Monthly Archives: October 2010

Atlanta, GA - October 26, 2010 - (RealEstateRama) -- The Mortgage Bankers Association expects to see mortgage originations fall from an estimated $1.4 trillion in 2010 to slightly under $1 trillion in 2011. The drop will be driven by a decline in refinance originations, but the industry will see an increase in purchase originations. The economy will grow at a slow pace but with no significant job growth until 2011. The increase in purchase originations will be driven by modest increases in home sales and stabilizing home prices. In contrast, MBA refinance originations are expected to fall steadily as mortgage rates gradually increase throughout 2011 and 2012

Atlanta, GA - October 26, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today awarded John Johnson, CMB, President & Chief Executive officer of MortgageAmerica, with the Andrew D. Woodward Distinguished Service Award at the Association's 97th Annual Convention and Expo held in Atlanta. The award was given to Johnson in recognition of his dedication and prominent service to MBA and the mortgage lending industry.

New York, NY - October 26, 2010 - (RealEstateRama) -- “If we are in a recovery, which it appears we are, I must note that this has been from the bottom up versus the top down. Happily, we seem to have stabilized and so the news is good for New York City,” stated Elizabeth Stribling, president of Stribling & Associates. The recently published Stribling State of the Market report cites a number of important market observations

New York, NY - October 26, 2010 - (RealEstateRama) -- Another milestone was reached this year with the commemoration of the decade-long re-tenanting of historic 48 Wall Street, a 324,000 square foot, 34-story office building built in 1927 that was fully restored to its original grandeur. A rededication of the building celebrating its landmark status was previously held in 2002 with an unveiling of a plaque just below the original cornerstone dating back to 1784 from the first building that stood at 48 Wall Street. The ceremony marking that occasion was held in the building’s two-story Grand Banking Hall which served as the main banking area for the Bank of New York. The Landmarks Preservation Commission initially dedicated the building as a New York City landmark in October 1998, and the plaque seen today marks that dedication. Today, The Grand Banking Hall houses the Museum of American Finance, a member of the Smithsonian Affiliation Program.

Destin? FL - October 26, 2010 - (RealEstateRama) -- More than two out of three people surveyed say the housing recovery will be delayed as a result of bankers freezing foreclosures. The new Housing Predictor poll found that a huge number of respondents feel negatively about the move by four of the nation’s largest lenders, including Bank of America and JP Morgan Chase & Co

WASHINGTON, DC - October 26, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the October edition of the Obama Administration's Housing Scorecard (www.hud.gov/scorecard The latest housing figures show continued signs of stabilization in house prices and high home affordability due in part to record low interest rates. The housing scorecard is a comprehensive report on the nation's housing market

EUGENE, OR - October 26, 2010 - (RealEstateRama) -- Scott McManaway of Keller Williams has enabled the IDX, Inc., IDX Broker software on his professional real estate website. His customized IDX solution now allows McManaway to display thousands of detailed Sunshine MLS (SSMLS) property listings directly on his real estate search page. His clients and other Naples, Florida home seekers can quickly scan the SSMLS to find homes that suit their specific needs and budgets. Naples has long been a dream destination for potential buyers, and now the IDX solution McManaway hosts on his website allows buyers to begin their home search from the comfort of their home and the convenience of his website.

EUGENE, OR - October 26, 2010 - (RealEstateRama) -- Urban Living Tampa and agent Marvin Meeks are the latest to adopt the dynamic IDX, Inc. IDX Broker software. Meeks has his own custom IDX solution, which syncs thousands of Mid-Florida Regional MLS (MFRMLS) listings directly to his search page, giving Tampa Bay, Florida home seekers a comprehensive database of properties to search through. IDX Broker software extracts raw MFRMLS listing data and displays it on the site of Meeks, making the search capabilities on his page some of the most thorough online.

McLean, VA - October 26, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today issued the company's Monthly Volume Summary for September 2010. The summary, available on the company's Web site at www.FreddieMac.com/investors/volsum, provides information on Freddie Mac's mortgage-related portfolios, securities issuance, risk management and delinquencies, including data on seriously delinquent mortgage loans in related mortgage Participation Certificate (PC) pools.

