Fannie, Freddie Quietly Lift Moratorium on Foreclosures

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Thursday, April 02, 2009 at 5:35 pm

freddie_mac_and_fannie_mae

A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae and Freddie Mac, which began as a high-profile effort just before the holidays to keep people in their homes as the government tried to come up with homeowner rescue plans, is over.

Spokesmen for Fannie Mae and Freddie Mac confirmed the ban ended March 31, in a response to an inquiry from TWI. The agencies made a major announcement in November to roll out the ban, garnering headlines and extensive news coverage. Freddie Mac CEO David Moffett issued a statement at the time, saying the ban “provides a new measure of certainty” to families facing foreclosures during the holidays.

Illustration by: Matt Mahurin

Illustration by: Matt Mahurin

But its expiration didn’t seem to merit the same level of fanfare, with some housing advocates caught by surprise, scrambling for information today and Wednesday on listservs and in phone calls.

Danilo Pelletiere, research director for the National Low Income Housing Coalition, said the ban’s eventual expiration wasn’t unexpected – but it also wasn’t clear specifically when it was supposed to end. Some housing attorneys and advocates were confused because they were in the middle of cases that would be affected by the expiration. Fannie and Freddie have repeatedly extended the ban, which was originally expected to expire on Jan. 9.

Fannie Mae said in a brief statement from spokesman Brian Faith that “Fannie Mae‘s suspension of foreclosure-related evictions concludes as of March 31, 2009. The company has in place special foreclosure sale requirements that take into account the Making Home Affordable program. A foreclosure sale may not occur on any Fannie Mae loan until the loan servicer verifies that the borrower is ineligible for a Home Affordable Modification and all other foreclosure prevention alternatives have been exhausted.”

Since the ban started, both Fannie and Freddie have developed rental programs to keep tenants from being evicted from foreclosed properties owned by the two agencies.

In addition, the Obama administration in March unveiled its plan to help troubled borrowers either refinance their homes or modify their mortgages.
Housing advocates aren’t exactly cheering about the ban being lifted. But they are hoping the new programs succeed, and plan to keep a close eye on their progress, Pelletiere said.

The lifting of the ban will be a testing ground for the administration’s approach to foreclosures. A bill to allow bankruptcy judges to modify mortgages has stalled in Congress. Money from the Troubled Assets Relief Program has gone to banks and bailout efforts. The ban, enacted as foreclosures soared and the holidays approached, was the government’s first dramatic step to help homeowners. The housing rescue plan was developed and announced only after the Treasury Department first unveiled its plan to buy toxic assets from banks.

“A perpetual moratorium is not a solution to how we do foreclosures in the future,” Pelletiere said. “It’s a holding pattern. We need to break that holding pattern to allow for something else positive to happen.”

Brad German, a spokesman for Freddie Mac, said he was “mystified” as to how anyone could be surprised by the ban’s expiration. The idea behind it was to give the government time to create homeowner rescue plans, and that’s been done, he said. Neither agency also expects a flood of homeowners out on the street because the ban is being lifted, he added.

“For all practical purposes, people will be in their homes for a while,” despite the ban’s expiration, German said. Fannie and Freddie will need time to approach tenants and homeowners and figure out whether they are qualified for help, he said.

Separate programs launched recently by Fannie and Freddie to allow tenants to stay in Real Estate Owned (REO) foreclosed properties owned by the agencies and lease them on a month by month basis at market rents, until they can be sold again, are not affected by the ban’s expiration, German said. Those programs will continue, with no expiration date scheduled. Fannie’s program covers renters of foreclosed properties, while both former owners and renters can qualify for Freddie’s program.

The REO rental programs aim to reach out to those no longer covered by the foreclosure ban and see if they can qualify, German said – which mitigates the effect of the ban being lifted. For example, under Freddie Mac’s program, a homeowner currently facing eviction could stay in his house as a renter until it is sold, if he meets the program’s guidelines.

But with little information to go on today, housing advocates found themselves in confusion and concern over whether the REO program was ending, and whether all renters would be subject to evictions again.

Even when the Fannie and Freddie ban was active, however, it sometimes failed to reach people before they got evicted, said Judith Liben, a senior housing attorney with the Massachusetts Law Reform Institute, a nonprofit legal services advocacy group. Only the District of Columbia and a few states have no-fault eviction laws requiring that a lease survives foreclosure, and that tenants can’t be automatically evicted. And the new REO policy by Fannie and Freddie, while laudable, takes time to reach the neighborhood level, Liben said.

Expanding no-fault eviction laws could be one answer to the problem of renters facing evictions, Liben said. Other states are moving to require more foreclosure notice for tenants.

The vulnerability of tenants to foreclosure evictions, along with falling property values of vacant and foreclosed homes, are prompting Liben and others to question the banking industry’s reluctance so far to move toward allowing people to stay in foreclosed houses and pay rent. Many are hoping the rest of the mortgage industry will follow Fannie and Freddie’s lead in establishing REO rental programs.

“Very few people have reached the stage where they are looking at renters as part of the solution,” Pelletiere said. “There’s almost a resistance to it. Bankers in particular still have this mindset that ‘I need to get those people out and sell the house right away.’ But rental housing really is part of the solution to this crisis.”

An oversupply of housing, combined with a weak economy that often requires people to move to find new jobs – and not tied down to a house they can’t sell – makes renting an especially worthwhile option, Pelletiere added. “Until the economy finds its footing, we don’t want to put pressure on people to settle down,” he said. “In the past we’ve had a very significant bias toward homeownership that has been to the detriment of rental housing. And that has to stop. Housing policy going forward really has to balance out a little more. In the long term, rental housing can be good for communities.”

Problems with bank-owned foreclosed properties that sell for way below market value, for example, could be addressed by keeping renters in the houses.

