Your Daily Dose from DSNews.com

Email not displaying correctly? View it in your browser. 2009 has been one of the most significant years in the default servicing industry to date. DS News would like to look back on the year that was, and the Technology-related stories that were most read and left the biggest impact on viewers. BofA Implements Equator (REOTrans) Platform, as Short Sales Gain Ground California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender. Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. MERS' Role as Mortgagee Challenged in Kansas Court Ruling The Mortgage Electronic Registration Service (MERS), which was set up to facilitate the quick transfer of mortgages between lenders and the inclusion of the loans in mortgage-backed securities, may not hold water legally in foreclosure proceedings - as confirmed by a Kansas Supreme Court ruling earlier this month. Chicago Lawyer Seeking Class Actions over HELOCs Against Wells Fargo, Chase, Others Wells Fargo, JPMorgan Chase, and other major banks are fraudulently closing down home equity lines of credit (HELOCs), Chicago attorney Jay Edelson is alleging on behalf of a number of clients. Edelson has embarked on a crusade against the banks for suspending HELOCs when a computer program tells them - falsely, he claims - that a borrower's house has declined in value. Is Your Home on the Tube? Marketing of listings and properties isn't easy. Sure, you can use virtual tours, printed brochures, and the stand-by mailers. Still, there is one important factor missing: the power of video. LAMCO Announces Formal Launch of its REO Liquidation System Lenders Asset Management Corporation (LAMCO) has announced the formalization of its system to manage and liquidate REO properties. The company has been developing and evolving the system since its inception 20 years ago, and says the process has enabled it to turn REO properties around in half the time of the industry standard. You are receving this email because you opted in at our website dsnews.com or attended a Five Star Conference. Unsubscribe roballey.434-974-5586@blogger.com from this list. Corporate Office: DS News 1909 Woodall Rodgers Suite 300 Dallas, TX 75201 Add us to your address book Washington Bureau: 1101 Pennsylvania Avenue NW Suite 600 Washington, D.C. 20004 Copyright (C) 2009 DS News All rights reserved. Forward this email to a friend Update your profile QUICK LINKS DSNews.com DS News' Red Book DS News' Black Book 2009 Five Star Conference DARE

Short Sale Incentives Coming in 2010

Short Sale Incentives Coming in 2010, Treasury Says

As HousingWire first reported, the US Treasury Department will launch the Home Affordable Foreclosure Alternatives Program (HAFA) in 2010.

HAFA will complement the Home Affordable Modification Program (HAMP) by providing financial incentives to servicers, borrowers and investors to go forward with short sales or a deed-in-lieu, according to a Treasury announcement late Monday (available to download here).

In a short sale, the bank sells the property for a price short of the balance owed on the property’s loan.

Under HAMP, the Treasury allocates capped incentives to servicers for the modification of loans on the verge of foreclosure. Borrowers must be HAMP-eligible to qualify for HAFA and must be considered for the new program within 30 days of failing to qualify for or complete a HAMP trial.

Borrowers must be able to provide the buyer of the home with a clear title. Any subordinate liens must be paid off in full. The borrower can also negotiate with the holder to release the liens before the closing date.

HAFA allows the borrower to receive pre-approved short sale terms before the property is listed and frees them from future liability for the debt. Also, servicers utilizing the program are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.

The borrower also receives a $1,500 incentive for relocation after the transaction. The servicer receives a $1,000 incentive to cover administration and processing costs, and investors will be paid a maximum of $1,000 for allowing up to $3,000 in short-sale proceeds to be paid out to subordinate lien holders. In total, each transaction under HAFA will cost the Treasury up to $3,500 of incentive payments.

HAFA will officially launch on April 5, 2010, but servicers can implement the program prior to that date. However, in order to participate in the program, the servicer must have signed a HAMP servicer participation agreement by Dec. 31, 2009.

HousingWire first reported on HAFA’s forthcoming launch in October, when the chief of the Homeowner Preservation Office at the Treasury, Laurie Maggiano, released information on HAFA when she spoke at the Mortgage Bankers Association’s annual convention in San Diego.

Two weeks later, Herb Allison testified before the Congressional Oversight Panel (COP), which reviews actions taken by the Treasury, and indicated guidelines were being developed.

Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com

End of the year for 2009

What A Great Way to End the Year

Three closings in 48 hours :) Gotta love this business!!!

Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com

Market Comment

Mortgage Bonds are higher so far this morning. Stocks are taking a breather and the money from Stocks looks to be moving back into Bonds, helping prices move higher.
The Bond has been able to move higher this week in spite of the so-so auction results. But this afternoon’s auction of $32 Billion of 7-Year Notes carries more inflation risk to investors due to the longer maturity date. So I will be watching to see how the market reacts to the auction.
For now, I recommend floating to see if prices can build on the positive technical momentum, and potentially climb back up towards the next ceiling of resistance."

Leonard Winslow, New American Mortgage, Charlottesville
434-760-2580 (cell)
leonard.winslow@newamerican .com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112.

Keller Williams Ranked as Top Real Estate Franchise

Keller Williams Realty Ranked as Top Real Estate Franchise by Industry Leader and Entrepreneur Magazine

AUSTIN, TEXAS (December 21, 2009) — Keller Williams Realty joined the ranks of the top franchises in the world last week, when the company was ranked as the No. 1 real estate franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine. During the same week, the company was also voted the Most Recognizable Brand of Real Estate Franchises for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.

“The Swanepoel TRENDS Report is a respected source for the real estate industry and beyond, as is Entrepreneur magazine, and we are excited to see our agents honored in this way for all of their hard work,” said Mark Willis, CEO, Keller Williams Realty. “We certainly wouldn’t have been included on either list without the dedication and resolve of our agents.”

According to the ranking in Entrepreneur magazine, the most important criteria to determine the top franchises included financial strength and stability, as well as growth rate and size of the franchise system. The magazine also looked at the number of years the company has been in business and the length of time it’s been franchising, in addition to start-up costs and financial data. Additionally, Keller Williams Realty made an impressive showing on the overall list, placing higher than any other real estate franchise.

The Swanepoel TRENDS Report is published by Stefan Swanepoel, a real estate industry speaker and insider. The survey was crafted to determine the Most Recognizable Brand for Real Estate Franchises for his report out in February 2010. The survey included votes cast by 11,000 plus real estate agents, who cast 390,000 votes to select the top 10.

Earlier in the year,Keller Williams Realty also received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms from J.D. Power and Associates for the second year in a row.

“We are extremely proud that our associates and company are being recognized for our strength and stability during this time in our industry,” said Mary Tennant, president and COO, Keller Williams Realty. “We attribute our success to being in business with phenomenal people and to our core business models, which have allowed our franchises to thrive during any market.”

###

About Keller Williams Realty Inc.:
Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United States, with 679 offices and 73,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. For more information, visit Keller Williams Realty online at (www.kw.com).

Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com

Your Daily Dose from DSNews.com

Email not displaying correctly? View it in your browser. 2009 has been one of the most significant years in the default servicing industry to date. DS News would like to look back on the year that was, and the Secondary Market-related stories that were most read and left the biggest impact on viewers. IBM to Buy Wilshire from BoA, Jumping into Mortgage Servicing International Business Machines Corp. (IBM) is set to announce its purchase of a major mortgage servicer, Wilshire Credit Corp., from Bank of America, sources familiar with the matter told DS News over the weekend. Details of the rumored deal are scant, but it would mark a major addition to IBM's information empire, the sources said. IBM says it is looking to have a presence in the mortgage market, where technology-based service providers have been under increasing pressure to accommodate rising modification and foreclosure volumes. Citigroup Wants Feds to Sell off Their Stake in the Company As the economic recovery kicks off, executives at Citigroup Inc. are working on a strategy to reduce the federal government's 34-percent stake in the banking giant - a plan that would ultimately turn a profit for the taxpayers who funded the bailout in the first place. Washington officials confirmed that they'd had weekend talks with Citigroup and said they don't have a problem with unloading some of their 7.7 billion shares in the New York firm, as long as it is able to raise offsetting capital. Citi says it can provide that capital, and then some. Survey: 2010 Will Be Buyers' Market for Commercial Real Estate The ideal time to invest in commercial real estate is 2010 - that's when commercial property prices will hit bottom, according to a recently published survey of industry investors, developers, lenders, brokers, and consultants. The yearly study, released last week by PricewaterhouseCoopers and the Urban Land Institute, says commercial real estate players predict property values to ultimately drop 40 to 50 percent from 2007 market peaks, making 2010 and 2011 the opportune time for investors to buy at or near cyclical lows. Distressed Investors Still on Sidelines as Commercial Real Estate Decline Continues Investors anticipate further deterioration in the underlying fundamentals of the commercial real estate industry through the remainder of 2009 and into 2010 as investors remain on the sidelines, a new survey shows. Those seeking to acquire quality assets at distressed prices are hoping that near-term defaults and looming due dates will jump-start buying opportunities that so far have been absent. FDIC Adds 111 to Troubled Watch List as Bank Losses Mount Banks lost $3.7 billion in the second quarter, the FDIC reported. Write-offs for bad loans totaling $48 billion pulled the industry results into negative territory. The names of 111 institutions landed on the FDIC's "problem list," bringing the total number of banks being watched by the agency to 416. That means 5 percent of the nation's banks are at risk of collapse. With the FDIC shelling out billions to cover bank failures, its insurance fund has been severely depleted. You are receving this email because you opted in at our website dsnews.com or attended a Five Star Conference. Unsubscribe roballey.434-974-5586@blogger.com from this list. Corporate Office: DS News 1909 Woodall Rodgers Suite 300 Dallas, TX 75201 Add us to your address book Washington Bureau: 1101 Pennsylvania Avenue NW Suite 600 Washington, D.C. 20004 Copyright (C) 2009 DS News All rights reserved. Forward this email to a friend Update your profile QUICK LINKS DSNews.com DS News' Red Book DS News' Black Book 2009 Five Star Conference DARE

