Personally I was hoping for much more than what the lenders are already saying they are doing. You give me your thoughts.
http://www.realtor.org/press_room/news_releases/2009/05/short_sales_process?lid=ronav0019
Friday, May 22, 2009
We Shall See
I hear and read something new every day as far as 'Standardizing Short Sales.' Even NAR would like to see something change. I don't believe the industry is set up to positively succeed in a true standardization process due to so many unpredictable and uncontrollable variables.
Help is on the way for many homeowners who are facing foreclosure, thanks to new details under the Making Home Affordable Program announced today by the U.S. Treasury and the U.S. Department of Housing and Urban Development.
The Making Home Affordable Program is designed to help homeowners obtain modifications to their loan so they can afford to stay in their home. Where a modification is not possible, new incentives encourage the “quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” according to U.S. Treasury Secretary Timothy Geithner. The National Association of Realtors® expects that a uniform process for handling short sales and financial incentives will facilitate this process.
“NAR is pleased that the government is stepping in to help prevent foreclosures by streamlining the short-sale and deeds-in-lieu process,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “NAR has been calling for uniform short sales procedures and other initiatives that will help today’s homeowners in challenging economy.”
Short sales occur when a bank agrees to let homeowners who have fallen behind on their mortgage to sell their home for less than they owe on their mortgage. Visit www.treasury.gov for detailed information on the program changes.
“Many families are finding themselves with a mortgage that is higher than their current home value, and they are struggling,” said McMillan. “As Secretary Geithner noted, and as NAR has been advocating for many months, stemming the foreclosure crisis and stabilizing the housing market are critical to our economic recovery.”
“We have heard from Realtors® that the extensive delay in the short sale process had caused many buyers to go elsewhere and have left many would-be sellers with no option but foreclosure. We are all pleased that the government has stepped in to help homeowners and those wishing to buy a home,” McMillan said.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Let me know what you think, I'm anxious to hear.
-Christopher Rockey
Help is on the way for many homeowners who are facing foreclosure, thanks to new details under the Making Home Affordable Program announced today by the U.S. Treasury and the U.S. Department of Housing and Urban Development.
The Making Home Affordable Program is designed to help homeowners obtain modifications to their loan so they can afford to stay in their home. Where a modification is not possible, new incentives encourage the “quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” according to U.S. Treasury Secretary Timothy Geithner. The National Association of Realtors® expects that a uniform process for handling short sales and financial incentives will facilitate this process.
“NAR is pleased that the government is stepping in to help prevent foreclosures by streamlining the short-sale and deeds-in-lieu process,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “NAR has been calling for uniform short sales procedures and other initiatives that will help today’s homeowners in challenging economy.”
Short sales occur when a bank agrees to let homeowners who have fallen behind on their mortgage to sell their home for less than they owe on their mortgage. Visit www.treasury.gov for detailed information on the program changes.
“Many families are finding themselves with a mortgage that is higher than their current home value, and they are struggling,” said McMillan. “As Secretary Geithner noted, and as NAR has been advocating for many months, stemming the foreclosure crisis and stabilizing the housing market are critical to our economic recovery.”
“We have heard from Realtors® that the extensive delay in the short sale process had caused many buyers to go elsewhere and have left many would-be sellers with no option but foreclosure. We are all pleased that the government has stepped in to help homeowners and those wishing to buy a home,” McMillan said.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Let me know what you think, I'm anxious to hear.
-Christopher Rockey
H4H Round Two
As many of you know I am a HUGE advocate of the H4H Short Refinance program. Actually
I am a huge advocate of any program that keeps consumers in their homes. The H4H Short Refinance program is an equity share program. The equity share is for thirty years. I have all the details on this program should you be curious contact me directly at: rockey@mresolution.com
One of the biggest disappointments of the foreclosure prevention fight has been HOPE for Homeowners, a plan Congress passed in an attempt to help as many as 400,000 underwater, delinquent borrowers from going into foreclosure.
In its first seven months, HOPE for Homeowners helped one family stay in its home.
Congress and the Obama administration are hoping to do a lot better than that.
On Wednesday, President Obama signed into law a bill that attempts to correct the program's problems. The president said the program had many provisions that discouraged servicers from using it.
"This bill removes those hurdles," Obama said.