Community groups last month urged Congress to crack down on the practice of Broker Price Opinions , which are cheaper substitutes for full appraisals and are used to determine a property’s value. BPOs often are performed by real estate agents with minimal training and cost as little as $50, compared to $300 and above for a traditional appraisal. They are increasingly employed by lenders for sales of bank-owned foreclosed properties, known as REOs, or Real Estate Owned properties, and for short sales, in which owners sell their homes for less than they are worth. The bank forgives the difference, and takes a loss.

Using a BPO is illegal in more than 20 states, but the practice has become widespread, said David Berenbaum, executive vice president of the National Community Reinvestment Coalition. The BPOs frequently result in lowball estimates of a property’s value, with lenders using them to unload REOs and short sale properties. Agents who perform BPOs have an inherent conflict of interest, because they are working for lenders who want to quickly dispose of properties. Speculators and other investors scoop them up at the fire sale prices, dragging down property values overall.

“Right now, it’s a race to the bottom,” Berenbaum said. “They’re having a terrible impact on property values.”

Whether or not they use BPOs, banks increasingly are selling off REOs at low prices, even in stronger housing markets. In Temecula, Calif., for example, Citigroup sold a foreclosed house for just $139,000, when comparable houses in the area were going for $240,000 to $260,000, the North County Times reported – meaning the bank left some $100,000 on the table.

In markets where the REOs don’t sell and lenders fail to maintain their properties, other problems persist, with neighborhoods facing a glut of abandoned homes and blight, as TWI has explained. RealtyTrac, an online foreclosure database, predicts a record 1.5 million REOs this year, meaning more trouble ahead.

Given all this, some housing advocates can’t understand why lenders aren’t allowing more former homeowners or current tenants to pay rent and live in foreclosed houses until they can be sold. The new REO rental programs of Fannie Mae and Freddie Mac marked a major step toward that goal. But there’s been no major private industry initiative to move beyond the model of getting owners and tenants out ASAP, Berenbaum noted, despite the obvious benefits of doing so.

“Frankly, if the mortgage industry would allow homeowners facing foreclosure to remain in the properties as tenants, it would stabilize their investments and stabilize the communities,” Berenbaum said.

But bloated REO inventories are proof of how overwhelmed servicers and lenders due to record numbers of foreclosures – and they’ve said repeatedly they don’t want to be in the property management business. They also contend they’re not always the ones responsible for the vacant homes problem. In a magazine published by the Housing Wire mortgage blog, Robert Klein, CEO of Safeguard Properties, a major servicer, put it this way:

“The fact is, as an industry, mortgage servicers spend in excess of $2 billion annually to take care of vacant properties so they don’t become nuisances to neighbors and communities. Unfortunately, servicers who are the ‘good guys’ get lumped in with property flippers and Internet investors whose irresponsible practices have been major contributors to urban blight.”

Despite that blight, lenders and servicers seem to be closing their eyes to the possibility of economic benefits from filling empty houses with renters, said Liben said.
“I think that the mortgage industry and the banking industry are very slow to catch on to why things are different in this particular crisis,” Liben said. “They aren’t even trying to be creative. It’s like “This is the way we’ve always done it. Get people out and sell the house and get new people in and that’s that.’” Or, “We don’t want to be landlords.’” That’s all they ever say. ”

Foreclosed and vacant houses often lose 50 percent of their market value by the time they are sold out of bank REO inventories, Liben said. Those kind of losses should be spurring the industry to at least undertake a cost benefit analysis to figure out whether it might be more financially advantageous to rent out the properties, she said.
“Maybe those properties wouldn’t have declined by 50 percent if they had people in them,” Liben said.

Creating policies to encourage lenders to rent their foreclosed properties remains an uphill battle, said Dean Baker, co-director of the Center for Economic and Policy Research. The mortgage industry just isn’t interested in getting involved in the rental market. And some of the nonprofit development groups that overreached in promoting homeownership during the boom, putting people in houses they couldn’t afford, aren’t taking the lead on initiating rental options, he said.

“They don’t want to own up to what they did,” Baker said. “They’ve pretty much put their heads in the sand.”

Pelletiere, of the National Low Income Housing Coalition, said the rental issue remains a “tense” one for some nonprofits, because of the bitter controversy over whether the Community Reinvestment Act, an anti-redlining law, played a role in the housing crisis. Conservatives have blamed the CRA and poor and minority borrowers for the foreclosure crisis, saying the government forced lenders to make risky mortgages to them to meet CRA requirements.

Nonprofits fought that campaign by pointing out that most subprime loans were made by independent mortgage brokers and firms not covered by the CRA. Nonetheless, the belief persists, and nonprofits are wary of ceding any ground on the issue by changing their focus to promoting renting, Pelletiere said.

For the lending industry, the issue is far less complicated, Liben charged. The savings and loan crisis should have prepared them to better manage their REOs, she said. “They have no excuses,” she said. “They should have seen this coming.”

In the absence of industry initiatives, economists and housing experts have been floating various rental ideas, including allowing a delinquent homeowner to give the property back to the bank, in return for having his credit wiped clean. Rent-to-own programs, in which a portion of rent goes toward a downpayment, also are being revived in some communities with too many foreclosed homes.

But none of those efforts will gain a foothold until the mindset that renters are a detriment to a neighborhood begins to change, Pelletiere said. Or until renting is seen as one of the answers to the problem of foreclosures and vacant homes. For those reasons, he and others will watch closely as Fannie and Freddie run their REO rental programs, and try to keep people in their homes as a ban on foreclosure sales and evictions finally ends.

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Comments

169 Comments

Patricia McFadden
Comment posted April 2, 2009 @ 11:14 pm

I think that is a good idea. I had an reo property where the tenants wanted to stay in the units, but the lender wanted it vacant. I do property management and would not mind managing some of those properties in San Diego, California

Thanks,
Patricia McFadden, Broker
Patricia McFadden Properties


Carlos
Comment posted April 3, 2009 @ 12:56 am

I think all this program sounds good, and will help a lot of people and relief in some way the banks to reduced looses.

by the way about the BPO'S they do the job as far as they can, making a good comparison and evaluation of the Property and giving the bank their opinion about how and how much to sell the property.
The problem is when they only received between $40 to $50 dollars not enought to go and visit all the comps, and verified the conditions to compare with the subject, BUT LISTING AGENTS do not help in this cases to BPO'S agents with the lack of description and Pictures of the property. Most of them use the remarks/property description, to let other agents how to present offer but nothing about the property like conditions, repairs and others details that will help BPO agents to compare all the the comps against the subject, make repairs and adjustments.


