Sharga: Several more years with nearly 1M foreclosures per year

1) The buyer holds the loan for 30 years, the government (taxpayer) loses 1.5% per year for 30 years! 2) The buyer sells the house when or after the gov’t interest rate subsidy to potential buyers expires (house prices must fall at expiry!) and takes the massive hit that the original seller avoided. i.e. the newest buyer’s affordability falls.

bank of america: Sharga: Several more years with nearly 1M foreclosures per year – 11/01/11 07:39 AM The housing market faces several more years with 800,000 to 1 million new foreclosed properties per year, according to Rick Sharga, an executive vice president with Carrington Mortgage Services.

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 · ”Rich Wathen expects more competition this year among builders, and without the escalating prices that frustrated many home buyers the last few years. Air is coming out of the bubble,’ he said. There will be a lot of competition, and more as the year goes on. That will definitely have an impact on sales and prices.'”

The housing market faces several more years with 800,000 to 1 million new foreclosed properties per year, according to Rick Sharga, an executive vice president with Carrington Mortgage Services.

According to Lender Processing Services, mortgages facing foreclosure are delinquent an average of 611 days. Once a foreclosure is initiated, Sharga said it can take as long as 400 days to complete. So, he said, a loan entering foreclosure in December 2011 won’t hit the market as an REO until January or February 2013.

Aceves ruling: Foreclosed homeowner has cause to sue bank for fraud massachusetts mortgage company founder jailed for defrauding Ginnie Mae out of $2.5 million FDIC wants in on JPMorgan settlement, bogs down talks THIS MORNING ON POLITICO PRO FINANCE – Jon Prior on how the government is already preparing for the big job ahead if Congress abolishes Fannie and Freddie.. The latest on JPMorgan’s “London Whale”.CMBS Delinquency Rate Triples From a Year Ago, passes 7%: realpoint mcbride notes that rate would be even lower if the total did not include the $3 billion loan on Stuyvesant Town, a large apartment complex in New York. That loan has been in default for three years. Retail has improved from a delinquency rate of 8.03% a year ago to 7.02% in July 2013, and office improved from 10.69% to 9.51%.Financial Institution/Mortgage fraud news. mortgage company president sentenced for Defrauding Ginnie Mae.. New Jersey, received 144 months in prison for defrauding banks out of $1.1 million.In the years ahead, as foreclosure inventory is released into the market. We must do more to protect homeownership in America. Borrower education is key..

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