by Jacob Goldstein Marcio Jose Sanchez/AP The idea is to avoid this. A Boston nonprofit wants to help hnmoewoers who are in foreclosure stay in their homes. The strategy: Buy houses in foreclosure at a steep discount, and give the hnmoewoers a new, smaller mortgage that they can afford. The nonprofit, Boston Community Capital, thought raising the money to buy the houses would be the tough part. Turns out, that was the easy part. The tough part was convincing hnmoewoers that this wasn't one more foreclosure scam. The group has raised more than $40 million for its Stabilizing Urban Neighborhoods program. And the banks are glad to sell to BCC, because it pays cash and buys houses fair-market value, the CEO, Elyse Cherry, told me. But the group is spending only half as much as it hoped — $1.4 million per month, instead of $3 million— to buy houses out of foreclosure, according to Cherry. "The biggest difficulty has really been pulling enough people in who are appropriate candidates for...

, they still do take investor loans if they meet the ctrieria.Not all banks will voluntarily participate in the higher number allowed by Fannie.  And it does have increased scrutiny and ctrieria  i.e. your risk of default multiplies with the more debt service you accrue.  Disgruntled investors try to blame this on not making as much cash for the work.  This, of course, isn't true unless you're attempting all the loans simultaneously.  So more of it has to do with reserves of disposal income available to weather the unexpected, and income to debt.That said, since you seem to abhor the GSEs, there are private sources that, at least, today are still in operation if you are above limit.  (who knows how long they will be  they have to pass on their acquisitions as well ).  But just like any other entity, you'll have guidelines to meet.  And if your ratios are iffy, you'd better be happy with your current inventory.Now, INRE your feelings as an investor/landlord (whichever), and your idea that it  wasn't your fault .  As I said, it was the fast buck/easy turn that brought the novice out of the woodworks.  And  they also constituted a high percentage of the defaults in the hardest hit states.An important 2005 survey taken by the National Association of Realtors (NAR) found that in 2004, 23% of the 7.7 million existing residences sold throughout the country were purchased as investments rather than to be owner-occupied.  This was up from 22% the previous year.  Later surveys revealed that in the three peak years of the house price bubble, investors bought 28% of all existing homes sold in 2005, 22% of all those sold in 2006, and 22% of those sold in 2007.  This means that during the four bubble years of 2004-2007, roughly 7 million speculators bought existing residences for investment, not to be owner-occupied.This speculative investing was heavily concentrated in 20 major metropolitan areas such as Chicago, Los Angeles, New York, Phoenix, Miami, Las Vegas, and Orlando.  How frenzied this speculative home-buying became in these cities is best shown by Chicago.  According to monthly sales figures revealed on trulia.com, an incredible 600,000 Chicago residences changed hands during the peak bubble years of 2005-2007.  Because the average price per square foot for homes sold in Chicago is down 36% from the 2007 peak according to trulia.com, nearly all of these buyers are underwater now   the outstanding mortgage debt exceeds the value of the property.Soaring home prices were essential in enabling so many speculators to buy investment properties. The 2005 NAR survey had found that, in 2004, 30% of investors pulled equity out of their residences through refinancing or a home equity loan to purchase an investment property.  Refinancing soared in the three bubble years of 2005-2007.  Freddie Mac figures show that homeowners pulled a total of $820 billion in cash out of their primary residences through refinancing in these three years.   It seems safe to extrapolate from those NAR surveys that a sizeable percentage of these homeowners used some of this money to purchase one or more investment properties in 2005-2007.Although the rapid increase in foreclosures since 2007 has been well-reported, it is important to understand that a major factor in the foreclosure calamity is the role of underwater investors who are defaulting on their mortgages in droves.  As early as August 2007, the Mortgage Bankers Association had reported that investors accounted for 32% of all prime mortgage defaults in Nevada, 25% of defaults in Florida, 21% of defaults in California, and 16% for the nation as a whole.  Real estate research firm Applied Analysis found that roughly 60% of all foreclosures in Las Vegas in 2007 were on residences owned by investors.  Research by The Real Deal published in their May 2008 issue revealed that 60% of the 15,000 foreclosure filings in New York City in 2007 were on two-to-four family houses owned by investors and multi-family buildings.  An important, well-researched article posted online in November 2009 by the St. Petersburg Times found that 44% of the 11,967 residential properties foreclosed in 2007-2009 in Hillsborough County, Florida were owned by investors who did not occupy these homes.There is clear evidence that the likelihood of an investor defaulting on his/her mortgage depends upon how far underwater the investment property is.  First American Core Logic found that relatively few investors stopped paying on the mortgage if the property was only slightly underwater.  But the default rate rose steadily as the home sank in value.  Once the property was worth 30% less than the mortgage owed, the default rate soared to 14%.  This rising default rate curve strongly suggests that if home prices keep eroding, a growing number of the millions of investors who bought properties during the bubble years of 2005-2007 will default.While most of this is logic, statistics support that logic.  And this is why making it easier for investors to acquire multiple properties, and preferable to home owners, with special considerations is simply bad business.  The same thing happened to getting manufactured homes about the same time  increased ctrieria because of the higher default rates for that type of home in certain areas.  It's all about risk management.Reply

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