JOE MELARA
Comment posted April 3, 2009 @ 3:06 am

As a REO listing agent in Palm Springs, California I have seen property values decrease a lot. Salton City – 80% Desert Hot Springs – 60% Coachella and Indio – 50%. There's lot's of great buy out there. A good website for REO properties in the Palm Springs area is http://www.DesertAreaREO.com I also disagree that BPO should not be use, I understand the argument that there's a conflict of interest but it hard to be dishonest in reporting property values to a bank thru BPO evaluation because you have to provide 3 recent sold and 3 active homes for sale within a 1 mile radius with similar characteristics to the subject property. The Bank and/or asset management company than review this report against other BPO reports before agreeing to a listing price. So I think the process in fair. I also have Fannie Mae properties for sale and I have seen a recent increase in my inventory which is good. We need to get these properties off the bank’s book so we can reach a bottom to the housing market.


Amy G
Comment posted April 3, 2009 @ 8:52 am

As an REO listing agent, I have to comment that in my market, asset companies are holding home values. The days of investors low balling the price of REO assets are gone. My asset managers are listening to the fair market value of my BPO reports and sell accordingly.
I'm not so sure renting to owners in defalut is the answer? I believe this approach will backfire for the lenders & professionals in the industry.


retirement communities
Comment posted April 3, 2009 @ 9:14 am

Sounds like a good idea.


The Stockton Real Estate Specialist : The Stockton Specialist
Pingback posted April 3, 2009 @ 11:02 am

[...] WashingtonIndepenent [...]


cv
Comment posted April 3, 2009 @ 10:22 am

There were record numbers of foreclosures in January and February, over 200,000 each month what do you think the next four months are going to look like with all the Freddie and fanny houses being added?


Freddie Mac and Fannie Mae Lift Moratorium on Foreclosures – Northern California Mortgage Mods
Pingback posted April 3, 2009 @ 2:33 pm

[...] a brief statement, Fannie Mae spokesman, Brian Faith said that they will take into account the “Making Home [...]


why god hates me » Fannie And Freddie Can Foreclose Again [Foreclosures]
Pingback posted April 3, 2009 @ 2:40 pm

[...] doing so back in December, but not a peep on March 31st when the moratorium ended. Funny, that. [The Washington Independent] (Photo: Colin Tobin) No tags for this [...]


Fannie, Freddie quietly lift moratorium on foreclosures
Pingback posted April 3, 2009 @ 3:00 pm

[...] Read some-more here. [...]


Florida Agent
Comment posted April 3, 2009 @ 2:38 pm

I am an REO listing agent and I do BPOs as well. I can tell you in our market most of the appraisals being done are coming in below my BPO values. I have been questioned time and time again on my BPO values because an appraisal is lower. When given the comps used by the appraiser I find they are not comparing like properties (off water properties to waterfront properties etc…). So to say that BPOs are driving the prices down and to say BPOs are not as accurate as an appraisal because agents are not experienced and because agents are paid 50.00 is just not true.


Business & Finance Blogs » Blog Archive » Fannie And Freddie Can Foreclose Again [Foreclosures]
Pingback posted April 3, 2009 @ 6:02 pm

[...] doing so back in December, but not a peep on March 31st when the moratorium ended. Funny, that. [The Washington Independent] (Photo: Colin [...]


Topics about Homes » The Washington Independent » Fannie, Freddie Quietly Lift …
Pingback posted April 3, 2009 @ 8:43 pm

[...] Mary Kane placed an observative post today on The Washington Independent » Fannie, Freddie Quietly Lift …Here’s a quick excerptRent-to-own programs, in which a portion of rent goes toward a downpayment, also are being revived in some communities with too many foreclosed homes. But none of those efforts will gain a foothold until the mindset that renters are a … [...]


Donna L
Comment posted April 3, 2009 @ 10:07 pm

Why is something not being done for the people to keep their homes like reduce the interest rate or lower the monthly payment until they can get back on their feet. I think having that option will help lessen all the foreclosures. Many are saying due to losing jobs, medical and such their banks, or lending institutions will not help if there is not enough equity in the home or purchase with no documentation. These individuals should be given an opportunity to keep the home even if it means setting a time limit.


Ron
Comment posted April 4, 2009 @ 7:52 am

I am an REO and BPO Broker in California. I know of several people who have made a livivg from just completing BPO's. Some are good, hardworking, agents and some are BPO mills using unlicensed, untrained people. Weed out the good from the bad and move on. I would trust a good BPO just as much as an appraisal.
On another subject, why are we trying to so concerned about finding housing for the people being foreclosed or evicted? Have them show cancelled checks that they have been paying their rent or some part of their mortgage. These people have been living in the property without paying anything for quite some time and should already have plenty saved to pay for the moving cost. The moratorium has given them ample time to make moving arrangements.


Fannie And Freddie Can Foreclose Again [Foreclosures] - 64th Edition « debitprepaidmastercard.com
Pingback posted April 4, 2009 @ 1:03 pm

[...] doing so back in December, but not a peep on March 31st when the moratorium ended. Funny, that. [The Washington Independent] (Photo: Colin [...]


Business & Finance Blogs » Blog Archive » Fannie, Freddie Lift Foreclosure Moratorium
Pingback posted April 4, 2009 @ 3:11 pm

[...] the Washington Independent: Fannie, Freddie Quietly Lift Moratorium on Foreclosures (ht many!) A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae [...]


