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Tag Archives: Foreclosure Prevention

HAMP Activity Slides, HAFA Holds Steady

The government's Home Affordable Modification Program (HAMP) continues to add borrowers to its roster each month, but the pace has slowed. Data released Friday by Treasury and HUD shows the number of permanent HAMP mods granted during the month of March was down 10 percent from the month before and down 45 percent from March 2011. While HAMP activity has slowed, other government-assisted foreclosure alternatives in the form of short sales and deeds-in-lieu have held fairly steady.

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Freddie Mac’s Exec in Charge of Loss Mitigation Steps Down

After just over two years as executive vice president over the single-family mortgage business at Freddie Mac, Anthony Renzi is stepping down. According to documents filed with the Securities and Exchange Commission Monday, Renzi submitted his resignation on April 24 and will officially depart from the organization on May 11. Renzi was responsible for managing and minimizing losses on Freddie Mac's nearly two trillion-dollar single-family guaranteed portfolio, which included overseeing the company's loss mitigation activities.

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Foreclosures Down to 69,000 in March, Inventory Also Down

Year-over-year, the number of completed foreclosures decreased about 19 percent to 69,000 in March 2012 compared to 85,000 in March 2011, according to CoreLogic's National Foreclosure Report for March. Month-over-month, with the number of completed foreclosures in February 2012 at 66,000, foreclosures increased about 4.5 percent in March 2012. In addition to the yearly decrease in completed foreclosures, the number of loans in the foreclosure inventory decreased by nearly 6 percent, or 100,000, in March 2012 compared to the year before.

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NAREB Forum on Minority Housing Draws Congressional Support

Studies indicate the foreclosure crisis and its community-debilitating aftereffects are having a disproportionate impact on minorities and minority-owned real estate businesses. The National Association of Real Estate Brokers (NAREB), the oldest African American trade group of real estate professionals in the country, has positioned itself alongside members of Congress, minority businesses, and granting agencies like the Salvation Army to face this challenge head-on. NAREB is hosting the State of Housing in Black America Issues Forum (SHIBA) on Wednesday, May 2, in Washington, D.C., with special appearances by Reps. Elijah Cummings and Eleanor Holmes Norton.

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C.A.R. Sponsoring Bill Preventing Foreclosures with Approved Short Sales

The California Association of Realtors (C.A.R.) announced its support for a bill that will prevent California homeowners from going into foreclosure if they have negotiated a short sale with their lender or servicer. Assembly Bill 1745 (Torres, D-Pomona) prevents lenders or servicers from recording a notice of sale if a short sale has been approved. The bill is scheduled for hearing on April 30 by the Assembly Banking and Finance Committee.

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HUD Secretary Presents Department’s Budget for FY 2013

Before a senate subcommittee Thursday, HUD Secretary Shaun Donovan revealed details of his department's 2013 fiscal year budget and presented a breakdown on what programs the funds will help. Overall, HUD's budget for the fiscal year 2013 provides $44.8 billion for housing programs, an increase of 3.2 percent or $1.4 billion compared to 2012. However, Donovan further explained that the program funding level is offset by $9.4 billion in projected FHA and Ginnie Mae receipts, which means the budget is actually $35.4 billion, or 7.3 percent below the fiscal year 2012 level of $38.2 billion.

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Behind the $25B Settlement: Joe Smith

Parties to the landmark mortgage servicing settlement appointed one man to oversee $25 billion in compliance. In an interview with DS News, Joseph A. Smith, onetime banking commissioner for North Carolina and ex-nominee to head the Federal Housing Finance Agency, lays out the role he envisions playing as he monitors funds for homeowners, states, and the federal government. The settlement monitor speaks with an understated tone about his stewardship of the historic settlement, which 49 state attorneys general and federal officials completed in February.

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Call for GSEs to Apply Principal Reduction Continues

In a speech to the National Council of State Housing Agencies on Monday, a Treasury official named a number of measures to address challenges in the housing market, and stressed one solution that has not been applied by Fannie Mae and Freddie Mac: principal reduction. Mary Miller, under secretary for domestic finance, says given the large percentage of outstanding mortgages that are currently backed by Fannie or Freddie, it is important that the GSEs participate in the principal reduction alternative of the Home Affordable Modification Program.

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RealtyTrac: Short Sales Up 33% in January, Outpace REO Sales in 12 States

With the number of short sales increasing and even outnumbering REO sales in certain states, experts are speculating short sales might become key to preventing an even greater swelling of foreclosed properties on the market. Compared to a year ago in January 2012, pre-foreclosure sales, which are typically short sales, increased 33 percent, according to a RealtyTrac report released Thursday. Short sales even outpaced bank-owned REO sales in 12 states, including Utah, California, Arizona, Florida, Indiana, Colorado, New York and New Jersey.

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Children Who Lost Homes to Foreclosure: 2.3M, Report Reveals

While the term foreclosure victim generally brings to mind images of struggling homeowners, one report released by First Focus addressed the impact of foreclosures on an overlooked segment: children. Julia B. Isaacs of the Brookings Institution authored the report, which revealed five years into the housing crises, 2.3 million children have lost their homes to foreclosure, and 3 million more are at serious risk of losing their homes in the future. In addition, approximately 3 million children were evicted, or may face eviction, from rental properties.

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