The original bill, which took effect Oct. 1, was intended to help defaulting homeowners by having banks voluntarily reduce mortgage balances to 90% of a home's current market value. The loan would then be refinanced into a mortgage insured by the Federal Housing Administration (FHA).
The idea was that the lenders take "haircuts" and the government would then bail them out of any future losses by insuring the new loan.
As a result, most of the big lenders didn't offer the program, which was strictly voluntary though heavily encouraged by the Bush and Obama administrations. "The lender basically short-sells the mortgage into the plan, and there's no more chance for upside," said Tom Kelly, a spokesman for JP Morgan Chase (JPM, Fortune 500).
The new version of HOPE sweetens the FHA-refinance option - for lenders. It only requires servicers to reduce balances to 93% of market values instead of 90%. It also pays servicers $1,000 for every Hope-refinanced loan.
For example, borrowers who owed $220,000 on a house valued at $200,000 would need their mortgage balances reduced to $180,000 to qualify for an original HOPE for Homeowners refi. That's a $40,000 writeoff. Under the new plan, lenders would have to forgive $34,000.
But the biggest change is that it authorizes FHA's parent agency, the Department of Housing and Urban Development (HUD), to share future home-price appreciation with investors, up to the appraised value of the property when the existing loan was first issued.
The original bill gave HUD the right to share potential profits 50/50 with homeowners, but now some of HUD's share would go to the original investors.
Also certain to increase servicer utilization of HOPE for Homeowners is a change in Treasury Department policy announced late last month. Treasury will require any servicer that signs up to participate in the Making Home Affordable program, the administration's mortgage modification plan, to evaluate borrower eligibility for Hope for Homeowners as well.
If borrowers don't fit into the Making Home Affordable program but are viable for HOPE, the servicers must offer them this option.
Industry insiders say they hope the changes will spur more lenders to use the plan.
"It's very important that it becomes a better program," said Faith Schwartz, director of Hope Now, a coalition of lenders, servicers, mortgage investors and community advocates. "We need the FHA to provide another outlet for refinancing these problem loans."
The final bill removed a provision that would have authorized bankruptcy court judges to lower mortgage balances to reflect current market values. Supporters of this "cramdown" believed it would pressure lenders into making more affordable modifications for at-risk borrowers. But the Senate removed that from their version of the bill and the House followed suit.
-Christopher Rockey
I am a huge advocate of any program that keeps consumers in their homes. The H4H Short Refinance program is an equity share program. The equity share is for thirty years. I have all the details on this program should you be curious contact me directly at: rockey@mresolution.com
One of the biggest disappointments of the foreclosure prevention fight has been HOPE for Homeowners, a plan Congress passed in an attempt to help as many as 400,000 underwater, delinquent borrowers from going into foreclosure.
In its first seven months, HOPE for Homeowners helped one family stay in its home.
Congress and the Obama administration are hoping to do a lot better than that.
On Wednesday, President Obama signed into law a bill that attempts to correct the program's problems. The president said the program had many provisions that discouraged servicers from using it.
"This bill removes those hurdles," Obama said.
The original bill, which took effect Oct. 1, was intended to help defaulting homeowners by having banks voluntarily reduce mortgage balances to 90% of a home's current market value. The loan would then be refinanced into a mortgage insured by the Federal Housing Administration (FHA).
The idea was that the lenders take "haircuts" and the government would then bail them out of any future losses by insuring the new loan.
As a result, most of the big lenders didn't offer the program, which was strictly voluntary though heavily encouraged by the Bush and Obama administrations. "The lender basically short-sells the mortgage into the plan, and there's no more chance for upside," said Tom Kelly, a spokesman for JP Morgan Chase (JPM, Fortune 500).
The new version of HOPE sweetens the FHA-refinance option - for lenders. It only requires servicers to reduce balances to 93% of market values instead of 90%. It also pays servicers $1,000 for every Hope-refinanced loan.
For example, borrowers who owed $220,000 on a house valued at $200,000 would need their mortgage balances reduced to $180,000 to qualify for an original HOPE for Homeowners refi. That's a $40,000 writeoff. Under the new plan, lenders would have to forgive $34,000.
But the biggest change is that it authorizes FHA's parent agency, the Department of Housing and Urban Development (HUD), to share future home-price appreciation with investors, up to the appraised value of the property when the existing loan was first issued.