Sharon Virgin
Comment posted April 4, 2009 @ 2:22 pm

I am a real estate agent in Montana where we don't see the issues with these homes as in many states. However, I have to disagree with the statement that agents completing BPO's have a conflict of interest. As a Real Estate agent working for a homeowner seller or a REO company we are supposed to be representing the best possible options for our sellers, we don't deliberately “bring a value in low” to make a fire sale. The REO companies ask us for a 60-90 day value and a 30 day value, as professionals we are giving these values to our sellers, it is their decision what price to list the property at, most of the time they chose to go higher than our suggestion, because of what they are owed, then if things don't move quickly they start reducing their listed price, some banks are more aggressive than others, yes there are times we wonder why they set the listing price where they do.

Having homeowners/renters stay in their home after a foreclosure to rent the property is an issue; most (90% of the occupants) knew this process was coming), and while they are waiting for the bank to take the house bank, they don't pay their utilities, they don't maintain their property, the utility bills stack up and liens for weed removal etc are piling up. In theory it would great to keep tenants in foreclosure properties however, who is collecting rents, preparing evictions, screaning tenants, placing tenants, showing the property and insuring the properties are maintained, utilities paid etc., the Realtor's commissions are already cut because of referral fees to these companies, I highly doubt you will find a Realtor that will take on this task on top of maintaining the property for listing at a reduced commission. I do realize there needs to be some kind of common ground in this matter, as Realtors our best interest is our client and in these cases it is the Seller REO/REPO company.


Gary Brothers
Comment posted April 4, 2009 @ 2:33 pm

I am in my 35th year. Been through a couple ups and downs! I understand banks being reluctant to rent the property.My experience with tenants is they do not want to move.They make it very difficult to show the property and bad mouth it if they can. The law often requires a 24hour notice. Often the tenants are sick or the dog is waiting! There needs to be an arrangement where the tenant land lord law no longer applies on Foreclosed property. As far as BPO,s.I received a request here in Montana that was 200 miles away! A different world in areas with few people! We can not find comps with the current requirements of a city .. The cost of gas in its self makes no sense to do BPO's for $50.00. You get what you pay for in this situation. My problem with any effort to establsh value is it supposed to be an “arms length agreement”between a buyer and seller! A foreclosure should not be a comp.! Try to find a sale that meets the rules is impossible in this market.So what do we do? For starters we need to receive pay for BPO,s comparable to an appraisal. The work needs to be completed by a broker with experience that know the marketandis willingtodothe research toarrive atafair market value


Tom
Comment posted April 4, 2009 @ 2:35 pm

blaa blaa blaa


Tom
Comment posted April 4, 2009 @ 2:39 pm

Everyone thinks that they have an answer. But when you get right down to it it is all about making a buck.. REO agent or just a BPO wanna be REO agent you are all just trying to stay alive right now.


Fannie, Freddie Lift Foreclosure Moratorium | Bailout and Financial Crisis News
Pingback posted April 4, 2009 @ 3:42 pm

[...] the Washington Independent: Fannie, Freddie Quietly Lift Moratorium on Foreclosures (ht many!) A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae [...]


Fannie, Freddie Lift Foreclosure Moratorium | Global Bank Run - Watching bank failures globally
Pingback posted April 4, 2009 @ 3:45 pm

[...] I should have mentioned earlier this week … From the Washington Independent: Fannie, Freddie Quietly Lift Moratorium on Foreclosures (ht many!) A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae [...]


TheTradingReport » Blog Archive » Fannie, Freddie Lift Foreclosure Moratorium
Pingback posted April 4, 2009 @ 4:01 pm

[...] the Washington Independent: Fannie, Freddie Quietly Lift Moratorium on Foreclosures (ht many!) A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae [...]


Political Influences: FHLB Chair Quits, Geithner Decides, Radical Bernanke, GSEs, TARP Shuffle, Creative New Taxes | Diroloo | All About loans, mortgages and much more
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Fannie, Freddie Lift Foreclosure Moratorium | Diroloo | All About loans, mortgages and much more
Pingback posted April 5, 2009 @ 6:56 am

[...] the Washington Independent: Fannie, Freddie Quietly Lift Moratorium on Foreclosures (ht many!) A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae [...]


Bass
Comment posted April 5, 2009 @ 7:48 am

Donna, have you been living behind a rock?


One Penny Sheet » Fannie, Freddie Quietly Lift Moratorium on Foreclosures
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[...] via The Washington Independent » Fannie, Freddie Quietly Lift Moratorium on Foreclosures. [...]


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[...] auf 31,4. Die Zahl der Zwangsversteigerungen dürfte im April steigen, weil Fannie und Freddy das Moratorium diesbezüglich aufgehoben [...]


AngryRenter
Comment posted April 6, 2009 @ 6:30 am

Why the hell was there a moratorium in the first place? I am a renter who could have done the same thing as these dopes and overpaid for a home. But I didn't. If I don't pay my rent for a month, I am out of the home. I too have a family and I rent a home – so I don't understand all the fuss about these dopey greedy heads who swallowed too much. I still see some of them buy stuff for their family which I would be hesitant to buy despite a higher salary. Perhaps they are still milking the home ATMs while forgoing mortgage payments. It's absolutely atrocious that many are milking the system further by staying rent free for months. What the heck is wrong with the moral compass of this nation? I oppose all bailouts including bank and homeowner.


Bruce Slaton
Comment posted April 6, 2009 @ 8:37 am

The moratorium is actually damaging the recovery in Northern Caliifornia. We have multiple offers being submitted from buyers who actually qualify for homes and the lack of inventory is creating a false Sellers Market. All of the local data is skewed because the 1st quarter saw a great deal of aged inventory being sold therefore not reflecting the actual sales for 1st quarter, of course they went down. They also hurt the local governments and HOAs as utilities continued to not be paid on these homes in foreclosure, HOA fees continue to not be paid. The reflection that over 50% of these loan modifications are not successful after 8 months is not a surprise, the government needs to now take a different approach. Provide credit counseling to homeowners in distress preparing them to re enter the rental market and make a plan to recover from some of their own mistakes.
As a local REALTOR, I took one street out of our area and compared the reasons why they may have foreclosed. I found repeated refinances where millions of dollars was taken out of these homes in the forms of refinances and yet we are sitting here trying to feel sorry for the poor homeowner. Focus on the homeowner who was responsible and may have refinanced to reduce their rate but didnt take money out of the home. THEN ask ourselves, if someone takes 400K out of thier home equity and then wants to have their principal reduced, shouldnt they have to pay back the 400K or be taxed on it? Who wouldnt have liked to have a free 200K paycheck and even not be taxed on it.
Its time the attitudes start making common sense, if the homeowner in foreclosure cannot afford the house after a reduction of interest rate, maybe they cannot afford the home. Its time to put a brake on this “gimme today what I might be able to afford until tommorrow” attitude and force people back into responsible management of thier finances so they can do less damage to their neighors.

