News

An alliance of Florida consumers, lenders, realtors, and builders said on Friday that they will aggressively petition state leaders to allow first-time home buyers to use the new $8,000 federal tax credit as upfront cash for a down payment – a move they say would spur Florida’s sluggish housing market and stimulate the state’s lagging economy.

The FDIC announced last week that it is seeking public comment on its Legacy Loans Program (LLP). The FDIC and the Department of the Treasury unveiled the LLP last Monday as part of the administration’s Public-Private Investment Program (PPIP).

Cities across the country say they are seeing a disturbing new practice when it comes to foreclosures – more and more, banks are opting not to take possession of foreclosed properties because the costs of maintenance, repairs, and legal fees outweigh the still-declining value of the property.

Lake Mary, Florida’s JVI Appraisal Division, LLC, a nationwide provider of appraisals and valuations of foreclosed properties, has been awarded a contract with the U.S. General Services Administration (GSA) to perform appraisal services for the government.

The New York Federal Reserve Bank purchased $33.15 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $270 billion.

Real property research provider RedVision announced on Friday that it has acquired New York’s Real Property Technologies, LLC, parent company of Barretta Realty Skyline:http://www.brsonline.

The Association of Community Organizations for Reform Now (ACORN) announced last week that a recent survey it conducted signals hope on the horizon for struggling homeowners facing foreclosure. The activist group said it surveyed all major mortgage servicing companies in the nation, and has found that at least 76 percent of outstanding mortgage loans are serviced by companies who have committed to implementing the Obama administration’s Making Home Affordable loan modification program.

Interest rates for both 30-year and 15-year fixed rate mortgages (FRMs) hit another record low this week, according to the Primary Mortgage Market Survey (PMMS) released on Thursday by Freddie Mac. The GSE said that for the week ending March 26, 2009, the 30-year FRM averaged 4.

Home prices in Rhode Island plunged 25.8 percent in February from a year earlier, according to a report released Thursday by The Warren Group, a provider of real estate data for the New England area. February is the fourth consecutive month that prices have dropped by 20 percent or more, the company said.

At the request of the Federal Trade Commission (FTC), a U.S. district court has ordered two South New Jersey-based companies to stop falsely advertising that they are part of the mortgage assistance network, HOPE NOW Alliance, and that they successfully modify mortgages for almost all of their clients or else give refunds.