The administration's Home Affordable Foreclosure Alternatives (HAFA) program is in effect, and players from every corner of the industry are teaming up and working in unison to help ensure the short sale program's success. The Treasury's Laurie Maggiano tells DSNews.com that major servicers are ready, with dedicated staff on hand to handle the influx of short sale requests. And some of the biggest players, like Bank of America, are taking it one step further, partnering with technology firm Equator and RE/MAX agents to hit the ground running.
With all the negative news and lackluster market indicators, it may seem as though the entire country is neck-deep in the worst housing slump most of us have ever seen. But a new study by two officials at the Federal Reserve Bank of New York indicates otherwise. They've concluded that much of the United States has been largely insulated from the boom-and-bust volatility of the most recent real estate cycle. They point to the markets that didn't ride the lofty price wave of the last decade and had little subprime lending as the great escapees.
Millions of families across the nation have been adversely affected by the foreclosure crisis, but the majority of Americans still have a positive attitude towards homeownership, Fannie Mae found in its National Housing Survey. The survey, conducted between December 2009 and January 2010, polled homeowners and renters to gauge the public's current attitudes toward housing in light of the current foreclosure crisis. The results of the survey were released Tuesday, showing that the dream of homeownership hasn't died.
Federal regulators and economist have been warning the industry, the public, and the administration for a good many months now about the devastation a commercial real estate (CRE) meltdown could leave in its wake. On Tuesday, a gentleman personifying both factions of these red-flag-raisers - William Emmons, economist and assistant vice president at the Federal Reserve Bank of St. Louis - spoke to attendees at The Five Star Institute's Commercial Default 360 event in Dallas.
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