Have an incredible day!


Housing inventory up to 30,000 and median asking price down to 155,000 - Las Vegas - Nevada (NV) - Page 4 - City-Data Forum
Pingback posted April 6, 2009 @ 9:39 am

[...] for your area to work with. Fannie and Freddie quietly lift moratorium on foreclosures. The Washington Independent


Dean
Comment posted April 6, 2009 @ 10:09 am

Let's just let everyone live in their houses for free. How could we be so cruel as to kick people out of their homes just because they can't pay? That should satisfy the “housing advocates” right?


Fannie Mae and Freddie Mac Lift Foreclosure Moratorium | Square Feet Commercial Real Estate Blog
Pingback posted April 6, 2009 @ 11:23 am

[...] full article on the lift can be read here but a ban is not a solution to any of the problems that are being faced. In fact, Countrywide [...]


Char
Comment posted April 6, 2009 @ 11:50 am

As an agent who completes bpos as part of my career, I would hope that Congress can acknowledge that there are also agents who are so underpaid for this job and perhaps do a better job than some appraisers because they know the comps they are selecting, they've sold and shown properties in a particular neighborhood. My job is to make sure no gets “taken” not the banks and not tne buyer. I certainly agree with Ron I would trust a bpo just as much as I would trust an appraisal.


name
Comment posted April 6, 2009 @ 11:54 am

Are you really complaining that the victims of rent skimming landlords need to have 24 hr notice before you bring random people through the house that they are living in and invade their privacy? You are exactly the sort of person who would be in real estate for 35 years. I cannot begin to express my contempt for you and your worthless Realtwhore ilk.


PATTY PICKETT
Comment posted April 6, 2009 @ 12:08 pm

Is the new Home Affordable Modification Program just a lot of smoke and mirrors? Country Wide and Citi Mortgage keep saying that this program doesn't exist. What lenders/servicers are working with homeowners on this new modification plan. The guidelines were posted 3/4/09.


EARLY WARNING WIRE - U.S. Interest Rate And Economic Intelligence Blog
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[...] hit bottom before they can show a small advance. Quietly last week Fannie and Freddie lifted their moratorium on foreclosures and that is NOT good for house prices. It is interesting that when they initially ended the [...]


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[...] The Washington Independent » Fannie, Freddie Quietly Lift Moratorium on Foreclosures A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae and Freddie Mac, which began as a high-profile effort just before the holidays to keep people in their homes as the government tried to come up with homeowner rescue plans, is over. [...]


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[...] Fannie, Freddie Quietly Lift Moratorium on Foreclosures [...]


FailureIsTheWay
Comment posted April 6, 2009 @ 9:04 pm

This is the only natioin that rewards fallure with more bailouts and moratoriums. Why do the responsible people continue to pay for the greed and stupidity of others. I rent because I cannot afford a home and now my taxes are going to those who were greedy…. I have learned my lesson. I will become a failure so the goverment can take care of me too!


In like a Lion out like a lamb? at tvanderwell on SmartHippo.com
Pingback posted April 6, 2009 @ 11:46 pm

[...] The Washington Independent » Fannie, Freddie Quietly Lift Moratorium on Foreclosures A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae and Freddie Mac, which began as a high-profile effort just before the holidays to keep people in their homes as the government tried to come up with homeowner rescue plans, is over. [...]


Ken B.
Comment posted April 7, 2009 @ 10:56 am

I think it's interesting to finally see the Rent to Own concept brought into discussion as a means that can help the housing problem. For those who don't know, it is a way for a seller to fill or avoid a vacancy with possible future sale and a buyer to lease with an option to buy in the future. In times like these there are many “would be” buyers who are having a hard time obtaining financing due to a variety of reasons that may include issues they have had to work through due to the falling economy and/ or increased tightening in the credit markets. By Renting to Own they can enjoy the property, earn a rent credit towards purchase each month and take advantage of those credits by purchasing once everything is in line. Years back I founded a website called http://www.Rent2ownMarket.com where we run a special Rent to Own Program that sellers can place their properties into and buyers can secure the properties. We then remain as a participant in the transaction and maintain it well. This offers both buyers and sellers a place to go to achieve their goals and a well administered program to comfortably participate in. We also have a Seller Financing Program that does even more amazing things such as create immediate ownership, tax advantages for the buyer and gives the seller more peace of mind in knowing the Buyer will close! These concepts and our programs have actually helped many sellers avoid foreclosure and at the same time have rewarded buyers with wonderful ownership opportunities that may not otherwise be afforded to them. I believe any property seller including banks that have had to take on properties would do fine to adopt similar strategies or even better, enroll in our programs so it can be done for them.


Vegas Tim
Comment posted April 7, 2009 @ 9:36 pm

“Problems with bank-owned foreclosed properties that sell for way below market value, for example, could be addressed by keeping renters in the houses”

The above could not be farther from from truth. In a declining market, the longer it takes to sell a property, the lower return/higher loss to the investors. No occupant wants to move from a decent home. Those same people (renters) often submarine the showing / condition / access of homes on the market often lengthening the market time of a property. Longer on the market, lower the final realized sales price. These people will have to move at some point, there are other owners on the brink of forelcosure trying to find a tenant to help cover their house payment – move them now.

