Author: Carrie B. Reyes

Bankers, their crystal balls, future mortgage volume

What is your source for housing market forecasts? I formulate my own predictions. (34%, 18 Votes) first tuesday online journal. (23%, 12 Votes) A different news source. (23%, 12 Votes) I think market predictions are worthless. (21%, 11 Votes) My financial advisor. (0%, 0 Votes) Total Voters: 53 Bank risk professionals expect more of the same for mortgage delinquencies over the next six months, according to the Professional Risk Managers’ International Association (PRMIA). Most bankers surveyed believe: the level of mortgage delinquencies will stay the same or increase slightly over the next six months; 2012 will see a gradual...

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Critics demand fewer HARP 2.0 restrictions

Do you personally know any borrowers who received a HARP 2.0 refinance? No (85%, 79 Votes) Yes (15%, 14 Votes) Total Voters: 93 The revised Home Affordable Refinance Program (HARP 2.0) is taking more shots from its critics – this time from U.S. senators wanting to remove the competitive edge HARP 2.0 affords to lenders who originated the loan. HARP 2.0 is a revision of the first HARP and applies to home loans owned by Fannie Mae and Freddie Mac (collectively, Frannie). HARP 2.0’s most significant change is the removal of the 125% loan-to-value (LTV) ratio to qualify for...

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Reduced shortsale response time for Frannie loans

How long does the average shortsale take in your experience? Up to six months; or (40%, 52 Votes) Up to four months; (29%, 37 Votes) Seven months to a year. (22%, 29 Votes) Regular 45 day escrow; (9%, 11 Votes) Total Voters: 129 Fannie Mae and Freddie Mac (collectively, Frannie) are introducing new policies to expedite the shortsale approval and closing process. These policies become effective for Frannie loans on all shortsale offers servicers receive after June 24, 2012. Servicers are encouraged to implement them immediately. Through June 24, Frannie requires servicers to evaluate borrowers requesting a shortsale for...

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Make solar power feed-in tariffs work for you

The Los Angeles Department of Water and Power (DWP) recently began a pilot feed-in tariff (FiT) program, allowing commercial property owners to sell energy captured with solar panels back to the DWP. This is a second attempt based on an earlier net-metering program which included residential properties. The previous program frustrated customers and produced little return due to processing delays and poor customer service. Commercial warehouses and multifamily buildings qualify for FiT if they have: at least a 30-kilowatt capacity; and an approved solar energy system. The pilot program presently allows 30-50 participants, though the program is hoped to...

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FHFA finally gives cramdowns merit

Would the FHFA allowance of principal reductions benefit the real estate market? Yes (74%, 100 Votes) No (26%, 35 Votes) Total Voters: 135 Long objecting to principal reductions (a.k.a. cramdowns), the Federal Housing Finance Agency (FHFA), overseer of government owned and sponsored enterprises Fannie Mae and Freddie Mac (collectively Frannie), now reluctantly views cramdowns as a potentially effective tool to aid negative-equity homeowners. Recently, the FHFA director, Edward M. DeMarco, gave an analysis demonstrating his continued hesitancy towards cramdowns. However, it now seems he is finally willing to consider the possibility, not simply reject cramdowns outright. Cramdowns are the...

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