The original bill gave HUD the right to share potential profits 50/50 with homeowners, but now some of HUD's share would go to the original investors.
Also certain to increase servicer utilization of HOPE for Homeowners is a change in Treasury Department policy announced late last month. Treasury will require any servicer that signs up to participate in the Making Home Affordable program, the administration's mortgage modification plan, to evaluate borrower eligibility for Hope for Homeowners as well.
If borrowers don't fit into the Making Home Affordable program but are viable for HOPE, the servicers must offer them this option.
Industry insiders say they hope the changes will spur more lenders to use the plan.
"It's very important that it becomes a better program," said Faith Schwartz, director of Hope Now, a coalition of lenders, servicers, mortgage investors and community advocates. "We need the FHA to provide another outlet for refinancing these problem loans."
The final bill removed a provision that would have authorized bankruptcy court judges to lower mortgage balances to reflect current market values. Supporters of this "cramdown" believed it would pressure lenders into making more affordable modifications for at-risk borrowers. But the Senate removed that from their version of the bill and the House followed suit.
-Christopher Rockey
Monday, May 18, 2009
Think Your Underwater?
The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration's efforts to stabilize the housing market.
The increase in the number of such "underwater" borrowers comes amid signs that falling prices are making homes more affordable for first-time buyers and others who have been shut out of the housing market. But falling prices also make it more difficult for homeowners who get into financial trouble to refinance or sell their homes, and for others to take advantage of lower interest rates.
More from WSJ.com:
• Affluent Homeowners Sink Further
• Cheaper Than Selling: Banks Wreck New Houses
• Foreclosure Trouble Spreads to Farms
For instance, fewer will qualify to take advantage of a key component of the Obama administration's plan to stabilize the housing market. Under the plan, announced in February, as many as five million homeowners whose loans are owned or guaranteed by government-controlled mortgage giants Fannie Mae and Freddie Mac can refinance their mortgages, but only if the mortgage loan is a maximum of 105% of the home's value.
Government officials are considering an increase in that limit. "It's a question that we're looking at," said James Lockhart, director of the Federal Housing Finance Agency, which regulates Fannie and Freddie.
Real-estate Web site Zillow.com said that overall, the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter from 16.3 million at the end of the fourth quarter. The latest figure represents 21.9% of all homeowners, according to Zillow, up from 17.6% in the fourth quarter and 14.3% in the third quarter.
"What's going on here is that you don't have any markets that have turned around and you have new markets, like Dallas, that have joined the ranks" of communities where home prices have fallen, said Stan Humphries, a Zillow.com vice president.
More from Yahoo! Finance:
• Let Obama Help Pay for Home Upgrades
• America's Top-Selling Luxury Neighborhoods
• U.S. Cities Where It's Hardest to Get By
--------------------------------------------------------------------------------
Visit the Real Estate Center
Borrowers who owe far more than their home is worth may also be less likely to participate in another part of the government's housing plan, which provides incentives for mortgage companies to modify loans to make payments more affordable. Thomas Lawler, an independent housing economist, said borrowers who owe 30% more than their homes are worth are far more likely to walk away from their property than those who owe just 5% or 10% more and expect prices to rebound. More than one in 10 borrowers with a mortgage owed 110% or more of their home's value at the end of last year, according to First American CoreLogic.
There are some recent indications that the housing market could be beginning to stabilize. The National Association of Realtors pending home-sales index, for instance, increased 3.2% in March.
No I am not 'Chicken Little.' No the sky is not falling. In most local markets
across the US, houses listed in the price range of 200K or less are getting
offers within 10 days. REO's are selling within 45 days and Short Sales are
selling from 45 days of bank approval typically.
-Christopher Rockey
Friday, May 15, 2009
100 Post Anniversary
And not a whole lot of anything that important to mention. I did find the
following article which I found funny because I am such a huge advocate of foreclosureradar.com. I like many others nation wide consider Foreclosure Radar to be the best of the best. Sean O'Toole the company's founder is considered beyond brilliant. So why doesn't Sean get more national coverage? Because Foreclosure Radar
is only in California. So, again, more from RealtyTrac...
