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Treasuy Report Outlines Evolution of SPOC

Since 2011 when Treasury required the largest servicers to develop a single point of contact (SPOC) for all homeowners working through loss mitigation as part of the Making Home Affordable program, servicers have begun to implement the new standard in various ways. The Treasury noted in a recent report the nine largest servicers participating in the program have implemented three different SPOC models. In total, the nine servicers Treasury observed have increased staffing and now have 12,000 SPOCs working to communicate with homeowners.

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Servicers Provide $26.1B in Mortgage Relief Through Settlement

Five mortgage servicers--Bank of America, Chase, Citi, Wells Fargo, and Ally--have provided over 300,000 borrowers with some form of mortgage relief as part of a settlement agreement, according to a report from settlement monitor Joseph A. Smith, Jr. As of September 30, 2012, the banks reported they have provided $26.1 billion in actual consumer relief. Short sales accounted for $13.13 billion of that amount. Part of the settlement agreement requires the banks to provide $20 billion in relief, but the servicers are not always credited on a dollar-for-dollar basis.

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Existing-Home Sales, Prices Rise in October

Weathering Hurricane Sandy, sales of existing-homes increased in October, the National Association of Realtors (NAR) reported Monday. Total existing-home sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September. September sales were originally reported at 4.75 million. October home sale are up 10.9 percent over October 2011. The median price of an existing single family home was $178,600 in October, up from a downwardly revised $178,300 in September (originally $183,900) and 11.1 percent ahead of the median price in October 2011, $160,300.

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ProTeck Examines Relationship Between LTV Ratios and Foreclosure

While the housing market has seen some recent positive signs, many still wonder when a true recovery will occur. Distressed real estate continues to hold a market-wide recovery at bay, and predicting a timeline for bringing distressed real estate to manageable levels is difficult at best. After tracking 5,021 properties that became distressed between April 2005 and July 2012, ProTek released a report detailing its observations. ProTek found more than 20 percent of properties remained distressed for more than five years, and LTV was found to be ""a key driver"" in the transition into foreclosure.

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FHA Deficit Leads to Concerns of a Possible Bailout

Vintage loans brought the Federal Housing Administration's (FHA) Mutual Mortgage Insurance (MMI) Fund to its knees in fiscal year 2012, but the agency insists it does not immediately need to draw from the Treasury. A review conducted by an independent actuary found that the capital reserve ratio of the MMI Fund fell below zero to negative 1.44 percent, representing a negative economic value of $16.3 billion.

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GSE Announces Winter Bonus for Agents Who Sell HomeSteps Homes

Agents who sell HomeSteps homes, or Freddie Mac-owned residences, are eligible for winter bonuses. Freddie Mac announced it will pay a $1,000 bonus to a selling agent and $500 to listing agents as part of a winter promotion. The promotion lasts until February 28, 2013 and is applicable in 20 states. HomeSteps.com is the official site for GSE’s REOs.

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Threat of Shadow Inventory Fades as Delinquencies, Foreclosures Decline

The foreclosure inventory rate fell to 4.07 percent in Q3 to the lowest level since the first quarter of 2009, according to the latest delinquency survey from the Mortgage Bankers Association (MBA). In addition, the national delinquency declined to 7.40 percent, and the serious delinquency rate fell to 7.03 percent. In a commentary, Capital Economics suggested the combination of fewer homes in foreclosure and seriously delinquent loans points to a decline in shadow inventory.

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Foreclosures Rise in October But Vary Regionally

Foreclosure rates increased on a monthly basis in October but remain well below last year's levels, according to the latest U.S. Foreclosure Market Report from RealtyTrac. Taking a closer look at market-level data, RealtyTrac found vast disparities in foreclosure activity across the nation. At a national level, foreclosures increased 3 percent in October, but they remain 19 percent lower than they were last October. In fact, despite the monthly increase, October is the third consecutive month in which an annual decrease in foreclosure starts took place.

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BofA Reaches $15.8B in Mortgage Relief Under Settlement Terms

Bank of America announced it's on track to fulfill consumer relief requirements as part of the national mortgage settlement within the first year of the three-year agreement. So far, the bank has completed or approved $15.8 billion in consumer relief for about 164,000 homeowners as of September 30. One form of consumer relief offered through the settlement is first-lien principal forgiveness, which BofA has offered to 30,000 customers, leading to $4.75 billion in principal reductions.

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