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Web-Based Foreclosure Auctions Spark Controversy
Will the Internet replace public foreclosure auctions?
Public auctions of foreclosed properties began in the 19th century as a practical way to ensure there was no chicanery between lenders and public officials.
Next month, Duval County, Fla., will become the first county in the country to hold an Internet foreclosure auction, forgoing the traditional courthouse sale in the hope of attracting buyers from other areas.
If the Web-based process works out well, and other states sign on, it will be an earth-shifting change in the way foreclosures are handled.
Some real estate professionals think it is a bad idea.
"There are things about the title that you just can't find on the Internet," says Bruce Norris, CEO of the Norris Group, a real estate investment firm in Riverside. "They can't tell you whether you're buying a first mortgage or a second mortgage. If you're buying a second, then you don't own the home free and clear."
Source: The Los Angeles Times, William Heisel (10/05/2008)
Public auctions of foreclosed properties began in the 19th century as a practical way to ensure there was no chicanery between lenders and public officials.
Next month, Duval County, Fla., will become the first county in the country to hold an Internet foreclosure auction, forgoing the traditional courthouse sale in the hope of attracting buyers from other areas.
If the Web-based process works out well, and other states sign on, it will be an earth-shifting change in the way foreclosures are handled.
Some real estate professionals think it is a bad idea.
"There are things about the title that you just can't find on the Internet," says Bruce Norris, CEO of the Norris Group, a real estate investment firm in Riverside. "They can't tell you whether you're buying a first mortgage or a second mortgage. If you're buying a second, then you don't own the home free and clear."
Source: The Los Angeles Times, William Heisel (10/05/2008)
Bank of America Will Modify Troubled Loans
Bank of America on Monday said it is launching a "home retention program" on Dec. 1 to modify troubled mortgages for nearly 400,000 customers of Countrywide Financial Corp.
Bank of America acquired Countrywide on July 1.
The program, which can reduce up to $8.4 billion in interest payments and principal, was developed in partnership with state Attorneys General to help borrowers that financed their homes with subprime loans or adjustable rate mortgages.
The goal is to "help as many Countrywide customers as possible stay in their homes," says Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services.
The centerpiece of the program is a proactive loan modification process to provide relief to borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of rate resets or payment recasts. For more information, visit Bank of America's Web site.
Source: Bank of America
Bank of America acquired Countrywide on July 1.
The program, which can reduce up to $8.4 billion in interest payments and principal, was developed in partnership with state Attorneys General to help borrowers that financed their homes with subprime loans or adjustable rate mortgages.
The goal is to "help as many Countrywide customers as possible stay in their homes," says Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services.
The centerpiece of the program is a proactive loan modification process to provide relief to borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of rate resets or payment recasts. For more information, visit Bank of America's Web site.
Source: Bank of America
More than 9,000 Mortgage Jobs Slashed
Employers slashed more than 9,000 mortgage jobs in the third quarter, according to employment data tracked by MortgageDaily.com.
From July 1 to Sept. 30, MortgageDaily.com tracked 10,131 U.S. mortgage layoffs and 996 mortgage hirings. Layoffs exceeded hirings by 9,135.
The findings were based on an analysis of 38 companies that either added or eliminated employees in the latest quarter. The report also reflected jobs lost when companies collapsed. California had the biggest mortgage job losses of any state.
Top 5 States for Mortgage Job Losses
1. California: -1,914
2. New Jersey: -495
3. Pennsylvania: -266
4. Illinois: -245
5. Iowa: -190
Top 5 Companies for Mortgage Job Losses
1. Residential Capital LLC: -3,239
2. IndyMac Bank FSB: -3,050
3. Wachovia Corp.: -625
4. Mid Atlantic Capital LLC: -600
5. Carteret Mortgage Corp: -400
Government reports indicate that mortgage employment this year has decreased from 358,500 on June 30 to 349,100 on Aug. 31. The organization with the biggest net job increase was HUD, which indicated it would add 300 jobs to meet growing FHA demand.
Not included in the third-quarter figures were potential layoffs from JPMorgan Chase & Co.'s acquisition of failed Washington Mutual Bank, which has more than 43,000 employees; Wachovia, which had disclosed plans to eliminate around 5,000 mortgage jobs before a battle erupted between Wells Fargo & Co. and Citigroup Inc. over who will take it over; or Bank of America Corp., which said it would eliminate 7,500 positions after acquiring Countrywide Financial Corp.
Source: MortgageDaily.com
From July 1 to Sept. 30, MortgageDaily.com tracked 10,131 U.S. mortgage layoffs and 996 mortgage hirings. Layoffs exceeded hirings by 9,135.
The findings were based on an analysis of 38 companies that either added or eliminated employees in the latest quarter. The report also reflected jobs lost when companies collapsed. California had the biggest mortgage job losses of any state.
Top 5 States for Mortgage Job Losses
1. California: -1,914
2. New Jersey: -495
3. Pennsylvania: -266
4. Illinois: -245
5. Iowa: -190
Top 5 Companies for Mortgage Job Losses
1. Residential Capital LLC: -3,239
2. IndyMac Bank FSB: -3,050
3. Wachovia Corp.: -625
4. Mid Atlantic Capital LLC: -600
5. Carteret Mortgage Corp: -400
Government reports indicate that mortgage employment this year has decreased from 358,500 on June 30 to 349,100 on Aug. 31. The organization with the biggest net job increase was HUD, which indicated it would add 300 jobs to meet growing FHA demand.