Foreclosures up less than 1 percent in April, increase 32 percent from year ago
Foreclosure filings, which include default notices, auction sale notices, and bank repossessions, were reported on 342,038 U.S. properties in April, an increase of less than 1 percent from the previous month and an increase of 32 percent from the same period a year ago, according to a report released today by RealtyTrac®. The report also shows that one in every 374 housing units nationwide received a foreclosure filing in April.
“Much of this activity is at the initial stages of foreclosure, while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008,” said James J. Saccacio, chief executive officer of RealtyTrac®. “This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria. It’s likely that we’ll see a corresponding spike in REOs as these loans move through the foreclosure process over the next few months.”
Foreclosure activity in California decreased 10 percent in April compared with March, although the state still posted the nation’s third highest state foreclosure rate in April, with one in every 138 housing units receiving a foreclosure filing during the month. Total foreclosure activity in California was up 42 percent last month compared with the same period a year ago, according to the report.
That's the news, I'm currently taking topic requests.
I will be in Tampa Bay On Tuesday with Scott Thompson. I will let you know how it goes.
-Christopher Rockey
rockey@mresolution.com
following article which I found funny because I am such a huge advocate of foreclosureradar.com. I like many others nation wide consider Foreclosure Radar to be the best of the best. Sean O'Toole the company's founder is considered beyond brilliant. So why doesn't Sean get more national coverage? Because Foreclosure Radar
is only in California. So, again, more from RealtyTrac...
Foreclosures up less than 1 percent in April, increase 32 percent from year ago
Foreclosure filings, which include default notices, auction sale notices, and bank repossessions, were reported on 342,038 U.S. properties in April, an increase of less than 1 percent from the previous month and an increase of 32 percent from the same period a year ago, according to a report released today by RealtyTrac®. The report also shows that one in every 374 housing units nationwide received a foreclosure filing in April.
“Much of this activity is at the initial stages of foreclosure, while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008,” said James J. Saccacio, chief executive officer of RealtyTrac®. “This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria. It’s likely that we’ll see a corresponding spike in REOs as these loans move through the foreclosure process over the next few months.”
Foreclosure activity in California decreased 10 percent in April compared with March, although the state still posted the nation’s third highest state foreclosure rate in April, with one in every 138 housing units receiving a foreclosure filing during the month. Total foreclosure activity in California was up 42 percent last month compared with the same period a year ago, according to the report.
That's the news, I'm currently taking topic requests.
I will be in Tampa Bay On Tuesday with Scott Thompson. I will let you know how it goes.
-Christopher Rockey
rockey@mresolution.com
Tuesday, May 12, 2009
Spank That Fannie
This reminds me of the time when I was young and I needed 10 bucks. I went to mom
and asked for 20 (And got it) then went to Dad and asked for twenty (Got five) I'm
wondering if the books are cooked in the opposite direction in the favor of yet again the Servicing giant Fannie Mae. This is called 'Icing the Dollars' or 'Book
Chilling.' I iced the dollars needed from mom and dad to get a larger benefit.
Fannie Mae reported yesterday that it lost $23.2 billion in the first three months of the year as mortgage defaults increasingly spread from risky loans to the far-larger portfolio of loans to borrowers who have been considered safe. Ohhh Waaaa.
The sobering earnings report was a reminder of the far-reaching implications of the government's takeover in September of Fannie Mae and the smaller Freddie Mac. Losses have proved unrelenting; the firms' appetite for tens of billions of dollars in taxpayer aid hasn't subsided; and taxpayer money invested in the companies, analysts said, is probably lost forever because the prospects for repayment are slim.
But the government remains committed to keeping the companies afloat, because it is relying on them to help reverse the continuing slide in the housing market and keep mortgage rates low.
Even as the government bailout of banks appears to be leveling off, the federal rescue of Fannie and Freddie is rapidly growing more expensive. Fannie Mae said that the losses will continue through at least much of the year and that it "therefore will be required to obtain additional funding from the Treasury." Analysts are estimating that the company could need at least $110 billion.
Freddie Mac, which has been in worse financial shape than Fannie Mae and has obtained $45 billion in taxpayer funding, will report earnings in coming days.
Fannie's most recent loss compares with a $2.2 billion loss in the first quarter last year, before the government takeover.
