VIENNA, Va. – June 22, 2010 – The Financial Crimes Enforcement Network (FinCEN) released its first analysis of suspicious activity reports containing information about potential foreclosure rescue scams. The report, “Loan Modification and Foreclosure Rescue Scams – Evolving Trends and Patterns in Bank Secrecy Act Reporting,” analyzed more than 3,500 SARs filed from 2004 through [...]
In early 2009, the National Association of REALTORS® (NAR) urged the U.S. Treasury Department, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac to improve the short sales process. NAR’s concerns were first addressed on May 14, 2009, when the Obama Administration announced the outline of a program to provide incentives and uniform procedures [...]
NEW YORK – Feb. 15, 2010 – Real estate investors are coming to the same conclusion that housing activists reached at the beginning of the crisis – forgiving principal on underwater loans may be the best way to deal with the problem. “Principal reduction is the only answer,” says Laurie Goodman, a senior managing director [...]
Short sales leave frustration in their wake A couple years ago, few people in the housing market had ever heard of a short sale. Mention the term today and people, whether they are homeowners or real estate agents, just roll their eyes. The practice, which involves selling a property for less than the amount owed [...]