Freddie Mac Unveils New Anti-Foreclosure Initiative
Freddie Mac and 13 nonprofit organizations have created a pilot program to persuade delinquent borrowers to pursue mortgage workouts to help them steer clear of foreclosure.
DEAL OF THE DAY: Lennar Completes Transactions With FDIC to Acquire $3.05B of Distressed Real Estate Loans
Miami‑Lennar Corporation has purchased two portfolios of loans with a combined unpaid balance of $3.05 billion from the Federal Deposit Insurance Corp. (FDIC). The transactions include approximately 5,500 distressed residential and commercial real estate loans from 22 failed bank receiverships.
Resident Sweepstakes Program Encourages Residents to Pay Rent Electronically
PropertyBridge, Inc. has announced the winner of its $10,000 Resident Sweepstakes program. Molly Charpentier, resident of Heritage Park Senior Community in Alta Loma, Calif. won the PropertyBridge Resident Sweepstakes $10,000 grand prize.
2011 Budget Proposal Is Good With Regards to Housing
Clare Duncan, policy associate at the NHC, explains how the funding for HUD will go toward achieving some of its key goals.
NWP Services Corp., RealPage Both Launch New Programs for the MF Industry
NWP Services Corp.’s (NWP) TotalCSA is a 100 percent Vacant Recovery solution for the apartment industry. Part of NWP’s CSA Monitor offering, TotalCSA allows for identification, automated resident billing and recovery of 100 percent of electric and gas expense due to utility theft during the apartment resident’s lease, from the move-in to move-out date. TotalCSA is expected to recover 30 percent more in vacant charges.
Most Multifamily Properties Won’t Need Refi Soon: MBA Report
According to the Mortgage Bankers Association’s 2009 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes released this week, the volume of commercial and multifamily mortgage debt maturing this year and during 2011 is only about one-fifth of the total. Of the $1.45 trillion balance of outstanding mortgages held by non-bank investors, only 13 percent of the total ($183.9 billion) will mature in 2010 and 7 percent ($99.8 billion) in 2011.
SPECIAL REPORT: Multifamily Borrowers May be the Next Group to Abandon their Properties, Financing Movers and Shakers Fear
The multifamily industry is holding up but faces challenges that could potentially tip the balance, according to speakers at the Mortgage Bankers Association (MBA) Commercial Real Estate Finance/Multifamily Housing Convention and Expo being held in Las Vegas this week.
Stage Is Set for Resumption of Apartment Development, Say Webinar Speakers
Speakers at a recent webinar suggested that conditions are being laid now for developers to begin to look into apartment development again.
HUD Secy. Donovan Addresses NYHC, NHC’s 36th Annual New York Housing Awards Luncheon
Shaun Donovan, secretary of The Department of Housing and Urban Development (HUD), was the keynote speaker at the New York Housing Conference (NYHC) and the National Housing Conference (NHC) Annual Awards Luncheon.
Apartment Finder Launches iPhone App
Apartment Finder has launched a new application that provides iPhone and iPod Touch users access to all its listings. Prospective residents can now use their cell phones to map apartment listings nearby or email or call properties directly for more information.