Property Leasing
By Carrie Bay | 04/10/2012
Nineteen members of California's congressional delegation want to keep Fannie Mae's and Freddie Mac's "for rent" signs outside their state's borders. Led by Congressman Gary Miller, the group sent a letter to Edward DeMarco, acting director of the Federal Housing Finance Agency, petitioning him to exclude the 600 homes in California slated for the pilot program of the REO Initiative, which aims to sell off homes repossessed by the GSEs and FHA to institutional investors who will turn the properties into rental homes.
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By Esther Cho | 03/30/2012
For 2011, investment purchases increased significantly, according to data from the National Association of Realtors, and with more individual investors absorbing REO properties, the organization thinks it is time to limit bulk REO sales to large institutions. Investment-home sales increased 64.5 percent last year to 1.23 million, NAR reports. In a letter to federal regulators, NAR urged policymakers and lenders to focus on expanding the availability of financing for qualified homebuyers and investors to reduce the number of REOs on the market.
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By Carrie Bay | 12/21/2011
California Attorney General Kamala Harris is asking the court to force Fannie Mae and Freddie Mac to turn over information about their servicing, foreclosure, property leasing, and mortgage securitization activities in the state. Harris issued subpoenas to each of the GSEs last month, outlining 51 questions the attorney general wanted answered. Fannie and Freddie's regulator, however, has reportedly instructed the companies not to respond to the state's request.
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By Krista Franks | 11/18/2011
California Attorney General Kamala Harris reportedly sent subpoenas to Fannie Mae and Freddie Mac, requesting information about their servicing, foreclosure, and property leasing actions in the state. The attorney general's office also intends to investigate the GSEs' actions regarding purchases of "toxic mortgages." With one of the highest default rates in the nation, Harris has been actively seeking aid for California homeowners and has recently lobbied for increased principal reductions from Fannie and Freddie.
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By Heather Hill Cernoch | 06/23/2011
Asset management and loss mitigation provider Green River Capital is expanding its REO services to the commercial mortgage industry. The new services include the disposition of assets, property maintenance, lease verification, and property valuation. Focusing its commercial REO efforts on small balance properties, the firm will also handle evictions and repairs and offer full title services.
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By Heather Hill Cernoch | 01/27/2011
CoreLogic has introduced a new commercial property evaluation service that utilizes more than 7,500 real estate brokers and contract appraisers to provide commercial valuations for lenders, investors, and special servicers. CoreLogic says its system allows users to quickly determine the current market rent for properties more cost effectively than formal commercial real estate appraisals. The new service can deliver a valuation in 10 business days on average, and users can order and track valuations online 24/7.
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By Carrie Bay | 12/21/2010
Peter Monroe was president of the oversight board of the Resolution Trust Corporation (RTC) in the early 1990s. During his tenure there, he lent his expertise to unwinding hundreds of billions of commercial mortgages from insolvent savings and loan (S&L) institutions. With the current real estate downturn, such skills are in demand again, and Monroe has his sights set on the Florida commercial property market.
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By Heather Hill Cernoch | 12/13/2010
According to a study released by Fannie Mae, most Americans strongly desire to own a home, but a number of factors, including financial caution and shrinking households, continue to contribute to a willingness to rent.
According to the study findings, 51 percent of current owners and renters say the housing crisis has not affected their overall willingness to buy a home over the long term. However, one-third say they are more likely to rent their next home than buy.
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By Carrie Bay | 11/24/2010
Americans are less certain that the housing market has found its floor, and continue to be wary of buying a home. Those are the findings of Fannie Mae's most recent nationwide housing survey. The GSE says consumer attitudes about the housing market are more negative since its second-quarter poll, but the declining optimism is reinforcing realistic attitudes toward owning and renting. For the first time, delinquent borrowers are more likely to say they would rent rather than buy their next home.
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By Carrie Bay | 11/23/2010
Since the homebuyer tax credit expired in the spring, homebuying activity has slowed by more than 30 percent, and analysts aren't expecting much of a rebound any time soon. At the same time, the number of homes for sale has risen and with foreclosures still escalating, REO inventories are only going to grow. To boost housing demand and limit supply, John Burns Real Estate Consulting has developed an REO rental housing proposal, with three key points, which includes establishing an REIT for bank-owned properties held by government agencies.
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