Lender-Squatter Genius, Cook County Land Bank, Interactive Maps, Donovan Stays, NewDay Reverse Conduit, Relo Evictions


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(genius! – keeping squatters til you don’t need them) Lenders will target near-equity squatters for future foreclosures – OC Housing NewsWhen a borrower is deeply underwater, it doesn’t do the bank any good to foreclose on them because the loss severities are very large. Once the value of a property rises back to breakeven, the bank has no reason to allow the delinquent mortgage holder to stay in the property because they can foreclose and recover all they are owed. Now that prices are rising, it’s likely that banks will abandon their random terrorist approach to foreclosures and instead target those reaching the surface. 
Cook County approves land bank to curb blight – By Christina Mlynski – Housingwire 
(2 cool interactive maps) What is the state of the U.S. economy? –  By Pam Allison – SmartBriefs Blogs 
Housing Secretary Donovan to stay on for second term – (Reuters) – Housing and Urban Development Secretary Shaun Donovan will continue in his current role for a second term under President Barack Obama 
NewDay USA to become conduit buyer of reverse mortgages – NewDay USA, one of our nation’s leading VA, reverse and government lenders, today announced that it has expanded its product menu and will now serve as a conduit-buyer for Purchase Reverse Mortgage products originated by builder-owned mortgage companies, as well as offering the product through the retail channel. – Housingwire 
(on evictions aka ‘relocations’) After One Door Has Closed, Another Needs To Open – by Eric Lichtenheld – MortgageOrb


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