Market Comment

Mortgage Bonds are attempting to stabilize today but sentiment may quickly change when the Treasury announces the auction results of today’s $42 billion in 5 year T Notes at 1:00pm ET. Stocks have started higher this morning, and are attempting to push their winning streak to a seventh straight day.
The Case Shiller Home Price Index showed that national home prices are still 7.3% lower overall from last year and were unchanged in October, after four consecutive monthly gains.
For now, I will recommend a Cautiously Floating stance, as Bonds try to stabilize at these deeply depressed prices. If anything changes, I will get back to you.

Leonard Winslow, New American Mortgage, Charlottesville
434-760-2580 (cell)
leonard.winslow@newamerican.com
www.newamerican.com/leonard.winslow
Licensed by the Virginia State Corporation Commission. License #: MC-5112

Your Daily Dose from DSNews.com

Email not displaying correctly? View it in your browser. 2009 has been one of the most significant years in the default servicing industry to date. DS News would like to look back on the year that was, and the Loss Mitigation-related stories that were most read and left the biggest impact on viewers. Treasury Releases Guidance for Making Home Affordable Short Sales Amidst the high-profile news Monday about the administration's push to make more loan modifications permanent, the Treasury also laid out finalized guidelines for short sales. The administration is urging servicers to use short sales as an alternative to foreclosure for those homeowners that don't qualify for a reworked mortgage under the Home Affordable Modification Program. To entice servicers, Treasury will pay out $1,000 for each successful short sale. Lack of Bank Liquidity Threatens Commercial Real Estate Market According to Remington Financial Group, a capital services company based in Scottsdale, Arizona, a lack of bank liquidity poses a severe threat to the U.S. commercial real estate market, with a staggering $1.2 trillion in debt due to mature by 2012 and limited options for refinancing. "The commercial real estate industry is a disaster waiting to happen," said Andy Bogdanoff, founder and chairman of the company. California Loan Mod Agents Kidnapped, Tortured for Not Saving Home The despair and desperation that often accompanies a foreclosure seems to have gotten the best of one California couple - but it turned to outright violence when they kidnapped and beat the loan modification consultants they'd hired to help them. Fannie Mae Raises Lending Criteria The government-backed mortgage financier Fannie Mae is tightening its lending standards. The GSE says it will require a credit score of at least 620 for all mortgage loans delivered in accordance with its Selling Guidelines, including loans guaranteed or insured by a federal government agency. Loan Resets Projected to Cause Mortgage Crisis in 2010 As many exotic adjustable rate mortgages (ARMs) are set to recast in 2010, the Consumer Mortgage Audit Center (CMAC) is projecting a mortgage crisis in 2010 as large as the subprime. According to the center, only a few option ARMs in existence have been modified, and looming resets will undoubtedly lead to another wave of foreclosures as payments begin to double and triple. When principal balances go up and house values continue to plummet, CMAC says refinancing will no longer be an option for homeowners in negative amortization. You are receving this email because you opted in at our website dsnews.com or attended a Five Star Conference. Unsubscribe roballey.434-974-5586@blogger.com from this list. Corporate Office: DS News 1909 Woodall Rodgers Suite 300 Dallas, TX 75201 Add us to your address book Washington Bureau: 1101 Pennsylvania Avenue NW Suite 600 Washington, D.C. 20004 Copyright (C) 2009 DS News All rights reserved. Forward this email to a friend Update your profile QUICK LINKS DSNews.com DS News' Red Book DS News' Black Book 2009 Five Star Conference DARE