By Erika Schnitzer, Associate EditorBrookfield, Wis.–In a preemptive move to help borrowers at risk of defaulting on their mortgage payments, Fiserv Inc. has released two tools to allow financial institutions to identify and contact borrowers with repayment solutions.The tools systematically identify borrowers who are at risk of becoming delinquent, explains Jim Smith, executive vice president of portfolio services at Fiserv. Once the borrowers are identified, the key is to contact them before they go into default.The biggest problem, Smith notes, is that many at-risk and delinquent borrowers are unaware of their options and do not contact their lenders for help….

By Erika Schnitzer, Associate EditorEatontown, N.J.–The first phase of Mill Pond at Eatontown, a 118–unit, seven-building condominium community developed by Iselin, N.J.-based American Properties Reality, is now 70 percent sold.All units are two-bedroom, two-bathrooms and are priced from $252,990 to $268,990. “The price in today’s market is most important as it correlates to value,” says Paul Csik, senior vice president of American Properties Realty. “The value that people are getting is 1,500 to 1,600 sq. ft. with a lot of standard features already included.”The residences feature Kohler bathroom fixtures, Kitchencraft cabinetry, Whirlpool ovens and dishwashers. Each unit includes private balconies…

Joel Altman, CEO and founder of Boca Raton, Fla.-based Altman Companies, has carried his company from a small business to one of the country’s leading luxury condominium and apartment developers and managers. Despite Altman Companies’ beginnings during a rough economic state in the U.S. in the late-1960s, the firm has worked through the economic difficulties and is currently celebrating its 40th year anniversary. MHN Reporter Rachel Block talks to Altman about the current economic situation and his success in similar times.MHN: How does it feel to be celebrating your company’s 40 year anniversary after having started out in the midst…

Washington, D.C.–The Federal Reserve is expected to keep interest rates unchanged at its meeting today, ABC News said Wednesday.The Fed has cut its Fed Funds interest rate since September several times to revitalize the economy, which has struggled with a weak housing market and credit issues.Currently, rates are at 2 percent; in September, they stood at 5.25 percent. However, lowering rates is a tricky balance. Keeping rates low can spark growth; keeping them too low puts inflation at risk.Therefore, the Fed statement–due Wednesday afternoon–will most likely be a cautiously worded statement, ABC said.

Washington, D.C.–New home sales dropped 2.5 percent in May, and home prices also declined, the Commerce Department said Wednesday. Purchases fell from a revised 525,000 rate in April to a 512,000 annual pace–the second-fewest amount in almost 17 years, Bloomberg reports. In March, new home purchases declined to a 501,000 an annual pace–their lowest point since 1991. The median sales prices dropped 5.7 percent in May to $231,000, compared to May 2007.The U.S. home inventory–at the current sales rate–rose slightly in May to 10.9 months’ worth. In April, the supply was 10.7 months. However, the number of homes completed and…

New York–As investors considered a number of earnings reports and a report that indicated housing was continuing its decline, U.S. stocks reached their lowest level in three months Tuesday, according to the Financial Times.The tone was set after UPS, the largest global shipping carrier, reduced its second quarter earnings expectations because of increased gas costs and declining growth in the U.S. early in the day.UPS’ rival, FedEx, posted a surprise fourth quarter loss last week. Because UPS’ earnings report was also lower than expected, concern about how oil prices are affecting the entire economy may increase, the Times said.

Washington, D.C.–A bill designed to prevent U.S. foreclosures made it through a crucial test vote in the Senate Tuesday, increasing the chance that the bill could be passed by mid-summer, the New York Times said.The Senate agreed by a vote of 83 to 9 to end debate on the plan–which would establish an affordable housing fund financed by Fannie Mae and Freddie Mac to provide $500 million to prevent foreclosures–and move to a final vote, which could come quickly. The legislation still has other obstacles to overcome–including making it through the White House, which has said it may veto the…

By Erika Schnitzer, Associate EditorPensacola, Fla.–Distressed Real Estate Consulting Services, Inc. (DRECS), a real estate research and consulting firm based in Pensacola, Fla., has launched a flat-fee annual subscription-based service for REITS, opportunity funds and investors. “We serve as a clearinghouse and detailed research service for institutional investors looking for products,” says Howard Liggett, president and CEO of DRECS. The firm identifies for its clients distressed properties due to foreclosures, bankruptcies, discontinued financing and market oversupply.”It’s our experience that there is a cost for every participant that plays a role in helping investors in their quests to acquire property,” Liggett…

By Keat Foong, Executive EditorWashington, D.C.—A broad coalition of groups has opposed a provision in the Senate housing bill that would require “loan originators” to submit their fingerprints to a registry. The provisions would require any worker defined as a “loan originator” to “furnish … fingerprints for submission to the Federal Bureau of Investigation” and other government agencies. A coalition of 16 liberal, conservative, and libertarian policy groups, including the American Conservative Union to the American Civil Liberties Union, have voiced their opposition to the provision in a letter to the Senate. The term “loan originator” is defined in the…

By Erika Schnitzer, Associate EditorHouston–Wrightwood Capital has provided $8.79 million for the acquisition of the 448-unit Northern Oaks Apartments in Houston.Located at 15530 Ella Boulevard, the development is comprised of 17 two- and three-story buildings. One- and two-bedroom units are available and range in size from 450 to over 1,000 sq. ft. The property features two pools, laundry facilities and a picnic area, and each unit includes outside storage space and patios or balconies.The sponsor, Dallas-based Centaurus Investments, plans to make improvements to the property, as well as bring occupancy and rents to Houston market levels.