensify problems for homeowners in Florida who were already struggling to keep up on their mortgage payments, Fitch Ratings recently reported. According to the ratings agency, these at-risk mortgage borrowers will have limited ability to face any additional economic challenges brought on by the spill. A study completed by Fitch found that half of all securitized non-agency mortgage loans in the Sunshine State are already 60 days or more past due.

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Morgan Stanley to Pay $102M in Massachusetts Subprime Settlement

Morgan Stanley will pay $102 million to Massachusetts homeowners and taxpayers, following an investigation by state Attorney General Martha Coakley into the firm's securitization and financing of subprime loans. Coakley says the settlement provides ""substantial relief"" to help hundreds of Massachusetts homeowners keep their homes. It also requires Morgan Stanley to change its business practices in the state and to hand over additional materials for the attorney general's ongoing investigation of subprime securitizations.

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In Mortgage Apps, Refinance Volume Jumps as Purchase Activity Slumps

Despite a continued drop in purchase applications, total mortgage loan application volume jumped 8.8 percent for the week ending June 25, 2010, due to a surge in refinance applications, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the purchase index fell an additional 3.3 percent, but the refinance index soared 12.6 percent.

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Fannie Mae’s Delinquencies Drop, Portfolio Expands with Buybacks

Fannie Mae says delinquencies on home loans it guarantees declined again in April, marking the second consecutive month that past dues have fallen. The GSE's 90-plus-day delinquency rate fell 17 basis points to 5.30 percent. That follows a drop of 12 basis points in March, which was the first decline in three years. Fannie also reported that its mortgage holdings grew for the third straight month, as it continued to buy back loans from investors that were 120 days or more past due.

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Foreclosures Accounted for 31% of Q1 Home Sales: RealtyTrac

RealtyTrac released a new industry report Tuesday, which shows that homes already foreclosed or somewhere in the process accounted for 31 percent of all residential sales in the first quarter of 2010. A total of 232,959 U.S. properties in some stage of foreclosure - default, scheduled for auction, or REO - sold to third parties in Q1. The company also found that the average sales price of properties in foreclosure was nearly 27 percent below the average sales price of non-distressed properties.

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