Atlanta, GA - October 26, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today announced Henry V. (Hank) Cunningham, Jr., CMB, President of Cunningham & Company, Greensboro, NC, as Chairman of its Residential Board of Governors (RESBOG) and Garry Cipponeri, Senior Vice President of Chase in Iselin, NJ as Vice Chair of RESBOG at the association's 97th Annual Convention & Expo.

VANCOUVER, WA - October 25, 2010 - (RealEstateRama) -- A Vancouver-based exterior home remodeler that allegedly built up sales by misleading customers agrees to comply with state consumer protection laws. Northwest First Choice settled claims brought by the Washington Attorney General’s Office.

COLUMBUS, OH - October 25, 2010 - (RealEstateRama) -- Ohioans struggling to save their homes from foreclosure are now the targets of a new scam surfacing on the Internet. Website ads are popping up from companies pretending to be associated with the government foreclosure prevention initiative Save the Dream Ohio, Attorney General Richard Cordray warned today in conjunction with the Ohio Department of Commerce and the Ohio Housing Finance Agency."The ads are actually from for-profit companies that are attempting to exploit the Save the Dream name," said Cordray. "Ohio homeowners need to be wary of advertisements that promote an association with the free program. Save the Dream Ohio, under no circumstances, will ever require a fee for assistance and will not be associated with any company that has such a requirement.

Houston,TX - October 25, 2010 - (RealEstateRama) -- Congressman Al Green (TX-09) has received an A+ grade from the Iraq and Afghanistan Veterans of America (IAVA), one of our nation's most important veterans' organizations. Congressman Al Green was awarded the organization's highest honor because of his voting record on veterans' issues in the 111th Congress.

CLEVELAND, OH - October 25, 2010 - (RealEstateRama) -- County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force operating under authorization of Ohio Attorney General Richard Cordray and Ohio's Organized Crime Investigations Commission announced that Jeffrey St. Martin, 38, of Chicago, IL plead guilty to 21 felony mortgage fraud-related offenses on October 20, 2010, for his participation in the purchasing of 21 houses with 3.1 million dollars in fraudulent loans. St. Martin’s wife, Ayanna Israel, 34, of Chicago, IL, Israel’s mother, Sandra McRae, 57, of Chicago, IL, and Deborah Nunoo, 49, of Cleveland, also pleaded guilty for their participation as co-defendants in this criminal enterprise. The Housing of Urban Development and investigators of the County Prosecutor’s Office were the primary investigative agencies on the case.

BOSTON, MA - October 25, 2010 - (RealEstateRama) -- MassHousing recently recognized the efforts of 95 property management companies that make a concerted effort to do business with Minority and Women-Owned Businesses (M/WBEs).

SPRINGFIELD, IL - October 25, 2010 - (RealEstateRama) -- Record low mortgage interest rates and more affordable home prices benefited buyers in September, although the Illinois housing market remains subdued after the tax credit without stronger signals from the economy in the areas of jobs and improved consumer confidence. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in September 2010 totaled 8,024, down 4.7 percent from August’s 8,419 home sales; year-over-year home sales are down 23.4 percent compared to September 2009 sales of 10,470 homes. Year-to-date sales remain positive, up 4.9 percent January through September 2010 with 81,669 home sales compared to 77,860 home sales for the same period in 2009

WICHITA, KS - October 25, 2010 - (RealEstateRama) -- In celebration of National Weatherization Day, the South Central Kansas Economic Development District (SCKEDD) will host two free weatherization workshops to help Kansas homeowners learn cost-effective ways to curb energy use. Sponsored by SCKEDD, Lowe’s Home Improvement Stores, Westar Energy and Comfort Products, the clinics will offer tips on taking a whole-home approach to energy efficiency, how to adapt lifestyles to reduce utility costs and how to distinguish “do-it yourself” projects from those that may require professional services.

WILMINGTON, DE - October 25, 2010 - (RealEstateRama) -- The SEU’s Energize Delaware officially launched an online Home Energy Makeover Facebook contest today, which will award a free home energy audit (worth $400) and up to $5,000 in home energy efficiency improvements. One winner from each Delaware County (Sussex, Kent and New Castle) will take home this opportunity… just in time for winter. Winners will enjoy lower energy bills and a more comfortable, healthier home for years to come.