Regarding BPOs, real estate agents have been doing the same type of analysis for decades when helping a owner/seller establish an offering price for their home. A BPO is essentially a single page form formalizing the data. Real estate agents have done an outstanding agents for decades interpreting the market data and helping sellers move their homes in the open market. To suggest only appraisers can do this is outrageous. Appraised value is different from market value. Sometimes there is nobody willing to pay “appraised value” as evidenced by an gov land auction here in the Las Vegas area last year. Who was wrong here? The appraiser or the market? Real estate is only worth what someone is willing to pay.

Funny though when a property is offered above market, there are no showings, no offers, no chance in heck to sell. But when a property is offered below market, them market knows it is a deal and through multiple offers it will sell above asking price and close to the actual market value. The market is the market and bigger, more powerful than any appraiser or any real estate agent's opinion. Appraised value is what the last person was willing to pay for a property. There are very few markets where values are not in decline. Supply, demand, absorption, (view Las Vegas stats http://www.lasvegasrealestatewire.com) the latest “knee jerk” lending rule change, unemployment, consumer confidence, and more play a role in what the next property sales price – things not always considered in appraisal.

The market drove the prices up. The market is driving the prices down. Get out its way. Long live the market.


The Calm before the Real Estate Rain « Visionary Realty News
Pingback posted April 9, 2009 @ 2:48 am

[...] and the bulk of your would-be competition (bank REOs) are on hold until approx the Fall since, “Fannie Mae said in a brief statement from spokesman Brian Faith that ‘Fannie Mae’s su… If you plan to keep your property for years, call us for a refinance as stated above instead. But [...]


Thousand Oaks Mortgage - 805.402.0501 » Blog Archive » No Hurry for Thousand Oaks Mortgage
Pingback posted April 9, 2009 @ 11:01 am

[...] was quietly lifted, right on schedule. A nod to the Washington Independent and Calculated Risk for picking up the [...]


Moratorium lifted on Foreclosures | San Diego Lifestyle
Pingback posted April 9, 2009 @ 11:42 pm

[...] Read full story at the Washington Independent   [...]


Michael Hellickson
Comment posted April 10, 2009 @ 5:32 am

Congratulations to the industry as a whole are in order as the Fannie Mae and Freddie Mac foreclosure moratoriums ended on March 31st 2009. Unblocking the flow of troubled assets to the marketplace was a very necessary step to preventing potential catastrophic meltdown of the REO industry as a whole.

Imagine a scenario where the moratorium had lasted another 6 months. REO servicers, outsourcers, property preservation companies, agents and others would have been forced to layoff even more staff in the months preceding the deluge of properties coming to market. Just as the need for qualified companies and individuals reached its peak (as hundreds of thousands of REO's get dumped on the market) there would be a shortage of each. Further, values would plummet as inventories skyrocketed and banks became forced to further discount already devalued assets.

I believe we can assume that further extension of the moratorium could (and probably would) have resulted in far greater decline in the National real estate market. This would have had farther reaching negative impacts than we can imagine.

Bravo to Fannie and Freddie for taking the lead in dealing with these issues. Hard decisions were made, and we will all benefit from them in ways we may never know.

The next step in slowing the real estate decline will not be limited to continuing to rent to foreclosed tenants. Short sales will become the standard for loss-mitigation, as lenders and servicers begin to realize how ineffective loan modifications really are. We have seen a tremendous increase in short sales at http://www.TheShortSaleCompany.com, and are ramping up for even greater increases in volume in the coming months.

Agents in particular would be wise to spend more time effort and energy learning about short sales and how they can enhance their business models. Servicers and lenders would be foolish not to place greater emphasis on short sales as the preferred method of liquidating troubled assets.

We are currently working with several major lenders and servicers to promote and close pre-approved short sales. In other words servicers will partner with agents, homeowners and loss mitigation companies like ours in an effort to liquidate troubled assets before and instead of taking them through foreclosure. With pre-approved pricing, buyers agents will feel more inclined to show and sell short sales (avoiding the extremely long process of obtaining short sale approval as traditionally experienced). Another benefit of pre-approved short sales is the protection of real estate agent commissions ( a sore subject for many agents who currently participate in short sale transactions).

The resulting savings to the lender is beneficial to all involved, and even saves the homeowner from having a foreclosure on their record. This in turn will allow more displaced homeowners to re-enter the marketplace sooner as potential buyers, further alleviating the real estate crises.

Michael J. Hellickson
Hellickson Real Estate Team
Washington State's Number One Agent
President/CEO – The Short Sale Company
206-300-6453
Hellickson.com / http://www.TheShortSaleCompany.com


lanternfinancial.com » Blog Archive » Interest Rate Update
Pingback posted April 10, 2009 @ 12:42 pm

[...] hit bottom before they can show a small advance. Quietly last week Fannie and Freddie lifted their moratorium on foreclosures and that is NOT good for house prices. It is interesting that when they initially ended the [...]


Tired of flakes whining!
Comment posted April 10, 2009 @ 2:58 pm

The reason Banks and Asset Managers don't want to rent the homes is obvious to anyone involved in the Real Estate industry–the Homes are being trashed by Renters and/or former owners!! Why? Because they were never qualified to be Renters, let alone Buyers!! There are also liability issues, and the hostile attitudes of the renters that prevent the sale of the property. Why should a renter cooperate? It just means they will be displaced that much sooner. Also, a tenant comes under different legal status than a foreclosed homeowner. And finally, what makes you think they will pay rent, especially if they would not or could not pay their house payments?


Ted
Comment posted April 10, 2009 @ 11:51 pm

“:Real estate agents have done an outstanding agents for decades interpreting the market data and helping sellers move their homes in the open market. To suggest only appraisers can do this is outrageous. Appraised value is different from market value. Sometimes there is nobody willing to pay “appraised value” as evidenced by an gov land auction here in the Las Vegas area last year. Who was wrong here? The appraiser or the market?”