Fannie Mae, of the District, and Freddie Mac, of McLean, have been growing ever more dependent on federal largesse. The Federal Reserve has bought $366 billion of their mortgage investments and $70 billion of their debt, and has pledged to buy hundreds of billions of dollars more of both. The Treasury has pledged $200 billion to each company to keep them solvent and already bought $124 billion of their mortgage investments.
In total, the government has committed about $2 trillion to supporting Fannie and Freddie and buying the securities they issue.
Over the next 10 years, the government's rescue of Fannie Mae and Freddie Mac is expected to cost $389 billion, exceeding the cost of investments in banks and other financial firms by the government's Troubled Assets Relief Program, according to a recent study by Subsidyscope, a project of the Pew Charitable Trusts. The group based its calculations on Congressional Budget Office figures.
The federal government seized Fannie Mae and Freddie Mac last September out of concern that they would collapse and threaten the entire financial system. Since then, the companies have been called on to carry out large parts of the government's plan to spur a housing recovery by modifying mortgages and taking anti-foreclosure steps.
Fannie Mae said these programs are likely to have "a material adverse effect on our business, results of operations and financial condition, including our net worth." But, it said, the program could yield long-term benefits. "If, however, the program is successful in reducing foreclosures and keeping borrowers in their homes, it may benefit the overall housing market and help in reducing our long-term credit losses."
I always love the words 'If However' especially when it comes to my tax dollars.
-Christopher Rockey
and asked for 20 (And got it) then went to Dad and asked for twenty (Got five) I'm
wondering if the books are cooked in the opposite direction in the favor of yet again the Servicing giant Fannie Mae. This is called 'Icing the Dollars' or 'Book
Chilling.' I iced the dollars needed from mom and dad to get a larger benefit.
Fannie Mae reported yesterday that it lost $23.2 billion in the first three months of the year as mortgage defaults increasingly spread from risky loans to the far-larger portfolio of loans to borrowers who have been considered safe. Ohhh Waaaa.
The sobering earnings report was a reminder of the far-reaching implications of the government's takeover in September of Fannie Mae and the smaller Freddie Mac. Losses have proved unrelenting; the firms' appetite for tens of billions of dollars in taxpayer aid hasn't subsided; and taxpayer money invested in the companies, analysts said, is probably lost forever because the prospects for repayment are slim.
But the government remains committed to keeping the companies afloat, because it is relying on them to help reverse the continuing slide in the housing market and keep mortgage rates low.
Even as the government bailout of banks appears to be leveling off, the federal rescue of Fannie and Freddie is rapidly growing more expensive. Fannie Mae said that the losses will continue through at least much of the year and that it "therefore will be required to obtain additional funding from the Treasury." Analysts are estimating that the company could need at least $110 billion.
Freddie Mac, which has been in worse financial shape than Fannie Mae and has obtained $45 billion in taxpayer funding, will report earnings in coming days.
Fannie's most recent loss compares with a $2.2 billion loss in the first quarter last year, before the government takeover.
Fannie Mae, of the District, and Freddie Mac, of McLean, have been growing ever more dependent on federal largesse. The Federal Reserve has bought $366 billion of their mortgage investments and $70 billion of their debt, and has pledged to buy hundreds of billions of dollars more of both. The Treasury has pledged $200 billion to each company to keep them solvent and already bought $124 billion of their mortgage investments.
In total, the government has committed about $2 trillion to supporting Fannie and Freddie and buying the securities they issue.
Over the next 10 years, the government's rescue of Fannie Mae and Freddie Mac is expected to cost $389 billion, exceeding the cost of investments in banks and other financial firms by the government's Troubled Assets Relief Program, according to a recent study by Subsidyscope, a project of the Pew Charitable Trusts. The group based its calculations on Congressional Budget Office figures.
The federal government seized Fannie Mae and Freddie Mac last September out of concern that they would collapse and threaten the entire financial system. Since then, the companies have been called on to carry out large parts of the government's plan to spur a housing recovery by modifying mortgages and taking anti-foreclosure steps.
Fannie Mae said these programs are likely to have "a material adverse effect on our business, results of operations and financial condition, including our net worth." But, it said, the program could yield long-term benefits. "If, however, the program is successful in reducing foreclosures and keeping borrowers in their homes, it may benefit the overall housing market and help in reducing our long-term credit losses."
