Comments for Bank Bulk REO Property DealsBank Bulk REO Property Deals http://www.bankreopropertydeals.com Bulk REO Property - Sellers and Buyers Meet Here Sat, 06 Feb 2010 20:55:36 +0000 http://wordpress.org/?v=2.9.2 hourly 1 Comment on What is the state of the bulk reo industry in 2010 by Duncan Wierman http://www.bankreopropertydeals.com/what-is-the-state-of-the-bulk-reo-industry-in-2010-2/comment-page-1/#comment-15 Duncan Wierman Sat, 06 Feb 2010 20:55:36 +0000 http://www.bankreopropertydeals.com/reo-packages/what-is-the-state-of-the-bulk-reo-industry-in-2010-2/#comment-15 <p>More supporting evidence of the state of the nation in Bulk REO</p> <p><strong>Fannie Mae Offers Subsidy For REO Purchases</strong><br /> <br /> Fannie Mae says it will cover the closing costs on purchases of its REO homes – an incentive the GSE hopes will help it pare down a bloated supply of  repossessed foreclosed properties.<br /> <br /> The nation’s largest mortgage financier has announced a temporary seller-assistance program under which people purchasing a property through HomePath, Fannie Mae’s REO disposition operation, will receive up to 3.5 percent of the final sales price, which can be applied toward closing costs or used to purchase appliances for their new home. </p> <p>The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010, the company said. In  addition, many Fannie Mae-owned properties are eligible for special HomePath<br /> Mortgage and HomePath Renovation Mortgage financing, with as little as 3 percent down. </p> <p><br /> “Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover,” said Terry Edwards, EVP of credit portfolio management for Fannie Mae. “Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help.”<br /> <br /> Recent data from Fannie Mae show an increase in the acquisition of foreclosed properties and an escalating rate of seriously delinquent loans, which means even larger volumes of REOs could be coming down the pipeline.<br /> <br /> According to the GSE’s most recent quarterly filing, <span style="color: rgb(255, 0, 0);"><strong>Fannie Mae acquired 98,428 homes through foreclosure during the first nine months of last year and sold  89,691 REO properties during the same period. </strong></span><br /> <br /> Furthermore, Fannie Mae’s monthly summary shows significant growth in seriously delinquent single-family mortgages held or guaranteed by the company. Up from 2.13 percent in November 2008, loans three or more months behind in payments or in the foreclosure process soared to 5.29 percent in November 2009.</p> <div class="ii gt" id=":w6"><strong><br /> Freddie Mac Teams with Nonprofits on Borrower Outreach Pilot<br /> </strong><br /> Freddie Mac and 13 national and local nonprofit organizations have launched a pilot effort aimed at convincing discouraged delinquent borrowers to pursue mortgage workouts to save their homes from foreclosure.<br /> <br /> Freddie Mac has set up new Borrower Help Centers in four key markets – Chicago, Illinois; Phoenix, Arizona; San Bernardino, California; and Washington, D.C. – which are designed to provide free, one-on-one “holistic” mortgage counseling to delinquent Freddie Mac borrowers. The company is also launching a separate Borrower Help Network offering similar counseling over the phone to<br /> targeted Freddie Mac borrowers across the nation. </div> <div class="ii gt"> </div> <div class="ii gt">Both efforts rely on nonprofit organizations to contact and work with Freddie Mac borrowers who may be eligible for a modification but never called their lender or became frustrated or uncertain of the process and gave up the fight, the GSE explained. “We know that fear and frustration are keeping thousands of borrowers from getting the help they’re eligible to receive,” said Ed Haldeman, Freddie Mac’s CEO. “So we’re going to address the problem head-on by working together with<br /> nonprofit partners. These organizations are trusted and valued sources in their communities, and we believe they can make the difference in keeping families in their homes and out of foreclosure.”<br /> <br /> Freddie Mac says “holistic” financial counseling goes beyond mortgage issues and also includes an assessment of borrower debt and credit issues that could  affect a borrower’s ability to stay current on their mortgage after a modification. </div> More supporting evidence of the state of the nation in Bulk REO

Fannie Mae Offers Subsidy For REO Purchases

Fannie Mae says it will cover the closing costs on purchases of its REO homes – an incentive the GSE hopes will help it pare down a bloated supply of  repossessed foreclosed properties.

