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Fannie and Freddie

November 20th, 2008 4:19 PM

Fannie and Freddie suspend foreclosures.

By halting evictions, the mortgage giants get time to implement a recent rescue plan.

By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.

The Streamlined Modification Program, set to launch Dec. 15, enables delinquent borrowers to get a modified mortgage that lowers payments to no more than 38% of their gross incomes.

"By delaying these foreclosure sales, the nation's servicers will have the opportunity to work with more borrowers who could qualify for a modification under the new [program]," said Freddie Mac CEO David M. Moffett in a statement.

Freddie has told its servicers to immediately contact the 6,000 borrowers who already have auction sales or evictions scheduled for between the specified dates to tell them the sales are postponed. Fannie estimated that 10,000 of its borrowers will be affected. Borrowers facing eviction between Nov. 20 and Nov. 26 were not expected to get relief.

The foreclosure suspension affects only a small percentage of homeowners facing foreclosure over the next two months. Although Fannie and Freddie mortgages account for more than half of all mortgages, they have relatively few of the most risky subprime loans at the center of the foreclosure crisis.

"The vast majority of what's going into foreclosure are not Fannie Freddie loans," said Freddie Mac spokesman Brad German.

The Fannie, Freddie plan was unveiled on Nov. 11. Eligibility is determined by several factors: Homeowners must be 90 days or more late in their mortgage payments, owe at least 90% of their home's current value, live in the home on which the mortgage was taken and have not filed for bankruptcy.

The mortgage rate could be lowered to as little as 3% for five years. After that, it would increase by 1 percentage point a year until it hits either the market rate or the original interest rate, whichever is lower.

Unlike previous federal efforts, participation by servicers is not voluntary.

Several major servicers -- including Bank of America, JPMorgan Chase and Citigroup -- have recently announced expansions of their foreclosure prevention efforts, which could aid nearly a million more borrowers.

First Published: November 20, 2008: 5:19 PM ET

Posted by Brian Tuttle on November 20th, 2008 4:19 PMPost a Comment (0)

Coldwell Banker breaks through on Blackberyy

November 11th, 2008 8:56 PM

Some people live on their Blackberry. Now they can find a home there too. coldwellbanker.com

Coldwell Banker^® has expanded its mobile reach to the Blackberry suite of devices. Now consumers can search for a home, agent or use the home value estimator tool right from their phone any time, any place to search for their next home on coldwellbanker.com.

Posted by Brian Tuttle on November 11th, 2008 8:56 PMPost a Comment (0)

Bakersfield AOR MLS Provides new Member Benefits

September 10th, 2008 4:35 PM

For release: Sept. 2, 2008

Bakersfield Association of REALTORS® MLS Provides Clarus™ MarketMetrics and Clarus™ Investor as Member Benefits

LOS ANGELES (Sept. 2) – Real Estate Business Services Inc. (REBS) and the Bakersfield Association of REALTORS® today announced that the Bakersfield Association of REALTORS® MLS has signed an agreement to provide both Clarus™ MarketMetrics and Clarus™ Investor as a free member benefit. Clarus™ MarketMetrics and Clarus™ Investor, together, retail for $480 for an annual subscription.

The Bakersfield Association of REALTORS®, with nearly 2,000 Association/MLS members, is among the growing number of REALTOR® associations nationwide providing their members with the competitive advantage they need in today’s challenging marketplace through the suite of Clarus™ products.

Clarus™ MarketMetrics generates easy-to-understand market and price-point analysis charts and reports derived from MLS data for REALTORS® to share with their clients. These reports can be invaluable as a prospecting tool, an aid to setting seller expectations, or as a companion set of data to justify a buyer’s offer. With Clarus™ MarketMetrics, Bakersfield Association of REALTORS® members now have access to the most current, relevant local market data that even the savviest client will value.

Clarus™ Investor enables agents to engage clients in a healthy discussion about adding real estate to their investment portfolio.

"In today’s market, it is extremely important for REALTORS®, brokers, and sales agents to have access to cutting-edge technology and tools that allow them to effectively communicate market trends and data to consumers," said Warren Peterson, president of the Bakersfield Association of REALTORS® MLS.

Clarus™ MarketMetrics is powered by Terradatum Inc., a provider of real estate technology products based in Glen Ellen, Calif. All agreements regarding the MLS data are between Terradatum and the participating MLS. Terradatum has been generating real estate technology solutions since 1994. In addition to Clarus™ MarketMetrics, Terradatum has several other bold and exciting real estate technology products: BrokerMetrics® and BrokerMetrics® Web Tools.

Clarus™ MarketMetrics and Clarus™ Investor are two of the latest tools in the Clarus™ REsource product line provided by REBS.

Real Estate Business Services Inc. (REBS) is a subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and is the leading provider of real estate products and services to practitioners in California. Through its RE FormsNet (REFN) subsidiary, REBS is the creator of ZipForm® and WINForms® electronic forms software, available to more than 1,055,000 REALTORS® nationwide.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

The Bakersfield Association of REALTORS® MLS is a non-profit, voluntary organization representing more than 1,800 licensed REALTORS®, proudly serving California’s Central Valley for more than 100 years.

Posted by Brian Tuttle on September 10th, 2008 4:35 PMPost a Comment (0)