You are wrong to compare market reactions to appraised value in a certain time period of decline. Appraisers work from historical data. If you had to find value where none existed would you? BPO's are flawed as AVM's in that data can be manipulated. Why can't you poeple understand that it isn't the borrower or the appraiser that's wrong, it's the banks lackey, the underwriter that OK'd the loans at the banks behest. To track blame look for a money trail, bonuses for bad behavior? They knew they were doing wrong.


Chandler Real Estate
Comment posted April 13, 2009 @ 9:16 pm

Thanks for such a detailed article and call-out of the lifting of the moratorium. I personally feel this is good timing. In our real estate market in Phoenix, we are now seeing record buyer demand in terms of the number of homes under contract, with inventory dropping. However, I had growing concerns that the moratorium combined with aggressive pricing strategies is creating an artificial high. With the lifting of the moratorium, more 'natural' inventory can come back on the market rather than have this potentially pent up until later.

David Lorti


Phoenix Real Estate Market Reaching New Heights — Lorti Homes Blog
Pingback posted April 14, 2009 @ 1:14 am

[...] Fannie Mae’s and Freddie Mac’s moratorium on foreclosures ended on March 31st (”Fannie, Freddie Quietly Lift Moratorium on Foreclosures“).  Why I find this a positive development is due to my concern for the [...]


Cirios Real Estate » Blog Archive » Keepin it Real Estate: The Stabilization Fallacy» Residential Property Evaluations
Pingback posted April 14, 2009 @ 12:53 pm

[...] Journal, Bloomberg or CNBC, the foreclosure ban was quietly lifted, right on schedule. A nod to the Washington Independent and Calculated Risk for picking up the [...]


Banks Ramp Up On Foreclosures | Casablanca Enterprises LLC
Pingback posted April 15, 2009 @ 3:12 pm

[...] that the moratorium has lifted on March 31st, banks are gearing up to foreclose on properties. Once they go through the process to [...]


Fannie, Freddie Quietly Lift Moratorium on Foreclosures «
Pingback posted April 17, 2009 @ 12:33 pm

[...] Mae said in a brief statement that; “Fannie Mae’s suspension of foreclosure-related evictions concludes as of March 31, [...]


dapostmaster
Comment posted April 18, 2009 @ 10:49 am

haha…save the real estate market jobs…haha…what a joke. a major part of the problem is the mass movement to become loan officers, agents, etc…this became a group of money hungry, greedy, uneducated who should still be cutting hair, selling yellow page ads or serving burgers


Geo Broker
Comment posted April 18, 2009 @ 3:22 pm

I am a real estate broker that cannot find homes for his prospective and qualified buyers. Currently multi offers and overbidding is the norm in my makret. I wellcome fresh inventory, this is what is needed to heal the industry. We have helped the ones that have done it wrong long enough, and at the end of the day we are truly helping the investors and lending industry by pretending we are helping the home ownders. What did home owners do before they owned a home? They can go back to renting and a normal productive life free of the stress associated with homeownership. Let the new buyers, that have kept their powder dry and have been waiting for this day to come , have their day in the market place.


johnmayer76
Comment posted April 21, 2009 @ 11:56 pm

It is estimated that Obama's plan could benefit 8 to 9 million homeowners from the new modification procedures. So how do you know you qualify for the Mortgage Modification? Check the website http://obamamortgage2009.blogspot.com/
to see if you qualify. I was also in trouble and I am glad I did check it before I talk to my mortgage company and it helped – John Mayer, California


Jump in foreclosures reaches historic high in March
Pingback posted April 22, 2009 @ 1:16 am

[...] and work out loan modification agreements with borrowers came to an end on March 6. Separately, a foreclosure ban by mortgage giants Fannie Mae and Freddie Mac ended on March 31. Like Fannie and Freddie, the banks and lenders taking part in the voluntary freeze [...]


Ben Richardson
Comment posted April 22, 2009 @ 1:42 pm

It's pretty insulting for your article to make the statement that most Realtors who do BPO's are “agents with minimal training.” Quit the opposite is true. What bias is clouding your journalist objectivity?


Renee Burrows
Comment posted May 2, 2009 @ 11:08 pm

Bruce you are the only one I have heard say something like this but myself. Where is the money (on all of these repeated refinances) on these homes that were foreclosed on.

I am a Realtor here in Las Vegas, we have the same conditions and we are in dire need of inventory. I am at a loss on what to tell the ready, willing and able buyers what to do and how to act.


Renee Burrows
Comment posted May 3, 2009 @ 6:08 am

Bruce you are the only one I have heard say something like this but myself. Where is the money (on all of these repeated refinances) on these homes that were foreclosed on.

I am a Realtor here in Las Vegas, we have the same conditions and we are in dire need of inventory. I am at a loss on what to tell the ready, willing and able buyers what to do and how to act.


The Washington Independent » Fannie, Freddie Quietly Lift Moratorium on Foreclosures « Scottfriedson’s Blog
Pingback posted June 12, 2009 @ 10:04 pm

[...] June 13, 2009 · No Comments The Washington Independent » Fannie, Freddie Quietly Lift Moratorium on Foreclosures [...]


There Is A Window Of Opportunity Open In Today’s Real Estate Market
Pingback posted July 3, 2009 @ 11:07 am

[...] home supply, at least for the present, should continue.  The Obama Administration has allowed the Freddie Mac/Fannie Mae moratorium on foreclosures to expire on March 1st of this year.  This should allow more foreclosed [...]