WASHINGTON, DC - October 25, 2010 - (RealEstateRama) -- Rep. Ed Royce (R-CA), a senior member of the House Financial Services Committee, issued a statement following the release of a Federal Housing Finance Agency (FHFA) report stating that Fannie Mae and Freddie Mac’s taxpayer bailout will exceed $360 billion over the next three years.

October 25, 2010 - (RealEstateRama) -- Rep. Tim Walz (MN-01) and Rep. John Boozman (AR-3) introduced bipartisan legislation to help prevent veterans with VA home loans from becoming homeless due to foreclosure. The legislation mandates that the VA notify its homelessness case managers within seven days of a VA home loan going into default and that the case manager assigned put in place a plan to prevent the veteran from subsequently becoming homeless due to the foreclosure.

New York, NY - October 25, 2010 - (RealEstateRama) -- Increased concern and scrutiny on mortgage foreclosure practices have created significant business and legal challenges that affect a broad range of institutions across the United States. As a result, international law firm Nixon Peabody LLP has expanded its Mortgage Finance and Foreclosure Team to offer additional resources to address clients’ growing needs during the mortgage foreclosure crisis. Nixon Peabody’s team includes attorneys from a variety of practices including banking and regulatory, securitization, finance, bankruptcy and restructuring, real estate, real estate litigation, class action litigation, and government investigations.

The program seeks submissions featuring exemplary efforts to diversify the architecture profession. The jury will select up to 12 submissions as diversity best practices meriting the following recognition:

DALLAS, TX - October 25, 2010 - (RealEstateRama) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that it has awarded $6.2 million in Affordable Housing Program (AHP) grants, through certain of its member institutions, to help fund the purchase, construction, or renovation of 851 housing units in Mississippi.

Atlanta, GA - October 25, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today elected its Board of Directors for the 2011 membership year at MBA's 97th Annual Convention & Expo in Atlanta. The Board of Directors will be chaired by Michael D. Berman, CMB, President and Chief Executive Officer of CWCapital, Needham, MA

Chicago, IL - October 25, 2010 - (RealEstateRama) -- September marked the first month in which the metropolitan Chicago real estate market felt the full impact of the end of the federal income tax credit for homebuyers, which had been in effect in one form or another for nearly two years. The result was a mix of signs, with homes selling more quickly than they did in the same month last year but with fewer homes changing hands

WASHINGTON, DC - October 25, 2010 - (RealEstateRama) -- In this week’s address, President Obama called out the Republican leadership in Congress for vowing to repeal Wall Street reform, which will protect Americans from unfair practices in mortgage transactions and foreclosures. The Wall Street reform law also set new rules so that taxpayers will never again be on the hook for a bailout if a big financial company goes under, helps rein in the secret deals and reckless gambling that nearly brought the financial system down, and set up the strongest consumer protections in history. The special interests fought hard against reform, spending millions to preserve a system that worked better for them than for middle class families. And now, the GOP leadership is calling for repealing this law and that would take the country backwards.

WASHINGTON, D.C. - October 25, 2010 - (RealEstateRama) -- On Wednesday, October 27 at 10:00 a.m., the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP) will hold a hearing in room 138 of the Dirksen Senate Office Building. The hearing will inform the Panel's upcoming November oversight report, which will evaluate the progress of Treasury's foreclosure mitigation programs and examine the impact of recently reported foreclosure irregularities on these programs and on the financial sector.

Washington, DC - October 25, 2010 - (RealEstateRama) -- Existing-home sales rose again in September, affirming that a sales recovery has begun, according to the National Association of Realtors

October 25, 2010 - (RealEstateRama) -- Stories about a “freeze” or “moratorium” on mortgage foreclosures are in the headlines, so it’s no surprise if you’ve heard that some mortgage lenders are stopping foreclosures while their paperwork is investigated to be sure it’s in order. But no matter what you hear on the news, a notice from your bank, mortgage servicer, or the sheriff requires your immediate attention.

WASHINGTON, D.C. - October 25, 2010 - (RealEstateRama) -- The Federal Reserve's new interim rule on appraisals is a welcome step in clarifying the home valuation process, according to the National Association of Home Builders (NAHB). NAHB has sought appraisal guidance that provides transparency in the appraisal process with sufficient flexibility to address the unique aspects of valuing new homes. NAHB will work with the Federal Reserve and other appraisal stakeholders to ensure the final rule fully achieves that outcome.