Not included in the third-quarter figures were potential layoffs from JPMorgan Chase & Co.'s acquisition of failed Washington Mutual Bank, which has more than 43,000 employees; Wachovia, which had disclosed plans to eliminate around 5,000 mortgage jobs before a battle erupted between Wells Fargo & Co. and Citigroup Inc. over who will take it over; or Bank of America Corp., which said it would eliminate 7,500 positions after acquiring Countrywide Financial Corp.
Source: MortgageDaily.com
Rescue Bill Not Perfect, But Still Best Solution
On Friday, the U.S. House of Representatives joined the Senate in passing the Emergency Economic Stabilization Act of 2008 — and President Bush quickly signed the bill into law.
In a letter to members of the NATIONAL ASSOCIATION OF REALTORS®, NAR President Dick Gaylord thanks everyone who voiced support for the revised bill. A failure to act, he said, "Would have pushed consumers into more dire circumstances."
Gaylord acknowledged that many REALTORS® were torn over whether or not to support the bill. "We realize this bill is not perfect," he said. "However, we believe the additions made by the Senate, including raising the FDIC insurance limit and several other measures that will benefit and protect taxpayers, make it a more favorable solution than the previous proposal."
NAR will continue to work with Congress and the Bush Administration to make sure the measures included in this bill are implemented quickly, "with the needs of Main Street placed front and center," Gaylord said.
Real estate experts say the bill will give the market a much-needed boost, but that substantial recovery of credit markets will probably take time.
* "The market should regain some confidence, and since markets are built mainly on confidence, that’s no small thing," says Gary Keller, head of national residential real estate franchisor Keller Williams in Austin, Texas. "In fact it’s a huge thing and it’s imperative for the market to move forward. But beyond that, we have to wait and see."
* "It should give calmness to the financial markets by showing that we will in fact work through this crisis," said Kenneth Riggs, head of commercial real estate analysis firm Real Estate Research Corp., Chicago. "That said, I don’t see the fundamental, or the mechanics, of capital changing right away. That won’t happen until we see how this package will actually operate."
To read more on what Keller and Riggs have to say about the legislation and the future of the real estate market, visit REALTOR® Magazine's blog, Speaking of Real Estate (REALTOR.org/speakingofrealestate).
Source: REALTOR® Magazine
In a letter to members of the NATIONAL ASSOCIATION OF REALTORS®, NAR President Dick Gaylord thanks everyone who voiced support for the revised bill. A failure to act, he said, "Would have pushed consumers into more dire circumstances."
Gaylord acknowledged that many REALTORS® were torn over whether or not to support the bill. "We realize this bill is not perfect," he said. "However, we believe the additions made by the Senate, including raising the FDIC insurance limit and several other measures that will benefit and protect taxpayers, make it a more favorable solution than the previous proposal."
NAR will continue to work with Congress and the Bush Administration to make sure the measures included in this bill are implemented quickly, "with the needs of Main Street placed front and center," Gaylord said.
Real estate experts say the bill will give the market a much-needed boost, but that substantial recovery of credit markets will probably take time.
* "The market should regain some confidence, and since markets are built mainly on confidence, that’s no small thing," says Gary Keller, head of national residential real estate franchisor Keller Williams in Austin, Texas. "In fact it’s a huge thing and it’s imperative for the market to move forward. But beyond that, we have to wait and see."
* "It should give calmness to the financial markets by showing that we will in fact work through this crisis," said Kenneth Riggs, head of commercial real estate analysis firm Real Estate Research Corp., Chicago. "That said, I don’t see the fundamental, or the mechanics, of capital changing right away. That won’t happen until we see how this package will actually operate."
To read more on what Keller and Riggs have to say about the legislation and the future of the real estate market, visit REALTOR® Magazine's blog, Speaking of Real Estate (REALTOR.org/speakingofrealestate).
Source: REALTOR® Magazine
Seller Financing Becomes Popular Alternative
As credit and borrowing standards tighten, seller financing is becoming more common.
For those selling small business, the ability to offer it is particularly important.
"Sellers really have to be prepared to take back more of the financing or to take a second position behind the banks to make them come together ... because of the financial situation of the world today," says Wally Kocemba of the BizDealer Team at Calhoun Companies, a business brokerage firm in Minneapolis.
While considered riskier than bank financing, seller financing -- which is sometimes combined with bank financing -- can offer owners a better price and a faster transaction.
“I believe sellers are going to have to understand that if they want to obtain the price that they’re looking for, they may have to consider seller financing as an integral part of the transaction," says Dean Bachelor, chairman and founder of the Platinum Group, a private-equity firm in Eden Prairie. "If they believe in the business and believe in the future of the business, that's less of a problem.”
Source: Minneapolis Star-Tribune, Todd Nelson (09/29/08)
For those selling small business, the ability to offer it is particularly important.
"Sellers really have to be prepared to take back more of the financing or to take a second position behind the banks to make them come together ... because of the financial situation of the world today," says Wally Kocemba of the BizDealer Team at Calhoun Companies, a business brokerage firm in Minneapolis.
While considered riskier than bank financing, seller financing -- which is sometimes combined with bank financing -- can offer owners a better price and a faster transaction.
“I believe sellers are going to have to understand that if they want to obtain the price that they’re looking for, they may have to consider seller financing as an integral part of the transaction," says Dean Bachelor, chairman and founder of the Platinum Group, a private-equity firm in Eden Prairie. "If they believe in the business and believe in the future of the business, that's less of a problem.”
Source: Minneapolis Star-Tribune, Todd Nelson (09/29/08)
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