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Terranova Expands Executive Team with Seasoned Real Estate Developer

The Terranova Group, a third-party provider of specialized asset management and disposition services, recently hired Richard Parvey to join its executive team as director of land development. A 20-year industry veteran, Parvey brings a wealth of land acquisition and development experience to his new role, where he will be responsible for helping financial institutions move bank-owned and non-performing developments off their books.

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FHFA Orders Paperwork Fixes but Insists Foreclosures Should Proceed

The Federal Housing Finance Agency has issued a new policy that outlines specific steps Fannie Mae and Freddie Mac servicers should take to identify and correct deficiencies in foreclosure paperwork. Evidence of servicing staff cutting corners to process foreclosures quickly has lawmakers, consumer advocates, and the entire general public calling for an immediate moratorium on foreclosures. But FHFA says bringing the process to a complete halt is not the answer.

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Foreclosure Activity up 4% in Third Quarter: RealtyTrac

New data from RealtyTrac shows that foreclosure filings were reported on 930,437 properties in the third quarter, a 4 percent increase from the previous three-month period. Both bank repossessions and scheduled auctions set quarterly records. RealtyTrac's latest report puts the impact of recent foreclosure freezes into perspective. The company found that foreclosure activity in the judicial states most affected by paperwork problems accounted for 40 percent of all filings in the third quarter and 36 percent of REOs.

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Stewart Evaluating Title Insurance for Foreclosures Case-by-Case

Stewart Title Guaranty Co. is taking a guarded stance when it comes to repossessed properties that may be the subject of foreclosure paperwork reviews. It's been reported that the title insurer is making it difficult to write policies on REOs from lenders who've instituted foreclosure moratoriums. Stewart says it is evaluating the situation on a case-by-case basis. With concerns over establishing clear title to a property growing, many say the market for distressed properties has all but come to a standstill.

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Jones Lang LaSalle and REDC Announce $420M Hotel Note Auction

Jones Lang LaSalle and its partner Real Estate Disposition, LLC (REDC) will host a hotel-only note and REO auction in November with more than $420 million in primarily non-performing notes. The companies say it will be the largest hotel-note auction in the United States. The 62 notes and two REO properties are from five special servicers and two regional banks. They are backed by full and select service hotels throughout 25 states and carry an average unpaid balance of $6.4 million.

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Mortgage Contracting Services Launches Photo Inspection Capability

Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections and REO property maintenance, is now providing photo inspection services to supplement the traditional data required for valuations, proof of property condition, and other verification reporting.

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NAR Meets with Major Lenders on Short Sales and REO Disposition

The National Association of Realtors (NAR) is holding meetings with the nation's four largest lenders to address growing concerns about their processes for short sales and selling REO homes. The trade group's leadership team has already met with representatives from Bank of America and Wells Fargo to discuss, as NAR put it, ""the problems Realtors face every day when working to get deals to the closing table."" Meetings are scheduled later this year with Chase Home Mortgage and CitiMortgage.

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NAWRB Advocates Industry’s First Women-Owned Business Certification

The National Association of Women REO Brokerages (NAWRB) intends to fill a void within the distressed services industry by advocating for a uniform, industry certification for women business owners. No mechanism currently exists to ensure that women-owned businesses (WOBs) are actually woman owned and operated, according to the Irvine, California-headquartered organization.

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South Florida Housing Market Showing Signs of Recovery

It's no secret that the housing market in Southern Florida is bleak, but a new report from Condo Vultures, LCC reveals that things are looking up for the Sunshine State. The locally based tracking firm says lenders filed foreclosure actions on $3.5 billion in outstanding loans in South Florida during the third quarter, which is a 38 percent decrease compared to a year earlier. According to Condo Vultures, it looks as if 2009 could turn out to be the worst year for foreclosures in South Florida.

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Report: Bottom in Home Values Still Months Away

Home value depreciation remained steady in August after improvement stalled in July, according to a new report released by Zillow Friday. The company's market data shows that nationally, home values fell 0.3 percent between July and August and declined 3.8 percent from their year-ago levels. According to Dr. Stan Humphries, Zillow's chief economist, the data clearly illustrates that a bottom in national home values has not yet been hit and will come later this year or in the beginning of 2011 at the earliest.

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