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Housing Crisis to End in 2012 as Banks Loosen Credit Standards

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago. Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes ""the clearest sign yet of an improvement in mortgage credit conditions.""

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Housing Inventory Down 22% From Year-Ago Levels

At the national level, the inventory of for-sale single-family homes dropped by 22.29 percent over the last year, according to new statistics released by Realtor.com. The site concludes that at the close of 2011, there were 1.89 million single-family homes on the market, down 6 percent from just one month prior. Realtor.com views the development as a positive sign the market is holding its own at the national level, but notes that the weight of foreclosures is keeping the market in a fragile state.

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DataQuick Launches Nationwide Distressed Property Analysis Tools

One of the keys to the housing market's recovery is managing and ultimately clearing out the inventory of distressed properties, according to DataQuick, a real estate data provider headquartered in San Diego, California. The company released its new RiskFinder Distress at the American Securitization Forum on Monday.

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Additional Servicers May Join in AG Settlement

Settlement negotiations between state attorneys general and the top five servicers have dragged on for more than a year now throughout frequent reports that a settlement is close. Working out a deal that banks feel is fair and that attorneys general feel serves their states' residents has been challenging at best. However, with a settlement once again reportedly ""weeks away,"" it appears the proposal on the table is agreeable to more than just the five banks involved from day one. Both U.S. Bancorp and PNC may sign on, according to multiple reports.

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First Three Bank Failures of 2012 to Cost FDIC $244M

Three community-based lenders went under over the weekend in Georgia, Florida, and Pennsylvania, marking the first bank failures of 2012. Altogether, the three closings are expected to cost the FDIC an estimated $243.8 million. Last year, the FDIC reported 92 closings nationwide - a sharp drop-off from the 157 bank seizures overseen by the agency in 2010 and the 140 institutions that became insolvent in 2009. FDIC officials maintain that bank failures stemming from the real estate downturn and the ensuing economic recession have peaked.

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FHFA Says Principal Writedowns by GSEs Would Cost $100B

The Federal Housing Finance Agency (FHFA) says as of June 30, 2011, Fannie Mae and Freddie Mac held nearly 3 million first lien mortgages in which the borrower owed more on the loan that the home was worth. FHFA estimates principal forgiveness for all of these mortgages would require funding of almost $100 billion to pay down the loans to the value of the homes securing them. Members of Congress have questioned FHFA's reasoning for excluding principal forgiveness from the menu of loss mitigation tools available to the GSEs.

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Reisenfeld and Associates Attorney Recognized as 2012 ‘Rising Star’

Sallie A. Conyers, a member at Reisenfeld and Associates, was recognized as one of Ohio's Super Lawyer ""Rising Stars"" for 2012 by Super Lawyers magazine. Super Lawyers is a peer-review publication that rates attorneys who have attained a high-degree of peer recognition and professional achievement. Conyers is currently the lead litigation attorney and supervising attorney of Reisenfeld and Associates' home retention department.

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State AGs Reviewing Settlement Draft

After HUD Secretary Shaun Donovan announced last Wednesday that a final settlement between state attorneys general and the nation's largest servicers is just weeks away, the news broke Monday that a settlement draft is now in the hands of the attorneys general for review. Dispelling rumors suggesting President Barack Obama will announce the settlement during his State of the Union address Tuesday evening, the lead negotiator for the states has issued a statement saying, ""...we won't reach a settlement any time this week.""

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Investors With Cash Place Downward Pressure on Home Prices

Homebuyers with enough cash in hand to cover their offer price in full are able to bid significantly lower on properties and according to a new industry report released Monday, because they offer a shorter and more reliable closing timeline without the impediments of a mortgage, they often win out with that lower bid. The study found that this low-bid-winning dynamic is particularly true for distressed properties because mortgage servicers selling foreclosed or REO homes generally prefer transactions that can settle within 30 days.

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Loan Modifications Are on the Decline: Moody’s

As robo-signing reviews reach completion, servicers are beginning to work through some of their foreclosure backlogs, according to a third-quarter report from Moody's Investors Service. At the same time, the ratings agency found that loan modifications are on the decline. Servicers are now turning to loss mitigation alternatives such as short sales and deeds in lieu, Moody's says. The agency is also forecasting longer timelines this year to move properties from foreclosure sale to REO liquidation.

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