Do Not Sue, FN FL FC Sale, Short Sales and Credit Scores, Ocwen and Saxon, OC RE Inventories Down, North TX, HARP Expansion, 18% Underwater, Magic Fed, Property Preservation, QE3 Section


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(repurchases) Fannie Mae regulator to clarify when it won’t sue – Ronald D. Orol, MarketWatch – The new framework will be implemented for loans sold or delivered on or after Jan. 1, 2013. It replaces the existing Fannie (US:FNMA)  and Freddie (US:FMCC) system that relied on monitoring at the back-end of the process after a mortgage defaulted or the borrower missed payments
(strong) Fannie Mae Sale of Florida Foreclosures Gets 96% of Value – By John Gittelsohn – … the Federal Housing Finance Agency said. The purchase, of 699 homes in Florida, was the first to be completed in Fannie Mae’s auction of almost 2,500 repossessed properties in six states. The buyer was San Diego, California- based Pacifica Companies LLC, the FHFA said in a statement today. … – Bloomberg

Fannie-Freddie short-sale program may hurt sellers’ credit scores – By Kenneth R. Harney – … It’s a crucial question, because short sales typically cause FICO scores to plummet, sometimes 150 points or more. …LA Times 
Ocwen reduces principal on old Saxon mortgages – By Jon Prior – Just 11% of all modifications done on Saxon loans included a principal reduction as of May. But in the three months since, Ocwen wrote down principal in 56% of the modifications done on these loans. – Housingwire

North Texas home sales rise 18% over last year – Posted by kpanchuk – … Agents sold close to 8,000 single-family homes  … – Housingwire
Where did all the real estate inventory go? – Orange County inventory down 29 percent over the last year and sales are up 25 percent. What is causing the current market dynamic in Orange County? – Dr. Housing Bubble
Senators bargain on HARP expansion – By Jon Prior – Senate Democrats reintroduced a bill to expand refinancing for an estimated 13.5 million Fannie Mae and Freddie Mac mortgage borrowers. Sens. Robert Menendez, D-N.J., and Barbara Boxer, D-Calif., will keep the origination cut-off date for the Home Affordable Refinance Program at June 2009 after a previous version expanded the program through June 2010. – Housingwire

LPS’ July Mortgage Monitor: 18 Percent of Current Mortgages Underwater; Correlation Between Negative Equity and New Problem Loans – PRNewswire – Sacramento Bee
The Federal Reserve’s Cargo Cult Magic: Housing Will Lift the Economy (Again) – Charles Hugh Smith – The Federal Reserve is ultimately a Cargo Cult, founded on fantasy and a boundless faith that management perception will bring back the cargo ships of debt-based “growth.” – Of Two Minds

How To Preserve A Property Following A Foreclosure – by Benjamin C. Struby – MortgageOrb


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