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REO

Asset Management Firms Team Up in Minority Business Joint Venture

UrbanAmerica Advisors and Green River Capital have created a joint venture minority business enterprise (MBE) called UrbanAmerica Res Services. Headquartered in Dallas with offices in Salt Lake City, Atlanta, and New York City, UrbanAmerica Res Services is a network of 7,000 deal sourcing, loss mitigation, asset management, and valuation professionals. The new company combines UrbanAmerica Advisors' national infrastructure and local community development relationships with Green River Capital's REO management and short sale services.

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MLSListings Makes Realtors Property Resource Available to Members

According to MLSListings, Inc., headquartered in Sunnyvale, California, it is one of the first multiple listing service (MLS) organizations in the country to make Realtors Property Resource (RPR) available exclusively for its members. RPR is the National Association of Realtors' online real estate database, providing Realtors with data on every parcel of property in the United States, according to the trade group.

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Foreclosures Sales, REO Inventories Increase Along West Coast: Report

ForeclosureRadar has released its September market report, and the company's data shows that both foreclosure sales and inventories of bank-owned properties are on the rise throughout the West Coast states of Arizona, California, Nevada, Oregon, and Washington. In Nevada, for example, foreclosure sales increased by nearly 40 percent from August to September, with the majority going back to the bank and swelling the REO supply even further.

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Bank of America and Fidelity National Reach Agreement for REOs

Bank of America and Fidelity National Financial have come to an agreement regarding the foreclosure paperwork issues that have plagued several of the largest lenders in the past weeks. Fidelity will continue to provide title insurance for BofA's foreclosed properties and defend new homeowners in court if title issues arise. The bank has agreed to cover all court related costs and settlements resulting from lawsuits surrounding title issues. The news comes just as Bank of America has announced that it will resume foreclosures in 23 judicial states beginning October 25th.

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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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