To date, some institutions – including Fannie Mae and Freddie Mac -. Bye-bye regulation, the mortgage industry found a new focus.. Freddie could take more than a decade to unload REO inventory. New Wells Fargo ceo pens open letter thanking customers for their loyalty. Search for:
If its current trend is sustained and a net 1,000 REO properties are unloaded quarterly, it would take Freddie Mac an estimated 60 quarters or 15 years to bring down its total inventory to zero in the wake of a severely constricted foreclosure pipeline attributed to loan modifications and recent regulations.
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Real Estate Owned (REO) FHFA is exploring new approaches to the disposition of foreclosed properties (real estate owned, or REO) owned by Fannie Mae and Freddie Mac. The Fannie Mae’s and Freddie Mac’s REO portfolios are now stable and their individual retail sales are achieving close to fair market values for the properties.
At the end of the quarter, Freddie held 60,000 REO on its books, which has been trimmed – as new foreclosures are completed – from 75,000 one year ago. If the current trend holds, and the GSE reduces a net 1,000 REO from its inventory every quarter, it would take 60 quarters to unload its entire inventory – roughly 15 years.
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SunTrust Mortgage is exiting broker lending S&P Case-Shiller: Is housing ready for spring home-buying season? NEW YORK (CNNMoney) — The downward cycle in home prices broke in April after eight consecutive months of decline, according to a survey released Tuesday. According to the S&P/Case Shiller 20-city index, prices rose 0.7% compared with March, although they fell 0.1% when adjusted for the strong spring selling season.William Lyon Homes names former Stearns Lending CEO to lead financial services Citi CEO. former Davis partner. Skadden, Arps, Slate, Meagher & Flom: M&A: Eric Friedman, Alejandro Radzyminski, and William Rubenstein. Real estate: Neil Rock. Information technology and.Lender’s loan representatives are no longer a fixture in brokers’ offices. In the heyday of mortgage originations, these loan “reps” used to shower brokers with cookies and gifts and help newer brokers complete borrowers’ loan applications just to get their business, guilbault recalls. collectively,Fitch: GSE non-performing loan sales will help banks too But some analysts say lenders often mask the true level of bad debt and so the figure is likely much higher. Fitch Ratings said in a report last September that it had estimated non-performing loans in China’s financial system could be as high as 15 percent to 21 percent. This in a banking sector that has undergone a massive credit expansion.
Shadow inventory is the banks and governments foreclosure inventory that has yet to be released on the market. I have heard some astronomical figures of how much shadow inventory is really out there, but in John Prior’s article titled " Freddie could take more than a decade to unload REO (forecloure) inventory ", the realtity sinks in pretty quickly.
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If the current trend holds, and the GSE reduces a net 1,000 REO from its inventory every quarter, it would take 60 quarters to unload its entire inventory – roughly 15 years. And that’s with a severely constricted foreclosure pipeline due to recent servicing problems and new regulations. As it opens up, the market will be asked to absorb even more REO sales just to remain on that current trend.