US housing optimists: watch the foreclosures resume | Import Blog
Pingback posted July 5, 2009 @ 11:24 am

[...] of inventory: Fannie and Freddie, and a few other lenders, ended a moratorium on foreclosures in March that had been in place since last [...]


ronsullivan
Comment posted July 28, 2009 @ 2:56 pm

As an REO agent in Bakersfield California and doing BPO's each week I can say that most local agents in my shoes are not low balling home values to move them or lower value for personal gain. We are governed by a code of ethic that would not allow us to distort value. I see problems when I see an out of town company being used for BPO's and as listing agents by an asset management company or banks as a medium to move their REO's. How can someone sitting in San Diego California in possible give an honest Broker Price Opinion to an asset in Bakersfield California having never set foot here? My operating range for BPOs is a radius of 65 miles. Part of the reason we are where we are was extorted values by out of town appraisers in the past 7 years. Banks make loans on an opinion of value not BPO values. Let’s keep the valuation process at home and we may see a better BPO product


Twitter Trackbacks for Fannie, Freddie Quietly Lift Moratorium on Foreclosures | The Washington Independent [washingtonindependent.com] on Topsy.com
Pingback posted August 29, 2009 @ 12:55 pm

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Addie
Comment posted September 11, 2009 @ 7:03 am

Here's a Northern CA situation: What about people like myself. Hardworking, never late once, usually paid EARLY in fact. The CA governor, in his great wisdom, took my income down nearly 15% (I am in civil service in Northern CA, providing staff support services for a chemistry group in environmental laboratory accreditation) – within 6 months I could not pay my credit balances, so tried minimum payments but soon learned the banks are cruel and lowered my lines but upped my percentages! Soon I could not afford my HOA payments, and the rest, as they say, is now history. I sit in my new tiny apt, pretty much shell shocked and afraid to spend one penny. In my case, home ownership afforded me such great pride and contentment that I was taking care of my rapidly approaching retirement future. To my dismay, I found it it probably better now for me, as I approach sixty, to adopt the attitude of – rent and don't think about tomorrow anymore, complain about every little detail on the rental to get money off. Get what you can get. Get all you can in repairs no matter how. Get all you can and then move on. To me, this is childish and wrong but it seems to be all I can afford now with my newly demolished credit score – down 200 points. My lovely upgrades (all paid for and done with licensed workers) sit unnoticed as the huge glut of similar condos sit unsold – Meanwhile buyers “cherry pick” the upgraded units and then “low ball offer” the hapless (I can relate) sellers. I tried to list my place but five agents looked at it and said “It would sell for so little now that it's not worth the time we would take to list and show it”. What great service there! It makes me just sick. I feel like it is wrong to just walk away but I definitely will very soon.


markmincey
Comment posted October 22, 2009 @ 3:34 am

I don't understand. It seems in tis mess we are in that everyone wants to help out the home owner. What about the renters. We have no help and no one offering any. Why is there not a bail out or a program to help the renters stay in their homes?


webtasarimi
Comment posted November 23, 2009 @ 4:14 am

Are you really complaining that the victims of rent skimming landlords need to have 24 hr notice before you bring random people through the house that they are living in and invade their privacy?


paralante
Comment posted February 10, 2010 @ 1:14 pm

However, I had growing concerns that the moratorium combined with aggressive pricing strategies is creating an artificial high. With the lifting of the moratorium, more 'natural' inventory can come back on the market rather than have this potentially pent up until later.


BrokerPriceOpinion
Comment posted February 10, 2010 @ 10:24 pm

I'm located in Madison, WI. When I first started, I was involved with BPO's. I was a new agent, so the learning curve was steep. However, I studied the market like a feign. In today's market, it doesn't matter how much you study the market because it's constantly changing. Instead, we study buyer activity. What are buyers are willing to do. Their money pushes the entire system. Without it, we'd all be out of a career.

You post an interesting point of view here. Thank you for providing this insight.


BrokerPriceOpinion
Comment posted February 11, 2010 @ 3:24 am

I'm located in Madison, WI. When I first started, I was involved with BPO's. I was a new agent, so the learning curve was steep. However, I studied the market like a feign. In today's market, it doesn't matter how much you study the market because it's constantly changing. Instead, we study buyer activity. What are buyers are willing to do. Their money pushes the entire system. Without it, we'd all be out of a career.

You post an interesting point of view here. Thank you for providing this insight.

http://www.BPOdownload.com


Understanding Government » Blog Archive » Time For Another Foreclosure Moratorium?
Pingback posted April 16, 2010 @ 1:35 pm

[...] go way back to the start of the Obama administration, there was much ado about national and local moratoriums on foreclosures. Well, these moratoriums have ended and the main federal [...]


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fannie mae moratorium « Uncategorized « foreclosures web
Pingback posted June 21, 2010 @ 2:09 pm

[...] 3.Fannie, Freddie Quietly Lift Moratorium on Foreclosures « The … A ban on foreclosure sales and evictions from houses owned by mortgage giants Fannie Mae and Freddie Mac, which began as a high-profile effort just before the holidays to keep people in their homes as the … “A perpetual moratorium is not a solution to how we do foreclosures in the future,” Pelletiere said. [...]


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plastic springs
Comment posted September 12, 2010 @ 8:47 pm

Why the hell was there a moratorium in the first place? I am a renter who could have done the same thing as these dopes and overpaid for a home. But I didn't. If I don't pay my rent for a month, I am out of the home. I too have a family and I rent a home – so I don't understand all the fuss about these dopey greedy heads who swallowed too much. I still see some of them buy stuff for their family which I would be hesitant to buy despite a higher salary. Perhaps they are still milking the home ATMs while forgoing mortgage payments. It's absolutely atrocious that many are milking the system further by staying rent free for months. What the heck is wrong with the moral compass of this nation? I oppose all bailouts including bank and homeowner.


bluebird88
Comment posted January 2, 2011 @ 2:46 am

Fannie Mae should rescind its ridiculous rule disallowing foreclosed homeowners a new mortgage for 7 yrs. Housing inventories would shrink and prices stabilize within a year if citizens were allowed to start over after the tsunami of greed and stupidity perpetuated by banks overwhelmed our economy. Instead, citizens are punished while banksters are bailed out and given obscene bonuses.


Info
Comment posted January 2, 2011 @ 9:49 am

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Svanhandel
Comment posted January 12, 2011 @ 5:33 pm

You are the exact REASON WHY THE MESS STARTED!!!! Take responsibility for yourself! Why should the bank be FORCED to give you a home?? If you can’t afford it don’t buy it. Pretty simple concept huh? You sit there and critize the bank for getting bailed out, then you want to take their money? Wow are you twisted… Typical liberal no doubt…


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