The nation’s largest mortgage financier has announced a temporary seller-assistance program under which people purchasing a property through HomePath, Fannie Mae’s REO disposition operation, will receive up to 3.5 percent of the final sales price, which can be applied toward closing costs or used to purchase appliances for their new home.

The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010, the company said. In  addition, many Fannie Mae-owned properties are eligible for special HomePath
Mortgage and HomePath Renovation Mortgage financing, with as little as 3 percent down.

“Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover,” said Terry Edwards, EVP of credit portfolio management for Fannie Mae. “Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help.”

Recent data from Fannie Mae show an increase in the acquisition of foreclosed properties and an escalating rate of seriously delinquent loans, which means even larger volumes of REOs could be coming down the pipeline.

According to the GSE’s most recent quarterly filing, Fannie Mae acquired 98,428 homes through foreclosure during the first nine months of last year and sold  89,691 REO properties during the same period.

Furthermore, Fannie Mae’s monthly summary shows significant growth in seriously delinquent single-family mortgages held or guaranteed by the company. Up from 2.13 percent in November 2008, loans three or more months behind in payments or in the foreclosure process soared to 5.29 percent in November 2009.


Freddie Mac Teams with Nonprofits on Borrower Outreach Pilot

Freddie Mac and 13 national and local nonprofit organizations have launched a pilot effort aimed at convincing discouraged delinquent borrowers to pursue mortgage workouts to save their homes from foreclosure.

Freddie Mac has set up new Borrower Help Centers in four key markets – Chicago, Illinois; Phoenix, Arizona; San Bernardino, California; and Washington, D.C. – which are designed to provide free, one-on-one “holistic” mortgage counseling to delinquent Freddie Mac borrowers. The company is also launching a separate Borrower Help Network offering similar counseling over the phone to
targeted Freddie Mac borrowers across the nation.

 
Both efforts rely on nonprofit organizations to contact and work with Freddie Mac borrowers who may be eligible for a modification but never called their lender or became frustrated or uncertain of the process and gave up the fight, the GSE explained. “We know that fear and frustration are keeping thousands of borrowers from getting the help they’re eligible to receive,” said Ed Haldeman, Freddie Mac’s CEO. “So we’re going to address the problem head-on by working together with
nonprofit partners. These organizations are trusted and valued sources in their communities, and we believe they can make the difference in keeping families in their homes and out of foreclosure.”

Freddie Mac says “holistic” financial counseling goes beyond mortgage issues and also includes an assessment of borrower debt and credit issues that could  affect a borrower’s ability to stay current on their mortgage after a modification.

]]> Comment on Where do we get our tapes from? by nthomas http://www.bankreopropertydeals.com/where-do-we-get-our-bulk-reo-tapes-from/comment-page-1/#comment-12 nthomas Mon, 23 Nov 2009 05:42:22 +0000 http://www.bankreopropertydeals.com/?p=522#comment-12 Excellent! You are a great source to have! Excellent! You are a great source to have!

]]> Comment on Where do we get our tapes from? by Greg Moore http://www.bankreopropertydeals.com/where-do-we-get-our-bulk-reo-tapes-from/comment-page-1/#comment-10 Greg Moore Fri, 13 Nov 2009 02:03:54 +0000 http://www.bankreopropertydeals.com/?p=522#comment-10 I understood the process that you use to obtain bulk reo properties. It was a good explanation though. I understood the process that you use to obtain bulk reo properties. It was a good explanation though.

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