Short Sales Becoming More Attractive To Servicers As Foreclosure Expenses Rise Offering a 10 percent recovery advantage compared to foreclosures, short-sales are becoming a popular solution for servicers faced with projected steeper loss severities on mortgage-backed securities in 2011..
Higher loss severities on foreclosures will push servicers to short sales in 2011: fitch jobless claims slip by 2,000 filings Barclays backs Fidelity’s Black Knight ipo big time federal incentives coming for Short Sales, Deeds-in-Lieu 70 Percent Income Tax, 3 percent wealth Tax – Winston Churchill Tax proposals coming from Elizabeth Warren andAlexandria.
Top 5 states for home price growth Foreclosures in 2011 to break last year’s record: RealtyTrac Foreclosure freezes spur record declines in activity: RealtyTrac – U.S. foreclosure activity dropped to its lowest level in nearly two years in November, as the country’s biggest lenders put the breaks on their proceedings amid allegations that they’d been taking
Higher loss severities on foreclosures will push servicers to short sales in 2011: Fitch As demand for mortgage technology and innovation intensifies, Sierra pacific mortgage announced it will be releasing the first in a multi-year technology development.Sierra Pacific brings greater ease to mortgage process through streamlined technology on Vimeo
Beginning with the onset of the credit crisis in 2007, there has been significant volatility in Non-Agency RMBS prices as a result of widespread contraction in capital available for this asset class, deteriorating housing fundamentals such as increased delinquency rates and loss severities and an increase in forced selling by institutional.
· Freddie Mac is reporting that it has seen the number of short sales increase 600% from 2008 as lenders try to reduce the loss severity realized in a foreclosure ( See my blog post on loss severities ). freddie mac states that it is doing everything it can to prevent foreclosures and that short sales are becoming an ever more popular tool in situations where loan modifications have either failed.
Progress Residential launching second single-family rental securitization the securitization of newly originated loans made to smaller investors who own and manage 10 to 500 properties. These multi-borrower SFR rental securitization transactions represent a different challenge to servicers. The initial single-family residential rental securitization transactions have been structured to finance large portfolios
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