Wells Fargo will no longer be granting extensions on foreclosures to homeowners attempting to complete a short sale. The lender stated that its investors have had a number of concerns regarding the time it takes to complete short sales, and is implementing the policy “in order to stay consistent between short sale transactions”. There will be some moderate exemptions to Read full article »
Tag archives for Initiative
No More Foreclosure Extensions on Short Sales from Wells Fargo
category: Mortgage News, Real Estate News
Fannie Mae: Investors Do Not Merit “Priority Consideration”
Along with the announcement that its “First Look” program has generated nearly 35,000 home sales since its inception last year, Fannie Mae VP for Alternative REO Dispositions Jay Ryan took a minute to encourage lenders and banks to make sure to keep investors in check: “While investors play an important role in the REO market, homebuyers who intend to occupy Read full article »
category: Mortgage News, Real Estate News
Additional $3 Billion to be Made Available to Unemployed Homeowners
Unemployed homeowners will soon be able to access $3 billion in aid to help them make their mortgage. The administration will be providing $2 billion in funds to the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets, and HUD will complement that with $1 billion more from the Emergency Homeowners Loan Program. Homeowners can qualify for assistance Read full article »
category: Real Estate News
tags: 1 Billion, Circumstance, Disability, Emergency Loan, Facing Foreclosure, Heart In The Right Place, Homeowners Loan, Housing Finance Agency, Hud, Initiative, Innovation Fund, Involuntary Unemployment, Loan Program, Medical Condition, Mortgage Assistance, Substantial Reduction, Underemployment, Vague Description
Neighborhood Stabilization Programs to Get Discounts on REO Properties
HUD announced earlier this week that it will be providing discounts on REO properties to state and local governments and non-profit organizations during the already-established “First Look” viewing period for HUD foreclosed properties . “First Look” is a program that gives these entities a grace period in which they can view the home but other parties cannot. Now, in addition Read full article »
category: Real Estate News
tags: Acorn, Eligible Organizations, Entities, Fannie Mae, Fha, Foreclosed Hud Homes, Foreclosed Properties, Foreclosure, Grace Period, Hud Properties, Initiative, Initiatives, Investors, Liberal Politicians, Neighborhood Stabilization, Nsp, Obama, Owner Occupant, Period Of Time, Profit Organizations, Reo Properties, Stabilization Programs, State And Local Governments, Stimulus
Fannie Mae’s Anti-Investor Program ‘First Look’ Properties Now Available on HomePath.com Instead of MLS
Fannie Mae’s First Look initiative, a program that is designed to bypass non-owner occupants (read: investors) to bring owner-occupants and public entities together with REO properties, has undergone a tuneup to make it more effective. Julia Dugger, Fannie Mae’s senior manager of marketing communications, says that while the program has been successful, execution has been tricky largely because generally MLS Read full article »
category: Real Estate News
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.