As one of the nation's largest mortgage servicers, CitiMortgage is still contending with a deluge of foreclosures that just doesn't seem to be abating. The company is launching a new pilot initiative Friday that will allow distressed CitiMortgage borrowers to avoid foreclosure and remain in their homes for six months if they agree to sign over their property deeds. Citi will also provide relocation assistance to ease the transition to another residence.
In yet another sign of stabilization within the residential real estate market, strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter of 2009, according to a survey released Thursday by the National Association of Realtors (NAR). Affordability has helped boost sales. The trade group reported that the national median price for an existing single-family home in Q4 was down 4.1 percent from a year earlier, but noted that it was the smallest price decline in over two years.
Following in the steps of its sibling company, Fannie Mae has announced that it too will be buying back bad loans from mortgage-backed securities (MBS) investors in bulk. The GSE said it will begin "significantly" picking up the pace of its purchases of loans that are at least 120 days past due, beginning in March. Fannie did not disclose an exact dollar amount of the repurchases, but did say that as of December 31, the total of such loans was $127 billion.
One of America's largest homebuilders is getting into the loan restructuring business. Lennar Corporation has purchased two loan portfolios from the FDIC worth $3 billion. Lennar paid $243 million for the portfolios, which include 5,500 distressed residential and commercial real estate loans from 22 failed banks. The Miami-based builder says acquiring and working out troubled real estate loans was an "extremely profitable" part of its business during the last real estate down cycle.
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Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.comhttp://www.charlottesvillevarealestate.blogspot.com http://www.robsellscharlottesville.comOh, by the way, I am never too busy to work any of your referrals.
Each Office Independently Owned and Operated
Licensed to Sell Real Estate in the Commonwealth of Virginia
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