National Real Estate Ventures http://www.nrev.com Just another WordPress weblog Wed, 02 Jun 2010 18:30:07 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Michigan’s Funding Program for the “Hardest Hit” http://www.nrev.com/michigan%e2%80%99s-funding-program-for-the-%e2%80%9chardest-hit%e2%80%9d/ http://www.nrev.com/michigan%e2%80%99s-funding-program-for-the-%e2%80%9chardest-hit%e2%80%9d/#comments Wed, 02 Jun 2010 18:30:07 +0000 admin http://www.nrev.com/?p=417 The Michigan State Housing Development Authority (MSHDA) has submitted its Housing Finance Agencies (HFA) programs to the department of treasury. The program details how the state plans to use $154.5 million to help homeowners who are unemployed. The plans goal is to help over 16,000 homeowners avoid foreclosure. As well as prevent the ills that foreclosures have on communities, neighborhoods, and local governments.

A majority of the fund will go towards an Unemployment Mortgage Subsidy. This would provide up to $750 per month or 50 percent of the required monthly interest, taxes, insurance, or principal and provide assistance for up to two months after the homeowner find employment. The payments are made directly to the lender or servicer.

In addition another fund will be set up which will help to finance up to $10,000 in loan modifications. As well as a program that will fund up to $5,000 in assistance to households who are capable of sustaining, but due to hardship are in jeopardy of foreclosure or delinquency.

April, 20 2010 – DS News

]]> http://www.nrev.com/michigan%e2%80%99s-funding-program-for-the-%e2%80%9chardest-hit%e2%80%9d/feed/ 2 Dangerous Concentrations of Commercial Real Estate Lending http://www.nrev.com/dangerous-concentrations-of-commercial-real-estate-lending/ http://www.nrev.com/dangerous-concentrations-of-commercial-real-estate-lending/#comments Wed, 02 Jun 2010 18:28:40 +0000 admin http://www.nrev.com/?p=415 Policy makers are concerned of the impact that community bank failures will have on the local markets. TARP estimates that by the end of 2010 half of all commercial real estate mortgages will be underwater, with many of these loans held by community banks. TARP warns that almost 3,000 banks have, “dangerous concentrations of commercial real estate lending.”

The large stockpile of commercial real estate loans could overwhelm risk management controls, leading to another economic downturn. While at first reluctant many commercial lenders are now modifying mortgages in effort to prevent another default tsunami.

April, 30 2010 – DS News

]]> http://www.nrev.com/dangerous-concentrations-of-commercial-real-estate-lending/feed/ 0 All Foreclosures to Require Servicing? http://www.nrev.com/all-foreclosures-to-require-servicing/ http://www.nrev.com/all-foreclosures-to-require-servicing/#comments Tue, 02 Mar 2010 19:48:32 +0000 admin http://www.nrev.com/?p=374 Bloomberg has an article explaining how the Obama Administration may ban all residential foreclosures unless lenders and their servicers make maximum efforts to verify that the mortgage facing foreclosure has been screened and rejected as eligible for modification under the federal government mortgage modification program called HAMP.

To date,  lenders have been able  to commence foreclosure actions even if a mortgage has not been submitted for HAMP eligibility. Further, foreclosures can currently proceed while borrowers are under review for HAMP eligibility or even participating in a trial modification.

The affect of this proposal will be to reduce the supply of REO on the market and increase REO prices even further.

February 23, 2010 – Bloomberg.com

]]> http://www.nrev.com/all-foreclosures-to-require-servicing/feed/ 0 Amidst a Sea of Delinquent Mortgages http://www.nrev.com/amidst-a-sea-of-delinquent-mortgages/ http://www.nrev.com/amidst-a-sea-of-delinquent-mortgages/#comments Tue, 02 Mar 2010 19:20:42 +0000 admin http://www.nrev.com/?p=362 The Wall Street Journal highlights the paradox of a very tight REO market amidst a sea of delinquent mortgages.  NREV’s ability to purchase large numbers of quality REO single family properties on a negotiated basis with plenty of time to perform proper due diligence and to accept only properties that make financial sense is unique in a market characterized by excess demand, where buyers are often driven to purchase these assets on a “sight-unseen basis”.  This is one more instance where NREV has found a way to apply best real estate business practices in a challenging real estate market.

February 23, 2010 - Wall Street Journal

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