Shadow Inventory Vastly Larger Than Believed
Shadow Inventory Vastly Larger Than Believed
By Michael Olenick, Naked Capitalism, Jan. 3, 2012
In a 2011 deposition, Florida attorney David J. Stern said Fannie Mae apparently had 600,000 loans they expected to foreclose upon in Florida. Not Fannie Mae, Freddie Mac, FHA, VHA, and private label mortgages, Fannie Mae alone.
Who Maintains Foreclosures?
By Paul MCMorrow, Boston Globe, Jan. 3, 2012
Fannie Mae and Freddie Mac have taken too much criticism for inflating the housing bubble, something they did not do. While the nationalized mortgage giants have been browbeaten over crimes they didn’t commit, they’ve somehow managed to skate away from the real scandal — the way the companies have acted in the aftermath of the housing crash. The two companies have resisted efforts to staunch the flow of foreclosures and turn the country’s hobbled housing market around. Now, they’re in court, waging an absurd fight against the notion that they should have to maintain the homes they seize.
Bank of America Short Sale Incentives Draw Mixed Reviews
By Kimberly Miller, Palm Beach Post, Jan. 1, 2012
Bank of America's cash-back incentive, which tempted delinquent borrowers to do a short sale over a lengthy foreclosure, ended Dec. 12 with mixed reviews from Realtors and tepid homeowner response. The Florida-only program offered between $5,000 and $20,000 in relocation expenses to qualified homeowners who agreed to vacate their homes through a short sale in lieu of the average two-year foreclosure process.
Foreclosure Free Ride: 3 Years, No Payments
By Les Christie, CNNMoney, Jan. 1, 2012
Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they're willing to put up a fight. Among the tactics: Challenging the bank's actions, waiting to file paperwork right up until the deadline, requesting the lender dig up original paperwork or, in some extreme cases, declaring bankruptcy.