Home / News / REO (page 110)

REO

Despite Uptick in CMBS Delinquencies, Trepp Sees Signs of Stabilization

After two very sharp moves over the previous two months - a huge jump in July and a big dip in August - the delinquency rate of loans held in commercial mortgage-backed securities (CMBS) stabilized in September, according to Trepp LLC. The company says for at least one month, the reading reverted to its pattern from earlier in the year when modest bumps in the rate were the norm. Trepp reports the CMBS delinquency rate inched up just 4 basis points between August and September to 9.56 percent.

Read More »

Bank of the Cascades’ Loan Sale Reduces Nonperforming Assets by 38%

Bank of the Cascades has agreed to sell off a chunk of nonperforming, substandard, and related performing loans with a book carrying value of approximately $108 million. Included in the sale is an additional $2 million of the bank's other real estate owned (OREO) assets. Bank of the Cascades says the transaction will result in a reduction of nonperforming assets by approximately 38 percent.

Read More »

Foreclosure Woes to Plague Industry for at Least Five Years: Survey

A new quarterly survey of bank risk professionals from FICO paints a decidedly pessimistic picture of housing's future. The company describes its latest results as a reversal of the growing optimism seen in late 2010 and early 2011. The survey shows that bankers expect mortgage defaults and foreclosures to remain elevated for at least five more years, and housing prices nationally to hold below the pre-crisis levels of 2007 until the year 2020.

Read More »

eMortgage Logic Releases Interactive Polygon Mapping Functionality

eMortgage Logic (EML), a national property valuations provider based out of Texas, is taking the guesswork out of determining the neighborhood for the subject property with the release of new proprietary interactive polygon mapping functionality. The company says the transparency provided through this new tool will enhance internal and external quality analysis and will provide clients with the confidence that comparables are not only similar in characteristics, but also in location.

Read More »

August Pending Sales Decline After Spurt in Existing Sales

The National Association of Realtors' (NAR) Pending Home Sales Index for August was 88.6, which is on par with last year's pending home sales average for the year, according to NAR's chief economist, Lawrence Yun. Yun says the index has been moving within a narrow range for the past several months. On a monthly basis, pending home sales fell 1.2 percent in August, although existing home sales in August rose 7.7 percent on a monthly basis and 18.6 percent year-over-year.

Read More »

RealtyTrac’s Rick Sharga Departs to Join Carrington Mortgage Holdings

Rick Sharga has been the voice of RealtyTrac for more than seven years, serving as SVP at the foreclosure tracking and research firm since 2004. But effective this week, he has left RealtyTrac to join Carrington Mortgage Holdings. Sharga has taken on the role of EVP at Carrington and will serve as its primary industry spokesman. Sharga will be responsible for developing branding and marketing strategies for the entire Carrington Family of Companies.

Read More »

First Guaranty Mortgage Corporation Names Andrew Peters CEO

First Guaranty Mortgage Corp. (FGMC) has promoted Andrew Peters to be its new CEO. Peters has been with FGMC for over 10 years, serving most recently as its SVP and national business director. Peters' recent focus has been on REO lending initiatives, including FGMC's ""Rebuild the Dream"" effort, which was designed to facilitate renovation lending in combination with REO sales.

Read More »

Green River Capital Enhances Rental and Property Management Program

Green River Capital (GRC) announced Wednesday that the company has enhanced its rental and property management program. GRC says its program serves as an REO alternative to help lenders preserve and maintain their properties by taking on tenants. The company's rental program enhancements come at a time in which the Obama administration has requested proposals for new rental strategies for foreclosed properties.

Read More »

ALFN Releases Standards Guide for Distressed Property Title Work

The American Legal & Financial Network has released a best practices guide for title policy work as it relates to distressed properties. ALFN says the housing crisis has impacted the industry in a number of ways, and one area in particular that calls for attention is default title policy standards. Due to marketplace pressures, the organization warns that large pools of loans are being affected by the inability to properly close escrow after foreclosure, costing investor's time and exposing them to legal risks.

Read More »

Distressed Dispositions Outpace New Delinquencies as Shadows Shrink

The industry's shadows are shrinking, according to CoreLogic. Based on the analytics firm's calculations, the residential shadow inventory of unlisted REOs and soon-to-be REOs stood at 1.6 million units as of July 2011. CoreLogic says that tally represents a supply of five months and is down from 1.7 million units in April and 1.9 million units in July of 2010. The company says the decline is driven by a pace of new delinquencies that is slower than the disposition pace of distressed assets.

Read More »

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.