Foreclosure News

Fannie to U.S.: We need another $15.3 billion
By Tami Luhby
CNN Money
February 26, 2010

Battered by the housing crisis, mortgage finance company Fannie Mae said Friday that it needs another $15.3 billion in bailout money from the federal government.

Fannie Mae (FNM, Fortune 500), which is controlled by the government, reported a fourth-quarter loss of $16.3 billion, including $1.2 billion in dividend payments to the Treasury Department. This is down from $25.2 billion a year earlier and $19.8 billion in the third quarter.

For 2009, however, Fannie's losses ballooned to $74.4 billion, compared with $59.8 billion in 2008.

Is the End of the Foreclosure Crisis in Sight?
By James R. Hagerty
The Wall Street Journal
February 19, 2010

The Mortgage Bankers Association had some surprising news today: Fewer people fell behind on their home-mortgage payments in last year’s fourth quarter than in third quarter.

The trade group, known for having its own mortgage woes, said 3.63% of mortgage borrowers were between 30 and 59 days overdue in the fourth quarter, according to its latest survey of lenders. That was down from 3.79% in the third quarter.

Normally, that rate increases in the fourth quarter as heating bills and holiday expenses cause some overextended people to stiff the mortgage company for a month or two.

Housing help ($1.5 Billion) for unemployed, underwater borrowers
CNN Money
By Tami Luhby
February 19, 2010

Under pressure to do more for troubled homeowners, President Obama announced Friday a $1.5 billion program to help borrowers in the five states hit hardest by the housing crisis.

The initiative calls for pumping money into state housing agencies in California, Arizona, Nevada, Florida and Michigan to fund programs to prevent foreclosure for people who are unemployed or who owe more than their homes are worth.

Also, the agencies can assist homeowners having trouble securing loan modifications because of second liens, as well as promote affordable housing opportunities.

U.S. Mortgage Delinquencies Edge Down
By James R. Hagerty
The Wall Street Journal
February 19, 2010

Fewer people fell behind on their home-mortgage payments in last year's fourth quarter, a sign that the default crisis may be peaking, the Mortgage Bankers Association reported Friday.

Separately, the Obama administration announced plans to provide $1.5 billion to housing agencies in five states hit hardest by the crisis that would fund programs to help people avoid foreclosure.

Good news... this was an article in todays DSNews.com. Sounds like plenty of opportunity for us DGers.
Oly

That looming shadow of housing inventory that’s graced so many headlines lately has put the entire industry on edge. And that uneasiness was validated in a report published by Standard & Poor’s (S&P) Tuesday. Theratings agency said this hidden supply of REOs and pending foreclosures will likely take 33 months – or nearly three years – to clear if liquidation rates hold steady.

Foreclosures drop in January - but don't get excited
By Les Christie
CNN Money
February 11, 2010

First, the good news: Foreclosure filings dropped nearly 10% between December and January.

That's a total of 315,716 notices compared to 349,519 in December, according to RealtyTrac, which issues a monthly report on foreclosure activity.

Now, the bad news: Filings rose 15% compared to a year ago, and the number of people who actually had their homes repossessed jumped 31% to 87,648.

That year-over-year increase in bank repossessions is what Rick Sharga, a spokesman for RealtyTrac, finds most troubling. "A lot of properties that had been stalled in foreclosure are now going all the way through to auction," he said.

Foreclosures down in January, but surge on way?
By Adrian Sainz
AP Real Estate
February 10, 2010

The number of U.S. households facing foreclosure in January increased 15 percent from the same month last year, and a surge in cash-strapped homeowners who've fallen behind on mortgages could be on the way.

More than 315,000 households received a foreclosure-related notice in January, RealtyTrac Inc. reported Thursday. That number is down nearly 10 percent from 349,000 in December, which saw the third highest total since the company began tracking foreclosure data in 2005.

No Exit in Sight for U.S. As Fannie, Freddie Flail
By Nick Timiraos and James R. Hagerty
The Wall Street Journal
February 9, 2010

When Charles E. Haldeman Jr. became Freddie Mac's chief executive officer in August, the ailing housing-finance giant had already consumed $51 billion of government money to stay afloat. It's likely to need even more.

Freddie's federal overseers nevertheless have instructed Mr. Haldeman to focus on something that isn't likely to make the bleak balance sheet look any better: carrying out the Obama administration plan to allow defaulted borrowers to hang onto their homes.

Foreclosed resort will be sold off at auction
By Harry Eagar
The Maui News
February 9, 2010

Honolulu real estate developer and broker Chris Lau has been appointed commissioner to sell the Makena Beach and Golf Resort, which was foreclosed last year. The auction probably will be scheduled for April.

It apparently will be the largest foreclosure sale in Maui County history. Lenders are owed $192.5 million (plus additional fees and accrued interest) on the property that was originally the Maui Prince Resort.

The resort continues to operate under the supervision of a court-appointed receiver, Miles Furutani, as Makena Beach and Golf Resort.

You lost your house - but you still have to pay
CNN Money
By Les Christie
February 3, 2010

As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?
Wrong.

Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.

It can even happen to people who got their bank to approve them selling their home for less than it is worth.