All is Fair Game

Update 10/28/2010
October 28th, 2010 3:28 PM

B of A and GMAC to Resume Foreclosures
Bank of America Corp. announced Tuesday that it has reopened more than 100,000 foreclosure actions in 23 states, saying its investigation found no significant problems. Likewise, GMAC Mortgage said it would reopen an undisclosed number of foreclosure files.

"This is an important first step in debunking speculation that the mortgage market is severely flawed," said Bank of America spokesman James Mahoney.

Meanwhile, state attorneys in general continue to push for a halt to foreclosure sales, saying they have little confidence that procedures have been fixed.


HUD: Banks Will Be Held Responsible
U.S. Secretary of Housing and Urban Development Shaun Donovan said Wednesday that the onus is on banks to fix whatever foreclosure-related problems are found.

Donovan, who made the statement during a White House briefing about the matter, said problems found thus far haven’t appeared to be very serious, but the full investigation won’t be finished until the end of the year. If more serious problems are found, possible penalties could include fines and a ban against writing mortgages for more serious violations, he added

Bank of America and GMAC Mortgage have ended their foreclosure freeze because they didn’t find significant problems. Donovan said the government wasn’t involved in those decisions.

Practitioners Take Foreclosure Freeze Hit
Real estate practitioners are among those feeling the pain of the foreclosure freeze.

Natalie Wilson, an associate with Coldwell Banker Residential in Tampa, Fla., learned last week that 42 of her 130 REO listings had been frozen.

Practitioners such as Wilson who specialize in REOs are often responsible for upkeep and rehabilitation. They invest their own money and get paid by the bank when the sale finally closes. Wilson says she spends as much as $1,000 per listings on rehab and upkeep, so this freeze on sales is a real financial drain.

“There will be a lot of [practitioners] who do these listings for banks who will turn around and say they just can’t afford it,” Wilson said. “It’s a significant amount of money, and you do rely on those closings to offset the expenses you incur.”

Slowing sales also hits small practitioners hard. Corin Hall, an associate with Elite Brokers Real Estate Group LLC in Dade City, Fla., says she’ll be alright as long as banks resolve the problems quickly, but the situation could be difficult to manage if it spreads to more banks and properties.

Updated Date

Closing Date

First Arizona Savings, A FSB Scottsdale AZ 32582 No Acquirer October 22, 2010 October 22, 2010 Hillcrest Bank Overland Park KS 22173 Hillcrest Bank, N.A. October 22, 2010 October 22, 2010 First Suburban National Bank Maywood IL 16089 Seaway Bank and Trust Company October 22, 2010 October 22, 2010 The First National Bank of Barnesville Barnesville GA 2119 United Bank, Zebulon October 22, 2010 October 22, 2010 The Gordon Bank Gordon GA 33904 Morris Bank October 22, 2010 October 22, 2010 Progress Bank of Florida Tampa FL 32251 Bay Cities Bank October 22, 2010 October 22, 2010 First Bank of Jacksonville Jacksonville FL 27573 Ameris Bank October 22, 2010 October 22, 2010 Premier Bank Jefferson City MO 34016 Providence Bank October 15, 2010 October 20, 2010 WestBridge Bank and Trust Company Chesterfield MO 58205 Midland States Bank October 15, 2010 October 20, 2010 Security Savings Bank, F.S.B. Olathe KS 30898 Simmons First National Bank October 15, 2010 October 20, 2010


Posted in:General
Posted by Greg Shelley Phd on October 28th, 2010 3:28 PMPost a Comment

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I do not hink anyone can forecast the future of the lending industry or property values at this time. Its just a snapshot of today.

Posted by Greg S on January 28th, 2012 10:11 AM


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