How to Buy a Freddie Mac Foreclosure Freddie Mac, one of the 2 quasi governmental mortgage buying companies and sister company to Fannie Mae (the largest), published this document on how to purchase a HomeSteps Mac foreclosure/REO, 5 Easy Steps to Buying a HomeSteps Home. According to the document, a potential buyer, or their agent [...]

Bank of America Loses More Money Due to High Mortgage Loan DefaultsAccording to this Bloomberg article, Bank of America Posts Third-Quarter Loss on Defaults, in the 3rd quarter of 2009, Bank of America had its second quarterly losing quarter this year when it posted a $1B loss for the third quarter.  The loss was attributed [...]

Foreclosures Reach Record High in 3rd Quarter 2009According to this CNNMoney article, Foreclosures: ‘Worst three months of all time’, “Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter – a sign the plague is still spreading.” The loan modification and foreclosure prevention programs pushed by the [...]

Citigroup Getting Hurt By Mortgage Defaults and Consumer Loan DelinquenciesAccording to this Yahoo! News article, Citi results weighed down by failed loans, Citigroup (aka CitiBank) is being hit very hard by high rates of default on mortgages and consumer loans. The article states, Citigroup “reported a $101 million profit before accounting for $288 million in [...]

Legal Loophole May Help Homeowners Delay or Stop a ForeclosureAccording to this RISMedia article, Op-Ed: 60 Million Mortgages May Have Fatal Flaws, issues with the way mortgages were sold in the secondary market and the way the ways they were recorded in the local county offices may prevent many mortgage companies (or mortgage servicing companies) [...]

Middle Tennessee Foreclosure Prevention and Loan Modification Help and AssistanceAccording to this Tennessean article, Loan modification can forestall foreclosure, you can obtain help with a loan modification from your local United Way office through their affiliations with local agencies. The article conveys the story of one Franklin Tennessee (Williamson County TN) family went through difficult [...]

Bank of America Increases Loan ModificationsAccording to this CNBC article, Bank of America Ups Its Foreclosure Prevention Efforts, Bank of America “increased the number of customers with a trial mortgage modification by 62% in September to 95,000” and “increased the total number of modification offers under the Home Affordable Modification Program to 156,000 last month, [...]

Housing Market Problems Persist Despite Government InterventionAccording to this REUTERS article, Housing risks still lurk even as buyers return, the US housing market will likely decline further due to continued pressure from adverse economic forces. The article proposes that the most significant economic forces which will hurt the real estate market in the near and [...]

Over 6,600 Home Foreclosure Filings Per DayAccording to this REUTERS article, Foreclosures mark pace of enduring U.S. housing crisis, in the US there is a foreclosure every 13 seconds which translates into “more than 6,600 home foreclosure filings per day, according to the Center for Responsible Lending, a nonpartisan watchdog group based in Durham, North [...]

Unfortunately, all the banks are bad. It is just a matter of how bad. I just got a Middle Tennessee short sale approval from Bank of America (2 loans with the 1st owned by Fannie Mae and the 2nd by BOA) in 3-4 weeks from start to finish for a property in Murfreesboro TN. However, [...]

Rutherford County TN: Foreclosures up 22% in 2009 versus 2008According to this DNJ.com article, Growth slower, but still strong, “Rutherford County ranked 36th nationally in residential housing growth over the first six years of this decade but dropped to 68th during a recession the last two years, the U.S. Census reported. The county as of [...]

Forbearance: A New Plan for Temporary Mortgage Payment ReliefAccording to this New York Times article, A Plan for Forbearance, due to continuing high unemployment “federal regulators are intensifying efforts to curb the effects of job losses or underemployment before they fuel another wave of home foreclosures. The Federal Deposit Insurance Corporation (FDIC), which protects consumer [...]

Middle Tennessee Residential Property Foreclosure Activity Report Residential Real Estate Market Sales Activity – Foreclosures, Pre-foreclosures and Short Sales Compared to Regular Listings Counties & Cities/Towns Covered: Rutherford County Tennessee: Murfreesboro TN, Smyrna TN and La Vergne TN (LaVergne TN) Williamson County Tennessee: Brentwood TN and Franklin TN Month & Year Sep-09 Start Date 9/1/2009 [...]

Moody’s: Homebuilders May Lose $500M in 2010According to this HousingWire article, Homebuilders May Lose $500m in 2010: Moody’s, US home builders will likely lose a combined $500 million in 2010.According to the article, “US homebuilders still face risks, despite improvements in home sales and housing starts, and Moody’s Investors Service expects building industry’s operating losses [...]

Greenspan: Unemployment Likely to Exceed 10%According to this Bloomberg article, Greenspan Opposes New Stimulus Even With 10% Unemployed Likely, Alan Greenspan, the former Federal Reserve Chairman, believes that the federal government should not consider a new stimulus package even though the US unemployment rate is likely “to penetrate the 10 percent barrier and stay there [...]

As Economy Falters More People Going Back to School: MTSU Sees Record EnrollmentAccording to this Daily News Journal article, Record MTSU enrollment is official, according to official university figures, the Fall 2009 enrollment at Middle Tennessee State University (MTSU) reached a record 25,191, which 5.5% higher than the Fall 2008 enrollment of 23,872. Fall 2009 [...]

Short Sales: Demand High, but Supply Low? Banks Making It More Difficult to Close Short Sales?According to this Business Week article, Short Sales: A Fraying Lifeline for Homeowners, banks are making it more difficult for financially troubled homeowners to close short sales. According to the article, one year ago banks were responding to short sales [...]

Fannie Mae and Freddie Mac Have Nearly 100,000 Foreclosures (REO’s)According to this HousingWire.com article, GSE REO Portfolio Near 100,000, according to 10-Q filings with the Securities and Exchange Commission (SEC), the total REO foreclosure inventory now held by government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac is almost at a combined level of 100,000 single-family [...]

According to this New York Times article, Jobless Report Is Worse Than Expected; Rate Rises to 9.8%, the “American economy lost 263,000 jobs in September 2009, which was a lot more than was expected. As a result, the unemployment rate rose to 9.8%. This reduces the chances of the job market recovering by the end [...]