I always love the words 'If However' especially when it comes to my tax dollars.
-Christopher Rockey
Thursday, May 7, 2009
Not Just a Local Problem When NAR Steps Up
There is a very serious commitment that Real Estate agents and Mortgage Professionals have made to this market. The good news is, most agents that had not made that commitment of excellence and integrity are out of the business altogether by now. The National Association of Realtors is now intercepting anyone who may not have the fiduciary responsibility of our core business in mind as priority number one, OUR HOMEOWNERS. Foreclosure rescue scams and other predatory and irresponsible lending practices have been on the rise, negatively impacting families, communities, and the housing market. The National Association of Realtors® testified today on the importance of protecting homeowners from these anti-consumer practices.
“Foreclosures lead to families losing their homes and their savings, and can cause entire neighborhoods to lose home value,” said John W. Anderson, a broker-owner from Crystal, Minn., who spoke on NAR’s behalf before the House Financial Services Subcommittee on Housing and Community Opportunity. “A sound and dynamic real estate industry fosters families and communities, and sustains and stimulates the national economy.”
NAR provided a list of recommendations that would help prevent foreclosure rescue scams and protect consumers. The recommendations include enacting H.R. 1231, the Foreclosure Rescue Fraud Act of 2009, as introduced. The bill would create appropriate minimum standards for disclosure and terms of service for individuals or firms offering their services as foreclosure consultants to distressed homeowners.
“There has been a significant rise in the number of foreclosure rescue scammers making all kinds of claims to defraud already devastated families,” said Anderson. “We all have an interest and a stake in making this stop.”
NAR asked Congress to direct lenders and servicers to be more aggressive in helping distressed homeowners with loan modifications, ensure foreclosure prevention options are widely advertised, shorten the closing process for short sales, and establish methods for the private and public sectors to actively educate home buyers about foreclosure alternatives and today’s safer more affordable mortgage products. Congress should also pass balanced mortgage reform that safeguards consumers and assures access to mortgages at a reasonable cost.
“Realtors® across the nation believe that anti-predatory lending reforms are required to restore consumer confidence in the housing industry and avoid another housing crisis in the future,” Anderson said.
“Historically low mortgage interest rates and a significant tax credit for first-time home buyers have enticed some consumers back into the housing market. However, we believe that wholesale reform of the mortgage lending sector will give consumers the protections they need and will remove the last impediment to a housing recovery,” said Anderson.
Ultimately my point is, we are all in this together let's act as the professionals we were trained to be.
-Christopher Rockey
“Foreclosures lead to families losing their homes and their savings, and can cause entire neighborhoods to lose home value,” said John W. Anderson, a broker-owner from Crystal, Minn., who spoke on NAR’s behalf before the House Financial Services Subcommittee on Housing and Community Opportunity. “A sound and dynamic real estate industry fosters families and communities, and sustains and stimulates the national economy.”
NAR provided a list of recommendations that would help prevent foreclosure rescue scams and protect consumers. The recommendations include enacting H.R. 1231, the Foreclosure Rescue Fraud Act of 2009, as introduced. The bill would create appropriate minimum standards for disclosure and terms of service for individuals or firms offering their services as foreclosure consultants to distressed homeowners.
“There has been a significant rise in the number of foreclosure rescue scammers making all kinds of claims to defraud already devastated families,” said Anderson. “We all have an interest and a stake in making this stop.”
NAR asked Congress to direct lenders and servicers to be more aggressive in helping distressed homeowners with loan modifications, ensure foreclosure prevention options are widely advertised, shorten the closing process for short sales, and establish methods for the private and public sectors to actively educate home buyers about foreclosure alternatives and today’s safer more affordable mortgage products. Congress should also pass balanced mortgage reform that safeguards consumers and assures access to mortgages at a reasonable cost.
“Realtors® across the nation believe that anti-predatory lending reforms are required to restore consumer confidence in the housing industry and avoid another housing crisis in the future,” Anderson said.
“Historically low mortgage interest rates and a significant tax credit for first-time home buyers have enticed some consumers back into the housing market. However, we believe that wholesale reform of the mortgage lending sector will give consumers the protections they need and will remove the last impediment to a housing recovery,” said Anderson.
Ultimately my point is, we are all in this together let's act as the professionals we were trained to be.
-Christopher Rockey
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